Quarterly report pursuant to Section 13 or 15(d)

Profit Sharing Plan

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Profit Sharing Plan
 6 Months Ended
Jun. 30, 2022
Profit Sharing Plan  
Profit Sharing Plan

6.     Profit Sharing Plan

On 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 six months ended June 30, 2022 and 2021, the 401(k) Plan expense was $50,001 and $32,462, respectively. For the three month ended June 30, 2022 and 2021, the 401(k) Plan expense was $30,008 and $12,744, respectively.