<SEC-DOCUMENT>0001140361-21-021383.txt : 20210617
<SEC-HEADER>0001140361-21-021383.hdr.sgml : 20210617
<ACCEPTANCE-DATETIME>20210617134704
ACCESSION NUMBER:		0001140361-21-021383
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20210617
DATE AS OF CHANGE:		20210617
EFFECTIVENESS DATE:		20210617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hanover Bancorp, Inc. /NY
		CENTRAL INDEX KEY:			0001828588
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				813324480
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-257161
		FILM NUMBER:		211024209

	BUSINESS ADDRESS:	
		STREET 1:		80 EAST JERICHO TURNPIKE
		CITY:			MINEOLA
		STATE:			NY
		ZIP:			11501
		BUSINESS PHONE:		516.548.8500

	MAIL ADDRESS:	
		STREET 1:		80 EAST JERICHO TURNPIKE
		CITY:			MINEOLA
		STATE:			NY
		ZIP:			11501
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>brhc10025964_s8.htm
<DESCRIPTION>S-8
<TEXT>
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      <div style="text-align: right; text-indent: 36pt; font-weight: bold;">Registration Statement No. 333&#8209;</div>
      <div style="text-align: right; text-indent: 36pt; font-weight: bold;">Filed June 17, 2021</div>
    </div>
    <div>
      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z54ec68856e68465aa65f8508e0052a09">

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            <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM S&#8209;8</div>
            <div style="text-align: center; font-weight: bold;">&#160;&#160;&#160;REGISTRATION STATEMENT</div>
            <div style="text-align: center; font-style: italic; font-weight: bold;">UNDER</div>
            <div style="text-align: center; font-style: italic; font-weight: bold;">&#160;&#160;&#160;THE SECURITIES ACT OF 1933</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; font-size: 24pt; font-weight: bold;">HANOVER BANCORP, INC.</div>
    <div style="text-align: center;">(Exact name of Registrant as specified in its charter)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2ca6a1aaaba2474e896483e67db254c0">

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          <td style="width: 33%; vertical-align: middle;">
            <div style="text-align: center; font-weight: bold;">New York</div>
          </td>
          <td style="width: 34%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 33%; vertical-align: middle;">
            <div style="text-align: center; font-weight: bold;">&#160;81-3324480</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: middle; padding-bottom: 2px;">
            <div style="text-align: center;">(State or other jurisdiction of incorporation or organization)</div>
          </td>
          <td style="width: 34%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
          </td>
          <td style="width: 33%; vertical-align: middle; padding-bottom: 2px;">
            <div style="text-align: center;">(IRS Employer Identification No.)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">80 East Jericho Turnpike Mineola, New York</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">11501</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center;">(Address of principal executive offices)</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center;">(zip code)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">2013 Stock Option Plan</div>
    <div style="text-align: center; font-weight: bold;">2013 Savoy Bank Stock Option Plan</div>
    <div style="text-align: center; font-weight: bold;">2016 Stock Option Plan</div>
    <div style="text-align: center; font-weight: bold;">2018 Equity Compensation Plan</div>
    <div style="text-align: center; font-weight: bold;">2020 Savoy Bank Equity Compensation Plan</div>
    <div style="text-align: center;">(Full title of the Plan)</div>
    <div style="text-align: center;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 30%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zc0ccfad5ce1d42f0ae4f90891686a647">

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            <div style="text-align: center; font-weight: bold;">Michael P. Puorro</div>
            <div style="text-align: center; font-weight: bold;">Chairman and Chief Executive Officer</div>
            <div style="text-align: center; font-weight: bold;">Hanover Bancorp, Inc.</div>
            <div style="text-align: center; font-weight: bold;">80 East Jericho Turnpike</div>
            <div style="text-align: center; font-weight: bold;">Mineola, New York 11501</div>
            <div style="text-align: center;">(Name and address of agent for service)</div>
          </td>
        </tr>
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          <td rowspan="1" style="width: 30%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">(516) 548-8500</div>
            <div style="text-align: center;">(Telephone number, including area code, of agent for service)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non&#8209;accelerated filer, a smaller reporting company or emerging growth company.&#160; See the definitions of&#8201;&#160; &#8220;large
      accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b&#8209;2 of the Exchange Act.</div>
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        <tr>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify;">Large accelerated filer&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#9744;<font style="font-family: 'Segoe UI Symbol',sans-serif;"></font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;">Accelerated filer &#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify;">Non&#8209;accelerated filer&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#9744; (Do not check if a smaller reporting company)</div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;">Smaller reporting company &#9746;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;">Emerging growth company &#9746;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
      Section 7(a)(2)(B) of the Securities Act.&#160; &#160; <font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</font></div>
    <div><br>
    </div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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        <tr>
          <td valign="bottom" colspan="16" style="vertical-align: middle; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Calculation of Registration Fee</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Title of each class of securities to be registered</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Amount to be </div>
            <div style="text-align: center; font-weight: bold;">registered </div>
            <div style="text-align: center; font-weight: bold;">(1)(2)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Proposed</div>
            <div style="text-align: center; font-weight: bold;">maximum</div>
            <div style="text-align: center; font-weight: bold;">offering price</div>
            <div style="text-align: center; font-weight: bold;">per share</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Proposed</div>
            <div style="text-align: center; font-weight: bold;">maximum</div>
            <div style="text-align: center; font-weight: bold;">aggregate</div>
            <div style="text-align: center; font-weight: bold;">offering price <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Amount of </div>
            <div style="text-align: center; font-weight: bold;">registration fee</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Common stock, $0.01 par value</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>435,087</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>19.35</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>8,418,933.45</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>918.51</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4a5a908217e94d75aa0e859693cd8e19">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(1)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Maximum number of shares authorized for issuance pursuant to the Registrant&#8217;s 2013 Stock Option Plan, 2016 Stock Option Plan and 2018 Equity Compensation Plan (the &#8220;Hanover Plans&#8221;).&#160; This Registration Statement also relates to such
              indeterminate number of additional shares of common stock of the Registrant as may be issuable as a result of stock splits, stock dividends or similar transactions, as described in the Hanover Plans.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z522eb5bc1afc49849e32e950c2e1bbb6">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(2)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Also includes 71,900 shares issuable to McClelland Wilcox in connection with the conversion of his options to purchase shares of Savoy Bank common stock into options to purchase shares of the Registrant as of May 26, 2021 upon the
              consummation of the transactions contemplated by that certain Agreement and Plan of Merger dated as of August 27, 2020 by and among the Registrant, Hanover Community Bank and Savoy Bank, in each case pursuant to the 2013 Savoy Bank Stock
              Option Plan and the 2020 Savoy Bank Equity Compensation Plan (the &#8220;Savoy Plan&#8221; and collectively with the Hanover Plans, the &#8220;Plan&#8221;).</div>
          </td>
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    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd72ad119d304e21b6e29ac02514a392">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(3)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Estimated solely for the purpose of calculating the registration fee and based upon the Registrant&#8217;s book value as of April 30, 2021 in accordance with Rule 457(h)(1).</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this Registration Statement also covers an indeterminate amount of interests to be offered or sold to prevent dilution resulting from certain capital
      changes affecting the Registrant.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
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    <div style="text-align: center; font-weight: bold;"><u>PART II</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</u></div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z169989fe225e4a9681b5a1434586fa58" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: left; font-weight: bold;">Item 3.</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; font-weight: bold;">Incorporation of Documents by Reference.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The following documents filed with the SEC are hereby incorporated by reference into this Registration Statement:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0124fada13f348f8be8e8e10ee730e31">

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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(a)</td>
          <td style="width: auto; vertical-align: top;">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1828588/000110465921005873/tm2037794-1_s4.htm">The Registrant&#8217;s Registration Statement on Form S-4 filed with the SEC on January 20, 2021 which contains audited financial statements for the
                registrant&#8217;s latest fiscal year for which such statements have been filed</a>;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zddbaef7ca9c34ddea3fc8266bad8b56c">

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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(b)</td>
          <td style="width: auto; vertical-align: top;">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1828588/000114036121019551/brhc10024845_10q.htm">The Registrant&#8217;s quarterly report for the period ended March 31, 2021 on Form 10-Q filed with the SEC on June 2, 2021</a>;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7446015c5ad343bf8a6aceac48f753b2">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(c)</td>
          <td style="width: auto; vertical-align: top;">
            <div>The Registrant&#8217;s current reports on Form 8-K filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1828588/000114036121014586/brhc10023689_8k.htm">April 27, 2021</a> and <a href="https://www.sec.gov/Archives/edgar/data/1828588/000114036121019048/brhc10025253_8k.htm">May 27, 2021</a>; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb74eaa63c0e5481db2f66cb161bc0ca0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(d)</td>
          <td style="width: auto; vertical-align: top;">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1828588/000110465921005873/tm2037794-1_s4.htm">The description of the Registrant&#8217;s common stock contained in the Registrant&#8217;s Registration Statement on Form S-4 filed with the SEC on January
                20, 2021, including any amendments or reports filed for the purpose of updating such description</a>.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">In addition, all documents subsequently filed by the Company with the SEC pursuant to Sections 12, 13(a), 14 and 15(d) of the Exchange Act after the effective date of this Registration Statement, but prior to the filing
      of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part
      hereof from the respective date of filing of such documents.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Any statement contained in a document incorporated or deemed to be incorporated by reference shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement
      contained herein or in any other subsequently filed document which also is incorporated or is deemed to be incorporated by reference herein modified or superseded such statement.&#160; Any such statement so modified or superseded shall not be deemed,
      except as so modified or superseded, to constitute a part of this Registration Statement.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="za20b0a42dd9c4e5db9a82ab211fdc852" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: left; font-weight: bold;">Item 4.<br>
