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positions which, in the opinion of Eastern, are reasonably comparable to the positions in Colonial, and if such supervisory employees do not wish to accept such positions, they shall have the option above mentioned. It also is agreed that officers of Colonial on the date of the agreement, or any replacement of such officers, will be employed in executive positions for which, in the opinion of Eastern, they are suitable.

The closing date of the agreement shall be mutually agreed upon by Colonial and Eastern in writing, and in the absence of such agreement shall be on the 120th day after the government approval date. In the event the Government approval date shall not occur within one year from the date of the agreement, then the agreement shall terminate without liability to either of the parties.

The agreement has been approved by the stockholders of both companies. Of Colonial's 520,500 outstanding shares, 348,744 were voted on the agreement. Those in favor numbered 341,303 or 65.9% of the total outstanding shares and 98.4% of the voting shares. Eastern at the time it approved the agreement had outstanding 2,488,011 shares of which 1,771,078 were voted. Those in favor of the acquisition totaled 1,764,275 or 70.9% of the outstanding shares and 99.6% of the voting shares.