Document:

[FORM OF]

DIRECTOR INDEMNIFICATION
AGREEMENT 

This Director
Indemnification Agreement, dated as of ___________ (this “Agreement”), is made by and between Krispy Kreme Doughnuts,
Inc., a North Carolina corporation (the “Company”), and ___________ (“Indemnitee”).

RECITALS: 

A. Section 55-8-01 of the
North Carolina Business Corporation Act provides that a corporation shall be
managed by or under the direction of its board of directors. 

B. By virtue of the
managerial prerogatives vested in the directors of a North Carolina corporation,
directors act as fiduciaries of the corporation and its shareholders.

C. Thus, it is critically
important to the Company and its shareholders that the Company be able to
attract and retain capable persons to serve as directors of the Company.

D. In recognition of the
need for corporations to be able to induce capable and responsible persons to
accept positions in corporate management, North Carolina law authorizes (and in
some instances requires) corporations to indemnify their directors and officers,
and further authorizes corporations to purchase and maintain insurance for the
benefit of their directors and officers. 

E. The North Carolina
courts have recognized that indemnification by a corporation serves the dual
policies of (1) allowing corporate officials to resist unjustified lawsuits,
secure in the knowledge that, if vindicated, the corporation will bear the
expense of litigation and (2) encouraging capable men and women to serve as
corporate directors and officers, secure in the knowledge that the corporation
will absorb the costs of defending their honesty and integrity. 

F. The number of lawsuits
challenging the judgment and actions of directors of North Carolina
corporations, the costs of defending those lawsuits, and the threat to
directors’ personal assets have all materially increased in recent years,
chilling the willingness of capable men and women to undertake the
responsibilities imposed on corporate directors. 

G. Federal legislation and
rules adopted by the Securities and Exchange Commission and the national
securities exchanges have imposed additional disclosure and corporate governance
obligations on directors of public companies and have exposed such directors to
new and substantially broadened civil liabilities.

H. These legislative and
regulatory initiatives have also exposed directors of public companies to a
significantly greater risk of criminal proceedings, with attendant defense costs
and potential criminal fines and penalties. 

I. Under North Carolina
law, a director’s right to be reimbursed for the costs of defense of criminal
actions, whether such claims are asserted under state or federal law, does not
depend upon the merits of the claims asserted against the director and is
separate and distinct from any right to indemnification the director may be able
to establish, and indemnification of the director against criminal fines and
penalties is permitted if the director satisfies the applicable standard of
conduct.

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J. Indemnitee is a director
of the Company and his willingness to serve in such capacity is predicated, in
substantial part, upon the Company’s willingness to indemnify him in accordance
with the principles reflected above, to the fullest extent permitted by the laws
of the State of North Carolina, and upon the other undertakings set forth in
this Agreement. 

K. Section 55-8-57(b) of
the North Carolina Business Corporation Act provides that the authorization,
adoption, approval, and favorable recommendation of this Agreement by the
Company’s Board of Directors will not be deemed an act or corporate transaction
in which the Indemnitee has a conflict of interest and this Agreement will not
be void or voidable on such grounds, provided that this Agreement does not apply
to claims made or liabilities asserted against the director prior to the date of
this Agreement. 

L. Therefore, in
recognition of the need to provide Indemnitee with substantial protection
against personal liability, in order to procure Indemnitee’s service as a
director of the Company and to enhance Indemnitee’s ability to serve the Company
in an effective manner, and in order to provide such protection pursuant to
express contract rights (intended to be enforceable irrespective of, among other
things, any amendment to the Company’s Articles of Incorporation or Amended and
Restated Bylaws (collectively, the “Constituent Documents”), any change in the composition of the Company’s Board of Directors
(the “Board”) or any change-in-control or business
combination transaction relating to the Company), the Company wishes to provide
in this Agreement for the indemnification of and the advancement of Expenses (as
defined in Section 1(e)) to Indemnitee as set forth in this Agreement and for
the coverage of Indemnitee under the Company’s directors’ and officers’
liability insurance policies. 

M. In light of the
considerations referred to in the preceding recitals, it is the Company’s
intention and desire that the provisions of this Agreement be construed
liberally, subject to their express terms, to maximize the protections to be
provided to Indemnitee hereunder. 

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AGREEMENT: 

NOW, THEREFORE, the parties
hereby agree as follows: 

1. Certain Definitions. In
addition to terms defined elsewhere herein, the following terms have the
following meanings when used in this Agreement with initial capital letters:

(a) “Change in Control” means the occurrence after the date of this Agreement of any of the
following events: 

(i) the
acquisition by any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the combined
voting power of the then-outstanding Voting Stock of the Company;
provided, however, that: 

(A) for
purposes of this Section 1(a)(i), the following acquisitions shall not
constitute a Change in Control: (1) any acquisition of Voting Stock of the
Company directly from the Company that is approved by a majority of the
Incumbent Directors, (2) any acquisition of Voting Stock of the Company by the
Company or any Subsidiary, (3) any acquisition of Voting Stock of the Company by
any employee benefit plan (or related trust) sponsored or maintained by the
Company or any Subsidiary, and (4) any acquisition of Voting Stock of the
Company by any Person pursuant to a Business Combination that complies with
clauses (A), (B) and (C) of Section 1(a)(iii) below; 

(B) if any
Person acquires beneficial ownership of 20% or more of the combined voting power
of the then-outstanding Voting Stock of the Company as a result of a transaction
described in clause (A)(1) of Section 1(a)(i) and such Person thereafter becomes
the beneficial owner of any additional shares of Voting Stock of the Company
representing 1% or more of the then-outstanding Voting Stock of the Company,
other than in an acquisition directly from the Company that is approved by a
majority of the Incumbent Directors or other than as a result of a stock
dividend, stock split or similar transaction effected by the Company in which
all holders of Voting Stock are treated equally, such subsequent acquisition
shall be deemed to constitute a Change in Control;

(C) a
Change in Control will not be deemed to have occurred if a Person acquires
beneficial ownership of 20% or more of the Voting Stock of the Company as a
result of a reduction in the number of shares of Voting Stock of the Company
outstanding unless and until such Person thereafter becomes the beneficial owner
of any additional shares of Voting Stock of the Company representing 1% or more
of the then-outstanding Voting Stock of the Company, other than in an
acquisition directly from the Company that is approved by a majority of the
Incumbent Directors or other than as a result of a stock dividend, stock split
or similar transaction effected by the Company in which all holders of Voting
Stock are treated equally; and

(D) if at
least a majority of the Incumbent Directors determine in good faith that a
Person has acquired beneficial ownership of 20% or more of the Voting Stock of
the Company inadvertently, and such Person divests as promptly as practicable a
sufficient number of shares so that such Person beneficially owns less than 20%
of the Voting Stock of the Company, then no Change in Control shall have
occurred as a result of such Person’s acquisition; or 

(ii) a
majority of the Directors are not Incumbent Directors; or 

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(iii) the
consummation of a reorganization, merger or consolidation, or sale or other
disposition of all or substantially all of the assets of the Company or the
acquisition of assets of another corporation, or other transaction (each, a
“Business
Combination”), unless, in
each case, immediately following such Business Combination (A) all or
substantially all of the individuals and entities who were the beneficial owners
of Voting Stock of the Company immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 60% of the combined voting
power of the then outstanding shares of Voting Stock of the entity resulting
from such Business Combination (including, without limitation, an entity which
as a result of such transaction owns the Company or all or substantially all of
the Company’s assets either directly or through one or more
subsidiaries), (B) no Person (other than the Company, such entity resulting from
such Business Combination, or any employee benefit plan (or related trust)
sponsored or maintained by the Company, any Subsidiary or such entity resulting
from such Business Combination) beneficially owns, directly or indirectly, 20%
or more of the combined voting power of the then outstanding shares of Voting
Stock of the entity resulting from such Business Combination, and (C) at least a
majority of the members of the Board of Directors of the entity resulting from
such Business Combination were Incumbent Directors at the time of the execution
of the initial agreement or of the action of the Board providing for such
Business Combination; or 

(iv) approval by the shareholders of the Company of a complete liquidation or
dissolution of the Company, except pursuant to a Business Combination that
complies with clauses (A), (B) and (C) of Section 1(a)(iii). 

