Form 4: Hanover Bancorp CEO Michael Puorro Acquires Shares Through Performance Units, Then Disposes of Shares for Tax Withholding

Michael Puorro, Chairman & CEO of Hanover Bancorp, acquired shares through earned performance units and subsequently disposed of shares to cover tax obligations.

Summary

• On March 31, 2025, Michael Puorro, Chairman & CEO of Hanover Bancorp, acquired 15,826 shares of common stock due to earned performance units granted on January 27, 2022.
• The acquisition price was $0.
• On the same day, Puorro disposed of 5,705 shares of common stock at a price of $22.65 to cover tax withholding related to the acquired performance units.
• Following these transactions, Puorro directly owns 315,101 shares of Hanover Bancorp.

Sentiment

Score: 6

Explanation: The document reflects routine insider transactions related to executive compensation. It's neutral in sentiment as it simply reports facts without indicating positive or negative performance.

Industry Context

This Form 4 filing is a routine disclosure of insider transactions, which are common in publicly traded companies. The acquisition of shares through performance units is a standard form of executive compensation, and the subsequent disposal for tax withholding is also typical.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they involve a relatively small number of shares compared to the total outstanding shares of Hanover Bancorp.
• The transactions reflect the company's compensation practices for its executives.

Key Dates

Keywords

Hanover Bancorp, Michael Puorro, HNVR, Form 4, Share Acquisition, Performance Units, Tax Withholding, Beneficial Ownership, Director, CEO