<SEC-DOCUMENT>0001104659-19-068169.txt : 20191127
<SEC-HEADER>0001104659-19-068169.hdr.sgml : 20191127
<ACCEPTANCE-DATETIME>20191127160234
ACCESSION NUMBER:		0001104659-19-068169
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20191121
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191127
DATE AS OF CHANGE:		20191127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sachem Capital Corp.
		CENTRAL INDEX KEY:			0001682220
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				813467779
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37997
		FILM NUMBER:		191257782

	BUSINESS ADDRESS:	
		STREET 1:		698 MAIN STREET
		CITY:			BRANFORD
		STATE:			CT
		ZIP:			06405
		BUSINESS PHONE:		2034334736

	MAIL ADDRESS:	
		STREET 1:		698 MAIN STREET
		CITY:			BRANFORD
		STATE:			CT
		ZIP:			06405
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>UNITED STATES&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF
THE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
<U>November 21, 2019</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><U>SACHEM
CAPITAL CORP.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">New York</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">001-37997</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">81-3467779</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 66%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">698 Main Street, Branford, Connecticut</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">06405</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Office)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant's telephone number, including
area code <U>(203) 433-4736</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Former Name or Former Address, if Changed Since Last Report)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0">Securities registered pursuant to Section 12(b) of the Act:</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-left: black 1pt solid; padding: 0; border-bottom: black 1pt solid; text-align: center">Title of each class</TD>
    <TD STYLE="width: 34%; border-left: black 1pt solid; padding: 0; border-bottom: black 1pt solid; text-align: center">Ticker symbol(s)</TD>
    <TD STYLE="width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center">Name of each exchange on which registered</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center">Common Shares, par value $.001 per share</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center">SACH</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center">NYSE American LLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center">7.125% Notes due 2024</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center">SCCB</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center">NYSE American LLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center">6.875% Notes due 2024</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center">SACC</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center">NYSE American LLC</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5in">Emerging growth company
<FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.&#9;&#9; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><BR STYLE="clear: both"></FONT><FONT STYLE="font-size: 10pt"><B>Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">(b) Effective
November 21, 2019, Jeffrey C. Villano has resigned as an officer and employee of  Sachem Capital Corp.
(the &ldquo;<U>Company</U>&rdquo;). He had been serving as the Company&rsquo;s co-chief executive officer, president
and treasurer. Mr. Villano will continue to serve as a member of the Company&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">John L. Villano, CPA, will
continue as the Company&rsquo;s sole chief executive officer, in addition to his role as the Company&rsquo;s chief financial
officer. He has also been appointed as president and treasurer of the Company until suitable replacements for Jeffrey C.
Villano are found. Finally, effective November 21, 2019, John L. Villano resigned as the Company&rsquo;s secretary and Peter
Giannotti, the Company&rsquo;s in-house corporate counsel, was appointed as the Company&rsquo;s secretary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.25in">On November 22,
2019,&nbsp;the Company issued a press release announcing the resignation of Jeffrey C. Villano. A copy of the press release
is attached as Exhibit 99.1 to this Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 5.03. Amendments to Articles of Incorporation or
Bylaws; Change in Fiscal Year. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.25in">On November
25, 2019, the Company&rsquo;s Board of Directors (the &ldquo;<U>Board</U>&rdquo;) adopted an Amended and Restated Bylaws of
the Company which amended: (i) Article II, Section 2 to provide that special meetings of shareholders may be called by
the chairman of the board, if appointed, or the president; (ii) Article III, Section 5 to provide that special meetings of
the Board may be called by the chairman of the Board, if appointed, or the president; (iii) Article III, Section 7 to
provide that the chairman of the Board shall preside at all Board meetings, if appointed and present; (iv) Article IV,
Section 6 to provide that the chief executive officer shall be designated the &ldquo;principal executive officer&rdquo; of
the Company; and (v) Article IV, Section 10 to provide that the chief financial officer shall be designated the
 &ldquo;principal financial officer&rdquo; of the Company. In addition, various other miscellaneous and conforming amendments
