EXHIBIT 10.1

GEORGETOWN SAVINGS BANK
INCENTIVE COMPENSATION PLAN
GOALS FOR JULY 1, 2010 – DECEMBER 31, 2010

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Organizational Level:  Executive

Employee:
Robert E. Balletto
Incentive Target (6-months):  18% ($16,601)
Title:
President and Chief Executive Officer
 

The dollar figures presented in this example are estimates.  Incentive payments
will be based on the employee’s base compensation, which includes actual
straight-time pay (excludes overtime), jury duty, holiday, vacation, personal
and sick pay for the period of July 1, 2010 through December 31, 2010.

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Minimum Thresholds
In order to receive payment for achievement of the goals listed below, the
following thresholds must be met:
 
1.
CAMELS ratings must be at a rating of “2” or better at all time during the Plan
Year.  This will be measured by both internal audit results and OTS rating.

 
2.
Asset Quality must be at a level of “Satisfactory” or better at all time during
the Plan Year.  This will be measured by both internal audit results and OTS
rating.

Tier 1: Bank-wide Performance
 
GOAL: #1: Profitability – Achieve Return on Assets (ROA)

 Payout Percentage: 55% = $9,131

 
Goals
Payout
95% of budget
$3,044
At budget
$6,087
110% of budget
$9,131
Stretch Goal
 
Every .05% over 110% of budget
$3,044

GOAL: #2: Profitability – Achieve Efficiency Ratio

 Payout Percentage: 25% = $4,150

 
Goals
Payout
At budget
$2,767
97% of budget
$4,150
Stretch Goal
 
Every 2% under 97% of budget
$1,383

 
 

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Tier 2: Team Performance

GOAL: #3: Prepare and present a Business Plan to address the strategic
initiative of increasing local commercial loan growth that meets the approval of
the Board of Directors no later than December 20, 2010.

 Payout Percentage: 20% = $3,320
 

 

Tier 3: Individual Performance

Goals:
None

Minimum Level of Expectations
To be eligible for this Incentive Compensation Plan the employee must meet the
following:
 
·
Performing at a satisfactory level or above,

 
·
Not on written warning, and

 
·
Actively employed at the time of the incentive payment.