AMENDMENT NO. 4 TO CREDIT AGREEMENT, dated as of April 15,
2009 (this Amendment
Agreement), among KRISPY KREME DOUGHNUT
CORPORATION, a North Carolina corporation (the Borrower), KRISPY KREME DOUGHNUTS,
INC., a North Carolina corporation (the Parent Guarantor), the SUBSIDIARY
GUARANTORS (as defined in the Credit Agreement referred to below) signatory
hereto and the LENDERS (as defined in the Credit Agreement referred to below)
signatory hereto.

PRELIMINARY STATEMENTS

WHEREAS, the Borrower is party to a Credit Agreement, dated as
of February 16, 2007 (as amended by Amendment No. 1 to Credit Agreement, dated
as of June 21, 2007, as further amended by Amendment No. 2 to Credit Agreement,
dated as of January 23, 2008, and as further amended by Amendment No. 3 to
Credit Agreement, dated as of April 9, 2008, the Credit Agreement), among the
Borrower, the Parent Guarantor, the Subsidiary Guarantors, the Lenders, and
Credit Suisse, Cayman Islands Branch, as Administrative Agent, Collateral Agent,
Issuing Lender, and Swingline Lender.

WHEREAS, the Borrower has requested that the Required Lenders
agree to amend certain provisions of the Credit Agreement, and the Required
Lenders have agreed, subject to the terms and conditions hereinafter set forth
to such amendments.

Accordingly, in consideration of the premises and for other
good and valuable consideration, the sufficiency and receipt of all of which are
hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1.Defined
Terms. Capitalized terms used but not defined
herein shall be used herein as defined in the Credit Agreement as modified
hereby.

SECTION 2.Amendments. As of the Amendment
Effective Date (as defined below):

(a)The following definitions are added to Section 1.01 of the Credit
Agreement:

(i) Existing Hedging Agreement means,
collectively, the two interest rate swap agreements, each dated May 16, 2007
between the Borrower and Wachovia Bank, N.A. and Credit Suisse International,
and each having a notional amount of $30 million and expiring on April 30,
2010.

(ii) Liquidity means, as of the last day
of the end of an applicable Fiscal Year, the sum of (1) the aggregate amount of
cash and cash equivalents of the Borrower and the Guarantors that would not
appear as restricted on a consolidated balance sheet of the Parent Guarantor
as of such dateplus(2) if no Default or Event of Default has occurred and is
continuing, the entire unused available balance of the total Revolving Credit
Commitments (but not to exceed $5,000,000) then in effect.

(b)The definition of Applicable Commitment Fee Rate in Section 1.01 of the
Credit Agreement is deleted in its entirety and replaced with the following:

---

Applicable Commitment Fee Rate means
1.00% per annum.

(c)The definition of Applicable Margin in Section 1.01 of the Credit
Agreement is deleted in its entirety and replaced with the following:

Applicable Margin means: (a) with respect to any ABR Loan, 6.50% per annum;
and (b) with respect to any Eurodollar Loan, 7.50% per annum. The Applicable
Margin for the Incremental Loans of any Series shall be determined at the time
such Series of Loans is established pursuant to Section 2.01(c); and (i) if the
Applicable Margin for Incremental Facility Term Loans of any Series would
otherwise be more than 25 basis points higher than the Applicable Margin for
Term Loans, then the Applicable Margin for Term Loans shall be automatically
increased to a rate per annum equal to 25 basis points less than the Applicable
Margin for such Series of Incremental Facility Term Loans from and after the
earlier of the initial date of borrowing of such Incremental Facility Term Loans
or the date that the related Incremental Facility Term Loan Commitments are
established and (ii) if the Applicable Margin for Incremental Revolving Credit
Loans of any Series would otherwise be more than 25 basis points higher than the
Applicable Margin for Revolving Credit Loans, then the Applicable Margin for
Revolving Credit Loans shall be automatically increased to a rate per annum
equal to 25 basis points less than the Applicable Margin for such Series of
Incremental Facility Revolving Credit Loans from and after the date that the
related Incremental Facility Revolving Credit Commitments are established.

(d)The definition of Consolidated Interest Expense in Section 1.01 of the
Credit Agreement is deleted in its entirety and replaced with the following:

Consolidated Interest
Expense means, for any period, interest,
whether expensed or capitalized, in respect of Indebtedness of any member of the
Financial Test Group outstanding during such period;providedthat Consolidated Interest
Expense shall (i) exclude the write-off of deferred financing charges as a
result of the Transactions and the amortization of deferred financing charges
arising from the Transactions and (ii) exclude any amounts paid or accrued by
the Borrower under the Existing Hedging Agreement (providedthat this clause (ii) shall
only become effective beginning with the Test Period in the first fiscal quarter
of the 2010 Fiscal Year) and (iii) otherwise be calculated after giving effect
to any Hedging Agreements other than the Existing Hedging Agreement (including
associated costs), but excluding in any case unrealized gains and losses with
respect to Hedging Agreements.

