Document:

Employment Agreement with Danielle M. Vona

  
 Exhibit 10.23

 EMPLOYMENT AGREEMENT 

This Agreement is entered into effective as of the 5th day of August, 2010, by and between Sonic Corp. (the “Corporation”), a Delaware corporation, and Danielle
Vona (the “Employee”). 
 RECITALS 

Whereas, the Employee is currently serving as the Vice President and Chief Marketing Officer of the Corporation and is an integral part
of its management; and 
 Whereas, the Corporation’s Board of Directors (the “Board”) has determined that it is
appropriate to support and encourage the attention and dedication of certain key members of the Corporation’s management, including Employee, to their assigned duties without distraction and potentially disturbing circumstances arising from the
possibility of a Change in Control (herein defined) of the Corporation; and 
 Whereas, the Corporation desires to continue the
services of Employee, whose experience, knowledge and abilities with respect to the business and affairs of the Corporation will be extremely valuable to the Corporation; and 
 Whereas, the parties hereto desire to enter into this Agreement setting forth the terms and conditions of the employment relationship of the Corporation and Employee. 

Now, therefore, it is agreed as follows: 
 ARTICLE I 
 Term of Employment 

1.1 Term of Employment. The Corporation shall employ Employee for a period of one year from the date hereof (the “Initial
Term”). 
 1.2 Extension of Initial Term. Upon each annual anniversary date of this Agreement, this Agreement shall
be extended automatically for successive terms of one year each, unless either the Corporation or the Employee gives contrary written notice to the other not later than the annual anniversary date. As used herein, “Term” shall mean the
Initial Term together with any renewal term(s) pursuant to this Section 1.2. 
 1.3 Termination of Agreement and
Employment. The Corporation may terminate this Agreement and the Employee’s employment at any time effective upon written notice to the Employee. The Employee may terminate this Agreement and the Employee’s employment only after at
least 30 days’ written notice to the Corporation, unless otherwise agreed by the Corporation. 
 ARTICLE II

 Duties of the Employee 
 Employee shall serve as the Vice President and Chief Marketing Officer of the Corporation. Employee shall do and perform all services, acts, or things necessary or advisable to manage and conduct the
business of the Corporation consistent with such position subject to such policies and procedures as may be established by the Board. 
 ARTICLE III 
 Compensation 

3.1 Salary. For Employee’s services to the Corporation as the Vice President and Chief Marketing Officer,
Employee shall be paid a salary at the annual rate of $250,000 (herein referred to as “Salary”), payable in 24 equal installments on the 1st and 15th day of each month. On the first day of each calendar year during the term of this Agreement with the Corporation,
Employee shall be eligible for an increase in Salary based on an evaluation of Employee’s performance during the past year with the Corporation. During the term of this Agreement, the Salary of the Employee shall not be decreased at any time
from the Salary then in effect unless agreed to in writing by the Employee. 

  

3.2 Bonus. The Employee shall be entitled to participate in an equitable manner with other officers of the
Corporation in discretionary cash bonuses as authorized by the Board. Such bonuses shall be paid not later than the
15th day of the third month following the later of the end
of the Corporation’s tax year or the Employee’s tax year in which the bonuses are no longer subject to a substantial risk of forfeiture (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”). 
 ARTICLE IV 
 Employee Benefits 
 4.1 Use of Automobile. The Corporation
shall provide Employee with either the use of an automobile for business and personal use or a cash car allowance in accordance with the established company car policy of the Corporation. The Corporation shall pay all expenses of operating,
maintaining and repairing the automobile provided by the Corporation and shall procure and maintain automobile liability insurance in respect thereof, with such coverage insuring each Employee for bodily injury and property damage. Reimbursement of
automobile-related expenses shall be made as soon as practicable after the request for reimbursement is submitted, but in no event later than the last day of the calendar year next following the calendar year in which such expense was incurred.
Additionally, neither the provision of in-kind benefits nor the reimbursement of expenses in any one calendar year shall affect the level or amount of in-kind benefits to be provided, or the expenses eligible for reimbursement, in any other calendar
year. The Employee’s right to reimbursement or in-kind benefits under this Section 4.1 is not subject to liquidation or exchange for another benefit. 
 4.2 Medical, Life and Disability Insurance Benefits. The Corporation shall provide Employee with medical, life and disability insurance benefits in accordance with the established benefit policies
of the Corporation. 
 4.3 Working Facilities. Employee shall be provided adequate office space, secretarial assistance,
and such other facilities and services suitable to Employee’s position and adequate for the performance of Employee’s duties. 
 4.4 Business Expenses. Employee shall be authorized to incur reasonable expenses for promoting the business of the Corporation, including expenses for entertainment, travel, and similar items. The
Corporation shall reimburse Employee for all such expenses upon the presentation by Employee, from time to time, of an itemized account of such expenditures. Reimbursement shall be made as soon as practicable after the request for reimbursement is
submitted, but in no event later than the last day of the calendar year next following the calendar year in which such expense was incurred. Additionally, the reimbursement of expenses in any one calendar year shall not affect the expenses eligible
for reimbursement in any other calendar year. The Employee’s right to reimbursement under this Section 4.4 is not subject to liquidation or exchange for another benefit. 

