CODE OF BUSINESS CONDUCT AND ETHICS
FOR
MEMBERS OF THE BOARD OF DIRECTORS
The Board of Directors (the "Board") of Krispy Kreme Doughnuts, Inc. (the "Company")
has adopted the following Code of Business Conduct and Ethics ("Code") for members of the
Board of Directors of the Company, including Emeritus Directors (all such members being
"Directors" under this Code). This Code is intended to focus the Board and each Director on areas
of ethical risk, provide guidance to Directors to help them recognize and deal with ethical issues,
provide mechanisms to report unethical conduct, and help foster a culture of honesty and
accountability. Each Director must comply with the letter and spirit of this Code.
No code or policy can anticipate every situation that may arise. Accordingly, this Code is
intended to serve as a source of guiding principles for Directors. Directors are encouraged to bring
questions about particular circumstances that may implicate one or more of the provisions of this
Code to the attention of the Chairman of the Governance Committee, who may consult with the
General Counsel of the Company, or outside legal counsel as appropriate.
Directors who also serve as officers of the Company should read this Code in conjunction
with the Company's Code of Business Conduct and Ethics applicable to the Company's employees.
1. Conflict of Interest.
Directors must avoid any conflicts of interest between the Director and the Company. Any
situation that involves, or may reasonably be expected to involve, a conflict of interest with the
Company, should be disclosed promptly to the Chairman of the Board and the Chairman of the
Governance Committee.
A "conflict of interest" can occur when a ...