Letter of Waiver and Consent dated December 21, 2012 signed by Martin Dytrych, Henry Baker, Peter Baker, and John Baker
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EX-10.1 2 exh10_1.htm EXHIBIT 10.1 exh10_1.htm
The undersigned hereby consent and waive as
Exhibit 10.1
Crystal Rock Holdings, Inc.
1050 Buckingham Street
Watertown, CT 06795
December 21, 2012
Henry E. Baker
514 Northfield Road
Litchfield, CT 06759
Peter K. Baker
118 Gray Rock Road
Southbury, CT 06488
John B. Baker
20 Hardscrabble Road
Warren, CT 06754
Gentlemen,
I refer to $13,000,000 in aggregate principal amount of subordinated notes (“Notes”) of Crystal Rock Holdings, f/k/a Vermont Pure Holdings, Ltd. (“Company”) payable to the following individuals in the amount set forth opposite the individual’s name:
| Henry E. Baker | $4,600,000 | |
| John B. Baker | $4,200,000 | |
| Peter K. Baker | $4,200,000 |
As you know, the Company is considering payment to each of you of $500,000 to decrease the principal amount of the Notes.
By signing the enclosed extra copy of this letter below and returning it to Bruce MacDonald, CFO of the Company, please confirm that you (a) consent to this payment, (b) waive the requirement in the Notes for 30 days’ prior written notice of prepayments, and (c) waive any objection to the fact that this payment, if made, will not be made pro-rata among the three holders of the Notes, but will be paid in equal amounts to each of you. The Company will rely on your consent and waivers.
This letter may be signed in counterpart copies, and all of the signed copies will together constitute a single letter.
| Very truly yours, | |
| CRYSTAL ROCK HOLDINGS, INC. |
| By: | /s/ Martin Dytrych | |
| Martin Dytrych | ||
| Chair, Audit Committee |
The undersigned hereby consent and waive as
set forth above.
/s/ Henry E. Baker
Henry E. Baker
Dated: December 21, 2012
/s/ Peter K. Baker
Peter K. Baker
Dated: December 21, 2012
/s/ John B. Baker
John B. Baker
Dated: December 12, 2012
