Exhibit
10.3


 


CHANGE
IN CONTROL AGREEMENT


 


CHANGE
IN CONTROL AGREEMENT (this “Agreement”) made as of this ____ day of _________, 2020 by and between HANOVER COMMUNITY
BANK, a New York state commercial bank with its principal place of business located at 80 East Jericho Turnpike, Mineola,
N.Y. 11501, (the "Employer"), and ______________, an individual residing at ______________________________
("Employee").


 


W I
T N E S S E T H:


WHEREAS,
Employer wishes to retain Employee;


 


WHEREAS,
it is a condition to Employee’s retention that Employer enter into this Agreement with Employee;


 


NOW,
THEREFORE, in consideration of the mutual promises and undertakings herein contained, the parties hereto, intending to be
legally bound, agree as follows:


 


1.      Change
in Control.


 


(a)           
Upon the occurrence of a Change in Control (as herein defined), Employee shall be entitled to receive the payments provided for
under paragraph (c) hereof.


 


(b)            A
 "Change in Control" shall mean:


 


		(i)	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 a majority of the voting power
                                         of the resulting entity; or



 


		(ii)	individuals
                                         who constitute the Incumbent Board (as herein defined) of the Company cease for any reason
                                         to constitute a majority thereof.



 


For
these purposes, “Company” shall mean Hanover Bancorp, Inc., the parent corporation of the Employer, and "Incumbent
Board" means the Board of Directors of the Company as of the date hereof, provided that any person becoming 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, shall be considered as though he were a member of the Incumbent Board.


 








     


     


    

 


(c)       In
the event the conditions of Section (a) above are satisfied, Employee shall be entitled to receive a lump sum payment equal to
one (1) times the sum of (i) his then current annual Base Salary, (ii) the highest cash bonus payment paid to Employee over the
past three years, and (iii) the annual total automobile allowance paid to Employee, if any; provided, however, that in the event
any payments provided for hereunder, when combined with any other payments due to Employee under any other agreement or benefit
plan of Employer contingent upon a Change in Control, constitute an "excess parachute payment" under Section 280G of
the Internal Revenue Code of 1986, as amended or any successor thereto, then in order to avoid such a result the benefits provided
for hereunder (or, at the option of Employee, any other agreement, plan or program providing for payments contingent upon a Change
in Control) will be reduced, if necessary, to an amount which is One Dollar ($1.00) less than an amount equal to three (3) times
Employee's "base amount" as determined in accordance with such Section 280G. In addition to the foregoing, Employee
shall be entitled to receive from Employer, or its successor, hospital, health, medical and life insurance on the terms and at
the cost to Employee as Employee was receiving such benefits upon the date of his termination. Employer's obligation to continue
such insurance benefits will be for a period of two (2) years from the effective date of the Change in Control.


 


(d)       All
payments and benefits under paragraph (c) above shall be contingent upon Employee executing a general release of claims in favor
of the Employer, its subsidiaries and affiliates, and their respective officers, directors, shareholders, partners, members, managers,
agents or employees, which release shall be provided to the Employee within five (5) business days following the termination
date, and which must be executed by the Employee and become effective within thirty (30) days thereafter. Severance payments under
paragraph (c) that are contingent upon such release shall, subject to Section 14, commence within ten (10) days after such release
becomes effective; provided, however, that if Employee’s termination date occurs on or after November 15 of a calendar year,
then severance payments shall, subject to the effectiveness of such release and Section 14, commence on the first business day
of the following calendar year.


 


2.      No
Guaranty of Employment. Nothing in this Agreement shall be construed as guarantying the employment of the Employee. Employee
shall remain an “employee at will” of Employer at all time during the term of this Agreement.


 






     


     


    

 


3.      Notices.
Any and all notices, demands or requests required or permitted to be given under this Agreement shall be given in writing and
sent, (i) by registered or certified U.S. mail, return receipt requested, (ii) by hand, (iii) by overnight courier or (iv) by
telecopier addressed to the parties hereto at their addresses set forth above or such other addresses as they may from time-to-time
designate by written notice, given in accordance with the terms of this Section, together with copies thereof as follows:


 


In
the case of Employee, to the address set forth on the first page hereof or to such other address as Employee shall provide in
writing to the Employer for the provision of notices hereunder.


 


In
the case of Employer, to the address set forth on the first page hereof with a copy to:


 


Windels Marx
Lane & Mittendorf, LLP


120 Albany
Street Plaza, 6th Floor


New Brunswick,
New Jersey 08901


Telecopier
No. (732) 846-8877


Attention:
Robert A. Schwartz


 


Notice
given as provided in this Section shall be deemed effective: (i) on the date hand delivered, (ii) on the first business day following
the sending thereof by overnight courier, (iii) on the seventh calendar day (or, if it is not a business day, then the next succeeding
business day thereafter) after the depositing thereof into the exclusive custody of the U.S. Postal Service or (iv) on the date
telecopied.


