Krispy Kreme, Inc. — Director's Dealing 2022

Feb 18, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Krispy Kreme, Inc. (DNUT)
CIK: 0001857154
Period of Report: 2022-02-15

Reporting Person: JAB Holdings B.V. (10% Owner)
Reporting Person: JAB Investments S.a r.l. (10% Owner)
Reporting Person: JAB Holding Co s.a r.l. (10% Owner)
Reporting Person: Joh. A. Benckiser B.V. (10% Owner)
Reporting Person: Agnaten SE (10% Owner)
Reporting Person: Lucresca SE (10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-02-15	Cash-Settled Total Return Swap	$	P	6500000	Acquired		Common Stock (6500000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.01 per share	74885435	Indirect

Footnotes

F1: These shares (the "Shares") of common stock, par value $0.01 per share (the "Common Stock"), of Krispy Kreme, Inc. (the "Company") are held and beneficially owned by JAB Indulgence B.V., a direct or indirect subsidiary of each Reporting Person herein. As such, each Reporting Person herein may be deemed a beneficial owner of Shares held by JAB Indulgence B.V. Each such Reporting Person disclaims beneficial ownership of such Shares, except to the extent of its pecuniary interests therein.

F2: JAB Holdings B.V. entered into a long cash-settled total return equity swap (the "Long Swap") with BNP Paribas, providing for the establishment of long exposure with respect to a notional amount of Shares up to 6,500,000 Shares (the "Subject Shares") in the aggregate that provides JAB Holdings B.V. with economic results that are comparable to the economic results of ownership of the Subject Shares. All balances will be exclusively cash settled at the expiration date of the Long Swap. The Long Swap has a term of approximately three years, although JAB Holdings B.V. has the right to terminate and close out the Long Swap during certain specified earlier periods if it so chooses.

F3: The price reported in Column 8 reflects the reference price of the Subject Shares upon the establishment of the Long Swap position.

F4: The Long Swap (but not the Subject Shares referenced thereby) is owned by JAB Holdings B.V., a direct or indirect subsidiary of each other Reporting Person herein. The Long Swap does not give JAB Holdings B.V. direct or indirect voting, investment or dispositive control over any securities of the Company or require BNP Paribas to acquire, hold, vote or dispose of any securities of the Company. Each Reporting Person disclaims beneficial ownership of the securities reported herein, including the Subject Shares, except to the extent of its pecuniary interest therein, and this Form 4 shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.