were made to the Bylaws.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.25in">The foregoing does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Bylaws of the Company attached hereto as Exhibit 3.1 and incorporated herein by reference. &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Item 9.01.</B> <B>Financial Statements and Exhibits.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>No.</U></B></P></TD>
    <TD STYLE="width: 88%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Description</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm1923887d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm1923887d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of the Company, effective as of November 25, 2019.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm1923887d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm1923887d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release, dated November 22, 2019, announcing the resignation of Jeffrey C. Villano.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: center; text-indent: -4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> SIGNATURES</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: center; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sachem Capital Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: November 26, 2019</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/John L. Villano</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John L. Villano, CPA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>No.</U></B></P></TD>
    <TD STYLE="width: 88%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Description</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm1923887d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm1923887d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of the Company, effective as of November 25, 2019.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm1923887d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm1923887d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release, dated November 22, 2019, announcing the resignation of Jeffrey C. Villano.</FONT></A></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>B Y L A W S</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sachem Capital Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE I</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>OFFICES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <B><U>Principal</U>
Office</B> - The principal office of the Corporation shall be as set forth in its Certificate of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. <B><U>Additional
Offices</U></B> - The Corporation may have such additional offices at such other place within or without the State of New York
as the Board of Directors may from time to time determine or as the business of the Corporation may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE II</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SHAREHOLDERS' MEETING</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <B><U>Annual
Meeting</U></B> - An annual meeting of shareholders shall be held annually on such day during the period from May 1 through October
31, other than a Saturday, Sunday or a legal holiday in the state of New York, at the time and place (either within or without
the State of New York) as shall be fixed by the Board of Directors and specified in the notice of meeting for the purpose of electing
directors and transacting such other business as may properly be brought before the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. <B><U>Special
Meeting</U></B> - A special meeting of sha<FONT STYLE="color: Black">reholders may be called at any time by the Chairman of the
Board of Directors, if one shall have been appointed, or by the President and shall be called by the Chairman of the Board of
Directors, if one shall have been appointed, or by the President at the request in writing of a majority of the Board of Directors
then in office or at the request in writing filed with the Secretary by the holders of a majority of the issued and outstanding
shares of the capital stock of the Corporation entitled to vote at such meeting. Any such request shall state the purpose or purposes
of the proposed meeting. Special meetings shall be held at such time and place (eithe</FONT>r within or without the State of New
York) as shall be specified in the notice thereof. Business transacted at any special meeting of shareholders shall be confined
to the purposes set forth in the notice thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. <B><U>Notice
of Meetings</U></B> - Written notice of the time, and place and purpose of every meeting of shareholders (and, if other than an
annual meeting, indicating the person or persons at whose discretion the meeting is being convoked), shall be given by the President,
a Vice-President or by the Secretary to each shareholder of record entitled to vote at such meeting and to each shareholder who,
by reason of any action proposed at such meeting, would be entitled to have his stock appraised if such action were taken, not
less than ten nor more than fifty days prior to the date set for the meeting, either personally or by mailing said notice by first
class mail to each shareholder at his address appearing on the stock book of the Corporation or at such other address supplied
by him in writing to the Secretary of the Corporation for the purpose of receiving notice. Notice by mail shall be deemed to be
given when deposited, postage prepaid, in a post office or official depository under the exclusive care and custody of the United
States Post Office Department. The record date for determining the shareholders entitled to such notice shall be determined by
