Document:

EX-10.4

 Exhibit 10.4 

MYRIAD GENETICS, INC. 

Executive Retention Agreement 

THIS EXECUTIVE RETENTION AGREEMENT (this “Agreement”), by and between Myriad Genetics, Inc., a Delaware corporation (the
“Company”), and Virginia C. Drosos (the “Executive”), is made as of September 26, 2016 (the “Effective Date”). 

WHEREAS, the Company recognizes that, as is the case with many publicly-held corporations, the possibility of a change in control of the
Company exists and that such possibility, and the uncertainty and questions which it may raise among key personnel, may result in the departure or distraction of key personnel to the detriment of the Company and its stockholders, and 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that appropriate steps should be taken to reinforce and
encourage the continued employment and dedication of the Company’s key personnel without distraction from the possibility of a change in control of the Company and related events and circumstances. 

NOW, THEREFORE, as an inducement for and in consideration of the Executive remaining in its employ, the Company agrees that the Executive
shall receive the benefits set forth in this Agreement, including without limitation, those benefits in the event the Executive’s employment with the Company is terminated under the circumstances described below subsequent to a Change in
Control (as defined in Section 1.1). 
 1. Key Definitions. 

As used herein, the following terms shall have the following respective meanings: 

1.1 “Change in Control” means an event or occurrence set forth in any one or more of subsections (a) through
(d) below (including an event or occurrence that constitutes a Change in Control under one of such subsections but is specifically exempted from another such subsection): 

(a) the acquisition by an individual, entity or group (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) 20% or more of either (i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then-outstanding securities of the Company
entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change in Control:
(i) any acquisition directly from the Company (excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for common stock or voting securities of the Company,
unless the Person exercising, converting or exchanging such security acquired such security directly from the 

  
 -1- 

 
Company or an underwriter or agent of the Company), (ii) any acquisition by the Company, or (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Company or any corporation controlled by the Company; or 
 (b) such time as the Continuing Directors (as defined below) do not
constitute a majority of the Board (or, if applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (i) who was a member of the Board
on the date of the execution of this Agreement or (ii) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to
the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (ii) any
individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of
a person other than the Board; or 
 (c) the consummation of a merger, consolidation, reorganization, recapitalization or share exchange
involving the Company or a sale or other disposition of all or substantially all of the assets of the Company in one or a series of transactions (a “Business Combination”), unless, immediately following such Business Combination, the
following condition is satisfied: all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors,
respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets
either directly or through one or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership, immediately prior to such
Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively; or 
 (d) approval
by the stockholders of the Company of a complete liquidation or dissolution of the Company. 
 1.2 “Change in Control Date”
means the first date during the Term (as defined in Section 2) on which a Change in Control occurs. Anything in this Agreement to the contrary notwithstanding, if (a) a Change in Control occurs, (b) the Executive’s employment
with the Company is terminated prior to the date on which the Change in Control occurs, and (c) it is reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party who has taken steps
reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with or in anticipation of a Change in Control, then for all purposes of this Agreement the “Change in Control Date” shall mean the date
immediately prior to the date of such termination of employment. 

  
 -2- 

 1.3 “Cause” means: 

(a) the Executive’s willful and continued failure to substantially perform his or her reasonable assigned duties (other than any such
failure resulting from incapacity due to physical or mental illness or any failure after the Executive gives notice of termination for Good Reason), which failure is not cured within 30 days after a written demand for substantial performance is
received by the Executive from the Board of Directors of the Company which specifically identifies the manner in which the Board of Directors believes the Executive has not substantially performed the Executive’s duties; or 

(b) the Executive’s willful engagement in illegal conduct or gross misconduct which is materially and demonstrably injurious to the
Company. 
 For purposes of this Section 1.3, no act or failure to act by the Executive shall be considered “willful” unless
it is done, or omitted to be done, in bad faith and without reasonable belief that the Executive’s action or omission was in the best interests of the Company. 

