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Exhibit 10.1
AMENDMENT TO
EMPLOYMENT
AGREEMENT
AMENDMENT TO EMPLOYMENT AGREEMENT
(“Amendment”) dated as of December 15, 2008
(“Amendment Effective Date”) among Krispy Kreme
Doughnut Corporation, a North Carolina Corporation
(“KKDC”), Krispy Kreme Doughnuts, Inc., a North
Carolina Corporation (the “Company” and together with
KKDC, the “Companies”) and James H. Morgan (the
“Executive”).
WHEREAS, the Companies and the Executive are
parties to an Employment Agreement dated as of February 27, 2008
(the “Agreement”);
WHEREAS, the Companies and the Executive wish to
amend the Agreement as set forth herein in order to comply with
Section 409A of the Internal Revenue Code of 1986, as
amended;
NOW, THEREFORE, in consideration of the mutual
covenants herein contained, the Companies and the Executive hereby
agree as follows:
1. The following
paragraph is added at the end of Section 13.14 of the
Agreement:
“With respect to any
reimbursement or in-kind benefit arrangements of the Companies and
their subsidiaries that constitute deferred compensation for
purposes of Section 409A, except as otherwise permitted by
Section 409A, the following conditions shall be applicable:
(i) the amount eligible for reimbursement, or in-kind benefits
provided, under any such arrangement in one calendar year may not
affect the amount eligible for reimbursement, or in-kind
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