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Exhibit 10.4

May 20, 2015

Bank of America, N.A.
CityPlace I
185 Asylum Street
Hartford, Connecticut 06103

Henry E. Baker
1050 Buckingham Street
Waterbury, CT 06795
 
           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

Reference is made to the Second Amended and Restated Subordinated Promissory
Note dated April 5, 2005 in the original principal amount of $3,088,889 (the
“Subordinated Note”) made by Crystal Rock Holdings, Inc., formerly known as
Vermont Pure Holdings, Ltd. (“Holdings”), payable to the order of Henry E. Baker
(the “Payee”), which Subordinated Note was collaterally assigned by the Payee to
Bank of America, N.A. (the “Bank”) by the Allonge Endorsement to Second Amended
and Restated Subordinated Promissory Note dated as of April 5, 2005, and (b) the
Amended and Restated Subordination and Pledge Agreement dated as of April 5,
2010 (the “Subordination Agreement”) that is referred to in the Subordinated
Note.  Capitalized terms used herein that are not defined herein have the
meanings given to such terms in the Subordinated Note or the Subordination
Agreement, as applicable.

In connection with the Amended and Restated Credit Agreement, Holdings, the
Payee, and the Bank have agreed, and do hereby agree, that by this agreement the
Subordinated Note is hereby amended by deleting “October 5, 2018” from clause
(iii) of the third paragraph of the Subordinated Note and by substituting
therefor the words “November 20, 2020”.

Except as otherwise expressly provided by this agreement, all of the respective
terms and provisions of the Subordinated Note and the Subordination Agreement
shall remain the same.  The Subordinated Note, as amended hereby, and the
Subordination Agreement shall continue in full force and effect. This agreement
and the Subordinated Note shall be read and construed as one instrument.
 
This agreement is intended to take effect under, and shall be construed
according to and governed by, the internal laws of the State of Connecticut
(without reference to principles of conflicts or choice of law).
 
 
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This agreement may be executed in any number of counterparts, but all such
counterparts shall together constitute but one instrument.  A facsimile or other
electronic transmission of an executed counterpart shall have the same effect as
the original executed counterpart.

 

   Very truly yours,        Crystal Rock Holdings, Inc.    (formerly known as
Vermont Pure Holdings, Ltd.).            By /s/ Peter K. Baker    Name: Peter K.
Baker    Title: Chief Executive Officer

 
 
 

Agreed to:

 /s/ Henry E. Baker
Henry E. Baker

Bank of America, N.A.

By /s/ Donald K. Bates
Name: Donald K. Bates
Title: Senior Vice President

 
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May 20, 2015

Bank of America, N.A.
CityPlace I
185 Asylum Street
Hartford, Connecticut 06103

Henry E. Baker
1050 Buckingham Street
Waterbury, CT 06795
 
           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

Reference is made to (a) the Subordinated Promissory Note dated April 5, 2010 in
the original principal amount of $1,511,111 (the “Subordinated Note”) made by
Crystal Rock Holdings, Inc., formerly known as Vermont Pure Holdings, Ltd.
(“Holdings”) payable to the order of Henry E. Baker (the “Payee”), which
Subordinated Note was collaterally assigned by the Payee to Bank of America,
N.A. (the “Bank”) by the Allonge Endorsement to Subordinated Promissory Note
dated as of April 5, 2010, and (b) the Amended and Restated Subordination and
Pledge Agreement dated as of April 5, 2010 (the “Subordination Agreement”) that
is referred to in the Subordinated Note.  Capitalized terms used herein that are
not defined herein have the meanings given to such terms in the Subordinated
Note or the Subordination Agreement, as applicable.

In connection with the Amended and Restated Credit Agreement, Holdings, the
Payee, and the Bank have agreed, and do hereby agree, that by this agreement the
Subordinated Note is hereby amended by deleting “October 5, 2018” from clause
(iii) of the third paragraph of the Subordinated Note and by substituting
therefor the words “November 20, 2020”.

Except as otherwise expressly provided by this agreement, all of the respective
terms and provisions of the Subordinated Note and the Subordination Agreement
shall remain the same.  The Subordinated Note, as amended hereby, and the
Subordination Agreement shall continue in full force and effect. This agreement
and the Subordinated Note shall be read and construed as one instrument
 
This agreement is intended to take effect under, and shall be construed
according to and governed by, the internal laws of the State of Connecticut
(without reference to principles of conflicts or choice of law).
 
This agreement may be executed in any number of counterparts, but all such
counterparts shall together constitute but one instrument.  A facsimile or other
electronic transmission of an executed counterpart shall have the same effect as
the original executed counterpart.
 
 
 
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  Very truly yours,       Crystal Rock Holdings, Inc.   (formerly known as
Vermont Pure Holdings, Ltd.).           By /s/ Peter K. Baker   Name: Peter K.
Baker   Title: Chief Executive Officer

Agreed to:

 /s/ Henry E. Baker
Henry E. Baker

Bank of America, N.A.