(v) For
purposes of this Section 1(a) and as used elsewhere in this Agreement, the
following terms shall have the following meanings: 

(A) “Exchange
Act” shall mean the Securities Exchange Act of 1934,
as amended. 

(B) “Incumbent Directors”
means the individuals who, as of the date hereof, are Directors of the Company
and any individual becoming a Director subsequent to the date hereof whose
election, nomination for election by the Company’s shareholders, or appointment,
was approved by a vote of at least two-thirds of the then Incumbent Directors
(either by a specific vote or by approval of the proxy statement of the Company
in which such person is named as a nominee for director, without objection to
such nomination); provided, however, that an individual shall not be an Incumbent Director if such
individual’s election or appointment to the Board occurs as a result of an
actual or threatened election contest (as described in Rule 14a-12(c) of the
Exchange Act) with respect to the election or removal of Directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board. 

(C) “Subsidiary” means an
entity in which the Company directly or indirectly beneficially owns 50% or more
of the outstanding Voting Stock. 

(D) “Voting Stock” means
securities entitled to vote generally in the election of directors (or similar
governing bodies). 

(b) “Claim” means, except as stated
below, (i) any pending or completed demand, action, suit or proceeding, whether
civil, criminal, administrative, arbitral, investigative or otherwise, whether
formal or informal, and whether made pursuant to federal, state or other laws;
as well as any threatened demand, action, suit or proceeding (of which the
Company or Indemnitee has received notice); and (ii) any pending or completed
inquiry or investigation, whether made, instituted or conducted by the Company
or any other person, including without limitation any federal, state or other
governmental entity, including any threatened or asserted inquiry or
investigation (of which the Company and Indemnitee has received notice) that
either the Indemnitee or the Company determines might lead to the institution of
any such claim, demand, action, suit or proceeding. Notwithstanding the
foregoing, in no event will the term “Claim” be deemed to include any Claim
existing against Indemnitee prior to the date of this Agreement.

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(c) “Controlled Affiliate”
means any corporation, limited liability company, partnership, joint venture,
trust or other entity or enterprise, whether or not for profit, that is directly
or indirectly controlled by the Company. For purposes of this definition,
“control” means the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of an entity or enterprise,
whether through the ownership of voting securities, through other voting rights,
by contract or otherwise; provided that direct or
indirect beneficial ownership of capital stock or other interests in an entity
or enterprise entitling the holder to cast 20% or more of the total number of
votes generally entitled to be cast in the election of directors (or persons
performing comparable functions) of such entity or enterprise shall be deemed to
constitute control for purposes of this definition. 

(d) “Disinterested
Director” means a director of the Company who is not and
was not a party to the Claim in respect of which indemnification is sought by
Indemnitee. 

(e) “Expenses” means any and all
expenses of any kind incurred in defending or otherwise addressing a Claim,
including, but not limited to, attorneys’ and experts’ fees and all other costs
and expenses incurred in connection with investigating, defending, being a
witness in or participating in any Claim, or preparing for any of the same
actions above. Expenses shall also include (i) expenses incurred in connection
with any appeal resulting from any Claim including, without limitation, the
premium, security for, and other costs related to any cost bond, supersedeas
bond, or appeal bond or its equivalent; and (ii) for purposes of Section 4 only,
expenses incurred by Indemnitee in connection with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement, by
litigation or otherwise. Expenses, however, shall not include amounts paid in
settlement by Indemnitee without prior written consent of the Company or the
amount of any judgments or fines assessed against Indemnitee. 

(f) “Indemnifiable
Claim” means any Claim based upon, arising out of or
resulting from (i) any actual, alleged or suspected act or failure to act by
Indemnitee in his capacity as a director, officer, employee or agent of the
Company or as a director, officer, employee, member, manager, trustee or agent
of any other corporation, limited liability company, partnership, joint venture,
trust or other entity or enterprise, whether or not for profit, as to which
Indemnitee is or was serving at the request of the Company, (ii) any actual,
alleged or suspected act or failure to act by Indemnitee in respect of any
business, transaction, communication, filing, disclosure or other activity of
the Company or any other entity or enterprise referred to in clause (i) of this
sentence, or (iii) Indemnitee’s status as a current or former director, officer,
employee or agent of the Company or as a current or former officer, employee,
member, manager, trustee or agent of the Company or any other entity or
enterprise referred to in clause (i) of this sentence or any actual, alleged or
suspected act or failure to act by Indemnitee in connection with any obligation
or restriction imposed upon Indemnitee by reason of such status. In addition to
any service at the actual request of the Company, for purposes of this
Agreement, Indemnitee shall be deemed to be serving or to have served at the
request of the Company as a director, officer, employee, member, manager,
trustee or agent of another entity or enterprise if Indemnitee is or was serving
as a director, officer, employee, member, manager, trustee or agent of such
entity or enterprise and (i) such entity or enterprise is or at the time of such
service was a Controlled Affiliate, (ii) such entity or enterprise is or at the
time of such service was an employee benefit plan (or related trust) sponsored
or maintained by the Company or a Controlled Affiliate, or (iii) the Company or
a Controlled Affiliate directly or indirectly caused or authorized Indemnitee to
be nominated, elected, appointed, designated, employed, engaged or selected to
serve in such capacity.

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(g) “Indemnifiable
Losses” means any and all
Losses relating to, arising out of or resulting from any Indemnifiable Claim.

(h) “Independent
Counsel” means a law firm, or a member of a law firm, or
other attorney, that is experienced in matters of business litigation,
corporation law, or otherwise, and neither presently is, nor in the past five
years has been, retained to represent: (i) the Company (or any Subsidiary) or
Indemnitee in any matter material to either such party (other than with respect
to matters concerning the Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements), or (ii) any other named
(or, as to a threatened matter, reasonably likely to be named) party to the
Indemnifiable Claim giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include
any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company
or Indemnitee in an action to determine Indemnitee’s rights under this
Agreement.

(i) “Losses” means any and all
Expenses, damages, losses, liabilities, judgments, fines (including any excise
tax assessed with respect to an employee benefit plan), penalties (whether
civil, criminal or other), amounts paid or payable in settlement, including any
interest, assessments, federal, state, local, or foreign taxes imposed as a
result of the actual or deemed receipt of any payment under this Agreement, and
all other charges paid or payable in connection with investigating, defending,
being a witness in, or participating in (including an appeal), or preparing for
any of the above actions, with respect to any Claim. 

2. Indemnification Obligation. Subject to Section 7, the Company shall indemnify, defend and hold
harmless Indemnitee, to the fullest extent permitted or required by the laws of
the State of North Carolina in effect on the date hereof or as such laws may
from time to time hereafter be amended to increase the scope of such permitted
indemnification, against any and all Indemnifiable Claims and Indemnifiable
Losses; provided, however, that, except as
provided in Sections 4 and 20, Indemnitee shall not be entitled to
indemnification pursuant to this Agreement in connection with any Claim
initiated by Indemnitee against the Company or any director or officer of the
Company unless the Company has joined in or consented to the initiation of such
Claim or in connection with any Claim initiated by the Company against the
Indemnitee. Any indemnification under this Agreement shall continue as to
Indemnitee even after Indemnitee has ceased to be a director or officer of the
Company for any Indemnifiable Claim.

