Document:

[FORM OF] 
KRISPY KREME DOUGHNUTS, INC.
2012 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT
AGREEMENT

     THIS AGREEMENT
(the “Agreement”) is made as of [_____], 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, the Plan provides for the grant of restricted stock units; 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
restricted stock units with respect to the Common Stock of the Company, as set
forth below; and 

    
WHEREAS, this Agreement evidences the grant of restricted stock units
under 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. Award of Restricted Stock
Units 

    
This Agreement sets forth the terms of an award to the Participant of
[_____]
restricted stock units (the “Restricted Stock Units” or the “Award”), subject
to, and in accordance with, the restrictions, terms, and conditions set forth in
the Plan and this Agreement. The grant date of this award of Restricted Stock
Units is [_____] (the “Grant Date”). Each Restricted Stock Unit will entitle the
Participant to receive one share of Common Stock at the time, and subject to the
conditions, set forth herein and in the Plan. 

2. Vesting of Award;
Forfeiture

    
If the Participant remains employed by the Company, the Participant shall
become vested in the Restricted Stock Units in [_____] installments beginning on
[_____],
and continuing on the next [_____] anniversaries of such date
(each such date shall be a “Vesting Date”), all as set forth below:

			Number of
			Restricted Stock
			Units that Vest
	Date	      	on Such
      Date
	[       ]		[       ]
	[       ]		[       ]
	[       ]		[       ]
	[       ]		[      
  ]

     Any unvested Restricted Stock Units shall be automatically forfeited upon the Participant’s
Termination of Employment for any reason (whether by the Company or the
Participant and whether voluntary or involuntary) other than a Termination of
Employment due to the Participant’s death or Disability, or a Termination of
Employment after becoming Retirement Eligible, or as provided in Section 7
herein in the event of a Change in Control. In the event (a) of a Termination of
Employment of the Participant due to his or her death or Disability, or (b) the
Participant becomes Retirement Eligible, his or her Restricted Stock Units shall
become immediately vested in full, provided, however, that distribution of the
shares of Common Stock subject to such Restricted Stock Units shall be made only
as provided in Section 4 herein. For purposes of this Agreement, employment with
a Subsidiary or other Affiliate of the Company shall be considered employment
with the Company. Unless otherwise provided by the Committee, all amounts
receivable in connection with any adjustments to the Common Stock under Section
4.4 of the Plan shall be subject to the vesting schedule in this Section 2.

3. No Rights as a
Shareholder 

    
Prior to vesting of the Restricted Stock Units and delivery of the shares
of Common Stock to the Participant, the Participant shall not have any rights or
privileges of a shareholder as to the shares of Common Stock underlying such
Award. Specifically, the Participant shall not have the right to receive
dividends or the right to vote such shares of Common Stock prior to vesting of
the Restricted Stock Units and delivery of a certificate(s) (or other evidence
of ownership, such as book entry) for the shares of Common Stock.

4. Distribution of Common
Stock 

    
Subject to the terms of Sections 8 and 24, and except as otherwise
provided in this Section 4, the Company shall distribute to the Participant (or
his or her heirs in the event of the Participant’s death) at the time of vesting
of the Restricted Stock Units (as provided in Section 2 or Section 7 hereof), a
number of shares of Common Stock equal to the number of Restricted Stock Units
then held by the Participant that became vested at such time. Shares of Common
Stock or any other benefit subject to the Restricted Stock Units shall, upon
vesting of the Restricted Stock Units pursuant to Section 2 or Section 7 (and
except as otherwise provided in Section 2 and Section 4 herein in the event of
Retirement Eligibility), be issued and distributed to the Participant (or his or
her beneficiary) no later than the later of (a) the 15th day of the third month
following the Participant’s first taxable year in which the amount is no longer
subject to a substantial risk of forfeiture, or (b) the 15th day of the third
month following the end of the Company’s first taxable year in which the amount
is no longer subject to a substantial risk of forfeiture, or otherwise in
accordance with Code Section 409A. Shares subject to the Restricted Stock Units which become vested upon the Participant’s
becoming Retirement Eligible shall be distributed upon the first to occur of (i)
each Vesting Date(s) as specified in Section 2 herein, (ii) the date of the
Participant’s Termination of Employment (that is, the date of the Participant’s
separation from service, as defined under Code Section 409A) after becoming
Retirement Eligible, (iii) the date of the Participant’s death, (iv) the date of
the Participant’s Disability (as defined under Code Section 409A), or (v) the
date of the Participant’s Termination of Employment by the Company not for Cause
or by the Participant for Good Reason within two years after the effective date
of a Change in Control (as defined under Code Section 409A). Shares to be
distributed as provided in the preceding sentence (following vesting due to
Retirement Eligibility) shall be distributed within 90 days of the first to
occur of the dates described in (i) through (v) of the preceding sentence
(provided that in no event shall the Participant have the right to designate the
taxable year in which such distribution shall occur).

