CPTP: Material Agreement & Officer Comp Changes on Dec 20, 2023
Ticker: CPTP · Form: 8-K · Filed: Jan 10, 2024 · CIK: 202947
| Field | Detail |
|---|---|
| Company | Capital Properties Inc /Ri/ (CPTP) |
| Form Type | 8-K |
| Filed Date | Jan 10, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $57,000, $1,126,818, $150,000, $337,100, $168,700 |
| Sentiment | mixed |
Complexity: simple
Sentiment: mixed
Topics: material-agreement, executive-compensation, corporate-governance
TL;DR
**CPTP just reported a material agreement and executive changes from Dec 20, 2023, which could impact future performance.**
AI Summary
CAPITAL PROPERTIES INC /RI/ (CPTP) filed an 8-K on January 10, 2024, reporting events from December 20, 2023. The filing indicates the company entered into a material definitive agreement and saw changes in its directors or officers, including compensatory arrangements. This matters to investors because significant agreements and executive compensation changes can impact the company's financial health and future strategic direction, potentially affecting stock value.
Why It Matters
Changes in material agreements and executive compensation can signal shifts in company strategy or financial commitments, directly influencing investor confidence and future stock performance.
Risk Assessment
Risk Level: medium — The filing mentions a material definitive agreement and changes in compensatory arrangements for officers, which could introduce new financial obligations or strategic directions with unknown outcomes.
Analyst Insight
A smart investor would investigate the specifics of the 'Material Definitive Agreement' and the 'Compensatory Arrangements of Certain Officers' mentioned in the filing to understand their potential financial impact on CAPITAL PROPERTIES INC /RI/ before making any investment decisions.
Key Players & Entities
- CAPITAL PROPERTIES INC /RI/ (company) — the registrant filing the 8-K
- December 20, 2023 (date) — date of the earliest event reported in the 8-K
- January 10, 2024 (date) — date the 8-K was filed
- OTCQX (company) — exchange where CPTP Class A Common Stock is registered
- CPTP (company) — trading symbol for CAPITAL PROPERTIES INC /RI/
FAQ
What was the earliest event reported in this 8-K filing by CAPITAL PROPERTIES INC /RI/?
The earliest event reported in this 8-K filing by CAPITAL PROPERTIES INC /RI/ occurred on December 20, 2023.
What specific items were reported under 'ITEM INFORMATION' in this 8-K?
The 8-K reported 'Entry into a Material Definitive Agreement' and 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers'.
What is the trading symbol and exchange for CAPITAL PROPERTIES INC /RI/'s Class A Common Stock?
The trading symbol for CAPITAL PROPERTIES INC /RI/'s Class A Common Stock, $.01 par value, is CPTP, and it is registered on the OTCQX exchange.
When was this 8-K filing submitted to the SEC?
This 8-K filing was submitted to the SEC on January 10, 2024.
What is the business address and phone number of CAPITAL PROPERTIES INC /RI/ as listed in the filing?
The business address of CAPITAL PROPERTIES INC /RI/ is 5 Steeple Street, Unit 303, Providence, R.I. 02903, and its telephone number is (401) 435-7171.
Filing Stats: 552 words · 2 min read · ~2 pages · Grade level 12 · Accepted 2024-01-10 09:54:29
Key Financial Figures
- $57,000 — rn to a fixed monthly rental payment of $57,000 per month subject to adjustment in acco
- $1,126,818 — rent for all prior periods amounting to $1,126,818 (which amount had been fully reserved o
- $150,000 — ly reserved on the Company's books) for $150,000 payable by Metropark in twenty (20) equ
- $337,100 — resident and Chief Executive Officer to $337,100 per year and Susan R. Johnson, the Comp
- $168,700 — easurer and Chief Financial Officer, to $168,700 per year, each effective January 1, 202
Filing Documents
- d718043d8k.htm (8-K) — 22KB
- 0001193125-24-005694.txt ( ) — 141KB
- cptp-20231220.xsd (EX-101.SCH) — 3KB
- cptp-20231220_lab.xml (EX-101.LAB) — 18KB
- cptp-20231220_pre.xml (EX-101.PRE) — 11KB
- d718043d8k_htm.xml (XML) — 4KB
01
Item 1.01 Entry Into a Material Definitive Agreement On January 9, 2024, Capital Properties, Inc. (the "Company") entered into a Second Amendment to its Lease Agreement with Metropark, Ltd., dated January 17, 2017, as amended (the "Lease Agreement"), pursuant to which Metropark agreed to return to a fixed monthly rental payment of $57,000 per month subject to adjustment in accordance with the Lease Agreement. Additionally, the Company and Metropark agreed to settle the Company's claim for deferred rent for all prior periods amounting to $1,126,818 (which amount had been fully reserved on the Company's books) for $150,000 payable by Metropark in twenty (20) equal quarterly installments commencing on April 1, 2024 together with interest on the unpaid balance in the amount of 4.73% per annum.
02
Item 5.02. Compensation of Certain Officers On December 20, 2023 in accordance with the Company's historical practice of increasing executive compensation at the approximate annual increase in the Consumer Price Index (in this case 3%) the Compensation Committee voted to increase the salary of Robert H. Eder, the Company's, Chairman, President and Chief Executive Officer to $337,100 per year and Susan R. Johnson, the Company's Treasurer and Chief Financial Officer, to $168,700 per year, each effective January 1, 2024.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CAPITAL PROPERTIES, INC. Date: January 10, 2024 By: /s/ Susan R. Johnson Susan R. Johnson Treasurer and Chief Financial Officer