Georgetown Savings Bank 2010 Incentive Compensation Plan for President and CEO Robert E. Balletto

Summary

This agreement outlines the 2010 incentive compensation plan for Robert E. Balletto, President and CEO of Georgetown Savings Bank. The plan sets specific financial and regulatory goals, including targets for profitability (ROA), efficiency ratio, and regulatory achievements. Payouts are tied to meeting or exceeding these goals, with a total incentive target of 18% of salary. Eligibility requires satisfactory job performance, no written warnings, and active employment at the time of payment.

EX-10.1 2 ex10-1.txt EX-10.1 EXHIBIT 10.1 GEORGETOWN SAVINGS BANK INCENTIVE COMPENSATION PLAN FISCAL 2010 GOALS ================================================================================ Organizational Level: Executive Employee: Robert E. Balletto Incentive Target: 18% ($33,203) Title: President and Chief Executive Officer ================================================================================ Tier 1: Bank-wide Performance - ------------------------------ GOAL: #1: Profitability - Achieve ROA - -------- Annual Payout Percentage: 50% = $16,602 - --------------------------------------------------------------- Goals Payout - --------------------------------------------------------------- 75% of budget = $ 5,534 - --------------------------------------------------------------- At budget = $11,068 - --------------------------------------------------------------- 125% of budget = $16,602 - --------------------------------------------------------------- Stretch Goal - --------------------------------------------------------------- Every .08% over 125% of budget $ 5,534 - --------------------------------------------------------------- GOAL: #2: Profitability - Achieve Efficiency Ratio - -------- Annual Payout Percentage: 20% = $6,640 - --------------------------------------------------------------- Goals Payout - --------------------------------------------------------------- 107% of budget = $2,213 - --------------------------------------------------------------- At budget = $4,427 - --------------------------------------------------------------- 94% of budget = $6,640 - --------------------------------------------------------------- Stretch Goal - --------------------------------------------------------------- Every 6% below 94% of budget $2,213 - --------------------------------------------------------------- GOAL: #3: Quality - Achievement of certain specified regulatory goals - -------- Annual Payout Percentage: 30% = $9,961 Payout Timing: After Receipt of Examination Results Tier 2: Team Performance - ------------------------- Goals: None Tier 3: Individual Performance ---------------------- Goals: None [CHART OMITTED] Minimum Level of Expectations - ----------------------------- To be eligible for this Incentive Compensation Plan the employee must meet the following: o Performing at a satisfactory level or above, o Not on written warning, and o Actively employed at the time of the incentive payment.