Georgetown Savings Bank 2009 Incentive Compensation Plan for President and CEO Robert E. Balletto

Summary

This agreement outlines the 2009 incentive compensation plan for Robert E. Balletto, President and CEO of Georgetown Savings Bank. The plan sets specific financial and performance goals, including profitability, loan growth, and branch performance, with corresponding payout amounts based on achievement levels. Eligibility requires satisfactory job performance, no written warnings, and active employment at the time of payment. The plan details how bonuses are calculated based on the bank's return on assets and other key metrics.

EX-10.1 2 ex10-1.txt EX-10.1 EXHIBIT 10.1 GEORGETOWN SAVINGS BANK INCENTIVE COMPENSATION PLAN FISCAL 2009 GOALS ================================================================================ Organizational Level: Executive Employee: Robert E. Balletto Incentive Target: $22,135 Title: President and Chief Executive Officer ================================================================================ MINIMUM THRESHOLD: The Bank must achieve a Return on Assets ("ROA") equal - ------------------ to 75% of budget. Once this threshold has been met, goals listed below will be eligible for payment. Tier 1: Bank-wide Performance - ------------------------------ GOAL: #1: Profitability - Achieve ROA - -------- Annual Payout Percentage: 70% = $15,495 - ----------------------------------------------------------------- Annual Payout Annual Goals - ----------------------------------------------------------------- 75% of budget = .16% $ 5,165 - ----------------------------------------------------------------- At budget = .21% $10,330 - ----------------------------------------------------------------- 125% of budget = .26% $15,495 - ----------------------------------------------------------------- Stretch Goal - ----------------------------------------------------------------- Every .05% over .26% $ 5,165 - ----------------------------------------------------------------- Tier 2: Team Performance - ------------------------- GOAL #2: Growth - Increase Total Net Commercial Loans - ------- Annual Payout Percentage: 10% = $2,214 - ----------------------------------------------------------------- Annual Goals Annual Payout - ----------------------------------------------------------------- 75% of budget = $15,000,000 $ 738 - ----------------------------------------------------------------- At budget = $20,000,000 $1,476 - ----------------------------------------------------------------- 125% of budget = $25,000,000 $2,214 - ----------------------------------------------------------------- Stretch Goal - ----------------------------------------------------------------- Every $5,000,000 over $25,000,000 $ 740 - ----------------------------------------------------------------- GOAL #3: Profitability - Increase the Profitability of North Andover Branch - ------- Annual Payout Percentage: 10% = $2,214 - ----------------------------------------------------------------- Annual Goals Annual Payout - ----------------------------------------------------------------- 75% of budget = $182,960 $ 738 - ----------------------------------------------------------------- At budget = $243,946 $1,476 - ----------------------------------------------------------------- 125% of budget = $304,933 $2,214 - ----------------------------------------------------------------- GOAL #4: Profitability - Achieve Net Interest Margin Percentage - ------- Annual Payout Percentage: 10% = $2,214 - ----------------------------------------------------------------- Annual Goals Annual Payout - ----------------------------------------------------------------- 95% of budget = 3.07% $ 738 - ----------------------------------------------------------------- At budget = 3.23% $1,476 - ----------------------------------------------------------------- 105% of budget = 3.39% $2,214 - ----------------------------------------------------------------- Stretch Goal * - ----------------------------------------------------------------- Every .16% over 3.39% $ 740 - ----------------------------------------------------------------- Tier 3: Individual Performance ---------------------- Goals: None [GRAPHIC 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.