 


4.      Term.
Unless extended by mutual agreement, this Agreement shall have a term of three (3) years from the date hereof; provided, however,
that in the event the term of this Agreement would terminate at any time after the Employer has engaged in substantive negotiations
regarding a transaction which would lead to a Change in Control, this Agreement shall continue to remain in full force in effect
until the earlier to occur of (i) the effectuation of the Change in Control or (ii) the termination of the negotiations for the
proposed transaction which would have resulted in the Change in Control; further provided, however, that unless either party shall
give written notice of its intention not to renew this Agreement at least one hundred and eighty (180) days prior to the end of
the term of this Agreement (as it may be extended), this Agreement shall renew for an additional one (1) year term upon the conclusion
of each term.


 






     


     


    

 


5.      Non-Solicitation. During the period Employee is performing services for the Employer and for a period of one (1) year following
the termination of the Employee's services for the Employer for any reason, the Employee agrees that the Employee will not, directly
or indirectly, for the Employee's benefit or for the benefit of any other person, firm or entity, do any of the following:


 


		(a)	solicit
                                         or attempt to solicit from (i) any customer that Employee serviced or learned of while
                                         in the employ of the Employer ("Customer"), (ii) referral
                                         sources or prospective referral sources which are actively being sought by Employer at
                                         the time of Employee’s termination (a “Referral Source”), or
                                         (iii) any potential customer of the Employer which has been the subject of a known written
                                         or oral bid, offer or proposal by the Employer, or of substantial preparation with a
                                         view to making such a bid, proposal or offer, within twelve months prior to such Employee's
                                         termination ("Potential Customer"), business of a similar nature or related
                                         to the business of the Employer;
	 	 	 



		(b)	accept
                                         any business from, or perform any work or services for, any Customer, Referral Source
                                         or Potential Customer, which business, work or services is similar to the business of
                                         the Employer;
	 	 	 



		(c)	cause
                                         or induce or attempt to cause or induce any Customer, Referral Source, Potential Customer,
                                         licensor, supplier or vendor of the Employer to reduce or sever its affiliation with
                                         the Employer;
	 	 	 



		(d)	solicit
                                         the employment or services of, or hire or engage, or assist anyone else to hire or engage,
                                         any person who was known to be employed or engaged by or was a known employee of or consultant
                                         to the Employer upon the termination of the Employee's services to the Employer, or within
                                         twelve months prior thereto; or



 






     


     


    

 


		(e)	otherwise
                                         interfere with the business or accounts of the Employer.



 


For purposes
hereof, "solicitation" shall include directly or indirectly initiating any contact or communication of any kind whatsoever
for purposes of inviting, encouraging or requesting such Customer, Referral Source, Potential Customer, licensor, supplier, vendor,
employee or consultant to materially alter its business relationship, or engage in business, with the Employee or any person,
firm or entity other than the Employer.


 


6.       Confidential
Information


 


(a)       As
used herein, "Confidential Information" means any confidential or proprietary information relating to the Employer and
its affiliates including, without limitation, the identity of the Employer's customers, the identity of representatives of customers
with whom the Employer has dealt, the kinds of services provided by the Employer to customers, the manner in which such services
are performed or offered to be performed, the service needs of actual or prospective customers, customer preferences and policies,
pricing information, business and marketing plans, financial information, budgets, compensation or personnel records, information
concerning the creation, acquisition or disposition of products and services, vendors, software, data processing programs, databases,
customer maintenance listings, computer software applications, research and development data, know-how, and other trade secrets.


 


Notwithstanding
the above, Confidential Information does not include information which: (i) is or becomes public knowledge without breach of this
Agreement; or (ii) is received by Employee from a third party without any violation of any obligation of confidentiality and without
confidentiality restrictions; provided, however, that nothing in this Agreement shall prevent the Employee from participating
in or disclosing documents or information in connection with any judicial or administrative investigation, inquiry or proceeding
to the extent that such participation or disclosure is required under applicable law; provided further, however, that the Employee
will provide the Employer with prompt notice of such request so that the Employer may seek (with the cooperation of the Employee,
if so requested by the Employer), a protective order or other appropriate remedy and/or waiver in writing of compliance with the
provisions of this Agreement. If a particular portion or aspect of Confidential Information becomes subject to any of the foregoing
exceptions, all other portions or aspects of such information shall remain subject to all of the provisions of this Agreement.


