Document:

EXHIBIT 10.1

                             GEORGETOWN SAVINGS BANK
                               FY08 INCENTIVE PLAN

          All figures below are representative of a twelve month period
================================================================================

Organizational Level:  Executive

Employee: Robert E. Balletto                 Incentive Target: $25,000 plus
          ---------------------------------                    sliding component
                                                               -----------------
Title:    President/Chief Executive Officer  Current Salary:   $181,200
          ---------------------------------                    -----------------

================================================================================

Tier 1:  Bank-wide Performance

Goal #1: Achieve Budgeted ROA
         --------------------

Payout Percentage: 30% of incentive target = $7,500

Target: Achieve YTD ROA of (.31%) by 6/30/08

Payout Timing: Annual, after completion of annual audit

Additional Payout: $2,500 for every additional .05bps

Goal #2: Achieve Budgeted Commercial Loan Portfolio Growth
         -------------------------------------------------

Payout Percentage: 15% of incentive target = $3,750

Target: Total Commercial Loans $41,775,300 by 6/30/08

Payout Timing: Annual, after completion of annual audit

Goal #3: [Information withheld due to business confidentiality]

Payout Percentage: 15% of incentive target = $3,750

Target: [Information withheld due to business confidentiality]

Payout Timing: [Information withheld due to business confidentiality]

Goal #4: [Information withheld due to business confidentiality]

Payout Percentage: 15% of incentive target = $3,750

Target: [Information withheld due to business confidentiality]

<PAGE>

Payout Timing: [Information withheld due to business confidentiality]

Tier 2:  Team Performance - Sales

No Team Goals Assigned.

Tier 3: Individual Performance

Goal #5: Complete Retail Banking Division Study
         --------------------------------------

Payout Percentage: 5% of incentive Target = $1,250

Target:  Completion of Retail Division Study, Assessment and Executive
         Committee's (EC) Acceptance of Action Plans to Achieve Branch and
         Depository Strategic Plan Goals

Payout Timing: Upon Acceptance and approval of the EC

Goal #6: Improve the Profitability of North Andover Branch
         -------------------------------------------------

Payout Percentage: 5% of incentive Target = $1,250

Target: 25% improvement in the profitability from fiscal 2007

Payout Timing: Annual, after completion of the annual audit

Goal #7: Complete Branch Platform Personnel Ability To Refer Residential
         ---------------------------------------------------------------
         Mortgages
         ---------

Payout Percentage: 5% of incentive Target = $1,250

Target:  Implementation of Branch Platform personnel fully able to refer
         residential mortgage loans to the Bank's loan originator.

Payout Timing: After each branch has referred at least 3 mortgages to the loan
               originator and the loans have closed.

Goal #8: Complete Small Business Lending Capability in the Branches
         ----------------------------------------------------------

Payout Percentage: 10% of incentive Target = $2,500

Target:  Completion of implementation of branch based small business lending
         products in accordance with Loan Policy

Payout Timing: Upon successful origination and closing of $500,000 in branch
               based small business loans

<PAGE>

                               [GRAPHIC OMITTED]EXHIBIT 10.2

                             GEORGETOWN SAVINGS BANK
                               FY08 INCENTIVE PLAN

          All figures below are representative of a twelve month period
================================================================================

Organizational Level:  Executive

Employee: Joseph W. Kennedy                  Incentive Target: $15,000 plus
          ---------------------------------                    sliding component
                                                               -----------------
Title:    SVP/Chief Financial Officer        Current Salary:   $118,000
          ---------------------------------                    -----------------

================================================================================

Tier 1:  Bank-wide Performance

Goal #1: Achieve Budgeted ROA
         --------------------

Payout Percentage: 25% of Incentive target = $3,750

Target: Achieve YTD ROA of (.31%) by 6/30/08

Payout Timing: Annual, after completion of annual audit

Additional Payout: $1,000 for every additional .05bps

Goal #2: [Information withheld due to business confidentiality]

Payout Percentage: 10% of Incentive target = $1,500

Target: [Information withheld due to business confidentiality]

Payout Timing: [Information withheld due to business confidentiality]

Tier 2:  Team Performance - Sales

Goal #3: Complete Implementation of the SOX 404 Program
         ----------------------------------------------

Payout Percentage: 15% of Incentive Target = $2,250

Target: Issuance of Management's Annual Report on Internal Controls

Payout Timing: Annual, after completion of the annual audit

<PAGE>

Goal #4: Receipt of Adequate Regulatory Examination of IT Security
         ---------------------------------------------------------

Payout Percentage: 5% of Incentive Target = $750

Target:  Results of October 2007 OTS examination indicate no matters required
         Board attention in Information Technology area.