              </div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; font-weight: bold;">Description of Securities.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Not applicable.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z58fd1a368f8d4b32b2bffeb4e65b36ae" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: left; font-weight: bold;">Item 5.<br>
              </div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; font-weight: bold;">Interests of Named Experts and Counsel.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Not applicable.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z02f0e7564e064fa4ac531eaaa7812c6f" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: left; font-weight: bold;">Item 6.<br>
              </div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; font-weight: bold;">Indemnification of Directors and Officers.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Article Sixth of the Company&#8217;s Certificate of Incorporation provides as follows:</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin-left: 40.5pt;">No director or officer shall be personally liable to the Corporation or any shareholder for damages for any breach of duty in such capacity, except if a judgment or other final adjudication adverse to the director or
      officer establishes that (i) the director&#8217;s or officer&#8217;s acts or omissions were in bad faith or involved intentional misconduct or a knowing violation of law, (ii) the director or officer personally gained in fact a financial profit or other
      advantage to which he was not legally entitled or (iii) the director&#8217;s acts violated Section 719 of the Business Corporation Law. Neither the amendment nor repeal of this Article Sixth, or the adoption of any provision of this Certificate of
      Incorporation or the By-Laws of the Corporation or any statute inconsistent with this Article Sixth, shall eliminate or reduce the effect of this Article Sixth in respect of any acts or omissions occurring prior to such amendment, repeal or adoption
      of an inconsistent provision.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Section 5.4 of the Company&#8217;s By-laws provides as follows:</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">The Corporation shall indemnify its directors, officers and employees to the fullest extent allowed by law, provided, however, that it shall be within the discretion of the Board of Directors whether to advance any funds
      in advance of disposition of any action, suit or proceeding, and provided further that nothing in this Section 5.4 shall be deemed to obviate the necessity of the Board of Directors to make any determination that indemnification of any director,
      officer or employee is proper under the circumstances because he has met the applicable standard of conduct set forth in the New York Business Corporation Law. Neither the amendment nor the repeal of this Section 5.4, nor the adoption of any
      provision of these By-Laws or the Certificate of Incorporation of the Corporation or any other statute inconsistent with this Section 5.4, shall eliminate or reduce the effect of this Section 5.4 in respect of any acts or omissions occurring prior to
      such amendment, repeal or adoption of an inconsistent provision.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z12b15ab287824f759c58a4b2d60fb7eb" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: left; font-weight: bold;">Item 7.<br>
              </div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; font-weight: bold;">Exemption From Registration Claimed.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Not applicable.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z37fbc28e83b6476498d73e83557d9555" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: left; font-weight: bold;">Item 8.<br>
              </div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; font-weight: bold;">Exhibits.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The following exhibits are filed with this Registration Statement.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" align="right" id="zb435a3bbc7b84ce983c6ae2a57fc40f5" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr>
            <td style="width: 10%;">
              <div style="text-align: left;">Exhibit</div>
              <div style="text-align: left;"><u>Number</u></div>
            </td>
            <td style="width: 80%; text-align: left; vertical-align: bottom;"><u>Description of Exhibit</u></td>
          </tr>
          <tr>
            <td style="width: 10%;"><br>
            </td>
            <td style="width: 80%;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">4.1<br>
            </td>
            <td style="width: 80%;"><a href="https://www.sec.gov/Archives/edgar/data/1828588/000110465921005873/tm2037794d1_ex10-4.htm">2013 Stock Option Plan (1)</a></td>
          </tr>
          <tr>
            <td style="width: 10%;">4.2<br>
            </td>
            <td style="width: 80%;"><a href="brhc10025964_ex4-2.htm">2013 Savoy Bank Stock Option Plan</a></td>
          </tr>
          <tr>
            <td style="width: 10%;">4.3<br>
            </td>
            <td style="width: 80%;"><a href="https://www.sec.gov/Archives/edgar/data/1828588/000110465921005873/tm2037794d1_ex10-6.htm">2016 Stock Option Plan (1)</a></td>
          </tr>
          <tr>
            <td style="width: 10%;">4.4<br>
            </td>
            <td style="width: 80%;"><a href="https://www.sec.gov/Archives/edgar/data/1828588/000110465921005873/tm2037794d1_ex10-7.htm">2018 Equity Compensation Plan (1)</a></td>
          </tr>
          <tr>
            <td style="width: 10%;">4.5<br>
            </td>
            <td style="width: 80%;"><a href="brhc10025964_ex4-5.htm">2020 Savoy Bank Equity Compensation Plan</a></td>
          </tr>
          <tr>
            <td style="width: 10%;">5<br>
            </td>
            <td style="width: 80%;"><a href="brhc10025964_ex5.htm">Opinion of Windels Marx Lane &amp; Mittendorf, LLP</a></td>
          </tr>
          <tr>
            <td style="width: 10%;">23(a)<br>
            </td>
            <td style="width: 80%;"><a href="brhc10025964_ex23-a.htm">Consent of Crowe LLP</a></td>
          </tr>
          <tr>
            <td style="width: 10%;">23(b)<br>
            </td>
            <td style="width: 80%;"><a href="brhc10025964_ex5.htm">Consent of Windels Marx Lane &amp; Mittendorf, LLP (included in the Opinion filed as
                Exhibit 5 hereto)</a></td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 10%;">24.1<br>
            </td>
            <td rowspan="1" style="width: 80%;"><a href="#SIGNATURES">Power of Attorney (2)</a></td>
          </tr>

      </table>
    </div>
    <div style="clear: both; margin-left: 72pt;"><br>
    </div>
    <div style="clear: both; margin-left: 72pt;">
      <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 20%; color: #000000;"></div>
    <u></u>
    <div></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc45eb2ed12c94c85a41abd5b0351b8fb">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(1)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Incorporated by reference from exhibits 10.4, 10.6 and 10.7, respectively, to the Registrant&#8217;s Registration Statement on Form S-4, as amended, as filed with the SEC on January 20, 2021.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9de680bbd5cc4ed2a08506f28bfb23bc">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(2)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Included on the signature page of this Registration Statement</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z5fcc40c1c27545588d209067e715ba1f" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: left; font-weight: bold;">Item 9.<br>
              </div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; font-weight: bold;">Undertakings.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>The registrant hereby undertakes:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(a)(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement to:</div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Include any prospectus required by Section 10(a)(3) of the Securities Act;</div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate,
      represent a fundamental change in the information in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was
      registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
      represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement.</div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;
      provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply because this Registration Statement is on Form S-8 and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports
      filed with or furnished to the Commission by the registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference to the Registration Statement.</div>
    <div> <br>
    </div>
    <div style="text-indent: 36pt;">(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the
      offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</div>
    <div><br>
    </div>
    <div>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act that is
      incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
      offering thereof.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to the directors, officers and controlling persons of the registrant pursuant to the foregoing provision, or otherwise, the registrant has
      been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than
      the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer or controlling person in
      connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
      by it is against public policy as expressed in the Securities Act and will be governed by final adjudication of such issue.</div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center;"><font style="font-weight: bold;">SIGNATURES<a name="SIGNATURES"><!--Anchor--></a></font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
      registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of Mineola, State of New York, on the 17 day of June, 2021.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="zd7537fa9b1cd4c1493d58c6729a4f402" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 60%;"><br>
            </td>
            <td colspan="2" rowspan="1">HANOVER BANCORP, INC.<br>
            </td>
          </tr>
          <tr>
            <td style="width: 60%;"><br>
            </td>
            <td colspan="2" rowspan="1"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; padding-bottom: 2px;"><br>
            </td>
            <td style="width: 3%; padding-bottom: 2px;">By:</td>
            <td style="width: 37%; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Michael P. Puorro </td>
          </tr>
          <tr>
            <td style="width: 60%;"><br>
            </td>
            <td colspan="2" rowspan="1">Name: Michael P. Puorro<br>
            </td>
          </tr>
          <tr>
            <td style="width: 60%;"><br>
            </td>
            <td nowrap="nowrap" colspan="2" rowspan="1">Title: Chairman and Chief Executive Officer<br>
            </td>
          </tr>
          <tr>
            <td style="width: 60%;"><br>
            </td>
            <td colspan="2" rowspan="1">(Principal Executive Officer)<br>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Michael P. Puorro his true and lawful attorney-in-fact, as agent with full power of substitution and resubstitution
      for him and in his name, place and stead, in any and all capacity, to sign any or all amendments to this Registration Statement and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and
      Exchange Commission, granting unto such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully and to all intents and purposes as they
      might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb7d77da6c1644a3b8d8d4e9bfc516516">

        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="font-weight: bold;">Signature</div>
            </div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; font-weight: bold;">Title</div>
            </div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; font-weight: bold;">Date</div>
            </div>
          </td>
        </tr>
        <tr>
          <td colspan="1" rowspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 29%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 44%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 24%; vertical-align: top;">&#160;</td>
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          <td style="width: 29%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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          <td colspan="1" style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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          <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44%; vertical-align: bottom;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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          <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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          <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
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          </td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">
            <div style="text-align: center;">June 17, 2021</div>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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          <td colspan="1" style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44%; vertical-align: bottom;">
            <div style="text-align: center;">Director</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 24%; vertical-align: bottom;">
            <div style="text-align: center;">June 17, 2021</div>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">
            <div>Philip Okun</div>
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td rowspan="2" colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
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          </td>
          <td rowspan="2" colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">
            <div style="text-align: center;">June 17, 2021</div>
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        </tr>
        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">
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          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" rowspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 29%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 44%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 24%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div style="text-align: center;">Director</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">
            <div style="text-align: center;">&#160; June 17, 2021</div>
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        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 29%; vertical-align: top;">
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
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    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX TO REGISTRATION</div>
    <div style="text-align: center; font-weight: bold;">STATEMENT ON FORM S-8</div>
    <div style="text-align: center; font-weight: bold;"><u>OF HANOVER BANCORP. INC.</u></div>
    <div style="text-align: center; font-weight: bold;"><u> <br>
      </u></div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" align="right" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">

            <tr>
              <td style="width: 10%;">
                <div style="text-align: left;">Exhibit</div>
                <div style="text-align: left;"><u>Number</u></div>
              </td>
              <td style="width: 80%; text-align: left; vertical-align: bottom;"><u>Description of Exhibit</u></td>
            </tr>
            <tr>
              <td style="width: 10%;"><br>
              </td>
              <td style="width: 80%;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 10%;">4.1<br>
              </td>
              <td style="width: 80%;"><a href="https://www.sec.gov/Archives/edgar/data/1828588/000110465921005873/tm2037794d1_ex10-4.htm">2013 Stock Option Plan (1)</a></td>
            </tr>
            <tr>
              <td style="width: 10%;">4.2<br>
              </td>
              <td style="width: 80%;"><a href="brhc10025964_ex4-2.htm">2013 Savoy Bank Stock Option Plan</a></td>
            </tr>
            <tr>
              <td style="width: 10%;">4.3<br>
              </td>
              <td style="width: 80%;"><a href="https://www.sec.gov/Archives/edgar/data/1828588/000110465921005873/tm2037794d1_ex10-6.htm">2016 Stock Option Plan (1)</a></td>
            </tr>
            <tr>
              <td style="width: 10%;">4.4<br>
              </td>
              <td style="width: 80%;"><a href="https://www.sec.gov/Archives/edgar/data/1828588/000110465921005873/tm2037794d1_ex10-7.htm">2018 Equity Compensation Plan (1)</a></td>
            </tr>
            <tr>
              <td style="width: 10%;">4.5<br>
              </td>
              <td style="width: 80%;"><a href="brhc10025964_ex4-5.htm">2020 Savoy Bank Equity Compensation Plan</a></td>
            </tr>
            <tr>
              <td style="width: 10%;">5<br>
              </td>
              <td style="width: 80%;"><a href="brhc10025964_ex5.htm">Opinion of Windels Marx Lane &amp; Mittendorf, LLP</a></td>
            </tr>
            <tr>
              <td style="width: 10%;">23(a)<br>
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              <td style="width: 80%;"><a href="brhc10025964_ex23-a.htm">Consent of Crowe LLP</a></td>
            </tr>
            <tr>
              <td style="width: 10%;">23(b)<br>
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              <td style="width: 80%;"><a href="brhc10025964_ex5.htm">Consent of Windels Marx Lane &amp; Mittendorf, LLP (included in the Opinion filed
                  as Exhibit 5 hereto)</a></td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 10%;">24.1<br>
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              <td rowspan="1" style="width: 80%;"><a href="#SIGNATURES">Power of Attorney (2)</a></td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div> <br>
        </div>
      </div>
    </div>
    <div style="text-indent: 72pt;"><br>
    </div>
    <br>
    <div style="text-indent: 72pt;"> <br>
    </div>
    <div style="text-indent: 72pt;"> <br>
    </div>
    <div style="text-indent: 72pt;"> <br>
    </div>
    <div style="text-indent: 72pt;"> <br>
    </div>
    <br>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="margin-left: 72pt;">
      <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 20%; color: #000000;"></div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">(1)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Incorporated by reference from exhibits 10.4, 10.6 and 10.7, respectively, to the Registrant&#8217;s Registration Statement on Form S-4 as amended, as filed with the SEC on January 20, 2021.</div>
            </td>
          </tr>

      </table>
    </div>
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        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(2)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Included on the signature page of this Registration Statement</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <br>
  </div>
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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>brhc10025964_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
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    <div>
      <div>Exhibit 4.2</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">SAVOY BANK</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">2013 STOCK OPTION PLAN</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Section 1.&#160; Purpose</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The Savoy Bank 2013 Stock Option Plan (the &#8220;Plan&#8221;) is hereby established to foster and promote the long-term success of Savoy Bank (the &#8220;Bank&#8221;) and its shareholders by providing members of management, including
        employees and management officials, with an equity interest in the Bank. The Plan will assist the Bank in attracting and retaining the highest quality of experienced persons to serve as Directors and in aligning the interests of such persons more
        closely with the interests of the Bank&#8217;s shareholders by encouraging such parties to maintain an equity interest in the Bank.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Section 2.&#160; Definitions</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">Capitalized terms not specifically defined elsewhere herein shall have the following meaning:</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Act&#8221; means the Securities Exchange Act of 1934, as amended from time to time, and any rules and regulations promulgated thereunder.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Bank&#8221; means Savoy Bank and any present or future subsidiary or parent corporations of Savoy Bank (as defined in Section 424 of the Code) or any successor to such corporations.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Board&#8221; means the Board of Directors of the Bank.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Code&#8221; means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Committee&#8221; shall mean the committee provided for under Section 3(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Common Stock&#8221; or &#8220;Stock&#8221; means the common stock, $1.00 per share par value, of the Bank.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Disability&#8221; shall mean, with respect to a Management Official who is an employee, a permanent disability which qualifies as total disability under the terms of the Bank&#8217;s Long-Term Disability Plans and, with respect
        to a Management Official who is a non-employee member of the Board, permanent and total disability which if the Management Official were an employee of the Bank would be treated as a total disability under the terms of the Bank&#8217;s long-term
        disability plan for employees as in effect from time to time; provided, however, with respect to a Participant who has been granted an Incentive Stock Option such term shall have the meaning set forth in Section 422(c)(6) of the Code.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 72pt;">&#8220;Fair Market Value&#8221; means, with respect to shares of Common Stock, (i) for so long as the Common Stock is traded on an national exchange or established inter-dealer market, the fair market value&#160; shall be equal to the
        average of the last reported sales price, or if there is no such sales price, the average of the last reported bid and asked prices, as reported by such inter-dealer market for the 20 days prior to the date of grant, and (ii) if the stock is not so
        listed or traded, the fair market value as determined by the Board in good faith and in a manner established by the Board from time to time, taking into account such factors as the Board shall deem relevant, including the book value of the Common
        Stock, the market value of the shares of comparable banks, and the trend of the Bank&#8217;s earnings in accordance with Section 26.11 of the General Regulations of the New York Banking Board.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Incentive Stock Option&#8221; means an option to purchase shares of Common Stock granted to a Participant under the Plan which is intended to meet the requirements of Section 422 of the Code.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Management Official&#8221; means an employee of the Bank, a non-employee member of the Board, a member of any advisory Board or any other service provider to the Bank.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Non-Qualified Stock Option&#8221; means an option to purchase shares of Common Stock granted to a Participant under the Plan which is not intended to be an Incentive Stock Option.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Option&#8221; means an Incentive Stock Option or a Non-Qualified Stock Option granted hereunder.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Participant&#8221; means a Management Official selected by the Board to receive an Option under the Plan.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Plan&#8221; means the Savoy Bank 2013 Stock Option Plan.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Superintendent&#8221; means the Superintendent of Financial Services of the State of New York.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">&#8220;Termination for Cause&#8221; means termination because of Participant&#8217;s intentional failure to perform stated duties, personal dishonesty, willful violation of any law, rule regulation (other than traffic violations or
        similar offenses) or final cease and desist order issued by any regulatory agency having jurisdiction over the Participant or the Bank.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Section 3.&#160; Administration</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Plan shall be administered as follows: the Bank&#8217;s Board of Directors shall appoint a committee made up entirely of non-employee directors (the &#8220;Committee&#8221;).&#160; No then current member of the Committee
        shall be under consideration for a grant under this Plan at the time the Committee acts on such a grant. Among other things, the Committee shall, subject to the terms of the Plan, make recommendations to the Board of Directors with regard to
        granting Options,&#160; determining the individuals to whom and the time or times at which Options may be granted,&#160; determining whether such Options are to be Incentive Options or Non-Qualified Stock Options (subject to the requirements of the Code,
        which provide that only employees may receive Incentive Options),&#160; determining the terms and conditions of any Option granted hereunder, including whether to impose any vesting period, and the exercise price thereof, subject to the requirements of
        this Plan. All such Committee recommendations shall then be presented to the Board of Directors for review and approval; provided, however, that the Board may not determine to make a grant of options unless recommended by the Committee.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the other provisions of the Plan, to the Superintendent&#8217;s approval and to final approval of the Board of Directors, the Committee shall have authority to adopt, amend, alter and repeal such
        administrative rules, guidelines and practices governing the operation of the Plan as it shall from time to time consider advisable to interpret the provisions of the Plan and any Option and to decide all disputes arising in connection with the
        Plan.&#160; The Board may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any option agreement in the manner and to the extent it shall deem appropriate to carry the Plan into effect, in its sole and absolute
        discretion.&#160; The Board&#8217;s decision and interpretations shall be final and binding.&#160; Notwithstanding the foregoing, the approval of the holders of a majority of the Bank&#8217;s outstanding capital stock shall be required for any amendment (other than an
        adjustment made pursuant to Section 5(b) hereof) which would: (i) increase the number of shares as to which options may be granted; (ii) decrease an option price; (iii) extend the term of the plan or of an option; or (iv) change the persons or
        category of persons eligible to be granted options.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Committee may employ such legal counsel, consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel or consultant
        and any computation received from any such consultant or agent.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Section 4.&#160; Eligibility and Participation</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">Management Officials of the Bank shall be eligible to participate in the Plan.&#160; The Participants under the Plan shall be selected from time to time from among those eligible, and the Board, on the basis of the
        recommendation of the Committee shall determine in its sole discretion the numbers of shares to be covered by the Option or Options granted to each Participant.&#160; Options intended to qualify as Incentive Stock Options shall be granted only to
        persons who are eligible to receive such options under Section 422 of the Code; i.e., employees of the Bank.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Section 5.&#160; Shares of Stock Available for Options</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The maximum number of shares of Common Stock which may be issued and purchased pursuant to Options granted under the Plan is 770,000 subject to the adjustments as provided in Section 5 and Section 9, to
        the extent applicable.&#160; If an Option granted under this Plan expires or terminates before exercise or is forfeited for any reason, without a payment in the form of Common Stock being granted to the Participant, the shares of Common Stock subject to
        such Option, to the extent of such expiration, termination or forfeiture, shall again be available for subsequent Option grant under Plan.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event that any stock dividend, stock split, reverse stock split or combination, or other similar transaction affects the Common Stock such that an adjustment is required in order to preserve the
        benefits or potential benefits intended to be granted or made available under the Plan to Participants, the Board shall, subject to the Superintendent&#8217;s approval, proportionately and appropriately adjust equitably any or all of (i) the maximum
        number and kind of shares of Common Stock in respect of which Options may be granted under the Plan to Participants, (ii) the number and kind of shares of Common Stock subject to outstanding Options held by Participants, and (iii) the exercise
        price with respect to any Options held by Participants, without changing the aggregate purchase price as to which such Options remain exercisable, and if considered appropriate, the Board, may make provision for a cash payment with respect to any
        outstanding Options held by a Participant, provided that no adjustment shall be made pursuant to this Section if such adjustment would cause the Plan to fail to comply with Section 422 of the Code with regard to any Incentive Stock Options granted
        hereunder or fail to comply with the requirements of Rule 16b-3 under the Act or any successor or replacement regulation.&#160; No fractional Shares shall be issued on account of any such adjustment.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any adjustments under this Section will be made by the Board whose determination as to what adjustments, will be made and the extent thereof will be (subject only to the Superintendent&#8217;s approval) final,
        binding and conclusive.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Section 6.&#160; Non-Qualified Stock Options</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Grant of Non-Qualified Stock Options</u>.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">Subject to the provisions hereof, the Board may, from time to time, grant Non-Qualified Stock Options to Participants upon such terms and conditions as the Committee may determine, and may grant Non-Qualified Stock
        Options in exchange for and upon surrender of previously granted Options under this Plan.&#160; Non-Qualified Stock Options granted under this Plan are subject to the following terms and conditions:</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Price</u>.&#160; The purchase price per share of Common Stock deliverable upon the exercise of each Non-Qualified Stock Option shall be determined by the Board on the date the option is granted.&#160; The
        purchase price shall not be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the date of grant or the par value of the Common Stock, whichever is greater.&#160; Shares may be purchased only upon full payment of the
        purchase price.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Terms of Options</u>.&#160; The term during which each Non-Qualified Stock Option may be exercised shall be determined by the Board, but in no event shall a Non-Qualified Stock Option be exercisable in whole
        or in part more than ten (10) years from the date of grant.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination of Service</u>.&#160; Except as provided herein, unless otherwise determined by the Board, upon the termination of the service of a Participant for any reason other than death or Termination for
        Cause, the Participant&#8217;s Non-Qualified Stock Options shall be exercisable only as to those shares which were immediately exercisable by the Participant at the date of termination and only for one (1) year from the date of such termination. In the
        event of death of any such Participant, all Non-Qualified Stock Options held by such Participant, whether or not exercisable at such time, shall be exercisable by the Participant or his legal representatives or beneficiaries of the Participant for
        one year or such longer period as is determined by the Board following the date of the Participant&#8217;s death, provided and in no event shall the period extend beyond the expiration of the Non-Qualified Stock Option term.&#160; Notwithstanding any other
        provisions set forth herein to the contrary nor any provision contained in any agreement relating to the award of an option, in the event of a Termination for Cause, all of the Participant&#8217;s Non-Qualified Stock Options shall immediately expire upon
        such Termination for Cause and shall not be exercisable, regardless of whether such Non-Qualified Stock Options were vested.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Section 7.&#160; Incentive Stock Options</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">7.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Grant of Incentive Stock Options</u>.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">The Board may, from time to time, grant Incentive Stock Options to Management Officials who are employees of the Bank.&#160; Incentive Stock Options granted pursuant to the Plan shall be subject to the following terms and
        conditions:</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Price</u>.&#160; The purchase price per share of Common Stock deliverable upon the exercise of each Incentive Stock Option shall be not less than one hundred percent (100%) of the Fair Market Value of the
        Common Stock on the date of grant or the par value of the Common Stock, whichever is higher.&#160; However, if a Participant owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of Common Stock, the
        purchase price per share of Common Stock deliverable upon the exercise of each Incentive Stock Option shall not be less than one hundred ten percent (110%) of the Fair Market Value of the Common Stock on the date of grant or the par value of the
        Common Stock, whichever is greater.&#160; Shares may be purchased only upon payment of the full purchase price.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amounts of Options</u>.&#160; Incentive Stock Options may be granted to any Management Official who is an employee of the Bank in such amounts as determined by the Board.&#160; In the case of an option intended
        to qualify as an Incentive Stock Option, the aggregate Fair Market Value (determined as of the time the option first becomes exercisable) of the Common Stock with respect to which Incentive Stock Options granted are exercisable for the first time
        by the Participant during any calendar year shall not exceed $100,000.&#160; The provisions of this Section 7.1(b) shall be construed and applied in accordance with Section 422(d) of the Code and the regulations, if any, promulgated thereunder.&#160; To the
        extent an award is in excess of such limit, it shall be deemed a Non-Qualified Stock Option.&#160; The Board shall have discretion to redesignate options granted as Incentive Stock Options as Non-Qualified Options.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Terms of Options</u>.&#160; The term during which each Incentive Stock Option may be exercised shall be determined by the Board, but in no event shall an Incentive Stock Option be exercisable in whole or in
        part more than ten (10) years from the date of grant.&#160; If at the time an Incentive Stock Option is granted to an employee, the employee owns Common Stock representing more than ten percent (10%) of the total combined voting power of the Bank (or,
        under Section 422(d) of the Code, is deemed to own Common Stock representing more than ten percent (10%) of the total combined voting power of all such classes of Common Stock, by reason of the ownership of such classes of Common Stock, directly or
        indirectly, by or for any brother, sister, spouse, ancestor or lineal descendent of such employee, or by or for any corporation, partnership, estate or trust of which such employee is a shareholder, partner or beneficiary), the Incentive Stock
        Option granted to such employee shall not be exercisable after the expiration of five years from the date of grant.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination of Service</u>.&#160; Upon the termination of a Participant&#8217;s service for any reason other than Disability, death or Termination for Cause, the Participant&#8217;s Incentive Stock Options which are
        then exercisable at the date of termination may only be exercised by the Participant for a period of three months following termination.&#160; Notwithstanding any provisions set forth herein nor contained in any Agreement relating to an award of an
        Option, in the event of Termination for Cause all rights under the Participant&#8217;s Incentive Stock Options shall expire immediately upon termination, and such Incentive Stock Options shall not be exercisable.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">Unless otherwise determined by the Board, in the event of death or termination of service as a result of Disability of any Participant, all Incentive Stock Options held by such Participant, whether or not exercisable
        at such time, shall be exercisable by the Participant or the Participant&#8217;s legal representatives or beneficiaries of the Participant for one year following the date of the participant&#8217;s death or termination of employment as a result of Disability.&#160;
        In no event shall the exercise period extend beyond the expiration of the Incentive Stock Option term.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transferability</u>.&#160; No Incentive Option granted under the Plan shall be assignable or transferable by a Participant, except pursuant to the laws of descent and distribution, and any attempted
        distribution shall be null and void and of no effect.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compliance with Code</u>.&#160; The options granted under this Section 7 of the Plan are intended to qualify as incentive stock options within the meaning of Section 422 of the Code, but the Bank makes no
        warranty as to the qualification of any option as an incentive stock option within the meaning of Section 422 of the Code.&#160; A Participant shall notify the Board in writing in the event that he disposes of Common Stock acquired upon exercise of an
        Incentive Stock Option within the two-year period following the date the Incentive Stock Option was granted or within the one-year period following the date he received Common Stock upon the exercise of an Incentive Stock Option and shall comply
        with any other requirements imposed by the Bank in order to enable the Bank to secure the related income tax deduction to which it will be entitled in such event under the Code.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="font-weight: bold;">Section 8.&#160; General Provisions Applicable to Options</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant to Section 26.12(h) of the General Regulations of the banking Board, each Option under the Plan shall be evidenced by a writing delivered to the Participant specifying the terms and conditions
        thereof and containing such other terms and conditions not inconsistent with the provisions of the Plan as the Board considers necessary or advisable to achieve the purposes of the Plan or comply with applicable tax and regulatory laws and
        accounting principles, and incorporating the terms of this Plan.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each Option may be granted alone, in addition to or in relation to any other Option.&#160; The terms of each Option need not be identical, and the Board need not treat Participants uniformly.&#160; Except as
        otherwise provided by the Plan or a particular Option, any determination with respect to an Option may be made by the Board at the time of grant or at any time thereafter.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event of a consolidation, reorganization, merger or sale of all or substantially all of the assets of the Bank, in each case in which outstanding shares of Common Stock are exchanged for securities,
        cash or other property of any other corporation or business entity or in the event of a liquidation of the Bank, the Board will provide for any one or more of the following actions, as to outstanding options:&#160; (i) provide that such options shall be