the Board of Directors in accordance with Section 6 of ARTICLE VI of these Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the directors shall
adopt, amend or repeal a by-law regulating an impending election of directors, the notice of the next meeting of shareholders for
the election of directors shall set forth the by-law so adopted, amended or repealed together with a concise statement of the changes
made as required by Section 601(b) of the Business Corporation Law. If any action is proposed to be taken which would, if taken,
entitle shareholders to receive payment for their shares, the notice of meeting shall include a statement to such effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A written waiver of
notice setting forth the purposes of the meeting for which notice is waived, signed by the person or persons entitled to such notice,
whether before or after the time of the meeting stated therein, shall be deemed equivalent to the giving of such notice. The attendance
by a shareholder at a meeting either in person or by proxy without protesting the lack of notice thereof shall constitute a waiver
of notice of such shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All notice given with
respect to an original meeting shall extend to any and all adjournments thereof and such business as might have been transacted
at the original meeting may be transacted at any adjournment thereof; no notice of any adjourned meeting need be given if an announcement
of the time and place of the adjourned meeting is made at the original meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. <B><U>Quorum</U></B>
- The holders of a majority of the shares of stock issued and outstanding and entitled to vote thereat, present in person or represented
by proxy, shall be requisite and shall constitute a quorum at all meetings of shareholders for the transaction of business except
as otherwise provided by statute or the Certificate of Incorporation. If, however, a quorum shall not be present or represented
at any meeting of shareholders, the shareholders entitled to vote thereat, present in person or represented by proxy, shall have
power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be
present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted
which might have been transacted at the meeting as originally notified. When a quorum is once present to organize a meeting, such
quorum is not deemed broken by the subsequent withdrawal of any shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. <B><U>Voting</U></B>
- Every shareholder entitled to vote at any meeting shall be entitled to one vote for each share of stock entitled to vote and
held by him of record on the date fixed as the record date for said meeting and may so vote in person or by proxy. At all elections
of directors when a quorum is present, a plurality of the votes cast by the holders of shares entitled to vote shall elect and
any other corporate action, when a quorum is present, shall be authorized by a majority of the votes cast by the holders of shares
entitled to vote thereon except as may otherwise be provided by statute or the Certificate of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. <B><U>Proxies</U></B>
- Every proxy must be signed by the shareholder entitled to vote or by his duly authorized attorney-in-fact and shall be valid
only if filed with the Secretary of the Corporation or with the Secretary of the meeting prior to the commencement of voting on
the matter in regard to which said proxy is to be voted. No proxy shall be valid after the expiration of eleven months from the
date of its execution unless otherwise expressly provided in the proxy. Every proxy shall be revocable at the pleasure of the person
executing it except as otherwise provided by Section 609 of the Business Corporation Law. Unless the proxy by its terms provides
for a specific revocation date and except as otherwise provided by statute, revocation of a proxy shall not be effective unless
and until such revocation is executed in writing by the shareholder who executed such proxy and the revocation is filed with the
Secretary of the Corporation or with the Secretary of the Meeting prior to the voting of the proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. <B><U>Shareholders'
List</U></B> - A list of shareholders as of the record date, certified by the Secretary of the Corporation or by a transfer agent
appointed by the Board of Directors shall be prepared for every meeting of shareholders and shall be produced by the Secretary
or some other officer of the Corporation thereat.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8. <B><U>Inspectors
at Meetings</U></B> - In advance of any shareholders' meeting, the Board of Directors may appoint one or more inspectors to act
at the meeting or at any adjournment thereof and if not so appointed the person presiding at any such meeting may, and at the request
of any shareholder entitled to vote thereat shall, appoint one or more inspectors. Each inspector, before entering upon the discharge
of his duties as set forth in Section 611 of the Business Corporation Law, shall take and sign an oath faithfully to execute the
duties of inspector at such meeting with strict impartiality and according to the best of his ability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9. <B><U>Conduct
of Meeting</U></B> - All meetings of shareholders shall be presided over by the President, or if he is not present, by a Vice-President,
or if neither the President nor any Vice-President is present, by a chairman thereby chosen by the shareholders at the meeting.
