Exhibit
10.1


 


AMENDED
AND RESTATED EMPLOYMENT


AGREEMENT


 


Amended and Restated Employment Agreement
(the "Employment Agreement") effective as of the 1st day of January, 2015, by and between Michael P. Puorro  (the "Employee") and HANOVER COMMUNTY BANK, a New
York state chartered commercial bank with its principal place of business located at 2131 Jericho Turnpike, Garden City Park, N.Y.
11040 (the "Employer").


 


WHEREAS, the
Board of Directors of the Employer has determined that it is in the best interests of the Employer to enter into this Agreement
with Employee, and the Board has authorized the Employer to enter into this Agreement;


 


WHEREAS, the
Employee agrees to be employed pursuant to the terms and conditions of this Agreement;


 


NOW, THEREFORE,
in consideration of the premises and covenants contained herein, and with the intent to be legally bound hereby, the parties hereto
hereby agree as follows:


 


1.       Employment.
The Employer agrees to employ the Employee, and the Employee hereby accepts such employment, upon the terms and conditions set
forth herein.


 


2.       Position
and Duties. The Employee shall be employed as the Chairman of the Board, President and Chief Executive Officer of the Employer,
to perform such services in that capacity as are usual and customary for comparable institutions and as shall from time-to-time
be established by the Board of Directors of the Employer. Employee agrees that he will devote his full business time and efforts
to his duties hereunder.


 


3.       Compensation.
Employer shall pay to the Employee compensation for his services as follows:


 


(a)       Base
Salary. The Employee shall be entitled to receive during his service hereunder a minimum annual base salary (the "Base
Salary") of Three Hundred Sixty Four Thousand Three Hundred Seventy Five Dollars ($364,375), which shall be payable in installments
in accordance with Employer's usual payroll method. Annually commencing in 2015, the Board of Directors shall review the Employee's
performance, the status of Employer and such other factors as the Board of Directors or a committee thereof shall deem appropriate
and shall adjust the Base Salary accordingly, which shall not be less than the Base Salary then in effect, unless any reduction
in salary to less than the Base Salary then in effect is part of an overall reduction in compensation applicable to all senior
executive officers of the Employer.


 






     


     


    

 


(b)       Incentive
Plans. Employee shall be entitled to participate in any incentive plans established by Employer for executive officers of the
Employer.


 


4.       Other
Benefits.


 


(a)       Automobile.
The Employee shall be entitled to a cash allowance in the amount of eight hundred ($800) dollars per month to be used for the purpose
of maintaining an automobile for use in the business of the Employer.


 


(b)       Insurance
Coverage and Employee Benefit Plans. The Employee shall be entitled to receive hospital, health, medical, and life insurance
of a type currently provided to and enjoyed by other senior officers of Employer, and shall be entitled to participate in any other
employee benefit, incentive or retirement plans offered by Employer to its employees generally or to its senior management.


 


(c)       Expenses.
The Employee shall be entitled to reimbursement for all proper business expenses incurred by him with respect to the business of
the Employer upon the provision of documentation evidencing such expenses in accordance with the Employer’s expense reimbursement
policies and in the same manner and to the same extent as such expenses are reimbursed to other officers of the Employer.


 


(d)       Vacation.
The Employee shall be entitled to vacations and other leave in accordance with the Employer’s policy for senior executives.


 


(e)       Reimbursement
of Life Insurance Premiums. Employee is currently the owner of that certain Life Insurance Policy #9026959-10 issued through
the AICPA (the “Policy”). Employer shall during the term hereof, on a semiannual basis, reimburse Employee for Employee’s
payment of the premiums under the Policy.


 


5.       Term.
The term of this Agreement shall commence on the date hereof (the “Effective Date”) and continue until the third anniversary
of the Effective Date (as it may be extended hereunder, the “Term”); provided, however, that the Term shall be automatically
extended for one additional one (1) year upon each anniversary date of the Effective Date unless either the Board of Directors
of the Employer, by a majority vote of the independent members of the Board, or the Employee, elects by written notice to the other
no less than ninety (90) days prior to any anniversary of the Effective Date, not to so extend the Term, in which case the Term
shall then end on the second anniversary of the date such notice is given.


