Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

Exhibit 10.7(b)    
    

 
 

BANK RHODE ISLAND
  NONQUALIFIED DEFERRED COMPENSATION PLAN
  
    AMENDMENT NO. 3    
    

        WHEREAS,
Bank Rhode Island (the "Company") established and has maintained the Bank Rhode Island Nonqualified Deferred Compensation Plan (the "Plan") effective January 1, 1997, to
provide unfunded deferred compensation for a select group of management or highly compensated employees; and 

        WHEREAS,
the Company has maintained the right to amend the Plan from time to time; and 

        WHEREAS,
the Company desires to amend the Plan to comply with the requirements of the American Jobs Creation Act of 2004; 

        NOW
THEREFORE, the Plan is hereby amended, effective January 1, 2005, or as otherwise provided in regulations issued by the Internal Revenue Service under Code
Section 409A: 

	1.
	The
definition of "Unforeseeable Financial Emergency" in Section 1.14 of the Plan shall be amended by deleting that section in its entirety and replacing that language with the
following new definition: 

        "1.14
"Unforeseeable Financial Emergency" means a severe financial hardship to the Participant resulting from: 

	(a)
	illness
or accident of the Participant, the Participant's spouse, or a dependent (as defined in Section 152(a) of the Code) of the Participant,

	(b)
	loss
of the Participant's property due to casualty, or

	(c)
	other
similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. 

        Whether
a Participant has an Unforeseeable Financial Emergency shall be determined in the sole discretion of the Plan Administrator." 

	2.
	Section 3.2
of the Plan is hereby amended by inserting the following new paragraph (b) after paragraph (a) and by designating current paragraphs (b) and
(c) as "(c)" and "(d):" 

        "(b)            The
election to defer a bonus must be made prior to the beginning of the Plan Year in which the services are performed, unless the bonus is a
non-discretionary bonus with specific performance-related goals as provided under Code Section 409A. In the case of performance-based compensation based upon services performed over
a period of at least twelve months, the election may be made no later than six months prior to the end of that period." 

	3.
	Section 5.1
of the Plan is hereby amended by inserting the following new paragraph at the end thereof: 

        "In
the event that a distribution is made to a Key Employee (as defined in Section 416(i) of the Code), other than by reason of death, such distribution shall not be made before a
date that is six months following a separation of service." 

	4.
	Section 5.2
of the Plan is hereby amended by deleting that section in its entirety and replacing that language with the following new language: 

        "5.2  Payment Upon Disability. In the event a Participant becomes Disabled (as defined below) while the Participant is employed by the
Company, payment of the Participant's Deferred Compensation Account shall be made as soon as practicable after the Valuation Date coincident with or next following the date on which the Participant is
determined to be Disabled. 

 

        The
term "Disabled" means that the Participant is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of determinable physical or mental
impairment which can be expected to last for a period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and
health plan covering Participants of the Company. 

        Whether
a Participant is Disabled for purposes of the Plan shall be determined by the Plan Administrator, and in making such determination, the Plan Administrator may rely on the opinion
of a physician (or physicians) selected by the Plan Administrator for such purpose." 

	5.
	Section 7.1
of the Plan is hereby amended by deleting that section in its entirety and replacing that language with the following new language: 

        "7.1
The Company intends the Plan to be permanent, but reserves the right at any time to modify, amend or terminate the Plan; provided however, that except as provided below, any
amendment or termination of the Plan shall not reduce or eliminate any balance in a Participant's Deferred Compensation Account accrued through the date of such amendment or termination. Upon
termination
of the Plan, all Deferred Compensation Account balances shall be distributed in accordance with Section 5.1 above." 

        IN
WITNESS WHEREOF, the Company has executed this Third Amendment this 24th day of  October, 2007. 

