Evernorth Holdings has disclosed a roughly $44 million initial equity award for chief executive Asheesh Birla in an updated filing tied to its planned merger with Armada Acquisition Corp II. The new disclosure came in the company’s fourth amended Form S-4 registration statement as it continues pursuing a deal that, if approved, would create a Nasdaq-listed XRP treasury company under the ticker XRPN.
Updated compensation terms
The amended filing with the U.S. Securities and Exchange Commission revises executive and director compensation arrangements for the proposed combined company. According to the document, Birla would receive a base salary along with an initial equity award valued at about $44 million, with vesting terms also set out in the filing.
Chief financial officer Matt Frymier would receive a base salary, eligibility for an annual bonus, and an equity award worth about $5.6 million. Evernorth also said certain executives would be eligible for restricted stock unit awards valued at $750,000, subject to approval by the board’s compensation committee and by shareholders.
SPAC merger still pending
The compensation update arrived as Evernorth advances the paperwork for its proposed business combination with Armada Acquisition Corp II, a special purpose acquisition company backed by Arrington Capital. The transaction still requires regulatory and shareholder approval.
If those approvals are secured, the combined company is expected to list on Nasdaq as XRPN. In its SEC filings, Evernorth has described the planned business as the largest publicly listed XRP treasury company.
Funding and board plans
Evernorth said in the filing that it has secured more than $1 billion in gross proceeds from investors. The investors named include Ripple, Arrington Capital, SBI Holdings, Pantera Capital, and Kraken.
The company also updated its proposed board lineup. Ripple chief legal officer Stuart Alderoty is expected to join the board alongside Birla and Ted Janus. The proposed board would also include OpenAI Foundation chief financial officer Robert Kaiden and Antalpha chief operating officer Derar Islim.
Japan communications push
Separately from the merger filing, Evernorth has expanded its public-facing communications by launching a Japanese-language social media account focused on XRP-related updates and market education. The company said Japan had been an early supporter of XRP and that it intended to keep building from that base.
At the same time, Evernorth did not announce a new office, regulatory license, investment, product launch, or a local operating business in Japan. The new account is intended to explain market developments in simple terms and provide professional information, while avoiding discussion of XRP price movements or forecasts. Evernorth’s website continues to identify San Francisco as its main headquarters.
The latest filing adds detail to Evernorth’s executive pay structure and governance plans, but the broader transaction remains contingent on approvals that have not yet been granted. For now, the company’s proposed Nasdaq debut as XRPN and its plan to operate as an XRP treasury vehicle remain subject to the merger process outlined in its SEC submissions.
Source: crypto.news