The Secretary of the Corporation, or in his absence, an Assistant Secretary, shall act as secretary of every meeting but if neither
the Secretary nor the Assistant Secretary is present, the chairman of the meeting shall appoint any person present to act as secretary
of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE III </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>BOARD OF DIRECTORS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <B><U>Function
and Definition</U></B> - The business and property of the Corporation shall be managed by its Board of Directors who may exercise
all the powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation
or by these Bylaws directed or required to be exercised or done by the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. <B><U>Number
and Qualification</U></B> - The number of directors constituting the entire Board shall be not less than one nor more than five,
as may be fixed by resolution of the Board of Directors or by the shareholders entitled to vote for the election of directors,
provided that any such action of the Board shall require the vote of a majority of the entire Board. The phrase &quot;entire Board&quot;
as used herein means the total number of directors which the Corporation would have if there were no vacancies. Unless and until
a different number shall be so fixed within the limits above specified, the Board shall consist of two directors. The term of any
incumbent director shall not be shortened by any such action by the Board of Directors or by the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each director shall
be at least twenty-one years of age. A director need not be a shareholder, a citizen of the United States or a resident of the
State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. <B><U>Election
Term and Vacancies</U></B> - Except as otherwise provided in this Section, all directors shall be elected at the annual meeting
of shareholders and all directors who are so elected or who are elected in the interim to fill vacancies and newly created directorships,
shall hold office until the next annual meeting of shareholders and until their respective successors have been elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the interim between
annual meetings of shareholders, newly-created directorships resulting from an increase in the number of directors or from vacancies
occurring in the Board, but not, except as hereinafter provided, in the case of a vacancy occurring by reason of removal of a director
by the shareholders, may be filled by the vote of a majority of the directors, then remaining in office, although less than a quorum
may exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of a vacancy
occurring in the Board of Directors by reason of the removal of one or more directors by action of the shareholders, such vacancy
may be filled by the shareholders at a special meeting duly called for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event a vacancy
is not filled by such election by shareholders, whether or not the vacancy resulted from the removal of a director with or without
cause, a majority of the directors then remaining in office, although less than a quorum, may fill any such vacancy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. <B><U>Removal</U></B>
- The Board of Directors may, at any time, with cause, remove any director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shareholders entitled
to vote for the election of directors may, at any time, remove any or all of the directors with cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. <B><U>Meetings</U></B>
- The annual meeting of the Board of Directors for the election of officers and the transaction of such other business as may come
before the meeting, shall be held, without notice, immediately following the annual meeting of shareholders, at the same place
at which such shareholders' meeting is held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Regular meetings of
the Board of Directors shall be held at such time and place, within or outside the State of New York, as may be fixed by resolution
of the Board, and when so fixed, no further notice thereof need <FONT STYLE="color: Black">be given. Regular meetings not fixed
by resolution of the Board of Directors may be held on notice at such time and place as shall be determined by the Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">Special
meetings of the Board of Directors may be called on notice at any time by the Chairman of the Board of Directors, if one shall
have been appointed, or the President, and shall be called by the Chairman of the Board of Directors, if one shall have been appointed,
or by the President at the written request of a majority of the directors then in office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. <B><U>Notice
of Meetings</U></B> - No notice shall be required for regular meetings for which the time and place have been fixed. Written, oral,
or any other mode of notice of the time and place shall be given for special meetings in sufficient time for the convenient assembly
of the directors thereat. Notice need not be given to any director or to any member of a committee of directors who submits a written
waiver of notice signed by him before or after the time stated therein. Attendance of any such person at a meeting shall constitute
a waiver of notice of such meeting, except when he attends a meeting for the express purpose of objecting, at the beginning of
the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to
be transacted at, nor the purpose of, any regular or special meeting of the directors need be specified in any written waiver of
notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. <B><U>Conduct
of Meetings</U></B> - T<FONT STYLE="color: Black">he Chairman of the Board, if one shall have been appointed, shall preside at
all meetings of directors. If a Chairman of the Board shall not have been appointed, or if one was appointed but is not present,
the President shall preside. If neither the Chairman of the Board nor the President in present, any other director chosen by the
Board of Directors shall preside</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8. <B><U>Quorum,
Adjournment, Voting</U></B> - Except as otherwise provided by the Certificate of Incorporation, a majority of the entire Board
shall be requisite and shall constitute a quorum at all meetings of the Board of Directors for the transaction of business. Where
a vacancy or vacancies prevents such majority, a majority of the directors then in office shall constitute a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A majority of the directors
present at any meeting, whether or not a quorum is present, may adjourn the meeting to another time and place without further notice
other than an announcement at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided by the Certificate of Incorporation, when a quorum is present at any meeting, a majority of the directors present shall
decide any questions brought before such meeting and the act of such majority shall be the act of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9. <B><U>Action
Without Meeting</U></B> - Any action required or permitted to be taken by the Board of Directors or of any committee thereof may