	 	 	BANK RHODE ISLAND
	

 	
 	
By:	

/s/  JOHN R. BERGER      
 Compensation Committee
 Chairman

2

QuickLinks

Exhibit 10.7(b)

BANK RHODE ISLAND NONQUALIFIED DEFERRED COMPENSATION PLAN AMENDMENT NO. 3QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

Exhibit 10.7(c)    
    

 
 

BANK RHODE ISLAND
  NONQUALIFIED DEFERRED COMPENSATION PLAN
  
    AMENDMENT NO. 4    
    

        WHEREAS,
Bank Rhode Island (the "Company") established and has maintained the Bank Rhode Island Nonqualified Deferred Compensation Plan (the "Plan") effective January 1, 1997, to
provide unfunded deferred compensation for a select group of management or highly compensated employees; and 

        WHEREAS,
the Company has maintained the right to amend the Plan from time to time; and 

        WHEREAS,
the Company desires to clarify that the Plan include employees of the Company's subsidiaries; 

        NOW
THEREFORE, the Plan is hereby amended as follows: 

	1.
	The
definition of "Company" in Section 1.2 of the Plan document is deleted in its entirety and replaced with the following new definition. 

"1.2
"Company" means Bank Rhode Island, a Rhode Island financial institution, and any wholly-owned subsidiaries of Bank Rhode Island." 

        IN
WITNESS WHEREOF, the Company has executed this Fourth Amendment this 18th day of  December, 2007. 

	 
	 	 
	 	 

	 	 	 	 	BANK RHODE ISLAND
	

 	
 	

By:	
 	

/s/MERRILL W. SHERMAN

	 	 	Title:	 	President & CEO

QuickLinks

Exhibit 10.7(c)

BANK RHODE ISLAND NONQUALIFIED DEFERRED COMPENSATION PLAN AMENDMENT NO. 4QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

Exhibit 10.9    
    

 
 

CHANGE IN CONTROL SEVERANCE AGREEMENT    
    

        THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (this "Agreement") is between Bank Rhode Island, a financial institution organized under the laws of the State of Rhode
Island (the "Bank") and wholly owned subsidiary of Bancorp Rhode Island, Inc. (the "Company"), and Mark Meiklejohn (the "Executive"). 

        WHEREAS, the Executive serves as Director of Corporate Banking for the Bank; and 

        WHEREAS, the parties hereto seek to set forth the terms of certain severance benefits to be granted to the Executive upon a change in
control event. 

        IT IS MUTUALLY AGREED by the parties as follows: 

        1.    Purpose.    In order to allow Executive to consider the prospect of a Change in Control (as defined in
Section 2(b)) in an objective manner and in consideration of the services rendered and to be rendered by Executive to the Bank, the Bank is willing to provide, subject to the terms of this
Agreement, certain severance benefits to protect Executive from the consequences of a Terminating Event (as defined in Section 2(e)) occurring subsequent to a Change in Control. 

        2.    Definitions.    

        (a)    "Cause"
means any of the following: 

(i)    Continuing
any arrangement, holding any position or engaging in any activities that conflict with the interest of, or that interfere with, Executive's duties owed to the Bank, after
ten (10) days prior written notice by the Bank to Executive of the same; 

(ii)    Conviction
of embezzlement or other crimes against the Bank, deliberate misappropriation of the Bank's or the Company's funds or dishonesty; 

(iii)    Material
violation of written policies of the Bank, irresponsible acts in the performance of Executive's duties or material breach of any of Executive's obligations under the terms
of this Agreement; 

(iv)    Material
non-performance of Executive's duties or material acts (or omissions) of mismanagement; and 

(v)    Refusal
to perform assigned duties when such refusal is not justified or excused either by the terms of this Agreement or by actions taken by the Bank in violation of this Agreement. 

        (b)    "Change
in Control" means: (i) a Takeover Transaction (as defined in Section 2(d)) is effectuated; or (ii) the Company commences substantive
negotiations with a third party with respect to a Takeover Transaction if within twelve (12) months of the commencement of such negotiations, the
Company enters into a definitive agreement with respect to a Takeover Transaction with any party with which negotiations were originally commenced; or (iii) any election of directors of the
Company occurs (whether by the directors then in office or by the shareholders at a meeting or by written consent) where a majority of the directors in office following such election are individuals
who were not nominated by a vote of two-thirds of the members of the board of directors immediately preceding such election; or (iv) either of the Company or the Bank effectuates a
complete liquidation. 

        (c)    "Person"
means an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or organization. 

