Document:

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                                                                  EXHIBIT 10.17

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT (the "Agreement") is effective as of the 1st day of
February, 2001 (the "Agreement Effective Date"), by and between PLACER SIERRA
BANK, a California community bank (the "Bank" or "Employer"), and ROBERT C.
HAYDON (the "Employee") (collectively, the "parties"):

         WHEREAS, Employee has been employed by Employer as President and Chief
Executive Officer pursuant to that certain Employment Agreement dated August 31,
2000 (the "Prior Employment Agreement"); and

         WHEREAS, Employer and Employee desire, as of the Agreement Effective
Date, to cancel, supercede and terminate the Prior Employment Agreement, and any
and all other prior understandings, commitments, and/or employment contracts
between them, whether express or implied, if any, except the Placer Savings Bank
Salary Continuation Agreement dated August 21, 1997; and

         WHEREAS, the parties hereto desire to enter into a new employment
agreement, as of the Agreement Effective Date, for the purpose of continuing the
services of Employee for Employer as its Regional President; and

         WHEREAS, the Bank is a subsidiary of Placer Capital Co. ("PCC") and PCC
is a subsidiary of California Community Bancshares, Inc. ("CCB"); and

         WHEREAS, CCB and PCC determined that it was in their respective best
interests and in the best interests and to the advantage of their respective
shareholders, for PCC to grant options to the directors, officers and employees
of CCB, PCC, the Bank and other affiliates of CCB and PCC in consideration of
CCB agreeing to assume such options upon the occurrence of such certain events
as set forth in that certain Revised Assumption Agreement By and Between
California Community Bancshares, Inc. and Placer Capital Co. (the "Assumption
Agreement").

         NOW, THEREFORE, IT IS MUTUALLY AGREED AS FOLLOWS:

         1.       TERMINATION OF PRIOR EMPLOYMENT AGREEMENT. Employer and
Employee agree that the Prior Employment Agreement is hereby canceled,
terminated, rescinded and superceded, that Employee has received all amounts due
and owing under the Prior Employment Agreement and Employer has no obligations
thereunder, and Employee hereby releases Employer from any and all claims, debts
or obligations under the Prior Employment Agreement.

         2.       EMPLOYMENT AND DUTIES. Employer and Employee hereby enter into
this Agreement upon the terms and conditions hereinafter set forth. Employee is
hereby employed, at the pleasure of the Board of Directors of the Bank (the
"Board"), as Regional President of Employer. Employee shall perform the duties
of Regional President of Employer as described in Appendix I attached hereto and
incorporated by reference, and such attendant duties as may, from time to time,
be reasonably requested of Employee by the Board. In connection with Employee's
employment as President and Chief Executive Officer, Employee's duties shall
include, if so elected, serving without compensation on the Board.

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         3.       EXTENT OF SERVICES.

                  (a)      Employee shall devote Employee's full time, ability
and attention to the business of Employer during the Employment Term (as defined
below), and shall neither directly nor indirectly render any services of a
business, commercial or professional nature to any other person, firm,
corporation or organization for compensation without the prior written consent
of the Board or Chairman of the Board.

                  (b)      Nothing contained herein shall be construed to
prevent Employee from investing Employee's assets in any form or manner which
does not in any manner or for any amount of time interfere with Employee's
performance of services on behalf of Employer.

         4.       TERM OF EMPLOYMENT. Subject to a mutual, written extension of
the Employment Term, or prior termination of this Agreement as hereinafter
provided in Section 6, Employer hereby employs Employee, and Employee hereby
accepts employment with Employer, for a period beginning on the Agreement
Effective Date and ending on August 31, 2003 (the "Employment Term"). The Bank
shall provide 90 days written notice to Employee if it intends not to renew this
Agreement at the end of the Employment Term. If the Bank does not provide 90
days' notice that it does not intend to renew this Agreement, then the Bank
shall pay Employee his then-current Base Salary for a period of three (3) months
after the Employment Term payable in conformity with the Bank's normal payroll
procedures.

         5.       COMPENSATION AND BENEFITS. In consideration of Employee's
services to Employer during the Employment Term, Employer agrees to compensate
Employee, subject to such limitations as may exist under any applicable state or
federal banking law or regulation, as follows:

                  (a)      BASE COMPENSATION. Employer shall pay or cause to be
paid to Employee a base compensation of $200,000.00 per year, payable in
conformity with Employer's normal payroll procedures (the "Base Salary"), and
pro rated for any partial calendar year in which this Agreement is in effect.
The Base Salary may be increased at the discretion of the Bank Board.

                  (b)      BONUS. Employee shall be eligible to receive an
incentive bonus for each fiscal year of employment in accordance with the terms
of the CCB Executive Compensation Program.

                  (c)      GENERAL EXPENSES. Employer shall, upon submission and
approval of written statements and bills in accordance with the then regular
procedures of Employer, pay or reimburse Employee for any and all necessary,
customary and usual expenses incurred by him while traveling for or on behalf of
Employer, and any and all other necessary, customary or usual expenses
(including entertainment) incurred by Employee for or on behalf of Employer in
the normal course of business, as determined to be appropriate by Employer.

                  (d)      INSURANCE. Employee shall be entitled to participate
in such group life insurance, health and long-term disability plans as are
provided by Employer to its employees and/or senior executives, with such terms,
conditions and contributions as Employer generally provides its other employees
and/or senior executives. Employee shall have the right, in Employee's
discretion, to designate the beneficiary or beneficiaries of any such insurance.

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                  (e)      As more fully set forth in that certain PCC
Nonstatutory Stock Option Agreement by and between PCC and Employee, Employee
was granted an option to purchase shares of common stock of PCC. CCB's
obligations with respect to the stock option evidenced by said PCC Nonstatutory
Stock Option Agreement shall be governed by the terms and conditions of the
Assumption Agreement.

                  (f)      AUTOMOBILE AND RACQUET CLUB MEMBERSHIP. During the
Employment Term, Employer shall provide Employee with such automobile as
Employer may determine for Employee's use in carrying out Employee's obligations
under this Agreement. Additionally, during the Employment Term, Employer shall
pay the dues for an individual membership for Employee in the Auburn Racquet
Club.

