CHARLOTTE, N.C. — Krispy Kreme Doughnut Corp. will pay its new executive vice president of operations $325,000 a year along with a one-time bonus of $100,000, the financially struggling company told federal regulators yesterday.

Jeff Jervik, 49, will not be eligible for a bonus for the fiscal year ending on or about Jan. 31, 2006, according to his employment contract with the Winston-Salem company. He will receive a minimum bonus equal to 22.5 percent of his base salary in the fiscal year ending Jan. 31, 2007, the company said.

After that, Jervik will be eligible to participate in incentive plans available to senior executives of the company, Krispy Kreme said in the filing with the U.S. Securities and Exchange Commission.

Jervik is a former national vice president of operations for Pizza Hut Inc. Most recently, he owned a chain of Papa John's restaurants in Hawai'i. He reports to Steve Panagos, president and chief operating officer of Krispy Kreme, and will be responsible for all company-owned operations, franchisee operations and wholesale operations, the company said.

Last week, Krispy Kreme launched a search for a new chief executive officer as the former Wall Street favorite deals with issues ranging from poor sales to lawsuits and criminal investigations.

An executive search committee is working with James Mead & Co. to find a permanent CEO, the company said. The firm has placed top executives in companies including Starbucks, Sara Lee and The Gillette Company.

In January, Krispy Kreme's board of directors forced out longtime CEO Scott Livengood and hired turnaround specialist Stephen Cooper, who led Enron Corp. for almost three years, to run the company.

Krispy Kreme faces several lawsuits, including one filed this month by two partners in Los Angeles-based Great Circle Family Foods LLC that claims Krispy Kreme was trying to force their company into bankruptcy.

The SEC is investigating the company's repurchase of franchises and the earnings warnings in May 2004 that began the company's swoon. Krispy Kreme is also the target of a federal criminal inquiry in New York.

The company's stock fell 29 cents, or more than 6 percent, to close at $4.36 yesterday. Its shares have traded in a range of $4.05 to $12.95 over the past 52 weeks.