Sec Form 4 Filing - Hudson Kenneth J @ KRISPY KREME DOUGHNUTS INC - 2014-03-17

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Hudson Kenneth J 2. Issuer Name and Ticker or Trading Symbol KRISPY KREME DOUGHNUTS INC [ KKD] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) SVP Human Resources (Last) (First) (Middle) 370 KNOLLWOOD STREET, SUITE 500 3. Date of Earliest Transaction (MM/DD/YY) 03/17/2014 (Street) WINSTON-SALEM, NC27103 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/17/2014 M 7,000 A $ 14.04 82,800 D Common Stock 03/17/2014 M 120,000 A $ 9.71 202,800 D Common Stock 03/17/2014 M 53,706 A $ 3.41 256,506 D Common Stock 03/17/2014 M 100,000 A $ 3.08 356,506 D Common Stock 03/17/2014 M 100,000 A $ 1.4 456,506 D Common Stock 03/17/2014 M 100,000 A $ 2.65 556,506 D Common Stock 03/17/2014 M 41,970 A $ 6.39 598,476 D Common Stock 03/17/2014 M 50,000 A $ 7.03 648,476 D Common Stock 03/17/2014 S 572,676 ( 1 ) D $ 19.2379 ( 2 ) 75,800 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Employee Stock Option (right to buy) $ 14.04 03/17/2014 M 7,000 ( 3 ) 08/09/2014 Common Stock 7,000 $ 0 0 D Employee Stock Option (right to buy) $ 9.71 03/17/2014 M 120,000 ( 4 ) 11/02/2016 Common Stock 120,000 $ 0 0 D Employee Stock Option (right to buy) $ 3.41 03/17/2014 M 53,706 ( 5 ) 09/11/2017 Common Stock 53,706 $ 0 0 D Employee Stock Option (right to buy) $ 3.08 03/17/2014 M 100,000 ( 6 ) 04/14/2018 Common Stock 100,000 $ 0 0 D Employee Stock Option (right to buy) $ 1.4 03/17/2014 M 100,000 ( 7 ) 01/29/2019 Common Stock 100,000 $ 0 0 D Employee Stock Option (right to buy) $ 2.65 03/17/2014 M 100,000 ( 8 ) 01/25/2020 Common Stock 100,000 $ 0 0 D Employee Stock Option (right to buy) $ 6.39 03/17/2014 M 41,970 ( 9 ) 01/30/2021 Common Stock 41,970 $ 0 58,030 D Employee Stock Option (right to buy) $ 7.03 03/17/2014 M 50,000 ( 10 ) 01/25/2022 Common Stock 50,000 $ 0 50,000 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Hudson Kenneth J 370 KNOLLWOOD STREET SUITE 500 WINSTON-SALEM, NC27103 SVP Human Resources Signatures /s/Kimberly Kennedy, Attorney-in-Fact 03/19/2014 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The Reporting Person's sale of these shares was made in anticipation of the Reporting Person's retirement by the end of the year. The sale of these shares was made as part of his personal investment strategy and financial planning needs, including for individual asset diversification, and for estate planning purposes. ( 2 )The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price set forth in this footnote. ( 3 )The options vest in four equal annual installments beginning on August 9, 2005. ( 4 )The options vest in four equal annual installments beginning on November 2, 2007. ( 5 )The options vest in four nearly equal annual installments beginning on September 11, 2008. ( 6 )The options vest in four equal annual installments beginning on April 14, 2009. ( 7 )The options vest in four equal annual installments beginning on January 29, 2010. ( 8 )The options vest in four equal annual installments beginning on January 25, 2011. ( 9 )The options vest in four equal annual installments beginning on January 30, 2012. ( 10 )The options vest in four equal annual installments beginning on January 25, 2013.

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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