Document:

EX-10.3

  
 Exhibit 10.3 

April 11, 2012 
 Alexa King

 General Counsel 
 Aruba Networks,
Inc. 
 1344 Crossman Avenue 

Sunnyvale, CA 94089 
  

	 	Re:	Amendment to Distribution Agreement 

Dear Ms. King: 
 Reference
is made to the Distributor Agreement – Stocking dated September 29, 2011 by and between Aruba Networks, Inc. (“Vendor”) and SYNNEX Corporation (“SYNNEX”) (“the Agreement”). 

Pursuant to Section 11.10 of the Agreement, as of the date first written herein, each of Vendor and SYNNEX wishes to amend the
Agreement by this letter amendment (“Amendment”). Capitalized terms used in this Amendment which are not otherwise defined herein, shall have the meanings given such terms in the Agreement. Therefore, the parties agree as follows:

 Section 1 Amendment to the Agreement 
 1.1 Section 5.8 of the Agreement shall be deleted and the following substituted therefor: 
 Delivery, Freight Charges, Risk of Loss. In its acceptance of Purchase Orders in the United States, Aruba shall notify Distributor of Aruba’s targeted shipment dates for the Products. Aruba
shall provide the Products F.O.B. Origin, Aruba’s designated facility provided that such facility is within the contiguous United States (Incoterms 2000), freight charges to be paid by Distributor. Title to Hardware and all risk of loss shall
pass to Distributor upon tender of shipment. For Purchase Orders in Canada, the Products shall be delivered to Distributor F.O.B. Origin, freight charges to be paid by Distributor. Title and risk of loss shall transfer to Distributor upon delivery
to the carrier. Unless otherwise specified on the Purchase Order, delivery shall be made to Distributor’s address specified on the first page of this Agreement. Distributor shall notify Aruba of its preferred forwarders, brokers, transportation
suppliers and insurance carriers and Aruba shall use such preferred entities in accordance with Distributor’s instructions. Notwithstanding the foregoing, in the absence of specific instructions from Distributor, Aruba shall select the carrier
and arrange for in-transit insurance, all at Distributor’s expense. Distributor shall be the importer of record. Title to Software shall at all times remain solely with Aruba. 

 Aruba Networks, Inc. 
 April 11, 2012 
 Page 2 
 Section 2 Reference to and Effect on the Agreement 
 2.1 Upon the
effectiveness of this Amendment, on and after the date hereof, each reference to the Agreement shall mean and be a reference to the Agreement as amended hereby. 
 2.2 Except as specifically set forth above, the Agreement, and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and
are hereby ratified and confirmed. 
 2.3 The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of a party, nor constitute a waiver of any provision of the Agreement, or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 If the above changes to the Agreement are acceptable, please acknowledge your acceptance below and return the executed
portion of this Amendment by facsimile at (510) 668-3707 to my attention with two executed originals to follow by mail. Upon receipt, I will return one fully executed original of the same for your files. If you have any questions, please feel
free to contact me at (510) 668-3668. 
 Very truly yours, 

SYNNEX Corporation 
 /s/ Leslie Rosenthal 
 Leslie Rosenthal 

Corporate Counsel 
 AGREED AND ACCEPTED: 
 Aruba Networks, Inc. 

/s/ Oren Levy 
 Name: Oren Levy 

Title: Senior Director, Global Commercial LawEX-10.4

 Exhibit 10.4 
 Amendment No. 2 
 to Distributor Agreement

 This Amendment No. 2 to Distributor Agreement (“Amendment”) is made and entered into as of November 12, 2012
(“Effective Date”) by and between Aruba Networks, Inc., having its principal place of business at 1344 Crossman Avenue, Sunnyvale, CA 94089 (“Aruba”), and SYNNEX Corporation, with an address at 44201 Nobel Drive, Fremont, CA
94538 (“SYNNEX”). Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms in the Agreement. 
 Recitals 
 WHEREAS, Aruba and SYNNEX entered into an Aruba Distributor
Agreement (Stocking) dated September 29, 2011 (the “Agreement”); and  
 WHEREAS, Aruba and SYNNEX now desire to
amend the Agreement to add co-op terms. 
 NOW, THEREFORE, in consideration of the mutual covenants and promises set forth herein,
the parties hereby agree as follows: 
 A. The Agreement is amended as follows: 

 

	 	1.	The following is added as a new section: 

 “7.5 Co-op. Synnex Canada co-op funds shall be accrued separately from Synnex US co-op funds accrual. All fund usage and procedures shall be in accordance with Aruba’s published
Guidelines for Joint Marketing Funds. 
 7.5.1. Synnex US Marketing Funds. Distributor shall accrue [***]% of net sales
(hardware and software products only, net of returns) in co-op funds (“US Co-op”), calculated on monthly basis, to be used only as agreed between the Parties to promote Aruba Products. Unused US Co-op funds shall expire [***] months from
initial date of accrual, on a monthly basis. US Co-op calculations shall be made using $USD only. 
 7.5.2. Synnex Canada
Marketing Funds. Distributor shall accrue [***]% of net sales (hardware and software products only, net of returns) in co-op funds (“Canada Co-op”) to be used only as agreed between the Parties to promote Aruba Products. Unused Canada
Co-op funds shall expire [***] months from initial date of accrual, on a monthly basis. Canada Co-op calculations shall be made using $USD only. 
 Initial Canada Co-op funds, in total, USD $[***], shall be advanced by Aruba, against future accrued Canada Co-op funds balance. These Canada Co-op funds shall be used solely for the following
Aruba-approved activities: 
 [***] 

[***] 
 B. This
Amendment may be executed in counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement. 
 C. Except as provided herein, all other terms and conditions of the Agreement shall remain in full force and effect. 
  

	***	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions. 

 - SIGNATURE PAGE FOLLOWS - 
 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective authorized representatives as of the date of the Effective Date. 

 

			
	 ARUBA NEWORKS, INC.
	 	SYNNEX CORPORATION
		
	 By: /s/ Kristine Riley
	 	By: /s/ Daniel T. Brennan
		
	 Print Name: Kristine Riley
	 	Print Name: Daniel T. Brennan
		
	 Title: Senior Director, Intellectual Property
	 	Title: Corporate Counsel
		
	 Date: November 20, 2012
	 	Date: November 12, 2012[FORM OF]
KRISPY KREME DOUGHNUTS, INC.
2012 STOCK INCENTIVE
PLAN
NONQUALIFIED STOCK OPTION
AGREEMENT 

     THIS
NONQUALIFIED STOCK OPTION AGREEMENT (the “Agreement”) is made as of
[_____]
(the “Grant Date”), by and between Krispy Kreme Doughnuts, Inc., a North
Carolina corporation (the “Company”), and [_____] (the “Participant”).

W I T N E S S E T H: 

    
WHEREAS, the Board of Directors and shareholders of the Company have
approved the Krispy Kreme Doughnuts, Inc. 2012 Stock Incentive Plan, as it may
be amended (the “Plan”), for the purposes and subject to the provisions set
forth in the Plan; and

    
WHEREAS, pursuant to authority granted to it in the Plan, the
Compensation Committee of the Board of Directors of the Company (the
“Committee”) has, on behalf of the Company, granted to the Participant a
nonqualified stock option to purchase shares of Common Stock of the Company as
set forth below; and

    
WHEREAS, this Agreement evidences the
grant of such option pursuant to the Plan.

     NOW,
THEREFORE, in consideration of the foregoing, of the mutual promises set forth
below and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows: 

1. Summary of
Grant 

Number of Shares: [_____]
Option Price:
[$_____]
Date of Grant: [_____]
Expiration Date:
[_____]

2. Grant of
Option 

    
This Agreement sets forth the terms of a nonqualified option (the
“Option”) granted to the Participant to purchase from the Company, during the
period specified in Sections 3 and 4 of this Agreement, a total of
[_____]
shares of Common Stock (the “Shares”), at the purchase price of [_____] per share (the
“Option Price”), in accordance with the terms and conditions stated in this
Agreement.

3. Vesting and Exercise of
Option 

    
(a) The
Option shall vest and become exercisable in increments in accordance with the
schedule set forth below, provided that the Option shall vest
and become exercisable with respect to an increment as specified only if the
Participant has not incurred a Termination of Employment prior to the vesting
date with respect to such increment: 

          (i) no portion of the Option shall vest or become exercisable prior to the
first anniversary of the Grant Date;

         
(ii) on the
first anniversary of the Grant Date, the Option shall vest and become
exercisable with respect to 25% of the number of Shares subject to the Option
(as indicated in Section 1);

         
(iii) on
the second anniversary of the Grant Date, the Option shall vest and become
exercisable with respect to an additional 25% of the number of Shares subject to
the Option (for a total of 50% of the number of Shares subject to the
Option);

         
(iv) on the
third anniversary of the Grant Date, the Option shall vest and become
exercisable with respect to an additional 25% of the number of Shares subject to
the Option (for a total of 75% of the number of Shares subject to the Option);
and

         
(v) on the
fourth anniversary of the Grant Date, the Option shall vest and become
exercisable with respect to the remaining 25% of the number of Shares subject to
the Option (for a total of 100% of the number of Shares subject to the Option).

    
(b) Notwithstanding the vesting provisions described above, the Option shall
vest and become exercisable with respect to 100% of the Shares upon the
Participant’s Termination of Employment if the Participant’s Termination of
Employment is due to his or her Retirement, death, or Disability. 

    
(c) In
addition, the following provisions shall apply in the event of a Change in
Control:

         
(i) To the
extent the successor company does not assume or substitute for the Option (or
the Company is the ultimate parent corporation and does not continue the Option)
on substantially equivalent terms (as determined by the Committee), the Option
will become vested and exercisable in full upon the effective date of the Change
in Control. 