 






     


     


    

 


6.       Termination.
Employee may be terminated at any time, without prejudice to Employee's right to compensation or benefits as provided herein. Employee's
rights upon a termination shall be as follows:


 


(a)       Cause.
For purposes of this Agreement "Cause" with respect to the termination by Employer (as defined below) of Employee's employment
shall mean (i) willful and continued failure, for a period of at least thirty (30) calendar days, by the Employee to perform his
duties for Employer under this Agreement after at least one (1) warning in writing from the Chairman of the Compensation Committee
if the Board of Directors of the Employer, or such person or body to which such authority may be delegated, identifying specifically
any such failure, (ii) the willful engaging by the Employee in misconduct which causes material injury to Employer as specified
in written notice to the Employee from Chairman of the Compensation Committee if the Board of Directors of the Employer, or such
person or body to which such authority has been delegated; or (iii) conviction of or a plea of nolo contendere to a crime (other
than a traffic violation) which is either a felony or an indictable offense or Employee’s habitual drunkenness, drug abuse,
or excessive absenteeism other than due to Disability (as defined herein), after a warning (with respect to drunkenness or absenteeism
only) in writing from Chairman of the Compensation Committee if the Board of Directors of the Employer, or such person or body
to which such authority has been delegated to refrain from such behavior.


 


(b)       Termination
With Cause. Employer shall have the right to terminate the Employee for "cause". In the event of such termination,
the Employee shall only be entitled to salary and benefits accrued through the date of termination.


 






     


     


    

 


(c)       Termination
Without Cause. Upon a termination of Employee's employment hereunder without "cause", in recognition of such termination
and Employee’s agreement to be bound by the covenants contained in Sections 8, 9 and 10 hereof, Employee shall be entitled
to receive a lump sum severance payment equal to the sum of two times (i)his then current annual Base Salary, (ii) the highest
cash bonus payment paid to Employee over the past three years, and (iii) the highest full grant date value of any equity award
granted over the past three years, and (iv) the annual total automobile allowance paid to Employee under Section 4(a) hereof. In
addition, Employer shall continue to provide the Employee with hospital, health, medical and life insurance, and any other like
benefits in effect at the time of such termination, on the terms and conditions under which they were offered to Employee prior
to such termination for a period of two years. In the event Employer, under its insurance and benefit plans then in effect, is
unable to provide Employee with the benefits provided for above under the terms provided for herein, then in lieu of providing
such benefits, Employer will pay the amount of Employee’s premium to continue such coverage pursuant to the terms of the
Comprehensive Omnibus Budget Reconciliation Act. The Employee shall have no duty to mitigate damages in connection with his termination
by Employer without "cause". However, if the Employee obtains new employment and such new employment provides for hospital,
health, medical and life insurance, and other benefits, in a manner substantially similar to the benefits payable by Employer hereunder,
Employer may permanently terminate the duplicative benefits it is obligated to provide hereunder. Following the cessation of the
continuation of Employee’s hospital, health, and medical insurance, Employee shall be permitted to elect to extend such insurance
coverage under the policies maintained by Employer in accordance with the applicable provisions of the Section 4980B of the Internal
Revenue Code of 1986, as amended (“Code”), and/or applicable state law, to the extent eligible to do so under the Code
and such state law.


 


(d)       Death or Disability.       This
Agreement shall automatically terminate upon the death or Disability of Employee. Upon such termination, Employee shall not be
entitled to any additional compensation hereunder, provided, however that the forgoing shall not prejudice Employee’s right
to be paid for all compensation earned through the date of such termination and the benefits of any insurance programs maintained
for the benefit of Employee or his beneficiaries in the event of his death or Disability. For purposes hereof, Disability shall
be defined to mean a disability under any long term disability plan of the Employer then in effect.


