JAB Holdings B.V. - Feb 15, 2022 Form 4 Insider Report for Krispy Kreme, Inc. (DNUT)

Role: 10%+ Owner
Signature: /s/ Luuk Hoogeveen, Managing Director of JAB Holdings B.V.; /s/ Frank Engelen, Managing Director of JAB Holdings B.V.
Stock symbol: DNUT
Transactions as of: Feb 15, 2022
Transactions value $: $105,239,550
Form type: 4
Date filed: 2/17/2022, 05:00 PM
Previous filing: Sep 13, 2021
Next filing: Mar 31, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	DNUT	Common Stock, par value $0.01 per share						74.9M	Feb 15, 2022	See footnotes.	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	DNUT	Cash-Settled Total Return Swap	Purchase	$105M	+6.5M		$16.19	6.5M	Feb 15, 2022	Common Stock	6.5M		Direct	F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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.