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Prepared by MERRILL CORPORATION

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Exhibit 10.28  

 
 

NINTH AMENDMENT TO LOAN AGREEMENT    
  

    This NINTH AMENDMENT TO LOAN AGREEMENT (this "Amendment"), dated as of August 10, 2001, is among SONIC
CORP., a Delaware corporation (the "Borrower"), each of the banks or other lending institutions which is or may from time to time become a signatory or
party to the Agreement (hereinafter defined) or any successor or permitted assignee thereof (each a "Bank" and collectively, the
"Banks"), and BANK OF AMERICA, N.A., a national banking association ("Bank of America"), as agent for
itself and the other Banks and as issuer of Letters of Credit under the Agreement (in such capacity, together with its successors in such capacity, the
"Agent"). 

 
 

RECITALS:    
  

    A.  Borrower,
a prior Agent, the existing Agent and Banks have entered into that certain Loan Agreement dated as of July 12, 1995, as amended by (i) that
certain First Amendment to Loan Agreement dated as of August 16, 1996, (ii) that certain Second Amendment to Loan Agreement dated as of September 27, 1996, (iii) that
certain Third Amendment to Loan Agreement dated as of June 19, 1997, (iv) that certain Fourth Amendment to Loan Agreement dated as of January 27, 1998, (v) that certain
Fifth Amendment to Loan Agreement dated as of April 2, 1998, (vi) that certain Sixth Amendment to Loan Agreement dated as of June 2, 1999, (vii) that certain Seventh
Amendment to Loan Agreement dated as of January 28, 2000, and (vi) that certain Eighth Amendment to Loan Agreement dated as of March 9, 2001 (as amended, the
"Agreement"). 

    B.  Pursuant
to the Agreement, the undersigned guarantors (each a "Guarantor" and, collectively, the
"Guarantors") have executed Guaranties, which guarantee to Agent the payment and performance of the Obligations. 

    C.  Borrower,
Agent and Banks now desire to amend the Agreement (i) to allow for an additional private placement of Debt of the Borrower in the aggregate
principal amount of $30 million, and (ii) as otherwise provided herein. 

    NOW,
THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows: 

ARTICLE I  

    Section 1.1  Definitions.  Capitalized terms used in this Amendment, to the extent not otherwise
defined herein, shall have the same meanings as in the Agreement, as amended hereby. 

ARTICLE II  

Amendments

    Section 2.1  Amendment to Covenant Regarding Debt.  Effective as of the date hereof,
Section 9.1, subsection (i) of the Agreement is hereby amended in its entirety to read as follows: 

    (i)  Debt
incurred in connection with senior notes issued by Borrower in amounts not to exceed: (a) Fifty Million Dollars ($50,000,000) (the "1998 Private
Placement"), which private placement was completed on or before May 31, 1998; and (b) Thirty Million Dollars ($30,000,000) (the "2001 Private Placement"), which private placement shall
have been completed by August 31 2001. The 1998 Private Placement and the 2001 Private Placement shall be referred to herein collectively as the "Private Placement". 

 
ARTICLE III  

Conditions Precedent

    Section 3.1  Conditions.  The effectiveness of this Amendment is subject to the satisfaction of
each of the following conditions precedent: 

    (a) Information. Agent shall have received such documents, instruments and information as Agent or its legal counsel may
request 

    (b) Attorneys' Fees and Expenses. The Borrower shall have paid the costs and expenses (including reasonable attorneys'
fees) of the Agent, incurred in connection with the preparation, negotiation, execution and closing of this Amendment; 

    (c) Representations and Warranties. The representations and warranties contained herein and in all other Loan Documents
shall be true and correct as of the date hereof as if made on the date hereof; 

    (d) No Default. No Event of Default shall have occurred and be continuing and no event or condition shall have occurred
that with the giving of notice or lapse of time or both would be an Event of Default. 

    (e) Corporate Matters. All corporate proceedings taken in connection with the transactions contemplated by this
Amendment and all documents, instruments, and other legal matters incident thereto shall be satisfactory to Agent and its legal counsel. 

ARTICLE IV  

Ratifications, Representations and Warranties

    Section 4.1  Ratifications.  The terms and provisions set forth in this Amendment shall modify and
supersede all inconsistent terms and provisions set forth in the Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Agreement are ratified and
confirmed and shall continue in full force and effect. Borrower, Agent and the Banks agree that the Agreement as amended hereby shall continue to be legal, valid, binding and enforceable in accordance
with its terms. 

