Evernorth Reveals 50% Bonuses for Top Executives Ahead of Nasdaq Listing

Evernorth Holdings, an XRP fund on track for a Nasdaq listing, has revealed its executive compensation structure. According to Amendment No. 5 to its Form S-4 filed with the SEC, key executives have received contracts ahead of the listing that include target bonuses equal to 50% of their salaries and multimillion-dollar equity packages.

The company is preparing for a merger with Armada Acquisition Corp. II, a SPAC platform backed by Arrington Capital, and plans to trade under the ticker XRPN. This move aims to make Evernorth the world's largest publicly traded XRP treasury.

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 holds a substantial reserve of 473 million XRP tokens and has recognized a $38.4 million impairment loss on its digital assets due to the recent decline in the token's price.