EXECUTIVE EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the "Agreement") is between Bank Rhode Island, a financial institution
organized under the laws of the State of Rhode Island with its executive offices located at One Turks Head
Place, Providence, Rhode Island 02903 (the "Bank"), Bancorp Rhode Island, Inc., a corporation organized
under the laws of the State of Rhode Island and sole shareholder of the Bank (the "Company") and James V.
DeRentis of 48 Laurel Avenue, Providence, Rhode Island 02906 (the "Executive").
IT IS MUTUALLY AGREED by the parties as follows:
1. Employment; Duties
1.1 Responsibilities and Authority. The Bank hereby employs Executive to serve as Senior Vice President of
Retail Banking of the Bank, and Executive hereby accepts such employment. Executive shall have the duties,
responsibilities, authorities and powers normally incident to such office. At all times, however, Executive's
activities and authority will be subject to supervision, control and direction by the Board of Directors of the Bank
(the "Board"), by the Executive Committee of the Board, and by the President and Chief Executive Officer of the
Bank (the "Chief Executive Officer") and Executive agrees to carry out such duties and responsibilities as any of
them may from time to time reasonably assign to him. Executive shall report from time to time or routinely, upon
request, to the Chief Executive Officer or her designee as to the current status of any of Executive's assigned
duties and responsibilities.
1.2 Compensation. The Bank shall pay Executive a base salary at the rate of (i) One Hundred Four Thousand
Dollars ($104,000) per year, commencing on the date hereof through December 31, 2000, and
(ii) One Hundred Eighteen Thousand Four Hundred Dollars ($118,400) commencing January 1, 2001 and
thereafter, payable on a bi-weekly basis, or at such higher rate as shall be determined from time to time by the
Board. In addition, Executive shall be entitled to receive payments under any inc