1.4 “Good Reason” means the occurrence, without the Executive’s written consent, of any of the events or circumstances
set forth in clauses (a) through (f) below. 
 (a) the assignment to the Executive of duties inconsistent in any material respect
with the Executive’s position (including status, offices, titles and reporting requirements), authority or responsibilities in effect immediately prior to the earliest to occur of (i) the Change in Control Date, (ii) the date of the
execution by the Company of the initial written agreement or instrument providing for the Change in Control or (iii) the date of the adoption by the Board of Directors of a resolution providing for the Change in Control (with the earliest to
occur of such dates referred to herein as the “Measurement Date”), or any other action or omission by the Company which results in a material diminution in such position, authority or responsibilities; 

(b) a material reduction in the Executive’s annual base salary as in effect on the Measurement Date; 

(c) the failure by the Company to (i) continue in effect any material compensation, pension, retirement or benefit plan or program
(including without limitation any 401(k), life insurance, medical, health and accident or disability plan and any vacation program or policy) (a “Benefit Plan”) in which the Executive participates or which is applicable to the Executive
immediately prior to the Measurement Date, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan or program, (ii) continue the Executive’s participation therein (or
in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits provided and the level of the Executive’s participation relative to other participants, than the basis existing
immediately prior to the Measurement Date or (iii) award cash bonuses to the Executive in amounts and in a manner substantially consistent with past practice; 

(d) a change by the Company in the location at which the Executive performs his or her principal duties for the Company to a new location
that is both (i) outside a radius of 50 miles from the Executive’s principal residence immediately prior to the 

  
 -3- 

 
Measurement Date and (ii) more than 50 miles from the location at which the Executive performed his or her principal duties for the Company immediately prior to the Measurement Date; or a
requirement by the Company that the Executive travel on Company business to a substantially greater extent than required immediately prior to the Measurement Date; 

(e) the failure of the Company to obtain the agreement from any successor to the Company to assume and agree to perform this Agreement, as
required by Section 7.1; or 
 (f) any failure of the Company to pay or provide to the Executive any portion of the Executive’s
compensation or benefits due under any Benefit Plan within seven days of the date such compensation or benefits are due, or any material breach by the Company of this Agreement or any employment agreement with the Executive. 

In addition, in an effort to foster and retain the employment of the Executive following a Change in Control, the termination of employment by the Executive
for any reason (except for those set forth in section 1.4(a)-(f)), or no reason, during the 90-day period beginning on the first anniversary of the Change in Control Date shall be deemed to be termination for Good Reason for all purposes under this
Agreement; however, in the case of a termination of employment by the Executive pursuant to this paragraph, those benefits payable to the Executive under section 4.1(a)(i)(2) shall be reduced by one-half. 

The Executive’s right to terminate his or her employment for Good Reason shall not be affected by his or her incapacity due to physical
or mental illness. 
 1.5 “Disability” means the Executive’s absence from the full-time performance of the
Executive’s duties with the Company for 180 consecutive calendar days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and
acceptable to the Executive or the Executive’s legal representative. 
 2. Term of Agreement. This Agreement, and all rights and
obligations of the parties hereunder, shall take effect upon the Effective Date and shall expire upon the first to occur of (a) the expiration of the Term (as defined below) if a Change in Control has not occurred during the Term, (b) the
date 24 months after the Change in Control Date, if the Executive is still employed by the Company as of such later date, or (c) the fulfillment by the Company of all of its obligations under this Agreement if the Executive’s employment
with the Company terminates within 24 months following the Change in Control Date. “Term” shall mean the period commencing as of the Effective Date and continuing in effect through December 31, 2016; provided, however, that
commencing on January 1, 2017 and each January 1 thereafter, the Term shall be automatically extended for one additional year unless, not later than 90 days prior to the scheduled expiration of the Term (or any extension thereof), the
Company shall have given the Executive written notice that the Term will not be extended. 
 3. Employment Status; Termination Following
Change in Control. 
 3.1 Not an Employment Contract. The Executive acknowledges that this Agreement does not constitute a
contract of employment or impose on the Company any 

  
 -4- 

 
obligation to retain the Executive as an employee and that this Agreement does not prevent the Executive from terminating employment at any time. If the Executive’s employment with the
Company terminates for any reason and subsequently a Change in Control shall occur, the Executive shall not be entitled to any benefits hereunder except as otherwise provided pursuant to Section 1.2. 

