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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________

FORM 8-K
_________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

September 22, 2023
Date of Report (Date of earliest event reported)
_________________________

Image_0.jpg
Krispy Kreme, Inc.
(Exact name of registrant as specified in its charter)
_________________________

Delaware001-4057337-1701311
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
2116 Hawkins Street, Charlotte, North Carolina 28203
(Address of principal executive offices)

(800) 457-4779
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report)
_________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-14(c) under the Exchange Act (17 CFR 240.13e-14(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Common stock, $0.01 par value per share
DNUT
NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Mr. Joshua Charlesworth to President and CEO
On September 22, 2023, the Board of Directors (the “Board”) of Krispy Kreme, Inc. (the “Company”) appointed Mr. Joshua Charlesworth to the role of President and Chief Executive Officer of the Company, effective as of January 1, 2024 (the “Appointment Date”), at which time he will resign from his current role of Global President and Chief Operating Officer of the Company.
Following the Appointment Date, Mr. Charlesworth (i) will receive an annual base salary of $1,000,000, (ii) will be eligible to participate in the Company’s annual bonus program with a target bonus opportunity equal to 100% of his base salary and a maximum bonus opportunity equal to 200% of his base salary, and (iii) will receive annual grants of restricted stock units under the Company’s 2021 Omnibus Incentive Plan (the “LTI Plan”) with a grant date fair value of $1,000,000 (the “Annual Award”), subject to the terms of the LTI Plan and the applicable award agreement. For 2024, half of the Annual Award will be subject to service-based vesting conditions vesting 60% on the third anniversary of the grant date, (B) 20% on the fourth anniversary of the grant date and (C) 20% on the fifth anniversary of the grant date. The remaining half of the Annual Award for 2024 will be subject to performance vesting conditions vesting on the last day of the Company’s 2026 fiscal year, subject to the achievement of applicable performance goals.
In addition, on November 1, 2023, Mr. Charlesworth will receive a grant of 492,142 restricted stock units under the LTI Plan, representing a matching award on Company shares that he will own as of such date. This matching award will vest on the fifth anniversary of the grant date, subject to the terms of the LTI Plan and the applicable award agreement. Further, subject to the approval of the Board of Directors of Krispy Kreme Doughnut Corporation (“KKDC”), Mr. Charlesworth will be granted an award of 3,925 restricted equity units (“REUs”) under the Insomnia Cookies Holdings, LLC Executive Ownership Plan (the “Insomnia EOP”), which will vest (i) 60% on the third anniversary of the grant date, (ii) 20% on the fourth anniversary of the grant date, and (iii) 20% on the fifth anniversary of the grant date, subject to the terms of the Insomnia EOP and the applicable award agreement.
If Mr. Charlesworth’s employment is terminated without cause by the Company or if Mr. Charlesworth terminates his employment for good reason, he will be entitled to, subject to executing a release of claims, (i) continued payment of his base salary for a period of twenty-four months and (ii) a lump-sum payment equal to the approximate value of eighteen months of subsidized COBRA coverage premiums.
Mr. Charlesworth is not a party to any transaction with the Company that would be reportable under Item 404(a) of Regulation S-K under the Securities Act of 1933. Mr. Charlesworth is not a party to any material plan, contract, or arrangement in connection with his employment.
Transition of Mr. Michael Tattersfield to Non-Executive Roles
On September 22, 2023, Michael Tattersfield, the Company’s President and Chief Executive Officer, notified the Board that he will step down as the Company’s President and Chief Executive Officer, effective December 31, 2023 (the “Transition Date”), and that following the Transition Date, Mr. Tattersfield will continue to provide services to the Company as (i) a non-executive member of the Board (the “Director Services”) and (ii) a Company ambassador and senior advisor to the successor President and Chief Executive Officer, Mr. Charlesworth (the “Advisor Services”). In addition, both prior to and following the Transition Date, Mr. Tattersfield will continue to provide strategic support to Insomnia Cookies Holdings, LLC.
While Mr. Tattersfield provides the Director Services, Mr. Tattersfield will be entitled to receive compensation on the same basis as other non-employee directors of the Board. While Mr. Tattersfield provides the Advisor Services, Mr. Tattersfield will be entitled to receive a consulting fee of $50,000 per month.
Outstanding and unvested equity awards of the Company held by Mr. Tattersfield as of the Separation Date (the “Continuing Awards”) will continue to vest while Mr. Tattersfield provides the Director Services or the Advisor Services. If the Director Services and the Advisor Services are both terminated prior to June 30, 2026, for any reason other than due to cause or due to Mr. Tattersfield’s resignation for any reason, then the vesting of any of his then-outstanding unvested Continuing Awards that would have vested on or prior to June 30, 2026 will accelerate (provided that performance awards will continue to be subject to the achievement of applicable performance criteria).
In addition, subject to the approval of the Board of Directors of KKDC, as soon as practicable following September 22, 2023, Mr. Tattersfield will be granted an award of 15,699 REUs under the Insomnia EOP, which will vest (i) 60% on the third anniversary of the grant date, (ii) 20% on the fourth anniversary of the grant date, and (iii) 20% on the fifth anniversary of the grant date, subject to the terms of the Insomnia EOP and the applicable award agreement.


