Company: SACH
Filing Date: 2025-09-05
Form Type: 8-K
Source: 0001682220-25-000063
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Company: Sachem Capital Corp.
Filing Date: 2025-09-05
Form: 8-K
Item: Item 5.02
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Item 5.02. Departure of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements with Certain Officers.

(b) - (c) As previously disclosed on the Current Report on Form 8-K filed with the U. S. Securities and Exchange Commission, on December 16, 2024, Sachem Capital Corp. (the "Company") appointed Jeffery C. Walraven as its Interim Chief Financial Officer and such disclosure is hereby incorporated by reference.

Effective September 1, 2025, the Company promoted Jeffery C. Walraven to the position of Executive Vice President and Chief Financial Officer. In connection with Mr. Walraven's promotion, the Company and Mr. Walraven entered into an Employment Agreement, effective as of September 1, 2025 (the "Employment Agreement") pursuant to which Mr. Walraven will receive (i) an annual base salary of $600,000, (ii) annual cash incentive compensation targeted at 50% of base salary, and (iii) annual long-term incentive compensation in the form of restricted stock with a target grant date fair value of $250,000. In addition, upon execution of the Employment Agreement, Mr. Walraven will also receive a cash payment of $50,000 and a one-time grant of restricted stock with a grant date fair value of $300,000, which will cliff vest on the third anniversary of the grant date, subject to the terms and conditions of the Restricted Stock Award Agreement, dated September 3, 2025, between the Company and Mr. Walraven (the "Award Agreement"). In conjunction with this appointment, Mr. Walraven has resigned from the Company's board of directors, on which he has served since August 2024.

The foregoing description of the Employment Agreement and Award Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement and the Award Agreement, copies of which are attached as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.