be taken without a meeting if all members of the Board of Directors or of any committee thereof consent in writing to the adoption
of a resolution authorizing the action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any one or more members
of the Board of Directors or of any committee thereof may participate in a meeting of said Board or of any such committee by means
of a conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other
at the same time, and participation by such means shall constitute presence in person at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10. <B><U>Compensation
of Directors</U></B> - Director<FONT STYLE="color: Black">s, as such, shall not receive any stated salary for their services,
but, by resolution of the Board of Directors, a fixed sum and expenses of attendance, if any, may be allowed for attendance at
any meeting of the Board of Directors or of any committee thereof. Nothing herein</FONT> contained shall be construed to preclude
any director from serving the Corporation in any other capacity and receiving reasonable compensation therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11. <B><U>Committees
</U></B>- The Board of Directors, by resolution of a majority of the directors present at a meeting or of all of the directors
if acting by written consent, may designate from among its membe<FONT STYLE="color: Black">rs an executive committee and other
committees, each consisting of one or more directors, and each of which, to the extent provided in such resolution, shall have
all the authority of the Board except that no such</FONT> committee shall have authority as to any of the following matters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
submi<FONT STYLE="color: Black">ssion to shareholders of any action as to which shareholders' authorization or approval is required
by statute, the Certificate of Incorporation or by these Bylaws;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
filing of vacancies in the Board of Directors or in any committee thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
fixing of compensation of the directors for serving on the Board of Directors or on any committee thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amendment or repeal of these Bylaws or the adoption of new Bylaws; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amendment or repeal of any resolution of the Board of Directors which by its terms shall not be so amendable or repealable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">The
Board of Directors may designate one or more directors as alternate members of any such committee who may replace any absent member
or members at any meeting of such committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">Each
such committee shall serve at the pleasure of the Board of Directors. The Board of Directors shall have the power at any time
to fill vacancies in, to change the membership of, or to discharge any such committee. Committees shall keep minutes of their
proceedings and shall report the same to the Board of Directors at the meeting of the Board next succeeding, and any action by
the committe</FONT>e shall be subject to revision and alteration by the Board of Directors, provided that no rights of a third
party shall be affected in any such revision or alteration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE IV</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>OFFICES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <B><U>Executive
Officers</U></B> - Th<FONT STYLE="color: Black">e officers of the Corporation shall be a President, one or more Vice-Presidents,
a Treasurer and a Secretary and such Assistant Treasurers and Assistant Secretaries and other officers as the Board of Directors
may determine. Any two or more offices may be held by the same person, except the offices of President and Secretary, unless all
of the issued and outstanding shares of capital stock of the Corporation are owned by one person, in which event such person may
hold all or any combination of offic</FONT>es.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. <B><U>Election</U></B>
- The President, one or more Vice-Presidents, the Treasurer and Secretary shall be elected by the Board of Directors to hold office
until the meeting of the Board held immediately following the next annual meeting of shareholders and shall hold office for the
term for which elected and until their successors have been elected and qualified. The Board of Directors may from time to time
appoint all such other officers as it may determine and such officers shall hold office from the time of their appointment and
qualifications until the time at which their successors are appointed and qualified. A vacancy in any office arising from any cause
may be filled for the unexpired portion of the term by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. <B><U>Removal</U></B>
- Any officer may be removed from office by the Board at any time with or without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. <B><U>Delegation
of Powers</U></B> - The Board of Directors may from time to time delegate the power or duties of any officer of the Corporation,
in the event of his absence or failure to act otherwise, to any other officer or director or person whom they may select.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. <B><U>Compensation</U></B>
- The compensation of each officer shall be such as the Board of Directors may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. <B><U>Chief
Executive Officer</U></B> - The Board of Directors shall designate the President as the Chief Executive Officer of the Corporation
who shall have general charge of the business and affairs of the Corporation, subject, however, to the right of the Board of Directors
to confer specified powers on officers and subject generally to the direction of t<FONT STYLE="color: Black">he Board of Directors.
The Chief Executive Officer shall be designated as the &ldquo;principal executive officer&rdquo; of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">Unless
otherwise ordered by the Board of Directors, the Chief Executive Officer, or in the event of his inability to act, any other officer
designated by the Board of Directors, shall have full power and authority on behalf of the Corporation to attend and to act and
to vote at any meetings of security holders of corporations in which the Corporati</FONT>on may hold securities, and at such meetings
shall possess and may exercise any and all rights and powers incident to the ownership of such securities, and which, as the owner
thereof, the Corporation might have possessed and exercised, if present. The Board of Directors by resolution from time to time
may confer like powers upon any other person or persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. <B><U>President</U></B> - The President, if not designated
as Chief Executive Officer, shall have such duties and responsibilities as the Board may prescribe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8. <B><U>Vice-President</U></B>
- The Vice-President shall have such powers and perform such duties as the Board of Directors may from time to time prescribe.
