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Evernorth Holdings, an XRP fund preparing for a Nasdaq listing, has disclosed its executive compensation structure, tying management pay to aggressive business growth.
According to a fresh Amendment No. 5 to its Form S-4, filed with the SEC, the company's key executives received contracts ahead of the listing that include target bonuses equal to 50% of their salaries and multimillion-dollar equity packages.
The company is finalizing a merger with Armada Acquisition Corp. II, a SPAC platform backed by Arrington Capital, and plans to trade under the ticker XRPN, seeking to become the world's largest publicly traded XRP treasury.
To motivate the team during this stage, Chief Legal Officer Jessica Jonas received a base salary of $400,000 and an Restricted Stock Units (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.
$38 million paper loss, but bonuses hold
This generous compensation structure comes as the broader crypto market continues to place significant pressure on Evernorth's own balance sheet. The company currently holds a substantial reserve of 473 million XRP tokens.
Although the project raised more than $1 billion in gross proceeds through its financing rounds, the recent decline in the token's price forced the company to recognize a $38.4 million impairment loss on its digital assets.
As a result, the current value of the fund's cryptocurrency reserves was adjusted to $640 million at the end of July.
Nevertheless, the company's institutional backing remains solid. In addition to its sponsors at Arrington Capital, the XRPN project is directly supported by Ripple, Japanese financial giant SBI Holdings, Pantera Capital and crypto exchange Kraken.
For traditional investors, the listing could become a major regulated gateway into the XRP ecosystem, while the documents filed with the SEC indicate that the fund's management appears prepared to take a long-term approach despite the current unrealized losses.
Dan Burgin
U.Today Editorial Team
