Exhibit 10.1
EXECUTION COPY
AMENDMENT TO SERVICES AGREEMENT
This AMENDMENT TO SERVICES AGREEMENT (the "Amendment") dated as of March
31, 2005 is made by and between Krispy Kreme Doughnuts, Inc. (the "Company"),
Xxxxxxx X. Xxxxxx ("Xxxxxx"), Xxxxxx X. Xxxxxxx ("Xxxxxxx") and Xxxxx Xxxxx
Xxxxxx LLC ("KZC"), a New Jersey limited liability company.
RECITALS:
The parties hereto entered into that certain Services Agreement (the
"Agreement") dated as of January 18, 2005 by and between the Company, Xxxxxx,
Xxxxxxx and KZC.
The parties hereto entered into that certain Letter Agreement (the "Letter
Agreement") dated March 10, 2005 extending the deadline to negotiate a success
fee under the Agreement.
Krispy Kreme Doughnut Corporation ("KKDC") intends to enter into a First
Lien Credit Agreement dated as of April 1, 2005 by and between KKDC, the
Company, the other subsidiary guarantors party thereto, the lenders party
thereto, Credit Suisse First Boston, Cayman Islands Branch, Xxxxx Fargo
Foothill, Inc. and Silver Point Finance, L.L.C. (the "Credit Agreement").
KKDC intends to enter into a Second Lien Credit Agreement dated as of April
1, 2005 by and between KKDC, the Company, the other subsidiary guarantors party
thereto, the lenders party thereto, Credit Suisse First Boston, Cayman Islands
Branch and Silver Point Finance, L.L.C. (the "Second Lien Credit Agreement").
The parties desire to amend the Agreement as set forth herein.
NOW, THEREFORE, in consideration of the premises and covenants set forth
herein, and intending to be legally bound hereby, the parties to this Amendment
hereby agree as follows:
Notwithstanding Section 3 of the Agreement and anything to the contrary in
the Letter Agreement, KZC hereby agrees that it will not terminate the Agreement
in a manner that would create an Event of Default under Article VIII of the
Credit Agreement or Article VIII of the Second Lien Credit Agreement, provided
that the Company is not in material breach under the Agreement, which material
breach has not been cured within 30 days following written notice to the
Company.
IN WITNESS WHEREOF, this Amendment has been executed by the parties as of
the date first above written.
KRISPY KREME DOUGHNUTS, INC.
By: /s/ Xxxxx Xxxxxx
---------------------------
Name: Xxxxx Xxxxxx
Title: Exec. X.X.
XXXXX ZOLFO XXXXXX, LLC
By: /s/ Xxxxxxx X. Xxxxxx
---------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Chairman
/s/ Xxxxxxx X. Xxxxxx
--------------------------------
Xxxxxxx X. Xxxxxx
/s/ Xxxxxx X. Xxxxxxx
--------------------------------
Xxxxxx X. Xxxxxxx
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