4.5 Vacations. Employee shall be entitled to an annual paid vacation commensurate with the Corporation’s established vacation
policy for officers. The timing of paid vacations shall be scheduled in a reasonable manner by the Employee. 
 4.6 Disability Benefit. Upon disability (as defined herein) of the Employee, the Employee shall be entitled to receive up to six months’ of Employee’s Salary (less any deductions required
by law) payable in 12 equal installments of  1/24 of
the Salary, with the first installment occurring on the first regularly scheduled payroll date following the determination of disability and the remaining installments occurring on a semi-monthly basis thereafter, provided that such disability
payments shall continue only so long as the disability continues, and provided further that each such disability payment shall be reduced by any benefit payment the Employee is entitled to receive under the Corporation’s group disability
insurance plans during the corresponding payroll period. 

  
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 4.7 Term Life
Insurance. The Corporation shall purchase term life insurance on the life of the Employee having a face value of four times the Employee’s Salary (to be changed as salary adjustments are made) or the face value of life insurance that can be
purchased based upon the Employee’s health history with the Corporation paying the standard premium rate for term insurance under its then current insurance program at the Employee’s age and assuming good health, whichever amount is
lesser, provided that such insurance can be obtained by the Corporation in a manner which meets the requirements for deductibility by the Corporation under Section 79 of the Code. 

4.8 Compensation Defined. Compensation shall be defined as all monetary compensation and all benefits described in Articles III
and IV hereunder (as adjusted during the term hereof). 
 ARTICLE V 

Termination 
 5.1 Separation from Service. For purposes of this Agreement, the terms “terminate,” “terminated” and “termination” with respect to the Employee’s employment mean
a termination of the Employee’s employment that constitutes a “separation from service” within the meaning of the default rules of Section 409A of the Code. 

5.2 Death. Employee’s employment hereunder shall be terminated upon the Employee’s death. 

5.3 Disability. The Corporation may terminate Employee’s employment hereunder in the event Employee is disabled and such
disability continues for more than 180 days. “Disability” shall be defined as the inability of Employee to render the services required of him under this Agreement, with or without a reasonable accommodation, as a result of physical or
mental incapacity. 
 5.4 Cause. 
 (a) The Corporation may terminate Employee’s employment hereunder for Cause. For the purpose of this Agreement, “Cause” shall mean (i) the willful and intentional failure by Employee
to substantially perform Employee’s duties hereunder, other than any failure resulting from Employee’s incapacity due to physical or mental incapacity, or (ii) commission by Employee, in connection with Employee’s employment by
the Corporation, of an illegal act or any act (though not illegal) which is not in the ordinary course of the Employee’s responsibilities and exposes the Corporation to a significant level of undue liability. For purposes of this paragraph, no
act or failure to act on Employee’s part shall be considered to have met either of the preceding tests unless done or omitted to be done by Employee without a reasonable belief that Employee’s action or omission was in the best interest of
the Corporation. 
 (b) Notwithstanding the foregoing, Employee shall not be deemed to have been terminated for cause unless
such action is ratified by the affirmative vote of not less than two-thirds of the entire membership of the Board at a meeting held within 30 days of such termination (after reasonable notice to Employee and an opportunity for Employee to be heard
by members of the Board) confirming that Employee was guilty of the conduct set forth in this Section 5.4. Ratification by the Board will be effective as of the original date of termination of Employee. 

5.5 Compensation Upon Termination for Cause or Upon Resignation By Employee. Except as otherwise set forth in Section 5.8
hereof, if Employee’s employment shall be terminated for Cause or if Employee shall resign Employee’s position with the Corporation, the Corporation shall pay Employee’s Compensation only through the last day of Employee’s
employment by the Corporation. The Corporation shall then have no further obligation to Employee under this Agreement. If the Board, pursuant to Section 5.4(b), votes to classify Employee’s termination as “not for cause,” then
Employee shall be compensated pursuant to Section 5.6 below. 
 5.6 Compensation Upon Termination Other Than For Cause
Or Disability. Except as otherwise set forth in Section 5.8 hereof, if the Corporation shall terminate Employee’s employment other than for Cause or Disability, the Corporation shall continue to be obligated to pay 12 months’ of
Employee’s Salary (payable in 24 equal installments, with the first installment occurring on the first regularly scheduled payroll date following the date of termination, and the remaining installments occurring on a semi-monthly basis
thereafter), but shall not be obligated to provide any other benefits described in Articles III and IV hereof, except to the extent required by law. 