In the absence or inability of the Chief Executive Officer to perform his duties or exercise his powers, the Vice-President or,
if there be more than one, a Vice-President designated by the Board, shall exercise the powers and perform the duties of the President
subject to the direction of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9. <B><U>Secretary</U></B>
- The Secretary shall keep the minutes of all meetings and record all votes of shareholders, the Board of Directors and committees
in a book to be kept for that purpose. He shall give or cause to be given any required notice of meetings of shareholders, the
Board of Directors or any committee, and shall be responsible for preparing or obtaining from a transfer agent appointed by the
Board, the list of shareholders required by Article II, Section 7 thereof. He shall be the custodian of the seal of the Corporation
and shall affix or cause to be affixed the seal to any instrument requiring it and attest the same and exercise the powers and
perform the duties incident to the office of Secretary subject to the direction of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10. <B><U>Chief
Financial Officer</U></B> - Subject to the direction <FONT STYLE="color: Black">of the Board of Directors, the Chief Financial
Officer shall have charge of the general supervision of the funds and securities of the Corporation and the books of account of
the Corporation and shall exercise the powers and perform the duties incident to the office of the Chief Financial Officer, subject
generally to the direction of the Board of Directors. If required by the Board of Directors, he shall give to the Corporation
a bond in such sum and with such sureties as may be satisfactory to the Board of Directors for the faithful discharge of his duties.
The Chief Financial Officer shall be designated as the &ldquo;principal financial officer&rdquo; of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11. <B><U>Treasurer</U></B>
- The Treasurer shall have such duties and responsibilities as the Board may prescribe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 12. <B><U>Other
Officers</U></B> - All other officers, if any, shall have such authority and shall perform such duties as may be specified from
time to time by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE V</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>RESIGNATIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any director or officer
of the Corporation or any member of any committee of the Board of Directors of the Corporation may resign at any time by giving
written notice to the Board of Directors, the President or the Secretary. Any such resignation shall take effect at the time specified
therein or, if the time is not specified therein, upon the receipt thereof, irrespective of whether any such resignation shall
have been accepted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE VI</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CERTIFICATES REPRESENTING SHARES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <B><U>Certificates</U></B>
- The shares of stock of the Corporation may be issued in book-entry form or evidenced by a certificate or certificates in such
form as prescribed by the Business Corporation Law and by any other applicable statutes, which Certificate shall represent and
certify the number, kind and class of shares owned by him in the Corporation. The Certificates shall be numbered and registered
in the order in which they are issued and upon issuance the name in which each Certificate has been issued together with the number
of shares represented thereby and the date of issuance shall be entered in the stock book of the Corporation by the Secretary or
by the transfer agent of the Corporation. Each certificate shall be signed by the President or a Vice-President and countersigned
by the Secretary or Assistant Secretary and shall be sealed with the Corporate Seal or a facsimile thereof. The signature of the
officers upon a certificate may also be facsimiles if the certificate is countersigned by a transfer agent or registered by a registrar
other than the Corporation itself or an employee of the Corporation. In case any officer who has signed or whose facsimile signature
has been placed upon a certificate shall have ceased to be such officer before the certificate is issued, such certificate may
be issued by the Corporation with the same effect as if the officer had not ceased to be such at the time of its issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. <B><U>Consideration</U></B>
- A certificate or a book-entry receipt representing shares shall not be issued, until the full amount of consideration therefor
has been paid to the Corporation, except if otherwise permitted by Section 504 of the Business Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. <B><U>Lost
Certificates</U></B> - The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate
or certificates theretofore issued by the Corporation, alleged to have been lost, mutilated, stolen or destroyed, upon the making
of an affidavit of that fact by the person so claiming and upon delivery to the Corporation, if the Board of Directors shall so
require, of a bond in such form and with such surety or sureties as the Board may direct, sufficient in amount to indemnify the
Corporation and its transfer agent against any claim which may be made against it or them on account of the alleged loss, destruction,
theft or mutilation of any such certificate or the issuance of any such new certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. <B><U>Fractional
Share Interests</U></B> - The Corporation may issue certificates for fractions of a share where necessary to effect transactions
authorized by the Business Corporation Law; or it may pay in cash the fair market value of fractions of a share as of the time
when those entitled to receive such fractions are determined; or it may issue scrip in registered or bearer form over the manual
or facsimile signature of an officer of the Corporation or of its agent, exchangeable as therein provided for full shares, but
such scrip shall not entitle the holder to any rights of a shareholder except as therein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. <B><U>Share
Transfers</U></B> - Except as otherwise established by rules and regulations adopted by the Board of Directors, and subject to
applicable law, shares of stock may be transferred on the books of the Corporation: (i) in the case of shares represented by a
certificate, by the surrender to the Corporation or its transfer agent of the certificate representing such shares properly endorsed
or accompanied by a written assignment or power of attorney properly executed, and with such proof of authority or authenticity