2 

5. Certificates 

    
Except as otherwise provided in Section 4 herein (regarding Retirement
Eligibility) upon the vesting of the Restricted Stock Units pursuant to the
terms hereof and the satisfaction of any withholding tax liability pursuant to
Section 8 hereof, certificates evidencing the shares of Common Stock required to
be delivered pursuant to the terms hereof shall be delivered to the Participant
or other evidence of ownership of such shares of Common Stock shall be provided
to the Participant, such as tracking through book entry. 

6. Nontransferability

     Unless the
Committee determines otherwise, no grant of, nor any right or interest of the
Participant in or to, the Award may be assigned, encumbered, or transferred
except, in the event of the death of Participant, by will or the laws of
intestate succession.

7. Change in
Control 

    
Notwithstanding the other provisions of the Agreement, the following
provisions shall apply in the event of a Change in Control: 

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

    
(b) Further, in the event that the Award is substituted, assumed or
continued, the Award will become vested 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 (i)
is by the Company not for Cause or (ii) is by the Participant for Good Reason.
For the purposes herein, (A) “Good Reason” shall have the meaning set forth in
Section 22(c) of the Agreement; and (B) “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. 

3 

8. Taxes and
Withholding 

    
(a) The
Participant shall be responsible for all federal, state, local, and foreign
income taxes payable with respect to the Award. The Participant acknowledges
that he or she may incur substantial tax liability arising out of the grant,
vesting, and/or settlement of the Award 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. 

    
(b) The
Company shall have the right to retain and withhold from any distribution of
Common Stock in respect of Restricted Stock Units the minimum amount of taxes
(including but not limited to the Participant’s FICA obligation) required by any
government to be withheld or otherwise deducted and paid with respect to such
Restricted Stock Units. At its discretion, the Company may require the
Participant to immediately pay the Company in cash or reimburse the Company for
any such taxes required to be withheld and may withhold any distribution in
whole or in part until the Company is so paid or reimbursed. In lieu thereof,
the Company shall have the right to withhold from any other cash amounts due to
the Participant an amount equal to such taxes required to be withheld or
withhold and cancel (in whole or in part) with respect to the Restricted Stock
Units a number of shares of Common Stock having a market value equal to the
amount of such taxes. 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 of Common Stock with a Fair Market
Value equal to the minimum statutory tax required to be withheld. The right to
withhold shares of Common Stock with a Fair Market Value equal to (but not in
excess of) the minimum statutory tax required to be withheld to satisfy the
withholding requirement may be withdrawn by the approval of the
Committee.

9. 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). 

10. 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. 

11. 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. 

4 

12. 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 Restricted Stock
Units may be transferred by will, the applicable laws of intestate succession,
or otherwise in accordance with the terms of the Plan. 

13. Agreement to be Bound by
Plan 

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

14. Plan
Controls 

    
This Agreement and the Award are subject in all respects to the terms and
conditions of the Plan (which are incorporated herein by reference). 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. 

15. 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 any Affiliate shall continue to employ the Participant, nor shall
this Agreement affect in any way the right of the Company, any Subsidiary, or an
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 reaffirms and acknowledges and agrees that the Participant’s
employment or other service to the Company, any Subsidiary, or any Affiliate is
“at will.” The Participant acknowledges and agrees that the award and acceptance
of Restricted Stock Units pursuant to this Agreement does not entitle the
Participant to future grants under the Plan or any other plan. 

    
(b) The
Company may impose such restrictions on the Restricted Stock Units, the shares
of Common Stock underlying the Award and any other benefits underlying the Award
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 of Common Stock, 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 the shares of Common Stock 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 any 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 Award in such form as may be prescribed from
time to time by Applicable Law or as may be advised by legal
counsel.

5 

16. Covenants and Representations of
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 Award or shares of Common Stock subject thereto. The Participant
assumes full responsibility for all such tax consequences and the filing of all
tax returns the Participant may be required to file in connection therewith.

    
(b) The
Participant will not distribute or resell any Common Stock (or other securities)
issuable hereunder 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 Restricted Stock Units shall also extend and apply to
all of the shares of Common Stock issued to the Participant from time to time
pursuant to the Restricted Stock Units. Acceptance by the Participant of any
certificate representing shares of Common Stock (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. 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. 

17. 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. 

6 

18. 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. 

19. Limitation of
Liability 

    
The liability of the Company under this Agreement and in the award of the
Restricted Stock Units 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 others may incur in
connection with or arising out of any transaction involving the Restricted Stock
Units or the shares of Common Stock subject thereto. 

20. 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 Award 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 Award other than as set forth in this Agreement and in the
Plan.

21. 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. 

22. Definitions 

    
(a) “Retirement Eligible” or
“Retirement
Eligibility” shall mean 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. 

    
(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
determination of whether a Participant has incurred a Termination of Employment
shall be made by the Committee in its discretion. 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.

7 

     (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 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. 

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

    
In return for granting the Restricted Stock Units to the Participant, the
Participant agrees to the following restrictions. 

    
(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; 

____________________

1 Section 23 is only
included in the Restricted Stock Unit 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. 

8 

          (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 23 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 Award or the underlying shares of Common Stock as of the date of
such determination; and 

         
(ii) if the
Participant has received a distribution of all or any part of the Common Stock
subject to the Award within the twelve-month period immediately preceding a
violation of this Section 23 or termination of the Participant’s employment for
Cause, upon the Company’s demand, the Participant shall immediately deliver to
the Company (A) the shares of Common Stock subject to the Award which have been
distributed during such period (without the payment by the Company of any
consideration for such shares), if the Participant still owns such shares, or
(B) if the Participant no longer owns such shares of Common Stock, an amount
equal to the Gain realized by the Participant with respect to the shares of
Common Stock subject to the Award. For the purposes herein, “Gain” shall be
equal to the disposition price per share of any shares of Common Stock received
pursuant to the Award which shares were sold or disposed of, multiplied by the
number of such shares sold or disposed of, 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. 

9 

    
(d) Definitions. For purposes of this
Section 23 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 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 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 the Company or its Affiliates; 

     (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. 

10 

     (e) The
Company may require the Participant, in connection with the distribution of
shares of Common Stock underlying the Award, to certify in a manner acceptable
to the Company that the Participant has not violated the terms of this Section
23 and may decline to distribute such shares if the Participant fails so to
certify. If the Participant is required to repay any amount to the Company
pursuant to this Section 23, 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 23. 

    
(f) The
Participant acknowledges and agrees that the period, scope, and geographic areas
of restriction imposed upon the Participant by the provisions of Section 23 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, this Section 23, is held to be unenforceable or invalid, the
remaining parts of Section 23 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 23 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. 

24. Code Section
409A 

    
If and to the extent that Code Section 409A is deemed to apply to the
Award, it is intended that this Agreement and the Award shall, to the extent
practicable, be construed in accordance therewith. Notwithstanding any provision
to the contrary in this Agreement, if the Participant is deemed on the date of
his or her “separation from service” (within the meaning of Treas. Reg. Section
1.409A-1(h)) with the Company to be a “specified employee” (within the meaning
of Treas. Reg. Section 1.409A-1(i)), then with regard to any payment that is
considered deferred compensation under Code Section 409A payable on account of a
“separation from service” that is required to be delayed pursuant to Code
Section 409A(a)(2)(B) (after taking into account any applicable exceptions to
such requirement), such payment shall be made on the date that is the earlier of
(i) the expiration of the six month period measured from the date of the
Participant’s “separation from service” (with such payments to be made during
the seventh month following the “separation from service”, or, if earlier, (ii)
the date of the Participant’s death, or otherwise permitted under Code Section
409A (the “Delay Period”). Upon the expiration of the Delay Period, all payments
delayed pursuant to this Section 24 shall be paid to the Participant in a lump
sum. Notwithstanding any provision of this Agreement to the contrary, for
purposes of any provision of this Agreement providing for the payment of any
amounts or benefits upon or following a termination of employment constituting
deferred compensation for purposes of Code Section 409A, references to the
Participant’s “termination of employment” (and corollary
terms) with the Company shall be construed to refer to the Participant’s
“separation from service” (within the meaning of Treas. Reg. Section 1.409A-1(h)) with the Company. In the event that the Award, this Agreement, or the
Plan is deemed not to comply with Code Section 409A, then neither the Company,
the Board of Directors, the Committee, nor its designees or agents will be
responsible to the Participant or any person for actions, decisions, or
determinations made in good faith. 

11 

25. [Confidentiality]2

     The
Participant agrees to maintain the existence and terms of this Agreement,
including the number of shares of Common Stock subject to the Restricted Stock
Units 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 Applicable Law to disclose information about this Award and even the full
content of this Agreement. In the event the Participant breaches the terms of
this confidentiality provision, unvested shares of Common Stock underlying the
Award granted hereunder shall be immediately forfeited. 

[Signature Page to Follow]

____________________

2 Section 25 is not included
in the Restricted Stock Unit Agreement for Executive Officers/Section 16
reporting persons of the Company. 

12 

     IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first above
written. 

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

13 

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.[FORM OF]
KRISPY KREME DOUGHNUTS, INC. 
2012 STOCK INCENTIVE PLAN

DIRECTOR RESTRICTED STOCK UNIT
AGREEMENT 

     THIS AGREEMENT
(the “Agreement”), is made as of [_________] by and between Krispy
Kreme Doughnuts, Inc., a North Carolina corporation (the “Company”), and
[_____________], a member of the Board of Directors of the Company (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, the Plan provides for the grant of restricted stock units; 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
restricted stock units with respect to the Common Stock of the Company, as set
forth below; and 

    
WHEREAS, this Agreement evidences the grant of restricted stock units
under 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. Award of Restricted Stock
Units

    
This Agreement sets forth the terms of an award to the Participant of
[_________]
restricted stock units (the “Restricted Stock Units” or the “Award”) subject to,
and in accordance with, the restrictions, terms, and conditions set forth in the
Plan and this Agreement. The grant date of the Restricted Stock Units is
[___________] (the “Grant Date”). Each Restricted Stock Unit will entitle the
Participant to receive one share of Common Stock at the time and subject to the
conditions set forth herein and in the Plan.

2. Vesting of Award;
Forfeiture 

    
If the Participant is still in service on the Board of Directors of the
Company, the Participant shall become vested in the Restricted Stock Units in
four quarterly installments as set forth below: 

			Number
      of
			Restricted
      Stock
			Units that
      Vest
	Date	      	on Such Date
	[          
      ]		[          
      ]
	[          
      ]	 	[          
      ]
	[          
      ]		[          
      ]
	[          
      ]		[          
      ]

     Any unvested
Restricted Stock Units shall be automatically forfeited at such time as the
Participant ceases to serve as a Director for any reason other than due to the
Participant’s death or Disability, or as provided in Section 7 herein in the
event of a Change in Control. In the event a Participant ceases to serve as a
Director due to his or her death or Disability, his or her Restricted Stock
Units shall become immediately vested in full. Unless otherwise provided by the
Committee, all amounts receivable in connection with any adjustments to the
Common Stock under Section 4.4 of the Plan shall be subject to the vesting
schedule in this Section 2. 

