(e)On March 25, 2019, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of Waterstone Financial, Inc. (the “Company”) adopted the Waterstone Financial, Inc. Incentive Plan (the “Incentive Plan”), which is intended to be used primarily as the vehicle to provide for annual incentive awards to the Company’s senior management. Under the Incentive Plan designated employees of the Company and its subsidiaries, including our executive officers, will be eligible to receive incentive payments with respect to a specified period (for example, our fiscal year), which awards will generally be payable based upon the attainment of pre-established performance goals. Incentive award opportunities and performance goals in respect of the Company’s fiscal year (or such other performance period) will be established on the terms and conditions determined by the Compensation Committee. The awards earned under the Incentive Plan may be paid in cash or in the form of equity awards to be granted under an equity incentive plan maintained by the Company. The Incentive Plan may be amended or terminated by the Compensation Committee.

The foregoing summary description of the Incentive Plan does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Incentive Plan, which is filed as Exhibit10.1 hereto and incorporated by reference herein.