Central Co-operative Bank Senior Management Incentive Compensation Plan

Executive Compensation Plan Agreement

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CENTRAL CO-OPERATIVE BANK | CENTRAL BANCORP INC

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Title: Central Co-operative Bank Senior Management Incentive Compensation Plan
Date: 11/14/2008
Industry: SandLs/Savings Banks Sector: Financial

Exhibit 10.1

Central Co-operative Bank

Senior Management Incentive Compensation Plan

Fiscal 2009

CENTRAL CO-OPERATIVE BANK
Somerville, Massachusetts

Since fiscal 2005, Thomas Warren and Associates was been retained by the Bank to update its Senior Management Incentive Compensation Plan. The plan was adopted by the Board and the appropriate incentive levels were also approved by the Board. As a result of not reaching goals under the plan, no awards have been paid under this plan for several years. However, we do believe that the plan has merit and that the plan should be re-approved by the Board with appropriate goals for fiscal 2009. The incentive goals are based on the budget approved by the Board.

The highlights of the incentive plan follow:

	1.		The plan is competitive compared with similar sized banks and the banking industry in general.

	2.		The Board of Directors controls all aspects of the Plan

	3.		The Plan is directed at the Bank’s senior executives

	4.		The financial criterion necessa

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