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Hanover Bancorp Inc (HNVR) has issued an update.
Lance P. Burke, the Executive Vice President and Chief Financial Officer of the Registrant, has signed a new Employment Agreement, effective July 18, 2024, with a base salary of $350,000 and eligibility for additional employee benefits, business expense reimbursements, and a car allowance. The three-year agreement automatically renews annually unless notice is given and includes provisions for severance payments and benefits continuation if Burke is terminated without cause. Furthermore, in the event of a change of control, Burke is entitled to a significant payout, subject to certain conditions regarding tax regulations and the execution of a general release of claims. Burke is also required to adhere to confidentiality and non-solicitation agreements.
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