Form 4: Hanover Bancorp President McClelland W. Wilcox Reports Stock Disposals for Tax Withholding
SEC Form 4 Filing
McClelland W. Wilcox, President of Hanover Bancorp, Inc., reported the disposal of common stock to cover tax obligations related to vesting restricted shares.
Summary
- On February 20, 2025, McClelland W. Wilcox, President of Hanover Bancorp, Inc., 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 3,363 shares, 731 shares, and 856 shares were disposed of at a price of $25.53 per share.
- Following these transactions, Wilcox directly owns 96,147 shares of Hanover Bancorp, Inc. common stock.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing for stock transactions. It doesn't convey any particularly positive or negative sentiment.
Industry Context
This is a routine Form 4 filing related to insider transactions. It is common for executives to sell shares to cover tax obligations when restricted stock vests. These transactions are publicly disclosed to maintain transparency and prevent insider trading.
Stakeholder Impact
- The stock disposal may have a minor impact on shareholders due to the increased supply of shares, but it is unlikely to be significant given the relatively small number of shares involved.
Key Dates
| Date | Description |
|---|---|
| January 27, 2022 | Date of grant of restricted stock related to tax withholding. |
| January 24, 2023 | Date of grant of restricted stock related to tax withholding. |
| January 19, 2024 | Date of grant of restricted stock 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
Form 4, Hanover Bancorp, HNVR, Wilcox McClelland W, Stock Disposal, Tax Withholding, Restricted Shares, Insider Trading
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