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3. Advancement of Expenses. Indemnitee shall have the right to advancement by the Company prior to the final disposition of any
Indemnifiable Claim of any and all Expenses relating to, arising out of or
resulting from any Indemnifiable Claim paid or incurred by Indemnitee.
Indemnitee’s right to such advancement is not subject to the satisfaction of any
standard of conduct. Without limiting the generality or effect of the foregoing,
within thirty (30) business days after any request by Indemnitee, the
Company shall, in accordance with such request (but without duplication), (a)
pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an
amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such
Expenses; provided that Indemnitee shall repay, without interest,
any amounts actually advanced to Indemnitee that, at the final disposition of
the Indemnifiable Claim to which the advance related, were in excess of amounts
paid or payable by Indemnitee in respect of Expenses relating to, arising out of
or resulting from such Indemnifiable Claim. In connection with any such payment,
advancement or reimbursement, Indemnitee shall execute and deliver to the
Company an undertaking, which need not be secured and shall be accepted without
reference to Indemnitee’s ability to repay the Expenses, by or on behalf of the
Indemnitee, to repay any amounts paid, advanced or reimbursed by the Company in
respect of Expenses relating to, arising out of or resulting from any
Indemnifiable Claim in respect of which it shall have been determined, following
the final disposition of such Indemnifiable Claim and in accordance with Section
7, that Indemnitee is not entitled to indemnification hereunder.

4. Indemnification for Additional Expenses. Without limiting the generality or effect of the
foregoing, the Company shall indemnify and hold harmless Indemnitee against or,
if requested by Indemnitee, shall reimburse Indemnitee for, or advance to
Indemnitee, within thirty (30) business days of such request, any and all
Expenses paid or incurred by Indemnitee in connection with any Claim made,
instituted or conducted by Indemnitee for (a) indemnification or reimbursement
or advance payment of Expenses by the Company under any provision of this
Agreement, or under any other agreement or provision of the Constituent
Documents now or hereafter in effect relating to Indemnifiable Claims, and/or
(b) recovery under any directors’ and officers’ liability insurance policies
maintained by the Company, regardless in each case of whether Indemnitee
ultimately is determined to be entitled to such indemnification, reimbursement,
advance or insurance recovery, as the case may be; provided, however, that Indemnitee shall return, without interest,
any such advance of Expenses (or portion thereof) which remains unspent at the
final disposition of the Claim to which the advance related. 

5. Partial Indemnity. If
Indemnitee is entitled under any provision of this Agreement to indemnification
by the Company for some or a portion of any Indemnifiable Loss, but not for all
of the total amount thereof, the Company shall nevertheless indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.

6. Procedure for Notification. To obtain indemnification under this Agreement in respect of an
Indemnifiable Claim or Indemnifiable Loss, Indemnitee shall submit to the
Company a written request therefor, including a brief description (based upon
information then available to Indemnitee) of such Indemnifiable Claim or
Indemnifiable Loss. If, at the time of the receipt of such request, the Company
has directors’ and officers’ liability insurance in effect under which coverage
for such Indemnifiable Claim or Indemnifiable Loss is potentially available, the
Company shall give prompt written notice of such Indemnifiable Claim or
Indemnifiable Loss to the applicable insurers in accordance with the procedures
set forth in the applicable policies. The Company shall provide to Indemnitee a
copy of such notice delivered to the applicable insurers, and copies of all
subsequent correspondence between the Company and such insurers regarding the
Indemnifiable Claim or Indemnifiable Loss, in each case substantially
concurrently with the delivery or receipt thereof by the Company. The failure by
Indemnitee to timely notify the Company of any Indemnifiable Claim or
Indemnifiable Loss shall not relieve the Company from any liability hereunder
unless, and only to the extent that, the Company did not otherwise learn of such
Indemnifiable Claim or Indemnifiable Loss and such failure results in forfeiture
by the Company of substantial defenses, rights or insurance coverage.

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7. Determination of Right to Indemnification. 

(a) To the
extent that Indemnitee shall have been successful on the merits or otherwise in
defense of any Indemnifiable Claim or any portion thereof or in defense of any
issue or matter therein, including without limitation dismissal without
prejudice, Indemnitee shall be indemnified against all Indemnifiable Losses
relating to, arising out of or resulting from such Indemnifiable Claim in
accordance with Section 2 and no Standard of Conduct Determination (as defined
in Section 7(b)) shall be required. 

(b) To the
extent that the provisions of Section 7(a) are inapplicable to an Indemnifiable
Claim that shall have been finally disposed of, any determination of whether
Indemnitee has satisfied any applicable standard of conduct under North Carolina
law that is a legally required condition precedent to indemnification of
Indemnitee hereunder against Indemnifiable Losses relating to, arising out of or
resulting from such Indemnifiable Claim (a “Standard of Conduct Determination”)
shall be made as follows: (i) if a Change in Control shall not have occurred, or
if a Change in Control shall have occurred but Indemnitee shall have requested
that the Standard of Conduct Determination be made pursuant to this clause (i),
(A) by a majority vote of the Disinterested Directors, even if less than a
quorum of the Board, (B) if such Disinterested Directors so direct, by a
majority vote of a committee of Disinterested Directors designated by a majority
vote of all Disinterested Directors, or (C) if there are no such Disinterested
Directors, by Independent Counsel in a written opinion addressed to the Board, a
copy of which shall be delivered to Indemnitee; and (ii) if a Change in Control
shall have occurred and Indemnitee shall not have requested that the Standard of
Conduct Determination be made pursuant to clause (i), by Independent Counsel in
a written opinion addressed to the Board, a copy of which shall be delivered to
Indemnitee. Indemnitee will cooperate with the person or persons making such
Standard of Conduct Determination, including providing to such person or
persons, upon reasonable advance request, any documentation or information which
is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. The
Company shall indemnify and hold harmless Indemnitee against and, if requested
by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within
five business days of such request, any and all costs and expenses (including
attorneys’ and experts’ fees and expenses) incurred by Indemnitee in so
cooperating with the person or persons making such Standard of Conduct
Determination. 

(c) The
Company shall use its reasonable best efforts to cause any Standard of Conduct
Determination required under Section 7(b) to be made as promptly as practicable.
If (i) the person or persons empowered or selected under Section 7 to make the
Standard of Conduct Determination shall not have made a determination within 30
days after the later of (A) receipt by the Company of written notice from
Indemnitee advising the Company of the final disposition of the applicable
Indemnifiable Claim (the date of such receipt being the “Notification Date”) and (B) the selection
of an Independent Counsel, if such determination is to be made by Independent
Counsel, that is permitted under the provisions of Section 7(e) to make such
determination and (ii) Indemnitee shall have fulfilled his obligations set forth
in the second sentence of Section 7(b), then Indemnitee shall be deemed to have
satisfied the applicable standard of conduct; provided that such 30-day period
may be extended for a reasonable time, not to exceed an additional 30 days, if
the person or persons making such determination in good faith requires such
additional time for the obtaining or evaluation or documentation and/or
information relating thereto.

