Evernorth Holdings just put a price tag on its leadership team. Crypto pundit BankXRP (@BankXRP) flagged the news, posting about the company’s latest SEC filing. On July 29, Evernorth filed Amendment No. 5 to its Form S-4 registration statement with the SEC.
The filing pushes its merger with Armada Acquisition Corp II closer to the finish line and reveals exactly how much its top executives stand to earn.
The Nasdaq Push
Evernorth wants to become the largest publicly traded XRP treasury company. The plan runs through a SPAC merger with Armada Acquisition Corp II. Once complete, the combined company will trade on Nasdaq under the ticker XRPN.
Evernorth holds 473 million XRP tokens, built through purchases and contributions from Ripple. The company doesn’t just want to hold XRP and sit on it. It aims to grow its XRP per share through lending markets, liquidity provisioning, and validator operations on the XRP Ledger. Ripple’s RLUSD stablecoin factors into that strategy too.
JUST IN: Evernorth Holdings filed Amendment No. 5 to its S-4 with the SEC (July 29), advancing its SPAC merger with Armada Acquisition Corp II toward a Nasdaq listing under ticker XRPN.
The filing discloses executive employment terms:
Jessica Jonas (CLO) $400K base, 50% target… https://t.co/RtXdfxNR4o pic.twitter.com/9CJNJGPX2c
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) July 31, 2026
Who Runs Evernorth
CEO Asheesh Birla spent over 25 years in Silicon Valley and helped scale Ripple from a startup to a company with over 1,000 employees. Chief Legal Officer Jessica Jonas built her career in commercial litigation before taking senior roles at Gemini and American Express.
Chief Business Officer Sagar Shah spent nearly a decade in the XRP ecosystem at Ripple, where he helped launch RLUSD and led the acquisition of custody platform Metaco. Chief Operating Officer Meg Nakamura founded and ran Apto Payments, building card infrastructure for companies like Coinbase and Venmo.
The Numbers Behind the Incentives
The employment terms for Jonas, Shah, and Nakamura are intriguing. Jonas gets a $400,000 base salary, a 50% target bonus, and $4.5 million in RSUs. Shah and Nakamura each get a $300,000 base salary, a 50% target bonus, and $2.8 million in RSUs.
Add those figures up and Evernorth just committed over $10 million in equity to three executives alone, on top of base pay and bonus targets. A 50% bonus target signals a company betting heavily on its executives hitting aggressive growth numbers before and after the Nasdaq listing.
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Is This Good for XRP?
A Nasdaq-listed company built entirely around XRP gives institutional investors a regulated way to gain exposure to the token without holding it directly. Locking in executive pay tied to performance targets pushes Evernorth’s leadership to grow the company’s XRP holdings and generate yield through the XRP Ledger.
A successful listing also sets a precedent. It shows XRP can support the same treasury company model that Bitcoin has used to attract institutional demand.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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