  
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 5.7 Compensation
Upon Non-Renewal of Agreement. Except as otherwise set forth in Section 5.8 hereof, if the Corporation shall give notice to Employee in accordance with Section 1.3 hereof that this Agreement will not be renewed but Employee’s
employment is not terminated, the Corporation shall continue to be obligated to pay Employee’s Salary for a period of 12 months beginning on the date notice of non-renewal is given, on regularly scheduled payroll dates, but shall not be
obligated to provide any other benefits described in Articles III and IV hereof, except to the extent required by law. 
 5.8
Termination of Employee or Resignation by Employee for Good Reason Following a Change in Control. If at any time within the first 12 months subsequent to a Change in Control, the Employee’s employment with the Corporation is terminated
other than as provided for in Section 5.2, 5.3 or 5.4 hereof, or the Corporation violates any provision of this Agreement or Employee shall resign his or her employment for Good Reason (as defined herein), the Corporation shall be obligated to
pay to Employee a severance payment in an amount equal to two times the Employee’s compensation payable under paragraph 5.6 above, but in no event to exceed an amount equal to $1.00 less than three times the mean average annual compensation
paid to Employee by the Corporation and any of its subsidiaries during the five calendar years ending before the date on which the Change in Control occurred (or if Employee was not employed for that entire five-year period, then the mean average
annual compensation paid to employee during such shorter period, with the Employee’s compensation annualized for any calendar year during which the employee was not employed for the entire calendar year); provided, however, that if the
severance payment under this Section 5.8, either alone or together with any other payments or compensation which Employee has a right to receive from the Corporation, would constitute a “parachute payment” (as defined in
Section 280G (or any equivalent term defined in any successor or equivalent provision) of the Code), then such severance payment shall be reduced to the largest amount as will result in no portion of the severance payment under this
Section 5.8 being subject to the excise tax imposed by Section 4999 (or any successor or equivalent provision) of the Code. For the purpose of this Section 5.8, the Employee’s annual compensation from the Corporation and its
subsidiaries for a given year shall equal Employee’s compensation as reflected on Employee’s Form W-2 for that year (unless the Employee was not employed for the entire calendar year, in which case Employee’s Form W-2 compensation for
such year shall be annualized). The determination of any reduction in severance payment under this Section 5.8 pursuant to the foregoing provision shall be conclusive and binding on the Corporation. 

If the Change in Control implicated by this Section 5.8 is also a “change in control event” within the meaning of the
default rules of the final regulations promulgated under Section 409A(a)(2)(A)(v) of the Code, then the severance payment due under this Section 5.8 shall be made in a lump sum, payable no later than the 15th day of the third month
following the later of the end of the Corporation’s tax year or the Employee’s tax year in which occurs the Employee’s effective date of termination under this Section 5.8. If the Change in Control is not a “change in
control event” within the meaning of the default rules of the final regulations promulgated under Section 409A(a)(2)(A)(v) of the Code, the severance payment contemplated by this Section 5.8 shall be made in 12 semi-monthly
installment payments, beginning on the first regularly scheduled payroll date following the Employee’s effective date of termination under this Section 5.8. For purposes of this Section 5.8, the Employee’s effective date of
termination shall mean, as applicable, (x) the effective date of such termination of employment by the Corporation or (y) the effective date of the Employee’s resignation for Good Reason, which date shall be stated in the
Employee’s written notice to the Corporation of his resignation for Good Reason and shall be no later than 60 days following the date of such notice. 
 “Good Reason” shall mean any of the following which occur during the term of this Agreement without Employee’s express written consent: 

In the Event of a Change in Control: 
 (a) the assignment to Employee of duties inconsistent with Employee’s position, office, duties, responsibilities and status with the Corporation immediately prior to a Change in Control; or, a change
in Employee’s titles or offices as in effect immediately prior to a Change in Control; or, any removal of Employee from or any failure to re-elect Employee to any such position or office, except in connection with the termination of
Employee’s employment by the Corporation for Disability or Cause or as a result of Employee’s death or by Employee other than for Good Reason as set forth in this Section 5.8(a); or 

