Exhibit 10.4

                             GEORGETOWN SAVINGS BANK
                ENDORSEMENT SPLIT DOLLAR LIFE INSURANCE AGREEMENT



         This Endorsement  Split Dollar Agreement  ("Agreement") is entered into
by Georgetown  Savings Bank ("Bank") and Robert E. Balletto  ("Insured") on June
23, 2008,  and shall be effective  as of June 30, 2008  ("Effective  Date") with
respect to certain life insurance  policies (the "Policy" or "Policies")  issued
by a duly licensed life insurance  company (the "Insurer") set forth on Schedule
A hereto.  Georgetown Bancorp,  Inc. (the "Company") has executed this Agreement
for the sole purpose of guaranteeing  the Bank's payment of premiums  hereunder.
Insured is the President and Chief Executive Officer of the Bank. The respective
rights and duties of the Bank and Insured in the Policy are set forth herein and
on Schedule A attached  hereto.  This  Agreement is intended to be a non-equity,
endorsement  split  dollar  agreement,   such  that  it  is  not  treated  as  a
impermissible  personal  loan from the Bank to the Insured  under Section 402 of
the  Sarbanes-Oxley  Act of 2002. Except as set forth in Section 7 hereof,  this
Agreement  shall  remain  in  effect  only  for so long as the  Insured  remains
employed by the Bank.

         1. Policy Title and Ownership; Endorsement.
            ---------------------------------------

         (a) Policy title and ownership shall reside in the Bank for its use and
for the use of the Insured,  all in accordance with this Agreement.  Such Policy
shall be treated as "bank owned life insurance"  ("BOLI") and is held subject to
the provisions and  limitations  set forth in the  Interagency  Statement on the
Purchase and Risk  Management of Life Insurance (OCC 2004-56).  The Bank may, to
the extent of its  interest,  exercise  the right to borrow or  withdraw  on the
Policy  cash  values.  Where the Bank and the  Insured  (or  assignee,  with the
consent of the  Insured)  mutually  agree to exercise  the right to increase the
coverage under the Policy, then, in such event, the rights,  duties and benefits
of the parties to such  increased  coverage  shall continue to be subject to the
terms of this Agreement.

         (b) An  endorsement  on  the  form  provided  by the  Insurer  must  be
completed and filed with the Insurer for each Policy identified on Schedule A in
order to implement the rights and obligations  set forth in this Agreement.  The
parties  agree that the Policy shall be subject to the terms and  conditions  of
this Agreement and of the endorsement filed with the Insurer.

         (c) The Bank agrees that, except as otherwise provided herein, it shall
not sell,  assign,  transfer,  surrender  or cancel  the  policy,  or change the
beneficiary designation without the express written consent of the Insured.

         2. Beneficiary Designation Rights. The Insured (or assignee) shall have
            ------------------------------
the right and power to designate a beneficiary or  beneficiaries  to receive the
Insured's  share of the Policy  proceeds  payable upon the death of the Insured,
subject to any right or interest the Bank may have in such proceeds, as provided
in this  Agreement.  The Bank

<PAGE>

shall not  terminate,  alter or amend  the  Insured's  beneficiary  designations
without the written consent of the Insured. The Bank shall be the beneficiary of
any proceeds  remaining  under the Policy after the payment  required under this
Agreement has been made to the Insured's designated beneficiary.

         3. Premium  Payment.  The Bank shall pay an amount equal to the planned
            ----------------
premiums and any other premium  payments that might become necessary to keep the
Policy in force.

         4. Taxable  Benefit.  Annually,  the Insured  will  recognize a taxable
            ----------------
benefit equal to the assumed cost of insurance  required by the Internal Revenue
Service   ("IRS"),   as  determined   from  time  to  time.  The  Bank  (or  its
administrator)  will timely  report to the  Insured  the amount of such  imputed
income  each year on IRS Form W-2 or its  equivalent.  The Bank and the  Insured
intend  that this  Agreement  will be subject to  taxation  under the  "economic
benefit regime" set forth in Treasury Regulations section 1.61-22(d),  such that
the Insured  shall have  taxable  income equal to the annual cost of the current
one-year term life insurance  coverage  provided  under the Policy.  The current
one-year term life  insurance  rate shall be the minimum  amount  required to be
imputed under IRS Notice 2002-28 or any subsequent applicable authority.

