Letter Agreement Extending Success Fee Negotiation Deadline between Krispy Kreme Doughnuts, Inc. and Kroll Zolfo Cooper LLC
Krispy Kreme Doughnuts, Inc. and Kroll Zolfo Cooper LLC have agreed to extend the deadline for negotiating a "Success Fee" under their existing Services Agreement. The new deadline is June 30, 2005, due to delays caused by ongoing financing and restructuring efforts. Both parties have confirmed their acceptance of this extension by signing the letter. This agreement only changes the negotiation deadline and does not alter other terms of the original agreements.
May 24, 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 and April 20, 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 June 30, 2005.
Unfortunately, because we were immersed in the financing and operational restructuring efforts, we were 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.
| Very truly yours, |
Agreed:
By: /s/ James H. Morgan
__________________________
Krispy Kreme Doughnuts, Inc.
By: /s/ Stephen F. Cooper
____________________________
Stephen F. Cooper
By: /s/ Steven G. Panagos
____________________________
Steven G. Panagos