  
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 (b) a
reduction by the Corporation in Employee’s Salary as in effect as of the date of this Agreement or as the same may be increased from time-to-time during the term of this Agreement or the Corporation’s failure to increase (within 12 months
of the Employee’s last increase in Salary) Employee’s Salary after a Change in Control in an amount which at least equals, on a percentage basis, the highest percentage increase in salary for all officers of the Corporation or any parent
or affiliated company effected in the preceding 12 months; or 
 (c) the failure of the Corporation to
provide Employee with the same fringe benefits (including, without limitation, life insurance plans, medical or disability plans, retirement plans, incentive plans, stock option plans, stock purchase plans, stock ownership plans, or bonus plans)
that were provided to Employee immediately prior to the Change in Control, or with a package of fringe benefits that, if one or more of such benefits varies from those in effect immediately prior to such Change in Control, is in Employee’s sole
judgment substantially comparable in all material respects to such fringe benefits taken as a whole; or 

(d) relocation of the Corporation’s principal executive offices to a location outside of Oklahoma City, Oklahoma, or
Employee’s relocation to any place other than the location at which Employee performed Employee’s duties prior to a Change in Control, except for required travel by Employee on the Corporation’s business to an extent substantially
consistent with Employee’s business travel obligations at the time of the Change in Control; or 

(e) any failure by the Corporation to provide Employee with the same number of paid vacation days to which Employee is
entitled at the time of the Change in Control; or 
 (f) the failure of a successor to the Corporation to
assume the obligation of this Agreement as set forth in Section 7.1 herein. 
 5.9 Change in Control. For the
purposes of this Agreement, the phrase “change in control” shall mean any of the following events: 

(a) Any consolidation or merger of the Corporation in which the Corporation is not the continuing or surviving corporation
or pursuant to which shares of the Corporation’s capital stock would convert into cash, securities or other property, other than a merger of the Corporation in which the holders of the Corporation’s capital stock immediately prior to the
merger have the same proportionate ownership of capital stock of the surviving corporation immediately after the merger; 
 (b) Any sale, lease, exchange or other transfer (whether in one transaction or a series of related transactions) of all or substantially all of the assets of the Corporation; 

(c) The stockholders of the Corporation approve any plan or proposal for the liquidation or dissolution of the
Corporation; 
 (d) Any person (as used in Section 13(d) and 14(d)(2) of the Securities and Exchange Act of
1934, as amended (the “Exchange Act”)) becomes the beneficial owner (within the meaning of Rule 13D-3 under the Exchange Act) of 50% or more of the Corporation’s outstanding capital stock; 

(e) During any period of two consecutive years, individuals who at the beginning of that period constitute the entire
Board of Directors of the Corporation cease for any reason to constitute a majority of the Board of Directors unless the election or the nomination for election by the Corporation’s stockholders of each new director received the approval of the
Board of Directors by a vote of at least two-thirds of the directors then and still in office and who served as directors at the beginning of the period; or 
 (f) The Corporation becomes a subsidiary of any other corporation. 

  
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 ARTICLE VI

 Obligation to Mitigate Damages; 
 No Effect on Other Contractual Rights 
 6.1 Mitigation. The
Employee shall not have any obligation to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise. However, all payments required under the terms of this Agreement shall cease 30 days
after the acceptance by the Employee of employment by another employer; provided that, this limitation shall not apply to payments due under paragraph 5.8, above. 
 6.2 Other Contractual Rights. The provisions of this Agreement, and any payment provided for hereunder shall not reduce any amount otherwise payable, or in any way diminish Employee’s existing
rights, or rights which would accrue solely as a result of passage of time under any employee benefit plan or other contract, plan or arrangement of which Employee is a beneficiary or in which Employee participates. 

ARTICLE VII 

Successors to the Corporation 
 7.1 Assumption. The Corporation will require any successor or assignee (whether direct or indirect, by purchase, merger, consolidation or otherwise) of all or substantially all of the business
and/or assets of the Corporation, by agreement in form and substance reasonably satisfactory to Employee, to expressly, absolutely and unconditionally assume and agree to perform this Agreement in the same manner and to the same extent that the
Corporation would be required to perform it if no such succession or assignment had taken place. Any failure by the Corporation to obtain such agreement prior to the effectiveness of any such succession or assignment shall be a material breach of
this Agreement. 
 7.2 Employee’s Successors and Assigns. This Agreement shall inure to the benefit of and be
enforceable by Employee’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Employee should die while any amounts are still payable to Employee hereunder, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Employee’s devisee, legatee or other designee or, if there is no such designee, to Employee’s estate. 

