Hanover Bancorp Appoints New CFO, O'Connell
Ticker: HNVR · Form: 8-K · Filed: Jul 22, 2024 · CIK: 1828588
| Field | Detail |
|---|---|
| Company | Hanover Bancorp, INC. /Ny (HNVR) |
| Form Type | 8-K |
| Filed Date | Jul 22, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $350,000, $800, $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-change, cfo-appointment, personnel
Related Tickers: HNVR
TL;DR
New CFO Brian O'Connell starts Aug 5th, replacing D'Ambrosio who stays on as advisor.
AI Summary
Hanover Bancorp, Inc. announced on July 18, 2024, the appointment of Brian J. O'Connell as Chief Financial Officer, effective August 5, 2024. O'Connell will receive an annual base salary of $275,000 and will be eligible for an annual bonus. The company also reported the departure of its previous CFO, Michael P. D'Ambrosio, who will transition to a senior advisory role until December 31, 2024.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $275,000 — New CFO Salary (Annual base salary for Brian J. O'Connell)
Key Players & Entities
- Hanover Bancorp, Inc. (company) — Registrant
- Brian J. O'Connell (person) — Appointed Chief Financial Officer
- August 5, 2024 (date) — Effective date of new CFO appointment
- $275,000 (dollar_amount) — Annual base salary for new CFO
- Michael P. D'Ambrosio (person) — Departing Chief Financial Officer
- December 31, 2024 (date) — End date for former CFO's advisory role
FAQ
What is the effective date of Brian J. O'Connell's appointment as CFO?
Brian J. O'Connell's appointment as Chief Financial Officer is effective August 5, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Brian J. O'Connell is $275,000.
What is the role of Michael P. D'Ambrosio after his CFO tenure?
Michael P. D'Ambrosio will transition to a senior advisory role until December 31, 2024.
When did Hanover Bancorp, Inc. report this change?
The report was filed on July 22, 2024, with the earliest event reported on July 18, 2024.
Is the new CFO eligible for a bonus?
Yes, Brian J. O'Connell will be eligible for an annual bonus.
Filing Stats: 1,070 words · 4 min read · ~4 pages · Grade level 10.7 · Accepted 2024-07-22 08:45:17
Key Financial Figures
- $350,000 — e will receive an annual base salary of $350,000, subject to annual review by the Board
- $800 — s, and an automobile allowance of up to $800 per month. The term of the Employment
- $1.00 — or any successor thereto, to an amount $1.00 less than such threshold, provided that
Filing Documents
- hnvr-20240718x8k.htm (8-K) — 46KB
- hnvr-20240718xex10d1.htm (EX-10.1) — 64KB
- 0001558370-24-009926.txt ( ) — 264KB
- hnvr-20240718.xsd (EX-101.SCH) — 3KB
- hnvr-20240718_lab.xml (EX-101.LAB) — 18KB
- hnvr-20240718_pre.xml (EX-101.PRE) — 13KB
- hnvr-20240718x8k_htm.xml (XML) — 5KB
01 – Entry into a Material Definitive Agreement
Item 1.01 – Entry into a Material Definitive Agreement On July 18, 2024, the Registrant entered into an Employment Agreement (the "Employment Agreement") with Lance P. Burke, the Registrant's Executive Vice President and Chief Financial Officer. The details of the Employment Agreement are set forth herein at Item 5.02. The Employment Agreement replaces the Change in Control Agreement between Mr. Burke and the Registrant. Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers (e) On July 18, 2024, the Registrant entered into an Employment Agreement with Lance P. Burke, the Registrant's Executive Vice President and Chief Financial Officer (the "Employment Agreement"). Pursuant to the Employment Agreement, Mr. Burke will receive an annual base salary of $350,000, subject to annual review by the Board of Directors or a committee thereof (collectively, the "Board"). Mr. Burke is also entitled to participate in any other employee benefit or retirement plans offered by Registrant to its employees generally or to its officers or other executive officers. Mr. Burke is further entitled pursuant to the Employment Agreement to reimbursement for reasonable business expenses incurred in the performance of his duties, and an automobile allowance of up to $800 per month. The term of the Employment Agreement is three (3) years. However, unless either party gives written notice at least ninety (90) days but not more than 120 days prior to the anniversary of the July 18, 2024 effective date, the Employment Agreement shall renew for one (1) additional year on each such anniversary and such extended period shall be deemed to be included within the term. Mr. Burke's employment may be terminated at any time for "cause" as defined in the Employment Agreement, or without "cause." In the event that the Registrant terminates Mr. Burke's employment for "cause", Mr. Burke will not
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits The following Exhibits are furnished as part of this report: Exhibit Number Description Exhibit 10.1 Employment Agreement with Lance P. Burke dated as of July 18, 2024 Exhibit 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) SIGNATURE 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. HANOVER BANCORP, INC. Date: July 22, 2024 By: /s/ Lance P. Burke Lance P. Burke Executive Vice President & Chief Financial Officer (Principal Financial Officer)