        assumed, or equivalent options shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), provided that any such options substituted for Incentive Stock Options shall meet the requirements of Section 424(a) of the
        Code, (ii) upon written notice to the Participants, provide that all unexercised options will terminate immediately prior to the consummation of such transaction unless exercised (to the extent then exercisable) by the Participant within a
        specified period following the date of such notice, (iii) in the event of a merger under the terms of which holders of the Common Stock of the Bank will receive upon consummation thereof a cash payment for each share surrendered in the merger (the
        &#8220;Merger Price&#8221;), make or provide for a cash payment to the Participants equal to the difference between (A) the Merger Price times the number of shares of Common Stock subject to such outstanding Options (to the extent then exercisable at prices
        not in excess of the Merger Price) and (B) the aggregate exercise price of all such outstanding Options in exchange for the termination of such Options, and (iv) provide that all or any outstanding Options shall become exercisable in full
        immediately prior to such event.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Participant shall pay to the Bank, or make provision satisfactory to the Board for payment of, any taxes required by law to be withheld in respect of Options under the Plan no later than the date of
        the event creating the tax liability.&#160; In the Board&#8217;s sole discretion, a Participant may elect to have such tax obligations paid, in whole or in part, in shares of Common Stock, including shares retained from the Option creating the tax
        obligation.&#160; For withholding tax purposes, the value of the shares of Common Stock shall be the Fair Market Value on the date the withholding obligation is incurred.&#160; The Bank may, to the extent permitted by law, deduct any such tax obligations
        from any payment of any kind otherwise due to the Participant.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 72pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For purposes of the Plan, the following events shall not be deemed a termination of service of a Participant:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(i)</td>
            <td style="width: auto; vertical-align: top;">
              <div>a transfer to the employment of the Bank from a subsidiary or from the Bank to a subsidiary, or from one subsidiary to another, or</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(ii)</td>
            <td style="width: auto; vertical-align: top;">
              <div>an approved leave of absence for military service or sickness, or for any other purpose approved by the Bank, if the Participant&#8217;s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to
                which the leave of absence was granted or if the Board otherwise so provides in writing.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board may at any time, and from time to time, amend, modify or terminate the Plan, subject to obtaining any necessary approval of the Superintendent, or any outstanding Option held by a Participant,
        including substituting therefore another Option of the same or a different type or changing the date of exercise or realization, provided that the Participant&#8217;s consent to each action shall be required unless the Board determines that the action,
        taking into account any related action, would not materially and adversely affect the Participant, and further provided that no amendment that would (i) increase the number of shares as to which options may be granted; (ii) change the number of
        shares which may be optioned to any single individual; (iii) decrease an option price; (iv) extend the term of the plan or of an option; or (v) change the persons or category of persons eligible to be granted options may be adopted without the
        approval of the Bank&#8217;s shareholders and the Superintendent; provided, further however, that no such amendment or modification will be effective if such amendment or modification would cause the Plan to fail to comply with the requirements of Rule
        16b-3 under the Act or any successor or replacement regulation.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Section 9.&#160; Miscellaneous</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No person shall have any claim or right to be granted an Option, and the grant of an Option shall not be construed as giving a Participant the right to continued employment or service on the Bank&#8217;s Board.&#160;
        The Bank expressly reserves the right at any time to dismiss a Participant free from any liability or claim under the Plan, except as expressly provided in the applicable Option.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Nothing contained in the Plan shall prevent the Bank from adopting other or additional compensation arrangements.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the provisions of the applicable Option, no Participant shall have any rights as a shareholder (including, without limitation, any rights to receive dividends, or non-cash distributions with
        respect to such shares) with respect to any shares of Common Stock to be distributed under the Plan until he or she becomes the holder thereof.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything to the contrary expressed in this Plan, any provisions hereof that vary from or conflict with any applicable Federal or State securities laws (including any regulations promulgated
        thereunder) shall be deemed to be modified to conform to and comply with such laws.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 72pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No member of the Board shall be liable for any action or determination taken or granted in good faith with respect to this Plan nor shall any member of the Board be liable for any agreement issued pursuant
        to this Plan or any grants under it.&#160; Each member of the Board shall be indemnified by the Bank against any losses incurred in such administration of the Plan, unless his action constitutes serious and willful misconduct.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Plan shall become effective upon the final approval from the Superintendent in accordance with Section 26.4 of the General Regulation of the Banking Board.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Plan shall be in effect for a period of&#160; ten (10) years after approval of the Plan by the Bank&#8217;s Shareholders, but then outstanding Options may extend beyond such date.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To the extent that State laws shall not have been preempted by any laws of the United States, the Plan shall be construed, regulated, interpreted and administered according to the other laws of the State
        of New York.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Plan is subject to the provisions of the New York Banking Law, section 140-a, the regulations of the Banking Board and any other applicable law or regulation.</div>
      <div style="text-indent: 72pt;"> <br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font> </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>3
<FILENAME>brhc10025964_ex4-5.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>
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    <div>
      <div>Exhibit 4.5</div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">SAVOY BANK</div>
      <div style="text-align: center; font-weight: bold;">2020 EQUITY COMPENSATION PLAN</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Section 1.&#160; Purpose</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">The 2020 Equity Compensation Plan (the &#8220;Plan&#8221;) is hereby established to foster and promote the long-term success of Savoy Financial Corp. (the &#8220;Company&#8221;), the holding company of Savoy Bank (the
        &#8220;Bank&#8221;), and its shareholders by providing members of management, including employees and management officials, with an equity interest in the Company. The Plan will assist the Company in attracting and retaining the highest quality of experienced
        persons to serve as employees and Directors and in aligning the interests of such persons more closely with the interests of the Company&#8217;s shareholders by encouraging such parties to maintain an equity interest in the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Section 2.&#160; Definitions</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">Capitalized terms not specifically defined elsewhere herein shall have the following meaning:</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Act&#8221; means the Securities Exchange Act of 1934, as amended from time to time, and any rules and regulations promulgated thereunder.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Award&#8221; means the grant of Options, Restricted Stock or Performance Units hereunder.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Board&#8221; means the Board of Directors of the Company.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Change in Control&#8221; means any of the following:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 72pt;">&#160;</td>
            <td style="width: 22.5pt; vertical-align: top;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>a reorganization, merger, consolidation or sale of all or substantially all of the assets of the Company, or a similar transaction, in any case in which the holders of the voting stock of the Company prior to such transaction do not hold
                (in substantially the same proportion) a majority of the voting power of the resulting entity (or an entity that wholly owns the resulting entity);</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; color: rgb(0, 0, 0);">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0);">individuals who constitute the Incumbent Board (as herein defined) of the Company cease for any reason to constitute a majority thereof; or</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; color: rgb(0, 0, 0);">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0);">any person becomes the beneficial owner of securities representing 25% or more of the combined voting stock of the Company <font style="font-style: italic;">other than </font>(1) the Participant or any
                group that includes the Participant or (2) an entity referred to in the parenthetical to clause (i) of this definition.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt;">For these purposes, &#8220;Incumbent Board&#8221; means the Board of Directors of the Company on the date hereof and any person who becomes a director subsequent to the date hereof whose election was approved
        by a voting of at least three-quarters of the directors comprising the Incumbent Board or whose nomination for election by members or stockholders was approved by the same nominating committee serving under an Incumbent Board. <font style="font-style: italic;">However</font>, the Incumbent Board will not include anyone who becomes a member of the Board of Directors as a result of either (i) an actual or threatened election contest or proxy or consent solicitation on behalf
        of anyone other than the Board of the Directors, including as a result of any appointment, nomination or other agreement intended to avoid or settle a contest or solicitation, or (ii) agreement with any third party.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Committee&#8221; means the Compensation Committee of the Board, or such successor committee of the Board undertaking the responsibilities currently exercised by the Compensation Committee. Each member
        of the Committee shall at all times qualify as a &#8220;Non-Employee Director&#8221; within the meaning of SEC Rule 16b-3(b)(3) and an &#8220;outside director&#8221; within the meaning of Regulation 1.162-27 under Code Section 162(m).</div>
      <div style="text-align: justify;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Common Stock&#8221; or &#8220;Stock&#8221; means the common stock, no par value per share, of the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Company&#8221; means Savoy Financial Corp. and any present or future subsidiary or parent corporations of Savoy Financial Corp. (as defined in Section 424 of the Code) or any successor to such
        corporations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Disability&#8221; shall mean the Participant&#8217;s inability for a period of three (3) consecutive months, or for six (6) months during any twelve (12) month period, to perform the requirements of the
        Participant&#8217;s position with the Company due to physical or mental impairment; provided, however, with respect to a Participant who has been granted an Incentive Stock Option such term shall have the meaning set forth in Section 422(c)(6) of the
        Code.&#160; For purposes of Restricted Stock Awards under Section 8, &#8220;Disability&#8221; shall be as defined in Section 8.3(a)(1).&#160;&#160; The determination of whether a Disability exists will be made by the Committee.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Fair Market Value&#8221; means, with respect to shares of Common Stock, the fair market value as determined by the Committee in good faith and in a manner established by the Committee from time to time,
        taking into account such factors as the Committee shall deem relevant, including the book value of the Common Stock and, to the extent the Common Stock is traded on a national securities exchange, the Fair Market Value of the Common Stock shall be