of signature as the Corporation or its transfer agent may reasonably require; and (ii) in the case of book-entry (uncertificated)
shares, upon the receipt of proper transfer instructions from the registered owner thereof. Except as may be otherwise required
by law, the Certificate of Incorporation or these Bylaws, the Corporation shall be entitled to treat the record holder of stock
as shown on its books as the owner of such stock for all purposes, including the payment of dividends and the right to vote with
respect to such stock, regardless of any transfer, pledge or other disposition of such stock until the shares have been transferred
on the books of the Corporation in accordance with the requirements of these Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. <B><U>Record
Date for Shareholders</U></B> - For the purpose of determining the shareholders entitled to notice of or to vote at any meeting
of shareholders or any adjournment thereof or to express consent or dissent from any proposal without a meeting, or for the purpose
of determining the shareholders entitled to receive payment of any dividend or the allotment of any rights, or for the purpose
of any other action, the Board of Directors may fix, in advance, a date as the record date for any such determination of shareholders.
Such date shall not be more than fifty nor less than ten days before the date of any meeting nor more than fifty days prior to
any action taken without a meeting, the payment of any dividend or the allotment of any rights, or any other action. When a determination
of shareholders of record entitled to notice of or to vote at any meeting of shareholders has been made as provided in this Section,
such determination shall apply to any adjournment thereof, unless the Board fixes a new record date under this Section for the
adjourned meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. <B><U>Shareholders
of Record</U></B> - The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder
in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share on
the part of any other person whether or not it shall have express or other notice thereof, except as otherwise provided by the
laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE VII</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>STATUTORY NOTICES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
may appoint the Treasurer or any other officer of the Corporation to cause to be prepared and furnished to shareholders entitled
thereto any special financial notice and/or statement which may be required by Sections 510, 511, 515, 516, 517, 519 and 520 of
the Business Corporation Law or by any other applicable statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE VIII</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FISCAL YEAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fiscal year of
the Corporation shall be fixed, and shall be subject to change from time to time, by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE IX</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CORPORATE SEAL</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporate seal
shall have inscribed thereon the name of the Corporation, the year of its incorporation and the words &quot;Corporate Seal&quot;
and &quot;New York&quot; and shall be in such form and contain such other words and/or figures as the Board of Directors shall
determine. The Corporate seal may be used by printing, engraving, lithographing, stamping or otherwise making, placing or affixing,
or causing to be printed, engraved, lithographed, stamped or otherwise made, placed or affixed, upon any paper or document, by
any process whatsoever, an impression, facsimile or other reproduction of said Corporate seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE X</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>BOOKS AND RECORDS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There shall be maintained
at the principal office of the Corporation books of account of all the Corporation's business and transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There shall be maintained
at the principal office of the corporation or at the office of the Corporation's transfer agent a record containing the names and
addresses of all shareholders, the number and class of shares held by such and the dates when they respectively became the owners
of record thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE XI</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>INDEMNIFICATION OF DIRECTORS, OFFICERS,</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EMPLOYEES AND AGENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any person made or
threatened to be made a party to an action or proceeding, whether civil or criminal, by reason of the fact that he, his testator
or intestate, then is or was a director, officer, employee or agent of the Corporation, or then serves or has served any other
corporation in any capacity at the request of the Corporation, shall be indemnified by the Corporation against reasonable expenses,
judgments, fines and amounts actually and necessarily incurred in connection with the defense of such action or proceeding or in
connection with an appeal therein, to the fullest extent permissible by the laws of the State of New York. Such right of indemnification
shall not be deemed exclusive of any other rights to which such person may be entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE XII</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AMENDMENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shareholders entitled
at the time to vote in the election of directors and the Board of Directors by vote of a majority of the entire Board, shall have
the power to amend or repeal these By-Laws and to adopt new By-Laws, provided, however, that any by-law adopted, amended or repealed
by the Board of Directors may be amended or repealed by the shareholders entitled to vote thereon as herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">EFFECTIVE:
Amended and Restated as of  November 25, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"><FONT STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 53px; width: 393px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sachem Capital Announces Resignation
of Jeffrey Villano as Co-CEO;<BR>
John Villano, CPA, to Assume Full Responsibilities as CEO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Branford, Connecticut, November 22,
2019</B> -- Sachem Capital Corp. (NYSE American: SACH) today announced that, effective as of Thursday, November 21, 2019, Jeffrey
Villano has resigned from the company. He had been serving as the company&rsquo;s co-chief executive officer, president and treasurer
of the company. He was also a cofounder of the company. He will continue to serve as a member of the company&rsquo;s Board of Directors.