ARTICLE VIII 
 Restrictions on Employee 
 8.1 Confidential Information.
During the term of the Employee’s employment and for a period of 12 months thereafter, the Employee shall not divulge or make accessible to any party any Confidential Information, as defined below, of the Corporation or any of its subsidiaries,
except to the extent authorized in writing by the Corporation or otherwise required by law. The phrase “Confidential Information” shall mean the unique, proprietary and confidential information of the Corporation and its subsidiaries,
consisting of: (1) confidential financial information regarding the Corporation or its subsidiaries, (2) confidential recipes for food products; (3) confidential and copyrighted plans and specifications for interior and exterior
signs, designs, layouts and color schemes; (4) confidential methods, techniques, formats, systems, specifications, procedures, information, trade secrets, sales and marketing programs; (5) knowledge and experience regarding the operation
and franchising of Sonic drive-in restaurants; (6) the identities and locations of Sonic’s franchisees, Sonic drive-in restaurants, and suppliers to Sonic’s franchisees and drive-in restaurants; (7) knowledge, financial
information, and other information regarding the development of franchised and company-store restaurants; (8) knowledge, financial information, and other information regarding potential acquisitions and dispositions; and (9) any other
confidential business information of the Corporation or any of its subsidiaries. The Employee shall give the Corporation written notice of any circumstances in which Employee has actual notice of any access, possession or use of the Confidential
Information not authorized by this Agreement. 

  
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 8.2 Restrictive
Covenant. During the term of Employee’s employment, the Employee shall not retain in or have any interest, directly or indirectly, in any business competing with the business being conducted by the Corporation or any of its subsidiaries,
without the Corporation’s prior written consent. For the six month period immediately following the termination of Employee’s employment, the Employee shall not engage in or have any interest, directly or indirectly, in any fast food
restaurant business that has a menu similar to that of a Sonic drive-in restaurant (such as hamburgers, hot dogs, onion rings and similar items customarily sold by Sonic drive-in restaurants), or which has an appearance similar to that of a Sonic
drive-in restaurant (such as color pattern, use of canopies, use of speakers and menu housings for ordering food, or other items that are customarily used by a Sonic drive-in restaurant), and which operates such restaurants within a three mile
radius of any Sonic drive-in restaurant. 
 ARTICLE IX 

Miscellaneous 
 9.1 Indemnification. To the full extent permitted by law, the Board shall authorize the payment of expenses incurred by or shall satisfy judgments or fines rendered or levied against Employee in
any action brought by a third-party against Employee (whether or not the Corporation is joined as a party defendant) to impose any liability or penalty on Employee for any act alleged to have been committed by Employee while employed by the
Corporation unless Employee was acting with gross negligence or willful misconduct. Payments authorized hereunder shall include amounts paid and expenses incurred in settling any such action or threatened action. 

9.2 Resolution of Disputes. The following provisions shall apply to any controversy between the Employee and the Corporation and
its subsidiaries and the Employee (including any director, officer, employee, agent or affiliate of the Corporation and its subsidiaries) whether or not relating to this Agreement. 

(a) Arbitration. The parties shall resolve all controversies by final and binding arbitration in accordance with
the Rules for Commercial Arbitration (the “Rules”) of the American Arbitration Association in effect at the time of the execution of this Agreement and pursuant to the following additional provisions: 

(1) Applicable Law. The Federal Arbitration Act (the “Federal Act”), as supplemented by the Oklahoma
Arbitration Act (to the extent not inconsistent with the Federal Act), shall apply to the arbitration and all procedural matters relating to the arbitration. 
 (2) Selection of Arbitrators. The parties shall select one arbitrator within 10 days after the filing of a demand and submission in accordance with the Rules. If the parties fail to agree on an
arbitrator within that 10-day period or fail to agree to an extension of that period, the arbitration shall take place before an arbitrator selected in accordance with the Rules. 

(3) Location of Arbitration. The arbitration shall take place in Oklahoma City, Oklahoma, and the arbitrator shall
issue any award at the place of arbitration. The arbitrator may conduct hearings and meetings at any other place agreeable to the parties or, upon the motion of a party, determined by the arbitrator as necessary to obtain significant testimony or
evidence. 
 (4) Enforcement of Award. The prevailing party shall have the right to enter the award of the
arbitrator in any court having jurisdiction over one or more of the parties or their assets. The parties specifically waive any right they may have to apply to any court for relief from the provisions of this Agreement or from any decision of the
arbitrator made prior to the award. 
 (b) Attorneys’ Fees and Costs. The prevailing party to the
arbitration shall have the right to an award of its reasonable attorneys’ fees and costs (including the cost of the arbitrator) incurred after the filing of the demand and submission. If the Corporation or any of its subsidiaries prevails, the
award shall include an amount for that portion of the administrative overhead reasonably allocable to the time devoted by the in-house legal staff of the Corporation or any subsidiary. 