        the closing price of the Common Stock on the date the Fair Market Value is determined.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Incentive Stock Option&#8221; means an option to purchase shares of Common Stock granted to a Participant under the Plan which is intended to meet the requirements of Section 422 of the Code.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Incumbent Board&#8221; means the Board of Directors of the Company on the date of Board approval of this Plan, provided that any person becoming a director subsequent to such date whose election was
        approved by a vote of at least three quarters of the directors comprising the Incumbent Board, or whose nomination for election by stockholders was approved by the same nominating committee serving under an Incumbent Board, shall be considered as
        though such individual were a member of the Incumbent Board.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Management Official&#8221; means an employee of the Company, a non-employee member of the Board, a member of any advisory committee or any other service provider to the Company.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Non-Qualified Stock Option&#8221; means an option to purchase shares of Common Stock granted to a Participant under the Plan which is not intended to be an Incentive Stock Option.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Option&#8221; means a Non-Qualified Stock Option granted hereunder.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Participant&#8221; means a Management Official selected by the Committee to receive an Award under the Plan.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Performance Cycle or Cycle&#8221; means the period selected by the Committee during which the performance of the Company is measured for the purpose of determining the extent to which an award of
        Performance Units has been earned.&#160; Applicable performance goals relating to each Performance Cycle shall be established not later than the earlier of (1) 90 days after the beginning of any performance period applicable to such Performance Units or
        (2) the time 25% of such performance period has elapsed.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Performance Goals&#8221; means the objectives established by the Committee for a Performance Cycle, for the purpose of determining and measuring the extent to which Performance Units, which have been
        contingently awarded for such Cycle, have been earned.&#160; For purposes of qualifying Awards intended by the Committee to be exempt under Code Section 162(m) and regulations thereunder, the Committee may use one or more of the following as Performance
        Goals:&#160; (1) earnings or earnings growth; (2) earnings per share; (3) return on equity, assets, capital employed or investment; (4) revenues or revenue growth; (5) gross profit; (6) gross margin; (7) net income or net income per common share;&#160; (8)
        operating margin; (9) operating cash flow; (10) stock price appreciation and total shareholder return, (11) economic profit or value created, (12) interest expense, (13) strategic business criteria, (14) efficiency ratio, (15) growth in assets,
        loan and/or deposits, (16) net interest margin, (17) loan production volume, (18) asset quality, including net charge offs, levels of classified assets and non-performing loan levels, (19) interest rate risk sensitivity, (21) capital compliance, or
        any combination of any of the forgoing. Targeted level or levels of performance with respect to such business criteria may be established at such levels and in such terms as the Committee may determine, in its discretion, including in absolute
        terms, as a goal relative to performance in prior periods, or as a goal compared to the performance of one or more comparable companies or an index covering multiple companies.&#160; Performance Goals may be particular to a Participant, the Company,
        subsidiary or other business segment of the Company, or may be based on the performance of the Company as a whole.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Performance Units or Units&#8221; means a fixed or variable dollar or Common Stock share denominated Unit contingently awarded under Section 8 of the Plan.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Plan&#8221; means the 2020 Equity Compensation Plan.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Restricted Stock Award&#8221; means a grant of shares of Common Stock pursuant to Section 8 hereof.</div>
      <div style="text-align: justify;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;SEC&#8221; means the Securities and Exchange Commission.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Termination for Cause&#8221; means termination because of Participant&#8217;s intentional failure to perform stated duties, personal dishonesty, willful violation of any law, rule regulation (other than
        traffic violations or similar offenses) or final cease and desist order issued by any regulatory agency having jurisdiction over the Participant or the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Section 3.&#160; Administration</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Plan shall be administered by the Committee.&#160; Among other things, the Committee shall have authority, subject to the terms of the Plan, to grant Awards, to determine the type of
        Award granted, to determine the individuals to whom and the time or times at which Awards may be granted, to determine the terms and conditions of any Award granted hereunder, including whether to impose a vesting period more stringent than the
        minimum set forth in Section 10(a), and if the Award is an Option, the exercise price thereof, subject to the requirements of this Plan.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the other provisions of the Plan, the Committee shall have authority to adopt, amend, alter and repeal such administrative rules, guidelines and practices governing the
        operation of the Plan as it shall from time to time consider advisable, to interpret the provisions of the Plan and any Award and to decide all disputes arising in connection with the Plan.&#160; The Committee may correct any defect or supply any
        omission or reconcile any inconsistency in the Plan or in any grant agreement in the manner and to the extent it shall deem appropriate to carry the Plan into effect, in its sole and absolute discretion. The Committee&#8217;s decision and interpretations
        shall be final and binding. Any action of the Committee with respect to the administration of the Plan shall be taken pursuant to a majority vote or by the unanimous written consent of its members.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Committee may employ such legal counsel, consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion received from any such
        counsel or consultant and any computation received from any such consultant or agent.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Section 4.&#160; Eligibility and Participation</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">Management Officials of the Company shall be eligible to participate in the Plan.&#160; The Participants under the Plan shall be selected from time to time by the Committee, in its sole discretion, from
        among those eligible, and the Committee shall determine in its sole discretion the numbers of shares to be covered by the Award or Awards granted to each Participant.&#160; Options intended to qualify as Incentive Stock Options shall be granted only to
        persons who are eligible to receive such options under Section 422 of the Code; i.e., employees of the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Section 5.&#160; Shares of Stock Available for Awards</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The maximum number of shares of Common Stock or equivalents which may be issued under the Plan is 800,000, subject to the adjustments as provided in this Section 5 and Section 10, to
        the extent applicable. If an Award granted under this Plan expires or terminates before exercise or is forfeited for any reason, without a payment in the form of Common Stock being granted to the Participant, the shares of Common Stock subject to
        such Award, to the extent of such expiration, termination or forfeiture, shall again be available for subsequent Award grant under the Plan.&#160; Shares withheld pursuant to Section 11(g) in connection with tax obligations shall not be available for
        subsequent Awards under the Plan.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that any stock dividend, stock split, reverse stock split or combination, extraordinary cash dividend, creation of a class of equity securities, recapitalization,
        reclassification, reorganization, merger, consolidation, split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase Common Stock at a price substantially below Fair Market Value, or other similar transaction
        affects the Common Stock such that an adjustment is required in order to preserve the benefits or potential benefits intended to be granted or made available under the Plan to Participants, the Committee shall proportionately and appropriately
        adjust equitably any or all of (i) the maximum number and kind of shares of Common Stock in respect of which Awards may be granted under the Plan to Participants, (ii) the number and kind of shares of Common Stock subject to outstanding Options
        held by Participants, and (iii) the exercise price with respect to any Options held by Participants, without changing the aggregate purchase price as to which such Options remain exercisable, and if considered appropriate, the Committee may make
        provision for a cash payment with respect to any outstanding Options held by a Participant, provided that no adjustment shall be made pursuant to this Section if such adjustment would cause the Plan to fail to comply with the requirements of Rule
        16b-3 under the Act or any successor or replacement regulation, to the extent then applicable to the Company. No fractional Shares shall be issued on account of any such adjustment.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any adjustments under this Section will be made by the Committee, whose determination as to what adjustments, will be made and the extent thereof will be final, binding and conclusive.</div>
      <div style="text-align: justify; text-indent: 72pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; font-weight: bold;">Section 6.&#160; Non-Qualified Stock Options</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Grant of Non-Qualified Stock Options</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">Subject to the provisions hereof, the Committee may, from time to time, grant Non-Qualified Stock Options to Participants upon such terms and conditions as the Committee may determine, and may
        grant Non-Qualified Stock Options in exchange for and upon surrender of previously granted Options under this Plan.&#160; Non-Qualified Stock Options granted under this Plan are subject to the following terms and conditions:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Price</u>.&#160; The purchase price per share of Common Stock deliverable upon the exercise of each Non-Qualified Stock Option shall be determined by the Committee on the date the option
        is granted.&#160; The purchase price shall not be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the date of grant.&#160; Shares may be purchased only upon full payment of the purchase price.</div>
      <div style="text-align: justify;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Terms of Options</u>.&#160; The term during which each Non-Qualified Stock Option may be exercised shall be determined by the Committee, but in no event shall a Non-Qualified Stock
        Option be exercisable in whole or in part more than ten (10) years from the date of grant.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination of Service</u>.&#160; Except as provided herein, unless otherwise determined by the Committee, upon the termination of the service of a Participant for any reason other than
        Disability, death or Termination for Cause, the Participant&#8217;s Non-Qualified Stock Options shall be exercisable only as to those shares which were immediately exercisable by the participant at the date of termination and only for one (1) year from
        the date of such termination. In the event of death or termination of service of a Participant as a result of Disability of the Participant, all Non-Qualified Stock Options held by the Participant, whether or not exercisable at such time, shall be
        exercisable by the Participant or his legal representatives, or beneficiaries of the Participant for one (1) year from the date of such termination.&#160; Notwithstanding any other provisions set forth herein to the contrary nor any provision contained
        in any agreement relating to the award of an option, in the event of a Termination for Cause, all of the Participant&#8217;s Non-Qualified Stock Options shall immediately expire upon such Termination for Cause and shall not be exercisable, regardless of
        whether such Non-Qualified Stock Options were vested.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transferability</u>.&#160; Except as provided for hereunder, no Option granted under the Plan shall be assignable or transferable by a Participant, and any attempted disposition thereof
        shall be null and void and of no effect.&#160; &#160; Nothing contained herein shall be deemed to prevent transfers by will or by the applicable laws of descent and distribution.</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; font-weight: bold;">Section 7. Restricted Stock</div>
      <div><br>
      </div>
      <div style="margin-left: 72pt;">7.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Grant of Restricted Stock Awards</u></div>
      <div style="margin-left: 72pt;"><u> <br>
        </u></div>
