Document:

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                                                             Exhibit 10(c)(xi)

                              EMPLOYMENT AGREEMENT

AS&E(R)

This Agreement is made as of 23 July, 2001 by and between American Science &
Engineering, Inc. (the "Company"), a Massachusetts corporation having its
principal place of business in Billerica, Massachusetts, and Reed O. Clark
(the "Executive").

The Company desires to retain the services of the Executive, and the
Executive is willing to render such services, in accordance with the terms
hereinafter set forth.

Accordingly, the Company and the Executive agree as follows:

1.  The Company agrees to employ the Executive as, and the Executive agrees
to perform the duties of Vice President, International Sales of the Company.

2.  (a)  The Executive's weekly salary shall be $3,846.15 ("Base Salary")
payable not less frequently than on a monthly basis in accordance with
standard company policy for executives. The Executive shall also be eligible
for an annual bonus in an amount of up to fifty (50%) percent of Base Salary
(annualized) based on Executive's performance, as determined by the Company's
CEO, of specific goals to be determined by the CEO. Executive shall also be
granted options to purchase up to 50,000 shares of the company's common stock
subject to the terms and conditions of AS&E's 1997 Non-Qualified Stock Option
Plan, upon approval of the grant by the Board of Directors. The price of the
options will be at the market close price on the American Stock Exchange of
the Executive's first day of employment. The vesting will occur in equal
increments on each of the first three anniversaries of Executive's first day
of employment.

    (b)  The Company will include the Executive in all life insurance,
disability insurance, medical and all other benefit plans maintained by the
Company for the benefit of its Executives.

3.  (a)  The Company shall pay to the Executive the "Severance Payment" in
the event that the Executive is terminated by the Company within sixty (60)
days prior to or twelve (12) months after the occurrence of a "Change of
Control," as defined below. The Severance Payment shall be made at the time
of such termination.

    (b)  The "Severance Payment" shall be a one-time payment equal to the
higher of: (i) the Executive's base salary for one year at the annual rate in
effect one month prior to the occurrence of the Change of Control, or (ii)
the Executive's base salary for one year at the annual rate in effect at the
time of such termination. The Severance Payment shall also include the
continuation of all benefits received by the Executive prior to termination
for a period equal to the lesser of one year or the start of new employment
by the Executive in which he receives substantially similar benefits.

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AS&E(R)

    (c)  A "Change of Control" shall be deemed to have occurred if:

         (i)  any person (as defined in Section 13(d) or 14 (d)(2) of the
    Securities Exchange Act of 1934) shall have become the beneficial owner of
    50 percent or more of the combined voting power of the Company's voting
    securities;

         (ii)  the Continuing Directors shall have ceased for any reason to
    constitute a majority of the Board of Directors of the Company. For this
    purpose, a "Continuing Director" shall include members of the Board of
    Directors of the Company as of the date of this Agreement and any person
    nominated for election to the Board of Directors of the Company by a vote
    of the majority of the then Continuing Directors;

         (iii) the stockholders approve the complete liquidation or
    dissolution of the Company, or

         (iv) the stockholders approve by the requisite vote any of the
    following transactions:

              (a) a merger or consolidation of the Company (except for a
         merger in respect of which no vote of the stockholders of the Company
         is required);

              (b) a sale, lease, exchange, mortgage, pledge, transfer or
         other disposition (in one transaction or a series of transactions),
         whether as part of a dissolution or otherwise, of assets of the
         Company or of any direct or indirect majority-owned subsidiary or the
         Company (other than to any direct or indirect wholly-owned subsidiary
         or to the Company) having an aggregate market value equal to 50% or
         more of either the aggregate market value of all of the assets of the
         Company determined on a consolidated basis or the aggregate market
         value of all the outstanding stock of the Company immediately prior
         to the transaction; or

              (c) a tender or exchange offer for 50% or more of the
         outstanding voting stock of the Company.

4.  (a)  If the Executive is terminated for any reason other than (i) "Cause"
(as defined below); or (ii) pursuant to a Change of Control as defined in
Paragraph 3 (such reasons other than (i) or (ii) are hereinafter referred to
as "Termination for Convenience") the Executive shall receive an amount equal
to the greater of the amount that would be due under the Company's
then-current severance policy, if any, or six months of his then-current Base
Salary, payable, at the Company's option, on the last date of his employment
or in weekly installments. In case of Termination for Convenience, the
Executive shall be entitled to a continuation of all benefits being received
by him at the time of termination for the lesser of six (6) months from the
date of termination, or until the date in which the Executive begins new
employment in which he receives substantially similar benefits. If the
Executive is Terminated for Convenience within twelve (12) months after a
change in the Company's President/CEO, the Executive shall be entitled to
receive the Severance Payment described in Paragraph 2(b) in place of the
benefits described in this Paragraph 3.

    (b)  For the purposes of this Agreement, "Cause" shall mean: (i) the
determination by the President of the Company that the Executive has failed
to perform his duties in the course of his employment under this Agreement
consistent with those of a Vice President, International Sales, or has failed
to follow the reasonable instructions of, or

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AS&E(R)

to meet the goals set by, the President of the Company; or (ii) the final
conviction of the Executive for, or his plea of nolo contendere to, a felony
or any other crime that involves fraud, dishonesty or moral turpitude.

5.  The Company may not assign all or any part of its obligations under this
Agreement, except to a successor as provided for in this paragraph. The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the
business or assets of the Company expressly to assume and agree to perform
this Agreement to the same extent that the Company would be required to
perform it if no succession had taken place. As used in this Agreement,
unless the context requires otherwise, the "Company" shall mean the Company
as defined above or any successor to its business or assets as aforesaid
which assumes and agrees to perform this Agreement, by operation of law, or
otherwise. This Agreement shall inure to the benefit of and be enforceable by
and binding upon (i) any such successor and (ii) the Executive's personal or
legal representatives, executors, administrators and designated beneficiaries.

6.  This Agreement contains the entire agreement between the parties with
respect to the subject matter hereof and supersedes all prior oral and
written agreements, understandings and commitments between the parties
relating to this Agreement. Notwithstanding the foregoing, the Executive
shall at all times remain subject to all policies and procedures of the
Company that relate to employees of the Company, except to the extent that
this Agreement contains terms or provisions that are contrary to or provides
greater benefits than such policies and procedures, in which case this
Agreement shall control. No amendment to this Agreement shall be made except
by a written instrument signed by both parties.

7.  The Executive shall be entitled to reimbursement or payment of reasonable
moving expenses for Executive's household possessions from Beirut, Lebanon to
the Boston, Massachusetts area, up to a maximum of $50,000. Company shall
also pay to Executive or reimburse reasonable temporary lodging expenses for
Executive and dependants for a period of three (3) months. Expense and
authorization shall be coordinated by the Vice President of Human Resources.
If Executive voluntarily terminates his employment with Company within one
(1) year after date of employment, the Executive shall reimburse to Company
any relocation expenses paid or reimbursed by Company.

8.  The Executive agrees that, during the term of employment by the Company
and during an additional period of (1) year which shall commence at the date
of termination of Executive's employment, he will not:

    (a)  directly or indirectly work for, consult with, be affiliated with
or otherwise provide services for any competitor of the Company, including
without limitation any entity that designs, manufactures or sells x-ray
inspection equipment;

    (b)  Hire, solicit, or attempt to induce any employee of the Company to
leave its employ and to work directly or indirectly for or with Executive or
any employer or contractor of Executive, or

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AS&E(R)

    (c)  Directly or indirectly, individually or for or with any other party,
provide any type of service(s) to any person or entity which was, during the
last 12 months of Executive's employment, a customer or account of the
Company, as would permit, enable or assist such customer in receiving or
providing, for itself or others, products or services like or similar to
those products or services which had been provided to such customer by the
Company during the 12 month period preceding the termination of his
employment.

9.  If any agreement or covenant made by the Executive herein shall, to any
extent, be determined by any court having jurisdiction as being too broad
in area, time, or both, or otherwise to any extent held invalid, then the
part or parts which are determined to be invalid or unenforceable shall
be severed and the remaining parts of this Agreement shall continue in full
force and effect.

10. Executive acknowledges that a breach or threatened breach of any
commitment made by Executive in this Agreement could cause irreparable injury
to the Company; that damages would not adequately compensate the Company for
such breach or threatened breach and that such damages would be difficult to
determine. Therefore, Executive agrees that the Company shall be entitled to
such equitable and injunctive relief as may be available to restrain or
prevent a breach or contemplated breach of any of the obligations of the
Executive in this Agreement. The Company shall have this right in addition to
damages and any other remedy available at law or in equity.

11. The Appendix A AS&E Proprietary Information Procedure is attached hereto
and incorporated into this Agreement.

12. This Agreement shall be construed and enforced under and be governed in
all respects by the law of the Commonwealth of Massachusetts, without regard
to the conflict of law principles thereof.

13. This Agreement supersedes all prior agreements.

IN WITNESS WHEREOF, the Company has caused this instrument to be executed on
its behalf by a duly authorized officer and the Executive has executed this
instrument, all as of the date set forth above.

                                 AMERICAN SCIENCE & ENGINEERING, INC.

                                 By: /s/ Ralph S. Sheridan
                                    ------------------------------------
                                    Ralph S. Sheridan, CEO and President

                                     /s/ Reed O. Clark
                                    ------------------------------------
                                    Reed O. ClarkPrepared by MERRILL CORPORATION

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Exhibit 10.27  

 
 

EIGHTH AMENDMENT TO LOAN AGREEMENT    
  

    This EIGHTH AMENDMENT TO LOAN AGREEMENT (this "Amendment"), dated as of March 9, 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 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 (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.    Effective
as of the date hereof, the prior agent, The Chase Manhattan Bank, formerly known as Chase Bank of Texas National Association formerly Texas Commerce Bank
National Association, has resigned as agent for the Banks and assigned all of its interests in the Borrower's credit facility to other Banks, and Bank of America been appointed Agent by the Banks and
accepted such appointment. 

    D.    Borrower,
Agent and Banks now desire to amend the Agreement (i) to increase the commitments of the Banks to $80,000,000 in the aggregate, (ii) to
modify the interest rate margins applicable to Eurodollar Advances, Letter of Credit Fees and Commitment Fees, and (iii) 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    Banks. Concurrently herewith, Chase Manhattan Bank, formerly known as Chase Bank of Texas, National
Association, formerly known as Texas Commerce Bank National Association ("Chase") is assigning to Bank of America, UMB Bank, n.a., formerly UMB Oklahoma Bank ("UMB"), Fleet National Bank, successor by
merger to Summit Bank ("Fleet") and BancFirst ("BancFirst") all of Chase's rights and obligations under the Agreement and the other Loan Documents pursuant to those certain Assignments and Acceptances
of even date herewith between 

 

Chase as Assignor and Bank of America, UMB, Fleet and BancFirst, respectively, as Assignees. Of Chase's total obligations of $10,750,000.00, such assignments allocate the obligations to Bank of
America in the amount of $3,110,405.00 (28.934% of Chase's total interest), to UMB in the amount of $2,455,622.50 (22.843% of Chase's total interest), to Fleet in the amount of $2,455,622.50 (22.843%
of Chase's total interest), and to BancFirst in the amount of $2,728,350.00 (25.380%). Thereafter, one or more Banks shall make offsetting payments to the other Banks as requested by the Agent in
order to
cause the outstanding principal balance of each Bank's Note to correspond to its Commitment as amended herein. 

    Section 2.2    Amendment to Commitments. Effective as of the date hereof, the Commitment amounts set forth on the
signature pages to the Agreement are hereby amended to be the amounts set forth below for the respective Banks: 

	

Bank of America, N.A.	
 	
$	

25,000,000
	

UMB Bank, n.a.	
 	
 	

15,000,000
	

Fleet National Bank	
 	
 	

20,000,000
	

BancFirst	
 	
 	

20,000,000
	 	 	

	 	TOTAL	 	$	80,000,000
	 	 	

    Section 2.3    Amendment to Definition of Applicable Percentage. Effective as of the date hereof, the table
appearing in the definition of "Applicable Percentage" set forth in Section 1.1 of the Agreement is hereby amended to read in its entirety as
follows: 

	Level
 
	 	Ratio of Consolidated

Funded Debt to

Consolidated EBITDA
	 	Applicable Margin

for Eurodollar

Advances
	 	Applicable

Commitment

Fee
	 	Applicable

Letter of

Credit Fee

	I	 	Less than .50 to 1.00	 	.75%	 	.125%	 	.75%
	II	 	Greater than or equal to .50 to 1.00 but less than 1.00 to 1.00	 	1.00%	 	.20%	 	1.00%
	III	 	Greater than or equal to 1.00 to 1.00 but less than 1.50 to 1.00	 	1.25%	 	.20%	 	1.25%
	IV	 	Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00	 	1.50%	 	.25%	 	1.50%
	V	 	Greater than or equal to 2.00 to 1.00	 	1.75%	 	.25%	 	1.75%

    Initial
pricing as of the date hereof shall be fixed at Level III until receipt of the Borrower's Compliance Certificate for the next reporting period after the date hereof and then
adjusted to the Applicable Percentage as demonstrated by the ratio of Consolidated Funded Debt to Consolidated EBITDA as set forth in the definition of Applicable Percentage, as amended hereby. 