  
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 (c)
Excluded Controversies. At the election of the Corporation or its subsidiaries, the provisions of this Section 9.2 shall not apply to any controversies relating to the enforcement of the covenant not to compete or the use and protection
of the trademarks, service marks, trade names, copyrights, patents, confidential information and trade secrets of the Corporation or its subsidiaries, including (without limitation) the right of the Corporation or its subsidiaries to apply to any
court of competent jurisdiction for appropriate injunctive relief for the infringement of the rights of the Corporation or its subsidiaries. 
 (d) Other Rights. The provisions of this Section 9.2 shall not prevent the Corporation, its subsidiaries, or the Employee from exercising any of their rights under this agreement, any other
agreement, or under the common law, including (without limitation) the right to terminate any agreement between the parties or to end or change the party’s legal relationship. 

9.3 Entire Agreement. This Agreement constitutes the entire agreement of the parties with regard to the subject matter of this
Agreement and replaces and supersedes all other written and oral agreements and statements of the parties relating to the subject matter of this Agreement. 
 9.4 Notices. Any notices required or permitted to be given under this Agreement shall be sufficient if in writing and sent by mail to Employee’s residence, in the case of Employee, or to its
principal office, in the case of the Corporation. 
 9.5 Waiver of Breach. The waiver by any party hereto of a breach of
any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by any party. 
 9.6
Amendment. No amendment or modification of this Agreement shall be deemed effective unless or until executed in writing by the parties hereto. 
 9.7 Validity. This Agreement, having been executed and delivered in the State of Oklahoma, its validity, interpretation, performance and enforcement will be governed by the laws of that state.

 9.8 Section Headings. Section and other headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement. 
 9.9 Counterpart Execution. This Agreement may
be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute but one and the same instrument. 
 9.10 Exclusivity. Specific arrangements referred to in this Agreement are not intended to exclude Employee’s participation in any other benefits available to executive personnel generally or
to preclude other compensation or benefits as may be authorized by the Board from time to time. 
 9.11 Partial
Invalidity. If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any
way. 
 9.12 Section 409A of the Code. 

(a) Notwithstanding anything herein to the contrary, if, at the time of the Employee’s termination of employment with
the Corporation, the Employee is a “specified employee” within the meaning of Section 409A of the Code, as determined under the Corporation’s established methodology for determining specified employees, then, solely to the extent
necessary to avoid the imposition of additional taxes, penalties or interest under Section 409A of the Code, any payments to the Employee hereunder which provide for the deferral of compensation, within the meaning of Section 409A of the
Code (which shall not include any compensation that is exempt from Section 409A of the Code), and which are scheduled to be made as a result of the Employee’s termination of employment during the period beginning on the date of the
Employee’s date of termination and ending on the six-month anniversary of such date shall be delayed and not paid to the Participant until the first business day following such sixth month anniversary date, at which time such delayed amounts
will be paid to the Employee in a cash lump sum. If the Employee dies on or after the date of the Employee’s date of termination and prior to the payment of the delayed amounts pursuant to this Section 9.12, any amount delayed pursuant to
this Section 9.12 shall be paid to the Employee’s estate within 30 days following the Employee’s death. 

  
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 (b) To
the extent this Agreement is subject to Section 409A of the Code, the Corporation and Employee intend all payments under this Agreement to comply with the requirements of such section, and this Agreement shall, to the extent reasonably
practicable, be operated and administered to effectuate such intent. 
 In witness whereof, the Corporation has caused this
Agreement to be executed and its seal affixed hereto by its officers thereunto duly authorized; and the Employee has executed this Agreement, as of the day and year first above written. 

 

							
	The Corporation:	 		 	Sonic Corp.
				
		 		 	By:	 	 /s/ W. Scott McLain

		 		 		 	Name:    W. Scott McLain
		 		 		 	 Title:      President
			
	The Employee:	 		 	 /s/ Danielle Vona

		 		 	Name:	 	Danielle Vona

  
 91991 Sonic Corp. Directors' Stock Option Plan

  
 Exhibit 10.25

 1991 SONIC CORP. DIRECTORS’ STOCK OPTION PLAN 
 (as amended and restated October 14, 2009) 
  

	 	1.	Purpose. 

 The purposes of
the Plan are to enable the Company to attract and retain the services of members of the Board and to 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. 
  

	 	2.	Definitions. 

 A. As used
in the Plan, the following definitions apply to the terms indicated below: 
 “Board” means the Board of Directors of
the Company. 
 “Change in Control” means the occurrence of any of the following: 

(a) 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; 
 (b) 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; 
 (c) the Company’s shareholders approve an 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 
 (d) 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. 
 “Committee” means the committee appointed by the Board from time to time to
administer the Plan pursuant to Section 4 hereof. 
 “Company” means Sonic Corp., a Delaware corporation.