John Villano, CPA, will assume the full responsibilities as the company&rsquo;s chief executive officer in addition to his role
as the company&rsquo;s chief financial officer. John Villano, CPA, has also been appointed as president and treasurer until suitable
replacements for Jeffrey Villano are found.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">John Villano, CPA, chief executive officer
and chief financial officer of Sachem Capital Corp., stated, &ldquo;On behalf of the Board of Directors and management, I would
like to thank Jeff for his contributions to Sachem and wish him well in his future endeavors. Jeff has played a significant role
in Sachem&rsquo;s development and growth over the last ten years. We appreciate his commitment to the company and all its employees.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Sachem Capital Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sachem Capital Corp. specializes in originating,
underwriting, funding, servicing and managing a portfolio of first mortgage loans. It offers short term (<I>i.e.,</I> three years
or less) secured, nonbanking loans (sometimes referred to as &ldquo;hard money&rdquo; loans) to real estate investors to fund their
acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut. The Company
does not lend to owner occupants. The company&rsquo;s primary underwriting criteria is a conservative loan to value ratio. The
properties securing the company&rsquo;s loans are generally classified as residential or commercial real estate and, typically,
are held for resale or investment. Each loan is secured by a first mortgage lien on real estate. Each loan is also personally guaranteed
by the principal(s) of the borrower, which guaranty may be collaterally secured by a pledge of the guarantor&rsquo;s interest in
the borrower. The company also makes opportunistic real estate purchases apart from its lending activities. The company believes
that it qualifies as a real estate investment trust (REIT) for federal income tax purposes and has elected to be taxed as a REIT
beginning with its 2017 tax year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release may contain forward-looking
statements. All statements other than statements of historical facts contained in this press release, including statements regarding
our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking
statements. The words &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;project,&rdquo; &ldquo;plan,&rdquo;
 &ldquo;seek,&rdquo; &ldquo;intend,&rdquo; &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo;
 &ldquo;could,&rdquo; &ldquo;likely,&rdquo; &ldquo;continue,&rdquo; &ldquo;design,&rdquo; and the negative of such terms and other
words and terms of similar expressions are intended to identify forward- looking statements.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have based these forward-looking
statements largely on our current expectations and projections about future events and trends that we believe may affect our financial
condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. These
forward-looking statements are subject to several risks, uncertainties and assumptions as described in our Annual Report on Form
10-K for 2018 filed with the U.S. Securities and Exchange Commission on March 29, 2019. Because of these risks, uncertainties and
assumptions, the forward-looking events and circumstances discussed in this press release may not occur, and actual results could
differ materially and adversely from those anticipated or implied in the forward-looking statements.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not rely upon forward-looking
statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee future results, level of activity, performance or achievements. In addition, neither we nor
any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We disclaim
any duty to update any of these forward-looking statements.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All forward-looking statements attributable
to us are expressly qualified in their entirety by these cautionary statements as well as others made in this press release. You
should evaluate all forward-looking statements made by us in the context of these risks and uncertainties.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>Investor &amp; Media Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">Crescendo Communications, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">Email: <U>sach@crescendo-ir.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">Tel: (212) 671-1021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