3.2 Termination of Employment. 

(a) If the Change in Control Date occurs during the Term, any termination of the Executive’s employment by the Company or by the
Executive within 24 months following the Change in Control Date (other than due to the death of the Executive) shall be communicated by a written notice to the other party hereto (the “Notice of Termination”), given in accordance with
Section 8. Any Notice of Termination shall: (i) indicate the specific termination provision (if any) of this Agreement relied upon by the party giving such notice, (ii) to the extent applicable, set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) specify the Date of Termination (as defined below). The effective date of an employment termination
(the “Date of Termination”) shall be the close of business on the date specified in the Notice of Termination (which date may not be less than 15 days or more than 120 days after the date of delivery of such Notice of Termination) in the
case of a termination other than one due to the Executive’s death. In the case of the Executive’s death, the Date of Termination shall be the date of the Executive’s death. In the event the Company fails to satisfy the requirements of
Section 3.2(a) regarding a Notice of Termination, the purported termination of the Executive’s employment pursuant to such Notice of Termination shall not be effective for purposes of this Agreement. 

(b) The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a
showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting any such fact or circumstance in enforcing the Executive’s
or the Company’s rights hereunder. 
 (c) Any Notice of Termination for Cause given by the Company must be given within 90 days of the
occurrence (or if later, the discovery) of the event(s) or circumstance(s) which constitute(s) Cause. Prior to any Notice of Termination for Cause being given (and prior to any termination for Cause being effective), the Executive shall be entitled
to a hearing before the Board of Directors of the Company at which he or she may, at his or her election, be represented by counsel and at which he or she shall have a reasonable opportunity to be heard. Such hearing shall be held on not less than
15 days prior written notice to the Executive stating the Board of Directors’ intention to terminate the Executive for Cause and stating in detail the particular event(s) or circumstance(s) which the Board of Directors believes constitutes
Cause for termination. 
 (d) Any Notice of Termination for Good Reason given by the Executive must be given within 90 days of the
occurrence of the event(s) or circumstance(s) which constitute(s) Good Reason. 

  
 -5- 

 4. Benefits to Executive. 

4.1 Benefits. If a Change in Control Date occurs during the Term and the Executive’s employment with the Company terminates within
24 months following the Change in Control Date, the Executive shall be entitled to the following benefits: 
 (a) Termination Without
Cause or for Good Reason. If the Executive’s employment with the Company is terminated by the Company (other than for Cause, Disability or Death) or by the Executive for Good Reason within 24 months following the Change in Control Date,
then the Executive shall be entitled to the following benefits: 
 (i) the Company shall pay to the Executive the following amounts: 

(1) in a lump sum, in cash, within 30 days after the Date of Termination, the sum of (A) the Executive’s base salary through the
Date of Termination, (B) a pro rata current year bonus amount (calculated by dividing the number of full and partial months of the current fiscal year in which the Executive is employed through the Date of Termination by 12, and multiplying
this fraction by the highest annual bonus payment amount paid to Executive in the preceding three years), and (C) any accrued vacation pay, in each case to the extent not previously paid (the sum of the amounts described in clauses (A), (B),
and (C) shall be hereinafter referred to as the “Accrued Obligations”); and 
 (2) in a lump sum, in cash, within 30 days
after the Date of Termination, the sum of (A) three times the Executive’s highest annual base salary at the Company during the three-year period prior to the Change in Control Date and (B) three times the Executive’s highest
annual bonus amount at the Company during the three-year period prior to the Change in Control Date; 
 (ii) for 36 months after the Date
of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, each month the Company shall continue to provide benefits to the Executive and the Executive’s family at least equal to
those which would have been provided to them if the Executive’s employment had not been terminated, in accordance with the applicable Benefit Plans in effect on the Measurement Date or, if more favorable to the Executive and his or her family,
in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies; provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive
a particular type of benefits (e.g., health insurance benefits) from such employer on terms at least as favorable to the Executive and his or her family as those being provided by the Company, then the Company shall no longer be required to provide
those particular benefits to the Executive and his or her family; and 
 (iii) to the extent not previously paid or provided, the Company
shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive following the Executive’s termination of employment under any plan, program, policy,
practice, contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”). 