    Section 4.2  Release of Claims.  The Borrower and the Guarantors each hereby acknowledge and agree
that none of them has any and there are no claims or offsets against or defenses or counterclaims to the terms and provisions of or the obligations of the Borrower, any Guarantor or any Subsidiary
created or evidenced by the Agreement or any of the other Loan Documents, and to the extent any such claims, offsets, defenses or counterclaims exist, the Borrower and the Guarantors each hereby
waive, and hereby release the Agent and each of the Banks from, any and all claims, offsets, defenses and counterclaims, whether known or unknown, such waiver and release being with full knowledge and
understanding of the circumstances and effects of such waiver and release and after having consulted legal counsel with respect thereto. 

    Section 4.3  Representations and Warranties.  Borrower hereby represents and warrants to Agent and
the Banks that (i) the execution, delivery and performance of this Amendment and any and all other Loan Documents executed and/or delivered in connection herewith have been authorized by all
requisite corporate, partnership and trust action on the part of Borrower and the Guarantors and will not violate the articles of incorporation, bylaws, partnership agreement or other organizational
documents of Borrower or the Guarantors, (ii) the representations and warranties contained in the Agreement, as amended hereby, and any other Loan Document are true and correct on and as of the
date hereof as though made on and as of the date hereof, (iii) no Event of Default has occurred and is continuing and no event or condition has occurred that with the giving of notice or lapse
of time or 

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both would be an Event of Default, and (iv) Borrower is in full compliance with all covenants and agreements contained in the Agreement as amended hereby. 

ARTICLE V  

Miscellaneous

    Section 5.1  Survival of Representations and Warranties.  All representations and warranties made
in this Amendment or any other Loan Document including any Loan Document furnished in connection with
this Amendment shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by Agent or any Bank or any closing shall affect the representations and
warranties or the right of Agent and the Banks to rely upon them. 

    Section 5.2  Reference to Agreement.  Each of the Loan Documents, including the Agreement and any
and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Agreement as amended hereby, are hereby amended
so that any reference in such Loan Documents to the Agreement shall mean a reference to the Agreement as amended hereby. 

    Section 5.3  Expenses of Agent.  As provided in the Agreement, Borrower agrees to pay on demand
all costs and expenses incurred by Agent in connection with the preparation, negotiation, and execution of this Amendment and the other Loan Documents executed pursuant hereto and any and all
amendments, modifications, and supplements thereto, including without limitation the costs and fees of Agent's legal counsel. 

    Section 5.4  Severability.  Any provision of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or
unenforceable. 

    Section 5.5  APPLICABLE LAW.  THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED PURSUANT HERETO
SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN OKLAHOMA CITY, OKLAHOMA COUNTY, OKLAHOMA AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF OKLAHOMA. 

    Section 5.6  Successors and Assigns.  This Amendment is binding upon and shall inure to the
benefit of Borrower, Agent and the Banks and their respective successors and permitted assigns, except Borrower may not assign or transfer any of its rights or obligations hereunder without the prior
written consent of Agent. 

    Section 5.7  Counterparts.  This Amendment may be executed in one or more counterparts, each of
which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. 

    Section 5.8  Effect of Waiver.  No consent or waiver, express or implied, by Agent or any Bank to
or for any breach of or deviation from any covenant, condition or duty by Borrower or any Guarantor shall be deemed a consent or waiver to or of any other breach of the same or any other covenant,
condition or duty. 

    Section 5.9  Headings.  The headings, captions, and arrangements used in this Amendment are for
convenience only and shall not affect the interpretation of this Amendment. 

    Section 5.10  ENTIRE AGREEMENT.  THIS AMENDMENT AND ALL OTHER INSTRUMENTS, DOCUMENTS AND
AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THIS AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT 

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AMONG THE PARTIES HERETO REGARDING THIS AMENDMENT AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND
MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 

    Executed
as of the date first written above. 

	 	 	BORROWER
	

 	
 	
SONIC CORP.
	