        (d)    "Takeover
Transaction" means: 

(i)    The
acquisition of voting securities of the Company by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), other than by the Company or its subsidiaries or any employee benefit plan 

 

(or
related trust) of the Company or its subsidiaries, which theretofore as of the date hereof did not beneficially own (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) securities representing 30% or more of the voting power of all outstanding shares of voting securities of the Company, if such acquisition results in such individual, entity or group
owning securities representing more than 30% of the voting power of all outstanding voting securities of the Company; provided, that any acquisition by a corporation with respect to which, following
such acquisition, more than 50% of the then outstanding shares of voting securities of such corporation, is then beneficially owned, directly or indirectly, by all or substantially all of the
individuals and entities who were the beneficial owners of the voting securities of the Company outstanding immediately prior to such acquisition in substantially the same proportion as their
ownership, immediately prior to such acquisition, of the outstanding voting securities of the Company, shall not constitute a Change in Control; or 

(ii)    The
issuance of additional shares of common stock of the Company or the Bank, as applicable, in a single transaction or a series of related transactions if the individuals and
entities who were the beneficial owners of the outstanding voting securities of the Company or the Bank, as applicable, immediately prior to such issuance do not, following such issuance, beneficially
own, directly or indirectly, securities representing more than 50% of the voting power of all then outstanding voting securities of the Company or the Bank, as applicable; or 

(iii)    Consummation
by the Company or the Bank of (i) a reorganization, merger or consolidation, in each case, with respect to which all or substantially all of the individuals and
entities who were the beneficial owners of the voting securities of the Company immediately prior to such reorganization, merger or consolidation do not, following such reorganization, merger or
consolidation, beneficially own, directly or indirectly, securities representing more than 50% of the voting power of the outstanding voting securities of the corporation resulting from such a
reorganization, merger or consolidation, or (ii) the sale, exchange or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of
the Company (on a consolidated basis) or the Bank to a party which is not controlled by or under common control with such entity, or (iii) the sale by the Company on one transaction or in a
series of related transactions of voting securities of the Bank such that following such transaction or transactions the Company no longer beneficially owns, directly or indirectly, securities
representing more than 50% of the voting power of the then outstanding voting securities of the Bank. 

        (e)    "Terminating
Event" means either: 

(i)    Termination
by the Bank of Executive's employment for any reason other than (i) Executive's death or disability or (ii) for "Cause" (as such term is defined in
Section 2(a) hereof); or 

(ii)    Executive's
resignation as an employee of the Bank, other than for reasons of disability, following (i) a significant reduction in the nature or scope of Executive's duties,
responsibilities, authority and powers from the duties, responsibilities, authority and powers exercised by Executive immediately prior to the Change in Control; or (ii) a greater than 10%
reduction in Executive's annual base salary or fringe benefits as in effect on the date of the Change in Control; or (iii) any requirement by the Company or the Bank or of any Person in control
of the Bank that the location at which Executive performs the principal duties of the Bank be outside a radius of 50 miles from the location at which Executive performed such duties immediately prior
to the Change in Control; or (iv) the failure of any successor of the Company or the Bank to agree in writing upon terms and conditions of employment with Executive which are substantially
similar to those of Executive's employment immediately prior to the Change in Control and which are reasonably satisfactory to Executive within ninety (90) days following a Change in Control. 

        3.    Payment in Connection With Terminating Event.    If a Terminating Event occurs within one (1) year after
a Change in Control (which one (1) year period shall be calculated from the effective 

2

 

date
of the Takeover Transaction if the Terminating Event occurs after a Takeover Transaction), the Bank will pay to Executive an amount (the "Severance Payment") equal to Executive's annual base
salary plus Executive's most recent annual bonus payment in effect at the time of the Change in Control, which Severance Payment shall be payable in one lump sum within thirty (30) days of the
date of termination of Executive's employment, or if such Change in Control is governed by clause (ii) of Section 2(b) and the Terminating Event occurs prior to entering into a
definitive agreement, upon the entering into of a definitive agreement by the Company. No Severance Payment will be made to Executive under this Section 3 if Executive's employment with the
Company terminates for any reason prior to a Change in Control (except as may be provided below), or if Executive's employment with the Company terminates after a Change in Control but such
termination or resignation is not a Terminating Event. In addition, no Severance Payment will be made to Executive under this Section 3 with respect to a Terminating Event which occurs more
than one (1) year after a Change in Control (which one (1) year period shall be calculated from the effective date of the Takeover Transaction if the Terminating Event occurs after a
Takeover Transaction). 