 






     


     


    

 


(b)       At
all times, both during the period of Employee's services for the Employer and after termination of Employee's services, the Employee
will keep in strictest confidence and trust all Confidential Information and the Employee will not directly or indirectly use
or disclose to any third-party any Confidential Information, except as may be necessary in the ordinary course of performing the
Employees duties for the Employer, or disclose any Confidential Information, or permit or encourage any other person or entity
to do so, without the prior written consent of the Employer except as may be necessary in the ordinary course of performing the
Employee's duties for the Employer.


 


(c)       The
Employee agrees to return promptly all Confidential Information in tangible form, including, without limitation, all photocopies,
extracts and summaries thereof, and any such information stored electronically on tapes, computer disks, mobile or remote computers
(including personal digital assistants) or in any other manner to the Employer at any time that the Employer makes such a request
and automatically, without request, within five days after the termination of the Employee's performance of services for the Employer
for any reason.


 


7.      Assignability.
The services of the Employee hereunder are personal in nature, and neither this Agreement nor the rights or obligations of Employee
hereunder may be assigned, whether by operation of law or otherwise. This Agreement shall be binding upon, and inure to the benefit
of, Employer and its successors and assigns. This Agreement shall inure to the benefit of the Employee's heirs, executors, administrators
and other legal representatives.


 






     


     


    

 


8.      Waiver.
The waiver by Employer or the Employee of a breach of any provision of this Agreement by the other shall not operate or be construed
as a waiver of any subsequent or other breach hereof.


 


9.      Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving
effect to principles of conflict of laws.


 


10.    Entire
Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and
may not be amended, waived, changed, modified or discharged, except by an agreement in writing signed by the parties hereto.


 


11.    Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which taken together
shall constitute one and the same instrument.


 


12.    Amendment.
This Agreement may be modified or amended only by an amendment in writing signed by both parties.


 


13.    Severability. If any provision of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability
shall attach only to such provision, only to the extent it is invalid or unenforceable, and shall not in any manner affect or
render invalid or unenforceable any other severable provision of this Agreement, and this Agreement shall be carried out as if
any such invalid or unenforceable provision were not contained herein.


 


14.    Section
Headings. The headings contained in this Agreement are solely for convenience of reference and shall be given no effect in
the construction or interpretation of this Agreement.


 






     


     


    

 


15.    Section
409A. This Agreement shall be interpreted to avoid any penalty sanctions under Section 409A of the Code (“Section 409A”)
and regulations promulgated thereunder. Notwithstanding anything contained herein to the contrary, the Employee shall not be considered
to have terminated employment with the Employer for purposes of the payments and benefit of Section 1 hereof unless he would be
considered to have incurred a “termination of employment” from the Employer within the meaning of Treasury Regulation
 §1.409A-1(h)(1)(ii). For purposes of Section 409A, each payment made under this Agreement shall be treated as a separate
payment. In no event may the Employee, directly or indirectly, designate the calendar year of payment. Notwithstanding the foregoing,
if necessary to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to “specified employees”,
any payment as a result of the termination of the Employee’s employment that would otherwise be due hereunder within six
months after such termination of employment shall nonetheless be delayed until the first business day of the seventh month following
the Employee’s date of termination and the first such payment shall include the cumulative amount of any payments that would
have been paid prior to such date if not for such restriction.


 


16.    Arbitration.
Any dispute or controversy arising under this Agreement shall be settled exclusively by binding arbitration, as an alternative
to civil litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator, mutually acceptable
to the Employer and the Employee, sitting in New York County, New York, unless otherwise mutually agreed by the Employer and the
Employee, in accordance with the rules of the American Arbitration Association’s National Rules for the Resolution of Employment
Disputes then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. Notwithstanding
the forgoing, the parties to this Agreement may seek equitable relief in any court or competent jurisdiction for a matter in the
nature of, but not limited to, restraining orders or injunctions.


 


17.    Clawback.
With regard to any payment made hereunder, Employer or its successors retains the legal right to demand the return of any
payment made should Employer or its successors later obtain information indicating that the Employee has committed, is substantially
responsible for, or has violated, the respective acts or omissions, conditions, or offenses outlined under the FDIC's regulations
at 12 C.F.R. 359.4(a)(4).


 






     


     


    

 


IN WITNESS
WHEREOF, the parties hereto have executed this Agreement under their respective hands and seals as of the day and year first
above written.


 


 


	ATTEST:	 	HANOVER COMMUNITY BANK
	 	 	 
	 	 	By:	 
	 	 	 	Michael P.
Puorro
	 	 	 	Chairman & CEO
	 	 	 	 
	WITNESS:	 	EMPLOYEE:
	 	 	 
	 	 	Name:
	 	 	Title: