Document:

EX-10.7

 Exhibit 10.7 
 BELMONT SAVINGS BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 ARTICLE I 
 Name and Purpose 
 1.1 This instrument and the supplemental retirement plan
embodied herein, as from time to time amended, shall be known as the “Belmont Savings Bank Supplemental Executive Retirement Plan.” 
 1.2 The Plan is established and maintained for the purpose of providing retirement benefits described in Article III to eligible executive employees of the Bank, MHC and/or Bancorp. 

1.3 For purposes of ERISA, the Plan is intended to be unfunded, and maintained by the Company primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 
 ARTICLE II 
 Definitions 

2.1 “Annual Benefit Amount” means a gross amount equal to the product of the Participant’s Final Average Compensation
multiplied by the Participant’s Benefit Percentage. 
 2.2 “Applicable Appendix” means, with respect to each
Participant, the appendix to this Plan in which such Participant is identified by name and date of hire. Each such appendix, as amended from time to time, is incorporated in its entirety into this Plan by reference and made a part hereof.

 2.3 “Bancorp” means BSB Bancorp., Inc., with its principal administrative office also located at Two Leonard
Street, Belmont, MA 02478. 
 2.4 “Benefit Percentage” means, with respect to each Participant, the percentage
determined in accordance with such Participant’s Applicable Appendix. 
 2.5 “Board” means the Bank’s Board
of Directors, provided, however that for purposes of any action required or permitted by the Board of Directors for purposes of this Plan, the Board shall act without participation by the Participant if the Participant is then a member of the Board.

 2.6 “Cause” means any one or more of the following: (i) the commission by the Participant of any crime
involving deceit, dishonesty or fraud with regard to the Bank or its business, or moral turpitude of such a nature as would adversely affect the reputation of the Bank; (ii) the commission by the Participant of a material act or acts of
dishonesty in connection with the performance of the Participant’s duties to the Bank including, without limitation, misappropriation of funds or property; (iii) an act or acts of misconduct (including sexual

  
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harassment) by the Participant; (iv) failure by the Participant to perform to the reasonable satisfaction of the Board a substantial portion of the duties and responsibilities assigned to
the Participant, which failure continues for more than fifteen (15) days after notice is given to the Participant by the Board; or (v) the suspension or termination of the employment of the Participant pursuant to an order by any federal
or state regulatory agency having jurisdiction over the Bank. 
 2.7 “Code” means the Internal Revenue Code of 1986,
as amended. 
 2.8 “Date of Hire” means, with respect to the Participant, the date specified on such
Participant’s Applicable Appendix. 
 2.9 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 2.10 “Final Average Compensation” means the average of the Participant’s annual gross base salary
(prior to any elective salary reduction contributions to any pre-tax benefit arrangement, e.g., a Code Section 401(k), Code Section 125 or Code Section 132 plan) during the three
consecutive calendar year period during which the Participant’s compensation from the Bank was highest during the final sixty (60) month period of the Participant’s employment with the Bank. 

2.11 “Good Reason” shall mean: (i) a material diminution in the Participant’s base salary other than in connection
with a reduction in compensation of comparable magnitude, as a percentage matter, affecting all or substantially all executive employees of the Bank; (ii) a material diminution in the Participant’s authority, duties, or responsibilities;
(iii) a material diminution in the authority, duties or responsibilities of position to which the Participant is to report; (iv) a material diminution in the budget over which the Participant retains authority; (v) a material change
in the geographic location at which the Participant must perform the Participant’s duties; or (iv) any other action or inaction that constitutes a material breach by the Bank of any agreement under which the Participant provides services,
including this Plan; provided that for a termination to be deemed for Good Reason the Participant must give, within the 90-day period commencing on the initial existence of the condition(s) constituting (or
allegedly constituting) Good Reason, written notice of the intention to terminate for Good Reason, and, upon receipt of such notice, the Bank shall have a thirty (30) day period within which to cure such condition(s); and provided further that
the Bank may waive such right to notice and opportunity to cure. In no event may facts or circumstances constituting “Good Reason” arise after the occurrence of facts or circumstances that the Bank relies upon, in whole or in material
part, in terminating the Participant for Cause. In no event shall the separation from service, replacement or promotion of any employee other than the Participant, per se, constitute “Good Reason.” 

2.12 “MHC” means BSB Bancorp, MHC, a mutual holding company, with its principal administrative office at Two Leonard Street,
Belmont, MA 02478. 
 2.13 “Normal Distribution Form” means a distribution in ten (10) annual installments, each
such installment equal to the Annual Benefit Amount, the initial installment of which is to 

  
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be distributed within sixty (60) days after the later to occur of (i) the date the Participant Separates from Service with the Bank and (ii) the Participant’s Normal
Retirement Date, and the subsequent installments shall be distributed on the first through ninth anniversary of such initial installment. For purposes of Code Section 409A, all such installments shall be treated as a single payment. 

2.14 “Normal Retirement Date” means the date the Participant attains age sixty-two
(62). 
 2.15 “Participant” means each employee of the Bank, Bancorp or MHC who (i) is designated by the Board as
a participant in the Plan in accordance with Article III of the Plan, (ii) is named in an appendix to the Plan, and (iii) executes a participation instrument in accordance with Section 3.2. 

2.16 “Plan” means the deferred compensation arrangement set forth in this instrument, as amended from time to time. 

2.17 “Plan Year” means the twelve (12) month period ending December 31. 

2.18 “Separation from Service” means a change in the Participant’s service relationship with the Bank, whether or not
initiated by the Bank, such that the Bank reasonably determines, based on the facts and circumstances available as at such determination date, that no further services will be performed by the Participant for the Bank after a certain date (the
“Separation Date”) or that the level of bona fide services the Participant will perform after such Separation Date (whether as an employee, independent contractor or other service provider) will decrease permanently to no more than twenty
percent (20%) of the average level of bona fide services performed (whether as an employee, independent contractor or other service provider) over the preceding thirty-six (36) month period
immediately preceding such Separation Date. The Participant will be presumed to have separated from service where the level of bona fide services performed continues at a level that is more than twenty percent (20%) but less than fifty percent
(50%) of the average level of service performed by the Participant during the thirty-six (36) month period immediately preceding the Separation Date. 

2.19 “Year of Service” means each period of twelve (12) consecutive months that (i) commences either on the
Participant’s Date of Hire or any anniversary thereof and (ii) ends on or prior to the Participant’s Separation from Service. 
 ARTICLE III 
 Participation 

3.1 Designation by Board. Participation in the Plan shall be limited to such management or highly compensated employees of the
Bank, Bancorp or MHC, as the Board may designate from time to time, in its discretion. 
 3.2 Term of Participation. An
individual designated by the Board to participate in the Plan in accordance with Section 3.1 shall become a Participant upon executing a written instrument of participation in such form as the Bank approves (which may be in the form set forth
as Appendix B to the Plan), and the effective date of such participation shall be the date of 

  
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Board action designating such individual as a participant in the Plan unless otherwise provided by the Board. A Participant’s participation in the Plan shall end upon the first to occur of
(i) the distribution of 100% of the Participant’s benefit, (ii) the Participant’s Separation from Service with a Benefit Percentage of less than ten percent (10%), (iii) the Participant’s Separation from Service for
Cause, (iv) the termination of the Plan and (v) the amendment of the Plan to render the Participant ineligible to participate, subject to Article VIII. 
 ARTICLE IV 
 Eligibility for Benefit 

4.1 Separation from Service. In no event shall any benefit be payable under the Plan to a Participant prior to such
Participant’s Separation from Service, provided, however, that nothing herein shall prevent a distribution required in connection with the Plan’s termination, in whole or in part, or as otherwise required by applicable law. 

4.2 Minimum Required Benefit Percentage; Forfeiture. In no event shall any benefit be payable under this Plan if either
(i) the Participant’s Benefit Percentage is less than ten percent (10%) at Separation from Service, or (ii) the Participant Separates from Service due to termination for Cause or resignation under circumstances that the Board
determines to constitute Cause. 
 ARTICLE V 
 Payment of Benefit 
 5.1 Time and Form of Benefit. A Participant who
Separates from Service for reasons other than Cause and whose Benefit Percentage is greater than zero percent (0%) shall be entitled to a benefit to be distributed in the Normal Distribution Form, such distribution to commence within sixty
(60) days after the later to occur of (i) the date the Participant separates from service with the Bank and (ii) the Participant’s Normal Retirement Date. 
 5.2 Death. In the event that the Participant whose Benefit Percentage is greater than zero percent (0%) dies prior to Separation from Service, the Participant’s benefit shall be distributed in
the Normal Distribution Form commencing on the date the Participant would have attained age sixty-two (62) if the Participant had survived (or, if later, within thirty (30) days after the
Participant’s date of death), such benefit to be distributed to the Participant’s surviving designated beneficiary or, in the absence thereof, to the Participant’s estate. In the event that the Participant dies after Separation from
Service but prior to distribution in full of the Participant’s benefit, the undistributed payment(s) shall be paid to the Participant’s designated beneficiary or, in the absence of a surviving designated beneficiary (including due to the
death of a designated beneficiary prior to payment of the final payment), to the Participant’s estate. 
 ARTICLE VI

 Claims Procedure. 
 6.1 In the event the Participant or the Participant’s beneficiary in the case of the Participant’s death or their authorized representative (hereinafter, the “Claimant”) asserts a
right to a benefit under this Plan which has not been received, in whole or in part, the Claimant must file with the Bank a claim for such benefit on forms provided by the Bank. The Bank shall

  
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render its decision on the claim within ninety (90) days after receipt of the claim. If special circumstances apply, the ninety (90) day period may be extended by an additional ninety
(90) days, provided written notice of the extension is given to the Claimant during the initial ninety (90) day period and such notice indicates the special circumstances requiring an extension of time and the date by which the Bank
expects to render its decision on the claim. If the Bank wholly or partially denies the claim, the Bank shall provide written notice to the Claimant. 
 6.2 For purposes of ERISA, including ERISA Section 501 et seq., the Bank, acting through the Board, shall be the Plan administrator with respect to this Plan. As Plan administrator, the Bank
shall have complete authority, in its sole and absolute discretion, to interpret the provisions of this Plan and make determinations regarding eligibility. Without limiting the foregoing, it is the Bank’s intent that the Plan be administered in
a manner compliant with the provisions of Section 409A of the Code, and regulations and rulings issued thereunder so as not to subject the benefits accruing hereunder to taxation pursuant to said Section 409A(a)(1). 

ARTICLE VII 

Funding 

7.1 General Obligation of the Bank. The benefits provided under the Plan constitute a mere promise by the Bank to make payments in
the future, and the rights of the Participant hereunder shall be those of a general unsecured creditor of the Bank. Nothing contained herein shall be construed to create a trust of any kind or to render the Bank a fiduciary with respect to the
Participant. The Bank shall not be required to maintain any fund or segregate any amount or in any other way currently fund the future payment of any benefit provided under the Plan, and nothing contained herein shall be construed to give the
Participant or any other person any right to any specific assets of the Bank or of any other person. This Plan is intended to be, and shall in all events be construed and treated as, a deferred compensation arrangement for a “select group of
management and highly compensated employees,” within the meaning of Title I of ERISA. 
 7.2 Use of Trust, Insurance
Policies, Etc. Notwithstanding the foregoing, the Bank may, in its sole and absolute discretion, establish a trust to which funds earmarked for payment under this Plan may be transferred and from which benefits arising hereunder, and subject to
the provisions and limitations hereof, may be paid. Any such trust would contain provisions making it irrevocable by the Bank unless and until all benefits hereunder which are funded through such trust have been paid or provided for, except in the
case of bankruptcy or insolvency of the Bank, in which event benefit payments from the trust would cease and assets thereof would revert to the Bank or be paid to its creditors. The Bank may, for its corporate purposes, choose to obtain a policy or
policies of life insurance on the Participant. The Participant agrees to fully cooperate in connection with the securing of any such policy or policies or the election of any options thereunder which the Bank may wish and that the Participant will
be available for medical examinations if necessary. 

  
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 ARTICLE VIII 
 Amendment and Termination 
 8.1 Amendment. The Board shall have the
right to amend, alter or modify the Plan at any time and from time to time, in whole or in part; provided, however, that to the extent that any amendment, alteration or modification reduces the amount of any benefit to which a Participant would have
a vested entitlement if the Participant resigned without Good Reason immediately prior to the effective date of such amendment, or changes the form in which such benefit is to be distributed, such amendment shall become effective without the consent
of such affected Participant(s). 
 8.2 Termination. The Board shall have the right, in its sole discretion, to terminate
the Plan, in whole or in part, at any time; provide, however that no such action shall reduce the amount to which a Participant would have a vested entitlement if the Participant resigned without Good Reason immediately prior to the effective date
of such amendment. 
 ARTICLE IX 
 Miscellaneous 
 9.1 Provision for Incapacity. If the Board
reasonably deems any individual incapable of receiving benefits by reason of illness, infirmity or incapacity of any kind, the Bank may make payment of such benefits to any one or more persons or representatives as provided in a written direction
received from the affected individual while competent and, in the absence of any such written direction, to such individual(s) as the Board designates and shall fully discharge the Bank from all obligations liability under this Plan. 

9.2 Non-assignable Rights. Except as otherwise provided by the Plan, neither the
Participant nor the Participant’s surviving spouse shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive any payments hereunder, which payments and the right thereto are expressly declared to be non-assignable and non-transferable. 
 9.3
Independence of Plan. The benefits payable under the Plan shall be independent of, and in addition to, any employment agreement that may exist from time to time between the parties hereto, or any compensation payable by the Bank to the
Participant other than supplemental retirement benefits, whether as salary, bonus or otherwise. 
 9.4 At-Will Status. Notwithstanding any provision of this Plan, the Participant is employed at-will, so that the Participant or the Bank may terminate the Participant’s
employment at any time, with or without notice, for any or no reason. 
 9.5 Conditions of Benefits; Effect on the
Participant’s Post-Employment Obligations. In the event that the Participant becomes entitled to a benefit distribution in connection with a involuntary termination prior to attainment of the Participant’s maximum Benefit Percentage,
then the Participant shall be eligible to receive the benefits provided under this Plan, only if the Participant executes a general release, in a form acceptable to the Bank, within fifty (50) days (or such longer period as may be required by
applicable law including, without limitation, the Age Discrimination in Employment Act) of the date of the termination of the Participant’s employment. 

  
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 9.6 Taxes. All payments and benefits described in this Plan shall be subject to any
and all applicable federal, state and local income, employment and other taxes, and the Bank will deduct from each payment to be made to the Participant under this Plan such amounts, if any, required to be deducted or withheld under applicable law.
The Participant hereby acknowledges and agrees that the Bank makes no representations or warranties regarding the tax treatment or tax consequences of any compensation, benefits or other payments under the Plan, or under any statute, or regulation
or guidance thereunder, or under any successor statute, regulation and guidance thereunder. 
 9.7 Code
Section 409A. It is the intent of the parties that this Plan, and all payments of deferred compensation subject to Code Section 409A made hereunder, shall be in compliance with such requirements and the regulations and other guidance
thereunder. Notwithstanding any other provision with respect to the timing of payments under this Plan, if, at the time of the Participant’s separation from service, the Participant is a “specified employee” (meaning a key employee as
defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Bank (or a Bank affiliate), then to the extent necessary to comply with the requirements of Code Section 409A, any payments to which the Participant is
entitled under this Plan during the six month period commencing on the Participant’s separation from service which are subject to Code Section 409A (and not otherwise exempt from its application including, without limitation, by operation
of Treasury Regulation section 1.409A-1(n)) will be withheld until the first business day of the seventh month following the Participant’s separation from service, at which time such withheld amount shall be paid in a lump-sum distribution. 
 9.8 Limitation on Benefits. In no event shall the Bank be
obligated to make any payment pursuant to this Plan that is prohibited by Section 18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. sec. 1828(k)), 12 C.F.R. Part 359, or any other applicable law. It is the intention of the
Participant and of the Bank that no payments by the Bank to or for the benefit of the Participant under this Plan or any other agreement or plan pursuant to which Participant is entitled to receive payments or benefits shall be non-deductible to the Bank by reason of the operation of Code Section 280G relating to parachute payments. If all, or any portion, of the payments provided under this Plan, either alone or together with other
payments and benefits which the Participant receives or is entitled to receive from the Bank, would constitute a “parachute payment” within the meaning of Code Section 280G, the payments and benefits provided under this Plan shall be
reduced to the extent necessary so that no portion thereof shall fail to be tax-deductible by operation of Code Section 280G (such reduced amount being referred to hereinafter as the “280G Maximum
Amount”). To the extent that payments exceeding the 280G Maximum Amount have been made to or for the benefit of the Participant, such excess payments shall be refunded to the Bank with interest thereon at the applicable federal rate determined
under Code Section 1274(d), compounded annually. 
 9.9 Assumption of Obligation. No sale, merger, consolidation or
conversion of the Bank shall take place unless the new or surviving entity expressly acknowledges the obligations under this Plan and agrees to abide by its terms. 
 9.10 Governing Law. The Plan shall be construed under and governed by the laws of the Commonwealth of Massachusetts except to the extent pre-empted by ERISA.

  
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 EXECUTED under seal as of the day and year first above written, by the Bank’s duly
authorized representative. 
  

			
	BELMONT SAVINGS BANK
		
	By:	 	/s/ Robert Morrissey
	
	(duly authorized)

  
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 BELMONT SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 APPENDIX A-1 
 Except as otherwise defined in this Appendix, the terms used herein
shall have the meaning(s) ascribed to them in the Belmont Savings Bank Supplemental Executive Retirement Plan (“Plan”), to which this Appendix, as amended from time to time, is appended and into which this Appendix is incorporated by
reference. 
 Participant’s Benefit Percentage: 20% of Participant’s Final Average Compensation (as defined in
the Plan), multiplied by the Participant’s Vested Percentage, as set forth herein: 
  

							
	Participant Name	 	Date of Hire	 	Years of Service	 	Vested Percentage
	Robert M. Mahoney	 	May 12, 2010	 	0-4	 	0%
		 		 	5 or more	 	100%

 Notwithstanding the foregoing, if prior to the completion of five (5) Years of Service, the Participant either is
terminated by the Bank without Cause or resigns for Good Reason, the Participant’s “Benefit Percentage” shall be multiplied by the following: 
  

					
	Years of Service	  	Vested Percentage	 
	 Less than 1
	  	 	20	% 
	 1
	  	 	40	% 
	 2
	  	 	60	% 
	 3
	  	 	80	% 
	 4
	  	 	100	% 

  
 A-1

 BELMONT SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 APPENDIX A-2 
 Except as otherwise defined in this Appendix, the terms used herein
shall have the meaning(s) ascribed to them in the Belmont Savings Bank Supplemental Executive Retirement Plan (“Plan”), to which this Appendix, as amended from time to time, is appended and into which this Appendix is incorporated by
reference. 
 Participant’s Benefit Percentage: 20% of Participant’s Final Average Compensation (as defined in the Plan),
multiplied by the Participant’s Vested Percentage, as set forth herein: 
  

							
	Participant Name	 	Date of Hire	 	Years of Service	 	Vested Percentage
	Hal Tovin	 	July 12, 2010	 	5-9	 	50%
		 		 	10 or more	 	100%

 Notwithstanding the foregoing, if prior to the completion of ten (10) Years of Service, the Participant either is
terminated by the Bank without Cause or resigns for Good Reason, the Participant’s “Benefit Percentage” shall be multiplied by the following: 
  

					
	Years of Service	  	Vested Percentage	 
	 5
	  	 	60	% 
	 6
	  	 	70	% 
	 7
	  	 	80	% 
	 8
	  	 	90	% 
	 9
	  	 	100	% 

  
 A-2

 BELMONT SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 APPENDIX A-3 
 Except as otherwise defined in this Appendix, the terms used herein
shall have the meaning(s) ascribed to them in the Belmont Savings Bank Supplemental Executive Retirement Plan (“Plan”), to which this Appendix, as amended from time to time, is appended and into which this Appendix is incorporated by
reference. 
 Participant’s Benefit Percentage: 20% of Participant’s Final Average Compensation (as defined in the Plan),
multiplied by the Participant’s Vested Percentage, as set forth herein: 
  

							
	Participant Name	 	Date of Hire	 	Years of Service	 	Vested Percentage
	Christopher Downs	 	July 6, 2010	 	5-9	 	50%
		 		 	10 or more	 	100%

 Notwithstanding the foregoing, if prior to the completion of ten (10) Years of Service, the Participant either is
terminated by the Bank without Cause or resigns for Good Reason, the Participant’s “Benefit Percentage” shall be multiplied by the following: 
  

					
	Years of Service	  	Vested Percentage	 
	 5
	  	 	60	% 
	 6
	  	 	70	% 
	 7
	  	 	80	% 
	 8
	  	 	90	% 
	 9
	  	 	100	% 

  
 A-3

 BELMONT SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 APPENDIX A-4 
 Except as otherwise defined in this Appendix, the terms used herein
shall have the meaning(s) ascribed to them in the Belmont Savings Bank Supplemental Executive Retirement Plan (“Plan”), to which this Appendix, as amended from time to time, is appended and into which this Appendix is incorporated by
reference. 
 Participant’s Benefit Percentage: 20% of Participant’s Final Average Compensation (as defined in the Plan),
multiplied by the Participant’s Vested Percentage, as set forth herein: 
  

									
	 Participant Name
	  	Date of Hire	  	Years of Service	  	Vested Percentage	 
	 Carroll M. Lowenstein, Jr.
	  	September 15, 2010	  	5-9	  	 	50	% 
		  		  	10 or more	  	 	100	% 

 Notwithstanding the foregoing, if prior to the completion of ten (10) Years of Service, the Participant either is
terminated by the Bank without Cause or resigns for Good Reason, the Participant’s “Benefit Percentage” shall be multiplied by the following: 
  

						
	Years of Service	  	Vested Percentage
	 5
	  	 	 	60	%
	 6
	  	 	 	70	%
	 7
	  	 	 	80	%
	 8
	  	 	 	90	%
	 9
	  	 	 	100	%

  
 A-4Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) dated as of March 14, 2018 (the “Effective Date”), is by and between
CRYSTAL ROCK HOLDINGS, INC., a Delaware corporation (together with any subsidiaries, the “Company”), and DAVID JURASEK
(the “Executive”). The Company and the Executive agree as follows:

 

1.       Employment.

 

1.1       General.
The Company shall employ the Executive, and the Executive accepts employment, as Chief Financial Officer (“CFO”) of
the Company, upon the terms and conditions described herein. The Executive’s employment hereunder will commence under this
Agreement on the Effective Date and will continue for the Employment Term (as defined in Section 2.1 hereof) unless terminated
sooner as herein provided. During the Employment Term, the Executive shall devote all of his business time, attention and skills
to the business and affairs of the Company, and will not undertake any commitments that would interfere with or impair his performance
of his duties and responsibilities. Without limiting the generality of the foregoing, the Executive understands and agrees that
he is subject to all of the terms and conditions of (i) the Company’s Code of Ethics as adopted by the Board of Directors
on March 28, 2011 (“Code of Ethics”) and (ii) the Company’s Supplemental Conflict of Interest Policy for Director
and Officers adopted June 23, 2016 (“Supplemental Policy”) including without limitation Section III.D. thereof,
and the Executive represents and warrants hereby that he has made to the Company all of the disclosures required to be made pursuant
to either the Code of Ethics or the Supplemental Policy. The Company acknowledges that as of the date of the execution of this
Agreement, it has no knowledge of the Executive having violated any of the provisions of either the Code of Ethics or the Supplemental
Policy.

 

1.2       Duties.
The Executive shall at all times render his services at the direction of the Board of Directors (the “Board of Directors”)
and the Chief Executive Officer of the Company, and shall report primarily to the Chief Executive Officer. His duties generally
will include those required for the day-to-day and long-term planning, development, operation and advancement of the financial
administration of the Company and its affiliates. Subject to Section 3.8 below, the Company may assign to the Executive such other
executive and financial administrative duties for the Company or any affiliate of the Company as may be determined by the Board
of Directors, consistent with the Executive’s status as CFO. The Executive agrees to diligently use his best efforts to promote
and further the reputation and good name of the Company and perform his services well and faithfully.

 

2.       Term, Renewal and Termination.

 

2.1       Term;
Renewal. Subject to Section 2.2, the Executive’s employment by the Company pursuant to this Agreement shall begin on
the Effective Date and end at 11:59 p.m., East Coast time, on December 31, 2019; provided, however, that the term of employment
shall be extended for periods of one year commencing on January 1, 2020 and on each subsequent January 1 thereafter if the Executive,
after June 30 and on or before September 15 of the then current term, gives written notice to the Company (with a copy to the Chair
of the Compensation Committee of the Board of Directors) of his desire to extend his employment and the Company agrees by written
notice to the Executive, on or before September 30 of the then current term of employment, to so extend the term of employment.
The last day of such term, as so extended from time to time, is herein referred to as the “Expiration Date” and the
period beginning on the Effective Date and ending on the Expiration Date is herein referred to as the “Employment Term.”

 

    27

    

    

 

2.2       Early
Termination. Notwithstanding anything to the contrary contained in this Agreement, the Executive’s employment may be
terminated prior to the end of the Employment Term only as set forth in this Section.

 

2.2.1       Termination
Upon Resignation or Death of Executive. The Executive’s employment shall terminate upon the resignation or death of the
Executive. In case of termination pursuant to this Section 2.2.1, the Company shall pay to the Executive (or, in case of his death,
to his estate or his beneficiary designated in writing), the base salary earned by the Executive pursuant to Section 3, prorated
through the date of resignation or death.

 

2.2.2       Termination
Upon Disability of Executive. The Executive’s employment shall terminate by reason of the disability of the Executive.
For this purpose, “disability” shall mean the Executive’s inability, by reason of accident, illness or other
physical or mental disability (determined in good faith by the Board of Directors with the advice of a qualified and independent
physician), to perform satisfactorily the duties required by his employment hereunder for any consecutive period of 120 calendar
days. In case of termination pursuant to this Section 2.2.2, the Executive shall continue to receive his base salary prorated through
the time of such termination, less any amount the Executive receives during such period from any Company sponsored or Company paid
source of insurance, disability compensation or government program.

 

2.2.3       Termination
Upon Mutual Consent. The Executive’s employment may be terminated by the mutual consent of the Company and the Executive
on such terms as they may agree.

 

2.2.4       Termination
For Cause. The Executive’s employment shall terminate immediately on notice to the Executive upon a good faith finding
of the Board of Directors that the Executive has (i) willfully or repeatedly failed in any material respect to perform his duties
in accordance with the provisions of this Agreement following 30 days’ prior written notice to the Executive and failure
of the Executive to cure such deficiency, (ii) committed a breach of any provision of Section 4 hereof, (iii) misappropriated assets
or perpetrated fraud against the Company, (iv) been convicted of a crime which constitutes a felony, or (v) been engaged in the
illegal use of controlled or habit forming substances. The preceding clauses (i)–(v) shall constitute “Cause”
for termination of the Executive hereunder. In the event of termination for Cause pursuant to this Section 2.2.4, the Company shall
pay the Executive his base salary prorated through the date of termination.

 

    28

    

    

 

Notwithstanding any other provision of
this Agreement, the Executive shall not be terminated for Cause unless and until the Executive has had an opportunity to appear
before the Board of Directors to hear and respond to the allegations of Cause for his termination.

 

2.2.5       Termination
by Company Without Cause. The Company may terminate the Executive’s employment at any time and for any reason, without
Cause, upon written notice to the Executive. Termination of employment on the Expiration Date by reason of non- renewal as provided
in the first sentence of Section 2.1 shall not be considered a termination of employment without Cause.

 

In the event of termination pursuant to
this Section 2.2.5, the Company shall, subject to Section 2.2.7, pay or provide to the Executive or the Executive’s estate
should the Executive’s death occur after the termination date and before all payments have been made under this Section 2.2.5
the following termination benefits: (i) an amount (the “Payout Amount”) equal to the Executive’s annual base
salary as of the termination date, payable as follows: 50% of the Payout Amount on the six-month anniversary of the termination
date, followed by 8.3333% of the Payout Amount each month for six additional months in equal regular monthly installments, in each
case less income taxes and other applicable withholdings, and (ii) the Executive’s “Fringe Benefits” (as defined
in the following sentence) for 12 months (or, in the case of COBRA continuation benefits as described in the following paragraph,
such longer period of time as such benefits continue in accordance with COBRA).

 

“Fringe Benefits” are the benefits
described in this paragraph. The obligation of the Company to provide Fringe Benefits following any termination that is or is deemed
to be without Cause shall mean that the Executive’s participation (including dependent coverage) in the life and health insurance
plans of the Company in effect immediately prior to the termination shall be continued, or substantially equivalent benefits provided,
by the Company, at a cost to the Executive no greater than his cost at the date of such termination, for the period in which the
Company shall be obligated to pay the Payout Amount (but not more than 12 months). Notwithstanding the foregoing, if the Company
shall be unable to provide for the continuation of an insurance benefit (such as life or health insurance) because such benefit
was provided pursuant to an insurance policy that does not provide for the extension of such insurance benefit following termination
of the employment of the Executive, then the Executive may purchase insurance providing such insurance benefit and, whether or
not the Executive so elects to purchase insurance, the Company’s only obligation with respect to such insurance benefit shall
be to reimburse the Executive for his premium costs, up to a maximum aggregate amount for all policies of insurance purchased by
the Executive pursuant to this sentence of $15,000 per annum, prorated for partial years. If the Company is obligated pursuant
to the so-called “COBRA” law to offer the Executive the opportunity for a temporary extension of health coverage (“continuation
coverage”), then the Executive shall elect continuation coverage, and the premium cost of such coverage shall be borne by
the Company and the Executive as provided in the first sentence of this paragraph. Continuation coverage provided pursuant to COBRA
shall terminate in accordance with COBRA. To the extent that any benefit required to be provided to the Executive by the Company
by reason of a termination for Cause shall be provided to the Executive by any successor employer, the Company’s obligation
to provide that benefit to the Executive shall be correspondingly offset or shall cease, as the case may be. Except as expressly
required by COBRA, in no event shall the Company have any obligation to provide Fringe Benefits after the expiration of the 12-month
period provided in this Section 2.2.5. The Executive shall not be entitled to any other expense or benefit following the termination
of his employment for any reason.

 

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2.2.6       Termination
in Connection with Change of Control. If the employment of the Executive terminates for any reason, including termination by
the Executive, within 30 days following the end of the “Retention Period” (as defined in Section 3.8.1 below), then,
in lieu of any payments or benefits that may otherwise be owed to the Executive pursuant to Section 2.2.5 above, the Company shall,
subject to Section 2.2.7, pay or provide to the Executive or the Executive’s estate should the Executive’s death occur
after the termination date and before all payments have been made under this Section 2.2.6 the following termination benefits:
(i) an amount (the “Change of Control Payout Amount”) equal to the Executive’s annual base salary as of the termination
date, payable as follows: 50% of the Change of Control Payout Amount on the six-month anniversary of the termination date, followed
by 8.3333% of the Change of Control Payout Amount each month for six additional months in equal regular monthly installments, in
each case less income taxes and other applicable withholdings, and (ii) the Executive’s Fringe Benefits (as defined above)
for 12 months.

 

2.2.7       No
Other Termination Benefits; Release. The Executive understands and agrees that, subject to Section 3.8.3 below, the termination
payments and benefits described in Section 2.2 constitute all of the payments and benefits to which he (or his estate or beneficiary)
will be or become entitled to receive in case of termination of his employment, and that such payments and benefits are in lieu
of any and all other payments and benefits of every kind or description to which he may be entitled, including, without limitation,
the right to receive a bonus payment or any portion thereof. Any accrued but unpaid vacation compensation shall be payable upon
termination of employment. In addition, the Executive understands and agrees that the Company’s obligation to pay or provide
the termination payments and benefits described herein is conditioned upon and subject to the execution and non-revocation by the
Executive of a separation agreement in form and substance reasonably satisfactory to the Company, which form shall include mutual
non-disparagement language (provided that the Company’s commitment shall be limited to members of the Company’s senior
management team while employed by the Company) and a form of release of claims against the Company, the principal terms and conditions
of which release of claims shall be as set forth in Exhibit A to this Agreement.

 

2.2.8       No
Duty to Mitigate; Termination of Benefits. The Executive shall
not be required to mitigate the amount of any compensation payable to him pursuant to Section 2 hereof, whether by seeking other
employment or otherwise, nor shall any compensation earned by the Executive during the period of continuance of any payments under
Section 2 hereof reduce the amount of compensation payable under Section 2.

 

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3.       Compensation.
During the Employment Term, the Company shall pay, in full payment for all of the Executive’s services rendered hereunder,
the following compensation:

 

3.1       Base
Salary. The Company shall pay the Executive an annual base salary, less income taxes and other applicable withholdings, of
$200,000 in accordance with the Company’s standard payroll installments. The Compensation Committee of the Board of Directors
will review the annual base salary amount as soon as practicable after the end of each fiscal year of Company to consider whether
or not it should be increased. Such determination shall be in the sole discretion of the Committee using such criteria as the members
of the Committee deem relevant, including, but not limited to, the performance of the Company and the Executive.

 

3.2       Bonuses.
In its sole discretion, the Compensation Committee of the Board of Directors may (but is not required to) determine that the Company
shall pay a bonus to the Executive after the end of each fiscal year of the Company. Such determination shall take place as soon
as practicable after the end of the fiscal year, using such criteria as the members of the Committee shall deem relevant, including,
but not limited to, the performance of the Company and the Executive. Any bonus that is to be paid to the Executive under this
Section 3.2 shall be paid within 75 days after the end of the fiscal year of the Company to which it relates.

 

3.3       Stock
Options and Restricted Stock. The Executive shall be eligible to receive stock options and awards of restricted stock from
time to time, as determined by the Compensation Committee of the Board of the Directors of the Company.

 

3.4       Vacation.
The Executive shall be entitled to four (4) weeks of vacation in each 12-month period during the Employment Term, without carryover
of unused vacation time. No more than two (2) weeks may be taken consecutively.

 

3.5       Executive
Benefit Plans. The Executive shall be entitled to participate in all plans or programs sponsored by the Company for employees
in general, including without limitation, participation in any group health, medical reimbursement, or life insurance plans.

 

3.6       Expense
Allowance. The Company shall reimburse the Executive for all reasonable and necessary expenses incurred by him from time to
time in the performance of his duties hereunder, against receipts therefor in accordance with the then effective policies and requirements
of the Company.

 

3.7       Disability
and Other Insurance; Automobile Allowance. The Company shall have no obligation to provide disability insurance to the Executive.
The Company agrees to provide an allowance of up to $25,000 per year, in the aggregate, to reimburse the Executive for (i) the
actual cost of premiums incurred by the Executive for disability insurance obtained by the Executive; (ii) the actual cost of premiums
incurred by the Executive for any other insurance which would not be available to the Executive under the Company’s customary
benefit plans; and (iii) the actual cost of leasing and operating an automobile for use by the Executive during the Executive’s
employment with the Company. The Executive may determine in his reasonable judgment how to allocate the allowance between disability
insurance premiums, other insurance premiums and automobile leasing expense.

 

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3.8        Retention
Bonus.

 

3.8.1       Continued
Employment. From the Effective Date and continuing for a period of six (6) months (the “Retention Period”), in
addition to performing his regular duties as set forth in Section 1.2 above, the Executive shall work in good faith towards the
integration of the Company within DS Services and its affiliates.

 

3.8.2       Retention
Bonus. If the Executive remains employed by the Company pursuant to this Agreement at all times during the Retention Period,
the Company shall pay the Executive a retention bonus equal to three (3) months of the base salary set forth in Section 3.1, less
all applicable deductions and withholdings (the “Retention Bonus”), such Retention Bonus to be paid within 30 days
after the end of the Retention Period. The Executive will not be entitled to the Retention Bonus if he voluntarily resigns his
employment with the Company prior to the end of the Retention Period or his employment ends prior to the end of the Retention Perion
due to his death, disability or termination with Cause.

 

3.8.3       Early
Termination by Company. If the Company terminates the Executive’s employment prior to the end of the Retention Period
without Cause pursuant to Section 2.2.5 above, the Executive shall have such rights as are provided in Section 2.2.5, and in addition
to such payments and benefits as are provided in Section 2.2.5, the Company will pay the Executive the Retention Bonus.

 

4.       Protection of Confidential
Information; Non-Compete.

 

4.1       Acknowledgements.
The Executive acknowledges that:

 

(a)       The
Executive has obtained, and during his continued employment by the Company will obtain, secret and confidential information concerning
the business of the Company and its affiliates, including, without limitation, highly confidential strategic and financial information
about the Company and other confidential information having to do with the day-to-day operation of the business, including without
limitation customer lists and sources of supply, their needs and requirements, the nature and extent of contracts with them, and
related cost, price and sales information.

 

(b)       The
Company and its affiliates will suffer substantial and irreparable damage which will be difficult to compute if, during the period
of his employment with the Company or thereafter, the Executive should enter a competitive business or should divulge secret and
confidential information relating to the business of the Company and its affiliates heretofore or hereafter acquired by him in
the course of his employment with the Company.

 

(c)       The provisions
of this Agreement are reasonable and necessary for the protection of the business of the Company and its affiliates.

 

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4.2       Confidentiality.

 

4.2.1       Non-Disclosure.
The Executive agrees that he will not at any time, either during the Employment Term or thereafter, divulge to any person, firm
or corporation any information obtained or learned by him during the course of his employment with the Company, with regard to
the operational, financial, business or other affairs of the Company and its affiliates, and their respective officers and directors,
including, without limitation, trade secrets, customer lists, sources of supply, pricing policies, operational methods or technical
processes, except (i) in the course of performing his authorized duties hereunder, (ii) with the Company’s express written
consent; (iii) to the extent that any such information is lawfully in the public domain other than as a result of the Executive’s
breach of any of his obligations hereunder; or (iv) where required to be disclosed by court order, subpoena or other government
process. In the event that the Executive shall be required to make any disclosure pursuant to the provisions of clause (iv) of
the preceding sentence, the Executive promptly, but in no event more than 48 hours after learning of such subpoena, court order,
or other government process, shall notify the Company, by personal delivery or by e-mail or other electronic means, confirmed by
mail, to the Chairman of the Board of the Company and, if the Company so elects and at the Company’s expense, the Executive
shall: (a) take all reasonably necessary steps requested by the Company to defend against the enforcement of such subpoena, court
order or other government process, and (b) permit the Company to intervene and participate with counsel of its choice in any proceeding
relating to the enforcement thereof.

 

4.2.2       Protected
Activities. The Executive understands that nothing in this Agreement or any other Company agreement, policy, practice, procedure,
directive or instruction limits his ability to: (i) file a charge or complaint with any governmental agency, governmental commission
or other governmental authority (“Governmental Authority”), (ii) report possible violations of law or regulation to
any Governmental Authority, (iii) make other disclosures that are protected under the whistleblower provisions of applicable law
or regulation, or (iv) receive a whistleblower or other award from a Governmental Authority for information provided to a Governmental
Authority. The Executive further understands that he does not need permission from anyone at the Company or the Company’s
legal counsel in order to take any of the actions described in this paragraph, nor does he have to notify the Company that he has
taken or intends to take any of these actions. The Executive further understands that nothing in this Agreement is intended to
interfere with or restrain the immunity provided under 18 U.S.C. section 1833(b) for confidential disclosures of trade secrets
(a) to lawyers or government officials solely for the purpose of reporting or investigating a suspected violation of law or (b)
in a sealed filing in court or another legal proceeding.

 

4.3       Return
of Property. Upon termination of his employment with the Company, or at any time the Company may so request, the Executive
will promptly deliver to the Company all Company property, including without limitation all memoranda, notes, records, reports,
manuals, drawings, blueprints, computer and peripheral software and hardware, files, databases, documentation, procedures, financial
statements, employee manuals, customer and vendor lists and contracts, and product material or information, and all copies thereof,
relating to the business of the Company and its affiliates, and all other property associated therewith, which he may then possess
or have under his control.

 

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4.4       Non-Competition.
During the Employment Term and for a period equal to the time during which Executive receives severance payments or benefits pursuant
to Section 2 of this Agreement or for a period of 12 months in the event the Executive is terminated without entitlement to severance
benefits herein, the Executive shall not, without the prior written permission of the Company,
(i) within Connecticut, Massachusetts, New Hampshire, New York, Rhode Island, or Vermont; any other area of the United States in
which the Company operates; or the remainder of the United States, its territories and possessions, directly or indirectly, engage
in any activity or business that is the same or substantially similar to the work performed by the Executive for the Company and/or
of the same substantive competency or nature as the work performed by the Executive for the Company, whether or not such engagement
is as a consultant, independent contractor, agent, employee, officer, partner, director or otherwise, alone or for his own account
or in association with any other person, corporation or other entity, for any Competitive Business (as defined below); provided,
however, that the Executive shall be deemed to be acting “within” the above territories, even if physically outside
of the territories, if the Executive’s activities assist the Competitive Business within the territories; (ii) directly or
indirectly, hire or attempt to hire any person who is employed or retained by the Company or its affiliates (or was so employed
within the immediately prior three months), or solicit, entice or encourage any such person to terminate his or her relationship
with the Company; or (iii) solicit for a competitive purpose, interfere with the Company’s relationship with, or endeavor
to entice away from the Company or its affiliates any of their customers or sources of supply. However, nothing in this Agreement
shall preclude the Executive from investing his personal assets in the securities of any Competitive Business if such securities
are traded on a national stock exchange and if such investment does not result in his beneficially owning, at any time, more than
1.0% of the publicly-traded equity securities of such competitor. “Competitive Business” shall mean any business or
enterprise which (a) designs, sells, manufactures, markets and/or distributes still or sparkling spring or purified bottled water
products or non-alcoholic beverages, or office refreshment products, including coffee, in the home and office market, or (b) competes
or is planning to compete with any other business in which the Company or its subsidiaries is involved at any time during the 12-month
period immediately prior to the termination of the Executive’s employment. 

 

4.5       Enforcement.
If the Executive commits a breach, or threatens to commit a breach, of any of the provisions of Section 4, the Company shall have
the right and remedy to have the provisions of this Agreement specifically enforced by any court having jurisdiction over the matter,
it being acknowledged and agreed by the Executive that the services being rendered hereunder to the Company are of a special, unique
and extraordinary character and that any such breach or threatened breach will cause irreparable injury to the Company and that
money damages will not provide an adequate remedy to the Company. Such right and remedy shall be in addition to, and not in lieu
of, any other rights and remedies available to the Company under law or equity.

 

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4.6       Blue
Penciling. If any provision of Section 4 is held to be unenforceable because of the scope, duration or area of its applicability,
the tribunal making such determination shall have the power to modify such scope, duration or area, or all of them, and such provision
or provisions shall then be applicable in such modified form.

 

5.       Representations
of Executive. The Executive represents and warrants to the Company that he has had an opportunity to consult his personal counsel
and other advisors in connection with the preparation, execution and delivery of this Agreement, and that he understands that Company
counsel represented the Company and did not and does not represent the Executive in this matter. The Executive is not a party to
or bound by any agreement, understanding or restriction that would or may be breached by the Executive’s execution and full
performance of this Agreement. The Executive expressly undertakes and agrees that none of his acts or duties hereunder that will
violate any obligations he may have to any other employer (or will impose on the Company any liability to any other employer) and
that he has complied with all requirements of notice applicable to the termination of any prior employment before he commenced
his employment with the Company. The Executive further represents and warrants that he has delivered to the Company complete copies
of all employment agreements, understanding and restrictions to which he has been subject at any time during the last five years.

 

6.       Construction of this Agreement.

 

6.1       Choice
of Law. This Agreement is to be construed pursuant to the laws of the State of Connecticut, without regard to the laws affecting
choice of law.

 

6.2       Invalid
Agreement Provisions. Should any provision of this Agreement become legally unenforceable, no other provision of this Agreement
shall be affected, and this Agreement shall continue as if the Agreement had been executed absent the unenforceable provision.

 

6.3       No
Other Agreements. This Agreement represents the full agreement between the Company and the Executive with respect to the subject
matter hereof and the Company and the Executive have made no agreements, representations or warranties relating to the subject
matter of this Agreement that are not set forth herein, it being understood that the Executive is also bound by the Code of Ethics
and the Supplemental Policy. This Agreement supersedes any and all other agreements, oral or written, that may define the employment
relationship between the Executive and the Company or any affiliate of the Company, and all of such other agreements are hereby
terminated, without liability to any party thereto. Nothing in this Agreement confers any rights or remedies on any person or entity
or than the parties hereto.

