Ripple-backed XRP treasury Evernorth Holdings has finalized employment agreements with its three remaining executives, moving the firm closer to becoming the largest public XRP treasury. The disclosure came in an amended SEC filing that also detailed a $38.4 million impairment tied to XRP's recent price decline.
Evernorth Completes Executive Employment Agreements
Evernorth Holdings filed amendment no. 5 to its Form S-4 registration statement with the U.S. Securities and Exchange Commission, disclosing employment agreements with chief legal officer Jessica Jonas, chief business officer Sagar Shah and chief operating officer Meg Nakamura.
The agreements set base salaries for all three executives and add a 50% annual bonus of base salary, along with restricted stock units and employee benefits. Jonas will receive a $4.5 million initial equity award, while Shah and Nakamura will receive $2.8 million in equity awards. Shareholders and the board's compensation committee must still approve the awards under Evernorth's 2026 Omnibus Incentive Plan.
These terms follow earlier employment agreements reached with chief executive Ashish Birla and chief financial officer Matt Frymier, which set out their own salary, equity and vesting terms.
Merger With Armada Acquisition Corp II Advances
The finalized pay packages complete compensation for Evernorth's leadership team as the firm pushes toward a business combination with Armada Acquisition Corp II, a special purpose acquisition company sponsored by Arrington Capital. The combined entity would trade under the ticker XRPN on Nasdaq. Evernorth has raised over $1 billion in gross proceeds from investors including Arrington Capital, Ripple, SBI Holdings, Pantera Capital and Kraken.
Evernorth also named Ripple chief legal officer Stuart Alderoty to its board of directors, alongside CEO Ashish Birla, Ted Janus, OpenAI Foundation CFO Robert Kaiden and Antalpha COO Derar Islim.
XRP Slide Drives $38.4 Million Impairment
XRP trades in the $1.05 to $1.09 range after falling 2% over the past 24 hours, with the price at $1.07 — down more than 5% over the past week. Trading volume has dropped a further 10% over the last 24 hours amid headwinds including delays to the Clarity Act.
As a result, Evernorth's combined XRP holdings have fallen to $640 million, and the firm has booked a $38.4 million impairment over the last four months. Armada Acquisition Corp II's stock has meanwhile dropped 0.2% over the last few days, though it continues its year-to-date upside momentum; XRP's decline has still raised concerns among investors despite the positive news.
Source: CoinGape
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