Document:

20160831 10K Ex. 10.12

		
			Exhibit 10.12
		

		
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			Sonic Corp. 2006 Long-Term Incentive Plan
		

		
			Award Agreement
		

		
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						Award Agreement Number: _______

				
	
					
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						Grant Date: __________

				
	
					
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						Number of Options Granted: ______   ___

				
	
					
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						Exercise Price per Share: $_______

				
	
					
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						Expiration Date: __________

				
	
					
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						Vesting Schedule: 1/3 of all options granted on Grant Date will vest on each of the first three anniversaries of the Grant Date. 

				

		
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			Dear ________   __________:
		

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

		
			 
		

		
			Your grant has been made under the Sonic Corp. 2006 Long-Term Incentive Plan (as it may be amended from time to time, the “Plan”).  Your options are designated as either ISO for Incentive Stock Options or NQ for Non-Qualified Stock Options, which are further defined in the Plan.  Your options are subject to the terms and conditions contained in Schedule A attached to this Agreement and the Plan, both of which are made a part of this Agreement.  Schedule A and the Plan are available on Sonic’s intranet site. 
		

		
			 
		

		
			Sincerely,
		

		
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			Cliff Hudson
		

		
			Chairman & CEO
		

		

		

		 

 

		
		

		
			SCHEDULE A
		

		
			Sonic Corp. 2006 Long-Term Incentive Plan
		

		
			Award Agreement
		

		
			[Incentive/Non-Qualified] Options
		

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

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

		
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			Right of Exercise.  The Options shall vest and become exercisable upon vesting, which shall occur at the rate of one-third of the total amount of Options on each of the first three anniversaries of the Grant Date (full vesting on the third anniversary of the Grant Date).  Once vested, the Options may be exercised at any time prior to their expiration, cancellation or termination as provided in the Plan.  Partial exercise is permitted, provided that no partial exercise of the Options shall be for a fractional number of Shares.
		

		
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			[Incentive Stock Options Only:  Incentive Stock Option Limitations.  The aggregate Fair Market Value of Stock with respect to which Incentive Stock Options granted under the Plan are exercisable for the first time by a Participant during any calendar year 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 Incentive Stock Option is granted.  To the extent that the aggregate Fair Market Value of Stock with respect to such Incentive Stock Option exceeds $100,000, such Incentive Stock Option shall be treated as a Non-Qualified Stock Option, but all other terms and provisions of such Incentive Stock Option shall remain unchanged.]
		

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

		
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			Payment for Shares purchased upon exercise of an Option shall be made at the time of exercise either (a) in cash, (b) by certified check, (c) in Stock owned by the Participant and valued at its Fair Market Value on the date of exercise, (d) partly in Stock with the 
		

		 

 

		balance in cash or by certified check, (e) pursuant to a broker-assisted "cashless exercise" arrangement, or (f) by any combination of the foregoing.  Any payment in Stock shall be effected by the delivery to the Company’s General Counsel’s office of the appropriate stock certificates, endorsed in blank.
		

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

		
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			Delivery of Stock Upon Exercise.  Stock purchased upon exercise of Options shall be issued and delivered as soon as practicable following the date the Options are exercised and shall be issued in the name of the Participant or, in the event of the Participant’s death prior to exercise, the Participant’s properly designated beneficiary. 
		

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

		
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			Termination of Employment or Service.  
		

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

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

		 

 

		expire earlier by their terms) to the extent such Options were vested as of the effective date of Retirement. Any options that are not exercisable on the effective date of such retirement shall terminate.   
		

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

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

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

		
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			﻿20160831 10K Ex. 10.13

		
			Exhibit 10.13
		

		
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			Sonic Corp. 2006 Long-Term Incentive Plan
		

		
			Award Agreement
		

		
			Officer Restricted Stock Units
		

		
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			Award Agreement Number:  
		

		
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			Grant Date: 
		

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

		
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			Maximum Number:  _____ shares of Stock
		

		
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			Vesting Period:  _________ – _____________
		

		
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			Vesting Schedule:  Unless earlier forfeited or vested in accordance with the Plan and this Award Agreement, and subject to the Participant’s continued employment, the Restricted Stock Units will vest as set forth in Schedule A
		

		
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			Dear ______________________: 
		

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

		
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			Subject to the terms and conditions contained in the Plan and Schedule A, attached to this Award Agreement (both of which are made a part of this Award Agreement), the Restricted Stock Units will vest on ________________ and settle within 60 days
		

		
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			All capitalized terms used in this Award Agreement and in Schedule A shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise.  
		