  
 -6- 

 (b) Resignation without Good Reason; Termination for Death or Disability. If the
Executive voluntarily terminates his or her employment with the Company within 24 months following the Change in Control Date, excluding a termination for Good Reason, or if the Executive’s employment with the Company is terminated by reason of
the Executive’s death or Disability within 24 months following the Change in Control Date, then the Company shall (i) pay the Executive (or his or her estate, if applicable), in a lump sum in cash within 30 days after the Date of
Termination, the Accrued Obligations and (ii) timely pay or provide to the Executive the Other Benefits. 
 (c) Termination for
Cause. If the Company terminates the Executive’s employment with the Company for Cause within 24 months following the Change in Control Date, then the Company shall only pay the Executive such amounts, and provide such benefits, as is
required by law. 
 4.2 Vesting of Equity Incentives. Upon the occurrence of a Change in Control, the Company shall cause all
Executive options to purchase Company stock or restricted stock awards (RSUs) in Company stock, which options or RSUs were issued pursuant to the Company’s employee equity incentive plans and which options or RSUs are outstanding immediately
prior to the Change in Control Date, to become fully vested and exercisable as of the Change in Control Date. 
 4.3 Mitigation. The
Executive shall not be required to mitigate the amount of any payment or benefits provided for in this Section 4 by seeking other employment or otherwise. Further, the amount of any payment or benefits provided for in this Section 4 shall
not be reduced by any compensation earned by the Executive as a result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to the Company or otherwise. 

4.4 Outplacement Services. In the event the Executive is terminated by the Company (other than for Cause, Disability or Death), or the
Executive terminates employment for Good Reason, within 24 months following the Change in Control Date, the Company shall provide outplacement services through one or more outside firms of the Executive’s choosing up to an aggregate of $25,000,
with such services to extend until the first to occur of (i) 12 months following the termination of Executive’s employment, or (ii) the date the Executive secures full time employment. 

4.5 Release. As a condition to Executive receiving the benefits under section 4.1(a)(i)(2) and (3), the Executive must first execute
and deliver to Company a general release of claims against the Company and its affiliates in a form substantially similar to the general release attached hereto as Exhibit A, and such release, by its terms, has become irrevocable. 

  
 -7- 

 5. Limitations on Payment. 

5.1 General. Notwithstanding anything in this Agreement to the contrary , in the event it shall be determined that any payment, benefit
or distribution by the Company to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a “Payment”) would (i) constitute a “parachute
payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended; and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended,
(the “Excise Tax”), then the Company shall cause to be determined, before any amounts of the Payment are paid to Executive, which of the following alternative forms of payment would maximize Executive’s after-tax proceeds:
(i) payment in full of the entire amount of the Payment (a “Full Payment”), or (ii) payment of only a part of the Payment so that Executive receives that largest Payment possible without being subject to the Excise Tax (a
“Reduced Payment”), whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax (all computed at the highest marginal rate, net of the maximum reduction in federal
income taxes which could be obtained from a deduction of such state and local taxes), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment, notwithstanding that all or some portion the Payment may be
subject to the Excise Tax. Any Excise Tax due shall be borne solely by the Executive. 
 5.2 Procedures. All determinations required
to be made under this Section 5, and the assumptions to be utilized in arriving at such determination, shall be made by KPMG LLP or such other certified public accounting firm as may be designated by the Executive and reasonably acceptable to
the Company (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the Executive that there has been a Payment, or such
earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Executive may appoint another nationally recognized
accounting firm and reasonably acceptable to the Company to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne
solely by the Company. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. 
 6. Disputes.

 6.1 Settlement of Disputes; Arbitration. All claims by the Executive for benefits under this Agreement shall be directed to and
determined by the Board of Directors of the Company and shall be in writing. Any denial by the Board of Directors of a claim for benefits under this Agreement shall be delivered to the Executive in writing and shall set forth the specific reasons
for the denial and the specific provisions of this Agreement relied upon. The Board of Directors shall afford a reasonable opportunity to the Executive for a review of the decision denying a claim. Any further dispute or controversy arising under or
in connection with this Agreement shall be settled exclusively by arbitration in Salt Lake City, Utah, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any
court having jurisdiction. 