                  (g)      VACATION. Employee shall accrue four (4) weeks' paid
vacation leave per calendar year, pro rated on a daily basis for any partial
calendar year in which this Agreement is in effect. Such vacation leave shall be
taken at such time or times as are mutually agreed upon by Employee and the
Board, if appropriate, and in accordance with Employer's vacation leave policy,
provided, that at least two (2) weeks of such vacation shall be taken
consecutively each year. Employee acknowledges that the requirement of two (2)
consecutive weeks of vacation each year is required by sound banking practice.
For each calendar year, the Board shall decide, in its discretion, either (i) to
pay Employee for any unused vacation time for such calendar year or (ii) to
carry over any unused vacation time for such calendar year to the next calendar
year, provided, however, that Employee shall accrue no additional vacation time
at any time that the Employee has accrued and unused vacation time of six (6)
weeks.

         6.       TERMINATION OF AGREEMENT. This Agreement may be terminated
with or without cause during the Employment Term in accordance with this Section
6. In the event of such termination, Employee shall resign as a member of the
Board, if a member of the Board, and shall be released from all obligations
under this Agreement, except that Employee shall remain subject to Sections 8,
9, 14, 16, 17 and 20, and Employer shall be released from all obligations under
this Agreement, except as otherwise provided in this Section 6 and Sections 14,
16, 17 and 20.

                  (a)      EARLY TERMINATION BY EMPLOYER WITHOUT CAUSE OR BY
EMPLOYEE UPON CHANGE IN TITLE. This Agreement and Employee's employment may be
terminated (i) by Employer without cause, for any reason whatsoever, in the
sole, absolute and unreviewable discretion of Employer, upon written notice by
the Board to Employee; or (ii) by Employee in the event that Employer changes
Employee's title or duties from those contemplated under Section 2 of this
Agreement. In the event of termination pursuant to this Section 6(a), Employee
shall receive a severance payment calculated by multiplying his then current
Base Salary by the number of months then remaining before expiration of the
Employment Term, plus any incentive bonus the Employee is eligible to receive
under Section 5(b) prorated through the date of termination, less customary
withholdings, and any and all stock options previously granted to Employee under
any stock option plan of Employer or any affiliate of Employer and held by
Employee at the date of termination shall become fully vested and shall be
exercisable for a period of two (2) years after the date of termination (the
"Severance Pay") as liquidated damages in lieu of any and all claims by Employee
against Employer, and shall be in full and complete satisfaction of any and all
rights which Employee may enjoy hereunder, in consideration of a full and
unconditional release of any and all liability of Employer or any of its
shareholders, benefit

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plans, affiliated companies, partnerships, limited partnerships or limited
liability companies, and the directors, officers, employees and agents of such
entities and their successors or assigns, arising out of this Agreement or out
of the employment relationship between Employee and Employer (in the form of
Exhibit A, hereafter the "Release"), except that Employee shall be entitled to
receive (i) those benefits, if any, that have vested by operation of state or
federal law or under any written term of a plan ("Vested Benefits"), and (ii)
health care coverage continuation rights under the consolidated Omnibus Budget
Reconciliation Act of 1985 ("COBRA Rights"). Payment of the Severance Pay is
expressly conditioned upon receipt by Employer of the Executed Release. If
Employee declines to enter into the Release he shall have no right to any
Severance Pay or portion thereof under the Agreement arising out of his
termination of employment pursuant to Section 6(a) herein, but reserves his
right to assert any and all statutory, common law and/or contractual claims
against Employer under the Arbitration section (section 20) of this Agreement.

                  (b)      EARLY TERMINATION BY EMPLOYER FOR CAUSE. This
Agreement and Employee's employment may be terminated for cause by Employer upon
written notice to Employee, and Employee shall not be entitled to receive
compensation or other benefits for any period after termination for cause except
that Employee shall be entitled to receive any Vested Benefits and COBRA Rights.
Employee understands and agrees that his satisfactory performance of this
Agreement requires conformance with reasonable standards of diligence,
competence, skill, judgment and efficiency of a person holding the position of a
President and Chief Executive Officer of a California community bank similar to
Employer and as prescribed by any applicable federal banking laws and
regulations, and that failure to conform to such standards is cause for
termination of this Agreement by Employer. "For cause" pursuant to this
Agreement shall include, but not be limited to: (i) any act of material
dishonesty; (ii) any material breach of this Agreement or any breach of a
fiduciary duty (involving personal profit); (iii) any habitual neglect of, or
habitual negligence in carrying out, those duties contemplated under Section 2
of this Agreement; (iv) any willful violation of any law, rule or regulation,
which, by virtue of bank regulatory restrictions imposed as a result thereof,
would have a material adverse effect on the business or financial prospects of
Employer; (v) any conviction of any felony or misdemeanor which may be
reasonably interpreted to be harmful to the Employer's reputation ; (vi) any
failure by Employee to qualify at any time during the Employment Term for any
fidelity bond as described in Section 7 of this Agreement; (vii) the requirement
to comply with any final cease-and-desist order or written agreement with any
applicable state or federal bank regulatory authority which requests or orders
Employee's dismissal or limits Employee's employment duties; (viii) any conduct
which constitutes unfair competition with the Employer or its affiliates; or
(ix) the inducement of any client, customer, agent or employee to break any
contract or terminate the agency or employment relationship with the Employer or
its affiliates. Termination for cause by Employer shall not constitute a waiver
of any remedies which may otherwise be available to Employer under law, equity,
or this Agreement.

                  (c)      EARLY TERMINATION BY EMPLOYEE. Employee may terminate
this Agreement upon ninety (90) days' written notice to Employer. Employee shall
not be entitled to receive compensation or other benefits under this Agreement
for any period after such early termination by Employee, except any Vested
Benefits and COBRA Rights.

                  (d)      DEATH DURING EMPLOYMENT. This Agreement and all
benefits hereunder shall terminate immediately upon the death of Employee,
provided that such termination of benefits shall

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not operate to prejudice or forfeit the rights of any beneficiary or
beneficiaries of any life and/or disability insurance policies on the life of
Employee obtained pursuant to Section 5(d) hereof or any Vested Benefits and
COBRA Rights.

                  (e)      AUTOMATIC TERMINATION UPON CLOSURE OR TAKE-OVER. This
Agreement shall terminate automatically if Bank is closed or taken over by the
California Department of Financial Institutions or by any other supervisory
authority.

                  (f)      MERGER OR CORPORATE DISSOLUTION.