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(d) If (i)
Indemnitee shall be entitled to indemnification hereunder against any
Indemnifiable Losses pursuant to Section 7(a), (ii) no determination of whether
Indemnitee has satisfied any applicable standard of conduct under North Carolina
law is a legally required condition precedent to indemnification of Indemnitee
hereunder against any Indemnifiable Losses, or (iii) Indemnitee has been
determined or deemed pursuant to Section 7(b) or (c) to have satisfied any
applicable standard of conduct under North Carolina law which is a legally
required condition precedent to indemnification of Indemnitee hereunder against
any Indemnifiable Losses, then the Company shall pay to Indemnitee, within five
business days after the later of (x) the Notification Date in respect of the
Indemnifiable Claim or portion thereof to which such Indemnifiable Losses are
related, out of which such Indemnifiable Losses arose or from which such
Indemnifiable Losses resulted and (y) the earliest date on which the applicable
criterion specified in clause (i), (ii) or (iii) above shall have been
satisfied, an amount equal to the amount of such Indemnifiable Losses.

(e) If a
Standard of Conduct Determination is to be made by Independent Counsel pursuant
to Section 7(b)(i), the Independent Counsel shall be selected by the Board of
Directors, and the Company shall give written notice to Indemnitee advising him
of the identity of the Independent Counsel so selected. If a Standard of Conduct
Determination is to be made by Independent Counsel pursuant to Section 7(b)(ii),
the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall
give written notice to the Company advising it of the identity of the
Independent Counsel so selected. In either case, Indemnitee or the Company, as
applicable, may, within five business days after receiving written notice of
selection from the other, deliver to the other a written objection to such
selection; provided, however, that such objection may be asserted only on the ground that the
Independent Counsel so selected does not satisfy the criteria set forth in the
definition of “Independent Counsel” in Section 1(h), and the objection shall set
forth with particularity the factual basis of such assertion. Absent a proper
and timely objection, the person or firm so selected shall act as Independent
Counsel. If such written objection is properly and timely made and
substantiated, (i) the Independent Counsel so selected may not serve as
Independent Counsel unless and until such objection is withdrawn or a court has
determined that such objection is without merit and (ii) the non-objecting party
may, at its option, select an alternative Independent Counsel and give written
notice to the other party advising such other party of the identity of the
alternative Independent Counsel so selected, in which case the provisions of the
two immediately preceding sentences and clause (i) of this sentence shall apply
to such subsequent selection and notice. If applicable, the provisions of clause
(ii) of the immediately preceding sentence shall apply to successive alternative
selections. If no Independent Counsel that is permitted under the foregoing
provisions of this Section 7(e) to make the Standard of Conduct Determination
shall have been selected within 30 days after the Company gives its initial
notice pursuant to the first sentence of this Section 7(e) or Indemnitee gives
its initial notice pursuant to the second sentence of this Section 7(e), as the
case may be, either the Company or Indemnitee may petition the courts of the
State of North Carolina for resolution of any objection which shall have been
made by the Company or Indemnitee to the other’s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a person or firm
selected by the Court or by such other person as the Court shall designate, and
the person or firm with respect to whom all objections are so resolved or the
person or firm so appointed will act as Independent Counsel. In all events, the
Company shall pay all of the reasonable fees and expenses of the Independent
Counsel incurred in connection with the Independent Counsel’s determination
pursuant to Section 7(b).

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8. Presumption of Entitlement. In making any Standard of Conduct Determination, the person or persons
making such determination shall presume that Indemnitee has satisfied the
applicable standard of conduct, and the Company may overcome such presumption
only by its adducing clear and convincing evidence to the contrary. Any Standard
of Conduct Determination that is adverse to Indemnitee may be challenged by the
Indemnitee in the courts of the State of North Carolina. No determination by the
Company (including by its directors or any Independent Counsel) that Indemnitee
has not satisfied any applicable standard of conduct shall be a defense to any
Claim by Indemnitee for indemnification or reimbursement or advance payment of
Expenses by the Company hereunder or create a presumption that Indemnitee has
not met any applicable standard of conduct. 

9. No Other Presumption. For
purposes of this Agreement, the termination of any Claim by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a
plea of nolo
contendere or its equivalent,
will not create a presumption that Indemnitee did not meet any applicable
standard of conduct or that indemnification hereunder is otherwise not
permitted. 

10. Non-Exclusivity. The
rights of Indemnitee hereunder will be in addition to any other rights
Indemnitee may have under the Constituent Documents, or the substantive laws of
the Company’s jurisdiction of incorporation, any other contract or otherwise
(collectively, “Other Indemnity
Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise
would have any greater right to indemnification under any Other Indemnity
Provision, Indemnitee will be deemed to have such greater right hereunder and
(b) to the extent that any change is made to any Other Indemnity Provision which
permits any greater right to indemnification than that provided under this
Agreement as of the date hereof, Indemnitee will be deemed to have such greater
right hereunder. The Company will not adopt any amendment to any of the
Constituent Documents the effect of which would be to deny, diminish or encumber
Indemnitee’s right to indemnification under this Agreement or any Other
Indemnity Provision.

11.
Liability Insurance and
Funding. For the duration of
Indemnitee’s service as a director and/or officer of the Company, and thereafter
for so long as Indemnitee shall be subject to any pending or possible
Indemnifiable Claim, the Company shall use commercially reasonable efforts
(taking into account the scope and amount of coverage available relative to the
cost thereof) to cause to be maintained in effect policies of directors’ and
officers’ liability insurance providing coverage for directors and/or officers
of the Company that is at least substantially comparable in scope and amount to
that provided by the Company’s current policies of directors’ and officers’
liability insurance. The Company shall provide Indemnitee with a copy of all
directors’ and officers’ liability insurance applications, binders, policies,
declarations, endorsements and other related materials, and shall provide
Indemnitee with a reasonable opportunity to review and comment on the same.
Without limiting the generality or effect of the two immediately preceding
sentences, the Company shall not discontinue or significantly reduce the scope
or amount of coverage from one policy period to the next (i) without the prior
approval thereof by a majority vote of the Incumbent Directors, even if less
than a quorum, or (ii) if at the time that any such discontinuation or
significant reduction in the scope or amount of coverage is proposed there are
no Incumbent Directors, without the prior written consent of Indemnitee (which
consent shall not be unreasonably withheld or delayed). In all policies of
directors’ and officers’ liability insurance obtained by the Company, Indemnitee
shall be named as an insured in such a manner as to provide Indemnitee the same
rights and benefits, subject to the same limitations, as are accorded to the
Company’s directors and officers most favorably insured by such policy. The
Company may, but shall not be required to, create a trust fund, grant a security
interest or use other means, including without limitation a letter of credit, to
ensure the payment of such amounts as may be necessary to satisfy its
obligations to indemnify and advance expenses pursuant to this
Agreement.

10 

12. Subrogation. In the event
of payment under this Agreement, the Company shall be subrogated to the extent
of such payment to all of the related rights of recovery of Indemnitee against
other persons or entities (other than Indemnitee’s successors), including any
entity or enterprise referred to in clause (i) of the definition of
“Indemnifiable Claim” in Section 1(f). Indemnitee shall execute all papers
reasonably required to evidence such rights (all of Indemnitee’s reasonable
Expenses, including attorneys’ fees and charges, related thereto to be
reimbursed by or, at the option of Indemnitee, advanced by the Company).

13. No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment
to Indemnitee in respect of any Indemnifiable Losses to the extent Indemnitee
has otherwise actually received payment (net of Expenses incurred in connection
therewith) under any insurance policy, the Constituent Documents and Other
Indemnity Provisions or otherwise (including from any entity or enterprise
referred to in clause (i) of the definition of “Indemnifiable Claim” in Section
1(f)) in respect of such Indemnifiable Losses otherwise indemnifiable hereunder.