  
 -8- 

 6.2 Expenses. The Company agrees to pay as incurred, to the full extent permitted by law,
all legal, accounting and other fees and expenses which the Executive may reasonably incur as a result of any claim or contest (regardless of the outcome thereof) by the Company, the Executive or others regarding the validity or enforceability of,
or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive regarding the amount of any payment or benefits pursuant to this Agreement), plus in each case
interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code. This Section 6.2 shall not apply to any claim made by the Executive which is not made in good faith or which is determined by
the arbitrator or a court to be frivolous. 
 6.3 Compensation During a Dispute. If the Change in Control Date occurs during the Term
and the Executive’s employment with the Company terminates within 24 months following the Change in Control Date, and the right of the Executive to receive any benefits under this Agreement (or the amount or nature of the benefits to which he
or she is entitled to receive) are the subject of a dispute between the Company and the Executive, the Company shall continue (a) to pay to the Executive his or her base salary in effect as of the Measurement Date and (b) to provide
benefits to the Executive and the Executive’s family at least equal to those which would have been provided to them, if the Executive’s employment had not been terminated, in accordance with the applicable Benefit Plans in effect on the
Measurement Date, until such dispute is resolved either by mutual written agreement of the parties or by an arbitrator’s award pursuant to Section 6.1, but in no event more than 12 months after the date of such dispute. Following the
resolution of such dispute, the sum of the payments made to the Executive under clause (a) of this Section 6.3 shall be deducted from any cash payment which the Executive is entitled to receive pursuant to Section 4; and if such sum
exceeds the amount of the cash payment which the Executive is entitled to receive pursuant to Section 4, the excess of such sum over the amount of such payment shall be repaid (without interest) by the Executive to the Company within 60 days of
the resolution of such dispute. 
 7. Successors. 

7.1 Successor to Company. The Company shall require any Acquiring Corporation or any other successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to at least one-third or more of Company’s gross assets to expressly assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no such
succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a breach of this Agreement and shall constitute Good Reason if the Executive elects to terminate
employment, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this Agreement, “Company” shall mean the Company as defined
above and any successor to its business or assets as aforesaid which assumes and agrees to perform this Agreement, by operation of law or otherwise. 

7.2 Successor to Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any 

  
 -9- 

 
amount would still be payable to the Executive or his or her family hereunder if the Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the executors, personal representatives or administrators of the Executive’s estate. 

8. Notice. All notices, instructions and other communications given hereunder or in connection herewith shall be in writing. Any such
notice, instruction or communication shall be sent either (i) by registered or certified mail, return receipt requested, postage prepaid, or (ii) prepaid via a reputable nationwide overnight courier service, in each case addressed to the
Company, at 320 Wakara Way, Salt Lake City, Utah 84108, Attn: General Counsel, and to the Executive at the address for notices indicated below (or to such other address as either the Company or the Executive may have furnished to the other in
writing in accordance herewith). Any such notice, instruction or communication shall be deemed to have been delivered five business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one business day
after it is sent via a reputable nationwide overnight courier service. Either party may give any notice, instruction or other communication hereunder using any other means, but no such notice, instruction or other communication shall be deemed to
have been duly delivered unless and until it actually is received by the party for whom it is intended. 
 9. Miscellaneous. 

9.1 Timing for Payment of Benefits. To the extent necessary to avoid taxation under section 409A and the rules and regulations
promulgated thereunder, all payments and benefits provided for under the Agreement shall be made six (6) months and a day following the effective date of the Executive’s termination of employment from the Company; provided further that any
such payment or benefit may be made earlier to the extent permitted and provided for under section 409A of the Code and the rules and regulations promulgated thereunder without triggering any income tax obligations under section 409A. 

9.2 Construction. Section 409A and the rules and regulations promulgated thereunder, in general, provide for the taxation of
certain payments made following the termination of employment of an employee. Section 409A and the rules and regulations promulgated thereunder provide that payments will not be subject to taxation under section 409A if certain conditions are
met. It is the intent of the parties that any payments made to the Executive following a termination of employment are to not be subject to taxation under section 409A. Accordingly, this Agreement shall be construed, interpreted and applied so as to
accomplish this intent, and also recognizing that there may be future guidance and interpretation of the application of section 409A and the rules and regulations promulgated thereunder by the Internal Revenue Service or the judicial courts. 

9.3 Employment by Subsidiary. For purposes of this Agreement, the Executive’s employment with the Company shall not be deemed to
have terminated solely as a result of the Executive continuing to be employed by a wholly-owned subsidiary of the Company. 

  
 -10- 

 9.4 Severability. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

9.5 Injunctive Relief. The Company and the Executive agree that any breach of this Agreement by the Company is likely to cause the
Executive substantial and irrevocable damage and therefore, in the event of any such breach, in addition to such other remedies which may be available, the Executive shall have the right to specific performance and injunctive relief. 

9.6 Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the internal laws
of the State of Utah, without regard to conflicts of law principles. 
 9.7 Waivers. No waiver by the Executive at any time of any
breach of, or compliance with, any provision of this Agreement to be performed by the Company shall be deemed a waiver of that or any other provision at any subsequent time. 