         
(ii) Further, in the event that the Option is substituted, assumed or
continued, the Option will become vested and exercisable in full if the
Participant incurs a Termination of Employment within six months before (in
which case vesting shall not occur until the effective date of the Change in
Control) or two years after the effective date of a Change in Control if such
Termination of Employment (A) is by the Company not for Cause or (B) is by the
Participant for Good Reason. In the event that vesting of the Option is
accelerated as a result of a Termination of Employment related to a Change in
Control as provided herein, the Committee or the Board of Directors, in its
discretion, may send the Participant prior written notice of the effectiveness
of such event and the last day on which the Participant may exercise the Option.
In such event, the Participant may, upon compliance with all of the terms of
this Agreement and the Plan, purchase any or all of the Shares with respect to
which the Option is vested and exercisable on or prior to the last day specified
in such notice, and, to the extent the Option is not exercised, it shall (unless
the Committee or the Board of Directors determines otherwise) terminate at 5:00
P.M., Winston-Salem, North Carolina time, on the last day specified in such
notice. If no such notice is given, the Option shall terminate as provided in
Section 4(f) herein. For the purposes herein, (X) “Good Reason” shall have the
meaning set forth in Section 21(c) of the Agreement; and (Y) “Company” shall include the successor
to the Company’s business or assets, or if all or substantially all of the
voting stock of the Company is held by another public company, such public
company. 

2

     The schedule
set forth above is cumulative, so that Shares as to which the Option has become
vested and exercisable pursuant to the provisions above may be purchased
pursuant to exercise of the Option at any date subsequent to vesting but prior
to termination of the Option. The Option may be exercised at any time and from
time to time to purchase up to the number of Shares as to which it is then
vested and exercisable. 

4. Termination of
Option 

    
Unless adjusted by the Committee in its sole discretion, the Option shall
remain exercisable as specified in Section 3 above until 5:00 p.m.,
Winston-Salem, North Carolina time, on the earliest to occur of the dates
specified below, upon which date the Option shall terminate:

    
(a) the
date all of the Shares are purchased pursuant to the terms of this
Agreement;

    
(b) upon
the expiration of three months following the Participant’s Termination of
Employment for any reason other than his or her Retirement, death, Disability,
or for Cause;

    
(c) upon
the expiration of 360 days following the Participant’s Termination of Employment
on account of his or her Disability;

    
(d) upon
the expiration of 360 days following the Participant’s Termination of Employment
on account of his or her death;

    
(e) immediately upon the Participant’s Termination of Employment for Cause;

    
(f) on the
last date specified in the notice described in Section 3 above in the event of a
Termination of Employment by the Participant for Good Reason or by the Company
other than for Cause within six months before or two years after the effective
date of a Change in Control; provided that, if no such notice is given, the
Option shall terminate on the one year anniversary of the date of the
Participant’s Termination of Employment;

    
(g) on the
ten year anniversary of the Grant Date (the “Expiration Date”); or

    
(h) on the
ten year anniversary of the Grant Date in the event of the Participant’s
Termination of Employment on account of Retirement.

    
Notwithstanding the foregoing, the term of the Option shall (unless the
Committee determines otherwise) automatically be extended if exercise at the end
of the original term would violate Applicable Law (including but not limited to
the Company’s Securities Trading Policy), but such extension may not exceed 30
days from the expiration of the period during which exercise is prohibited, and
any such extension must be in accordance with Reg. Section. 1.409A-1(b)(5)(v)(C)(1). Upon its termination, the Option shall have no further force
or effect and the Participant shall have no further rights under the Option or
to any Shares which have not been purchased pursuant to the prior exercise of
the Option. 

3

5. Manner of Exercise of
Option 

     (a) Exercise. The Option may be
exercised only by (i) the Participant’s delivery of a written notice of exercise
to the Company, setting forth the number of Shares with respect to which the
Option is to be exercised, (ii) the payment to the Company, pursuant to the
terms of this Agreement, of an amount equal to the Option Price multiplied by
the number of Shares being purchased as specified in the Participant’s notice of
exercise (the “Purchase Price”). The Participant’s notice of exercise shall be
given in the manner specified in Section 10 but any exercise of the Option shall
be effective only when the items required by the preceding sentence are actually
received by the Company. The notice of exercise shall be in the form attached to
this Agreement or in another form provided by the Company. Notwithstanding
anything to the contrary in this Agreement, the Option may be exercised only if
compliance with Applicable Law can be effected, with the Committee being the
final arbitrator thereof, in its sole and absolute discretion, in the event of
any dispute between the Company and the Participant with regard to the
interpretation of such laws. 

    
(b) Form of Payment. Payment of the
Purchase Price may be made by (i) cash or cash equivalent; (ii) authorizing a
third party to sell a portion of the Shares acquired upon exercise of the Option
and remit to the Company a sufficient portion of the sales proceeds to pay the
full Purchase Price (that is, a broker-assisted cashless exercise); (iii) unless
prohibited by the Committee, by tendering previously acquired Shares having an
aggregate Fair Market Value at the time of exercise equal to the Option Price or
portion thereof, (iv) unless prohibited by the Committee, by withholding Shares
subject to the Option having an aggregate Fair Market Value at the time of
exercise equal to the Option Price or portion thereof, or (v) combining the
above methods.

    
(c) Issuance and Delivery of Shares. As soon as practicable following receipt of such notice of exercise and
payment, the Company shall notify the Participant of any payment required under
subsection (d) below. The Company shall deliver a certificate or certificates
for the Shares to the Participant (or provide other evidence of ownership of the
Shares, such as tracking through book entry) as soon as practicable after the
Participant has made any payment required under subsection (d) below. Shares
issued pursuant to the exercise of the Option will be issued only in the name of
the Participant and may not be transferred into the name of any agent of or
nominee for the Participant until such time as the Participant has complied with
the terms of this Agreement. 

    
(d) Taxes and Withholding.

         
(i) The
Participant shall be responsible for all federal, state, local, and foreign
income taxes payable with respect to the Option and the exercise thereof. The
Participant acknowledges that he or she may incur substantial tax liability
arising out of the exercise of the Option and that the Company has no
responsibility to take or refrain from taking any actions in order to achieve a
certain tax result for the Participant. 

         
(ii) The
Company shall have the power and right to deduct or withhold, or require the
Participant to remit to the Company in cash, an amount sufficient to satisfy
federal, state, local, and foreign taxes (including but not limited to the
Participant’s FICA obligation) required by law to be withheld with
respect to any taxable event arising in connection with the Option. In lieu of
the payment specified in this paragraph, the Participant may satisfy the
obligation, in whole or in part, by the methods specified in subsection (b)(i)
and (ii) above. In addition, unless the Committee determines otherwise and
subject to such conditions as may be established by the Committee, the
Participant may elect to satisfy the withholding requirement, in whole or in
part, by having the Company withhold Shares with a Fair Market Value equal to
(but not in excess of) the minimum statutory tax required to be withheld. The
right to satisfy this obligation by cashless exercise or the withholding of
Shares may be withdrawn by the approval of the Committee.

4

     (e) Delay In Issuance of Shares. Anything in this Agreement to the contrary notwithstanding, if, at any
time specified herein for the issuance of Shares to the Participant, any law, or
any regulation or requirement of the Securities and Exchange Commission or other
governmental authority having jurisdiction over such matter, shall require
either the Company or the Participant to take any action in connection with the
Shares then to be issued, the issuance of such Shares shall be deferred until
such action shall have been taken; the Company shall be under no obligation to
take such action; and the Company shall have no liability whatsoever as a result
of the non-issuance of such Shares, except to refund to the Participant any
consideration tendered in respect of the Purchase Price. 

    
(f) Stop Transfer Instructions. The
Company may impose stop-transfer instructions with respect to any Shares (or
other securities) subject to any restriction set forth in this Agreement until
the restriction has been satisfied or terminates. 

6. Nontransferability

    
The Option shall not be transferable (including by sale, assignment,
pledge, or hypothecation) other than by will or the laws of intestate
succession, except for transfers without consideration if and to the extent
permitted by the Committee in a manner consistent with the registration
provisions of the Securities Act. Except as may be permitted by the preceding
sentence, the Option shall be exercisable during the Participant’s lifetime only
by the Participant or by his or her guardian or legal representative. The
designation of a beneficiary in accordance with the Plan does not constitute a
transfer.

7. No Rights as a
Shareholder 

    
The Participant shall not have any rights as a shareholder with respect
to the Shares subject to his or her Option until the issuance of such Shares to
the Participant pursuant to the exercise of the Option. 

8. No Right to Employment or Future
Grants; Compliance with Applicable Law

    
(a) Nothing
in this Agreement shall be construed as constituting a commitment, guarantee,
agreement, or understanding of any kind or nature that the Company, any
Subsidiary, or other Affiliate shall continue to employ the Participant, nor
shall this Agreement affect in any way the right of the Company, any Subsidiary,
or other Affiliate to terminate the employment or other service of the
Participant at any time and for any reason. By the Participant’s execution of
this Agreement, the Participant acknowledges and agrees that the Participant’s
employment or other service to the Company, any
Subsidiary, or other Affiliate is “at will.” The Participant acknowledges and
agrees that the award and acceptance of the Option pursuant to this Agreement
does not entitle the Participant to future grants under the Plan or any other
plan. 

