8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 25, 2013

GEORGETOWN BANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland	001-35595	80-0817763
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

2 East Main Street, Georgetown, MA	01833
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: 978-352-8600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 25, 2013, the Board of Directors of Georgetown Bank (the “Bank”), the wholly owned savings bank subsidiary of Georgetown Bancorp, Inc. (the “Company”), adopted individual compensation plans for certain officers of the Bank. The individual incentive plans were adopted pursuant to the Bank’s Incentive Compensation Plan, which was previously disclosed as Exhibit 10.4 to Georgetown Bancorp, Inc., our predecessor federal corporation’s Annual Report on Form 10-K, filed with the SEC on March 31, 2011.

The individual incentive plans for Robert E. Balletto, President and Chief Executive Officer of the Bank, Joseph W. Kennedy, Senior Vice President and Chief Financial Officer of the Bank and Philip J. Bryan Senior Vice President and Chief Lending Officer of the Bank are attached as Exhibits 10.1, 10.2 and 10.3 respectively, to this Form 8-K.

The incentive plans have three levels of performance, at which payments can be made. There are minimum thresholds of performance regarding CAMELS ratings and asset quality that must be maintained in order to receive payment for the achievement of the incentive goals.

Mr. Balletto’s plan provides for a target payment of $34,920, or 18% of current annual salary with the following performance categories: (i) achievement of return on assets (ROA) targets; (ii) achievement of efficiency ratio targets. The target payment can be increased on a sliding scale for improvement in ROA performance and efficiency ratio performance.

Mr. Kennedy’s plan provides for a target payment of $14,960, or 11% of current annual salary with the following performance categories: (i) achievement of ROA targets; (ii) achievement of efficiency ratio targets; (iii) achievement of net interest margin percentage targets. The target payment can be increased on a sliding scale for improvement in ROA performance, efficiency ratio performance and net interest margin performance.

Mr. Bryan’s plan provides for a target payment of $18,095, or 11% of current annual salary with the following performance categories: (i) achievement of ROA targets; (ii) achievement of mortgage banking income targets; (iii) achievement of commercial loan growth targets; (iv) achievement of core interest rate spread (as defined) targets. The target payment can be increased on a sliding scale for improvement in ROA performance, mortgage banking income performance, commercial loan growth performance and core interest rate spread performance.

The total cost of the incentive plan for all eligible employees would be approximately $251,135, assuming that all incentive targets were exceeded at various levels and at existing salary levels. The actual cost will vary dependent upon performance.

The individual incentive plans referred to above are filed as Exhibits hereto, and the foregoing descriptions of such plans are qualified by reference to the plans themselves.

Item 9.01.Financial Statements and Exhibits.

(a)Not Applicable.

(b)Not Applicable.

(c)Not Applicable.

(d)Exhibits

10.1Individual Incentive Plan for Robert E. Balletto

10.2Individual Incentive Plan for Joseph W. Kennedy

10.3Individual Incentive Plan for Philip J. Bryan

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	GEORGETOWN BANCORP, INC.
DATE:  March 1, 2013	By:	\s\ Joseph W. Kennedy
		Joseph W. Kennedy
		Senior Vice President and Chief Financial Officer and Treasurer

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EX-10.1

Exhibit 10.1

2013 Incentive Compensation Plan Effective January 1, 2013 Employee Robert E. Balletto Estimated 2013 Salary 194,000 $ Title President/CEO Estimated 2013 Target 18% 34,920 $ Thresholds Maintain CAMELS rating at one of the two highest ratings Maintain an Asset Quality Rating of "Satisfactory" or better Goal #1: Achieve ROA Annual Payout Target 60% = 20,952 $ Goals Payout 95% of Budget 6,914 $ At Budget 13,828 $ 106% of Budget 20,952 $ Stretch Goal Every .04% over 106% of Budget 6,914 $ Goal #2: Achieve Efficiency Ratio Annual Payout Target 40% = 13,968 $ Goals Payout 102% of Budget $ 4,656 At Budget 9,312 $ 97% of Budget 13,968 $ Stretch Goal Every 2% under 97% of Budget 4,656 $ NOTES: Bonus targets are based on Georgetown Bancorp Inc. 2013 budget. All dollar figures are based on estimates of annualized salary. Incentive payments are based on the employee's actual base compensation for the fiscal year, which includes straight time pay, vacation, holiday, personal, sick and jury duty pay. Overtime and other payments including previous year's bonus payout will be excluded from the calculation. To be eligible for the Incentive Compensation, the employee must be actively employed, performing at a level of "satisfactory" or above, and not be on a written warning at the time of the incentive payment. The Bank shall have the right to rescind and recoup or "clawback" incentive payments paid under this plan if the Compensation Committee concludes that such awards were paid out based on information that is later found to be materially incorrect, including payments that were determined, in whole or in part, on financial statement information that is subsequently restated.

