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                                                                 Exhibit 10.1
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                       Executive Stock Purchase Loan Plan
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         On July 28, 1994, Eastern's Board of Trustees approved a program under
which certain senior officers, including each executive officer of Eastern, may
borrow up to $150,000 to purchase shares of Common Stock of Eastern, either on
the open market or by exercise of stock options, pursuant to an unsecured
promissory note bearing interest at the IRS Applicable Federal Short-Term Rate
in effect at the time of the loan, payable on demand after 210-days prior
notice.  Such notes shall be in the form attached hereto and included in this
Exhibit 10.1.

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                             DEMAND PROMISSORY NOTE





$ _________________                                   WESTON, MASSACHUSETTS
                                                      ________, 199__



         FOR VALUE RECEIVED, the undersigned hereby promises to pay to Eastern
Enterprises, or any successor thereof ("Eastern"), or order, on demand as
specified below, at the principal offices of Eastern at Weston, Massachusetts,
or at such other place as the holder may designate, the principal amount of 
$ __________________________, with interest on the unpaid principal balance
from the date hereof until this note is paid in full, and interest on any past
due interest payments from the due date thereof until paid, at a rate of
_______ % per annum.  Interest shall be payable on the date on which the
principal amount is due and, in addition, shall be payable in arrears on the
15th day (or, if such day is not a business day, on the next business day
following such 15th day) of each January, April, July and October prior to the
principal amount becoming due.

         The undersigned may prepay all or any portion of the principal balance
of this note at any time, without premium or penalty, provided that any
prepayment of all principal shall be accompanied by payment of all accrued
interest.

         The unpaid principal balance, along with accrued interest, shall be
due and payable on the 210th day following the date on which written demand
therefor is given to the undersigned (or, if such day is not a business day, on
the next business day following such 210th day).  Such demand shall be deemed
given when any written demand for payment hereunder is delivered by hand or is
sent via registered or certified mail, return receipt requested, postage
prepaid, by the holder to the undersigned at the address set forth under his or
her signature below, or to such other address as the undersigned may specify
for such purpose in writing to the holder.  Except to the extent expressly
provided in the foregoing sentence, the undersigned hereby waives presentment
for payment, demand, notice of dishonor, protest, notice of protest and all
other demands and notices in connection with the delivery, performance or
enforcement of this note.

         In the event that the undersigned fails to pay when due any amount
hereunder or any other obligation to the holder with respect to borrowed money
or the extension of credit, or fails to generally pay his or her debts as they
become due, or upon the insolvency of the undersigned, appointment of a
custodian of any part of the property of the undersigned, assignment for the
benefit of creditors by the undersigned, or the commencement of any proceeding
under any bankruptcy or insolvency laws by or against the undersigned (which,
in the case of a proceeding 

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commenced against the undersigned, is not dismissed within 90 days), the unpaid
principal balance, along with accrued interest, may, at the option of the
holder, be declared immediately due and payable.

         The undersigned will pay on demand all costs of collection and
attorneys' fees paid or incurred by the holder hereof in enforcing the
obligations of the undersigned hereunder.

         As used herein, the term "holder" shall mean the payee or any endorsee
or assignee of this note.

         This note shall have the effect of an instrument executed under seal
and shall be governed by and construed and enforceable in accordance with the
laws of the Commonwealth of Massachusetts, without regard to principles of
conflict of laws.



Attest: __________________________          ______________________________
                                                 (Signature)


                                                  ________________________
                                                  (Address)
                                                  ________________________

                                                  ________________________





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