 	
 	

By:	
 	

/s/ W. SCOTT MCLAIN   
 W. Scott McLain
 Chief Financial Officer and

Senior Vice President 
	

 	
 	
AGENT:
	

 	
 	

BANK OF AMERICA, N.A., (formerly NationsBank, N.A., formerly Boatmen's National Bank of Oklahoma, formerly Bank IV Oklahoma, N.A.), as Agent for itself, UMB Bank, n.a., BancFirst and Fleet National Bank
	

 	
 	

By:	
 	

/s/ W. MICHAEL S. REEVES   
 W. Michael S. Reeves
 Senior Vice President

    Each
Guarantor hereby (a) consents and agrees to this Amendment, (b) agrees that its respective Guaranty shall continue to be the legal, valid and binding obligation of
such Guarantor enforceable against such Guarantor in accordance with its terms, and (c) represents and warrants that each of the 

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representations and warranties set forth in this Amendment with regard to each such Guarantor are true and correct in all respects. 

	 	 	GUARANTORS:
	

 	
 	
SONIC RESTAURANTS, INC.
	

 	
 	

By:	
 	

/s/ W. SCOTT MCLAIN   
 W. Scott McLain
 Vice President
	

 	
 	
SONIC INDUSTRIES INC.
	

 	
 	

By:	
 	

/s/ W. SCOTT MCLAIN   
 W. Scott McLain
 Vice President
	

 	
 	
AMERICA'S DRIVE-IN CORP.
	

 	
 	

By:	
 	

/s/ W. SCOTT MCLAIN   
 W. Scott McLain
 Vice President
	

 	
 	
AMERICA'S DRIVE-IN TRUST
	

 	
 	

By:	
 	

/s/ W. SCOTT MCLAIN   
 W. Scott McLain
 Vice President
	

 	
 	

EACH OF THE PARTNERSHIPS SPECIFIED ON ANNEX I HERETO, each an Oklahoma general partnership
	

 	
 	

By:	
 	

Sonic Restaurants, Inc.,

Managing General Partner of

each of such partnerships
	

 	
 	

By:	
 	

/s/ W. SCOTT MCLAIN   
 W. Scott McLain
 Vice President

5

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NINTH AMENDMENT TO LOAN AGREEMENT

RECITALSPrepared by MERRILL CORPORATION

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Exhibit 10.32    
    

 
  2001 Sonic Corp. Stock Option Plan
  
    January 30, 2001    
  

I.  Purpose. The purposes of the Plan are to enable the Company to attract and retain the services of quality employees and provide them
with increased motivation and incentive to exert their best efforts on behalf of the Company by enlarging their personal stake in the Company. 

II.  Definitions and Rules of Construction.

    A.  Definitions.  As used in the Plan, the following definitions apply to the terms indicated below: 

    "Administrator" means the individual or individuals to whom the committee delegates authority under the Plan in accordance with
Section IV.C. 

    "Beneficiary" means the person designated in writing by the Participant to exercise or to receive an Option or payments or other
amounts in respect thereof in the event of the Participant's death or, if no such person has been designated in writing by the Participant prior to the date of death, the Participant's estate. No
Beneficiary designation under the Plan shall be effective unless it is in writing and is received by the Company prior to the date of death of the applicable Participant. 

    "Board" means the Board of Directors of the Company. 

    "Change in Control" means the occurrence of any of the following: 

    (1) any
"person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the "Exchange
Act"), an "Acquiring Person") becomes the "beneficial owner" (as such term is defined in Rule 13d-3
promulgated under the Exchange Act, a "Beneficial Owner"), directly or indirectly, of securities of the Company representing 25% or more of the combined
voting power of the Company's then outstanding securities; 

    (2) an
Acquiring Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 10% or more of the combined voting power of the
Company's then outstanding securities and, during the two-year period commencing at the time such Acquiring Person becomes the Beneficial Owner of such securities, individuals who at the
beginning of such period constitute the Board cease for any reason to constitute at least a majority thereof; 

    (3) the
Company's stockholders approve the agreement to merge or consolidate the Company with another corporation (other than a corporation 50% or more of which is
controlled by, or is under common control with, the Company) and, during the period commencing six months before such approval and ending two years after such approval, individuals who at the
beginning of such period constitute the Board cease for any reason to constitute at least a majority thereof; and 

    (4) during
any two-year period, individuals who at the date on which the period commences constitute a majority of the Board cease to constitute a majority
thereof as a result of one or more contested elections for positions on such Board. 

    "Code" means the Internal Revenue Code of 1986, as amended from time to time. 

    "Committee" means the committee appointed by the Board from time to time to administer the Plan pursuant to Section IV. 

    "Common Stock" means the common stock of the Company, par value $0.01 per share, now or hereafter owned by the Company as treasury
stock or authorized, but unissued, shares of the Company's common stock, subject to adjustment as provided in the Plan. 

