Hanover Bancorp, Inc. (the “ Company”) announced that Brian K. Finneran, who currently serves as the President of the the company and its wholly-owned subsidiary Hanover Community Bank (the “ Bank”), will retire effective February 15, 2023 (the “ Retirement Date”). In order to ensure an orderly transition upon Mr. Finneran's planned retirement, the Company and Mr. Finneran entered into a Retirement and Transition Agreement (the “ Agreement”) as of October 17, 2022, which among other items, provides for the following: Mr. Finneran will serve as the President of the Company and the Bank until the Retirement Date and will be entitled to his 2022 calendar year cash bonus payment, regardless of whether that bonus is actually paid prior to or after the Retirement Date; All equity awards outstanding as of the Retirement Date will be treated in accordance with their terms, provided that Mr. Finneran's retirement will be treated as a “Retirement” under the terms of the restricted stock awards and performance units granted in January 2022, and the grant agreements will be amended to substitute the restrictive covenants contained in the Agreement, which prohibit Mr. Finneran from serving as an employee of any entity offering products or services substantially similar to those offered by the Company if he is based in New York, and also prohibit him from serving on the board of directors of four institutions identified in the Agreement, for those contained in the grant agreements; and· Effective as of the Retirement Date, that certain Third Amended and Restated Employment Agreement dated as of July 24, 2017 by and among the Mr. Finneran, the Company and the Bank is terminated (except with respect to certain provisions therein with respect to non-solicitation and confidentiality, which shall survive).