Payout Timing: After receipt of October, 2007 OTS Final Examination Report

Tier 3: Individual Performance
        ----------------------

Goal #5: Complete Study and Investigation of Strategies to Improve Yield on
         ------------------------------------------------------------------
         Investment Portfolio within Acceptable Credit Risk Levels
         ---------------------------------------------------------

Payout Percentage: 5% of Incentive Target = $750

Target:  Completion of formalized study and development of workable strategies
         for the Bank to improve its overall yield and earnings performance of
         its investment securities portfolio

Payout Timing: Upon acceptance and approval of by the Executive Committee

Goal #6: Improve Yield on Investment Portfolio
         -------------------------------------

Payout Percentage: 10% of Incentive Target = $1,500

Target:  Achieve Average Investment Portfolio Yield 10 bps greater than budget
         by June 30, 2008

Payout Timing:  After completion of annual audit.

Goal #7: Complete Study and Investigation of Strategies to Improve Interest
         ------------------------------------------------------------------
         Rate Risk Management Tactics
         ----------------------------

Payout Percentage: 15% of Incentive Target = $2,250

Target:  Completion of formalized study and development of workable strategies
         for the Bank to improve its overall interest rate risk management
         program and position

Payout Timing: Upon acceptance and approval of by the Executive Committee

<PAGE>

Goal #8: Achieve Budgeted Net Interest Margin Percentage
         -----------------------------------------------

Payout Percentage: 15% of Incentive Target = $2,250

Target: Achieve YTD Net Interest Margin of 2.44% by 6/30/08

Payout Timing: Annual, upon completion of annual audit

Additional Payout: $1,000 for every additional .05bps

                               [GRAPHIC OMITTED]EXHIBIT 10.3

                             GEORGETOWN SAVINGS BANK
                               FY08 INCENTIVE PLAN

          All figures below are representative of a twelve month period
================================================================================

Organizational Level:  Executive

Employee: Charles Shediac                    Incentive Target: $15,000 plus
          ---------------------------------                    sliding component
                                                               -----------------
Title:    Senior Vice President, Chief Loan  Current Salary:   $149,000
          Officer                                              -----------------
          ---------------------------------

================================================================================

Tier 1:  Bank-wide Performance

Goal: None set at this time
      ---------------------

Tier 2:  Team Performance - Sales

Goal #1: Commercial Loan Growth
         ----------------------

Payout Percentage: 34% of incentive Target = $5,100

Target:  Total net outstanding commercial loan balances of $41,775,300 at June
         30, 2008.

Payout Timing: Annual

Additional Payout: $5,100 for every $5,000,000 of commercial loan balances over
Target.

Goal #2: Complete Branch Platform Personnel Ability To Refer Residential
         ---------------------------------------------------------------
         Mortgages
         ---------

Payout Percentage: 16.5% of incentive Target = $2,475

Target:  Implementation of Branch Platform personnel fully able to refer
         residential mortgage loans to the Bank's loan originator.

Payout Timing: After each branch has referred at least 3 mortgages to the loan
               originator and the loans have closed.

Goal #3: Complete Small Business Lending Capability in the Branches
         ----------------------------------------------------------

Payout Percentage: 16.5% of incentive Target = $2,475

Target:  Completion of implementation of branch based small business lending
         products in accordance with Loan Policy

Payout Timing: Upon successful origination and closing of $500,000 in branch
               based small business loans

<PAGE>

Goal #4: Attain core interest rate spread
         --------------------------------

Payout Percentage: 16.5% of incentive Target = $2,475

Target:  Year to date average core interest rate spread, as defined, equal to
         3.20%.

Payout Timing: Annual

Goal #5: Exceed core interest rate spread
         --------------------------------

Payout Percentage: 16.5% of incentive Target = $2,475

Target:  Year to date average core interest rate spread, as defined, equal to or
         exceeding 3.30%.

Payout Timing: Annual

Additional Payout: $4,950 for every 10 basis points over Target.

Tier 3: Individual Performance
        ----------------------

Goal: None set at this time
      ---------------------

                                [GRAPHIC OMITTED]

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