Churchill Capital Corp XIII announced the appointment of Paul Lapping as an independent director to its board of directors, effective October 23, 2026. The company stated that 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.
In addition to his general board duties, Mr. Lapping has been appointed to the compensation committee and the audit committee. He will serve as the chairperson of the audit committee, replacing William Sherman, who will continue to serve as a member of the committee.
Mr. Lapping is the Manager of Jakal Investments, LLC, a private investment firm founded in 2005. He also serves as the Manager of Green Pastures Management, LLC. He has significant experience in the SPAC sector, having served as a director for Churchill Capital Corp IX, XI, and XII. He previously served as a director of Churchill Capital Corp X, which completed a business combination with Infleqtion, Inc., in February 2026.
Regarding compensation, the company entered into a director agreement with Mr. Lapping and William Sherman on October 23, 2026. Under this agreement, the company agreed to pay each director cash compensation of $75,000 per annum, beginning on October 1, 2026.
Mr. Lapping also signed a joinder to a letter agreement dated July 30, 2026, which requires him to waive certain redemption rights and vote any ordinary shares he holds in favor of an initial business combination. He has entered into a standard director indemnity agreement with the company.
