Evernorth finalizes executive contracts, updates SEC filing before Nasdaq merger

Ripple-backed Evernorth Holdings has filed Amendment No. 5 to its Form S‑4 registration with the U.S. Securities and Exchange Commission. The amendment adds employment agreements for three senior officers – chief legal officer Jessica Jonas, chief business officer Sagar Shah and chief operating officer Meg Nakamura. Each will receive a base salary, an annual bonus equal to 50 % of that salary, and equity awards (Jonas $4.5 million, Shah and Nakamura $2.8 million each) plus restricted stock units under the company’s 2026 Omnibus Incentive Plan, pending shareholder and board approval.

The filing completes the compensation package for Evernorth’s leadership after earlier agreements for CEO Asheesh Birla and CFO Matt Frymier. Evernorth is moving toward a business combination with Armada Acquisition Corp II, a SPAC that would list the combined entity on Nasdaq under the ticker XRPN. The company oversees a public XRP treasury originally raised at roughly $1 billion, now valued at about $640 million after a recent decline in XRP prices. Investors in the treasury include Ripple, Arrington Capital, SBI Holdings, Pantera Capital and Kraken.