 


7.       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 July 1, 2019, 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
2.99 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, (iii) the highest full grant date value of any equity award granted over the past three years, and (iv) the annual
total automobile allowance paid to Employee under Section 4(a) hereof; provided, however, that in no event shall 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, and 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 three (3) years from the effective date of the Change in Control. Any payment made hereunder shall be deemed to have satisfied
Employer’s obligations under this Agreement, and in no event shall Employee thereafter be entitled to receive any payment
under Section 6(c) hereof.


 






     


     


    

 


8.       Release.
All payments and benefits provided for under Sections 6 and 7 hereof 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 of Employee’s employment, and which must be executed by the Employee and become effective within thirty
(30) days thereafter. Severance payments under Sections 6 or 7 that are contingent upon such release shall, subject to Section
12(f), commence within ten (10) days after such release becomes effective; provided, however, that if the date of Employee’s
termination of employment occurs on or after November 15 of a calendar year, then severance payments shall, subject to the effectiveness
of such release and Section 12(f), commence on the first business day of the following calendar year.


 


9.       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:


 


		(i)	solicit or attempt to solicit from any customer that Employee serviced or learned
                                                                                             of while in the employ of the Employer ("Customer"), or 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;




 






     


     


    

 


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



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



		(iv)	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
	 	 	 



		(v)	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, 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.


 


10.       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.


 






     


     


    

 


11.       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.


 


12.       Miscellaneous.


 


(a)       Governing
Law. In the absence of controlling Federal law, this Agreement shall be governed by and interpreted under the substantive law
of the State of New York.


 


(b)       Severability.
If any provision of this Agreement shall be held to be invalid, void, or unenforceable, the remaining provisions hereof shall in
no way be affected or impaired, and such remaining provisions shall remain in full force and effect. If a court finds that any
provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable,
then such provision shall be deemed to be written, construed, and enforced as so limited.


 


(c)       Entire
Agreement; Amendment. This Agreement sets for the entire understanding of the parties with regarding to the subject matter
contained herein and supersedes any and all prior agreements, arrangements or understandings relating to the subject matter hereof
and may only be amended by written agreement signed by both parties hereto or their duly authorized representatives.


 


(d)       Successors
and Assigns. This Agreement shall be binding upon and become the legal obligation of the successors and assigns of Employer
and shall inure to the benefit of Employee’s estate, heirs, representatives in the event of his death or Disability.


 


(e)       Clawback
and Recoupment. Any amounts paid Employee hereunder shall be subject to any clawback or recoupment policy adopted by Employer,
or the requirements of any law or regulation applicable to the Employer and governing the clawback or recoupment of executive compensation.
In addition, with regard to any payment made hereunder pursuant to Sections 6(c) or 7(c) 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).


 






     


     


    

 


(f)       Section
409A Compliance. 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. If
the Employee is a “specified employee” for purposes of Section 409A of the Code, to the extent required to comply with
Section 409A of the Code, any payments required to be made pursuant to this Agreement which are deferred compensation and subject
to Section 409A of the Code (and do not qualify for an exemption thereunder) shall not commence until one day after the day which
is six (6) months from the date of termination. Should this Section 12(f) result in a delay of payments to the Employee, on the
first day any such payments may be made without incurring a penalty pursuant to Section 409A (the “409A Payment Date”),
Employer shall begin to make such payments as described in this Section 12(f), provided that any amounts that would have been payable
earlier but for application of this Section 12(f) shall be paid in lump-sum on the 409A Payment Date.


 






     


     


    

 


IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first above written.


 


	ATTEST:	 	EMPLOYER: HANOVER COMMUNITY BANK
	 	 	 
	/s/ 	 	By:	/s/ Robert Golden
	 	 	 	Name: Robert Golden
	 	 	 	Title: Compensation Committee Chairman
	 	 	 
	 	 	EMPLOYEE:
	 	 	 
	 	 	/s/ Michael P. Puorro
	 	 	 	 
	 	 	Name: Michael P. Puorro