    "Company" means Sonic Corp., a Delaware corporation. 

    "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time. 

 

    "Fair Market Value" of a Share on a given day means, if Shares are listed on an established stock exchange, the highest closing sales
price of a Share as reported on such stock exchange or exchanges; or if not so reported, the final price, as reported on the National Association of Securities Dealers Automated Quotation System, as
determined by the Committee. If the price of a Share shall not be so quoted, the Fair Market Value shall be determined by the Committee taking into account all relevant facts and circumstances. 

    "Incentive Stock Option" or "ISO" means an Option that qualifies as an incentive stock
option within the meaning of Section 422 of the Code and which is identified as an Incentive Stock Option in the Option Agreement by which it is evidenced. 

    "Nonqualified Stock Option" or "NQSO" means an Option that is not an Incentive Stock
Option and which is identified as a Nonqualified Stock Option in the Option Agreement by which it is evidenced. 

    "Option" or "Options" means a right to purchase  Shares under the terms and conditions of the Plan as evidenced by an
option certificate in such form not inconsistent with the Plan, as the Committee
may adopt for general use or for specific cases from time to time. 

    "Option Agreement" means an instrument or agreement evidencing an Option granted hereunder, in written or electronic form, which may,
but need not be executed or acknowledged by the recipient thereof. 

    "Participant" means an employee eligible to participate in the Plan under Section V hereof, to whom an Option is granted under
the Plan. 

    "Plan" means the 2001 Sonic Corp. Stock Incentive Plan, including any amendments thereto. 

    "Securities Act" means the Securities Act of 1933, as amended from time to time. 

    "Share" or "Shares" means shares of the Company's Common Stock. 

    "Subsidiary" means any corporation, now or hereafter existent, in which the Company owns, directly or indirectly, stock comprising
fifty percent or more of the total combined voting power of all classes of stock of such corporation. 

    B.  Construction.  As used herein, the masculine includes the feminine, the plural includes the singular,
and the singular includes the plural. Unless otherwise indicated, references herein to sections are to sections of the Plan. 

III.  Plan Adoption and Term.

    A.  Adoption.  The Plan shall become effective upon its adoption by the Board and Options may be issued
upon such adoption and from time to time thereafter; provided that the Plan shall be submitted to the Company's shareholders for their approval at the
next annual meeting of shareholders, and provided further that the approval of the Company's shareholders shall be obtained within twelve months of the
date of adoption of the Plan. If the Plan is not approved at the annual meeting by the affirmative vote of a majority of all shares entitled to vote upon the matter, then the Plan and all Options then
outstanding hereunder shall forthwith automatically terminate and be of no force and effect. 

    B.  Term.  Subject to the provisions hereinafter contained relating to amendment or discontinuance, the
Plan shall continue in effect for ten years from the date of its adoption by the Board. No Option may be granted hereunder after such ten-year period. 

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IV.  Administration of the Plan.

    A.  Committee Members.  The Plan shall be administered by the Committee, consisting of not less than
three persons, who shall be directors of the Company, and who shall be appointed by the Board to serve at the pleasure of the Board; provided,  however,
that at least two of such directors shall be (1) non-employee directors as such term is defined in
Rule 16b-3 of the Exchange Act or any successor thereto and (2) to the extent the Company determines that payment with respect to any Option is intended to be fully
deductible by the Company without regard to Section 162(m) of the Code, outside directors within the meaning of Section 162(m) of the Code. 

    B.  Committee Authority.  

    (1) General.  Except
as otherwise expressly provided in the Plan, the Committee shall have sole and final authority to interpret the provisions of the
Plan and the terms of any Option or Option Agreement issued thereunder and to promulgate and interpret such rules and regulations as it may deem necessary or desirable for the administration of the
Plan. All determinations by the Committee shall be final and binding on all persons having an interest in any Option under the Plan. The Committee shall report to the Board the names of those granted
Options and the terms and conditions of each Option granted by it. The Committee may correct any defect in the Plan or any Option in the manner and to the extent it shall deem expedient to carry the
Plan into effect and shall be the sole and final judge of such expediency. 

