Georgetown Savings Bank 2010 Incentive Compensation Plan for Joseph W. Kennedy, SVP/CFO

Summary

This agreement outlines the 2010 incentive compensation plan for Joseph W. Kennedy, Senior Vice President and Chief Financial Officer of Georgetown Savings Bank. The plan sets specific financial performance goals at the bank-wide, team, and individual levels, with corresponding payout amounts based on achieving targets for profitability, net interest margin, and non-interest expense. Eligibility requires satisfactory job performance, no written warnings, and active employment at the time of payment.

EX-10.2 3 ex10-2.txt EX-10.2 EXHIBIT 10.2 GEORGETOWN SAVINGS BANK INCENTIVE COMPENSATION PLAN FISCAL 2010 GOALS ================================================================================ Organizational Level: Executive Employee: Joseph W. Kennedy Incentive Target: 11% ($13,871) Title: Senior Vice President/Chief Financial Officer ================================================================================ Tier 1: Bank-wide Performance - ------------------------------ GOAL: #1: Profitability - Achieve ROA - -------- Annual Payout Percentage: 50% = $6,935 - ------------------------------------------------------------- Goals Payout - ------------------------------------------------------------- 75% of budget = $2,312 - ------------------------------------------------------------- At budget = $4,623 - ------------------------------------------------------------- 125% of budget = $6,935 - ------------------------------------------------------------- Stretch Goal - ------------------------------------------------------------- Every .08% over 125% of budget $2,312 - ------------------------------------------------------------- Tier 2: Team Performance - ------------------------- GOAL #2: Profitability - Achieve Net Interest Margin Percentage - ------- Annual Payout Percentage: 30% = $4,161 - ------------------------------------------------------------- Goals Payout - ------------------------------------------------------------- 95% of budget = $1,387 - ------------------------------------------------------------- At budget = $2,774 - ------------------------------------------------------------- 105% of budget = $4,161 - ------------------------------------------------------------- Stretch Goal - ------------------------------------------------------------- Every .17% over 105% of budget $1,387 - ------------------------------------------------------------- GOAL #3: Profitability - Achieve Non-Interest Expense Level - ------- Annual Payout Percentage: 20% = $2,774 - ------------------------------------------------------------- Goals Payout - ------------------------------------------------------------- 2% above budget = $ 925 - ------------------------------------------------------------- At budget = $1,849 - ------------------------------------------------------------- 2% below budget = $2,774 - ------------------------------------------------------------- Stretch Goal - ------------------------------------------------------------- Every $132,380 below 2% below budget $ 925 - ------------------------------------------------------------- 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.