3. No Rights as a
Shareholder 

    
Prior to vesting of the Restricted Stock Units and delivery of the shares
of Common Stock to the Participant, the Participant shall not have any rights or
privileges of a shareholder as to the shares of Common Stock underlying such
Award. Specifically, the Participant shall not have the right to receive
dividends or the right to vote such shares of Common Stock prior to vesting of
the Restricted Stock Units and delivery of a certificate(s) (or other evidence
of ownership, such as book entry) for the shares of Common Stock.

4. Distribution of Common
Stock 

    
The Company shall distribute to the Participant (or his or her heirs in
the event of the Participant’s death) at the time of vesting of the Restricted
Stock Units, a number of shares of Common Stock equal to the number of
Restricted Stock Units then held by the Participant that became vested at such
time; provided, however, that, if the Participant has made an irrevocable deferral
election prior to the last day of the calendar year prior to the Grant Date (or
otherwise in accordance with Code Section 409A), distribution of the shares of
Common Stock subject to the Restricted Stock Units shall be deferred until the
time the Participant ceases to be a Director for any reason. 

5. Certificates 

    
Unless the Participant has made a valid deferral election to defer
delivery of shares of Common Stock as described in Section 4 herein, upon the
vesting of the Restricted Stock Units pursuant to the terms hereof and the
satisfaction of withholding tax liability, if any, pursuant to Section 8 hereof,
certificates evidencing the shares of Common Stock required to be delivered
pursuant to the terms hereof shall be delivered to the Participant or other
evidence of ownership of such shares of Common Stock shall be provided to the
Participant, such as tracking through book entry.

2 

6. Nontransferability

     Unless the
Committee determines otherwise, no grant of, nor any right or interest of the
Participant in or to, the Award may be assigned, encumbered, or transferred
except, in the event of the death of a Participant, by will or the laws of
intestate succession. 

7. Change in
Control 

    
Notwithstanding the other provisions of the Agreement, the following
provisions shall apply in the event of a Change in Control:

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

    
(b) Further, in the event that the Award is substituted, assumed or
continued, the Award will become vested in full if, within six months before (in
which case vesting shall not occur until the effective date of the Change in
Control) or one year after the effective date of the Change in Control, the
Participant ceases to serve as a Director, or, if the Company is not the
surviving Company in the Change in Control event, a member of the board of
directors of the surviving entity, in either case, due to the Participant’s
failure to be nominated to serve as a director of such entity or the
Participant’s failure to be elected to serve as a director of such entity, but
not due to the Participant’s decision not to continue service on the Board of
Directors of the Company or the board of directors of the surviving entity, as
the case may be. For the purposes herein, “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.

8. Taxes and
Withholding 

    
(a) The
Participant shall be responsible for all federal, state, local, and foreign
income taxes payable with respect to the Award. The Participant acknowledges
that he or she may incur substantial tax liability arising out of the grant,
vesting, and/or settlement of the Award 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. 

    
(b) The
Company shall have the right to retain and withhold from any distribution of
Common Stock in respect of Restricted Stock Units the minimum amount of taxes,
if any, required by any government to be withheld or otherwise deducted and paid
with respect to such Restricted Stock Units. At its discretion, the Company may
require Participant to immediately pay the Company in cash or reimburse the
Company for any such taxes required to be withheld and may withhold any
distribution in whole or in part until the Company is so paid or reimbursed. In
lieu thereof, the Company shall have the right to withhold from any other cash
amounts due to the Participant an amount equal to such taxes required to be
withheld or withhold and cancel (in whole or in part) with respect to the
Restricted Stock Units a number of shares of Common Stock having a market value
equal to the amount of such taxes. 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 of Common Stock with a Fair Market Value equal to (but not in excess of)
the minimum statutory tax required to be withheld. The right to withhold shares
of Common Stock with a Fair Market Value equal to the minimum statutory tax
required to be withheld to satisfy the withholding requirement may be withdrawn
by the approval of the Committee.

3 

9. 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). 

10. 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. 

11. 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. 