14. Defense of Claims. The
Company shall be entitled to participate in the defense of any Indemnifiable
Claim or to assume the defense thereof, with counsel reasonably satisfactory to
the Indemnitee; provided that if
Indemnitee believes, after consultation with counsel selected by Indemnitee,
that (a) the use of counsel chosen by the Company to represent Indemnitee would
present such counsel with an actual or potential conflict, (b) the named parties
in any such Indemnifiable Claim (including any impleaded parties) include both
the Company and Indemnitee and Indemnitee shall conclude that there may be one
or more legal defenses available to him that are different from or in addition
to those available to the Company, or (c) any such representation by such
counsel would be precluded under the applicable standards of professional
conduct then prevailing, then Indemnitee shall be entitled to retain separate
counsel (but not more than one law firm plus, if applicable, local counsel in
respect of any particular Indemnifiable Claim) at the Company’s expense. The
Company shall not be liable to Indemnitee under this Agreement for any amounts
paid in settlement of any threatened or pending Indemnifiable Claim effected
without the Company’s prior written consent. The Company shall not, without the
prior written consent of the Indemnitee, effect any settlement of any threatened
or pending Indemnifiable Claim to which the Indemnitee is, or could have been, a
party unless such settlement solely involves the payment of money and includes a
complete and unconditional release of the Indemnitee from all liability on any
claims that are the subject matter of such Indemnifiable Claim. Neither the
Company nor Indemnitee shall unreasonably withhold its consent to any proposed
settlement; provided that the Indemnitee or the Company may withhold consent to
any settlement that does not provide a complete and unconditional
release.

11 

15. Successors and Binding Agreement.

(a) The Company shall
require any successor (whether direct or indirect, by purchase, merger,
consolidation, reorganization or otherwise) to all or substantially all of the
business or assets of the Company, by agreement in form and substance
satisfactory to Indemnitee and his counsel, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent the Company
would be required to perform if no such succession had taken place. This
Agreement shall be binding upon and inure to the benefit of the Company and any
successor to the Company, including without limitation any person acquiring
directly or indirectly all or substantially all of the business or assets of the
Company whether by purchase, merger, consolidation, reorganization or otherwise
(and such successor will thereafter be deemed the “Company” for purposes of this
Agreement), but shall not otherwise be assignable or delegatable by the Company.

(b) This
Agreement shall inure to the benefit of and be enforceable by the Indemnitee’s
personal or legal representatives, executors, administrators, heirs,
distributees, legatees and other successors. 

(c) This
Agreement is personal in nature and neither of the parties hereto shall, without
the consent of the other, assign or delegate this Agreement or any rights or
obligations hereunder except as expressly provided in Sections 15(a) and 15(b).
Without limiting the generality or effect of the foregoing, Indemnitee’s right
to receive payments hereunder shall not be assignable, whether by pledge,
creation of a security interest or otherwise, other than by a transfer by the
Indemnitee’s will or by the laws of descent and distribution, and, in the event
of any attempted assignment or transfer contrary to this Section 15(c), the
Company shall have no liability to pay any amount so attempted to be assigned or
transferred. 

16. Notices. For all purposes
of this Agreement, all communications, including without limitation notices,
consents, requests or approvals, required or permitted to be given hereunder
shall be in writing and shall be deemed to have been duly given when hand
delivered or dispatched by electronic facsimile transmission (with receipt
thereof electronically confirmed), or five business days after having been
mailed by United States registered or certified mail, return receipt requested,
postage prepaid or one business day after having been sent for next-day delivery
by a nationally recognized overnight courier service, addressed to the Company
(to the attention of the Secretary of the Company) at the address shown on the
signature page hereto, and to Indemnitee at the last address delivered to the
Company by the Indemnitee, or to such other address as any party may have
furnished to the other in writing and in accordance herewith, except that
notices of changes of address will be effective only upon
receipt.  

12 

17. Governing Law. The
validity, interpretation, construction and performance of this Agreement shall
be governed by and construed in accordance with the substantive laws of the
State of North Carolina, without giving effect to the principles of
conflict of laws of such State. The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of North
Carolina for all purposes in connection with any action or proceeding which
arises out of or relates to this Agreement and agree that any action instituted
under this Agreement shall be brought only in the courts of the State of North
Carolina. As used in this Agreement, references to “the courts of the State of
North Carolina” will mean the North Carolina Business Court or such other North
Carolina court as may succeed the North Carolina Business Court as a forum for
cases involving issues of corporate and commercial law. In the event that the
North Carolina Business Court is abolished without a successor, references to
“the courts of the State of North Carolina” will mean either the Superior Court
of Forsyth County, North Carolina or the United States District Court for the
Middle District of North Carolina. 

18. Validity. If any provision
of this Agreement or the application of any provision hereof to any person or
circumstance is held invalid, unenforceable or otherwise illegal, the remainder
of this Agreement and the application of such provision to any other person or
circumstance shall not be affected, and the provision so held to be invalid,
unenforceable or otherwise illegal shall be reformed to the extent, and only to
the extent, necessary to make it enforceable, valid or legal. In the event that
any court or other adjudicative body shall decline to reform any provision of
this Agreement held to be invalid, unenforceable or otherwise illegal as
contemplated by the immediately preceding sentence, the parties thereto shall
take all such action as may be necessary or appropriate to replace the provision
so held to be invalid, unenforceable or otherwise illegal with one or more
alternative provisions that effectuate the purpose and intent of the original
provisions of this Agreement as fully as possible without being invalid,
unenforceable or otherwise illegal. 

19. Miscellaneous. No
provision of this Agreement may be waived, modified or discharged unless such
waiver, modification or discharge is agreed to in writing signed by Indemnitee
and the Company. No waiver by either party hereto at any time of any breach by
the other party hereto or compliance with any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, expressed
or implied with respect to the subject matter hereof have been made by either
party that are not set forth expressly in this Agreement. References to Sections
are to references to Sections of this Agreement. 

13 

20. Legal Fees and Expenses. It is the intent of the Company that Indemnitee not be required to incur
legal fees and or other Expenses associated with the interpretation, enforcement
or defense of Indemnitee’s rights under this Agreement by litigation or
otherwise because the cost and expense thereof would substantially detract from
the benefits intended to be extended to Indemnitee hereunder. Accordingly,
without limiting the generality or effect of any other provision hereof, if it
should appear to Indemnitee that the Company has failed to comply with any of
its obligations under this Agreement or in the event that the Company or any
other person takes or threatens to take any action to declare this Agreement
void or unenforceable, or institutes any litigation or other action or
proceeding designed to deny, or to recover from, Indemnitee the benefits
provided or intended to be provided to Indemnitee hereunder, the Company
irrevocably authorizes the Indemnitee from time to time to retain counsel of
Indemnitee’s choice, at the expense of the Company as hereafter provided, to
advise and represent Indemnitee in connection with any such
interpretation, enforcement or defense, including without limitation the
initiation or defense of any litigation or other legal action, whether by or
against the Company or any director, officer, shareholder or other person
affiliated with the Company, in any jurisdiction. Notwithstanding any existing
or prior attorney-client relationship between the Company and such counsel, the
Company irrevocably consents to Indemnitee’s entering into an attorney-client
relationship with such counsel, and in that connection the Company and
Indemnitee agree that a confidential relationship shall exist between Indemnitee
and such counsel. Without respect to whether Indemnitee prevails, in whole or in
part, in connection with any of the foregoing, the Company will pay and be
solely financially responsible for any and all attorneys’ and related fees and
expenses incurred by Indemnitee in connection with any of the foregoing.

21. Certain
Interpretive Matters. Unless the context of this Agreement otherwise requires,
(a) “it” or  “its” or words of any gender include each other gender, (b) words using the  singular or
plural number also include the plural or singular number,  respectively, (c) the terms “hereof,”
“herein,” “hereby” and derivative or  similar words refer to this entire Agreement, (d) the terms
“Article,”  “Section,” “Annex” or “Exhibit” refer to the specified Article, Section,
Annex  or Exhibit of or to this Agreement, (e) the terms “include,” “includes” and  “including”
will be deemed to be followed by the words “without limitation”  (whether or not so expressed), and (f) the word
“or” is disjunctive but not  exclusive. Whenever this Agreement refers to a number of days, such number will  refer
to calendar days unless business days are specified and whenever action  must be taken (including the giving of notice or the
delivery of documents)  under this Agreement during a certain period of time or by a particular date  that ends or occurs on
a non-business day, then such period or date will be  extended until the immediately following business day. As used herein,
“business  day” means any day other than Saturday, Sunday or a United States federal  holiday.

22. Counterparts. This
Agreement may be executed in one or more counterparts, each of which will be
deemed to be an original but all of which together shall constitute one and the
same agreement. 

23. Prospective Effect. Notwithstanding anything to the contrary contained anywhere in this
Agreement, in no event will this Agreement be deemed to apply to any Claim
existing against Indemnitee prior to the date of this Agreement, any Losses
incurred by Indemnitee prior to the date of this Agreement, or any Losses
relating to any Claim existing against Indemnitee prior to the date of this
Agreement. 

[Signatures Appear On
Following Page] 

14 

IN WITNESS WHEREOF,
Indemnitee has executed and the Company has caused its duly authorized
representative to execute this Agreement effective as of the date first above
written. 

		KRISPY KREME DOUGHNUTS, INC.
		370
      Knollwood Street
		Winston-Salem, NC 27103
		  
		  
		By:	 
		Name: 
      	 
	 	Title:	 
		 
		 
		 
		INDEMNITEE
		 
		 
		 

15EX-10.1

 Exhibit 10.1 

CONSULTING AGREEMENT 

This Consulting Agreement (“Agreement”) is entered into as of this 10th day of
November, 2014 by and between Caesars Enterprise Services, LLC (“CES” or the “Company”) and Donald Colvin (“Colvin”) (collectively the “Parties”). 

WHEREAS, on November 14, 2012, Colvin entered into a contract of employment with Caesars Entertainment Operating Company (“CEOC”) (the
“Employment Agreement”), in which Colvin was engaged to serve as Chief Financial Officer (“CFO”) for Caesars Entertainment Corporation (“CEC”); 

WHEREAS, as of October 1, 2014, and pursuant to Section 19.2 of the Employment Agreement, CEOC elected to perform all of its obligations under the
Employment Agreement through CES (the “Transfer”); WHEREAS, pursuant to the Transfer, each reference to CEOC or any of its subsidiaries in the Agreement was replaced with a reference to CES; WHEREAS, CES has been authorized to perform its
obligations under the Employment Agreement and to honor all other employment-related obligations to the Employee; and 
 WHEREAS, Colvin intends to resign
his employment with the Company, effective December 31, 2014, and has agreed to make himself available to the Company thereafter and allow the Company to continue to use his services for a period of eighteen (18) months post-employment
(the “Term”), and Colvin agrees to provide such services in a bona fide manner, on a consultancy basis with regard to and relating to matters and services and types of matters and services he handled and provided as CFO, and to assist in
transitioning his duties to the new CFO of CEC and to provide assistance to the new CFO as needed (the “Services”). 
 THEREFORE,
the Parties agree as follows: 
 1. Employment Termination Date. Colvin’s last day of employment with the Company will be December 31, 2014
(“Employment Termination Date”). Colvin acknowledges that he is voluntarily resigning from the Company “Without Good Reason” as that term is defined in Paragraph 8.2 of the Employment Agreement. Colvin acknowledges that,
except as expressly stated herein or required under applicable law, he is not entitled to any severance or other post-termination compensation or benefits from the Company resulting from such termination. 

2. Acknowledgment and Release. As a condition precedent to the Company’s obligations under this Agreement taking effect, on the Employment
Termination Date, Colvin will sign (i) an acknowledgment and agreement that the Company has paid him all compensation and benefits due under the terms of the Employment Agreement as of the Employment Termination Date in the form attached hereto
as Exhibit A (the “Acknowledgement”), and (ii) a Release and Waiver of Claims in the form attached hereto as Exhibit B. To the extent Colvin is entitled to any accrued or vested benefits, nothing in this Agreement is intended to
interfere with those benefits. 

  
 1 

 3. Consultancy Duties and Duration/Insurance. The Company desires Colvin to provide the Services to and at
the direction of the new CFO of CEC or to his or her designees, beginning January 1, 2015. This Agreement shall expire on June 30, 2016, unless earlier terminated by the Company or Colvin, as set forth in Paragraph 7 below. 

The Parties agree and understand that Colvin is solely responsible for obtaining insurance covering his provision of the Services. For the sake of
clarification, this insurance requirement does not apply to any continuing D&O insurance coverage relating to Colvin’s employment as CFO with CEOC and CES. 

4. Consideration/Benefits. In exchange for his provision of the Services, the Company shall pay Colvin the amount of $58,333.00 per month (the
“Monthly Payments”). The Parties agree and understand that the Company will not withhold taxes or any other payroll withholdings from the Monthly Payments unless required to withhold under applicable law (in which case Colvin expressly
acknowledges and agrees to any such requirement to withhold). Colvin shall be solely responsible for paying any and all taxes or other payments owed on the Monthly Payments. Colvin agrees to indemnify and hold harmless the Company Parties (as
defined below) from any demands, losses, expenses, or other costs (including, but not limited to, court costs and reasonable attorneys’ fees) in respect of any such taxes. Colvin shall not be reimbursed for expenses relating to the provision of
the Services unless Colvin obtains written authorization from the CFO or his/her authorized designee(s) prior to incurring such expenses. 
 Effective
January 1, 2015, Colvin will no longer be eligible to participate in the Company’s bonus, stock grant, or other benefit programs, except as follows: 
  

	 	(i)	Colvin’s RSU and stock options scheduled to vest on Jan 2, 2015, will vest. Colvin understands and agrees that no additional vesting will occur. 

 

	 	(ii)	Colvin may participate in and receive a performance bonus for calendar year 2014. The issuance and amount of such bonus shall be at the Company’s sole discretion. 

 

	 	(iii)	If, during the Term, Colvin elects to continue to participate in the Company’s health insurance plan pursuant to COBRA, the Company will reimburse the cost of participation to Colvin upon receipt of proof of
payment of the premium. The Company’s obligation to reimburse Colvin’s premium costs shall end either at the end of the term or upon termination of this Agreement, whichever comes first. 

5. Survival. The Parties agree and acknowledge that the following Sections (including all subparts) of the Employment Agreement shall remain in full
force and effect following the Termination Date: Section 11 (“Non-Competition Agreement”), Section 12 (“Confidentiality”), Section 13 (“Injunctive Relief”), and Section 14
(Post-Employment Cooperation). 