                           (i)      In the event of a (a) merger in which the
                  Bank is not the surviving corporation a majority of the
                  capital stock of which is not owned by the sole shareholder of
                  the Bank or an affiliate thereof; (b) a transfer of all or
                  substantially all of the assets of Employer; (c) a merger,
                  transfer of assets, or any other corporate reorganization in
                  which there is a change of ownership of the outstanding shares
                  of the Bank, between the Bank and its sole shareholder or
                  between the Bank and any affiliate of its sole shareholder;
                  (d) any other corporate reorganization in which there is a
                  change in ownership of the outstanding shares of Employer
                  wherein more than fifty percent (50%) of the outstanding
                  shares of Employer is transferred to any other partnership,
                  limited partnership, corporation, limited liability company,
                  trust or business entity (collectively a "Change in Control");
                  or (e) the dissolution of Employer, this Agreement shall not
                  be terminated, but instead, the surviving or resulting
                  corporation, the transferee of Employer's assets, or Employer
                  shall be bound by and shall have the benefit of the provisions
                  of this Agreement. Notwithstanding the foregoing, in the event
                  of a Change in Control and in the event that, during the
                  twelve month period following such Change in Control, except a
                  Change in Control as defined in 6(f)(i)(c) above, Employee
                  terminates employment with Employer (pursuant to Section 6(c)
                  above) following a reduction in the Employee's duties or
                  title, Employee shall be eligible to receive a single sum
                  payment of the Severance Pay as defined in Section 6(a) above
                  as liquidated damages in lieu of any and all claims by
                  Employee against Employer, and shall be in full and complete
                  satisfaction of any and all rights which Employee may enjoy
                  hereunder, in consideration of a release of any and all
                  liability of Employer or any of its affiliates, directors,
                  officers, employees and agents, arising out of this Agreement,
                  or out of the employment relationship or termination of the
                  employment relationship between Employee and Employer, in the
                  form of the Release, except any Vested Benefits and COBRA
                  Rights. If Employee declines to enter into the Release, he
                  shall have no right to any Severance Pay or portion thereof
                  under the Agreement arising out of his termination of
                  employment pursuant to Section 6(c) hereof, but reserves his
                  right to assert any and all statutory, common law and/or
                  contractual claims against Employer under the Arbitration
                  section (section 20) of this Agreement.

                           (ii)     Notwithstanding anything to the contrary
                  provided herein, if the Employer is not the surviving entity
                  in any transaction referred to in this Section 6(f) and said
                  transaction is in any manner the result of any action taken at
                  the direction of any governmental supervisory authority
                  whatsoever, then in such

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                  event this Agreement shall terminate immediately upon the
                  consummation of such transaction and Employee agrees that all
                  rights, duties, obligations, and benefits herein contained
                  shall thereupon terminate and that Employee shall be entitled
                  to no further compensation or benefits from Employer except
                  any Vested Benefits and COBRA Rights.

                  (g)      DISABILITY. This Agreement and all benefits hereunder
shall terminate if Employee is not able, as a result of an illness or other
physical or mental disability, to perform the essential functions of his
position as required by this Agreement for a period of three (3) consecutive
months or in excess of one hundred eighty (180) days in any one (1) year period,
notwithstanding reasonable accommodation by Employer to Employee's known
physical or mental disability, solely in accordance with, and to the extent
required by, the Americans with Disabilities Act, 29 U.S.C. Sections 12101-213
(the "ADA"), the California Fair Employment and Housing Act (California
Government Code Sections 12900-12996 (the "FEHA"), or any other state or local
law governing the employment of disabled persons (provided such accommodation
would not impose an undue hardship on the operation of Employer's business or a
direct threat to the Employee or others) pursuant to the ADA, the FEHA, or any
other applicable state or local law governing the employment of disabled
persons.

         7.       FIDELITY BOND. Employee agrees that he will furnish all
information and take any other steps necessary to enable Employer to obtain or
maintain a fidelity bond conditional on the rendering of a true account by
Employee of all moneys, goods, or other property which may come into the
custody, charge or possession of Employee during the term of Employee's
employment. The surety company issuing the bond and the amount of the bond must
be acceptable to Employer and satisfy all banking laws and regulations. All
premiums on the bond are to be paid by Employer. If Employee cannot qualify for
a fidelity bond at any time during the term of this Agreement, Employer shall
have the option to terminate this Agreement immediately, which shall constitute
a termination for cause as defined in Section 5(b) hereof.

         8.       PRINTED MATERIAL. All written or printed materials which shall
include, but not be limited to, computer software, programs and files, used by
Employee in performing duties for Employer are, and shall remain, the property
of Employer, provided that any materials which belonged personally to Employee
prior to his employment with Employer are, and shall remain, the property of
Employee. Upon termination of Employee's employment with Employer, Employee
shall return such applicable written or printed materials to Employer.

         9.       DISCLOSURE OF INFORMATION. Employee recognizes and
acknowledges that Employer possesses trade secrets and other confidential and/or
proprietary information concerning its business affairs and methods of operation
which constitute valuable, confidential, and unique assets of its business and
that of its affiliates ("Proprietary Information"), which Employer has developed
through a substantial expenditure of time and money and which are and will
continue to be utilized in Employer's business and which are not generally known
in the trade. At any time before or after termination of this Agreement,
Employee agrees not to disclose to anyone any Proprietary Information and not to
make use of any Proprietary Information for his own purposes or for the benefit
of anyone other than Employer under any circumstances. For purposes of this
Section 9, Proprietary Information includes, without limitation, all information
regarding products, services,

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<PAGE>

processes, know-how, customers, suppliers, product and/or service development,
business and capital plans, research, finances, marketing, pricing, costs and
any other confidential matters relating to Employer or any affiliate of
Employer. Employee recognizes and acknowledges that all financial information
concerning any of Employer's customers, products or financial results is
strictly confidential, and Employee shall not, at any time before or after
termination of this Agreement, disclose to anyone any such information or any
part thereof, for any reason or purpose whatsoever except to the extent that
such information is already otherwise publicly available or to the extent such
disclosure is required by Employee in order to comply with judicial process or
applicable regulations of any state or federal bank regulatory agency.

         Employee hereby acknowledges the particular value to the Bank of this
Section 9, the loss of which cannot be reasonably or adequately compensated in
an action at law or in arbitration. Therefore, Employee expressly agrees that
the Bank, in addition to any other rights or remedies that the Bank shall
possess, shall be entitled to injunctive and other equitable relief to prevent
or remedy a breach of this Section 9 by Employee, without the necessity of
posting any bond.

         Employee's obligation under this Section 9 shall survive the
termination of this Agreement and/or the termination of employment.

