SLADES FERRY BANCORP
EXHIBIT 10.10
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<DESCRIPTION>EXHIBIT 10.10
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                                                              Exhibit 10.10
                                                              -------------

                           RELEASE OF ALL DEMANDS


      This release of all demands is made and executed this 9th day of
August, 2002 by James D. Carey of 311 Pearce Road, Swansea, Massachusetts
02777 (herein "Carey") in favor of the Slade's Ferry Bancorp. and Slade's
Ferry Trust Company and all its affiliate companies (herein "Slade's").

                                  RECITALS

A.    Carey has been employed by Slade's Ferry Bancorp. serving as
      Executive Vice President of the Bancorp.
B.    Incident to the above employment Carey served as President of Slade's
      Ferry Trust Company and certain of its affiliate companies.
C.    Carey also served as Director of Slade's Ferry Bancorp., Slade's
      Ferry Trust Company and certain of its affiliates.
D.    Carey resigned as Director and resigned his employment effective
      March 29, 2002.

      Now therefore in consideration of the above recitals and in
consideration of the following actions:

1.    Slade's will pay to Carey the amount of $160,000.00 payable $5,000.00
      every two weeks for a period of 15 months, or 32 payments, commencing
      on the effective date of May 1, 2002.
2.    Slade's will continue Carey as enrolled on the Slade's health plan
      for 15 months commencing on the effective date of May 1, 2002.
3.    Slade's and Carey will amend the SERP agreement to allow Carey to
      qualify under the agreement for 9 years at the age of 65, the terms
      of the amendments being more specifically delineated in the attached
      exhibit "A".
4.    Slade's will transfer title to a motor vehicle identified as a 1999
      Lincoln Towncar (VIN# 1LNHM82WOXY662529) valued at $18,195.00.
5.    Slade's has obtained approval of the above actions from regulatory
      authorities which oversee and have jurisdiction under the FDIC Act
      and FDIC Rules and Regulations.

      In consideration of the above recitals and the actions above listed,
taken and to be taken, Carey hereby remises, releases, and forever
discharges the said Slade's of and from all debts, demands, actions, causes
of actions, suits, accounts, covenants, contracts, agreements, damages, and
any and all claims, demands and liabilities whatsoever of every name and
nature, both in law and in equity, which against the said Slade's, or its
successors and assigns he now has or ever had from the beginning of the
world to this date and more specifically on account of his employment by
Slade's and business association with Slade's.

      No promise or inducement has been made in executing this release,
other than those herein contained; Carey does not rely on any statement or
representation made by any person, firm or corporation hereby released, or
any attorney, agent or other person representing it.

      The undersigned acknowledges that the Slade's does not make any
admission, agreement, consent, statement or declaration that the Slade's
its agents, servants, employees, has violated any law, committed any
wrongdoing, interfered with any right, breached any obligation or contract,
or otherwise engaged in any improper conduct with reference to Carey.


<PAGE>  X-10


      Executed as a sealed instrument.



/s/ Sandra Mota                        /s/ James D. Carey
------------------------------        --------------------------------
Witness                                James D. Carey


Dated:   August 9, 2002
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<PAGE>  X-11

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