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UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549 

  

 

FORM 8-K

 

CURRENT REPORT 

PURSUANT TO SECTION 13 OR 15(d) OF THE 

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 28, 2024

 

SACHEM CAPITAL CORP. 

(Exact name of Registrant as specified in its charter)

 

New York   001-37997   81-3467779
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)

 

568 East Main Street, Branford, Connecticut   06405
(Address of Principal Executive Office)   (Zip Code)

 

Registrant's telephone number, including area code (203) 433-4736

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Ticker symbol(s) Name of each exchange on which registered
Common Shares, par value $.001 per share SACH NYSE American LLC
6.875% Notes due 2024 SACC NYSE American LLC
7.75% notes due 2025 SCCC NYSE American LLC
6.00% notes due 2026 SCCD NYSE American LLC
6.00% notes due 2027 SCCE NYSE American LLC 
7.125% notes due 2027

SCCF

NYSE American LLC 
8.00% notes due 2027 SCCG NYSE American LLC
7.75% Series A Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share SACHPRA NYSE American LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company     ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ¨

 

 

 

 

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

(e) On August 28, 2024, the Board of Directors (the “Board”) of Sachem Capital Corp. (the “Company”) ratified and approved the following new compensation package for Mr. Nicholas M. Marcello, the Company’s Chief Financial Officer, effective as of September 1, 2024:

 

·A base salary of $300,000 per annum;

 

·A one-time payment of $20,000 payable immediately;

 

·An annual time-based equity award of $125,000, payable in restricted common shares of the Company, commencing on January 1, 2025 and on January 1st of each year thereafter;

 

·An annual cash bonus of up to 50% of his base salary, the exact amount to be determined by the Compensation Committee of the Board, in its sole and absolute discretion; and

 

·Continued eligibility to participate in the Company’s health insurance plan and the perquisites and other fringe benefits in accordance with prevailing Company policy.

 

Item 8.01.Other Events.

 

On August 28, 2024, the Board authorized and declared a dividend of $0.484375 per share on the Company’s 7.75% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred”) payable on or about September 30, 2024 to Series A Preferred shareholders of record on September 15, 2024. The payment represents the full amount of the dividend accruing from June 30, 2024 through and including September 29, 2024.

 

* * * * *

 

   

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Sachem Capital Corp.
   
Dated: August 28, 2024 By: /s/ John L. Villano
    John L. Villano, CPA
    President and Chief Executive Officer

 

 

 

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Aug. 28, 2024
Document Information [Line Items]  
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Document Period End Date Aug. 28, 2024
Entity File Number 001-37997
Entity Registrant Name SACHEM CAPITAL CORP.
Entity Central Index Key 0001682220
Entity Tax Identification Number 81-3467779
Entity Incorporation, State or Country Code NY
Entity Address, Address Line One 568 East Main Street
Entity Address, City or Town Branford
Entity Address, State or Province CT
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City Area Code 203
Local Phone Number 433-4736
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Document Information [Line Items]  
Title of 12(b) Security Common Shares, par value $.001 per share
Trading Symbol SACH
Security Exchange Name NYSEAMER
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Document Information [Line Items]  
Title of 12(b) Security 6.875% Notes due 2024
Trading Symbol SACC
Security Exchange Name NYSEAMER
Notes 7. 75percent Due 2025 [Member]  
Document Information [Line Items]  
Title of 12(b) Security 7.75% notes due 2025
Trading Symbol SCCC
Security Exchange Name NYSEAMER
Notes 6. 00percent Due 2026 [Member]  
Document Information [Line Items]  
Title of 12(b) Security 6.00% notes due 2026
Trading Symbol SCCD
Security Exchange Name NYSEAMER
Notes 6. 00percent Due 2027 [Member]  
Document Information [Line Items]  
Title of 12(b) Security 6.00% notes due 2027
Trading Symbol SCCE
Security Exchange Name NYSEAMER
Notes 7. 125 Percent Due 2027 [Member]  
Document Information [Line Items]  
Title of 12(b) Security 7.125% notes due 2027
Trading Symbol SCCF
Security Exchange Name NYSEAMER
Notes 8. 00percent Due 2027 [Member]  
Document Information [Line Items]  
Title of 12(b) Security 8.00% notes due 2027
Trading Symbol SCCG
Security Exchange Name NYSEAMER
Series A Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security 7.75% Series A Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share
Trading Symbol SACHPRA
Security Exchange Name NYSEAMER

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