         10.      NON-COMPETITION BY EMPLOYEE. Employee shall not, during the
Employment Term, directly or indirectly, either as an employee, employer,
consultant, agent, principal, partner, shareholder, corporate officer, director,
or in any other individual or representative capacity, engage or participate in
any competing bank or financial institution or financial services business
without the prior written consent of the Board.

         11.      NOTICES. Any notices to be given hereunder by either party to
the other may be effected in writing either by personal delivery or by mail,
registered or certified, postage prepaid with return receipt requested. Notices
to Employer shall be given to the Bank at its then current principal office, c/o
Chairman of the Board of Directors. Notices to Employee shall be sent to
Employee's then current personal residence. Notices delivered personally shall
be deemed communicated as of actual receipt; mailed notices shall be deemed
communicated as of five (5) calendar days after mailing.

         12.      ENTIRE AGREEMENT. This Agreement supersedes any and all other
agreements, either oral or in writing, between the parties hereto with respect
to the employment of Employee by Employer (including without limitation the
Prior Employment Agreement) and contains all of the covenants and agreements
between the parties with respect to such employment. Each party to this
Agreement acknowledges that no representations, inducements, promises or
agreements, oral or otherwise, have been made by any party, or anyone acting on
behalf of any party, which are not embodied herein, and that no other agreement,
statement or promise not contained in this Agreement shall be valid and binding.
Any modification of this Agreement will be effective only if it is in writing
signed by all parties to the Agreement.

         13.      SEVERABILITY. In the event that any term or condition
contained in this Agreement shall, for any reason, be held by a court of
competent jurisdiction to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or non-enforceability shall not affect any

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other term or condition of this Agreement, but this Agreement shall be construed
as if such invalid or illegal or unenforceable term or condition had never been
contained herein.

         14.      CHOICE OF LAW AND FORUM. This Agreement shall be governed by
and construed in accordance with the laws of the State of California, except to
the extent preempted by the laws of the United States. Any action or proceeding
brought upon, or arising out of, this Agreement or its termination shall be
brought in a forum located within the State of California, and Employee hereby
agrees to be subject to service of process in California.

         15.      WAIVER. The parties hereto shall not be deemed to have waived
any of their respective rights under this Agreement unless the waiver is in
writing and signed by such waiving party. No delay in exercising any rights
shall be a waiver nor shall a waiver on one occasion operate as a waiver of such
right on a future occasion.

         16.      WAIVER OF BREACH. The failure to enforce at any time any of
the provisions of this Agreement, or to require at any time performance by the
other party of any of the provisions hereof, shall in no way be construed to be
a waiver of such provisions or to affect either the validity of this Agreement
or any part hereof or the right of either party thereafter to enforce each and
every provisions in accordance with the terms of this Agreement.

         17.      INDEMNIFICATION. Employer shall indemnify, defend, and hold
harmless Employee, to the maximum extent permitted under the Articles of
Incorporation and bylaws of Employer and governing laws and regulations, against
expenses (including attorneys' fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by Employee in connection with any
threatened or pending action, suit or proceeding to which Employee is made a
party by reason of his position as an employee, officer or agent of Employer or
by reason of his service at the request of Employer, if Employee acted in good
faith, in the course and scope of his employment and in a manner believed to be
in or not opposed to the best interests of Employer. Nothing in this
Indemnification section shall interfere with or restrict the right of Employee
to statutory indemnification under the laws of the State of California including
but not limited to those rights provided in California Labor Code section 2802
and California Corporations Code section 317, and any amendments thereto.
Furthermore, this Indemnification section shall not in any way restrict or
interfere with any equitable or implied rights of indemnity to which Employee
may be entitled under the common law of the State of California. If available at
rates determined by Employer, in its sole discretion, to be reasonable, Employer
shall endeavor to apply for and obtain directors' and officers' liability
insurance to indemnify and insure Employer and Employee from such liability or
loss.

         Notwithstanding the foregoing, in any administrative proceeding or
civil action initiated by any federal or state banking agency, Employer may only
reimburse, indemnify or hold harmless Employee if Employer is in compliance with
any applicable statute, rule, regulation or policy of the Federal Reserve Board,
the California Department of Financial Institutions, or any other state or
federal bank regulatory agency which then has jurisdiction over Employer
regarding permissible indemnification payments.

         18.      ASSIGNMENT. Neither this Agreement nor any of the rights or
benefits hereunder shall be subject to execution, attachment or similar process,
nor may this Agreement or any rights or

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<PAGE>

benefits hereunder be assigned, transferred, pledged or hypothecated without the
written consent of both parties hereto, except as provided in Section 5(d)
hereof.

         19.      CAPTIONS AND PARAGRAPH HEADINGS. Captions and paragraph
headings used herein are for convenience and ready reference only and are not a
part of this Agreement and shall not be used in the construction or
interpretation thereof.

         20.      ARBITRATION. In the event of any dispute, claim or controversy
between the Employee and the Employer (or its directors, officers, employees or
agents) arising out of this Agreement or the Employee's employment with the
Employer, both parties agree to submit such dispute, claim or controversy to
final and binding arbitration before the American Arbitration Association in
accordance with the Employment Rules of the American Arbitration Association.
The claims governed by this arbitration provision include, but are not limited
to, claims for breach of contract, civil torts and employment discrimination
such as violation of the Fair Employment and Housing Act, Title VII of the Civil
Rights Act, Age Discrimination in Employment Act, as modified by the Older
Worker's Protection Act and other employment laws.

                  (a)      The arbitration shall be conducted by a single
arbitrator selected either by mutual agreement of the Employee and the Employer
or, if they cannot agree, from an odd-numbered list of experienced employment
law arbitrators provided by the American Arbitration Association. Each party
shall strike one arbitrator from the list alternately until only one arbitrator
remains.

                  (b)      Each party shall have the right to conduct reasonable
discovery, as determined by the arbitrator.

                  (c)      The arbitrator shall have all powers conferred by law
and a judgment may be entered on the award by a court of law having
jurisdiction. The arbitrator shall render a written arbitration award that
contains the essential findings and conclusions on which the award is based. The
award and judgment shall be binding and final on both parties.

                  (d)      The Employer will pay the arbitrator's fees and costs
as well as any AAA administrative fees. The parties shall each pay the fees of
their own attorneys and the expenses of their own witnesses.

                  (e)      This agreement to arbitrate shall continue during the
term of employment and thereafter regarding any employment-related disputes.

