EXHIBIT 10.11
▇▇▇▇▇▇▇▇ TRUSTCO, INC.,
a New York corporation
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FORM OF ASSIGNMENT OF
EMPLOYMENT AGREEMENT
Pursuant to resolution of the respective Boards of Directors of the
undersigned corporations, ▇▇▇▇▇▇▇▇ Trustco, Inc. ("▇▇▇▇▇▇▇▇") and ▇▇▇▇▇▇▇▇▇▇
Independent Bancshares Corporation ("Letchworth"), and in consideration of value
received, Letchworth does hereby convey, assign and transfer to ▇▇▇▇▇▇▇▇ all of
the rights, benefits, obligations and responsibilities of Letchworth pursuant to
that certain Employment Agreement by and between Letchworth and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇,
its president and chief executive officer, dated as of September 12, 1989 (the
"▇▇▇▇▇▇ Employment Agreement").
▇▇▇▇▇▇▇▇ hereby assumes all of Letchworth's duties and obligations
under, and agrees to be bound by, the terms of the ▇▇▇▇▇▇ Employment Agreement.
This assignment is acknowledged, approved and consented to by each of
the undersigned parties, and all objections to such assignment, whether based on
contractual or other obligations of, and restrictions upon, the parties are
hereby waived.
Dated: ___________________, 1999
"▇▇▇▇▇▇▇▇" "LETCHWORTH"
▇▇▇▇▇▇▇▇ Trustco, Inc. Letchworth Independent Bancshares Corporation
By: ---------------------------- -------------------------------
▇▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇,
Chief Executive Officer Secretary
ACKNOWLEDGED AND CONFIRMED:
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇
