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KRISPY KREME DOUGHNUT CORPORATION
 NONQUALIFIED DEFERRED COMPENSATION PLAN
 
 EFFECTIVE OCTOBER 1, 2000




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TABLE OF CONTENTS
 PageARTICLE 1
    
    PURPOSE; EFFECTIVE DATE
    
    
    1ARTICLE 2
    
    DEFINITIONS
    
    
    12.1
    
    Account
    
    
    12.2
    
    Beneficiary
    
    
    12.3
    
    Board
    
    
    12.4
    
    Change in Control
    
    
    12.5
    
    Code
    
    
    22.6
    
    Committee
    
    
    22.7
    
    Company
    
    
    22.8
    
    Compensation
    
    
    22.9
    
    Compensation Payment Date
    
    
    22.10
    
    Deferral Contributions
    
    
    22.11
    
    Deferral Period
    
    
    22.12
    
    Determination Date
    
    
    22.13
    
    Disability (or Disabled)
    
    
    22.14
    
    Distribution Election
    
    
    22.15
    
    Earnings
    
    
    22.16
    
    Effective Date
    
    
    22.17
    
    Employee
    
    
    22.18
    
    ERISA
    
    
    22.19
    
    Executive Officer
    
    
    22.20
    
    Investment Index
    
    
    32.21
    
    Krispy Kreme Stock Index
    
    
    32.22
    
    Participant
    
    
    32.23
    
    Participation Election
    
    
    32.24
    
    Plan
    
    
    32.25
    
    Plan Year
    
    
    32.26
    
    Retirement Savings Plan
    
    
    32.27
    
    Subsidiary
    
    
    32.28
    
    Termination
    
    
    32.29
    
    Year of Service
    
    
    3ARTICLE 3
    
    PARTICIPATION AND DEFERRALS
    
    
    33.1
    
    Eligibility and Participation
    
    
    3ARTICLE 4
    
    DEFERRAL CONTRIBUTIONS
    
    
    34.1
    
    Participation Regarding Deferral Contributions
    
    
    44.2
    
    Withholding of Deferral Contributions
    
    
    44.3
    
    Form of Deferral
    
    
    44.4
    
    Limitations on Deferrals
    
    
    44.5
    
    Termination of Employment
    
    
    44.6
    
    Continuation of Deferral Amount
    
    
    5
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Page4.7
    
    Timing of Credits; Tax and Other Withholding
    
    
    5ARTICLE 5
    
    ACCOUNTS
    
    
    55.1
    
    Account
    
    
    55.2
    
    Determination of Accounts
    
    
    55.3
    
    Selection of Investment Index (Indices)
    
    
    55.4
    
    Vesting of Accounts
    
    
    65.5
    
    Statement of Accounts
    
    
    6ARTICLE 6
    
    BENEFIT PAYMENTS
    
    
    66.1
    
    Time of Benefit Payments
    
    
    66.2
    
    Manner of Benefit Payments
    
    
    66.3
    
    Hardship Distribution
    
    
    66.4
    
    Withholding; Payroll Taxes
    
    
    76.5
    
    Code § 162(m) Restriction
    
    
    76.6
    
    Payment to Guardian
    
    
    7ARTICLE 7
    
    BENEFICIARY DESIGNATION7.1
    
    Beneficiary Designation
    
    
    7ARTICLE 8
    
    ADMINISTRATION
    
    
    78.1
    
    Committee
    
    
    8ARTICLE 9
    
    AMENDMENT AND TERMINATION OF PLAN
    
    
    89.1
    
    Amendment
    
    
    89.2
    
    Companys Right to Terminate
    
    
    8ARTICLE 10
    
    MISCELLANEOUS
    
    
    910.1
    
    Unfunded Plan
    
    
    910.2
    
    Unsecured General Creditor
    
    
    910.3
    
    Trust Fund
    
    
    910.4
    
    Nonassignability
    
    
    910.5
    
    Not a Contract of Employment
    
    
    910.6
    
    Governing Law
    
    
    910.7
    
    Validity
    
    
    1010.8
    
    Successors
    
    
    1010.9
    
    Captions
    
    
    1010.10
    
    Arbitration of Disputes
    
    
    1010.11
    
    Unclaimed Benefit
    
    
    1010.12
    
    Discharge of Obligations
    
    
    1010.13
    
    Limitations on Liability
    
    
    1010.14
    
    Entire Agreement
    
    
    10
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KRISPY KREME DOUGHNUT CORPORATION
 NONQUALIFIED DEFERRED COMPENSATION PLAN
 ARTICLE 1
PURPOSE; EFFECTIVE DATE
  ARTICLE 2
DEFINITIONS
  2.1 Account
 2.2 Beneficiary
 2.3 Board
 2.4 Change in Control