12. 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 Restricted Stock
Units may be transferred by will, the applicable laws of intestate succession,
or otherwise in accordance with the terms of the Plan. 

13. Agreement to be Bound by
Plan 

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

4 

14. Plan
Controls 

     This Agreement
and the Award are subject in all respects to the terms and conditions of the
Plan (which are incorporated herein by reference). 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. 

15. No Right to Service 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 shall
continue to require the services of the Participant as a Director, nor shall
this Agreement affect in any way the right of the Company’s shareholders to
terminate the services of the Participant at any time and for any reason. The
Participant acknowledges and agrees that the award and acceptance of Restricted
Stock Units pursuant to this Agreement does not entitle the Participant to
future grants under the Plan or any other plan. 

    
(b) The
Company may impose such restrictions on the Restricted Stock Units, the shares
of Common Stock underlying the Award, and any other benefits underlying the
Award 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 of Common Stock, 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 the shares of Common Stock
underlying the Award 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,
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 Award hereunder in such form as may be prescribed from time to time by
Applicable Law or as may be advised by legal counsel.

16. Covenants and Representations
of 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 Award or shares of Common Stock subject thereto. The Participant
assumes full responsibility for all such tax consequences and the filing of all
tax returns the Participant may be required to file in connection therewith.

    
(b) The
Participant will not distribute or resell any Common Stock (or other securities)
issuable hereunder 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. 

5 

     (c) The
agreements, representations, warranties, and covenants made by the Participant
herein with respect to the Restricted Stock Units shall also extend and apply to
all of the shares of Common Stock issued to the Participant from time to time
pursuant to the Restricted Stock Units. Acceptance by the Participant of any
certificate representing shares of Common Stock (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, Stock Ownership
Guidelines, and/or other similar policies, each as in effect from time to time
and to the extent applicable to the Participant. 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.

17. 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. 

18. 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. 

19. Limitation of
Liability 

    
The liability of the Company under this Agreement and in the award of the
Restricted Stock Units 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 others may incur in
connection with or arising out of any transaction involving the Restricted Stock
Units or the shares of Common Stock subject thereto. 

20. 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 Award 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 Award other than as set forth in this Agreement and in the
Plan.

6 

21. 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. 

22. Code Section
409A 

    
If and to the extent that Code Section 409A is deemed to apply to the
Award, it is intended that this Agreement and the Award shall, to the extent
practicable, be construed in accordance therewith. Notwithstanding any provision
to the contrary in this Agreement, if the Participant is deemed on the date of
his or her “separation from service” (within the meaning of Treas. Reg. Section
1.409A-1(h)) with the Company to be a “specified employee” (within the meaning
of Treas. Reg. Section 1.409A-1(i)), then with regard to any payment that is
considered deferred compensation under Code Section 409A payable on account of a
“separation from service” that is required to be delayed pursuant to Code
Section 409A(a)(2)(B) (after taking into account any applicable exceptions to
such requirement), such payment shall be made on the date that is the earlier of
(i) the expiration of the six (6)-month period measured from the date of the
Participant’s “separation from service” (with such payment to be made during the
seventh month following the “separation from service”), or, if earlier, (ii) the
date of the Participant’s death, or as otherwise permitted under Code Section
409A (the “Delay Period”). Upon the expiration of the Delay Period, all payments
delayed pursuant to this Section 22 shall be paid to Participant in a lump sum.
Notwithstanding any provision of this Agreement to the contrary, for purposes of
any provision of this Agreement providing for the payment of any amounts or
benefits upon or following a termination of employment constituting deferred
compensation for purposes of Code Section 409A, references to the Participant’s
“termination of employment” (and corollary terms) with the Company shall be
construed to refer to the Participant’s “separation from service” (within the
meaning of Treas. Reg. Section 1.409A-1(h)) with the Company. In the event that
this Award, this Agreement, or the Plan is deemed not to comply with Code
Section 409A, then neither the Company, the Board of Directors, the Committee,
nor its designees or agents will be responsible to the Participant or any other
person for actions, decisions, or determinations made in good faith.

[Signature Page to Follow]

7 

     IN WITNESS
WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 

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

8

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