		
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			Sincerely,
		

		
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			Cliff Hudson
		

		
			Chairman of the Board and
		

		
			Chief Executive Officer
		

		
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			EXHIBIT “A”
		

		

		

		 

 

		
		

		
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			SCHEDULE A
		

		
			Sonic Corp. 2006 Long-Term Incentive Plan
		

		
			Award Agreement
		

		
			Officer Restricted Stock Units
		

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

		
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			B.Vesting and Settlement for Restricted Stock Units.  
		

		
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			(1)Vesting.  Each Restricted Stock Unit represents the unsecured right to receive, subject to vesting and the terms hereof, one share of Stock.  Subject to termination of the Participant’s  employment with the Corporation or any Affiliate (the “Corporation Group”) for any reason set forth in Section D(2) of this Award Agreement, one hundred percent (100%) of the Restricted Stock Units shall vest on _____________, hereafter referred to as the “Vesting Date.”
		

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

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

		 

 

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

		
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			D.Termination of Employment.
		

		
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			(1)Disability; Death; Removal Without Cause.  If the Participant’s employment with the Corporation Group terminates during the Vesting Period due to the Participant’s death or Disability or the Participant’s employment by the Corporation Group is terminated without Cause, the number of Restricted Stock Units to vest to the Participant (or his beneficiary or estate, as applicable) shall equal X multiplied by Y, where X is a fraction, the numerator of which is the number of months transpired from the first day of the Vesting Period until the last day of the month in which the death, Disability or termination without Cause occurred, and the denominator of which is 36, and where Y is the Maximum Number of Restricted Stock Units.  The final number of Restricted Stock Units to vest shall settle in accordance with Section B(2).  
		

		
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			(2)Other Reasons.  If the Participant’s employment with the Corporation Group terminates during the Vesting Period for any reason other than as set forth in Section D(1) (including as a result of a retirement or other voluntary resignation by the Participant or termination by the Corporation for Cause), the unvested Restricted Stock Units as of such termination shall be cancelled, and the Participant shall not be entitled to receive any payments with respect to the unvested Restricted Stock Units.
		

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

		
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			E.Change of Control.  Notwithstanding any provision contained in the Plan, the Award Agreement or this Schedule A to the contrary, upon a Change in Control, as determined under the applicable employment agreement or severance plan of the Corporation, in the event that a successor company assumes or substitutes comparable awards under the Plan, unvested Restricted Stock Units shall vest immediately if, within 24 months following such Change in Control, the Participant’s employment with the Corporation is terminated without cause or the Participant resigns for good reason. In the event that a successor company in the Change in Control does not assume or substitute comparable awards under the Plan, then all unvested Restricted Stock Units shall vest immediately upon the Change in Control.  The Restricted Stock Units shall settle, in accordance with Section B, within 30 days following the effective date of any such accelerated vesting event.
		

		
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			F.Transferability.  Restricted Stock Units are not transferable other than by last will and testament, by the laws of descent and distribution, pursuant to a domestic relations order, or as 
		

		 

 

		otherwise permitted under Article 13 of the Plan.  Further, a Participant’s rights under the Plan shall be exercisable during the Participant’s lifetime only by the Participant, or in the event of the Participant’s legal incapacity, the Participant’s legal guardian or representative.
		

		
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			G.No Employment Rights.  Nothing contained in the Plan, the Award Agreement, this Schedule A or any Restricted Stock Units shall confer upon any Participant any right with respect to the continuation of his or her employment by the Corporation Group or interfere in any way with the right of the Corporation's shareholders or the Board, subject to the terms of any separate employment agreement to the contrary, at any time, to terminate the Participant’s tenure or employment or to increase or decrease the compensation of the Participant from the rate in existence as of the Grant Date.
		

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

		
			 
		

		
			I.Miscellaneous.
		

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

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

		
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			(3)Notwithstanding the foregoing or any provision of the Plan, the Award Agreement or this Schedule A, if the Corporation determines that any provision of the Plan, the Award Agreement or this Schedule A contravenes Section 409A or could cause the Participant to incur any tax, interest or penalties under Section 409A, the Committee may, in its sole discretion and without the Participant’s consent, modify 
		

		 

 

		such provision to (i) comply with, or avoid being subject to, Section 409A, or to avoid the incurrence of taxes, interest and penalties under Section 409A, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Corporation or contravening the provisions of Section 409A.  This provision does not create an obligation on the part of the Corporation to modify the Plan, the Award Agreement or this Schedule A, and does not guarantee that the Restricted Stock Units will not be subject to taxes, interest and penalties under Section 409A.
		

		
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			(4)The Award Agreement and this Schedule A shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required or the Committee determines are advisable.  The Participant agrees to take all steps the Corporation determines are necessary to comply with all applicable provisions of federal and state securities law in exercising his or her rights under the Award Agreement or this Schedule A.
		

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

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

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

		
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