CAPITAL PROPERTIES, INC. (OTCMKTS:CPTP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
(b) On March 16, 2017 Todd D. Turcotte resigned as a director and Vice-President of the Registrant and as director and officer of the Capital Terminal Company and Tri-State Displays, Inc., wholly owned subsidiaries of the Registrant, effective close of business on March 31, 2017. There were no disagreements between Mr. Turcotte and the Registrant.
(c) On March 16, 2017 the Board of Directors of the Registrant appointed P. Scott Conti, 59, as President of the Registrant, effective April 1, 2017 to serve until the first meeting of the Board of Directors after the next annual meeting of shareholders of the Registrant, or until his earlier death, resignation or removal. From 2005 until 2017 Mr. Conti served as President and Chief Operating Officer of the Providence and Worcester Railroad Company (the “Railroad”). Mr. Conti also served as a director of the Railroad from 2006 to November 1, 2016. Prior to November 1, 2016 the Railroad and the Registrant were related parties as they had a common controlling shareholder. The Railroad provides freight service in four states and had over 120 employees. Mr. Conti was responsible for all railroad operations.
(e) Mr. Turcotte will receive severance for a period of one year following the effective date of his termination. In addition, the Registrant has the right to engage Mr. Turcotte as a consultant for a period of two years following the termination of his employment and for each consulting engagement Mr. Turcotte will be paid $120 per hour of time spent on the engagement in addition to any severance pay.
Mr. Conti’s salary will be $180,000 per year and he will participate in the Company’s SEP and its health plan. Mr. Conti will receive no other benefits.
About CAPITAL PROPERTIES, INC. (OTCMKTS:CPTP)
Capital Properties, Inc., through its subsidiaries, operates in two segments: leasing and petroleum storage. The Company’s subsidiaries include Tri-State Displays, Inc., Capital Terminal Company and Dunellen, LLC. The leasing segment leases Company-owned land in the Capital Center area (Capital Center) in downtown Providence, Rhode Island under long-term ground leases. The petroleum storage segment includes Terminal and Pier Facility. The Company owns approximately 20 acres in the Capital Center consisting of over 10 individual parcels. It leases Parcels 3E, 3W, 4E and 4W in the Capital Center area for public parking purposes on a short-term basis. The Company leases a parcel of land adjacent to the Capital Center for public parking purposes on a short-term basis. The Company, through Dunellen, LLC, owns a petroleum storage terminal containing approximately 1,004,000 shell barrels (the Terminal) and the Wilkesbarre Pier (the Pier). CAPITAL PROPERTIES, INC. (OTCMKTS:CPTP) Recent Trading Information
CAPITAL PROPERTIES, INC. (OTCMKTS:CPTP) closed its last trading session 00.00 at 13.80 with 1,500 shares trading hands.