Krispy Kreme Appoints New CFO, Elects Directors

TL;DR

Krispy Kreme names new CFO, Michael Dupee, replacing Tony Thompson. Board also sees new directors.

AI Summary

Krispy Kreme, Inc. announced on July 17, 2024, the appointment of Michael J. Dupee as Chief Financial Officer, effective immediately. Mr. Dupee previously served as Senior Vice President, Corporate Finance and Investor Relations. The company also announced the departure of its former CFO, Tony D. Thompson, and the election of new directors. These changes are part of a broader corporate governance update.

Why It Matters

This filing indicates a significant shift in Krispy Kreme's financial leadership and board composition, which could impact the company's financial strategy and investor relations moving forward.

Risk Assessment

Risk Level: medium — Changes in key financial and leadership roles can introduce uncertainty and signal strategic shifts, potentially affecting investor confidence and operational execution.

Key Players & Entities

• Krispy Kreme, Inc. (company) — Registrant
• Michael J. Dupee (person) — Newly appointed Chief Financial Officer
• Tony D. Thompson (person) — Departing Chief Financial Officer
• July 17, 2024 (date) — Effective date of appointments and departures

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share DNUT NASDAQ Globa
• $62.1 million — an aggregate purchase price payment of $62.1 million and (ii) to Verlinvest for an aggregate
• $78.5 m — an aggregate purchase price payment of $78.5 million, in a simultaneous sign and close
• $127.4 million — mmon Units held by KKDC in exchange for $127.4 million. Following the consummation of the rede
• $1.98 million — REU Cash-Out, Mr. Tattersfield received $1.98 million for the cancellation of his 15,699 REUs
• $0.49 million — ,699 REUs and Mr. Charlesworth received $0.49 million for the cancellation of his 3,925 REUs.
• $45 million — , dated July 17, 2024, in the amount of $45 million (the "Loan"). The maturity date of the

Filing Documents

• dnut-20240717.htm (8-K) — 28KB
• kki_pressxreleasexissued.htm (EX-99.1) — 9KB
• dnut-20240717_g1.jpg (GRAPHIC) — 32KB
• kki_pressxreleasexissued001.jpg (GRAPHIC) — 215KB
• kki_pressxreleasexissued002.jpg (GRAPHIC) — 276KB
• kki_pressxreleasexissued003.jpg (GRAPHIC) — 163KB
• 0001857154-24-000082.txt ( ) — 1151KB
• dnut-20240717.xsd (EX-101.SCH) — 2KB
• dnut-20240717_lab.xml (EX-101.LAB) — 21KB
• dnut-20240717_pre.xml (EX-101.PRE) — 12KB
• dnut-20240717_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On July 17, 2024 (the "Effective Date"), Insomnia Cookies Holdings, LLC ("Insomnia"), a Delaware limited liability company and indirect subsidiary of Krispy Kreme, Inc. (the "Company"), entered into a Unit Purchase Agreement (the "Agreement") with (i) Mistral Sleepless Holdings, LLC, a Delaware limited liability company ("Mistral"), and (ii) Verlinvest Cookies Holdings, Inc., a Delaware corporation ("Verlinvest"), in connection with a recapitalization of Insomnia. Pursuant to the terms and conditions of the Agreement, Insomnia issued and sold preferred interest membership units of Insomnia (i) to Mistral for an aggregate purchase price payment of $62.1 million and (ii) to Verlinvest for an aggregate purchase price payment of $78.5 million, in a simultaneous sign and close transaction (the "Transaction"). In addition, Insomnia and Krispy Kreme Doughnut Corporation ("KKDC"), a North Carolina corporation and an indirect, wholly owned subsidiary of the Company, redeemed 1,010,027 Insomnia Common Units held by KKDC in exchange for $127.4 million. Following the consummation of the redemption, the Company indirectly owns approximately 34% of Insomnia. The foregoing summary of the Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement. On July 22, 2024, the Company issued a press release announcing the Transaction. A copy of such press release is attached as Exhibit 99.1 and is also available on the Company's website at investors.krispykreme.com. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Substantially concurrently with the Transaction, Insomnia and KKDC entered into agreements with each of Michael Tattersfield and Joshua Charlesworth providing for the cancellation of all of the restricted equity units ("REUs") awarded to such exe

01. Other Events

Item 8.01. Other Events. In connection with the Transaction, Insomnia as borrower entered into an Intercompany Loan Agreement with KKDC as creditor, dated July 17, 2024, in the amount of $45 million (the "Loan"). The maturity date of the Loan is the earlier of (a) 5.5 years and (b) Insomnia's refinancing of its debt sufficient to pay the Loan in full.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits The following exhibits are filed with this Current Report on Form 8-K: Exhibit No. Description 99.1 Press Release issued by Krispy Kreme, Inc. dated July 22, 2024

SIGNATURES

SIGNATURES Pursuant to the require ments of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. KRISPY KREME, INC. Dated: July 22, 2024 By: /s/ Joshua Charlesworth Name: Joshua Charlesworth Title: President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR