Document:

20160831 10K Ex. 10.14

		
			Exhibit 10.14
		

		
			﻿
		

		
			Sonic Corp. 2006 Long-Term Incentive Plan
		

		
			Award Agreement
		

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						Award Agreement Number: _______

				
	
					
						﻿

					
					
						Grant Date: __________

				
	
					
						﻿

					
					
						Number of Options Granted: ______   NQ

				
	
					
						﻿

					
					
						Exercise Price per Share: $_______

				
	
					
						﻿

					
					
						Expiration Date: __________

				
	
					
						﻿

					
					
						Vesting Schedule: All options will vest on the earlier of (i) the first anniversary of the Grant Date, or (ii) the date of the Sonic Corp. annual shareholders meeting in the following year.

				

		
			﻿
		

		
			Dear [Director]:
		

		
			﻿
		

		
			I am pleased to inform you that you have been granted Non-Qualified Stock Options to purchase the number of shares of common stock of Sonic Corp. set forth above at the per share exercise price set forth above. 
		

		
			 
		

		
			Your grant has been made under the Sonic Corp. 2006 Long-Term Incentive Plan (as it may be amended from time to time, the “Plan”).  Your options are designated as NQ for Non-Qualified Stock Options, which are further defined in the Plan.  Your options are subject to the terms and conditions contained in Schedule A attached to this Agreement and the Plan, both of which are made a part of this Agreement.  The Plan and Schedule A are available in the Director Handbook located in the Resource Center of the Board portal. 
		

		
			 
		

		
			Sincerely,
		

		
			﻿
		

		
			Clifford Hudson
		

		
			Chairman and CEO 
		

		

		

		 

 

		
		

		
			SCHEDULE A
		

		
			﻿
		

		
			Sonic Corp. 2006 Long-Term Incentive Plan
		

		
			Award Agreement
		

		
			Non-Qualified Options
		

		
			﻿
		

		
			2006 Long-Term Incentive Plan (the “Plan”).  The Options granted by this Agreement are granted by Sonic Corp. (the “Company”) pursuant to the Plan, a copy of which Plan has been made available to the Participant and is hereby made a part of this Agreement.  This Agreement is subject to and in all respects limited and conditioned as provided in the Plan. The Plan governs these Options, and, in the event of any question as to the construction of this Agreement or of a conflict between the Plan and this Agreement, the Plan shall govern, except as the Plan otherwise provides. 
		

		
			﻿
		

		
			Period of Option.  The Options will expire at the close of business seven years from the Date of Grant (the "Expiration Date"), as indicated on the Award Agreement, unless earlier terminated.
		

		
			﻿
		

		
			Right of Exercise.  The Options shall vest and become exercisable upon vesting, which shall occur on the earlier of (i) the first anniversary of the Grant Date or (ii) the date of the Sonic Corp. annual shareholders meeting in the following year.  Once vested, the Options may be exercised at any time prior to their expiration, cancellation or termination as provided in the Plan.  Partial exercise is permitted, provided that no partial exercise of the Options shall be for a fractional number of Shares.
		

		
			﻿
		

		
			Exercise of Options.  The Options shall, during the lifetime of the Participant, be exercisable only by said Participant, or by the Participant’s guardian or other legal representative, and shall not be transferable by the Participant, in whole or in part, other than by will or by the laws of descent and distribution.  You may exercise your Options, in whole or in part, by following the exercise procedures set forth on the Company’s intranet site under the heading “Stock Options.” 
		

		
			﻿
		

		
			Payment for Shares purchased upon exercise of an Option shall be made at the time of exercise either (a) in cash, (b) by certified check, (c) in Stock owned by the Participant and valued at its Fair Market Value on the date of exercise, (d) partly in Stock with the balance in cash or by certified check, (e) pursuant to a broker-assisted "cashless exercise" arrangement, or (f) by any combination of the foregoing.  Any payment in Stock shall be effected by the delivery to the Company’s General Counsel’s office of the appropriate stock certificates, endorsed in blank.
		

		
			﻿
		

		
			Restrictions on Exercise.  The Options may not be exercised if such exercise would violate any provision of applicable federal or state securities law, or other law, rule or regulation or the Company’s employee trading policy or Code of Business Conduct.
		

		
			﻿
		

		
			Delivery of Stock Upon Exercise.  Stock purchased upon exercise of Options shall be issued and delivered as soon as practicable following the date the Options are exercised and shall 
		

		 

 

		be issued in the name of the Participant or, in the event of the Participant’s death prior to exercise, the Participant’s properly designated beneficiary. 
		

		
			﻿
		

		
			Buyout.  The Company may at any time offer to buy out, for a payment in cash or Common Stock (including restricted stock), Options previously granted, based on such terms and conditions as the Company shall establish and communicate to the Participant at the time that such offer is made.
		

		
			﻿
		

		
			Termination of Employment or Service.  
		

		
			﻿
		

		
			(1)Disability or Death.  In the event of termination of a Participant's employment or service to the Company by reason of such Participant's Disability or death, any outstanding Options held by such Participant shall become fully vested as of the date of termination as to the total number of shares of Stock subject thereto (whether or not exercisable to that extent prior to such date) and the Participant or the Participant’s estate will have a period of three years from the date of termination to exercise the Options (unless such Options expire earlier by their terms).
		

		
			﻿
		

		
			(2)Retirement.  In the event of termination of a Participant’s employment or service to the Company by reason of such Participant’s “Retirement,” as hereafter defined, the Participant will have a period of three years from the effective date of the Participant’s Retirement to exercise the Options (unless such Options expire earlier by their terms) to the extent such Options were vested as of the effective date of Retirement. Any options that are not exercisable on the effective date of Retirement shall terminate.   For purposes of this Agreement, “Retirement” is defined as: (i) if the Participant is an employee, the Participant’s termination of employment with the Company after the Participant has both reached the age of 65 and served as an employee of the Company or any Subsidiary for ten consecutive years; and (ii) if the Participant is a director, the Participant’s termination of service on the Board of Directors of the Company after the Participant has both reached the age of 65 and provided ten consecutive years of service as a director of the Company.  In the event of termination of a Participant’s employment or service to the Company by reason of such Participant’s retirement under conditions not satisfying the definition of “Retirement” set forth above (but, in the case of an employee, in accordance with an applicable retirement plan), the Participant will have a period of three months from the effective date of the Participant’s Retirement to exercise the Options (unless such Options expire earlier by their terms) to the extent such Options were vested as of the effective date of Retirement. Any options that are not exercisable on the effective date of such retirement shall terminate.   
		

		
			﻿
		

		
			(3)Other Reasons.  In the event of the termination of the Participant's employment or service otherwise than as described in Sections (1) and (2) above, any outstanding Options held by such Participant may be exercised during the 30-day period following the date of termination to the extent such Options were vested and not already exercised as of the date of termination.  Any options that are not exercisable on the date of the termination of the Participant’s employment or service shall terminate.  The Company shall have discretion to determine (a) if an authorized leave of absence, or absence in military or government service, shall constitute termination of employment or service for purposes of the Plan, (b) whether a Participant has ceased to be employed by or ceased service for the Company or any Subsidiary, as appropriate, and (c) the effective date on which such employment or service terminated.  
		

		

		

		 

 

		﻿
		

		
			No Employment Rights.  Nothing contained in the Plan or any Options shall confer upon any Participant any right with respect to the continuation of his employment by the Company or interfere in any way with the right of the Company's shareholders or the Board, subject to the terms of any separate employment agreement to the contrary, at any time, to terminate such tenure or employment or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of an Option.
		

		
			﻿
		

		
			Taxes and Withholding.  Any exercise of a Non-Qualified Stock Option is generally a taxable event, and if the Company determines that any federal, state, or local withholding payment is required relating to the exercise or sale of shares arising from this grant, the Company shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company. 
		

		
			﻿
		

		
			﻿20160831 10K Ex. 10.15

		
			Exhibit 10.15
		

		
			﻿
		

		
			Sonic Corp. 2006 Long-Term Incentive Plan
		

		
			Award Agreement
		

		
			Director Restricted Stock Units
		

		
			﻿
		

		
			﻿
		

		
			Award Agreement Number:  ________.
		

		
			﻿
		

		
			Grant Date: ____________
		

		
			﻿
		

		
			Type of Award:  Restricted Stock Units (a right to receive Stock in the future that is subject to certain restrictions and to a risk of forfeiture).
		

		
			﻿
		

		
			Maximum Number:  _____ shares of Stock.
		

		
			﻿
		

		
			Vesting Schedule:  Unless earlier forfeited or vested in accordance with the Plan and this Award Agreement, and subject to the Participant’s continued service, the Restricted Stock Units will vest on the earlier of (i) the first anniversary of the Grant Date or (ii) the date of the Sonic Corp. annual shareholders meeting in the following year. 
		

		
			﻿
		

		
			Dear [Director]: 
		

		
			﻿
		

		
			I am pleased to inform you that you have been granted, as set forth above, Restricted Stock Units under the Sonic Corp. 2006 Long-Term Incentive Plan (as it may be amended from time to time, the “Plan”), effective as of the Grant Date.  
		

		
			﻿
		

		
			Subject to the terms and conditions contained in the Plan and Schedule A, attached to this Award Agreement (both of which are made a part of this Award Agreement), the Restricted Stock Units will all vest and settle on the earlier of (i) the first anniversary of the Grant Date or (ii) the date of the Sonic Corp. annual shareholders meeting in the following year.
		