(e)The definition of Consolidated EBITDA in Section 1.01 of the Credit
Agreement is amended by adding the phrase (without giving effect to clause (ii)
of the proviso set forth in such definition) immediately after the phrase
Consolidated Interest Expense therein.

2

---

(f)
The table in Section 7.09(a) of the Credit Agreement setting forth the permitted
Consolidated Leverage Ratio levels is deleted in its entirety and replaced with
the following:

Period
    
    Ratio2009 Fiscal
      Year
    
    4.75 to
      1.002010 Fiscal Year
    
    4.00 to 1.00First Fiscal
      Quarter of 2011 Fiscal Year
    
    3.75 to
      1.00Second Fiscal Quarter of 2011
      Fiscal Year
    
    3.50 to 1.00Third Fiscal
      Quarter of 2011 Fiscal Year
    
    3.25 to
      1.00Fourth Fiscal Quarter of 2011
      Fiscal Year
    
    3.00 to 1.002012 Fiscal
      Year
    
    2.50 to
      1.002013 Fiscal Year and
      thereafter
    
    2.00 to 1.00


(g)The table in Section 7.09(b) of the Credit Agreement setting forth the
permitted Consolidated Interest Coverage Ratio levels is deleted in its entirety
and replaced with the following:

Period
    
    Ratio2009 Fiscal
      Year
    
    2.50 to
      1.00First Fiscal Quarter of 2010
      Fiscal Year
    
    2.00 to 1.00Second
      Fiscal Quarter of 2010 Fiscal Year
    
    2.00
      to 1.00Third Fiscal Quarter of 2010
      Fiscal Year
    
    2.20 to 1.00Fourth
      Fiscal Quarter of 2010 Fiscal Year
    
    2.35
      to 1.00First Fiscal Quarter of 2011
      Fiscal Year
    
    2.75 to 1.00Second
      Fiscal Quarter of 2011 Fiscal Year
    
    2.75
      to 1.00Third Fiscal Quarter of 2011
      Fiscal Year
    
    2.95 to 1.00Fourth
      Fiscal Quarter of 2011 Fiscal Year
    
    3.15
      to 1.002012 Fiscal Year
    
    3.75 to 1.002013 Fiscal
      Year and thereafter
    
    4.50
      to 1.00


(h)Section 7.09(c) of the Credit Agreement is deleted in its entirety and
replaced with the following:

3

---

(c)Capital Expenditures. The Parent Guarantor will not permit the aggregate amount of
Capital Expenditures by the Parent Guarantor and its Included Subsidiaries to
exceed the following respective amounts for the following respective periods:

Period
    
    Amount2009 Fiscal Year
    
    $17,500,0002010 and 2011 Fiscal Year
    
    $10,000,0002012 Fiscal Year and each
      Fiscal
    
    $20,000,000Year thereafter


Notwithstanding
the foregoing, (i) if the aggregate amount of CapitalExpenditures for any Fiscal Year shall be less than the amount permitted
by the table above to be made in such Fiscal Year, then 50% of the shortfall
shall be added to the amount of Capital Expenditures permitted for the
immediately succeeding (but not any other) Fiscal Year (hereinafter, a
Carry-forward) (providedthat no Carry-forward shall be permitted from the 2009 Fiscal Year to
the 2010 Fiscal Year); (ii) if, as of the Test Period ending on the last day of
the 2010 Fiscal Year, (x) the Consolidated Leverage Ratio does not exceed 3.25
to 1.00 and (y) Liquidity is at least $10,000,000, the aggregate amount of
Capital Expenditures permitted for such Fiscal Year shall be increased by
$3,000,000; and (iii) if, as of the Test Period ending on the last day of the
2011 Fiscal Year, (x) the Consolidated Leverage Ratio does not exceed 2.50 to
1.00 and (y) Liquidity is at least $10,000,000, the aggregate amount of Capital
Expenditures permitted for such Fiscal Year shall be increased by $5,000,000.
For purposes of the foregoing, the amount of Capital Expenditures made during
any Fiscal Year shall be deemed to have been made first from the amount permitted by the
table above to be made in such Fiscal Year, next from any increased amount
referred to in clauses (ii) and (iii) above and last from any Carry-forward.