 “Fair Market Value” of a Share on a given day means, if Shares are listed on an established stock exchange or
exchanges, the highest closing sales price of a Share as reported on such stock exchange or exchanges; or if not so reported, the average of the bid and asked prices, as reported on the National Association of Securities Dealers Automated Quotation
System. 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. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

  
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 “Option”
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.

 “Participant” means a director, eligible to participate in the Plan under Section 5 hereof, to whom an Option
is granted under the Plan. 
 “Plan” means the 1991 Sonic Corp. Directors’ Stock Option Plan, including any
amendments to the Plan. 
 “Shares” means shares of the Company’s Common Stock, 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. 
 B. As used herein, the masculine includes the feminine, the plural includes the singular, and the singular includes the plural. 

 

	 	3.	Plan Adoption and Term. 

A. 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, however, that the Plan shall be submitted to the Company’s shareholders for their approval at the next annual meeting of shareholders, or prior thereto at a special meeting of shareholders expressly called for such
purpose, or by a unanimous consent of all shareholders executed in writing; 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 or special meeting by the affirmative vote of a majority of all shares entitled to vote upon the matter, or by unanimous written consent of all the shareholders, then the Plan and all options then outstanding hereunder
shall forthwith automatically terminate and be of no force and effect. 
 B. 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. 

 

	 	4.	Administration of the Plan. 

 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. 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 issued under it and to promulgate and interpret such rules and
regulations relating to the Plan and Options as it may deem necessary or desirable for the administration of 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. 

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. 
  

	 	5.	Eligibility. 

 Each
director of the Company, who is not an employee of the Company or any of its subsidiaries, in office as of the effective date of the Plan or as of any date thereafter (prior to the expiration or termination of the Plan), shall be eligible to
participate in the Plan. 

  
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	 	6.	Stock Subject to the Plan. 

Subject to adjustment as provided in Section 12 hereof, Options may be issued pursuant to the Plan with respect to a number of Shares
that, in the aggregate, does not exceed 1,139,063 Shares. 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. 
  

	 	7.	Options. 

 A. Each
Participant shall be granted an Option to purchase 50,625 Shares upon the Participant’s initial election to the Board. Effective October 14, 2009, each Participant will be granted an Option to purchase 6,750 shares for each year of service
on the Board beginning with the later of 1994 or the first year of the Participant’s second three-year term on the Board and continuing for each additional year of service by the Participant on the Board. The Options shall be granted each year
on the date of the annual meeting of shareholders of the Company (the “Date of Grant”). The price per share at which Shares may be purchased pursuant to any Option granted under the Plan shall be the Fair Market Value of a Share on the
Date of Grant of the Option. 
 B. All Options granted under the Plan shall be evidenced by an option certificate in such form,
not inconsistent with the Plan, as the Committee may adopt for general use or for specific use from time to time. 
  

	 	8.	Duration of Options. 

 No
Option granted hereunder shall be exercisable after the expiration of ten years from the Date of Grant. All Options shall be subject to earlier termination as provided elsewhere in the Plan. 

 

	 	9.	Conditions Relating to Exercise of Options. 

 A. 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 Grant: 

 

			
	 Anniversary of

Date of Grant
	  	 Percentage

		
	 First
	  	33 1/3
	 Second
	  	33 1/3
	 Third
	  	33 1/3

 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. 
 B. 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 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 Option following the death of the Participant. Any Option 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 such Option has been
transferred in accordance with this Section 9.B. 

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

D. Payment for Shares purchased upon exercise of an Option shall be made at the time of exercise either in cash, by certified check or
bank cashier’s check or in Shares owned by the Participant and valued at their Fair Market Value on the date of exercise, or partly in Shares with the balance in cash or by certified check or bank cashier’s check. 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. 
 E. 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. 
 F. 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 of 1933 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 the 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. 
 G. 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 Shares, shall execute all such
instruments as the Company in its sole discretion may deem necessary or advisable. 
 H. Notwithstanding Paragraph A of this
Section 9, upon the occurrence of a Change in Control any Option granted under the Plan and outstanding at such time shall become fully and immediately exercisable and shall remain exercisable until its expiration or termination as provided in
the Plan. Notwithstanding the foregoing, any Option that would otherwise become exercisable on a date that is not more than six months after the Date of Grant shall instead become exercisable on the first day following the close of such six month
period. 
 I. In the event that a Participant shall cease to be director by reason of such Participant’s
“Retirement,” as hereafter defined, 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 years after commencement of such Retirement, at the end of which time it shall terminate (unless such Option expires earlier by its terms). “Retirement” is defined as 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 a Participant ceases to
be a director under conditions not satisfying the definition of “Retirement” set forth above, 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). 