                  (f)      The Employee and the Employer understand that by
signing this Agreement, they give up their right to a civil trial and their
right to a trial by jury.

         21.      WITHHOLDING. Any payments provided for hereunder shall be paid
net of any applicable withholding required under federal, state or local law and
any additional withholding to which you have agreed.

                                      -9-
<PAGE>

                  EXECUTED on this 23rd day of March, 2001.

EMPLOYER:                                   EMPLOYEE:

PLACER SIERRA BANK

By /s/ Anat Bird                            /s/ Robert C. Haydon
   ----------------------------------       ------------------------------------
   Anat Bird                                Robert C. Haydon

  Chairperson of the Board of Directors

         California Community Bancshares, Inc. ("CCB") hereby ratifies and
confirms the commitments set forth in Paragraph 5(e) of this Agreement with
regard to the assumption of options granted by PCC to Employee pursuant to the
terms of the Assumption Agreement.

                                   CALIFORNIA COMMUNITY BANCSHARES, INC.

                                   By: /s/ Richard W. Decker
                                      -----------------------------------
                                   Richard W. Decker, Jr., Chairman of the Board

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<PAGE>

                                   APPENDIX I

                               PLACER SIERRA BANK
                               REGIONAL PRESIDENT

MISSION:   Partnership for Success

PERSONAL REQUIREMENTS:

         The Placer Sierra Bank Regional President shall:

         1.       Have values, ethics, goals and judgment that match the
                  professional personality and spirit of CCB.

         2.       Be motivated, love to win, and be driven to be successful.

         3.       Be able to maintain balance in life (family, sports, hobbies,
                  etc.)

         4.       Be positive, happy and well adjusted.

         5.       Be able to teach valuable lessons without lecturing during
                  "personal time".

DUTIES AND RESPONSIBILITIES - INSIDE THE OFFICE:

         1.       MENTOR managers and staff in customer service.

         2.       INSTILL "ethics and values" as the "way we do business".

         3.       INTERACT with staff as ombudsman as necessary.

         4.       SERVE as liaison between major customers, management, and
                  staff during origination and ongoing service issues.

DUTIES AND RESPONSIBILITIES - OUTSIDE THE OFFICE:

         1.       Address community businesses and organizations in each market
                  served by the Bank.

         2.       Visit selected large and high profile customers.

         3.       Solicit individuals and businesses for acquisition of their
                  relationships.

         4.       Visit the banking centers and managers on a regular basis.

         5.       Support banking center managers' business acquisition efforts.

         6.       Schedule public speaking opportunities in the Bank's markets.

         7.       Identify and support marketing opportunities and strategies.

         8.       Support the Bank's direction in business development
                  opportunities.

SUMMARY:

         The position of Regional President shall have as its primary focus:
         being "Mr. Placer Sierra Bank" in communities served by the Bank. The
         position's emphasis shall be on promotion of the Bank, facilitation of

<PAGE>

         major customer relationships, mentoring of managers and staff in issues
         of ethics and values, and serving as ombudsman in matters of customer
         and/or employee disputes.

<PAGE>

                                    EXHIBIT A

                                RELEASE AGREEMENT

         This Release Agreement ("Release") was given to me, ROBERT C. HAYDON
("Employee"), this _____day of _________ , _______, by PLACER SIERRA BANK and
its benefit plans, shareholders, parent companies, partnerships, limited
partnerships, limited liability companies and any and all of its other
affiliates, and the directors, officers, employees, agents, insurers,
underwriters, subsidiaries and the predecessors, and the successors and assigns
of each such individuals and entities (the "Bank" or "Employer"). At such time
as this Release becomes effective and enforceable (i.e., the revocation period
discussed below has expired), and assuming such Employee is otherwise eligible
for payments under the terms of that certain Employment Agreement between
Employee and Employer dated __________ __, 2001 (the "Agreement"), Employer
agree to pay Employee pursuant to the terms of the Agreement an amount equal to
$________ (minus customary payroll deductions and any outstanding obligations
owed by the Employee to Employer), and to provide any Vested Benefits and COBRA
Rights, as these terms are defined in the Agreement.

         In consideration of the receipt of the promise to pay such amount,
Employee hereby agrees, for himself or his heirs, executors, administrators,
successors and assigns (hereinafter referred to as the "Releasors"), to fully
release and discharge Employer and its benefit plans, officers, directors,
employees, shareholders, partners, limited partners, parent companies,
partnerships, limited liability companies and any and of its other affiliates,
and the officers, directors, employees, agents, insurers, underwriters,
subsidiaries, affiliates, and the predecessors, successors and assigns, and each
such individual and entity (hereinafter referred to as the "Releasees") from any
and all actions, causes of action, claims, obligations, costs, losses,
liabilities, damages and demands under any federal, state or local law or laws,
or common law, whether or not known, suspected or claimed, which the Releasors
have, or hereafter may have, against the Releasees arising out of or in any way
related to the Agreement, Employee's employment or termination of employment
with Employer.

         It is understood and agreed that this Release extends to all such
claims and/or potential claims, and that Employee, on behalf of the Releasors,
hereby expressly waives all rights with respect to all such claims under
California Civil Code Section 1542, which provides as follows:

                  A general release does not extend to claims which the creditor
                  does not know or suspect to exist in his or her favor at the
                  time of executing the release, which if known by him or her
                  must have materially affected his or her settlement with the
                  debtor.

         It is further understood and AGREED that this Release includes claims
and rights Employee might have under the Age Discrimination in Employment Act
("ADEA"). The Employee's waiver of rights under the ADEA does not extend to
claims or rights that might arise after the date this Release is executed. The
monies to be paid to the Employee in this Release are in addition to any sums to
which he would be entitled without signing this Release. For a period of seven
(7) days following execution of this Release, Employee may revoke the terms of
this Release by a written document received by the Employer on or before the end
of the seven (7)

<PAGE>

day period. The Release will not be final until said revocation period has
expired. No payments will be made under the Agreement if the Employee revokes
this Release.

         Employee executes this Release without reliance on any representation
by any Releasee. Employee acknowledges that he has read and does understand the
provisions of the Release set forth in the preceding paragraph, that he has had
an opportunity to consult with an attorney prior to executing this Release, that
he has had the right to consider entering into this Release for a full
twenty-one (21) days from receipt of this Release, and that in executing this
Release after less than a full twenty-one (21) days of consideration, he is
voluntarily and forever waiving his right to consider it for twenty-one (21)
days prior to executing it, that he affixes his signature hereto voluntarily and
without coercion, and that no promise or inducement has been made other than
those set out in this Release. This document does not constitute, and shall not
be admissible as evidence of, an admission by any Releasee as to any fact or
matter.

