SEC Contract Filing

Filing Date: 2015-04-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>3
<FILENAME>exhibit10-10.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT, DATED AS OF MAY 13, 2014
<TEXT>

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<P align=center><FONT face="Times New Roman" size=2><STRONG>EMPLOYMENT
AGREEMENT</STRONG> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>THIS EMPLOYMENT AGREEMENT
(<STRONG>&#147;Agreement&#148;</STRONG>), dated effective as of May 13, 2014, is among
Krispy Kreme Doughnut Corporation, a North Carolina corporation
(<STRONG>&#147;KKDC&#148;</STRONG>), Krispy Kreme Doughnuts, Inc., a North Carolina
corporation (the <STRONG>&#147;Company&#148;</STRONG> and, together with KKDC, the
<STRONG>&#147;Companies&#148;</STRONG>), and Cathleen D. Allred (the
<STRONG>&#147;Executive&#148;</STRONG>). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The parties hereto agree as
follows:</FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>ARTICLE 1</FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>DEFINITIONS </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 1.01. <I>Definitions</I>. For
purposes of this Agreement, in addition to other terms defined herein, the following terms have the meanings set forth below:
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<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><STRONG>&#147;Base
Salary&#148;</STRONG> has the meaning set forth in Section 4.01. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><STRONG>&#147;Board&#148;</STRONG>
means the Board of Directors of the Company.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><B>&#147;Cause&#148;</B> shall mean (a)
the Executive&#146;s failure or refusal to perform the Executive&#146;s lawful and proper duties hereunder (other than as a result
of total or partial incapacity due to physical or mental illness or a court or governmental order), (b) the Executive&#146;s conviction
of or plea of <I>nolo contendere</I> to any felony (other than a traffic infraction), (c) an act or acts on the Executive&#146;s
part constituting fraud, theft or embezzlement or that otherwise constitutes a felony under the laws of the United States or any
state thereof which results or was intended to result directly or indirectly in gain or personal enrichment by the Executive at
the expense of the Companies, or (d) the Executive&#146;s insubordination to the Companies&#146; Chief Executive Officer or most
senior executive officer or willful violation of any material provision of the code of ethics of the Companies applicable to the
Executive or the Executive&#146;s willful breach of a material term of the Agreement (as determined by the Board or the Committee).
In the case of any item described in the previous sentence, the Executive shall be given written notice of the alleged act or
omission constituting Cause, which notice shall set forth in reasonable detail the reason or reasons that the Board believes the
Executive is to be terminated for Cause, including any act or omission that is the basis for the decision to terminate the Executive.
In the case of an act or omission described in clause (a) or (d) of the definition of Cause, (i) if reasonably capable of being
cured, the Executive shall be given 30 days from the date of such notice to effect a cure of such alleged act or omission constituting
&#147;Cause&#148; which, upon such cure to the reasonable satisfaction of the Board, shall no longer constitute a basis for Cause,
and (ii) the Executive shall be given an opportunity to make a presentation to the Board (accompanied by counsel or other representative,
if the Executive so desires) at a meeting of the Board held promptly following such 30-day cure period if the Board intends to
determine that no cure has occurred. At or following such meeting, the Board shall determine whether or not to terminate the Executive
for &#147;Cause&#148; and shall notify the Executive in writing of its determination and the effective date of such termination
(which date may be no earlier than the date of the aforementioned Board meeting).</FONT></P>
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<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><FONT face="Times New Roman" size=2>Change in Control</FONT></B><FONT face="Times New Roman" size=2>&#148; means any of the following events: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a)</FONT><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>the
acquisition by any Person of &#147;beneficial ownership&#148; (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of the
combined voting power of the Company&#146;s then outstanding voting securities;
provided, however, that a Change in Control shall not be deemed to occur solely
because fifty percent (50%) or more of the combined voting power of the
Company&#146;s then outstanding securities is acquired by (i) a trustee or other
fiduciary holding securities under one or more employee benefit plans maintained
by the Company or any of its Subsidiaries, or (ii) any Person, which,
immediately prior to such acquisition, is owned directly or indirectly by the
shareholders of the Company in the same proportion as their ownership of stock
in the Company immediately prior to such acquisition; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b)</FONT><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>consummation of (i) a merger or consolidation involving the Company if
the shareholders of the Company, immedia