Item 7.01. Regulation FD Disclosure.
On September 25, 2023, the Company issued a press release announcing the promotion of Joshua Charlesworth to President and CEO and transition of Michael Tattersfield to the Company’s Senior Advisor and Ambassador. Attached as Exhibit 99.1 is a copy of such release as it is available on the Company’s website at investors.krispykreme.com/news/news-releases/.
The information contained in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
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


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: September 27, 2023

By:    /s/ Catherine Tang
Name:Catherine Tang
Title:Chief Legal Officer

Exhibit 99.1  Krispy Kreme Promotes Josh Charlesworth to CEO  Long me CEO Michael Ta ersfield to Remain on the Board and Transi on to Senior Advisor and Krispy Kreme Ambassador, Effec ve January 1, 2024 CHARLOTTE, NC (September 25, 2023) – Krispy Kreme, Inc. (NASDAQ:DNUT) today named Josh  Charlesworth as President and Chief Execu ve Officer, effec ve January 1, 2024. Mr. Charlesworth brings  decades of experience overseeing consumer brands, and most recently served as Krispy Kreme’s Global  President and Chief Opera ng Officer a er joining the company in 2017.   As part of the company’s succession plan, Mr. Charlesworth will succeed Michael Ta ersfield, who has  held the role since 2017 and led a significant expansion and transforma on, resul ng in revenue growing  from $550 million in 2016 to more than an expected $1.6 billion in 2023. Mr. Ta ersfield will remain on  the Krispy Kreme Board, serve as a Senior Advisor and Krispy Kreme Ambassador, and con nue to be a  significant investor in the company.  "Today, we celebrate the transforma on of Krispy Kreme under Mike’s leadership, as it grew from a  complex, multi‐product primarily‐US model to a more global, capital efficient hub‐and‐spoke omni‐ channel model, focused on delivering fresh, awesome doughnuts, all while nearly doubling the adjusted  EBITDA of the business,” said Olivier Goudet, Chairman of Krispy Kreme’s Board of Directors. “Mike re‐ ignited the iconic Krispy Kreme magic, and we are grateful he has decided to stay on the Board and be an  ambassador for Krispy Kreme. At the same  me, we are incredibly excited to appoint Josh to CEO as he  has played a cri cal role in Krispy Kreme’s growth for the last six years and will now lead the company’s  next chapter of success and value crea on.”   “I couldn’t be happier to transi on the CEO role to Josh,” said Mr. Ta ersfield. “Transforming the Krispy  Kreme brand and culture has been a highlight of my career, and I am truly grateful for our amazing Krispy  Kremers who con nue to inspire me. Josh’s shared passion for the brand, our Krispy Kremers, and  freakin’ awesome doughnuts gives me the utmost confidence in our con nued success and I look  forward to watching all he’ll accomplish.”   Mr. Charlesworth has served in various Krispy Kreme leadership roles, including Chief Financial Officer,  Chief Operating Officer, and Global President. He will now assume his new role during a strong period of  growth at the company. Through the implementation of its growing omni‐channel sales strategy and  asset‐light distribution model, Krispy Kreme has delivered four consecutive quarters of double‐digit  organic revenue growth while expanding its global reach. The company is also reaffirming full year 2023  guidance and continues to trend toward the middle to the higher end of the revenue and adjusted  EBITDA ranges.     “The opportunity to lead such an incredible Krispy Kreme team is both an honor and a privilege,” said  Mr. Charlesworth. “Together, we will con nue to make fantas c, fresh doughnuts conveniently available  to more and more consumers around the world. I want to thank Mike for the strong founda on he has  built as we pursue our goal to become the world’s most loved sweet treat brand.”  About Krispy Kreme    Headquartered in Charlo e, N.C., Krispy Kreme is one of the most beloved and well‐known sweet treat  brands in the world. Our iconic Original Glazed® doughnut is universally recognized for its hot‐off‐the‐