         In case any part of this Release is later deemed to be invalid, illegal
or otherwise unenforceable, Employee agrees that the legality and enforceability
of the remaining provisions of this Release will not be affected in any way.

Dated:
        --------------, ---------                      -------------------------
                                                       Robert C. Haydon<PAGE>

                                                                   Exhibit 10.11

                           CHANGE OF CONTROL AGREEMENT

          This Agreement is entered into between Wisconsin Central
Transportation Corporation, a Delaware corporation (the "Company"), and Thomas
F. Power, Jr. ("Executive"), as of the 25th day of January, 2001.

                                    RECITALS

WHEREAS, Executive has been employed as President and Chief Executive Officer of
the Company and has served as a director of the Company, as well as chief
executive officer and a director of subsidiaries that are directly or indirectly
wholly owned by the Company ("Subsidiaries").

WHEREAS, the Company is in the process of negotiating a possible merger of the
Company with a wholly-owned subsidiary of Canadian National Railway Company
("Merger").

WHEREAS, the Company desires to have Executive continue his employment with the
Company during the negotiation process through the date of consummation of the
Merger or any earlier date on which a Change in Control (defined below) occurs
("Closing Date").

WHEREAS, the Company does not currently propose to have Executive remain as an
employee, officer or director of the company resulting from the proposed merger
or any earlier Change in Control.

WHEREAS,  for purposes of this  Agreement the Term "Change in Control" means the
occurrence of one of the  following  events either before the Merger is approved
by the  stockholders of the Company or after the Merger  agreement is terminated
in accordance with its terms:

          (i)  The acquisition by an entity, person or group (including all
               affiliates or associates of such entity, person or group, but
               excluding any person who on the date of this Agreement was the
               beneficial owner of capital stock of the Company entitled to
               exercise 30% or more of the Voting Power (as defined below)) of
               beneficial ownership, as that term is defined in Rule 13d-3 under
               the Securities Exchange Act of 1934, of capital stock of the
               Company, if after such acquisition such entity, person or group
               is entitled to exercise more than 30% of the outstanding voting
               power of all capital stock of the Company entitled to vote in
               elections of directors ("Voting Power");

          (ii) The effective time of (1) a merger or consolidation of the
               Company with one or more other corporations as a result of which
               the holders of the outstanding Voting Power of the Company
               immediately prior to such merger or consolidation (other than the
               surviving or resulting corporation or any affiliate or associate
               thereof) hold less than 50% of the Voting Power of the surviving
               or resulting corporation, or (2) a transfer of 30% of the Voting
               Power, or a substantial portion of the property (at least 50% of

                               Ex. 10.11 - Page 1

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                book value), of the Company other than to an entity of which the
                Company owns at least 50% of the Voting Power; or

          (iii) During any 24-month period, individuals who at the beginning of
                such period constituted the Board of Directors of the Company
                (together with any new directors whose election by the Board of
                Directors or nomination for election by the Company's
                stockholders was approved by a vote of at least a majority of
                the directors who either were directors at the beginning of such
                period or whose election or nomination for election was
                previously so approved) cease for any reason to constitute a
                majority of the Company's Board of Directors.

Notwithstanding the foregoing, a Change in Control shall not be deemed to take
place by virtue of any transaction in which Executive is a participant in a
group effecting an acquisition of the Company if, after such acquisition,
Executive holds an equity interest in the entity that has acquired the Company.

                                    AGREEMENT

Now, therefore, for good and valuable consideration, the receipt of which is
hereby acknowledged by both parties, the Company and Executive agree as follows:

I.        CONTINGENT RIGHTS AND OBLIGATIONS

If the Executive has not resigned prior to the Closing Date, the following
rights and obligations shall exist:

     1.   RESIGNATION. Executive shall resign from all positions and employment
          with the Company and its Subsidiaries effective the Closing Date.

     2.   PAYMENT. In consideration of the agreements and subject to Executive's
          performance of the undertakings set forth in this Agreement, the
          Company, in full and final settlement of all of Executive's stated and
          unstated claims, including any claim for severance, reimbursement of
          vacation or sick pay, incentive compensation under the Company's
          management incentive compensation plan for the year in which the
          Closing Date occurs or otherwise but excluding any claims relating to
          deferred compensation, stock options or phantom stock, agrees to make
          the following payments to Executive:

          (a)  The Company shall pay Executive the amount of earned and
               previously unpaid salary for the period ending on the Closing
               Date in accordance with its customary practice.

          (b)  On the Closing Date, the Company shall make a $2,025,000 cash
               payment to Executive.

          (c)  If federal excise taxes are applicable to the payment described
               in paragraph 2(b), on the Closing Date the Company shall make an
               additional payment to Executive equal

                               Ex. 10.11 - Page 2

<PAGE>

               to the amount required for Executive to have received and
               retained $2,025,000 after payment of (i) the federal excise taxes
               applicable to all payments under this paragraph 2 (including the
               payments under this paragraph 2(c)) and (ii) the federal and
               state income taxes applicable to any additional payment made
               pursuant to this paragraph 2(c), but before payment of the
               federal and state income taxes applicable to the $2,025,000
               payment.

3.   EXPENSE REIMBURSEMENT. The Company will reimburse Executive for business
expenses he incurred on its behalf prior to the Closing Date, subject to
compliance with the Company's existing expense reimbursement policies; provided
that any such request for reimbursement shall be made prior to the date 30 days
following the Closing Date.

4.   WITHHOLDING. All amounts otherwise payable under this Agreement shall be
subject to customary tax withholding and other employment taxes and shall be
subject to such other withholding as may be required in accordance with
applicable law.

5.   BENEFIT PLANS. The Company shall take such steps, whether pursuant or
supplemental to its existing employee benefit plans, to provide to Executive,
from the date of the Closing Date until he attains age 65, the same or
comparable insurance and welfare benefit arrangements in which he currently
participates.

6.   AUTOMOBILE. The Company shall transfer to Executive, without charge, title
to the automobile used by Executive immediately prior to the Closing, free of
any liens.

