Evernorth Holdings has filed a fifth amendment to its SEC registration statement, adding employment agreements for three senior executives as it works toward a Nasdaq listing and a $1 billion public XRP treasury. A falling XRP price has separately cut the treasury's reported value to about $640 million, and the company disclosed a $38.4 million impairment.
Evernorth Holdings has filed Amendment No. 5 to its Form S-4 registration statement with the Securities and Exchange Commission, finalizing pay terms for three more executives. The Nasdaq-bound, Ripple-backed company is pushing toward a public XRP treasury it has said will be the largest of its kind.
New agreements cover three executives
The amendment discloses employment agreements for chief legal officer Jessica Jonas, chief business officer Sagar Shah and chief operating officer Meg Nakamura. Each executive is eligible for an annual bonus equal to 50% of base salary, plus restricted stock units and standard benefits.
Jonas would receive an initial equity award valued at approximately $4.5 million. Shah and Nakamura would each receive an award worth about $2.8 million. The awards fall under Evernorth's 2026 Omnibus Incentive Plan and still need shareholder approval and compensation-committee authorization, so the disclosed amounts are not yet unconditional payouts.
These agreements complete the leadership team's disclosed pay packages, following earlier terms for chief executive Asheesh Birla and chief financial officer Matt Frymier.
CEO and CFO packages set the stage
Evernorth's fourth amendment, filed earlier in July, set Birla's base salary and an equity award valued at approximately $44 million. Frymier's package included a base salary, bonus eligibility and an equity award valued at about $5.6 million. The company also disclosed $750,000 in restricted stock unit awards for other executives, pending board and shareholder approval.
Merger targets a $1 billion treasury
Evernorth plans to merge with Armada Acquisition Corp II, a special purpose acquisition company sponsored by Arrington Capital, and trade on Nasdaq under the ticker XRPN. The company has disclosed more than $1 billion in expected gross proceeds backed by investors including Ripple, SBI Holdings, Pantera Capital, Kraken and Arrington Capital.
Falling XRP price cuts treasury value
XRP was trading between $1.05 and $1.09, near $1.07, after falling about 2% over 24 hours and more than 5% over the past week, while trading volume declined by approximately 10%.
That slide reduced the reported value of Evernorth's combined XRP holdings to about $640 million. The company also disclosed a $38.4 million impairment over the past four months. Armada shares moved only slightly lower in recent sessions and remained positive for the year.
Source: crypto.news
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