Krispy Kreme Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Food Chains
Consumer Staples
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
In its Current Report on Form 8-K filed with the Securities and Exchange Commission on November 13, 2024, Krispy Kreme, Inc. (the “Company”) reported that Matthew Spanjers would be resigning from his position as the Company’s Chief Growth Officer and President, International, on or about December 31, 2024. Mr. Spanjers has resigned from those positions but will remain an employee of and provide services to the Company through March 31, 2025 (the “Separation Date”), pursuant to an Agreement and General Release entered into on January 10, 2025 (the “Transition Agreement”). This transition is consistent with the other recently announced changes to the Company’s Global Leadership Team.
Pursuant to the Transition Agreement, within 60 days following the date that the Company receives an executed termination certificate (a form of which is attached as Exhibit A to the Transition Agreement) from Mr. Spanjers, he will receive (less applicable deductions): (i) a severance payment of $800,000; (ii) COBRA coverage totaling $40,717; and (iii) outplacement services at a cost to the Company of $17,500. In addition, Mr. Spanjers’ outstanding restricted equity awards under the Company’s Long-Term Incentive Plan and the Company’s 2021 Omnibus Incentive Plan will vest on a pro rata basis based upon days worked during the awards’ respective vesting periods through the Separation Date.
In exchange for the separation benefits set forth above, Mr. Spanjers has (i) provided the Company with a general release and waiver of claims (which is to be provided again as of the Separation Date), and (ii) agreed to be bound by restrictive covenants, including those relating to non-disparagement, confidentiality, cooperation, and non-solicitation of customers and employees.
The foregoing description of the Transition Agreement does not purport to be complete and is qualified in its entirety by reference to the Transition Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
The following exhibits are filed with this Current Report on Form 8-K:
Exhibit No. | Description | ||||||||||
| 10.1† | |||||||||||
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) | ||||||||||
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† Compensatory plan or arrangement.
SIGNATURES
Pursuant to the requirements 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: January 15, 2025
By: /s/ Jeremiah Ashukian
| Name: | Jeremiah Ashukian | ||||
| Title: | Chief Financial Officer | ||||