 
Exhibit 99.1  line, melt‐in‐your‐mouth experience. Krispy Kreme operates in more than 30 countries through its  unique network of fresh doughnut shops, partnerships with leading retailers, and a rapidly growing  Ecommerce and delivery business with nearly 13,000 fresh points of access. Our purpose of touching  and enhancing lives through the joy that is Krispy Kreme guides how we operate every day and is  reflected in the love we have for our people, our communi es and the planet. Connect with Krispy  Kreme Doughnuts at www.KrispyKreme.com, or on one of its many social media channels, including  www.Facebook.com/KrispyKreme and www.Twi er.com/KrispyKreme.    Cau onary Note Regarding Forward‐Looking Statements  This press release contains forward‐looking statements that involve risks and uncertain es. The word “guidance,” or similar words, or the nega ve of these words, iden fy forward‐looking statements. Such forward‐looking statements are based on certain assump ons and es mates that we consider reasonable but are subject to various risks and uncertain es and assump ons rela ng to our opera ons, financial results, financial condi ons, business, prospects, growth strategy and liquidity. Accordingly, there are, or will be, important factors that could cause our actual results to differ materially from those indicated in these statements. The inclusion of this forward‐looking informa on should not be regarded as a representa on by us that the future plans, es mates or expecta ons contemplated by us will be achieved. Our actual results could differ materially from the forward‐looking statements included herein. Factors that could cause actual results to differ from those expressed in forward‐looking statements include, without limita on, the risks and uncertain es described under the headings “Cau onary Note Regarding Forward‐Looking Statements” and “Risk Factors” in our Annual Report on Form 10‐K for the year ended January 1, 2023, filed by us with the Securi es and Exchange Commission (“SEC”) and described in the other filings we make from me to me with the SEC. We believe that these factors include, but are not limited to, the impact of pandemics, changes in consumer preferences, the impact of infla on, and our ability to execute on our omni‐channel business strategy. These forward‐looking statements are made only as of the date of this document, and we do not undertake any obliga on, other than as may be required by applicable law, to update or revise any forward‐looking or cau onary statement to reflect changes in assump ons, the occurrence of events, unan cipated or otherwise, or changes in future opera ng results over me or otherwise.

 
Exhibit 99.1  Investor Rela ons  ir@krispykreme.com    Corporate Media  media@krispykreme.com    Financial Media  Edelman Smithfield for Krispy Kreme, Inc.  Ashley Firlan & Ashna Vasa, KrispyKremeIR@edelman.com    ### 

 
v3.23.3
Cover Page Document
Sep. 22, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Sep. 22, 2023
Entity Registrant Name Krispy Kreme, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40573
Entity Tax Identification Number 37-1701311
Entity Address, Address Line One 2116 Hawkins Street
Entity Address, City or Town Charlotte
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28203
City Area Code 800
Local Phone Number 457-4779
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.01 par value per share
Trading Symbol DNUT
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001857154
Amendment Flag false
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