5

     (b) The
Company may impose such restrictions on the Option, the Shares, and any other
benefits underlying the Option hereunder as it may deem advisable, including,
without limitation, restrictions under the federal securities laws, the
requirements of any securities exchange or similar organization, and any blue
sky, state, or foreign securities laws applicable to such securities. The
Company shall not be obligated to issue, deliver, or transfer Shares, make any
other distribution of benefits under the Plan, or take any other action, unless
such delivery, distribution, or action is in compliance with Applicable Law
(including but not limited to the requirements of the Securities Act). The
Company will be under no obligation to register Shares or other securities with
the Securities and Exchange Commission or to effect compliance with the
exemption, registration, qualification, or listing requirements of any state or
foreign securities laws, or securities exchange or similar organization, and the
Company will have no liability for any inability or failure to do so. The
Company may cause a restrictive legend or legends to be placed on any
certificate issued pursuant to the Option hereunder in such form as may be
prescribed from time to time by Applicable Law or as may be advised by legal
counsel. 

9. Successors and
Assigns 

    
(a) This
Agreement shall be binding upon and inure to the benefit of any assignee or
successor in interest to the Company, whether by merger, consolidation, or the
sale of all or substantially all of the Company’s assets. 

    
(b) This
Agreement shall be binding upon and inure to the benefit of the Participant and
his or her legal representative and any person to whom the Option may be
transferred by will, the applicable laws of intestate succession, or otherwise
in accordance with the terms of the Plan. 

10. Notices 

    
Any and all notices under this Agreement shall be in writing, and sent by
hand delivery or by certified or registered mail (return receipt requested and
first-class postage prepaid), in the case of the Company, to its principal
executive offices to the attention of the Chief Financial Officer, and, in the
case of the Participant, to the Participant’s address as shown on the Company’s
records. 

11. Entire
Agreement 

    
The parties hereto agree that this Agreement sets forth all of the
promises, agreements, conditions, understandings, warranties, and
representations between the parties with respect to the Option and the Shares
and that there are no promises, agreements, conditions, understandings,
warranties, or representations, oral or written, express or implied between the
parties with respect to the Option and the Shares other than as set forth in
this Agreement and in the Plan.

6

12. Amendment of
Agreement 

     This Agreement
may be modified, amended, suspended, or terminated, and any terms or conditions
may be waived, but only by a written instrument executed by the parties hereto
and otherwise in accordance with the Plan. Notwithstanding the foregoing, the
Committee shall have unilateral authority to amend the Agreement (without the
Participant’s consent) to the extent necessary to comply with Applicable Law or
changes to Applicable Law (including but in no way limited to Code Section 409A
and federal securities laws). 

13. Severability 

    
The provisions of this Agreement are severable and if any one or more
provisions are determined to be illegal or otherwise unenforceable, in whole or
in part, the remaining provisions, and any partially unenforceable provision to
the extent enforceable in any jurisdiction, shall nevertheless be binding and
enforceable. 

14. Waiver 

    
The waiver by the Company of a breach of any provision of this Agreement
by the Participant shall not operate or be construed as a waiver of any
subsequent breach by the Participant. 

15. Plan
Controls 

    
This Agreement and the Option are subject in all respects to the terms
and conditions of the Plan (which are incorporated herein by reference), and the
Participant agrees to be bound by the terms and conditions of the Plan. Except
as otherwise expressly set forth herein, the capitalized terms used in this
Agreement shall have the same definitions as set forth in the Plan. To the
extent that any conflict may exist between any term or provision of this
Agreement and any term or provision of the Plan, such term or provision of the
Plan shall control, unless the Committee determines otherwise. 

16. Agreement to be Bound by
Plan 

    
The Participant acknowledges that the Participant fully understands his
or her rights under the Plan, and that the Participant agrees to be bound by all
terms and conditions of the Plan. The Participant acknowledges that the
Participant has received a copy of the Plan prospectus. 

17. Authority of
Committee 

    
All determinations made by the Committee with respect to the
interpretation, construction, and application of any provision of this Agreement
shall be final, conclusive, and binding on the parties. 

7

18. Covenants and Representations of
the Participant 

    
The Participant represents, warrants, covenants, and agrees with the
Company as follows: 

     (a) The
Participant has not relied upon the Company with respect to any tax consequences
related to the Option or the Shares. The Participant assumes full responsibility
for all such consequences and the filing of all tax returns and elections the
Participant may be required or find desirable to file in connection
therewith.

    
(b) The
Participant will not distribute or resell any Shares (or other securities)
issuable upon exercise of the Option granted hereby in violation of Applicable
Law. The Participant shall comply with all provisions of the Company’s
Securities Trading Policy, as in effect from time to time. 

    
(c) The
agreements, representations, warranties, and covenants made by the Participant
herein with respect to the Option shall also extend and apply to all of the
Shares issued to the Participant from time to time pursuant to exercise of the
Option. Acceptance by the Participant of any certificate representing the Shares
(or other evidence of beneficial ownership) shall constitute a confirmation by
the Participant that all such agreements, representations, warranties, and
covenants made herein continue to be true and correct at that time. 

    
(d) As a
condition to receiving this award, the Participant agrees to abide by the
Company’s Equity Retention Policy, Compensation Recovery Policy, and Stock
Ownership Guidelines and/or other similar policies, each as in effect from time
to time and to the extent applicable to the Participant from time to time. In
addition, the Participant shall be subject to such compensation recovery,
recoupment, forfeiture, or other similar provisions as may apply to the
Participant under Applicable Law. 

19. Limitation of
Liability 

    
The liability of the Company under this Agreement and in the award of the
Option hereunder is limited to the obligations set forth herein with respect to
such award, and nothing herein contained shall be interpreted as imposing any
liability in favor of the Participant or any others with respect to any loss,
cost, or expense which the Participant or any others may incur in connection
with or arising out of any transaction involving the Option or the Shares.

20. Governing
Law 

    
This Agreement shall be governed by, construed and enforced in accordance
with the laws of the State of North Carolina, without giving effect to the
principles of conflicts of laws, and in accordance with applicable federal laws.

21. Definitions 

    
(a) “Retirement” shall mean the
Participant’s Termination of Employment at a time when the sum of the
Participant’s age and years of employment with the Company, its Subsidiaries, or
other Affiliates equals or exceeds 65, provided that the Participant shall have
attained a minimum age of 55. 

8

    
(b) “Termination of Employment” means
the discontinuance of the Participant’s service relationship with the Company,
its Subsidiaries, or another Affiliate, including but not limited to service as
an employee of the Company, its Subsidiaries, or another Affiliate, as a
non-employee member of the Board of
Directors of the Company, or as a consultant or advisor to the Company, its
Subsidiaries, or another Affiliate. Except to the extent provided otherwise in
an agreement or determined otherwise by the Committee, a Termination of
Employment shall not be deemed to have occurred if the Participant transfers
among the various entities constituting the Company and its Subsidiaries, so
long as there is no interruption in the provision of service by the Participant
to the Company and its Subsidiaries. The Participant shall not be deemed to have
incurred a Termination of Employment if the Participant is on military leave,
sick leave, or other bona fide leave of absence approved by the Company of 180
days or fewer (or any longer period during which the Participant is guaranteed
reemployment by statute or contract). In the event the Participant’s leave of
absence exceeds this period, he or she will be deemed to have incurred a
Termination of Employment on the day following the expiration date of such
period, unless determined otherwise by the Committee. 

     (c) “Good Reason” shall have the
meaning assigned to such term in the employment agreement, if any, between the
Participant and the Company, a Subsidiary, or an Affiliate, provided, however
that if there is no such employment agreement in which such term is defined,
“Good Reason” shall mean any of the following acts by the Company, a Subsidiary,
or an Affiliate within the six-month period before or the two-year period
after the
effective date of a Change in Control, without the consent of the Participant
(in each case, other than an isolated, insubstantial, and inadvertent action not
taken in bad faith and which is remedied by the Company, a Subsidiary, or an
Affiliate promptly after receipt of notice thereof given by the Participant):
(i) the assignment to the Participant of duties or responsibilities materially
inconsistent with, or a material diminution in, the Participant’s position,
authority, duties, or responsibilities as in effect on the date of the Change in
Control, (ii) a material reduction in the Participant’s base salary as in effect
on the date of the Change in Control, (iii) except with regard to international
employees, the relocation, without consent, of the Participant’s principal place
of employment more than 25 miles from the location at which the Participant was
stationed immediately prior to the Change in Control, or (iv) any material
breach of any employment agreement between the Participant and the Company, a
Subsidiary, or an Affiliate; provided that any event described in clauses (i)
through (iv) above shall constitute Good Reason only if the Company fails to
rescind or cure such event within 30 days after receipt from the Participant of
written notice of the event which constitutes Good Reason; and provided,
further, that Good Reason shall cease to exist for an event or condition
described in clauses (i) through (iv) above on the 60th day following the latter
of its occurrence or the Participant’s knowledge thereof, unless the Participant
has given the Company written notice thereof prior to such date. 

22. [Forfeiture in the Event of
Competition and/or Solicitation or other Detrimental Acts]1

    
In return for granting the Option to the Participant, the Participant
agrees to the following restrictions: 

____________________

1 Section 22 is only
included in the Nonqualified Stock Option Agreement for persons holding the
title of Senior Vice President or above of the Company or of Krispy Kreme
Doughnut Corporation, its wholly-owned subsidiary. 

9

     (a) The
Participant expressly agrees and covenants that during the Restricted Period (as
defined below), the Participant shall not, without the prior written consent of
the Company, directly or indirectly: 

	          
    	(i)	      	own, manage, control,
      participate in, consult with, become employed by, or otherwise render
      services to any Competitive Business (as defined below) in the Territory
      (as defined below), except that it shall not be considered a violation of
      this clause for the Participant to be a passive owner of not more than two
      percent of the outstanding stock of any class of any corporation which is
      publicly traded, so long as the Participant has no active participation in
      the business of such corporation;
		 
		(ii)		induce or attempt to
      induce any customer, supplier, client, or other business relation of the
      Company or its Affiliates to cease doing business with the Company or its
      Affiliates if such cessation could reasonably be expected to result in
      material harm to the Company;
		 
		(iii)		induce or attempt to
      induce any employee of the Company or its Affiliates to leave the employ
      of the Company or its Affiliates, or in any way interfere with the
      relationship between the Company or its Affiliates and any person employed
      by them; or
		 
		(iv)		violate the Company’s
      Securities Trading Policy.