    (2) Specific
Duties.  The Committee shall have full power and authority: 

    (a) to
select Participants; 

    (b) to
grant Options in accordance with the Plan; 

    (c) to
determine the number of shares of Common Stock subject to each Option or the cash amount payable in connection with an Option; 

    (d) to
determine the terms and conditions of each Option, including, without limitation, those related to vesting, forfeiture, payment and exercisability, and the
effect of a Participant's termination of employment with the Company; 

    (e) to
specify and approve the provisions of the Option Agreements delivered to Participants in connection with their Options; 

    (f)  to
construe and interpret any Option Agreement delivered under the Plan; 

    (g) to
amend the terms and conditions of an Option after the granting thereof or to authorize the grant of a new Option in substitution therefore;  provided that, no outstanding option will be "repriced" by
lowering the exercise price, or by cancellation of outstanding options with subsequent
replacement, or re-grant of options with lower exercise prices; provided further that, any amendment is in a manner that
is not, without the consent of the Participant, prejudicial to the rights of such Participant in such Option; 

    (h) to
prescribe, amend and rescind rules and procedures relating to the Plan; 

    (i)  subject
to the provisions of the Plan and subject to such additional limitations and restrictions as the Committee may impose, to delegate to one or more officers
of the Company some or all of its authority under the Plan; 

    (j)  to
employ such legal counsel, independent auditors and consultants as it deems desirable for the administration of the Plan and to rely upon any opinion or
computation received therefrom; and 

3

 

    (k) to make all other determinations and to formulate such procedures as may be necessary or advisable for the administration of the Plan. 

    C.  Delegation of Authority.  The Committee may, but need not, from time to time delegate some or all of
its authority under the Plan to an Administrator consisting of one or more officers of the Company, one or more members of the Committee or one or more members of the Board;  provided, however, that the Committee may not delegate its responsibility (i) to grant Options to
individuals who are subject to Section 16 of the Exchange Act, (ii) to grant Options which are intended to constitute "qualified performance-based compensation" under
Section 162(m) of the Code or (iii) to amend or terminate the Plan in accordance with Section XIV. Any delegation hereunder shall be subject to the restrictions and limits that
the Committee specifies at the time of such delegation or thereafter. Nothing in the Plan shall be construed as obligating the Committee to delegate authority to an Administrator, and the Committee
may at any time rescind the authority delegated to an Administrator appointed hereunder or appoint a new Administrator. At all times, the Administrator appointed under this Section IV.C. shall
serve in such capacity at the pleasure of the Committee. Any action undertaken by the Administrator in accordance with the Committee's delegation of authority shall have the same force and effect as
if undertaken directly by the Committee, and any reference in the Plan to the Committee shall, to the extent consistent with the terms and limitations of such delegation, be deemed to include a
reference to the Administrator. 

    D.  Committee Indemnification.  No member of the Committee shall be liable for any action taken or
omitted or any determination made by him in good faith relating to the Plan, and the Company shall indemnify and hold harmless each member of the Committee and each other director or employee of the
Company to whom any duty or power relating to the administration or interpretation of the Plan has been delegated against any cost or expense (including counsel fees) or liability (including any sum
paid in settlement of a claim with the approval of the Committee) arising out of any act or omission in connection with the Plan, unless arising out of such person's own fraud or bad faith. 

V.  Eligibility. The employees of the Company and its Subsidiaries, who, in the opinion of the Committee, have a capacity for
contributing in a substantial measure based upon their job position to the success of the Company and its Subsidiaries, shall be eligible to participate in the Plan. 

VI.  Stock Subject to the Plan. Subject to adjustment as provided in Section XII hereof, Options may be issued pursuant to the
Plan with respect to a number of Shares that, in the aggregate, does not exceed 1,800,000 shares. Options shall be issued at the discretion of the Committee;  provided, however, that, during any calendar year, a Participant may not be granted Options under the
Plan for more than 5% of the total Shares authorized under the Plan. If, prior to the termination of the Plan, an Option shall expire or terminate for any reason without having been exercised in full,
the unpurchased Shares subject thereto shall again be available for the purposes of the Plan. 

VII.  Options.

    A.  Type.  Options shall constitute the sole form of award under the Plan. All Options granted under the
Plan shall be clearly identified either as Incentive Stock Options ("ISO") or as Nonqualified Stock Options
("NQSO"). The terms and conditions of each Option shall be determined by the Committee (subject to the other provisions of this Plan) and shall be set
forth in the applicable Option Agreement. 

    B.  ISO Limitations.  

    (1) Employees
Only. ISOs shall only be granted to employees of the Company. 

    (2) Fair
Market Value. The aggregate Fair Market Value of Shares with respect to which ISOs granted under the Plan are exercisable for the first time by a Participant
during any calendar year 

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under the Plan and any other stock option plan of the Company (and its parent and subsidiary corporations as those terms are used in Section 422 of the Code) shall not exceed $100,000, which
limit shall be applied by taking Options into account in the order in which they are granted. Such Fair Market Value shall be determined as of the date on which each such ISO is granted. To the extent
that the aggregate Fair Market Value of Shares with respect to such ISO exceeds $100,000, such ISO shall be treated as a NQSO, but all other terms and provisions of such ISO shall remain unchanged. 

    (3) Ten
Percent Ownership. No Options intended to qualify as ISOs shall be granted under the Plan to any employee who, before or after the grant or exercise of any
Option, owns or would own, directly or indirectly, more than ten percent of the total combined voting power of all classes of stock of the Company or any Subsidiary, unless (a) the price for
such ISO is at least 110% of the Fair Market Value of the Shares on the date of such grant and (b) such ISO is not exercisable after the expiration of five years from the date on which the ISO
is granted. 

    C.  Grant Date. The date of grant of an Option shall be the date on which the Committee makes the determination to grant
such Option, unless otherwise specified by the Committee. The certificate representing the Option will be delivered to Participant with a copy of this Plan within a reasonable time after the granting
of the Option. 

    D.  Option Price. The price per share at which Shares may be purchased pursuant to any Option granted under the Plan
shall be not less than 100% of the Fair Market Value of a Share on the date the Option is granted. 

    E.  Duration of Options. No Option granted hereunder shall be exercisable after the expiration of ten years from the
date such Option is granted; provided, however, that all Options shall be subject to earlier termination
as provided elsewhere in the Plan and modification by the Committee, pursuant to Section III.B. 

    F.  Conditions Relating to Exercise of Options.

    (1) Exercise. (a) Unless otherwise provided by the Committee in the Option Agreement, the following percentage
of Options (rounded up to the nearest whole number of Options) granted to Participants shall become exercisable on the following anniversaries of the date of the grant: 

	Anniversary

of Grant Date
 
	 	Percentage

	First	 	331/3
	Second	 	331/3
	Third	 	331/3

    Notwithstanding
the foregoing, the Committee may, in its sole discretion, accelerate the date on which any Option granted under the Plan, and outstanding at such time, shall become
exercisable. 

    (b) Once
exercisable, an Option may be exercised at any time prior to its expiration, cancellation or termination as provided in the Plan. Partial exercise is permitted
from time to time, provided that no partial exercise of an Option shall be for a number of Shares having a purchase price of less than $1,000 or for a
fractional number of Shares. 

    (2) Notice.
An Option shall be exercised by the delivery to the Company of a written notice signed by the Participant, which specifies the number of Shares with respect
to which the Option is being exercised and the date of the proposed exercise. Such notice shall be delivered to the Company's principal office, to the attention of its Secretary, no less than three
business days in advance of the date of the proposed exercise and shall be accompanied by the applicable option certificate evidencing the Option. A Participant may withdraw such notice at any time
prior to the close of business on the 

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proposed date of exercise, in which case the option certificate evidencing the Option shall be returned to him. 

    (3) Payment.
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 or
bank cashier's check, (c) in Shares owned by the Participant and valued at their Fair Market Value on the date of exercise provided such Shares have been held for at least six months by the
Participant, (d) partly in Shares with the balance in cash or by certified check or bank cashier's check, (e) pursuant to a broker-assisted "cashless exercise" arrangement, or
(f) by any combination of the foregoing, in each such case to the extent permitted by applicable law. Any payment in Shares shall be effected by their delivery to the Secretary of the Company,
endorsed in blank or accompanied by stock powers executed in blank. 

    (4) Certificates.
Certificates for Shares purchased upon exercise of Options shall be issued and delivered as soon as practicable following the date the Option is
exercised. Certificates for Shares purchased upon exercise of Options shall be issued in the name of the Participant. 

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

    G.  Termination of Employment.

    (1) Retirement. In the event of termination of a Participant's employment by reason of such Participant's retirement (in
accordance with an applicable retirement plan, in the case of an employee), any outstanding Option held by such Participant shall be or immediately become fully exercisable as to the total number of
Shares subject thereto (whether or not exercisable to that extent prior to such date) and shall remain so exercisable but only for a period of three months after commencement of such retirement, at
the end of which time it shall terminate (unless such Option expires earlier by its terms). 