9.8 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but both of which
together shall constitute one and the same instrument. 
 9.9 Tax Withholding. Any payments provided for hereunder shall be paid net
of any applicable tax withholding required under federal, state or local law. 
 9.10 Entire Agreement. This Agreement sets forth the
entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer,
employee or representative of any party hereto in respect of the subject matter contained herein; and any prior agreement of the parties hereto in respect of the subject matter contained herein is hereby terminated and cancelled. 

9.11 Amendments. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Executive.

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first set forth above. 

 

									
	MYRIAD GENETICS, INC.	 		 	EXECUTIVE
			
	  
	 		 	  

	By:	 	Mark C. Capone	 		 	Name:	 	Virginia C. Drosos
	Title:	 	President and CEO	 		 	Address:

  
 -11- 

 EXHIBIT A 

GENERAL RELEASE 
 1. General Release. In
consideration of the payments and benefits to be made under that certain Executive Retention Agreement, dated September 26, 2016 (the “Agreement”), Virginia C. Drosos (the “Executive”), with the intention of binding the
Executive and the Executive’s heirs, executors, administrators and assigns, does hereby release, remise, acquit and forever discharge Myriad Genetics, Inc. (the “Company”) and each of its subsidiaries and affiliates (the “Company
Affiliated Group”), their present and former officers, directors, executives, agents, attorneys, employees and employee benefits plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing
(collectively, the “Company Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses,
attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected which the Executive,
individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, against any Company Released Party in any capacity, including, without limitation, any and all claims (i) arising out of or in any
way connected with the Executive’s service to any member of the Company Affiliated Group (or the predecessors thereof) in any capacity, or the termination of such service in any such capacity, (ii) for severance or vacation benefits,
unpaid wages, salary or incentive payments, (iii) for breach of contract, wrongful discharge, impairment of economic opportunity, defamation, intentional infliction of emotional harm or other tort and (iv) for any violation of applicable
state and local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and employment practices), any and all claims based on the Executive Retirement Income Security Act of 1974 (“ERISA”),
any and all claims arising under the civil rights laws of any federal, state or local jurisdiction, including, without limitation, Title VII of the Civil Rights Act of 1964 (“Title VII”), the Americans with Disabilities Act
(“ADA”), Sections 503 and 504 of the Rehabilitation Act, the Family and Medical Leave Act, and any and all claims under any whistleblower laws or whistleblower provisions of other laws, excepting only: 

(a) rights of the Executive under this General Release and the Agreement; 

(b) rights of the Executive relating to equity awards held by the Executive as of his or her Date of Termination (as defined in the
Agreement); 
 (c) the right of the Executive to receive COBRA continuation coverage in accordance with applicable law; 

(d) rights to indemnification the Executive may have (i) under applicable corporate law, (ii) under the by-laws or certificate of
incorporation of any Company Released Party or (iii) as an insured under any director’s and officer’s liability insurance policy now or previously in force; 

(e) claims (i) for benefits under any health, disability, retirement, deferred compensation, life insurance or other, similar Executive
benefit plan or arrangement of the Company Affiliated Group and (ii) for earned but unused vacation pay through the Date of Termination in accordance with applicable Company policy; and 

(f) claims for the reimbursement of unreimbursed business expenses incurred prior to the Date of Termination pursuant to applicable Company
policy. 

  
 -12- 

 2. No Admissions. The Executive acknowledges and agrees that this General Release is not to be construed
in any way as an admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied. 
 3. Application to all
Forms of Relief. This General Release applies to any relief no matter how called, including, without limitation, wages, back pay, front pay, compensatory damages, liquidated damages, punitive damages for pain or suffering, costs and
attorney’s fees and expenses. 
 4. Specific Waiver. The Executive specifically acknowledges that his or her acceptance of the terms of this
General Release is, among other things, a specific waiver of his or her rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation in respect of discrimination of any kind; provided, however, that nothing
herein shall be deemed, nor does anything herein purport, to be a waiver of any right or claim or cause of action which by law the Executive is not permitted to waive. 

5. No Complaints or Other Claims. The Executive acknowledges and agrees that he or she has not, with respect to any transaction or state of facts
existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal. 