        4.    Applicability of Change in Control Provisions.    The provisions of Section 3 shall terminate upon the
earliest of (i) the termination by the Bank of Executive's employment for any reason prior to a Change in Control, (ii) the termination of Executive's employment by the Bank after a
Change in Control because of death or disability or for Cause, (iii) Executive's resignation or termination of employment with the Bank prior to a Change in Control for any reason other than
one that constitutes a Terminating Event under Section 2(e), and (iv) Executive's resignation or termination of employment after a Change in Control on or after the first anniversary of
the Takeover Transaction or events specified in Sections 2(b)(iii) or (iv). 

        5.    Notices.    All notices, requests, demands and other communications required or permitted to be given or made
under this Agreement shall be in writing and shall be deemed to have been given if delivered by hand, sent by generally recognized overnight courier service, telex or telecopy, or certified mail,
return receipt requested: 

	(a)
	to
the Bank at: 

One
Turks Head Place

Providence, Rhode Island 02903

Attn: Merrill W. Sherman, President and CEO 

	(b)
	to
Executive at: 

P.O. Box 1562

Kingston, RI 02881 

        Any
such notice or other communication will be considered to have been given (i) on the date of the delivery in person, (ii) on the third day after mailing by certified
mail, provided that receipt of delivery is confirmed in writing, (iii) on the first business day following delivery to a commercial overnight courier, or (iv) on the date of facsimile
transmission (telecopy) provided that the giver of the notice obtains telephone confirmation of receipt. 

        6.    Successors and Assigns.    This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their successors and permitted assigns. For the avoidance of doubt, in the case of the Company, the successors and permitted assigns hereunder shall include, without limitation, any
successor-in-interest of the Company (whether by merger, liquidation (including successive mergers or liquidations) or otherwise); provided, however, that no such assignment of
this Agreement by the Company shall serve to relieve the Company from any liability to Executive hereunder. This Agreement or any right or interest hereunder may not be assigned by Executive. Nothing
in this Agreement, expressed or implied, is intended or shall be construed to confer upon any person other than the 

3

 

parties
and successors and assigns permitted by this Section 7 any right, remedy or claim under or by reason of this Agreement. 

        7.    Governing Law/Jurisdiction.    This Agreement shall be governed by and interpreted in accordance with the laws
of the State of Rhode Island. The parties agree that this Agreement was made and entered into in Rhode Island and each party hereby consents to the jurisdiction of a competent court in Rhode Island to
hear any dispute arising out of this Agreement. 

        8.    Right to Employment.    This Agreement does not constitute any entitlement to employment by, nor confer on
Executive any right to continue in the employ of, the Bank or an affiliate of the Bank nor interfere in any way with the right of the Bank to determine the terms of, or terminate, Executive's
employment. 

        9.    Entire Agreement.    This Agreement constitutes the entire agreement between the parties hereto with respect to
the subject matter hereof and supersedes any and all previous agreements, written or oral, regarding the subject matter hereof between the parties hereto. This Agreement shall not be changed, altered,
modified or amended, except by a written agreement signed by both parties hereto. 

        10.    Severability.    If any term or provision of this Agreement, or the application thereof to any person or under
any circumstance, shall to any extent be invalid or unenforceable, the remainder of this Agreement, or the application of such terms to the persons or under circumstances other than those as to which
it is invalid or unenforceable, shall be considered severable and shall not be affected thereby, and each term of this Agreement shall be valid and enforceable to the fullest extent permitted by law.
The invalid or unenforceable provisions shall, to the extent permitted by law, be deemed amended and given such interpretation as to achieve the economic intent of this Agreement. 

        11.    Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed an original, but
all of which taken together shall constitute one and the same instrument. 

[Signatures Appear on Following Page]

4

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the 14th day of February, 2006. 

	 	 	BANK RHODE ISLAND
	

 	
 	
 	

/s/  MERRILL W. SHERMAN      
 Merrill W. Sherman
 President and Chief Executive Officer
	

 	
 	
EXECUTIVE
	

 	
 	
By:	

/s/  MARK MEIKLEJOHN      
 Mark Meiklejohn

QuickLinks

Exhibit 10.9

CHANGE IN CONTROL SEVERANCE AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}]]