--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 
Exhibit 10.1

Crystal Rock Holdings, Inc.
1050 Buckingham Street
Watertown, CT  06795

December 21, 2012
 
Henry E. Baker
514 Northfield Road
Litchfield, CT  06759

Peter K. Baker
118 Gray Rock Road
Southbury, CT  06488
 
John B. Baker
20 Hardscrabble Road
Warren, CT  06754

Gentlemen,
 
I refer to $13,000,000 in aggregate principal amount of subordinated notes
(“Notes”) of Crystal Rock Holdings, f/k/a Vermont Pure Holdings, Ltd.
(“Company”) payable to the following individuals in the amount set forth
opposite the individual’s name:
 

  Henry E. Baker  $4,600,000   John B.
Baker                                              $4,200,000   Peter K. Baker
$4,200,000

                                            
As you know, the Company is considering payment to each of you of $500,000 to
decrease the principal amount of the Notes.
 
By signing the enclosed extra copy of this letter below and returning it to
Bruce MacDonald, CFO of the Company, please confirm that you (a) consent to this
payment, (b) waive the requirement in the Notes for 30 days’ prior written
notice of prepayments, and (c) waive any objection to the fact that this
payment, if made, will not be made pro-rata among the three holders of the
Notes, but will be paid in equal amounts to each of you.  The Company will rely
on your consent and waivers.
 
This letter may be signed in counterpart copies, and all of the signed copies
will together constitute a single letter.
 
 
 

--------------------------------------------------------------------------------

 

 

  Very truly yours,   CRYSTAL ROCK HOLDINGS, INC.

 

  By: /s/ Martin Dytrych     Martin Dytrych     Chair, Audit Committee

 

The undersigned hereby consent and waive as
set forth above.

/s/ Henry E. Baker
Henry E. Baker
 
Dated:  December 21, 2012
 

/s/ Peter K. Baker
Peter K. Baker
 
Dated:  December 21, 2012
 
/s/ John B. Baker
John B. Baker
 
Dated:  December 12, 2012
 
 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------