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2.5 Code
 2.6 Committee
 2.7 Company
 2.8 Compensation
 2.9 Compensation Payment Date
 2.10 Deferral Contributions
 2.11 Deferral Period
 2.12 Determination Date
 2.13 Disability (or Disabled)
 2.14 Distribution Election
 2.15 Earnings
 2.16 Effective Date
 2.17 Employee
 2.18 ERISA
 2.19 Executive Officer
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2.20 Investment Index
 2.21 Krispy Kreme Stock Index
 2.22 Participant
 2.23 Participation Election
 2.24
Plan
 2.25 Plan Year
 2.26 Retirement Savings Plan
 2.27 Subsidiary
 2.28 Termination
 2.29 Year of Service
 ARTICLE 3
PARTICIPATION AND DEFERRALS
 3.1 Eligibility and Participation.
 (a) Eligibility.
 (b) Effective Date of Participation.
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(c) Part-Year Participation.
 (d) Change in Employment Status.
 ARTICLE 4
DEFERRAL CONTRIBUTIONS
 4.1 Participation Regarding Deferral Contributions
 4.2 Withholding of Deferral Contributions
 4.3 Form of Deferral
   4.4 Limitations on Deferrals
 (a) Maximum
 (b) Minimum
 (c) Changes in Minimum or Maximum
 4.5 Termination of Employment
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4.6 Continuation of Deferral Amount
 4.7 Timing of Credits; Tax and Other Withholding
 ARTICLE 5
ACCOUNTS
 5.1 Account
 5.2 Determination of Accounts
 (a) Deferral Contributions.
 (b) Distributions.
 (c) Earnings.
 5.3 Selection of Investment Index (Indices)
 (a) Initial Selection.
  (b) Subsequent Selections.
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5.4 Vesting of Accounts
 5.5 Statement of Accounts
 ARTICLE 6
BENEFIT PAYMENTS
 6.1 Time of Benefit Payments
 6.2 Manner of Benefit Payments
   (c) Small Amounts.
 (d) Change in Form of Benefits.
 6.3 Hardship Distribution
 (a) Penalty.
 (b) Suspension of Participation.
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(c) Payment.
 (d) Restrictions on Timing of Accelerated Distribution Election.
 6.4 Withholding; Payroll Taxes
 6.5 Code §162(m)Restriction
 6.6 Payment to Guardian
 ARTICLE 7
BENEFICIARY DESIGNATION
 7.1 Beneficiary Designation
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ARTICLE 8
ADMINISTRATION
 8.1 Committee.
    ARTICLE 9
AMENDMENT AND TERMINATION OF PLAN
 9.1 Amendment.
   9.2 Companys Right to Terminate
 (a) Partial Termination.
 (b) Complete Termination.
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ARTICLE 10
MISCELLANEOUS
 10.1 Unfunded Plan
 10.2 Unsecured General Creditor
 10.3 Trust Fund
 10.4 Nonassignability
 10.5 Not a Contract of Employment
 10.6 Governing Law
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10.7 Validity
 10.8 Successors
 10.9 Captions
 10.10 Arbitration of Disputes
 10.11 Unclaimed Benefit
 10.12 Discharge of Obligations
 10.13 Limitations on Liability
 10.14 Entire Agreement
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IN WITNESS WHEREOF
 KRISPY KREME DOUGHNUT CORPORATIONBy:Its:ATTEST:By:Its:
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APPENDIX A




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FIRST AMENDMENT TO THE
KRISPY KREME DOUGHNUT CORPORATION
NONQUALIFIED DEFERRED COMPENSATION PLAN
  W I T N E S S E T H:
 WHEREAS
 WHEREAS
 WHEREAS
 NOW, THEREFORE, BE IT RESOLVED
  IN WITNESS WHEREOF,
 KRISPY KREME DOUGHNUT CORPORATIONBy:Its:ATTEST:By:Its:




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SECOND AMENDMENT TO THE
KRISPY KREME DOUGHNUT CORPORATION
NONQUALIFIED DEFERRED COMPENSATION PLAN
  W I T N E S S E T H:
 WHEREAS
 WHEREAS
 WHEREAS
 WHEREAS
 NOW, THEREFORE, BE IT RESOLVED
 4.8 Deferral of SERP Benefit .
 IN WITNESS WHEREOF
 KRISPY KREME DOUGHNUT CORPORATIONBy:Its:ATTEST:By:Its:




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UNANIMOUS WRITTEN CONSENT OF THE BOARD OF DIRECTORS
OF KRISPY KREME DOUGHNUT CORPORATION
TO ACTION WITHOUT MEETING
  WHEREAS
 WHEREAS
 WHEREAS
 WHEREAS
 NOW, THEREFORE, BE IT RESOLVED
 RESOLVED
  Randy S. CasstevensFrank MurphyJohn W. Tate




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CONSENT TO ACTION WITHOUT MEETING
OF THE COMPENSATION COMMITTEE OF
KRISPY KREME DOUGHNUTS, INC.
  WHEREAS vice
 WHEREAS
 WHEREAS
 WHEREAS
 NOW, THEREFORE, BE IT RESOLVED
 RESOLVED
 RESOLVED
 James H. Morgan, ChairmanRobert L. StricklandDr. Su Hua Newton