Extension Letter to Services Agreement between Kroll Zolfo Cooper LLC and Krispy Kreme Doughnuts, Inc.
Kroll Zolfo Cooper LLC and Krispy Kreme Doughnuts, Inc. have agreed to extend the deadline for negotiating a "Success Fee" under their existing Services Agreement and related amendments. The new deadline is July 31, 2005, due to ongoing restructuring efforts. Both parties have acknowledged and accepted this extension in writing. This letter serves as formal confirmation of the extension and does not alter other terms of the original agreements.
June 27, 2005
Mr. Michael Phalen
Chief Financial Officer
Krispy Kreme Doughnuts, Inc.
370 Knollwood Street, Suite 500
Winston-Salem, NC 27103
| Re: | Services Agreement dated January 18, 2005, Amendment to Services Agreement dated March 31, 2005, and Letter Agreements dated March 10, 2005, April 20, 2005, and May 25, 2005 |
Dear Mr. Phalen:
We regret that we must request a further extension to the deadline to negotiate a “Success Fee” (as that term is defined in the Services Agreement) through and including July 31, 2005.
As you are aware, we continue to be immersed in the restructuring efforts, and have not been unable to negotiate the Success Fee within the earlier timeframe. We appreciate your indulgence and apologize for any inconvenience.
Please sign and return a copy of this letter to confirm your agreement to this further extension.
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| Very truly yours, |
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| /s/ Elizabeth S. Kardos |
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| Elizabeth S. Kardos |
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| General Counsel |
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| for Kroll Zolfo Cooper LLC |
Agreed:
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| By: |
| /s/ James H. Morgan_______________________ |
| Krispy Kreme Doughnuts, Inc. |
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| By: |
| /s/ Stephen F. Cooper______________________ |
| Stephen F. Cooper |
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| By: |
| /s/ Steven G. Panagos____________________ |
| Steven G. Panagos |
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