By /s/ Donald K. Bates
Name: Donald K. Bates
Title: Senior Vice President
 
 

 
 
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May  20 , 2015

Bank of America, N.A.
CityPlace 1
185 Asylum Street
Hartford, Connecticut 06103

John B. Baker
1050 Buckingham Street
Waterbury, CT 06795
 
           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

Reference is made to (a) the Second Amended and Restated Subordinated Promissory
Note dated April 5, 2005 in the original principal amount of $4,700,000 (the
“Subordinated Note”) made by Crystal Rock Holdings, Inc., formerly known as
Vermont Pure Holdings, Ltd. (“Holdings”), payable to the order of John B. Baker
(the “Payee”), which Subordinated Note was collaterally assigned by the Payee to
Bank of America, N.A. (the “Bank”) by the Allonge Endorsement to Second Amended
and Restated Subordinated Promissory Note executed by the Payee, which Allonge
Endorsement was dated April 5, 2005, and (b) the Subordination and Pledge
Agreement dated as of April 5, 2005 (the “Subordination Agreement”) that is
referred to in the Subordinated Note.  Capitalized terms used herein that are
not defined herein have the meanings given to such terms in the Subordinated
Note or the Subordination Agreement, as applicable.

In connection with the Amended and Restated Credit Agreement, Holdings, the
Payee, and the Bank have agreed, and do hereby agree, that by this agreement the
Subordinated Note is hereby amended by deleting “October 5, 2018” from clause
(iii) of the third paragraph of the Subordinated Note and by substituting
therefor the words “November 20, 2020”.

Except as otherwise expressly provided by this agreement, all of the respective
terms and provisions of the Subordinated Note and the Subordination Agreement
shall remain the same.  The Subordinated Note, as amended hereby, and the
Subordination Agreement shall continue in full force and effect. This agreement
and the Subordinated Note shall be read and construed as one instrument.
 
 
132

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

 
This agreement is intended to take effect under, and shall be construed
according to and governed by, the internal laws of the State of Connecticut
(without reference to principles of conflicts or choice of law).  This agreement
may be executed in any number of counterparts, but all such counterparts shall
together constitute but one instrument.  A facsimile or other electronic
transmission of an executed counterpart shall have the same effect as the
original executed counterpart.
 

   Very truly yours,        Crystal Rock Holdings, Inc. (formerly known as  
 Vermont Pure Holdings, Ltd.)            By /s/ Peter K. Baker    Name: Peter K.
Baker    Title: Chief Executive Officer

 
 
Agreed to:

 /s/ John B. Baker
John B. Baker

Bank of America, N.A.

By /s/ Donald K. Bakes
Name: Donald K. Bates
Title: Senior Vice President

 
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May 20, 2015

Bank of America, N.A.
CityPlace 1
185 Asylum Street
Hartford, Connecticut 06103

Peter K. Baker
1050 Buckingham Street
Waterbury, CT 06795
 
           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

Reference is made to (a) the Second Amended and Restated Subordinated Promissory
Note dated April 5, 2005 in the original principal amount of $4,700,000 (the
“Subordinated Note”) made by Crystal Rock Holdings, Inc., formerly known as
Vermont Pure Holdings, Ltd. (“Holdings”), payable to the order of Peter K. Baker
(the “Payee”), which Subordinated Note was collaterally assigned by the Payee to
Bank of America, N.A. (the “Bank”) by the Allonge Endorsement to Second Amended
and Restated Subordinated Promissory Note executed by the Payee, which Allonge
Endorsement was dated April 5, 2005, and (b) the Subordination and Pledge
Agreement dated as of April 5, 2005 (the “Subordination Agreement”) that is
referred to in the Subordinated Note.  Capitalized terms used herein that are
not defined herein have the meanings given to such terms in the Subordinated
Note or the Subordination Agreement, as applicable.

In connection with the Amended and Restated Credit Agreement, Holdings, the
Payee, and the Bank have agreed, and do hereby agree, that by this agreement the
Subordinated Note is hereby amended by deleting “October 5, 2018” from clause
(iii) of the third paragraph of the Subordinated Note and by substituting
therefor the words “November 20, 2020”.

Except as otherwise expressly provided by this agreement, all of the respective
terms and provisions of the Subordinated Note and the Subordination Agreement
shall remain the same.  The Subordinated Note, as amended hereby, and the
Subordination Agreement shall continue in full force and effect. This agreement
and the Subordinated Note shall be read and construed as one instrument.
 
 
134

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This agreement is intended to take effect under, and shall be construed
according to and governed by, the internal laws of the State of Connecticut
(without reference to principles of conflicts or choice of law).  This agreement
may be executed in any number of counterparts, but all such counterparts shall
together constitute but one instrument.  A facsimile or other electronic
transmission of an executed counterpart shall have the same effect as the
original executed counterpart.
 
 

   Very truly yours,        Crystal Rock Holdings, Inc. (formerly known as  
 Vermont Pure Holdings, Ltd.)            By /s/ Peter K. Baker    Name: Peter K.
Baker    Title: Chief Executive Officer        

 
Agreed to:

 /s/ Peter K. Baker
Peter K. Baker

Bank of America, N.A.

By /s/ Donald K. Bakes
Name: Donald K. Bates
Title: Senior Vice President
 
 
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