Form 4: Hanover Bancorp CEO Michael Puorro Reports Stock Disposals for Tax Withholding
SEC Form 4 Filing
Michael Puorro, Chairman & CEO of Hanover Bancorp, reports the disposal of common stock to cover tax obligations related to the vesting of restricted shares.
Summary
- On February 20, 2025, Michael Puorro, Chairman & CEO of Hanover Bancorp, disposed of shares of common stock to satisfy tax withholding obligations.
- These disposals were related to the vesting of restricted shares granted on January 27, 2022, January 24, 2023, and January 19, 2024.
- A total of 3,114 shares, 681 shares, and 814 shares were disposed of at a price of $25.53 per share, respectively.
- Following these transactions, Puorro directly owns 304,980 shares of Hanover Bancorp common stock.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing related to stock transactions for tax purposes, indicating a neutral sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Disposals for tax obligations are common when restricted stock vests.
Stakeholder Impact
- The stock disposal has a minor dilutive effect on existing shareholders.
Key Dates
| Date | Description |
|---|---|
| January 27, 2022 | Date of restricted stock grant related to tax withholding. |
| January 24, 2023 | Date of restricted stock grant related to tax withholding. |
| January 19, 2024 | Date of restricted stock grant related to tax withholding. |
| February 20, 2025 | Date of stock disposal for tax withholding. |
| February 24, 2025 | Date of signature on the Form 4 filing. |
Keywords
Hanover Bancorp, Michael Puorro, Form 4, Stock Disposal, Tax Withholding, Restricted Shares, HNVR, Beneficial Ownership
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