Exhibit 10.17

 

GEORGETOWN SAVINGS BANK

INCENTIVE COMPENSATION PLAN

2012 GOALS

	
 
    


 

Organizational Level:  Executive

 

	
Employee:
    	
Philip Bryan
    	
Incentive   Target:
    	
11% ($17,561)
    
	
Title:
    	
Senior Vice   President/Chief Loan Officer
    	
Current   Salary:
    	
       $159,650
    


 

	
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, jury duty, holiday, vacation, personal and sick pay for   the 2012 calendar year. Overtime, bonus payments, base-bonuses, incentives   and all other non-base pay compensation are excluded from this calculation.
    


 

Minimum Thresholds

In order to receive payment for achievement of the goals listed below, the following thresholds must be met:

1.             CAMELS ratings must remain at one of the two highest ratings at all times during the Plan Year.  This will be measured by the OCC.

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

3.             Loan Quality Control Reviews must be “Satisfactory” or better at all times during the Plan Year.  This will be measured by internal audit results.

 

Tier 1: Bank-wide Performance

 

GOAL: #1: Profitability – Achieve ROA

 

Annual  Payout Percentage: 40% = $7,025

 

	
Goals 
    	
Payout
    	
 
    	
 
    
	
95% of budget = .43%
    	
$2,342
    	
 
    	
 
    
	
At budget = .45%
    	
$4,683
    	
 
    	
 
    
	
106% of budget = .48% 
    	
$7,025
    	
 
    	
 
    
	
Stretch Goal  
    	
 
    	
 
    	
 
    
	
Every .03% over .48%
    	
$2,342
    	
 
    	
 
    


 

 

Tier 2: Team Performance

 

GOAL #2: Profitability - Increase Net Mortgage Banking Income

 

Annual Payout Percentage:  20% = $3,512

 

	
Goals 
    	
Payout
    	
 
    	
 
    
	
98% of budget =   $463,736
    	
$1,171
    	
 
    	
 
    
	
At budget = $473,200
    	
$2,341
    	
 
    	
 
    
	
125% of budget =   $591,500
    	
$3,512
    	
 
    	
 
    
	
Stretch Goal  
    	
 
    	
 
    	
 
    
	
Every $ 118,300 over $591,500 
    	
$1,171
    	
 
    	
 
    


 











 

GOAL #3: Profitability - Increase Net Outstanding Commercial Loans

Annual Payout Percentage: 20% = $3,512

 

	
Goals 
    	
Payout
    	
 
    	
 
    
	
98% of budget =   $14,945,000
    	
$1,171
    	
 
    	
 
    
	
At budget = $15,250,000
    	
$2,341
    	
 
    	
 
    
	
125% of budget =   $19,063,000
    	
$3,512
    	
 
    	
 
    
	
Stretch Goal  
    	
 
    	
 
    	
 
    
	
Every $3,813,000 over $ 19,063,000
    	
$1,171
    	
 
    	
 
    


 

 

GOAL #4: Profitability - Achieve Core Interest Rate Spread

Annual Payout Percentage: 20% = $3,512

 

	
Goals 
    	
Payout
    	
 
    	
 
    
	
97% of budget = 4.53%
    	
$1,171
    	
 
    	
 
    
	
At budget = 4.67%
    	
$2,341
    	
 
    	
 
    
	
103% of budget = 4.81%
    	
$3,512
    	
 
    	
 
    
	
Stretch Goal  
    	
 
    	
 
    	
 
    
	
Every .14% over 4.81% 
    	
$1,171
    	
 
    	
 
    


 

Tier 3: Individual Performance

 

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.

 

Clawback Provision

The Bank shall have the right to recoup or “clawback” awards paid under this Plan if the Compensation Committee concludes that such awards were based on information that was later found to be materially incorrect, including awards that were determined, in whole or part, on financial statement information that is subsequently restated.

 

The Bank reserves the right to change this Plan.  You will be notified in advance of any changes.

 

By signing below I confirm receipt of my Incentive Compensation Plan and my understanding of the provisions stated above:

 

	
/s/ Philip Bryan
    	
 
    	
3/16/12
    	
 
    
	
Employee’s Signature
    	
 
    	
Date
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/ Robert Balletto
    	
 
    	
3/16/12
    	
 
    
	
Supervising Officer’s Signature
    	
 
    	
Date