Krispy Kreme (NASDAQ: DNUT) outlines Chief People Officer Theresa Zandhuis retirement package
Filing Impact
Filing Sentiment
Form Type
8-K/A
Rhea-AI Filing Summary
Krispy Kreme, Inc. filed an amended report to disclose the final separation terms for Chief People Officer Theresa Zandhuis, who chose to retire from all roles effective on or around March 31, 2026.
Under an Agreement and General Release dated April 1, 2026, Zandhuis receives 16 months of base salary totaling $733,333.33 and 12 months of tax‑grossed‑up COBRA coverage premiums of $49,575.31. Certain outstanding equity awards vest pro rata through the separation date, while a July 14, 2025 retention award is forfeited. Her vested stock options, including those vesting at separation, carry a strike price of $14.61 and remain exercisable for 90 days after the separation date.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Severance base salary: $733,333.33
COBRA premiums: $49,575.31
Separation date: March 31, 2026
+2 more
5 metrics
Severance base salary
$733,333.33
16 months of base salary under Separation Agreement
COBRA premiums
$49,575.31
12 months of COBRA coverage premiums, tax grossed-up
Separation date
March 31, 2026
Effective retirement and separation date for CPO
Stock option exercise price
$14.61 per share
Exercise price for Theresa Zandhuis’s vested stock options
Option exercise window
90 days
Period after separation during which options may be exercised
Key Terms
Agreement and General Release, Separation Agreement, COBRA coverage premiums, restrictive covenants, +1 more
5 terms
Agreement and General Release financial
"Ms. Zandhuis entered into an Agreement and General Release with a subsidiary"
Separation Agreement financial
"The Separation Agreement provides that, in consideration for Ms. Zandhuis’s service"
A separation agreement is a written contract that spells out the financial and legal terms when an employee and a company part ways, such as final pay, severance, continued benefits, confidentiality, and any release of claims. For investors, it matters because these agreements determine immediate costs, potential future liabilities, and whether departing staff are restricted from competing or disclosing information—factors that can affect a company’s cash flow, risk profile, and leadership continuity.
restrictive covenants financial
"her agreement to be bound by customary restrictive covenants and a release of claims"
Restrictive covenants are contract terms that limit what a company, its executives, or shareholders can do—like rules that prohibit selling stock, starting a rival business, or taking on certain debts. Think of them as house rules that protect one party’s interests by keeping risky or competitive actions off the table. For investors they matter because these limits affect a company’s flexibility, governance, potential future value and the ease of exiting an investment.
pro rata vesting financial
"pro rata vesting through the Separation Date of certain of her outstanding equity awards"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 8-K/A
_________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
_________________________
(Exact name of registrant as specified in its charter)
_________________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(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):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||||||||
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. ☐
EXPLANATORY NOTE
This Current Report on Form 8-K/A (this “Amendment”) amends the Current Report on Form 8-K filed by Krispy Kreme, Inc. (the “Company”) on February 4, 2026 (the “Original Report”) to reflect the final terms of the separation of Theresa Zandhuis from the Company, which were approved by the Compensation, Nomination, and Governance Committee of the Company’s Board of Directors on March 31, 2026, and to file the executed separation agreement with Ms. Zandhuis. Except as set forth herein, the Original Report remains unchanged.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 29, 2026, the Company received notice from Theresa Zandhuis, Chief People Officer, of her decision to retire from all positions with the Company and its subsidiaries, effective on or around March 31, 2026. The Company wishes Ms. Zandhuis well in her retirement and thanks her for laying the groundwork for a thoughtful and orderly internal succession.
Ms. Zandhuis entered into an Agreement and General Release with a subsidiary of the Company on April 1, 2026 (the “Separation Agreement”). The Separation Agreement provides that, in consideration for Ms. Zandhuis’s service to the Company during the transition period between January 29, 2026 and March 31, 2026 (the “Separation Date”) and her agreement to be bound by customary restrictive covenants and a release of claims in favor of the Company, she is entitled to (i) 16 months of base salary, equal to $733,333.33, (ii) 12 months of COBRA coverage premiums, grossed up for taxes, equal to $49,575.31, and (iii) pro rata vesting through the Separation Date of certain of her outstanding equity awards, excluding the retention award granted on July 14, 2025, which will be forfeited. Ms. Zandhuis’s vested stock options, including those that will vest as described above, have an exercise price of $14.61 and will expire 90 days from the Separation Date.
The foregoing summary of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the text of the Separation Agreement, a copy of which is filed as Exhibit 10.1 to this Amendment.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||||||||
| 10.1† | Agreement and General Release, dated April 1, 2026, by and between Krispy Kreme Doughnut Corporation and Theresa Zandhuis | |||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||||||||
†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: April 6, 2026
By: /s/ Joshua Charlesworth
| Name: | Joshua Charlesworth | ||||
| Title: | Chief Executive Officer | ||||
FAQ
What did Krispy Kreme (DNUT) disclose in this amended 8-K/A filing?
Krispy Kreme disclosed the finalized separation terms for Chief People Officer Theresa Zandhuis. The filing amends an earlier report to include her signed Agreement and General Release, detailing severance pay, COBRA premium support, equity vesting treatment, and option exercise terms tied to her retirement.
When is Krispy Kreme executive Theresa Zandhuis retiring from the company?
Theresa Zandhuis chose to retire from all positions effective on or around March 31, 2026. She continued serving during a transition period beginning January 29, 2026, before her separation date, helping support an orderly internal succession process at Krispy Kreme and its subsidiaries.
What cash severance will Theresa Zandhuis receive from Krispy Kreme?
Theresa Zandhuis will receive 16 months of base salary totaling $733,333.33 as severance. This payment is in exchange for her transition service, a release of claims in favor of the company, and agreement to customary restrictive covenants following her retirement from Krispy Kreme.
How does Krispy Kreme’s separation agreement treat Theresa Zandhuis’s health benefits?
The agreement provides 12 months of COBRA coverage premiums for Theresa Zandhuis, grossed up for taxes, totaling $49,575.31. This benefit helps maintain her health insurance coverage after retirement, with the tax gross-up intended to offset the additional tax burden of those premium payments.
What happens to Theresa Zandhuis’s Krispy Kreme equity awards under the separation agreement?
Certain outstanding equity awards for Theresa Zandhuis will vest on a pro rata basis through the March 31, 2026 separation date. However, her retention award granted on July 14, 2025 will be fully forfeited, meaning she will not receive any benefit from that specific grant upon retirement.
What are the terms for exercising Theresa Zandhuis’s Krispy Kreme stock options?
Her vested Krispy Kreme stock options, including those vesting at separation, have an exercise price of $14.61 per share. These options will remain exercisable for 90 days after the March 31, 2026 separation date, after which any unexercised options will expire under the agreement.