         5.  Division of Death  Proceeds.  Upon the death of the  Insured  while
             ---------------------------
employed by the Bank,  the Bank shall  cooperate  with the Insured's  designated
beneficiary  to take  whatever  action is necessary to collect the death benefit
provided  under the Policy.  Subject to Sections 6 and 9 below,  the division of
the  death   proceeds  of  the  Policy  shall  be  as  follows:   the  Insured's
beneficiary(ies)  designated in  accordance  with Section 2 shall be entitled to
payment from the Policy proceeds directly from the Insurer of an amount equal to
the lesser of:
--- ------ --

                  (i) Two Million Dollars ($2,000,000.00); or

                  (ii) The Net Death  Benefit.  The "Net Death Benefit" shall be
the death benefit  payable under the terms of the Policy or Policies  reduced by
the  aggregate  premiums  paid  by the  Bank.  Notwithstanding  anything  to the
contrary  herein,  Bank shall ensure that the Net Death Benefit under the Policy
is never  less  than Two  Million  Dollars  ($2,000,000.00)  for as long as this
Agreement is in effect. In the event that the Bank determines that the Net Death
Benefit has decreased or is likely to decrease below said amount, the Bank shall
either increase the premium payments or purchase  additional  insurance in order
to avoid this result.

         6. Ownership of the Cash Surrender Value of the Policies.
            -----------------------------------------------------

         The Bank shall at all times be entitled to one hundred  percent  (100%)
of the Policy's cash value, as that term is defined in the Policy contract, less
any policy loans and unpaid interest or cash withdrawals  previously incurred by
the Bank.  Such cash value shall be  determined  as of the date of  surrender or
death, as the case may be.

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<PAGE>

         7. Extension of Term of Agreement.
            ------------------------------

         (a) If a Change in Control of the Bank or the Company shall occur prior
to the Insured's termination of employment or retirement, then the death benefit
coverage  set forth in  Section 5 shall  remain in effect  for  thirty-six  (36)
months  following  Insured's  termination of employment  following the Change in
Control or age 65, unless this Agreement is otherwise terminated pursuant to its
terms prior to such time. For these purposes,  "Change in Control" shall mean: a
change in control of a nature  that:  (i) would be  required  to be  reported in
response  to Item 5.01 of the  current  report on Form 8-K,  as in effect on the
date hereof,  pursuant to Section 13 or 15(d) of the Securities  Exchange Act of
1934 (the "Exchange Act"); or (ii) results in a Change in Control of the Bank or
the Company  within the meaning of the Home  Owners'  Loan Act, as amended,  and
applicable  rules and  regulations  promulgated  thereunder  (collectively,  the
"HOLA")  as in effect at the time of the  Change in  Control;  or (iii)  without
limitation  such a Change in Control  shall be deemed to have  occurred  at such
time as (a) any "person" (as the term is used in Sections 13(d) and 14(d) of the
Exchange  Act) is or becomes  the  "beneficial  owner" (as defined in Rule 13d-3
under the Exchange Act),  directly or  indirectly,  of securities of the Company
representing  25% or more of the combined voting power of Company's  outstanding
securities,  except for any  securities  purchased by the Bank's  employee stock
ownership plan or trust; or (b) individuals who constitute the Board on the date
hereof (the  "Incumbent  Board")  cease for any reason to  constitute at least a
majority thereof, provided that any person becoming a director subsequent to the
date hereof whose election was approved by a vote of at least  three-quarters of
the directors  comprising the Incumbent  Board, or whose nomination for election
by the  Company's  stockholders  was approved by the same  Nominating  Committee
serving  under an  Incumbent  Board,  shall be, for purposes of this clause (b),
considered as though he were a member of the Incumbent  Board;  or (c) a plan of
reorganization,  merger,  consolidation,  sale of all or  substantially  all the
assets of the Bank or the  Company or similar  transaction  in which the Bank or
Company is not the surviving  institution occurs or is effected;  or (d) a proxy
statement  soliciting proxies from stockholders of the Company, by someone other
than the current management of the Company is distributed,  seeking  stockholder
approval of a plan of reorganization,  merger or consolidation of the Company or
similar  transaction  with one or more  corporations  as a result  of which  the
outstanding  shares  of the class of  securities  then  subject  to the plan are
exchanged for or converted into cash or property or securities not issued by the
Company;  or (e) a tender offer is made for 25% or more of the voting securities
of the Company and the shareholders owning beneficially or of record 25% or more
of the  outstanding  securities  of the Company have tendered or offered to sell
their shares  pursuant to such tender offer and such  tendered  shares have been
accepted by the tender offeror.  Notwithstanding  anything in this subsection to
the contrary,  a Change in Control shall not be deemed to have occurred upon the
conversion of the Company's  mutual holding  company parent to stock form, or in
connection with any reorganization used to effect such a conversion.

