Evernorth Holdings Unveils Aggressive Executive Bonuses Ahead of Nasdaq Listing
Evernorth Holdings, an XRP fund preparing for a Nasdaq listing under the ticker XRPN, has disclosed its executive compensation structure ahead of the listing. According to Amendment No. 5 to its Form S-4 filed with the SEC, key executives received contracts that include target bonuses equal to 50% of their salaries and multimillion-dollar equity packages. Chief Legal Officer Jessica Jonas received a base salary of $400,000 and an RSU package worth $4.5 million. Chief Growth Officer Sagar Shah and Chief Operating Officer Megumi Nakamura were each granted $300,000 in fixed annual compensation and $2.8 million in equity awards.
The generous compensation structure comes as the broader crypto market continues to put pressure on Evernorth's balance sheet. The company currently holds a substantial reserve of 473 million XRP tokens, which was valued at $640 million after adjusting for a $38.4 million impairment loss due to the recent decline in the token's price.
Despite this, the project maintains strong institutional backing from sponsors such as Arrington Capital, Ripple, SBI Holdings, Pantera Capital, and crypto exchange Kraken. The listing could become a major gateway into the XRP ecosystem for traditional investors, with management appearing prepared to take a long-term approach despite current unrealized losses.