  
 4 

  
 J. In the event that a
Participant shall cease to be a director 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 three years after such date, at the end of which time it shall terminate (unless such
Option expires earlier by its terms). 
 K. 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 him which shall not have lapsed or terminated prior to his death shall be or immediately become fully exercisable by the executors, administrators,
legatees, or distributees of his estate, as may be appropriate, 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 years
after death, at the end of which time it shall terminate (unless such Option expires earlier by its terms). 
 L. In the event
that a Participant shall, cease to be a director otherwise than as described in paragraphs (I), (J) and (K), any outstanding Option held by such Participant shall terminate. 

M. In the event a Participant ceases to be a director otherwise than as described in Sections 9(J), (K) and (L), 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 whether a Participant has ceased to be a director and the effective date of such termination. 
  

	 	10.	No Election Rights. 

Nothing contained in the Plan or any Option shall confer upon any Participant any right with respect to the continuation of his tenure as
a director of the Company or interfere in any way with the right of the Company’s shareholders or the Board, at any time, to terminate such tenure or to fail to elect such Participant to the Board. 

 

	 	11.	Rights of a Shareowner. 

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. 
  

	 	12.	Adjustment Upon Changes in Capital Stock. 

 A. If the capital stock of the Company shall be subdivided or combined, whether by reclassification, stock dividend, stock split, reverse stock split or other similar transaction, then the number of
Shares authorized under the Plan, the number of Shares then subject to or relating to unexercised Options granted hereunder and the exercise price per Share will be adjusted proportionately. A stock dividend shall be treated as a subdivision of the
whole number of Shares outstanding immediately prior to such dividend into a number of Shares equal to such whole number of Shares so outstanding plus the number of Shares issued as a stock dividend. 

B. In the case of any capital reorganization or any reclassification of the capital stock of the Company (except pursuant to a
transaction described in Paragraph A of this Section 12) (a “Reorganization”), appropriate adjustment may be made by the Committee in the number and class of shares authorized to be issued under the Plan and the number and class of
shares subject to or relating to Options awarded under the Plan and outstanding at the time of such Reorganization. 

  
 5 

  
 C. Each Participant
will be notified of any adjustment made pursuant to this Section 12 and any such adjustment, or the failure to make such adjustment, shall be binding on the Participant. 
 D. Except as expressly set forth herein, the number and kind of Shares subject to Options awarded under the Plan, and the exercise prices of any such Options, shall not be affected by any transaction
(including, without limitation, any merger, recapitalization, stock split, stock dividend, issuance of stock or similar transaction) affecting the capital stock of the Company and no Participant shall be entitled to any additional options on account
thereof. 
  

	 	13.	Withholding Taxes. 

 A.
Whenever Shares are to be issued upon the exercise of an Option, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy federal, state and local withholding tax requirements, if
any, prior to the delivery of any certificate or certificates for such Shares. 
 B. Notwithstanding Paragraph A of this
Section 13, at the election of a Participant, subject to the approval of the Committee, when Shares are to be issued upon the exercise of an Option, the Participant may tender to the Company a number of Shares, or the Company shall withhold a
number of such Shares, the Fair Market Value of which is sufficient to satisfy the federal, state and local tax requirements, if any, attributable to such exercise or occurrence. The Committee hereby grants its approval to any election made pursuant
to this Paragraph B, but reserves the right, in its absolute discretion, to withdraw such approval in the case of any such election effective upon its delivery of notice thereof to the Participant. 

 

	 	14.	Amendment of the Plan. 

A. The Board or the Committee may at any time and from time to time suspend, discontinue, modify or amend the Plan in any respect
whatsoever except that neither the Board nor the Committee may suspend, discontinue, modify or amend the Plan so as to adversely affect the rights of a Participant with respect to any grants that have theretofore been made to such Participant
without such Participant’s approval. 
 B. No amendment to or modification of the Plan which: (i) materially increases
the benefits accruing to Participants; (ii) except as provided in Section 12 hereof, increases the number of Shares that may be issued under the Plan; or (iii) modifies the requirements as to eligibility for participation under the
Plan, shall be effective without shareholder approval. 
  

	 	15.	Miscellaneous. 

 A. 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. All rights hereunder shall be governed by and
construed in accordance with the laws of Oklahoma. 
 C. All expenses of the Plan, including the cost of maintaining records,
shall be borne by the Company. 

  
 6

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