         (b) In the event of Executive's  involuntary termination other than for
"Cause" or in the event of Executive's  resignation for "Good Reason",  then the
death  benefit  coverage  set  forth in  Section 5 shall  remain  in effect  for
thirty-six  months following

                                       3
<PAGE>

Insured's  termination  of  employment,   unless  this  Agreement  is  otherwise
terminated  pursuant to its terms prior to such time. For this purpose,  "Cause"
and "Good Reason" shall have the same meanings as under the Employment Agreement
between the Bank and the Insured, as such may be amended from time to time.

         8. Rights of Insured or  Assignees.  The  Insured may not,  without the
            -------------------------------
written  consent  of  the  Bank,  assign  to  any  individual,  trust  or  other
organization, any right, title or interest in the subject Policy nor any rights,
options, privileges or duties created under this Agreement.

         9. Termination of Agreement.
            ------------------------

         (a) This  Agreement  shall  terminate upon the occurrence of any one of
the following:

                  (1) The Insured's  termination  of employment  for any reason,
other than as set forth in Section 7 hereof; or

                  (2) Surrender, lapse or other termination of the Policy by the
Bank,  provided,  however,  that if the  Policy  is  surrendered,  lapses  or is
terminated in violation of the terms of this  Agreement,  the Insured may have a
claim  against  the  Bank,  which  may be  settled  by  binding  arbitration  in
accordance  with Section 11(i) hereof,  without regard to Sections 11(e) through
(h) hereof.

                  (3)  Notwithstanding  anything to the  contrary  herein,  this
Agreement  (and  all  rights  of the  Insured  and  his  beneficiary(ies))  will
terminate if any regulatory  agency requires the Bank to sever its  relationship
with the Insured,  if the Bank is subjected to banking  regulatory  restrictions
limiting  its  ability  to pay  such  compensation  to  the  Insured,  upon  the
occurrence of the  bankruptcy,  insolvency,  receivership  or dissolution of the
Bank, or due to adverse tax or accounting consequences that may arise due to tax
law or accounting  changes that may arise following the  implementation  of this
Agreement.  In the event of  termination  of this  Agreement  under this Section
9(a)(3),  the  Insured  shall  not  have a claim  against  the  Bank due to such
termination.

         (b) Upon such termination, the Insured (or assignee) shall have a sixty
(60) day option to receive from the Bank an absolute assignment of the Policy in
consideration  of a cash payment to the Bank,  whereupon  this  Agreement  shall
terminate.  Such cash  payment  shall  equal the cash value of the Policy on the
date of such assignment.

         (c) Except as noted in  subsections  (a) and (b) above,  this Agreement
shall terminate upon  distribution  of the death benefit  proceeds in accordance
with Section 5.

         10.  Amendment  and  Revocation.  The  Insured and the Bank agree that,
              --------------------------
during the Insured's  lifetime,  this Agreement may be amended or revoked at any
time or times, in whole or in part, by the mutual written consent of the Insured
and the Bank.

