MICHAEL P. PUORRO - 28 Aug 2024 Form 4 Insider Report for Hanover Bancorp, Inc. /NY (HNVR)

Role: Chairman & CEO, Director
Signature: /s/ Gregory Krauss, POA
Issuer symbol: HNVR
Transactions as of: 28 Aug 2024
Transactions value $: -$168,639
Form type: 4
Filing time: 30 Aug 2024, 09:02:18 UTC
Previous filing: 01 May 2024
Next filing: 31 Jan 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HNVR	Common Stock	Options Exercise	$300,000	+30,000	+10.78%	$10	308,388	28 Aug 2024	Direct
transaction	HNVR	Common Stock	Tax liability	-$351,751	-19,817	-6.43%	$17.75	288,571	28 Aug 2024	Direct	F1
transaction	HNVR	Common Stock	Options Exercise	$418,400	+41,840	+14.5%	$10	330,411	28 Aug 2024	Direct
transaction	HNVR	Common Stock	Tax liability	-$535,286	-30,157	-9.13%	$17.75	300,254	28 Aug 2024	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	HNVR	Incentive Stock Option	Options Exercise	$0	-30,000	-100%	$0	0	28 Aug 2024	Common Stock	30,000	$10	Direct
transaction	HNVR	Non-Qualified Stock Option	Options Exercise	$0	-41,840	-100%	$0	0	28 Aug 2024	Common Stock	41,840	$10	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents a "net exercise" of outstanding incentive stock options. The reporting person received 10,183 shares of common stock on net exercise of option to purchase 30,000 shares of common stock. The Company withheld 19,817 shares of common stock underlying the option for payment of the exercise price and tax withholdings, using the closing stock price on August 27, 2024 of $17.75 pursuant to the terms of the 2013 Stock Option Plan.
F2	Represents a "net exercise" of outstanding non-qualified stock options. The reporting person received 11,683 shares of common stock on net exercise of option to purchase 41,840 shares of common stock. The Company withheld 30,157 shares of common stock underlying the option for payment of the exercise price and tax withholdings, using the closing stock price on August 27, 2024 of $17.75 pursuant to the terms of 2013 Stock Option Plan.

Content

Represents a "net exercise" of outstanding incentive stock options. The reporting person received 10,183 shares of common stock on net exercise of option to purchase 30,000 shares of common stock. The Company withheld 19,817 shares of common stock underlying the option for payment of the exercise price and tax withholdings, using the closing stock price on August 27, 2024 of $17.75 pursuant to the terms of the 2013 Stock Option Plan.

Represents a "net exercise" of outstanding non-qualified stock options. The reporting person received 11,683 shares of common stock on net exercise of option to purchase 41,840 shares of common stock. The Company withheld 30,157 shares of common stock underlying the option for payment of the exercise price and tax withholdings, using the closing stock price on August 27, 2024 of $17.75 pursuant to the terms of 2013 Stock Option Plan.