6. Conditions of General Release. 
 (a)
Terms and Conditions. From and after the Date of Termination, the Executive shall abide by all the terms and conditions of this General Release and the terms and any conditions set forth in any employment or confidentiality agreements signed by the
Executive, which is incorporated herein by reference. 
 (b) Confidentiality. The Executive shall not, without the prior written consent of
the Company or as may otherwise be required by law or any legal process, or as is necessary in connection with any adversarial proceeding against any member of the Company Affiliated Group (in which case the Executive shall cooperate with the
Company in obtaining a protective order at the Company’s expense against disclosure by a court of competent jurisdiction), communicate, to anyone other than the Company and those designated by the Company or on behalf of the Company in the
furtherance of its business, any trade secrets, confidential information, knowledge or data relating to any member of the Company Affiliated Group, obtained by the Executive during the Executive’s employment by the Company that is not generally
available public knowledge (other than by acts by the Executive in violation of this General Release). 
 (c) Return of Company Material.
The Executive represents that he or she has returned to the Company all Company Material (as defined below). For purposes of this Section 6(c), “Company Material” means any documents, files and other property and information of any
kind belonging or relating to (i) any member of the Company Affiliated Group, (ii) the current and former suppliers, creditors, directors, officers, employees, agents and customers of any of them or (iii) the businesses, products,
services and operations (including without limitation, business, financial and accounting practices) of any of them, in each case whether tangible or intangible (including, without limitation, credit cards, building and office access cards, keys,
computer 

  
 -13- 

 
equipment, cellular telephones, pagers, electronic devices, hardware, manuals, files, documents, records, software, customer data, research, financial data and information, memoranda, surveys,
correspondence, statistics and payroll and other employee data, and any copies, compilations, extracts, excerpts, summaries and other notes thereof or relating thereto), excluding only information (x) that is generally available public
knowledge or (y) that relates to the Executive’s compensation or Executive benefits. 
 (d) Cooperation. Following the Termination
Date, the Executive shall reasonably cooperate with the Company upon reasonable request of the Board and be reasonably available to the Company with respect to matters arising out of the Executive’s services to the Company Affiliated Group.

 (e) Nondisparagement. The Executive agrees not to communicate negatively about or otherwise disparage any Company Released Party or the
products or businesses of any of them in any way whatsoever. 
 (f) Nonsolicitation. The Executive agrees that for the period of time
beginning on the date hereof and ending on the second anniversary of the Executive’s Date of Termination, the Executive shall not, either directly or indirectly, solicit, entice, persuade, induce or otherwise attempt to influence any person who
is employed by any member of the Company Affiliated Group to terminate such person’s employment by such member of the Company Affiliated Group. The Executive also agrees that for the same period of time he or she shall not assist any person or
entity in the recruitment of any person who is employed by any member of the Company Affiliated Group. The Executive’s provision of a reference to or in respect of any individual shall not be a violation this Section 6(f). 

(g) No Representation. The Executive acknowledges that, other than as set forth in this General Release and the Agreement, (i) no
promises have been made to him or her and (ii) in signing this General Release the Executive is not relying upon any statement or representation made by or on behalf of any Company Released Party and each or any of them concerning the merits of
any claims or the nature, amount, extent or duration of any damages relating to any claims or the amount of any money, benefits, or compensation due the Executive or claimed by the Executive, or concerning the General Release or concerning any other
thing or matter. 
 (h) Injunctive Relief. In the event of a breach or threatened breach by the Executive of this Section 6, the
Executive agrees that the Company shall be entitled to injunctive relief in a court of appropriate jurisdiction to remedy any such breach or threatened breach, the Executive acknowledging that damages would be inadequate or insufficient. 

7. Voluntariness. The Executive agrees that he or she is relying solely upon his or her own judgment; that the Executive is over eighteen years of age
and is legally competent to sign this General Release; that the Executive is signing this General Release of his or her own free will; that the Executive has read and understood the General Release before signing it; and that the Executive is
signing this General Release in exchange for consideration that he or she believes is satisfactory and adequate. 
 8. Legal Counsel. The Executive
acknowledges that he or she has been informed of the right to consult with legal counsel and has been encouraged to do so. 
 9. Complete
Agreement/Severability. This General Release constitutes the complete and final agreement between the parties and supersedes and replaces all prior or contemporaneous 

  
 -14- 

 
agreements, negotiations, or discussions relating to the subject matter of this General Release. All provisions and portions of this General Release are severable. If any provision or portion of
this General Release or the application of any provision or portion of the General Release shall be determined to be invalid or unenforceable to any extent or for any reason, all other provisions and portions of this General Release shall remain in
full force and shall continue to be enforceable to the fullest and greatest extent permitted by law. 
 10. Acceptance. The Executive acknowledges
that he or she has been given a period of twenty-one (21) days within which to consider this General Release, unless applicable law requires a longer period, in which case the Executive shall be advised of such longer period and such longer
period shall apply. The Executive may accept this General Release at any time within this period of time by signing the General Release and returning it to the Company. 