         11. ERISA Provisions.
             ----------------

                                       4
<PAGE>

         To the extent this  Agreement  is treated as a "welfare  benefit  plan"
within the meaning of Section 3(1) of the Employee  Retirement  Income  Security
Act of 1974, as amended ("ERISA"), the following provisions shall apply.

         (a) The Bank shall be the named  fiduciary  for purposes of ERISA under
this Agreement. Accordingly, the Bank shall have authority to control and manage
the  operation  and  administration  of this  Agreement,  including the right to
interpret  any provision of this  Agreement,  and such  interpretation  shall be
binding on all parties.

         (b) All  premiums  paid with respect to the Policy shall be remitted to
the Insurer when due in accordance with the Agreement.

         (c)  Benefits  under  this  Agreement  shall  be paid  directly  by the
Insurer,  with those  benefits in turn being based on the payment of premiums as
provided in this Agreement.

         (d) For purposes of handling claims with respect to this Agreement, the
"Claims  Reviewer"  shall be the Bank,  unless another person or  organizational
unit is designated by the Bank as Claims Reviewer.

         (e) An initial claim for benefits  under this Agreement must be made by
the Insured or his  beneficiary in accordance with the terms of the Agreement or
policy  through  which the benefits are  provided.  Not later than 30 days after
receipt of such claim, the Claims Reviewer shall provide its written decision on
the claim to the claimant, unless special circumstances require the extension of
such 30-day period.  If such extension is necessary,  the Claims  Reviewer shall
provide the Insured or the Insured's  beneficiary  with written  notification of
such extension before the expiration of the initial 30-day period.

         (f) In the event the Claims  Reviewer denies the claim of an Insured or
the Insured's  beneficiary  in whole or in part, the Claims  Reviewer's  written
notification  shall  specify,  in a manner  calculated  to be  understood by the
claimant, the reason for the denial; a description of any additional material or
information  necessary for the claimant to perfect the claim;  an explanation as
to why such  information  or material is necessary;  and an  explanation  of the
applicable claims procedure.

         (g) Should the  claimant  be  dissatisfied  with the Claims  Reviewer's
disposition  of the claim,  the  claimant may have a full and fair review of the
denied  claim  by the Bank  upon  written  request  therefore  submitted  by the
claimant or the claimant's  duly authorized  representative  and received by the
Bank within 30 days after the claimant  receives written  notification  that the
claim has been  denied.  In  connection  with such  appeal,  the claimant or the
claimant's duly authorized  representative shall be entitled to review pertinent
documents and submit the claimant's views as to the issues in writing.  The Bank
shall act to deny or accept the appealed  claim within 30 days after  receipt of
the claimant's written request for review unless special  circumstances  require
the extension of such 30-day period.  If such  extension is necessary,  the Bank
shall provide the claimant with written  notification  of such extension  before
the expiration of such

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<PAGE>

initial 30-day period.  In all events,  the Bank shall act to deny or accept the
claim  within 120 days of the  receipt of the  claimant's  written  request  for
review.  The action of the Bank shall be in the form of a written  notice to the
claimant and its contents  shall include all of the  requirements  for action on
the original claim.

         (h) In no event may a claimant  commence  legal action for benefits the
claimant  believes are due to the claimant  until the claimant has exhausted all
of the remedies and procedures set forth in this Section and under ERISA, except
as set forth in Section 9(a)(2) hereof.

         (i) Any dispute or controversy arising under or in connection with this
Agreement  which cannot be settled in the manner set forth above in sub-sections
(e) through (g) hereof, shall be settled exclusively by binding arbitration,  as
an alternative to civil litigation and without any trial by jury to resolve such
claims,  conducted by a single arbitrator,  mutually  acceptable to the Bank and
Insured or the  Insured's  beneficiary,  sitting in a location  selected by Bank
within fifty (50) miles from the main office of the Bank, in accordance with the
rules  of  the  American  Arbitration   Association's  National  Rules  for  the
Resolution of Employment  Disputes  ("National Rules") then in effect.  Judgment
may be entered on the arbitrator's award in any court having jurisdiction.

         12. Miscellaneous.
             -------------

         (a)  Binding  Agreement.  The  Insured  and the Bank  agree  that  this
              ------------------
Agreement shall be binding on their heirs, successors,  personal representatives
and assigns.