    (2) Disability.
In the event of termination of a Participant's employment by reason of such Participant's disability within the meaning of Section 22(e)(3) of
the Code, any outstanding Option held by such Participant shall be, or immediately become, fully exercisable as to the total number of Shares subject thereto (whether or not exercisable to that extent
prior to such date) and shall remain so exercisable, but only for a period of one year after such date, at the end of which time it shall terminate (unless such Option expires earlier by its terms). 

    (3) Death.
In the event of the death of any Participant (including death during an approved leave of absence or following a Participant's retirement or disability), any
Option then held by such Participant which shall not have lapsed or terminated prior to his death shall be, or immediately become, fully exercisable by the Beneficiary of the Participant, as to the
total number of Shares subject thereto (whether or not exercisable to that extent at the time of death) and shall remain so exercisable but only for a period of one year after death, at the end of
which time it shall terminate (unless such Option expires earlier by its terms). 

    (4) Other Reasons. In the event of the termination of the Participant's employment otherwise than as described in
Sections VII.G(1), (2) and (3), any outstanding Option held by such Participant may be exercised during the thirty day period following the date of termination to the extent such Option was
vested and not already exercised as of the date of termination. The Committee shall have discretion to determine (a) if an authorized leave of absence, or absence in military or government
service, shall constitute termination of employment for purposes of the Plan, (b) whether a Participant has ceased to be employed by the Company or any Subsidiary, as appropriate, and
(c) the effective date on which such employment terminated. 

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VIII.  No Employment Rights. Nothing contained in the Plan or any Option 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. 

IX.  Rights of a Shareowner and Nontransferability of Options.

    A.  No Rights.  No person shall have any rights with respect to any Shares covered by or relating to any
grant hereunder of an Option until the date of issuance of a certificate to him evidencing such Shares. Except as otherwise expressly provided in the Plan, no adjustment to any Option shall be made
for dividends or other rights for which the record date occurs prior to the date such certificate is issued. 

    B.  Nontransferability.  Unless the Committee determines otherwise, no Option or amount payable under, or
interest in, the Plan shall be transferable by a Participant except by will or the laws of descent and distribution or otherwise be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or charge; provided, however, that the Committee may, in its discretion
and subject to such terms and conditions as it shall specify, permit the transfer of an Option that is an NQSO for no consideration to a Participant's family members or to one or more trusts or
partnerships established in whole or in part for the benefit of one or more of such family members (collectively, "Permitted Transferees"); and  provided further that this sentence shall not preclude a Participant from designating a Beneficiary to receive the Participant's outstanding NQSO
following the death of the Participant. Any NQSO transferred to a Permitted Transferee shall be further transferable only by will or the laws of descent and distribution or, for no consideration, to
another Permitted Transferee of the Participant. During the lifetime of the Participant, an Option shall be exercisable only by the Participant or by a Permitted Transferee to whom a NQSO has been
transferred in accordance with this Section IX.B. 

X.  Registration. Notwithstanding any other provision in the Plan, no Option may be exercised unless and until the Shares to be issued
upon the exercise thereof have been registered under the Securities Act and applicable state securities laws, or are, in the opinion of counsel to the Company, exempt from such registration. Prior to
the occurrence of a Change in Control, the Company shall not be under any obligation to register under applicable federal or state securities laws any Shares to be issued upon the exercise of an
Option granted hereunder, or to comply with an appropriate exemption from registration under such laws in order to permit the exercise of an Option and the issuance and sale of the Shares subject to
such Option. If the Company chooses to comply with such an exemption from registration, the Shares issued under the Plan may, at the direction of the Committee, bear an appropriate restrictive legend
restricting the transfer or pledge of the Shares represented thereby, and the Committee may also give appropriate stop-transfer instructions to the transfer agent to the Company. On or
after the occurrence of a Change in Control, the Company shall be under an obligation to register under applicable federal or state securities law any Shares to be issued upon the exercise of an
Option granted hereunder, or to comply with an appropriate exemption from registration under rules and regulations promulgated by the Securities and Exchange Commission in order to permit the exercise
of an Option and the issuance and sale of the Shares subject to such Option. 