     (b) The
Participant expressly agrees and covenants that the Participant will not,
without the prior written consent of the Company, directly or indirectly,
disclose or use at any time before or after the Participant’s Termination of
Employment any Confidential Information (as defined below) of which the
Participant is or becomes aware, whether or not such information is developed by
the Participant, except to the extent such disclosure or use is directly related
to and appropriate in connection with the Participant’s performance of duties
assigned to the Participant by the Company or its Affiliates. Under all
circumstances and at all times, the Participant will take all appropriate steps
to safeguard Confidential Information in his or her possession and to protect it
against disclosure, misuse, espionage, loss, and theft. 

    
(c) If the
Committee determines that the Participant has violated any provisions of this
Section 22 or that the Participant’s employment has been terminated for Cause,
then the Participant agrees and covenants that: 

	          
    	(i)	      	The Participant shall
      automatically forfeit any rights the Participant may have with respect to
      the Option or underlying Shares as of the date of such determination;
      and
		 
		(ii)		if the Participant has
      exercised all or any part of the Option within the twelve-month period
      immediately preceding a violation of this Section 22 or termination of the
      Participant’s employment for Cause, upon the Company’s demand, the
      Participant shall immediately deliver to the Company (A) any Shares
      acquired upon exercise of the Option, if the Participant still owns the
      Shares (at which time the Company will deliver to the Participant an amount
equal to the Purchase Price for such Shares), or (B) if the Participant no
longer owns the Shares, an amount equal to the Gain realized by the Participant
upon such exercise. For the purposes herein, “Gain” shall be equal to the
disposition price per Share of any Shares sold or disposed of, multiplied by the
number of Shares sold or disposed of, minus the Purchase Price paid for the
Shares, and less any taxes paid which are not refundable or for which the
Participant does not otherwise receive a tax credit or other form of
reimbursement.

10

     (d) Definitions. For purposes of this
Section 22, the following definitions shall apply: 

	          
    	(i)	      	“Competitive
      Business” means any business listed
      on Exhibit A hereto.
		 
		(ii)		“Confidential
      Information” means information that
      is not generally known to the public and that was or is used, developed,
      or obtained by the Company or its Affiliates in connection with the
      business of the Company or its Affiliates and which constitutes trade
      secrets or information which they have attempted to protect, which may
      include, but is not limited to, trade “know-how,” customer information,
      supplier information, cost, and pricing information, marketing and sales
      techniques, strategies, and programs, computer programs and software, and
      financial information. It shall not include information (A) required to be
      disclosed by court or administrative order; (B) lawfully obtainable from
      other sources or which is in the public domain through no fault of the
      Participant; or (C) the disclosure of which is consented to in writing by
      the Company.
		 
		(iii)		“Restricted
      Period” means the period during
      which the Participant is employed by the Company or an Affiliate and
      twelve months following the date that the Participant ceases to be
      employed by the Company or an Affiliate for any reason
    whatsoever.
		 
		(iv)		“Territory”
      means:

     (A)
The entire United States and any other country
where the Company or any of its Subsidiaries, joint venturers, franchisees, or
Affiliates has operated a retail facility at which the Company’s products have
been sold at any time in the one-year period ending on the last day of the
Participant’s employment with the Company or its Affiliates;

     (B)
In the event that the preceding clause shall be
determined by judicial action to define too broad a territory to be enforceable,
then “Territory” shall mean the entire United States;

     (C)
In the event that the preceding clauses shall be
determined by judicial action to define too broad a territory to be enforceable,
then “Territory” shall mean the states in the United States where the Company or
any of its Subsidiaries, joint venturers, franchisees, or Affiliates has
operated a retail facility at which the Company’s products have
been sold at any time in the one-year period ending on the last day of the
Participant’s employment with Company or its Affiliates;

11

     (D) In the
event that the preceding clauses shall be determined by judicial action to
define too broad a territory to be enforceable, then “Territory” shall mean the
area that includes all of the areas that are within a 50-mile radius of any
retail store location in the United States at which the Company’s products have
been sold at any time in the one-year period ending on the last day of the
Participant’s employment with the Company or its Affiliates; and

     (E)
In the event that the preceding clauses shall be
determined by judicial action to define too broad a territory to be enforceable,
then “Territory” shall mean the entire state of North Carolina. 