SECTION 3.Representations
and Warranties. Each of the Borrower and the
Parent Guarantor hereby represents and warrants to the undersigned Lenders that,
after giving effect to the amendments herein, (a) the representations and
warranties of the Borrower and the Parent Guarantor set forth in the Credit
Agreement, and of each Obligor in each of the other Loan Documents to which it
is a party, are true and correct in all material respects on and as of the date
hereof (except to the extent that any such representation or warranty expressly
relates to an earlier date), with each reference therein to the Credit Agreement
being deemed for purposes hereof to be a reference to the Credit Agreement as
modified hereby and (b) no Default has occurred and is continuing.

SECTION 4.Conditions to
Effectiveness. The amendments set forth in
Section 2 hereof shall become effective when, and only when, and as of the date
(the AmendmentEffective Date) on which the Administrative Agent shall have received:

4

---

(a) counterparts of this Amendment Agreement executed by the
Borrower, each of the Guarantors, and the Required Lenders;

(b) payment of fees and expenses of the Administrative Agent
set forth in the Amendment No. 4 to Credit Agreement Fee Letter, dated April 6,
2009, between the Administrative Agent and the Borrower (including the
reasonable and accrued fees of counsel to the Administrative Agent);

(c) payment of fees and expenses of Wachovia Capital Markets,
LLC set forth in the Fourth Amendment Engagement Letter, dated April 2, 2009,
between Wachovia Capital Markets, LLC and the Borrower;

(d) payment of an amendment fee for the account of each Lender
that has approved this Amendment Agreement equal to 1.00% of such Lenders
aggregate outstanding Revolving Credit Commitments and Term Loans as of the date
hereof (prior to giving effect to the Revolving Credit Commitment reduction and
the Term Loan prepayment described in Section 5 herein);

(e) a favorable opinion of (i) Cahill Gordon & Reindel
LLP, special New York counsel to the Borrower and the Parent Guarantor and (ii)
Kilpatrick Stockton, LLP, special North Carolina counsel to the Borrower and the
Parent Guarantor, in each case, dated the Amendment Effective Date and in form
and substance reasonably satisfactory to the Administrative Agent covering such
matters (including without limitation the enforceability of this Amendment
Agreement and the Credit Agreement as amended hereby and the valid organization,
good standing and due authorization of the Borrower and the Parent Guarantor) as
the Administrative Agent shall reasonably request;

(f) (i) a certificate, signed by the Secretary or Assistant
Secretary of the Borrower and dated the Amendment Effective Date, evidencing the
organization, existence and good standing of the Borrower, the authorization of
this Amendment Agreement and any other legal matters relating to the Borrower or
this Amendment Agreement as the Administrative Agent may reasonably request, all
in form and substance reasonably satisfactory to the Administrative Agent; and
(ii) a certificate, signed by the Secretary or Assistant Secretary of the Parent
Guarantor and dated the Amendment Effective Date, evidencing the organization,
existence and good standing of the Parent Guarantor, the authorization of this
Amendment Agreement and any other legal matters relating to the Parent Guarantor
or this Amendment Agreement as the Administrative Agent may reasonably request,
all in form and substance reasonably satisfactory to the Administrative Agent;
and

(g) (i) a certificate, signed by a duly authorized officer of
the Borrower and dated the Amendment Effective Date, in respect of the matters
set forth in Section 3 above, in form and substance reasonably satisfactory to
the Administrative Agent; and (ii) a certificate, signed by a duly authorized
officer of the Parent Guarantor and dated the Amendment Effective Date, in
respect of the matters set forth in Section 3 above, in form and substance
reasonably satisfactory to the Administrative Agent; providedthat, this Amendment Agreement shall not become effective
unless the Borrower shall have prepaid the Term Loans as described in Section 5
herein.

5

---

SECTION 5.Reduction of
Revolving Credit Commitment; Prepayment of TermLoans. On the Amendment Effective Date, (a) the aggregate Revolving Credit
Commitment under the Credit Agreement shall be reduced to $25,000,000, such
reduction to be made ratably among the Revolving Credit Lenders; and (b) the
Borrower shall prepay, in accordance with the terms of the Credit Agreement, the
Term Loans in an aggregate principal amount of $20,000,000, plus accrued
interest and any payments required by Section 2.15 of the Credit Agreement. This
Section 5 shall constitute notice under Section 2.08 of the Credit Agreement to
so reduce the Revolving Credit Commitment and Section 2.10 of the Credit
Agreement to so prepay the Term Loans (it being understood that the
Administrative Agent and the Lenders party hereto hereby waive the requirements
thereunder that the Borrower provide certain prior notice of such reduction or
prepayment).

SECTION
6.Reference to and Effect on the Financing
Documents.