      <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>Grants</u>.&#160; The Committee may grant Restricted Stock Awards entitling recipients to acquire shares of Common Stock, subject to the right of the Company to require forfeiture of
        such shares from the Participant in the event that conditions specified by the Committee in the applicable Restricted Stock Award are not satisfied prior to the end of the applicable restriction period or periods established by the Committee for
        such Restricted Award.&#160; During the restricted period, shares constituting a Restricted Stock Award may not be transferred, although a Participant shall be entitled to exercise other indicia of ownership, including the right to vote such shares and
        receive any dividends declared on such shares.</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Terms and Conditions</u>.&#160; Subject to Section 7.2, the Committee shall determine the terms and conditions of any such Restricted Stock Award, including the conditions for
        forfeiture.</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>Stock Certificates</u>.&#160; The Company may cause shares issued as part of a Restricted Stock Award to be issued in either book entry form or certificated form. Shares issued in book
        entry form will be maintained in an account at the Company&#8217;s transfer agent, and only released to a Participant upon satisfaction of any required restrictions. Any stock certificates issued in respect of a Restricted Stock Award shall be registered
        in the name of the Participant and, unless otherwise determined by the Committee, deposited by the Participant, together with a stock power endorsed in blank, with the Company (or its designee).&#160; At the expiration of the applicable restriction
        periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant or if the Participant has died, to the beneficiary designated, in a manner determined by the Committee, by a
        Participant to receive amounts due or exercise rights of the Participant in the event of the Participant&#8217;s death (the &#8220;Designated Beneficiary&#8221;).&#160; In the absence of an effective designation by a Participant, Designated Beneficiary shall mean the
        Participant&#8217;s estate.</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 108pt;">7.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Distribution of Restricted Stock Awards</u></div>
      <div style="text-align: justify; text-indent: 108pt;"><u> <br>
        </u></div>
      <div style="text-align: justify; text-indent: 72pt;">&#160;(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Restricted Stock Awards shall not be distributed and the restrictions pertaining to such award shall not expire earlier than &#8211;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 144pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon the completion or satisfaction of the conditions specified by the Committee in the Award;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 144pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a Participant&#8217;s separation from service;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 144pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the date a Participant becomes disabled (as defined in Section 7.3(b));</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 144pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon the death of a Participant;</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 144pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, as described in Section 10(c) or, if in
        conflict therewith, to the extent necessary, by the Secretary of Treasury under regulations issued under Code section 409A; or</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 144pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon the occurrence of an unforeseeable emergency.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A payment of a Participant&#8217;s vested interest in a Restricted Stock Award may, in the discretion of the Committee, be made in the event of a Participant&#8217;s Disability, upon the occurrence
        of a Change-in-Control or Unforeseeable Emergency (as defined below).&#160; Payments in settlement of a Participant&#8217;s vested interest in a Restricted Stock Award shall be made as soon as practicable after such occurrence or after the Participant
        otherwise vests in such award.&#160; For the purposes of section 409A of the Code, the entitlement to a series of installment payments will be treated as the entitlement to a single payment.</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Other provisions of the Plan notwithstanding, if, upon the written application of a Participant, the Committee determines that the Participant has an unforeseeable emergency (as defined
        in Section 7.3(b)), the Committee may, in its sole discretion, direct the payment to the Participant of all or a portion of the balance of his or her vested interest in a Restricted Stock Award in a lump sum payment, provided that any such
        withdrawal shall be limited by the Committee to the amount reasonably necessary to meet the emergency, including amounts needed to pay any income taxes or penalties reasonably anticipated to result from the payment.&#160; No payment may be made to the
        extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant&#8217;s assets or to the extent the liquidation of such assets would not cause severe financial
        hardship.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">7.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Definitions for Restricted Stock Awards</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For purposes of this Section 7, the following definitions shall apply-</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 108pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Disability&#8221; shall mean (i) the inability of a Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can
        be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) if the Participant is, by reason of any medically determinable physical or mental impairment which can be expected to
        result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the
        Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 108pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Unforeseeable Emergency&#8221; shall mean a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant&#8217;s spouse, or a dependent
        (as defined in Code section 152(a)) of the Participant, loss of the Participant&#8217;s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="font-weight: bold;">Section 8. Performance Units</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">8.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Authority of Committee</u></div>
      <div style="text-indent: 36pt;"><u> <br>
        </u></div>
      <div style="text-align: justify; text-indent: 36pt;">Subject to the provisions of the Plan, the Committee shall have sole and complete authority to determine (i) the Participants who shall receive Performance Units and the number of Units awarded for
        each Performance Cycle; (ii) the duration of each Performance Cycle; and (iii) the value of or valuation methodology for each Performance Unit.&#160; Performance Units may be denominated in fixed or variable dollar amounts, or may be made equal to one
        or more shares of Common Stock. There may be more than one Performance Cycle in existence at any one time, and the duration of such Performance Cycles may differ, as determined by the Committee.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">8.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Performance Goals</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Committee shall establish Performance Goals for each Cycle on the basis of such criteria and to accomplish such objectives as the Committee may from time to time select. During any Cycle, the
        Committee may adjust the Performance Goals for such Cycle as it deems equitable in recognition of unusual or non-recurring events affecting the Corporation or changes in applicable tax laws or accounting principles; provided however, that no such
        adjustment shall be made with respect to Awards intended by the Committee to qualify as exempt under Code Section 162(m) if such adjustment would result in the loss of such exemption.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">8.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Terms and Conditions</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Committee shall determine the number of Performance Units that have been earned on the basis of the Company&#8217;s performance in relation to the established Performance Goals. Performance Units may
        not be sold, assigned, transferred, pledged or otherwise encumbered, except as herein provided, during the Performance Cycle. Payment for Performance Units shall be in cash or shares of Common Stock, in such proportions as the Committee shall
        determine.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">8.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">A Participant must be a Management Official at the end of a Performance Cycle to be entitled to payment of Performance Units in respect of such Cycle; provided, however, that in the event a
        Participant ceases to be a Management Official with the Committee&#8217;s consent before the end of such Cycle, or upon the occurrence of a Participant&#8217;s death or Disability prior to the end of such Cycle, the Committee, in its discretion and after
        taking into consideration the performance of such Participant and the performance of the Company during the Cycle, may authorize payment to such Participant (or the Participant&#8217;s legal representative) of all or a portion of the Performance Units
        deemed by the Committee to have been earned by the Participant through the date of termination.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; font-weight: bold;">Section 9.&#160; Extension</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">The Committee may, in its sole discretion, extend the dates during which all or any particular Option or Options granted under the Plan may be exercised; provided, however, that no such extension
        shall be permitted if it would cause Options issued under the Plan to fail to comply with Section 409A of the Code.&#160; An election to defer the lapse of restrictions on a Restricted Stock Award shall not take effect until at least twelve (12) months
        after the date on which the election is made and in the event that an election to defer the lapse of restrictions is made other than in the event of death, disability or the occurrence of an unforeseeable emergency, payment of such award must be
        deferred for a period of not less than five (5) years from the date that restrictions would have otherwise lapsed. Nothing contained in this provision, or elsewhere in this Plan, shall be construed to provide the Committee with authority to change
        the exercise price of any Award, other than in connection with any adjustment provided for under Section 5(b) hereof, or such changes as may be approved by the Company&#8217;s shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Section 10.&#160; General Provisions Applicable to Awards</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Award under the Plan shall be evidenced by a writing delivered to the Participant specifying the terms and conditions thereof and containing such other terms and conditions not
        inconsistent with the provisions of the Plan as the Committee considers necessary or advisable to achieve the purposes of the Plan or comply with applicable tax and regulatory laws and accounting principles.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Award may be granted alone, in addition to or in relation to any other Award.&#160; The terms of each Award need not be identical, and the Committee need not treat Participants
        uniformly.&#160; Except as otherwise provided by the Plan or a particular Award, any determination with respect to an Award may be made by the Committee at the time of grant or at any time thereafter.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event of a consolidation, reorganization, merger or sale of all or substantially all of the assets of the Company, in each case in which outstanding shares of Common Stock are
        exchanged for securities, cash or other property of any other corporation or business entity or in the event of a liquidation of the Company, the Committee will provide for any one or more of the following actions, as to outstanding Awards:&#160; (i)
        provide that such Awards shall be assumed, or equivalent Awards shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to the Participants, provide that all unexercised Options will
        terminate immediately prior to the consummation of such transaction unless exercised (to the extent then exercisable) by the Participant within a specified period following the date of such notice, (iii) in the event of a merger or consolidation,
        make or provide for a cash payment to the Participants equal to the difference between (A) the value of the consideration to be received by the shareholders of the Company upon consummation of the transaction (the &#8220;Merger Price&#8221;) times the number
        of shares of Common Stock subject to outstanding Options (to the extent then exercisable at prices not in excess of the Merger Price) and (B) the aggregate exercise price of all such outstanding Options in exchange for the termination of such