  
 2 

 6. Knowing/Voluntary Agreement. 

(a) Colvin acknowledges that Colvin (a) has carefully read this Agreement and the Employment Agreement; (b) is competent to manage
his own affairs; (c) fully understands the Agreement’s and Employment Agreement’s contents and legal effect; (d) has been advised to consult with an attorney of Colvin’s choosing prior to signing this Agreement, if Colvin so
desires; and (e) has chosen to enter into this Agreement freely, without coercion, and based upon Colvin’s own judgment, and that Colvin has not relied upon any promises made by the Company, other than the promises explicitly contained in
this Agreement. 
 (b) To execute this Agreement, Colvin must sign and date the Agreement below, and return a signed copy hereof to Attn:
Corporate Compensation, Caesars Enterprise Services, LLC., One Caesars Palace Drive, Las Vegas, Nevada 89109, (phone):702-880-6829, compensationrequests@caesars.com, via nationally recognized overnight carrier or email. The Agreement shall be
effective as of the date of execution by both parties. 
 7. Termination of Agreement. 

a. Termination for Licensing/Suitability by Gaming Regulatory Agency. As a holder of a privileged gaming license, Company and certain
Affiliates are required to adhere to strict laws and regulations regarding vendor and other business relationships. If at any time Company determines, in its sole discretion, that its association with Colvin could violate any statutes and
regulations regarding prohibited relationships with gaming companies, or if Company determines in good faith, in its sole discretion, that it would be in its best interest to terminate its relationship with Colvin in order to protect any of its
privileged gaming licenses, Company may immediately terminate this Agreement. If Colvin is or becomes required to be licensed by any federal, state, and/or local gaming regulatory agency, Colvin shall secure said licensing at his sole cost and
expense, and if he fails to become so licensed or, once licensed, fails to maintain such license, Company may immediately terminate this Agreement. If any gaming regulatory agency requires approval of this Agreement or its terms, such approval shall
be obtained prior to the performance of any part of this Agreement. If such gaming regulatory agency disapproves this Agreement in whole or in part, Company may immediately terminate this Agreement. Notwithstanding any other terms of this Agreement,
in the event of termination of this Agreement pursuant to this Section 7.a., Company shall have no further liability to Colvin, except for any obligations pursuant to the Proposal outstanding on the date termination becomes effective, including
any payment obligation of Company or any Affiliate, unless otherwise prohibited by a gaming regulatory agency. 
 b. Termination for
Material Breach. In addition to all other rights of termination set forth in this Agreement, the Company may terminate this Agreement in the event of Colvin’s material breach of this Agreement on 30 days’ prior written notice to
Colvin. 
 c. Termination for Breach of Confidentiality or Non-Compete. With respect to any material breach of Sections 11 or 12 of
the Employment Agreement, no notice is required prior to termination of this Agreement. 

  
 3 

 d. Termination upon Colvin’s Death. In the event of Colvin’s death, this
Agreement shall immediately terminate, and Colvin’s estate or heirs shall be entitled solely to payment of the Monthly Payment for the month in which Colvin died. 

8. Miscellaneous. This Agreement may be executed in counterparts, each of which shall be deemed an original, and both of which together shall
constitute one and the same instrument. The section headings in this Agreement are provided for convenience only and shall not affect the construction or interpretation of this Agreement or the provisions hereof. 

9. No Admission. This Agreement shall not in any way be construed as an admission that the Company, Colvin, or any other individual or entity has any
liability to or acted wrongfully in any way with respect to Colvin, the Company, CEOC, or any other person. 
 10. Governing Law and Venue. This
Agreement shall be governed, construed, performed and enforced in accordance with its express terms, and otherwise in accordance with the laws of the State of Nevada applicable to contracts to be performed therein. The federal and state courts
located in Clark County, Nevada shall have sole and exclusive subject matter jurisdiction over any action brought to interpret, judge, decide, rule upon and enforce in any manner provided by Nevada law any of the terms, covenants, conditions,
representations or warranties contained herein, and Colvin expressly consents to personal jurisdiction in Nevada for the purpose of resolving any dispute related to the making or interpretation of this Agreement.  

11. Severability. It is the intention of the Parties that if any provision of the Agreement is determined by a court of competent jurisdiction to be
void, illegal or unenforceable, in whole or in part, all other provisions will remain in full force and effect, as if the void, illegal, or unenforceable provision is not part of the Agreement. If any court, agency or arbitration tribunal finds any
term, restriction, or covenant herein unenforceable, then such terms, restriction or covenant shall be modified to the extent necessary to make it and this Agreement enforceable by such entity. 

12. Modification of Agreement. Any modification of this Agreement or additional obligation assumed by either Party in connection with this Agreement
shall be binding only if evidenced in writing signed by each Party or an authorized representative of each Party. 
 13. Entire Agreement. Except as
otherwise specifically provided herein, this Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof, contains all the covenants, promises, representations, warranties, and agreements between the Parties
with respect to Colvin’s separation from the Company and all positions therewith; provided, however, that nothing in this Agreement shall supersede the Sections in the Employment Agreement identified in Paragraph 5 (“Survival”)
of this Agreement. 
 14. Acknowledgement of Independent Contractor. Colvin agrees that, in performing the Consultancy services to the Company, he is
acting as an independent contractor and that he is not entitled to and shall not claim any of the rights, privileges or benefits of an employee of the Company or any or all of its subsidiaries or affiliates (together, with their respective
principals, members, managers, officers, directors, employees, investors, representatives, and agents, the “Company Parties” and each a “Company Party”), except as specifically set forth in this

  
 4 

 
Agreement. Furthermore, nothing in this Agreement is intended or shall be deemed to create any employment relationship, partnership, agency or joint venture relationship between or among Colvin
on the one hand and any or all of the Company Parties on the other. Colvin understands that in respect of his services hereunder he will not receive nor be entitled to any of the rights, privileges or benefits that any or all of the Company Parties
may extend to their respective employees, including, but not limited to, pension benefits, welfare benefits, vacation, termination or severance pay or other perquisites or benefits, by virtue of this Agreement or by virtue of Colvin’s provision
of the Services, except as specifically set forth in this Agreement. Colvin, on behalf of himself and all of his heirs, legal representatives, successors and assigns, hereby releases and waives any and all rights, claims, or interests in any such
privileges or benefits, including, but not limited to, pension benefits, welfare benefits, vacation, termination or severance pay or other perquisites and benefits. Colvin further agrees that he will not be provided with a permanent office nor will
he be required to keep set office hours. Rather, Colvin will make himself available to provide the Services on an as-needed basis. 
 15. Authorities.
Colvin hereby acknowledges and agrees that he does not have authority to act on behalf of, or otherwise bind, any or all of the Company Parties (as herein defined). Accordingly, Colvin may not enter into any agreements on behalf of or purport to
bind any or all of such Company Parties, or represent to any person that Colvin has the power to create any obligation, express or implied, on behalf of any or all of such Company Parties without the Company’s express prior written consent.
Colvin shall not hold himself to any party as having such authority. 
 16. Subcontracts. Colvin may not subcontract for provision of any Services
without the prior written consent of Company, which consent shall be within Company’s sole and absolute discretion. 
 17. No Use of Name or
Marks. Colvin agrees that he shall have no right to, or interest in, the name “Caesars” or any registered service mark or trademark of Company or its Affiliates, and Colvin shall not, in any manner, use such words or marks, in the
promotion of Colvin’s business. 
 18. Review by Counsel. Colvin acknowledges that he had the opportunity to be represented by counsel in the
negotiation and execution of this Agreement. Accordingly, the rule of construction of contract language against the drafting party is hereby knowingly and voluntarily waived by Colvin. 

19. Force Majeure. Neither Party shall be liable for any delay or failure to perform its obligations due to (i) the occurrence of a force majeure
event (including, without limitation, strikes, shortages, riots, insurrection, fires, flood, storm, explosions, acts of God, war, civil unrest, acts of terrorism, earthquakes, or any other similar event in the areas in which the Services are
performed); (ii) or any material condition beyond such Party’s reasonable control (whether foreseeable or not), provided however, that this paragraph does not excuse any breach of the terms contained herein (a) governing the use,
reproduction, disclosure or transfer of any Confidential Information of a Party; or (b) for failure to pay for Services rendered. If due to a force majeure event Colvin is unable to provide the Services or Company is unable to accept the
Services for a period of thirty consecutive days, either Party may terminate this Agreement, and 

  
 5 

 
neither Party shall be deemed in default. In the event of any such delay or failure to perform, (A) the Party claiming such delay shall seek and use (to the extent available) economically
reasonable and comparable substitutes or alternatives for performance reasonably approved by the other Party, and (B) the Party claiming such delay shall promptly give the other Party written notice of the occurrence of such delay, and upon the
termination thereof, the termination of such delay. If the Party claiming such delay fails to give notice to the other Party of the occurrence and termination of such delay as provided herein within five business days from the date such Party has
actual knowledge of such delay and/or the date of termination of such delay, as the case may be, the Party claiming such delay shall be deemed to have waived its right to an extension hereunder on account of such delay. 

IN WITNESS WHEREOF, the parties hereto have knowingly and voluntarily executed the Agreement. 

 

									
	DONALD COLVIN	 		 	Caesars Enterprise Services, LLC
				
	 /s/ Donald Colvin
	 		 	By:	 	 /s/ Mary Thomas

	Print Name:	 	 Donald Colvin
	 		 	Title:	 	 EVP, Human Resources

	Date:	 	 November 10, 2014
	 		 	Date:	 	 November 10, 2014

  
 6 

 EXHIBIT A 

ACKNOWLEDGEMENT 
 I, Donald
Colvin, hereby acknowledge that I have received all compensation and benefits due to me under the terms of my Employment Agreement with the Company, as defined in the Consulting Agreement to which this Acknowledgement is attached as Exhibit A. I
acknowledge and understand that I am not entitled to any further salary payments, bonus payments, or business expense reimbursements not already paid to me as of the date I sign this Acknowledgement. To the extent I am entitled to any accrued or
vested benefits pursuant to any benefit or stock options plans in which I participated while employed by the Company, nothing in this Agreement is intended to interfere with or otherwise alter those benefits. 

 

			
	DONALD COLVIN
	
	  

		
	Date:	 	                    , 201    

  
 7 

 EXHIBIT B 

RELEASE AND WAIVER OF CLAIMS (“RELEASE”) 

Donald Colvin (“Colvin”), for himself, his spouse, and each of Colvin’s heirs, beneficiaries, representatives, agents,
successors, and assigns (collectively, “Colvin Releasors”), irrevocably and unconditionally releases and forever discharges Caesars Enterprise Services, LLC (“the Company”), each and all of its predecessors, parents,
Subsidiaries, Affiliates, divisions, successors, and assigns (collectively with the Company, the “Company Entities”), and each and all of the Company Entities’ current and former officers, directors, employees, shareholders,
representatives, attorneys, agents, and assigns (collectively, with the Company Entities, the “Company Releasees”), from any and all causes of action, claims, actions, rights, judgments, obligations, damages, demands, accountings,
or liabilities of any kind or character, whether known or unknown, whether accrued or contingent, that Colvin has, had, or may have against them, or any of them, by reason of, arising out of, connected with, touching upon, or concerning
Colvin’s employment with the Company, Colvin’s separation from the Company, and Colvin’s relationship with any or all of the Company Releasees, and from any and all statutory claims, regulatory claims, claims under the Employment
Agreement, and any and all other claims or matters of whatever kind, nature, or description, arising from the beginning of the world up through the date Colvin signs this Release (collectively, the “Released Claims”). Colvin
acknowledges that the Released Claims specifically include, but are not limited to, any and all claims for fraud, breach of express or implied contract, breach of the implied covenant of good faith and fair dealing, interference with contractual
rights, violation of public policy, invasion of privacy, intentional or negligent infliction of emotional distress, intentional or negligent misrepresentation, defamation, libel, slander, or breach of privacy; claims for failure to pay wages,
benefits, deferred compensation, commissions, bonuses, vacation pay, expenses, severance pay, attorneys’ fees, or other compensation of any sort; claims related to stock options, equity awards, or other grants, awards, or warrants; claims
related to any tangible or intangible property of Colvin that remains with the Company; claims for retaliation, harassment or discrimination on the basis of race, color, sex, sexual orientation, national origin, ancestry, religion, age, disability,
medical condition, marital status, gender identity, gender expression, or any other characteristic or criteria protected by law; any claim under Title VII of the Civil Rights Act of 1964 (Title VII, as amended), 42 U.S.C. §§ 2000e, et
seq., the Civil Rights Act of 1991, the Civil Rights Act of 1866, the Age Discrimination in Employment Act (“ADEA”), the Family and Medical Leave Act (“FMLA”), 29 U.S.C. §§ 2601, et seq., the Fair
Labor Standards Act (“FLSA”), 29 U.S.C. §§ 201, et seq., the Equal Pay Act, 29 U.S.C. §206(a) and interpretive regulations, the Americans with Disabilities Act (“ADA”), 42 U.S.C. §§
12101, et seq., the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”), the Occupational Safety and Health Act (“OSHA”) or any other health and/or safety laws, statutes, or regulations, the Employee
Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §§ 301, et seq., the Immigration Reform and Control Act of 1986, 8 U.S.C. §§ 1101, et seq., or the Internal Revenue Code of 1986, as
amended; all claims arising under the Sarbanes-Oxley Act of 2002 (Public Law 107-204), including whistleblowing claims under 18 U.S.C. §§ 1513(e) and 1514A; the Nevada Wage and Hour Laws, NEV. REV. STAT. § 608.005, et seq., the
Nevada Fair Employment Practices Act. NEV. REV. STAT. § 613.310 et seq., and any and all other foreign, federal, state, or local laws, common law, or case law, including but not limited to all statutes, regulations, common law, and other
laws in place in Clark County, Nevada. 

  
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 As of the Separation Date, Colvin acknowledges and represents that Colvin has not been either directly or
indirectly involved in, witnessed or asked or directed to participate in any conduct that could give rise to an allegation that the Company or any of its subsidiaries or affiliates has violated any laws applicable to its businesses or that could
otherwise be construed as inappropriate or unethical in any way, even if such conduct is not, or does not appear to be, a violation of any law. Colvin confirms that Colvin has been given the opportunity to report such conduct to the Company and to
third parties and that Colvin has not made such report. Colvin also confirms that Colvin has no charge, complaint or action against the Company or any Company Releasees in any forum or form. 

Colvin acknowledges and agrees that if he should hereafter make any claim or demand or commence or threaten to commence any action, claim or proceeding
against the Company Releasees with respect to any cause, matter or thing which is the subject of this Release (other than a charge brought to an administrative agency), this Release may be raised as a complete bar to any such action, claim or
proceeding, and the applicable Company Releasee may recover from the Colvin all costs incurred in connection with such action, claim or proceeding, including attorneys’ fees. 

Colvin understands that by signing this Agreement, Colvin waives any claims Colvin may have under the Age Discrimination in Employment Act of 1967 (the ADEA)
up to the time Employee signs this Agreement. Employee has, if Employee wishes, twenty-one (21) days to consider this Agreement prior to signing it, and seven (7) days after signing this Agreement to revoke his signature. Any revocation
within this seven (7) day period must be submitted, in writing, to Tim Donovan, General Counsel of Caesars Entertainment Corporation, and state, “I hereby revoke my acceptance of the Release and Waiver of Claims attached at Exhibit B to my
Consulting Agreement.” For this revocation to be effective, the written notice must be received by Tim Donovan not later than the close of business on the seventh (7th) calendar day after Colvin signs this Agreement. If Colvin revokes this
Release, the Consulting Agreement to which this release is attached as Exhibit B shall not be effective or enforceable, and Colvin will not receive the Consideration set forth in Paragraph 4 of the Consulting Agreement. 

 

			
	Signed:
	
	DONALD COLVIN
	
	  

		
	Date:	 	                    , 201

  
 9

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