    
(e) The
Company may require the Participant, in connection with the exercise of the
Option, to certify in a manner acceptable to the Company that the Participant
has not violated the terms of this Section 22 and may decline to give effect to
such exercise if the Participant fails so to certify. If the Participant is
required to repay any Gain to the Company pursuant to this Section 22, the
Participant shall pay such amount in such manner and on such terms and
conditions as the Company may require, and the Company shall be entitled to
withhold or set-off against any other amount owed to the Participant by the
Company or any of its Affiliates (other than any amount owed to the Participant
under any retirement plan intended to be qualified under Code Section 401(a)) up
to any amount sufficient to satisfy any unpaid obligation of the Participant
under this Section 22. 

    
(f) The
Participant acknowledges and agrees that the period, scope, and geographic areas
of restriction imposed upon the Participant by the provisions of Section 22 are
fair and reasonable and are reasonably required for the protection of the
Company. In the event that any part of this Agreement, including, without
limitation, Section 22, is held to be unenforceable or invalid, the remaining
parts of Section 22 and this Agreement shall nevertheless continue to be valid
and enforceable as though the invalid portions were not a part of this
Agreement. If any one of the provisions in this Section 22 is held to be
excessively broad as to period, scope, and geographic areas, any such provision
shall be construed by limiting it to the extent necessary to be enforceable
under Applicable Law. 

    
(g) The
Participant acknowledges that breach by the Participant of this Agreement would
cause irreparable harm to the Company and that, in the event of such breach, the
Company shall have, in addition to monetary damages and other remedies at law,
the right to an injunction, specific performance, and other equitable relief to
prevent violations of the Participant’s obligations hereunder.

12

23. [Confidentiality]2

     The
Participant agrees to maintain the existence and terms of this Agreement,
including the number of Shares in the Option granted hereunder, as confidential,
and neither the Participant nor any person acting on his or her behalf shall
disclose the terms of this Agreement to any third party, other than to the
Participant’s attorney, accountant, members of the Participant’s immediate
family, or as required by Applicable Law. In certain instances, the Company may
be required by securities regulations or other laws to disclose information
about the Option and even the full content of this Agreement. In the event the
Participant breaches the terms of this confidentiality provision, the Option
granted hereunder shall be immediately forfeited. 

[Signature Page to
Follow]

_______________

2 Section 23 is not included
in the Nonqualified Stock Option Agreement for Executive Officers/Section 16
reporting persons of the Company. 

13

     IN WITNESS
WHEREOF, the Company and the Participant have executed this Agreement hereto as
of the day and year first above written. 

		KRISPY KREME DOUGHNUTS,
  INC.
		 
		By:	 	
	 	Title: 	 	
		 
		PARTICIPANT
		 
		Signature:	
		Printed Name:  	

14

Exhibit A 

The following businesses, together with
their affiliated companies, are the “Competitive Businesses” for purposes of
this Agreement: 

Dunkin Brands Inc.
Tim Hortons,
Inc.
George Weston Limited
Interstate Bakeries Corporation
Flowers
Foods, Inc.
McKee Foods
Inc.
Starbucks
Dewey’s Bakery
Salem Baking Company
Dawn Food Products, Inc.
CSM Bakery Products 

Or any other business that derives more
than fifty percent (50%) of its revenues from the sale of doughnuts or baked
goods. 

The Company reserves the right to
modify or amend this Exhibit A at any time and from time to time. 

STOCK OPTION EXERCISE
FORM 

This form must be completed and
returned to Krispy Kreme’s Chief Financial Officer on or before 1:00 p.m.
Eastern Standard Time on date of exercise. 

SECTION I 

	NAME (please print):	SOCIAL SECURITY NO.:
		 
	HOME ADDRESS:	WORK ADDRESS:
		 
	HOME TELEPHONE:	WORK TELEPHONE:

SECTION II: I wish to exercise the
following options: 

	A	B	C	D
		NUMBER OF	EXERCISE	TOTAL PURCHASE PRICE:
	GRANT DATE	OPTIONS	PRICE	(COLUMN B x COLUMN
C)
		 	 	 
		 	 	 
		 	 	 
		 	 	 
	TOTAL			

	SECTION III	      	SECTION
IV
	I elect to pay for my shares (check
      one):		I elect to pay my taxes on this
      transaction
		 	(check one):
	 
	oBroker
      assisted Cashless Exercise		oSell
      shares to cover taxes (Broker assisted
			Cashless Exercise)
	 
	oCash
      Purchase by Check (payable to		oCheck
      (payable to Krispy Kreme Doughnuts, Inc.)
	Krispy Kreme Doughnuts, Inc.)		
			oShare
      withholding
	oShare
      delivery		
	 
	oShare
      withholding		
		 		 	 
	Signature	 			Date of Exercise

Return KRISPY KREME DOUGHNUTS,
INC.
form to:
     ATTN: Chief Financial Officer
    
370 Knollwood Street
    
Winston-Salem, NC 27103
    
Phone: 336-725-2981

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