EXHIBIT 10.10(a)
AGREEMENT
This agreement is entered into by and between Bank Rhode Island, a
financial institution organized and existing under the laws of the State of
Rhode Island (the "Bank") and Xxxxxxx X. Xxxxxxx (the" Executive").
1. The Bank and the Executive are parties to an deferred
compensation agreement dated as of January 1, 2001 (attached hereto) that
provides for annual contributions by the Bank to a deferred compensation
account on behalf of the Executive; and
2. The Bank also provides supplemental retirement benefits to
select employees of the Bank, including the Executive, under the Bank Rhode
Island Supplemental Executive Retirement Plan;
3. In consideration of the mutual promises and covenants herein
contained, it is agreed that:
A: The Bank will increase the amount of the supplemental
retirement benefit payable to the Executive at age sixty-five to
$250,000.00 per annum and will provide a death benefit in the amount
of $2,176,575.00 in the event of her death before age sixty-five
while in the employ of the Bank (and a declining death benefit after
retirement) pursuant to the split dollar agreement dated as of
January 22, 2002 (attached hereto).
B: The deferred compensation agreement dated as of January 1,
2001 is hereby canceled and the Executive releases the Bank from any
contribution and/or payment obligation under that agreement including
any amount presently credited to her deferred compensation account as
of the date hereof.
IN WITNESS WHEREOF, the parties have executed this agreement as of
this 22nd day of January, 2002.
BANK RHODE ISLAND
By: s/Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, Chairman
s/Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