EX-10.2

Exhibit 10.2

2013 Incentive Compensation Plan Effective January 1, 2013 Employee Joseph W. Kennedy Estimated 2013 Salary 136,000 $ Title SVP/CFO Estimated 2013 Target 11% 14,960 $ Thresholds Maintain CAMELS rating at one of the two highest ratings Maintain an Asset Quality Rating of "Satisfactory" or better Goal #1: Achieve ROA Annual Payout Target 60% = 8,976 $ Goals Payout 95% of Budget 2,962 $ At Budget 5,924 $ 106% of Budget 8,976 $ Stretch Goal Every .04% over 106% of Budget 2,962 $ Goal #2: Achieve Efficiency Ratio Annual Payout Target 20% = 2,992 $ Goals Payout 102% of Budget 997 $ At Budget 1,995 $ 97% of Budget 2,992 $ Stretch Goal Every 2% under 97% of Budget 997 $ Goal #3: Achieve Net Interest Margin Percentage Annual Payout Target 20% = 2,992 $ Goals Payout 98% of Budget 987 $ At Budget 1,975 $ 102% of Budget 2,992 $ Stretch Goal Every 0.07% over 102% of Budget 987 $ NOTES: Bonus targets are based on Georgetown Bancorp Inc. 2013 budget. All dollar figures are based on estimates of annualized salary. Incentive payments are based on the employee's actual base compensation for the fiscal year, which includes straight time pay, vacation, holiday, personal, sick and jury duty pay. Overtime and other payments including previous year's bonus payout will be excluded from the calculation. To be eligible for the Incentive Compensation, the employee must be actively employed, performIng at a level of "satisfactory" or above, and not be on a written warning at the time of the incentive payment. The Bank shall have the right to rescind and recoup or "clawback" incentive payments paid under this plan if the Compensation Committee concludes that such awards were paid out based on information that is later found to be materially incorrect, including payments that were determined, in whole or in part, on financial statement information that is subsequently restated.

EX-10.3

Exhibit 10.3

2013 Incentive Compensation Plan Effective January 1, 2013 Personal and Confidential Employee Philip J. Bryan Estimated 2012 Salary 164,500 $ Title SVP/CLO Estimated 2012 Target 11% 18,095 $ Thresholds Maintain CAMELS rating at one of the two highest ratings Maintain an Asset Quality rating of "Satisfactory" or better Maintain Loan Quality Control rating at "Satisfactory" or better Goal #1: Achieve ROA Annual Payout Target 40% = 7,238 $ Goals Payout 95% of Budget 2,389 $ At Budget 4,777 $ 106% of Budget 7,238 $ Stretch Goal Every .04% over 106% of Budget 2,389 $ Goal #2: Increase Net Mortgage Banking Income Annual Payout Target 20% = 3,619 $ Goals Payout 95% of Budget 1,194 $ At Budget 2,389 $ 110% of Budget 3,619 $ Stretch Goal Every $204,990 over 110% of Budget 1,194 $ Goal #3: Increase in Commercial Loan Balances Annual Payout Target 20% = 3,619 $ Goals Payout 95% of Budget 1,194 $ At Budget 2,389 $ 110% of Budget 3,619 $ Stretch Goal Every $1.8M over 110% of Budget 1,194 $ Goal #4: Core Interest Rate Spread Annual Payout Target 20% = 3,619 $ Goals Payout 97% of Budget 1,194 $ At Budget 2,389 $ 103% of Budget 3,619 $ Stretch Goal Every .13% over 103% of Budget 1,194 $ NOTES: Bonus targets are based on Georgetown Bancorp Inc. 2013 budget. All dollar figures are based on estimates of annualized salary. Incentive payments are based on the employee's actual base compensation for the fiscal year, which includes straight time pay, vacation, holiday, personal, sick and jury duty pay. Overtime and other payments including previous year's bonus payout will be excluded from the calculation. To be eligible for the Incentive Compensation, the employee must be actively employed, performIng at a level of "satisfactory" or above, and not be on a written warning at the time of the incentive payment. The Bank shall have the right to rescind and recoup or "clawback" incentive payments paid under this plan if the Compensation Committee concludes that such awards were paid out based on information that is later found to be materially incorrect, including payments that were determined, in whole or in part, on financial statement information that is subsequently restated.