        Options, or (iv) provide that all or any outstanding Awards shall become exercisable in full, or that the restrictions on such Awards shall lapse, immediately prior to such event.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For purposes of the Plan, the following events shall not be deemed a termination of service of a Participant:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>a transfer to the employment of the Company from a subsidiary or from the Company to a subsidiary, or from one subsidiary to another, or</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the Participant&#8217;s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to
                which the leave of absence was granted or if the Committee otherwise so provides in writing.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Committee may at any time, and from time to time, amend, modify or terminate the Plan or any outstanding Award held by a Participant, including substituting therefore another Award
        of the same or a different type or changing the date of exercise or realization, provided that the Participant&#8217;s consent to each action shall be required unless the Committee determines that the action, taking into account any related action, would
        not materially and adversely affect the Participant, and further provided that no amendment increasing the number of shares subject to the Plan or decreasing the exercise price for any Option provided for under the Plan may be effectuated without
        the approval of the shareholders of the Company; provided, however, that no such amendment or modification will be effective if such amendment or modification would cause the Plan to fail to comply with the requirements of Rule 16b-3 under the Act
        or any successor or replacement regulation, to the extent than applicable to the Company.&#160; Notwithstanding the foregoing, the Committee shall not reprice, adjust or amend the exercise price of any Award previously awarded to any Participant,
        directly or indirectly, whether through amendment, cancellation and replacement grant, or any other means, nor shall the Committee have any authority to adjust or amend any Award if any such amendment would cause the Award to fail to comply with or
        be exempt from Section 409A.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Committee may, in its sole discretion, terminate the Plan (in whole or in part) with respect to one or more Participants and distribute to such affected Participants their vested
        interest in any Restricted Stock award in a lump sum as soon as reasonably practicable following such termination, but if, and only if, (i) all nonqualified defined contribution deferred compensation plans maintained by the Company and its
        Affiliates are terminated, (ii) no payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are made within twelve (12) months of the termination of the Plan, (iii) all payments of the
        vested interest in Restricted Stock awards are made within twenty-four (24) months of the termination of the Plan, and (iv) the Company acknowledges to the Participants that it will not adopt any new nonqualified defined contribution deferred
        compensation plans at any time within five (5) years following the date of the termination of the Plan.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Tax Withholding</u></div>
      <div style="text-align: justify; text-indent: 72pt;"><u> <br>
        </u></div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: rgb(0, 0, 0); font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">In General</font><font style="font-size: 10pt;">.&#160; &#160; The Company shall have the right to deduct from any and all Awards made under the
                    Plan, or to require the Participant, through payroll withholding, cash payment or otherwise, to make adequate provision for, the federal, state, local and foreign taxes, if any, required by law to be withheld by the Company with respect
                    to an Award or the shares acquired pursuant thereto. The Company shall have no obligation to deliver shares of Stock, to release shares of Stock from an escrow, or to make any payment in cash under the Plan until the Company&#8217;s tax
                    withholding obligations have been satisfied by the Participant.</font></div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
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      <div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z24bf8e7aec4541ee9378ff98405bc666" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

              <tr style="vertical-align: top;">
                <td style="width: 36pt;">&#160;</td>
                <td style="vertical-align: top; width: 36pt;">
                  <div style="text-align: justify; color: rgb(0, 0, 0);">(ii)</div>
                </td>
                <td style="vertical-align: top; width: auto;">
                  <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-style: italic;">Withholding in Shares</font>.&#160; &#160; The Company shall have the right, but not the obligation, to deduct from the shares of Stock issuable to a
                    Participant upon the exercise or settlement of an Award, or to accept from the Participant the tender of, a number of whole shares of Stock having a Fair Market Value, as determined by the Company, equal to all or any part of the tax
                    withholding obligations of the Company. The Fair Market Value of any shares of Stock withheld or tendered to satisfy any such tax withholding obligations shall not exceed the amount determined by the applicable maximum statutory
                    withholding rates.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Section 11.&#160; Miscellaneous</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or service on
        the Company&#8217;s Board.&#160; The Company expressly reserves the right at any time to dismiss a Participant free from any liability or claim under the Plan, except as expressly provided in the applicable Award.</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Nothing contained in the Plan shall prevent the Company from adopting other or additional compensation arrangements.</div>
      <div style="text-align: justify; text-indent: 72pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the provisions of the applicable Award, no Participant shall have any rights as a shareholder (including, without limitation, any rights to receive dividends, or non-cash
        distributions with respect to such shares) with respect to any shares of Common Stock to be distributed under the Plan until he or she becomes the holder thereof.</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything to the contrary expressed in this Plan, any provisions hereof that vary from or conflict with any applicable Federal or State securities laws (including any
        regulations promulgated thereunder) shall be deemed to be modified to conform to and comply with such laws.</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No member of the Committee shall be liable for any action or determination taken or granted in good faith with respect to this Plan nor shall any member of the Committee be liable for
        any agreement issued pursuant to this Plan or any grants under it.&#160; Each member of the Committee shall be indemnified by the Company against any losses incurred in such administration of the Plan, unless his action constitutes serious and willful
        misconduct.</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Awards may not be granted under the Plan more than ten (10) years after approval of the Plan by the Company&#8217;s shareholders, but then outstanding Awards may extend beyond such date.</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To the extent that State laws shall not have been preempted by any laws of the United States, the Plan shall be construed, regulated, interpreted and administered according to the
        other laws of the State of New York.</div>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A Participant in the Plan shall have no right to receive payment (in any form) with respect to his or her restricted Stock award until legal and contractual obligations of the Company
        relating to establishment of the Plan and the making of such payments shall have been complied with in full.&#160; In addition, the Company shall impose such restrictions on stock delivered to a Participant hereunder and any other interest constituting
        a security as it may deem advisable in order to comply with the Securities Act of 1933, as amended, the requirements of any stock exchange or automated quotation system upon which the stock is then listed or quoted, any applicable state securities
        laws, any provision of the Company&#8217;s certificate of incorporation or bylaws, or any other law, regulation, or binding contract to which the Company is a party.</div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div style="text-align: center;"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font> </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>4
<FILENAME>brhc10025964_ex5.htm
<DESCRIPTION>EXHIBIT 5
<TEXT>
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    <div>
      <div style="font-weight: bold;"><u>EXHIBIT 5</u></div>
      <div><br>
      </div>
      <div>June 17, 2021</div>
      <div><br>
      </div>
      <div>Hanover Bancorp, Inc.</div>
      <div>80 East Jericho Turnpike</div>
      <div>Mineola, New York 11501</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zeace8a4624a940dab2d9ded33fc7da5a" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">Re:</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Hanover Bancorp, Inc.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;">Registration Statement on Form S-8</div>
      <div><br>
      </div>
      <div>Dear Sirs:</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We have acted as counsel for Hanover Bancorp, Inc., a New York corporation (the "Company"), in connection with the Registration Statement on Form S-8 being filed by the Company
        with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, relating to an aggregate of 435,087 shares of Common Stock, par value $0.01 per share, of the Company (the "Shares") to be issued by the Company
        pursuant to the Company's 2013 Stock Option Plan, Savoy Bank 2013 Stock Option Plan, 2016 Stock Option Plan , 2018 Equity Compensation Plan, and the Savoy Bank 2020 Equity Compensation Plan to employees, officers, directors, consultants and
        advisors of the Company, the form of which is attached as an exhibit to the Registration Statement (the "Plan").</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In so acting, we have examined, and relied as to matters of fact upon, the originals, or copies certified or otherwise identified to our satisfaction, of
        the Certificate of Incorporation and Bylaws of the Company and such other certificates, records, instruments and documents, and have made such other and further investigations, as we have deemed necessary or appropriate to enable us to express the
        opinion set forth below.&#160; In such examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all
        documents submitted to us as certified or photostatic copies, and the authenticity of the originals of such latter documents.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Based upon the foregoing, we are of the opinion that upon issuance and delivery by the Company of the Shares pursuant to the Plan, and, if applicable, the
        payment of the exercise price of any options awarded thereunder and in accordance with the terms of the Plan, in cash or other consideration under Section 505 of the New York Business Corporation Law, the Shares issued will be legally issued, fully
        paid and non-assessable.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The issuance of the Shares is subject to the continuing effectiveness of the Registration Statement and the qualification, or exemption from registration,
        of such Shares under certain state securities laws.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.&#160; In giving the foregoing consent, we do not admit that we are
        in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="zdac59bea6c534496b4be098b3153b312">

            <tr>
              <td style="width: 50.00%;"><br>
              </td>
              <td style="width: 50.00%;">Very truly yours,</td>
            </tr>
            <tr>
              <td style="width: 50.00%;"><br>
              </td>
              <td style="width: 50.00%;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 50.00%;"><br>
              </td>
              <td style="width: 50.00%;">/s/ WINDELS MARX LANE &amp; MITTENDORF, LLP</td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font> </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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<DOCUMENT>
<TYPE>EX-23.A
<SEQUENCE>5
<FILENAME>brhc10025964_ex23-a.htm
<DESCRIPTION>EXHIBIT 23.A
<TEXT>
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    <title></title>
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    <div>
      <div>Exhibit 23(a)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
      <div><br>
      </div>
      <div style="text-align: justify;">We consent to the incorporation by reference in this Registration Statement on Form S-8 of Hanover Bancorp, Inc. of our report dated January 13, 2021 relating to the consolidated financial statements appearing in the
        Registration Statement on Form S-4 of Hanover Bancorp, Inc.</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="zedefb1fa1e34415abe58875c42b7aba2" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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              <td style="width: 60%;"><br>
              </td>
              <td style="width: 40%;">
                <div>
                  <div>Crowe LLP</div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>Livingston, New Jersey</div>
      <div>June 17, 2021</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
      <div>
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