Evernorth Pads the Paychecks Before the XRP Vault Even Opens 💼

Evernorth Holdings, the Ripple-backed entity building what is slated to become the largest Nasdaq-listed public XRP treasury, has filed a fourth amendment to its Form S-4 registration statement with the U.S. Securities and Exchange Commission, advancing its planned merger with special purpose acquisition company Armada Acquisition Corp II. The amended filing adds detailed executive and director compensation agreements as the firm moves closer to going public.

The amendment outlines compensation for incoming CEO Ashish Birla, including a base salary and an initial equity award valued at $44 million, along with vesting terms. It also sets out base salary, an annual bonus, and a $5.6 million equity award for CFO Matt Frymier, as well as restricted stock units valued at $750,000 for other executives, contingent on required approvals.

Evernorth's S-4 amendment comes as Armada Acquisition Corp II shareholders await the close of the merger that would place the XRP-focused treasury vehicle on Nasdaq under the ticker XRPN. The structure is designed to give public market investors direct exposure to XRP through a listed company, a model that has drawn attention across the digital asset sector.

Ripple, which has been an early backer of Evernorth, has framed the venture as a means to expand institutional access to XRP and to support liquidity and use cases for the token. The companies have not yet announced a definitive closing date for the merger, and the S-4 filing remains subject to SEC review.

Market participants have continued to track the stock performance of Armada Acquisition Corp II under the XRPN ticker as a proxy for sentiment around the deal. The latest compensation disclosures are part of the standard paperwork required to complete the business combination and list the new entity on Nasdaq.