         (b) Insurance Company Not a Party to this Agreement.  The Insurer shall
             -----------------------------------------------
not be deemed a party to this Agreement, but will respect the rights of the Bank
and the Insured  hereunder  by  receiving  an executed  copy of this  Agreement.
Payment or other  performance  in accordance  with the Policy  provisions  shall
fully discharge the Insurer from any and all liability.

         (c)  Severability.  If a  provision  of  this  Agreement  is held to be
              ------------
invalid  or  unenforceable,   the  remaining  provisions  shall  nonetheless  be
enforceable according to their terms.

         (d) Governing Law. This Agreement  shall be governed by the laws of the
             -------------
Commonwealth  of  Massachusetts,  to the extent not  pre-empted  by federal law,
without regard to conflict of law provisions.

         (e) No Guarantee of  Employment.  This  Agreement is not an  employment
             ---------------------------
policy or contract. It does not give the Insured the right to remain an employee
of the Bank,  nor does it  interfere  with the  Bank's  right to  discharge  the
Insured from employment.

         (f)  Payment  of  Premiums.  All  premium  payments  required  by  this
              ---------------------
Agreement  shall be timely paid in cash or check from the  general  funds of the
Bank.  Any holding  company  established  with respect to the Bank may accede to
this Agreement but

                                       6
<PAGE>

only for the purpose of  guaranteeing  payment of premiums due and  provision of
all amounts and benefits due hereunder to Insured.

         (g) Notices. Any notice,  consent or demand required or permitted to be
             -------
given hereunder shall be in writing and shall be signed by the party giving such
notice,  consent or  demand.  If such  notice,  consent or demand is mailed to a
party  hereto,  it shall be sent by United  States  certified  mail or reputable
overnight  delivery  service to such party's last known  address as shown on the
Bank's  records.  The date of the mailing  shall be deemed to be the date of the
notice.




                                       7
<PAGE>

         IN WITNESS WHEREOF, the Bank, the Company and the Insured have executed
this Agreement as of the date first set forth above.

                                            GEORGETOWN SAVINGS BANK



June 23, 2008                               By:/s/ Richard F. Spencer
--------------------                           -----------------------------
Date


                                            GEORGETOWN BANCORP, INC.



June 23, 2008                               By:/s/ Richard F. Spencer
--------------------                           -----------------------------
Date

                                            INSURED



June 23, 2008                               /s/ Robert E. Balletto
--------------------                        --------------------------------
Date                                        Robert E. Balletto


                                       8
<PAGE>


                             GEORGETOWN SAVINGS BANK
                      SPLIT DOLLAR LIFE INSURANCE AGREEMENT

                                   SCHEDULE A
                                   ----------


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                                                               Maximum
    Insurer      Policy        Issue        Face Amount         Policy
                 Number        Date                            Proceeds
                                                              Payable to
                                                               Insured
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------


--------------------------------------------------------------------------------


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                                       9
<PAGE>


                             GEORGETOWN SAVINGS BANK
                      SPLIT DOLLAR LIFE INSURANCE AGREEMENT


                             BENEFICIARY DESIGNATION
                             -----------------------

         The  Insured,  under the terms of the  Georgetown  Savings  Bank  Split
Dollar   Life   Insurance    Agreement,    hereby   designates   the   following
Beneficiary(ies) to receive any guaranteed payments or death benefits under such
Plan, following his death:

PRIMARY BENEFICIARY:

Name:________________________________       % of Benefit:___________________

Name:________________________________       % of Benefit:___________________

Name:________________________________       % of Benefit:___________________

SECONDARY BENEFICIARY (if all Primary Beneficiaries pre-decease the Insured):


Name:________________________________       % of Benefit:___________________

Name:________________________________       % of Benefit:___________________

Name:________________________________       % of Benefit:___________________



This Beneficiary  Designation  hereby revokes any prior Beneficiary  Designation
which may have been in effect and this Beneficiary Designation is revocable.





_______________________________                _________________________________
Date                                           Insured



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