		
			﻿
		

		
			All capitalized terms used in this Award Agreement and in Schedule A shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise.  The Plan and Schedule A are available in the Director Handbook located in the Resource Center of the Board portal. 
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			Sincerely,
		

		
			﻿
		

		
			﻿
		

		
			Clifford Hudson
		

		
			Chairman and CEO 
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

 

		
		

		
			SCHEDULE A
		

		
			Sonic Corp. 2006 Long-Term Incentive Plan
		

		
			Award Agreement
		

		
			Director Restricted Stock Units
		

		
			﻿
		

		
			﻿
		

		
			A.Sonic Corp. 2006 Long-Term Incentive Plan.  The Restricted Stock Units granted by the Award Agreement are granted by the Corporation pursuant to the Plan, a copy of which Plan has been made available to the Participant and is hereby made a part of the Award Agreement.  The Award Agreement is subject to and in all respects limited and conditioned as provided in the Plan.  The Plan governs these Restricted Stock Units, and, in the event of any question as to the construction of the Award Agreement, or of a conflict between the Plan or the Award Agreement, the Plan shall govern, except as the Plan otherwise provides.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.  
		

		
			﻿
		

		
			B.Vesting and Settlement for Restricted Stock Units.  
		

		
			﻿
		

		
			(1)Vesting.  Each Restricted Stock Unit represents the unsecured right to receive, subject to vesting and the terms hereof, one share of Stock.  Subject to the Participant’s separation from service with the Corporation or any Affiliate (the “Corporation Group”) for any reason set forth in Section D(2) of this Award Agreement, one hundred percent (100%) of the Restricted Stock Units shall vest on the earlier of (i) the first anniversary of the Grant Date or (ii) the date of the Sonic Corp. annual shareholders’ meeting in the following year (“Vesting Date”).       
		

		
			﻿
		

		
			(2)Settlement.  Each vested Restricted Stock Unit shall be settled through the delivery of one share of Stock no later than 60 days after the Vesting Date (the “Settlement Date”).  The shares of Stock delivered to the Participant on the Settlement Date shall not be subject to transfer restrictions and shall be fully paid, non-assessable and registered in the Participant name.
		

		
			﻿
		

		
			C.Dividends.  If, after the Grant Date and prior to the Vesting Date, ordinary dividends with respect to shares of Stock are declared or paid by the Corporation, the Participant shall be entitled to receive dividend equivalents in an amount, without interest, equal to the cumulative ordinary dividends declared or paid on a share of Stock, if any, during such period multiplied by the number of the Participant’s unvested Restricted Stock Units.  If and when Restricted Stock Units have vested, the dividend equivalents in respect of such vested Restricted Stock Units shall be paid in cash (or Stock, if the dividend was paid in Stock) on the Settlement Date.  If, after the Grant Date and prior to the Vesting Date, the Participant incurs a separation from service with the Corporation Group for any reason set forth in Section D(1) of this Award Agreement or if a Change of Control occurs, the Participant shall be entitled to receive dividend equivalents (on the same date as payment is made in respect of the Participant's Restricted Stock Units pursuant to Sections D(1) or E below, as applicable) in an amount equal to (i) the cumulative dividends declared or paid on a share of Stock during the period beginning on the Grant Date or the Vesting Date, as applicable, and ending on the last day of the month during which the separation 
		

		 

 

		from service or Change of Control occurs, multiplied by (ii) the number of the Participant’s unvested Restricted Stock Units.  If the Participant's service terminates prior to a Settlement Date for any reason set forth in Section D(2), any accrued and unpaid dividend equivalents shall be forfeited.
		

		
			﻿
		

		
			D.Separation from Service.
		

		
			﻿
		

		
			(1)Disability; Death; Removal Without Cause.  If the Participant incurs a separation from service with the Corporation Group during the Vesting Period due to the Participant’s death or Disability or the Participant is removed from service by the Corporation Group without Cause, the Restricted Stock Units shall vest as of the date of such death, Disability, or removal, as the case may be, and shall settle in accordance with Section B, no later than the last business day of the following month.  
		

		
			﻿
		

		
			(2)Other Reasons.  If the Participant incurs a separation from service with the Corporation Group during the Vesting Period for any reason other than as set forth in Section D(1) (including as a result of a failure to be re-nominated or, if re-nominated, re-elected to the Board, voluntary resignation by the Participant or removal by the Corporation for Cause), the unvested Restricted Stock Units as of such separation shall be cancelled, and the Participant shall not be entitled to receive any payments with respect to the unvested Restricted Stock Units.
		

		
			﻿
		

		
			(3)Special Circumstances.  The Corporation shall have discretion to determine (a) if an authorized leave of absence, or absence in military or government service, shall constitute a separation from service for purposes of the Plan, (b) whether a Participant has ceased service with the Corporation Group and (c) the effective date on which such service terminated.
		

		
			﻿
		

		
			E.Change of Control.  Notwithstanding any provision contained in the Plan, the Award Agreement or this Schedule A to the contrary, upon the occurrence of a Change of Control prior to the Participant’s separation from service, the Restricted Stock Units shall vest immediately and shall settle, in accordance with Section B, within 30 days following the effective date of the Change of Control.
		

		
			﻿
		

		
			F.Transferability.  Restricted Stock Units are not transferable other than by last will and testament, by the laws of descent and distribution, pursuant to a domestic relations order, or as otherwise permitted under Article 13 of the Plan.  Further, a Participant’s rights under the Plan shall be exercisable during the Participant’s lifetime only by the Participant, or in the event of the Participant’s legal incapacity, the Participant’s legal guardian or representative.
		

		
			﻿
		

		
			G.No Employment or Service Rights.  Nothing contained in the Plan, the Award Agreement, this Schedule A or any Restricted Stock Units shall confer upon any Participant any right with respect to employment by or service for the Corporation Group or interfere in any way with the right of the Corporation's shareholders or the Board, subject to the terms of any separate agreement to the contrary, at any time, to terminate the Participant’s tenure or service or to 
		

		 

 

		increase or decrease the compensation of the Participant from the rate in existence as of the Grant Date.
		

		
			﻿
		

		
			H.Taxes and Withholding.  Delivery of the shares of Stock underlying the Restricted Stock Units upon settlement shall be subject to the Participant satisfying all applicable federal, state, local and foreign taxes.  The Corporation shall have the power and the right to require the Participant to remit to the Corporation an amount sufficient to satisfy any applicable taxes required by law.  Further, the Corporation may permit or require the Participant to satisfy, in whole or in part, the tax obligations by deducting or withholding from all amounts Stock that would otherwise be received upon settlement of the Restricted Stock Units.  Any amount deducted or withheld by the Corporation pursuant to this Section H, either in cash or shares of Stock, shall not exceed the minimum statutory withholding requirements.
		

		
			﻿
		

		
			I.Miscellaneous.
		

		
			﻿
		

		
			(1)The Committee shall have the right to impose restrictions on any shares of Stock acquired pursuant to Restricted Stock Units as it deems necessary or advisable under applicable securities laws, and/or the rules and regulations of any stock exchange or market upon which such shares of Stock are then listed and/or traded.  It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to administer the Plan and this Award Agreement, all of which shall be binding upon the Participant.
		

		
			﻿
		

		
			(2)The Board or the Committee may at any time, or from time to time, terminate, amend or modify the Plan, and the Board or the Committee may terminate, amend or modify the Award Agreement or this Schedule A at any time; provided, however, that no termination, amendment or modification shall materially and adversely alter or impair the rights of the Participant under the Award Agreement or this Schedule A, without the Participant’s written consent.
		

		
			﻿
		

		
			(3)Notwithstanding the foregoing or any provision of the Plan, the Award Agreement or this Schedule A, if the Corporation determines that any provision of the Plan, the Award Agreement or this Schedule A contravenes Section 409A or could cause the Participant to incur any tax, interest or penalties under Section 409A, the Committee may, in its sole discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A, or to avoid the incurrence of taxes, interest and penalties under Section 409A, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Corporation or contravening the provisions of Section 409A.  This provision does not create an obligation on the part of the Corporation to modify the Plan, the Award Agreement or this Schedule A, and does not guarantee that the Restricted Stock Units will not be subject to taxes, interest and penalties under Section 409A.
		

		
			﻿
		

		
			(4)The Award Agreement and this Schedule A shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or 
		

		 

 

		national securities exchanges as may be required or the Committee determines are advisable.  The Participant agrees to take all steps the Corporation determines are necessary to comply with all applicable provisions of federal and state securities law in exercising his or her rights under the Award Agreement or this Schedule A.
		

		
			﻿
		

		
			(5)All obligations of the Corporation under the Plan, Award Agreement or this Schedule A, with respect to the Award, shall be binding on any successor to the Corporation, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Corporation.
		

		
			﻿
		

		
			(6)To the extent not preempted by federal law, this Award Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.
		

		
			﻿
		

		
			J.Acceptance and Acknowledgement of Award.  By accepting this Award Agreement, the Participant is agreeing to all of the terms contained in this Award Agreement.  If the Participant desires to refuse the Award, the Participant must notify the Corporation in writing.  Such notification should be sent to Sonic Corp., General Counsel, 300 Johnny Bench Drive, Oklahoma City, OK 73104, no later than 30 days after receipt of the Award Agreement.
		

		
			﻿
		

		
			﻿

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}]]