(a) On and after the Amendment Effective Date, each reference
in the Credit Agreement to this Agreement, hereunder, hereof or words of
like import referring to the Credit Agreement, and each reference in the other
Loan Documents to the Credit Agreement, thereunder, thereof, or words of
like import referring to the Credit Agreement shall mean and be a reference to
the Credit Agreement as modified hereby.

(b) The Credit Agreement and each of the other Loan Documents,
as specifically modified by this Amendment Agreement, are and shall continue to
be in full force and effect and are hereby in all respects ratified and
confirmed.

(c) The execution, delivery and effectiveness of this
Amendment Agreement shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of the Credit Agreement or the other Loan
Documents, nor constitute a waiver of any provision of the Credit Agreement or
the other Loan Documents.

SECTION 7.Affirmation of
Guarantors. Each Guarantor signatory hereto
hereby consents to the amendments to the Credit Agreement effected hereby, and
hereby confirms and agrees that, notwithstanding the effectiveness of the
amendments set forth in Section 2 hereof, the obligations of such Guarantor
contained in Article III of the Credit Agreement or in any other Loan Documents
to which it is a party are, and shall remain, in full force and effect and are
hereby ratified and confirmed in all respects, except that, on and after the
effectiveness of such amendments, each reference in Article III of the Credit
Agreement and in each of the other Loan Documents to the Credit Agreement,
thereunder, thereof or words of like import shall mean and be a reference to
the Credit Agreement as modified by this Amendment Agreement.

SECTION 8.GOVERNING
LAW. THIS AMENDMENT AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

6

---

SECTION
9. Execution in Counterparts. This Amendment Agreement may beexecuted by one or
more of the parties to this Amendment Agreement on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. Delivery of an executed counterpart of a
signature page to this Amendment Agreement by telecopier shall be effective as
delivery of a manually executed counterpart of this Amendment Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

7

---

IN WITNESS
WHEREOF, the parties hereto have caused this Amendment Agreement to be duly
executed and delivered by their respective proper and duly authorized officers
as of the day and year first above written.

| | KRISPY
      KREME DOUGHNUT CORPORATION
| | ---------------------------------------
| |                                        
| | By: /s/
      Douglas R. Muir          
| | Name: Douglas R.
      Muir            
| | Title: Chief Financial
      Officer   
| |                                        
| | GUARANTORS:                            
| |                                        
| | KRISPY KREME DOUGHNUTS,
      INC.     
| |                                        
| | GOLDEN GATE DOUGHNUTS, LLC             
| |                                        
| | By:                                    
| |                                        
| |                                        
| | PANHANDLE DOUGHNUTS, LLC               
| |                                        
| | By:                                    
| |                                        
| |                                        
| | By:                                    
| |                                        
| |                                        
| | By:                                    
| |                                        
| |                                        
| |                                        
| | NORTH TEXAS DOUGHNUTS, L.P.            
| |                                        
| | By:                                    
| |                                        
| |                                        
| | KK CANADA HOLDINGS, INC.               
| |                                        
| | KRISPY KREME MANAGEMENT I,
      LLC   
| |                                        
| | By:                                    
| |                                        

---

| | KRISPY KREME MANAGEMENT II,
      LLC 
| | --------------------------------------
| |                                       
| | By:                                   
| |                                       
| |                                       
| | KRISPY KREME MANAGEMENT III,
      LLC
| |                                       
| | By:                                   
| |                                       
| |                                       
| | SOUTHERN DOUGHNUTS, LLC               
| |                                       
| | By:                                   
| |                                       
| |                                       
| | By:                                   
| |                                       
| |                                       
| | SOUTHWEST DOUGHNUTS, LLC              
| |                                       
| | By:                                   
| |                                       
| |                                       
| | By:                                   
| |                                       
| |                                       
| | NORTHEAST DOUGHNUTS, LLC              
| |                                       
| | By:                                   
| |                                       
| |                                       
| | By:                                   
| |                                       
| |                                       
| |                                       
| | By: /s/ Douglas R. Muir               
| | Name: Douglas R. Muir                 
| | Title: Authorized Officer             
| |                                       
| | KRISPY KREME CANADA, INC.             
| |                                       
| | By: /s/ Douglas R. Muir               
| | Name: Douglas R. Muir                 
| | Title: Vice
  President               

---

| | HDN DEVELOPMENT CORPORATION  
| | -----------------------------
| |                              
| |                              
| | By: /s/ Darryl R. Marsch     
| | Name:  Darryl R.
      Marsch
| | Title:  Vice
      President 

---

| | LENDERS                             
| | ------------------------------------
| |                                     
| | Consent of Required Lenders Received

---