7.   NON-COMPETITION. For the period beginning on the Closing Date and ending on
the first anniversary of the Closing Date, Executive agrees that he will not
(other than on behalf of one of the Class 1 railroads in the United States or
Canada) directly or indirectly engage in, assist, perform services for,
establish, or have any equity interest (other than ownership of 1% or less of
the outstanding stock of any corporation listed on the New York or American
Stock Exchanges or included in the NASDAQ National Market System) in, whether as
an employee, officer, director, agent, security holder, creditor, consultant or
otherwise, any entity or person which conducts rail operations in the State of
Wisconsin, the Upper Peninsula of Michigan, the Chicago Switching District, the
Minneapolis-St. Paul Switching District, the Province of Ontario, the United
Kingdom, New Zealand, Australia or Jordan. Of the cash payments made pursuant to
this Agreement, $1,200,000 ($400,000 per year) is allocated as payment in
consideration of Executive's agreement not to compete as set forth in this
paragraph.

8.   CONFIDENTIALITY. Executive agrees that he will not, without the prior
written consent of the Company, directly or indirectly disclose to any
individual, corporation or other entity (other than the Company, its
Subsidiaries or Affiliates or their respective officers, directors or employees
entitled to such information) or use for his own or such another's benefit, any
information, whether or not reduced to written or other tangible form, which (a)
is not generally known to the public or in the industry; (b) has been treated by
the Company or any of its Subsidiaries or Affiliates as confidential or
proprietary; and (c) is of competitive advantage to the Company or any of its
Subsidiaries or Affiliates (such information being referred to in this paragraph
as "Confidential Information"). Confidential Information which becomes generally
known to the public without violation of this Agreement shall cease to be
subject to the restrictions of this paragraph.

                               Ex. 10.11 - Page 3

<PAGE>

9.   COVENANTS GENERALLY. The parties agree and acknowledge that the duration,
scope and geographic areas applicable to the covenants set forth in paragraphs 7
and 8 of this Agreement are fair, reasonable and necessary and that adequate
compensation has been received by Executive for these obligations. If, however,
for any reason any court determines that the restrictions in this Agreement are
not reasonable, that the consideration to Executive therefor is inadequate or
that Executive has been prevented from earning a livelihood, such restrictions
shall be deemed without further action by the parties to be interpreted,
modified or rewritten to include as much of the duration, scope and geographic
area of such restrictions as are valid and enforceable.

10.  NON-DISPARAGEMENT.

     a.   Executive agrees that he shall not make any disparaging statements
          about the Company, its Subsidiaries or Affiliates (including any
          successor thereto) or the directors, officers or employees of any of
          them; provided that the provisions of this clause shall not apply to
          truthful testimony as a witness, compliance with other legal
          obligations, or truthful assertion of or defense against any claim of
          breach of this Agreement, or to his truthful statements or disclosures
          to officers or directors of the Company, and shall not require
          Executive to make false statements or disclosures; and provided
          further that, at any period after nine months following the Closing
          Date, he may, in good faith, make fair and truthful comment about the
          Company, its Subsidiaries or Affiliates or the directors, officers or
          employees or any of them with respect to events arising or
          circumstances existing after the Closing Date.

     b.   The Company agrees that neither the directors nor the officers of the
          Company or its Subsidiaries nor any spokesperson for any of them shall
          make any disparaging statements about Executive; provided that the
          provisions of this clause shall not apply to truthful testimony as a
          witness, compliance with other legal obligations, truthful assertion
          of or defense against any claim of breach of this Agreement or
          truthful statements or disclosures to Executive, and shall not require
          false statements or disclosures to be made; and provided further that
          the Company may, in good faith, make fair and truthful comment in
          response to any statements that may be made by Executive pursuant (or
          purportedly pursuant) to the last proviso of paragraph 10(a) of this
          Agreement.

11.  RELEASE. Except for a claim based upon a breach of this Agreement or a
     claim based on the claims specifically excluded in paragraph 2 of this
     Agreement, effective as of the Closing Date Executive shall release the
     Released Parties (as defined below) from any and all claims, suits,
     demands, actions or causes of action of any kind or nature whatsoever,
     whether the underlying facts are known or unknown, which Executive has or
     now claims, or might have or claim, pertaining to or arising out of
     Executive's employment by the Company or his separation therefrom or under
     any local, state or federal common law, statute, regulation or ordinance,
     including without limitation those claims dealing with employment
     discrimination, including without limitation, Title VII of the Civil Rights
     Act of 1964, as amended, 42 U.S.C. Section 2000e ET SEQ., 42 U.S.C.
     Section 1981,Americans with Disabilities Act, the Illinois Human Rights Act
     or claims for breach of contract, for misrepresentation, for defamation,
     for wrongful discharge under the common law of any state, for infliction
     of emotional distress or for any

                               Ex. 10.11 - Page 4

<PAGE>

     other tort under the common law of any state. This release shall run to the
     Company and each of its Subsidiaries and Affiliates, and all predecessors,
     successors and assigns thereof and each of their members, trustees,
     shareholders, partners, principals, members, directors, officers, trustees,
     employees, agents and attorneys, past or present, and all predecessors,
     successors, heirs and assigns thereof (collectively, "Released Parties").
     This release shall also be binding upon Executive and his heirs and
     assigns. In exchange for this general release and waiver hereunder, as of
     the Closing Date Executive shall acknowledge that he has received separate
     consideration beyond that which he is otherwise entitled to under the
     Company's policy or applicable law.

12.  COVENANT NOT TO SUE. To the maximum extent permitted by law, Executive
     covenants not to sue or to institute or cause to be instituted any action
     in any federal, state or local agency or court against the Released Parties
     regarding the matters covered by the release contained in paragraph 11
     above (except to enforce the terms of this Agreement). If Executive
     breaches the terms of the release and covenant not to sue, then the
     Released Parties shall be entitled to recover their costs, including
     reasonable attorneys' fees incurred in defending such action.

13.  SPECIFIC ENFORCEMENT. Executive agrees that any breach by him of paragraphs
     7 through 11 of this Agreement will cause the Company great injury which
     will be difficult, if not impossible, to measure and that such injury will
     be immediate and irreparable for which the Company will have no adequate
     remedy at law. Consequently, Executive agrees that any material breach by
     Executive of the foregoing paragraphs 7 through 11 of this Agreement shall
     entitle the Company to injunctive relief, and shall entitle the Company to
     cancel its obligations under this Agreement, provided that if a material
     breach occurs, the Company shall notify Executive of such breach and
     Executive may, if possible, attempt to cure such material breach. Executive
     agrees that, in the event of a breach by Executive of the foregoing
     provisions of this Agreement the Company would be more harmed by the denial
     of an injunction or other equitable relief than Executive would be harmed
     by the issuance of an injunction or other equitable relief and that the
     public interest would be furthered by the issuance of an injunction or
     other equitable relief to prevent further or additional breach of the
     foregoing provisions of this Agreement.

