Sachem Capital Corp. filed SEC Form 8-K: Leadership Update, Other Events
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| 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.
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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 | ||