XI.  Adjustment upon Changes in Capital Stock. Notwithstanding any other provisions of the Plan, unless the Committee determines
otherwise in its sole discretion, the number and class of shares available
under the Plan or any outstanding Options shall be adjusted as necessary to prevent dilution or enlargement of rights, including adjustments in the event of changes in the number of shares of
outstanding Common Stock by reason of stock dividends, split-ups, recapitalizations, mergers, 

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consolidations, combinations or exchanges of shares, separations, reorganizations, liquidations or any similar corporate action or proceeding. 

XII.  Change in Control. Notwithstanding anything in the Plan to the contrary, upon the occurrence of a Change in Control, any Option
granted under the Plan and outstanding at such time shall become 100% vested and immediately exercisable for Common Stock effective as of the date of such Change in Control. Should the Options be
assumed by the surviving or acquiring corporation at the time of the Change in Control, such Options shall continue to be exercisable following the Change in Control until their expiration or
termination as provided in the Plan, with such adjustments to exercise price and number and kind of securities as the Committee shall equitably determine to preserve the value of such Options.
Alternatively, in the event of a Change in Control, the Committee in its discretion may provide that all Options shall be cashed out at their Fair Market Value, as determined above. 

XIII.  Withholding Taxes.

    A.  Withholding Generally.  The Company shall have the right to withhold or require the recipient to
remit to the Company an amount sufficient to satisfy federal, state, or local withholding tax requirements arising in connection with the grant, exercise or settlement of any award under the Plan
prior to the delivery of any certificate or certificates for Shares or other amounts hereunder. 

    B.  Stock Withholding.  When a Participant incurs tax liability in connection with the exercise or
vesting of any Option, which tax liability is subject to tax withholding under applicable tax laws, the withholding tax obligation shall be satisfied, at the discretion of the Company, by the
withholding of cash or the withholding from the Shares otherwise to be delivered, of the number of Shares having a Fair Market Value equal to the amount required to be withheld under applicable law,
determined on the date that the amount of tax to be withheld is to be determined; provided, however,
that the Company shall not withhold Shares (1) upon exercise or vesting of any Option in an amount which exceeds the minimum statutory withholding rates for federal, state and local tax
purposes, including payroll taxes or (2) if such withholding is not permitted under local laws. All elections by a Participant to have Shares withheld for this purpose shall be made in
accordance with procedures established by the Committee from time to time. 

XIV.  Amendment of the Plan.

    A.  General Rule.  Subject to any approval of the shareholders of the Company that may be required (or,
in the opinion of the Committee, appropriate) under law, the Committee may at any time amend, suspend or terminate the Plan. No amendment, suspension or termination of the Plan shall materially and
adversely alter or impair the rights of a Participant in any Option previously made under the Plan without the consent of the holder thereof. 

    B.  Shareholder Approval Required.  No amendment to or modification of the Plan which:
(i) materially increases the benefits accruing to Participants, except as provided in Sections VI and XIV hereof; (ii) increases the number of Shares that may be issued under the Plan,
except for events described in Section XI; or (iii) modifies the requirements as to eligibility for participation under the Plan shall be effective without shareholder approval. 

XV.  General Provisions.

    A.  No Entitlements.  It is expressly understood that the Plan grants powers to the Committee but does
not require their exercise; nor shall any person, by reason of the adoption of the Plan, be deemed to be entitled to the grant of any Option; nor shall any rights be deemed to accrue under the Plan
except as Options may be granted hereunder. 

    B.  Compliance with Law.  Any person exercising an Option or transferring or receiving Shares shall
comply with all regulations and requirements of any governmental authority having jurisdiction over the issuance, transfer, or sale of capital stock of the Company, and as a condition to receiving any 

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Shares, shall execute all such instruments as the Company in its sole discretion may deem necessary or advisable. 

    C.  Governing Law.  All rights hereunder shall be governed by and construed in accordance with the laws
of Oklahoma. 

    D.  Expenses.  All expenses of the Plan, including the cost of maintaining records, shall be borne by the
Company. 

    E.  Notices.  Notices required or permitted to be made under the Plan shall be sufficiently made if sent
by registered or certified mail addressed (a) to the Participant at the Participant's address as set forth in
the books and records of the Company or (b) to the Company or the Committee at the principal office of the Company. 

    F.  Consent to Plan.  By accepting any Option or other benefit under the Plan, each Participant and each
person claiming under or through him shall be conclusively deemed to have indicated his acceptance and ratification of, and consent to, any action taken under the Plan by the Company, the Board or the
Committee. 

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QuickLinks

Exhibit 10.32

2001 Sonic Corp. Stock Option Plan January 30, 2001

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