14.  THIRD PARTY LEGAL PROCEEDINGS. Executive agrees to cooperate, at reasonable
     times and on reasonable notice, with the Company in the truthful and honest
     prosecution or defense of any claim in which the Released Parties may have
     an interest (subject to reasonable limitations concerning time and place),
     which may include without limitation making himself available to
     participate in any proceeding involving any of the Released Parties,
     allowing himself to be interviewed by representatives of the Company,
     appearing for depositions and testimony without requiring a subpoena, and
     producing and providing any documents or names of other persons with
     relevant information.

15.  NO MITIGATION. Executive shall have no obligation to seek or accept
     employment, and any compensation earned or provided to Executive from any
     person or entity other than the Company and its Subsidiaries for the
     performance of such employment or other services shall not reduce or
     otherwise affect the amount due to Executive from the Company in accordance
     with this Agreement, so long as such employment or service does not violate
     Executive's obligations under paragraphs 7 and 8 of this Agreement.

                               Ex. 10.11 - Page 5

<PAGE>

16.  INDEMNIFICATION; INSURANCE. Executive shall continue to be eligible for
     indemnification from the Company with respect to acts or omissions on or
     prior to the Closing Date pursuant to the indemnification provisions of the
     Company's charter and/or bylaws to the same extent as other current or
     former directors and officers of the Company. Executive shall be entitled
     to coverage with respect to acts or omissions on or prior to the Closing
     Date under the directors and officers liability insurance coverage
     maintained by the Company (at the Closing Date and as may be in effect from
     time to time thereafter) to the same extent as other current or former
     officers and directors of the Company.

17.  COMPANY PROPERTY. After the Closing Date, Executive shall return any
     material personal property to the Company or its Subsidiary or Affiliate,
     as the case may be, except that Executive may retain the two Company fax
     machines and laptop computer that he has been using; provided, however,
     that his retention of the laptop computer is subject to his obligations
     under paragraph 8 of this Agreement with respect to any Confidential
     Information contained therein.

II.  MISCELLANEOUS.

18.  INTEREST. If any payment to be made under this Agreement by the Company is
     not paid within 30 days after it has become due, the Company will pay
     interest on such unpaid amount at the Company's then cost of borrowings.

19.  MODIFICATION. No modification of this Agreement shall be valid unless
     signed by the party against whom such modification is sought to be
     enforced.

20.  LEGAL COUNSEL. Executive acknowledges that he has carefully read and fully
     understands the terms and provisions of this Agreement and all of his
     rights and obligations thereunder, has had an opportunity to be represented
     by legal counsel of his choosing prior to executing this Agreement which
     contains a general release and waiver and that his execution of this
     Agreement is voluntary.

21.  NO ADMISSION. Executive agrees that neither this Agreement nor performance
     hereunder constitutes an admission by the Company of any violation of any
     federal, state or local law, regulation, common law, of any breach of any
     contract or any other wrongdoing of any type.

22.  NOTICES. Notices and all other communications provided for in this
     Agreement shall be in writing and shall be delivered personally or sent by
     registered or certified mail, return receipt requested, postage prepaid, or
     sent by facsimile or prepaid overnight courier to the parties at the
     addresses set forth below (or such other addresses as shall be specified by
     the parties by like notice). Such notices, demands, claims and other
     communications shall be deemed given:

a.   in the case of delivery by overnight service with guaranteed next day
delivery, the next day or the day designated for delivery;

                               Ex. 10.11 - Page 6

<PAGE>

b.   in the case of certified or registered U.S. mail, five days after deposit
in the U.S. mail; or

c.   in the case of facsimile, the date upon which the transmitting party
received confirmation of receipt by facsimile, telephone or otherwise;

     provided, however, that in no event shall any such communications be deemed
     to be given later than the date they are actually received. Communications
     that are to be delivered by the U.S. mail or by overnight service are to be
     delivered to the addresses set forth below:

     If to the Company:

          Wisconsin Central Transportation Corporation
          One O'Hare Centre, Suite 9000
          6250 North River Road
          Rosemont, Illinois  60018
          Phone:            847-318-4602
          Facsimile:        847-318-4628

     If to Executive:

          Thomas F. Power, Jr.
          1003 Central Avenue
          Deerfield, Illinois  60015
          Phone:            847-948-0781
          Facsimile:        847-948-1142

     Each party, by written notice furnished to the other party, may modify the
     applicable delivery address, except that notice of change of address shall
     be effective only upon receipt.

23.  ENTIRE AGREEMENT. This instrument constitutes the entire agreement between
     the parties.

24.  SEVERABILITY. If any provision, section, subsection or other portion of
     this Agreement shall be determined by any court of competent jurisdiction
     to be invalid, illegal or unenforceable in whole or in part, and such
     determination shall become final, such provision or portion shall be deemed
     to be severed or limited, but only to the extent required to render the
     remaining provisions and portions of this Agreement enforceable. This
     Agreement as thus amended shall be enforced so as to give effect of the
     intention of the parties insofar as that is possible. In addition, the
     parties hereby expressly empower a court of competent jurisdiction to
     modify any term or provision of this Agreement to the extent necessary to
     comply with existing law and to enforce this Agreement as modified.

25.  GOVERNING LAW. This Agreement shall be construed in accordance with the
     laws of the State of Illinois.

26.  COUNTERPARTS. This Agreement may be signed in multiple counterparts, each
     of which shall be deemed to be an original for all purposes.

                               Ex. 10.11 - Page 7

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                               Ex. 10.11 - Page 8

<PAGE>

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first
above written.

                                       WISCONSIN CENTRAL
                                        TRANSPORTATION CORPORATION

                                       By: /s/ Ronald G. Russ
                                          --------------------------------------
                                       Printed Name:  Ronald G. Russ
                                       Its: Executive Vice President and Chief
                                            Financial Officer

                                       EXECUTIVE

                                       /s/ Thomas F. Power, Jr.
                                       -----------------------------------------
                                       Name:  Thomas F. Power, Jr.

                               Ex. 10.11 - Page 9

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