11. Revocability. This General Release shall not become effective or enforceable until seven (7) calendar days after the Executive signs it. The
Executive may revoke his or her acceptance of this General Release at any time within that seven (7) calendar day period by sending written notice to the Company. Such notice must be received by the Company within the seven (7) calendar
day period in order to be effective and, if so received, would void this General Release for all purposes. 
 13. Governing Law. Except for issues or
matters as to which federal law is applicable, this General Release shall be governed by and construed and enforced in accordance with the laws of the State of Utah without giving effect to the conflicts of law principles thereof. 

IN WITNESS WHEREOF, the Executive has executed this General Release as of the date last set forth below. 

 

							
	EXECUTIVE	 		 	
			
	 /s/ Virginia C. Drosos
	 		 	Date: 9/26/16
	Name:	 	Virginia C. Drosos	 		 	

  
 -15-Exhibit 10.1

Execution Copy

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (this “Agreement”) dated as of November  1, 2016 (the “Effective Date”), is by and between CRYSTAL ROCK HOLDINGS, INC., a Delaware corporation (together with any subsidiaries, the “Company”), and PETER K. BAKER (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 Executive Officer (“CEO”) and President of the Company, upon the terms and conditions described herein.  The Executive’s employment hereunder will commence 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.

1.2 Duties.  The Executive shall at all times render his services at the direction of the Board of Directors (the “Board of Directors”) of the Company, and his duties generally will include those required for the day to day and long term planning, development, operation and advancement of the business of the Company and its affiliates.  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 CEO and President.  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 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.”

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.

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.

2.2.6 No Other Termination Benefits; Release.  The Executive understands and agrees that 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 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.

2.2.7 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.

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 $445,000 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 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.

3.4 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.

3.5 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.

3.6 Disability Insurance; Automobile.  The Company shall have no obligation to provide disability insurance to the Executive.  The Company shall provide the Executive with an automobile for use by the Executive during the Executive’s employment with the Company.

4. Protection of Confidential Information; Non‐Compete.

4.1 Acknowledgements.  The Executive acknowledges that:

(a) The Executive has obtained and, during his 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.

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 this control.

4.4 Non‐Competition.  During the Employment Term and for a period equal to the time during which Executive receives severance payments for 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, in the United States, its territories and possessions, directly or indirectly, (i) engage in any activity or business that is the same or substantially similar to the work performed by Executive for the Company and/or of the same substantive competency or nature as the work performed by 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); (ii) directly or indirectly, hire or attempt to hire any person who was employed or retained by the Company or its affiliates while the Executive was employed by the Company, or solicit, entice or encourage any such person to terminate his or her relationship with the Company; or (iii) solicit, interfere 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 beverages, or office refreshment products, including coffee, in the home and office market, or (b) engages in any other business in which Company or its affiliates is involved at any time during the 12‐month period immediately prior to the termination of the Executive’s employment.

For avoidance of doubt, in case of any conflict between the provisions of this Section 4 and the provisions of the Supplemental Policy, the provisions of the Supplemental Policy shall govern and determine the matter.

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.

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.

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. Peter K. Baker, c/o Crystal Rock, 1050 Buckingham Street, Watertown, Connecticut 06795, with a copy to the Executive’s personal attorney, whose name, address and telephone number shall be designated by the Executive to the Company in writing.

If to the Company:  Crystal Rock Holdings, Inc., 1050 Buckingham Street, Watertown, Connecticut 06795, Attention:  Chairman of the Board, with a copy to: William F. Kolb, Esq., Foley Hoag LLP, 155 Seaport Boulevard, Boston, Massachusetts 02210, telephone 617-832-1209.

6.5 Assignment.  This Agreement shall be binding upon and inure to the benefit of the Company’s successors and assigns.

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.

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 January 1, 2007 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 November  1, 2016, but as of the date first written above.

COMPANY: CRYSTAL ROCK HOLDINGS, INC.

By: /s/ Ross S. Rapaport                                                                       

Name: Ross S. Rapaport

Title: Chairman

 

 

EXECUTIVE: /s/ Peter K. Baker                                                            

PETER K. BAKER

 

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.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}]]