 

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6.4       Notices.
All notices provided for in this Agreement shall be in writing and shall be deemed to be given when delivered personally to the
party to receive the same, when transmitted by e-mail or other electronic means or when mailed first class, postage prepaid by
certified mail, return receipt requested, addressed to the party to receive the same at the applicable addresses set forth below
or such other address as the party to receive the same shall have specified by written notice give in the manner provided for in
this Section. All notices shall be deemed to have been given as of the date of personal delivery, transmittal or mailing thereof,
except that notices to the Company by facsimile or electronic transmittal that are received after 5:00 p.m., East Coast time, shall
be deemed to have been received at 9:00 a.m. on the next succeeding business day.

 

If to the Executive: Mr. David Jurasek,
520 Park Road, Watertown, Connecticut 06795, with a copy to Robert Opotzner, Esq., 148 Deer Hill Avenue, Danbury, CT 06810, telephone
203-885-1938.

 

If to the Company: Crystal Rock Holdings,
Inc., 1050 Buckingham Street, Watertown, Connecticut 06795, Attention: Chairman of the Board, with a copy to: Jeffrey F. Manzella,
Esq. or his successor, Director of Legal, DS Services of America, Inc., 2300 Windy Ridge Parkway, Suite 500N, Atlanta, GA 30339,
telephone 770-937-7395.

 

6.5       Assignment.
This Agreement may be assigned by the Company to any affiliate of the Company, as well as in connection with any sale or
merger (whether a sale or merger of stock or assets or otherwise) of the Company or the business of the Company. Upon any such
assignment, the references herein to the Company shall be deemed to include the assignee, and this
Agreement shall be binding upon and inure to the benefit of the Company’s successors and assigns. For clarity, the
parties confirm that, if the Company terminates the Executive’s employment in connection with a sale or other transaction
and the purchaser or any affiliated entity thereafter offers employment to the Executive pursuant to the terms of this Agreement
or terms substantially similar thereto, such termination shall not be considered a termination without Cause pursuant to Section
2.2.5 above.

 

6.6       Disputes
and Controversies. The parties hereto agree that in case of any dispute, controversy or claim arising out of or relating to
this Agreement, other than pursuant to Sections 4 and 6 hereof, the dispute, controversy or claim shall be determined by arbitration
in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The place of the arbitration shall
be Hartford, Connecticut. Any arbitration award shall be based upon and accompanied by a written opinion containing findings of
fact and conclusions of law. The determination of the arbitrator(s) shall be conclusive and binding on the parties hereto, and
any judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction.

 

6.7       Counterparts.
This Agreement may be executed by the parties in separate counterparts, each of which when so executed and delivered will be an
original, but all of which together will constitute one and the same agreement. In pleading or proving this Agreement, it will
not be necessary to produce or account for more than one such counterpart.

 

6.8       Waivers;
Amendments. No waiver of any breach or default hereunder will be valid unless in a writing signed by the waiving party. No
failure or other delay by any party exercising any right, power, or privilege hereunder will be or operate as a waiver thereof,
nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power, or privilege. No amendment or modification of this Agreement will be valid or binding unless in a writing signed by both
the Executive and the Company.

 

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6.9       Relationship
to Prior Agreement. As of the Effective Date, this Agreement replaces and supersedes in its entirety the Employment Agreement
between the Company and the Executive dated as of November 1, 2016 and all amendments thereto (collectively, the “Prior Agreement”).
For avoidance of doubt, no notice of termination required under the Prior Agreement shall be required or applicable to terminate
and supersede in its entirety the Prior Agreement, and the Executive’s employment with the Company shall not be deemed to
have terminated.

 

IN WITNESS WHEREOF,
the parties have executed this Agreement under seal on March 14, 2018, but as of the date first written above.

 

COMPANY: CRYSTAL ROCK HOLDINGS, INC.

 

	By:	/s/ Peter K. Baker	 
	 	Name: Peter K. Baker	 
	 	Title: CEO	 

 

 

	EXECUTIVE:	/s/ David Jurasek	 
	DAVID JURASEK	 

 

 

 

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EXHIBIT A

 

Terms of Release

 

As a condition to the Company’s obligation
to pay or provide termination payments or benefits, the Executive irrevocably and unconditionally releases, acquits and forever
discharges the Company, its affiliated and related corporations and entities, and each of their predecessors and successors, and
each of their agents, directors, officers, trustees, attorneys, present and former employees, representatives, and related entities
(collectively referred to as the “Released Entities”) from any and all charges, complaints, claims, liabilities, obligations,
promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, damages and expenses
(including attorneys’ fees and costs actually incurred) arising out of or in connection with his employment with or termination
from the Company, which the Executive now has, owns or holds, or claims to have, own or hold, or which at any time heretofore,
had owned or held, or claimed to have owned or held, or which the Executive at any time hereafter may have, own or hold, or claim
to have owned or held against the Released Entities, based upon, arising out of or in connection with his employment with or termination
from the Company up to the date of this Release, including but not limited to, claims or rights under any federal, state, or local
statutory and/or common law in any way regulating or affecting the employment relationship, including but not limited to Title
VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act and any other
federal, state, local statutory and/or common law regulating or affecting the employment relationship. The Executive acknowledges
and understands that the termination payment or benefits to be provided to the Executive constitute a full, fair and complete payment
for the release and waiver of all of the Executive’s possible claims arising out of or in connection with his employment
with or termination from the Company.

 

This Release does not preclude the Executive
from filing a charge of discrimination with, or participating in or cooperating with an investigation by, the United States Equal
Employment Opportunity Commission or the Connecticut Human Rights Commission, but Executive will not be entitled to, expressly
agrees to waive, any monetary or other relief on the basis of or in connection with such charge or investigation, including related
court litigation. Nothing in this Release prohibits, or is intended in any manner to prohibit, the Executive from engaging in any
of the “Protected Activities” set forth in Section 4.2.2 of the Employment Agreement of which this Exhibit A is
a part.

 

The Executive acknowledges that he has been provided at least twenty-one
(21) days to consider whether to sign this Release, that he has been advised to consult with an attorney of his choosing concerning
this Release, and that he has executed and delivered this Release and waived any claims knowingly and willingly. The Executive
may revoke this Release within seven (7) days after it is signed, and it shall not become effective or enforceable until such seven
(7) day revocation period has expired.

 

 

 

38

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