Georgetown Savings Bank FY08 Incentive Plan for Joseph Pollard, Senior Vice President, Retail Banking

Summary

This agreement outlines the 2008 incentive compensation plan for Joseph Pollard, Senior Vice President of Retail Banking at Georgetown Savings Bank. The plan sets a target bonus of $15,000, with additional payouts based on achieving specific sales, growth, and performance goals related to deposit accounts, mortgage referrals, small business lending, interest rate spreads, and branch profitability. Payouts are tied to annual results and certain milestones, with extra bonuses for exceeding targets. The plan details the performance metrics, payout percentages, and timing for each goal.

EX-10.4 5 ex10-4.txt EX-10.4 EXHIBIT 10.4 GEORGETOWN SAVINGS BANK FY08 INCENTIVE PLAN All figures below are representative of a twelve month period ================================================================================ Organizational Level: Executive Employee: Joseph Pollard Incentive Target: $15,000 plus --------------------------------- sliding component ------------------ Title: Senior Vice President, Retail Current Salary: $90,000 Banking ------------------ --------------------------------- ================================================================================ Tier 1: Bank-wide Performance Goal: None set at this time --------------------- Tier 2: Team Performance - Sales Goal #1: DDA Checking Growth ------------------- Payout Percentage: 23% of incentive Target = $3,450 Target: Total Demand Deposit Account balances of $14,665,300 at June 30, 2008. Payout Timing: Annual Additional Payout: $3,450 for every $500,000 of Demand Deposit Account balances over Target. Goal #2: NOW Checking Account Growth --------------------------- Payout Percentage: 15% of incentive Target = $2,250 Target: Total NOW Account balances of $11,231,100 at June 30, 2008. Payout Timing: Annual Additional Payout: $3,300 for every $1,000,000 of NOW Account balances over Target. Goal #3: MMDA Growth ----------- Payout Percentage: 12% of incentive Target = $1,800 Target: Total MMDA balances of $28,388,600 at June 30, 2008. Payout Timing: Annual Goal #4: Complete Branch Platform Personnel Ability To Refer Residential --------------------------------------------------------------- Mortgages --------- Payout Percentage: 10% of incentive Target = $1,500 Target: Implementation of Branch Platform personnel fully able to refer residential mortgage loans to the loan originator. Payout Timing: After each branch has referred at least 3 mortgages to the loan originator and the loans have closed. Goal #5: Complete Small Business Lending Capability in the Branches ---------------------------------------------------------- Payout Percentage: 10% of incentive Target = $1,500 Target: Completion of implementation of branch based small business lending products in accordance with Loan Policy Payout Timing: Upon successful origination and closing of $500,000 in branch based small business loans Goal #6: Attain core interest rate spread -------------------------------- Payout Percentage: 10% of incentive Target = $1,500 Target: Year to date average core interest rate spread, as defined, equal to 3.20%. Payout Timing: Annual Goal #7: Exceed core interest rate spread -------------------------------- Payout Percentage: 10% of incentive Target = $1,500 Target: Year to date average core interest rate spread, as defined, equal to or exceeding 3.30%. Payout Timing: Annual Additional Payout: $3,000 for every 10 basis points over Target. Tier 3: Individual Performance ---------------------- Goal #8: Improve the Profitability of North Andover Branch ------------------------------------------------- Payout Percentage: 10% of incentive Target = $1,500 Target: 25% improvement in the profitability from fiscal 2007 Payout Timing: Annual, after completion of the annual audit [GRAPHIC OMITTED]