Churchill Capital Corp XIII filed a Form 8-K on October 26, 2026, disclosing the appointment of Paul Lapping as a director and chairperson of the Audit Committee, effective October 23, 2026, along with new director compensation agreements.

Key Highlights

  • New Director Appointed: Paul Lapping, age 64, was appointed to the Board of Churchill Capital Corp XIII on October 23, 2026, effective immediately.
  • Audit Committee Role: Mr. Lapping was named chairperson of the Audit Committee, replacing William Sherman, who had served as interim chairperson but will remain a member.
  • Committee Membership: Mr. Lapping was also appointed to the compensation committee.
  • Director Compensation: Both William Sherman and Paul Lapping entered into Director Agreements providing cash compensation of $75,000 per annum, beginning October 1, 2026.
  • SPAC Experience: Mr. Lapping has served on the boards of Churchill Capital Corp IX, Churchill Capital Corp XI (NASDAQ:CCXI), and Churchill Capital Corp XII (NASDAQ:CXII), each a SPAC, since April 2025, March 2026, and July 2026, respectively.
  • Letter Agreement: Mr. Lapping signed a joinder to a letter agreement dated July 30, 2026, including waivers of certain redemption rights and a commitment to vote shares in favor of an initial business combination.

Lapping Appointment and Director Compensation at Churchill Capital Corp XIII

According to the filing, Churchill Capital Corp XIII (NASDAQ:XIII) appointed Paul D. Lapping to its Board of Directors on October 23, 2026. Mr. Lapping, age 64, is the Manager of Jakal Investments, LLC, a private investment firm he founded in 2005 focusing on technology, healthcare, fintech, and artificial intelligence sectors. Since April 2015, he has also served as Manager of Green Pastures Management, LLC, where, according to the filing, he "manages and oversees the investment activities of the series and underlying vehicles."

The filing details that Mr. Lapping's earlier career included serving as Chief Operating Officer of Neostellar Capital Corp. (Nasdaq: NSLR) from 2011 to 2012, as Chief Financial Officer and director of New University Holdings Corp. from August 2010 to August 2011, and as Chief Financial Officer, Treasurer, Secretary, and director of 57th Street General Acquisition Corp. from October 2009 to May 2011. He also held corporate development roles at Montgomery Ward Holding Corp. from 1991 to 1995 and worked at Farley Industries, Inc. and affiliated companies from 1988 to 1991. He holds a Bachelor of Science from the University of Illinois and an M.B.A. from the J.L. Kellogg Graduate School of Management at Northwestern University, and the filing notes he passed the Uniform CPA Examination in 1984.

The Company entered into Director Agreements with both Mr. Lapping and William Sherman on October 23, 2026, providing each with cash compensation of $75,000 per annum beginning October 1, 2026, according to the filing. The disclosure states that no family relationships exist between Mr. Lapping and any other directors or executive officers of the Company, and that there are no transactions requiring disclosure under Item 404(a) of Regulation S-K. Mr. Lapping will serve as a member of the first class of directors, with his term expiring at the Company's first annual general meeting.

What Was Disclosed

Churchill Capital Corp XIII reported the appointment of Paul Lapping as director and Audit Committee chairperson effective October 23, 2026, along with Director Agreements providing $75,000 annual cash compensation to both Mr. Lapping and William Sherman, beginning October 1, 2026.