Company: SACH
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001682220-25-000070
Chunk: 72

Company: Sachem Capital Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 72
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362,915 restricted shares were issued in excess of Plan limitations.  All such shares were unvested and subject to restriction. In an immediate full and in excess of necessary remediation of this matter, on March 24, 2025, the Compensation Committee rescinded the March 10, 2025 award to Mr. Villano ab initio. No other over issuances have been identified and no applicable adjustment have been identified.Stock-based compensation for the three and nine months ended September 30, 2025 was $0.2 million and $0.6 million, respectively. Stock-based compensation for the three and nine months ended September 30, 2024 was $0.2 million and $0.7 million, respectively. As of September 30, 2025, there was unrecognized stock-based compensation expense of $0.9 million. Employee BenefitsOn April 16, 2018, the Company’s Board of Directors approved the adoption of the Sachem Capital Corp. 401(k) Profit Sharing Plan (the “401(k) Plan”). All employees, who meet the participation criteria, are eligible to participate in the 401(k) Plan. Under the terms of the 401(k) Plan, the Company is obligated to contribute 3% of a participant’s compensation to the 401(k) Plan on behalf of an employee-participant. For the three and nine months ended September 30, 2025, the 401(k) Plan expense was $27,156 and $87,304, respectively, and for the three and nine months ended September 30, 2024, the 401(k) Plan expense was $24,762 and $100,223, respectively, which is included within compensation and employee benefits in the accompanying Condensed Consolidated Statements of Operations.

17.   Equity

On August 24, 2022, the Company filed a prospectus supplement to its Form S-3 Registration Statement covering the sale of up to $75.0 million of its Common Shares and shares of its Series A Preferred Stock with an aggregate liquidation preference of up to $25.0 million in an “at-the market” offering (the “ATM Offering”). On June 17, 2024, the Company filed a new prospectus supplement (the “New Prospectus Supplement”) which modified the ATM Offering by reducing the amount of Common Shares the Company may offer and sell up to an aggregate of $48.7 million, including the Common Shares the