    Section 2.4    Amendment to Definition of Engagement Letter. Effective as of the date hereof, the definition of
"Engagement Letter" set forth in Section 1.1 of the Agreement is hereby amended to read in its entirety as follows: 

    "Engagement Letter" means that certain letter agreement dated February 26, 2001, among Borrower, Bank of America Securities, LLC
and Bank of America. 

    Section 2.5    Amendment to Definition of Interest Period. Effective as of the date hereof, the definition of
"Interest Period" set forth in Section 1.1 of the Agreement is hereby amended only to the extent that the reference therein to the periods of
"the first (1st), second (2nd) or third (3rd) calendar month" shall hereafter be "the first (1st), second (2nd), third
(3rd) or sixth (6th) calendar month". 

2

 

    Section 2.6    Amendment to Advance Request Form. Effective as of the date hereof, the form of the Advance Request
Form attached to the Agreement as described in the definition of "Advance Request Form" set forth in Section 1.1 of the Agreement is hereby
amended only to the extent that: (i) the name and address of the prior Agent shall be replaced by "Bank of America, N.A., 211 North Robinson, Oklahoma City, Oklahoma, 73102, Attn: Michael S.
Reeves"; and (ii) a designation of a "six months" Interest Period shall be added after the "three months" designation to allow Borrower's election of a "six month" Interest Period for a
Eurodollar Advance. 

    Section 2.7    Amendment to Definition of Principal Office. Effective as of the date hereof, the definition of
"Principal Office" set forth in Section 1.1 of the Agreement is hereby amended to read in its entirety as follows: 

    "Principal Office" means the principal office of the Agent in Oklahoma, presently located at 211 North Robinson, Oklahoma City,
Oklahoma, 73102. 

    Section 2.8    Amendment to Definition of Termination Date. Effective as of the date hereof, the definition of
"Termination Date" set forth in Section 1.1 of the Agreement is hereby amended to read in its entirety as follows: 

    "Termination Date" means the earlier of (a) 11:00 A.M. Oklahoma City, Oklahoma time on July 12, 2003 or such later
date to which the Termination Date may be extended pursuant to Section 2.11, or (b) such earlier date on which the Commitments terminate as provided in this Agreement." 

    Section 2.9    Amendment to Section 3.5. Effective as of the date hereof, Section 3.5 of the
Agreement is hereby amended only to the extent of adding the following to the end of said Section 3.5, which shall read as follows: 

    "Notwithstanding
the foregoing, nonrefundable Letter of Credit fees may be due and payable by the Borrower at times in addition to or other than upon issuance of such Letters of
Credit. The terms, amounts and times for payment shall be as set forth in the L/C Documents." 

    Section 2.10    Amendment to Section 13.6. Effective as of the date hereof, Section 13.6 of the
Agreement is hereby amended only to the extent of adding an additional subsection (g), which shall read as follows: 

    "(g)
For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this Section 13.6 concerning assignments of Loans and Notes relate only to
absolute assignments and that such provisions do not prohibit assignments creating security interests, including any pledge or assignment by a Bank of any Loan or Note to any Federal Reserve Bank in
accordance with applicable law." 

    Section 2.11    Amendment to Governing Law and Venue. Effective as of the date hereof, Section 13.12 of the
Loan Agreement is hereby amended only to the extent that: (i) the reference to the "LAWS OF THE STATE OF TEXAS" shall hereafter be the "LAWS OF THE STATE OF OKLAHOMA"; and (ii) the
reference to venue lying in "DALLAS COUNTY, TEXAS" shall hereafter be "OKLAHOMA COUNTY, OKLAHOMA". 

    Section 2.12    Amendment to Agent Designation. Effective as of the date hereof, all references in the Agreement,
all Exhibits and Schedules thereto, and all other Loan Documents, to Chase Bank of Texas National Association or Texas Commerce Bank National Association shall hereafter refer to Bank of America, N.A.
at its Principal Office as described herein. 

3

 
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)  Documents. Agent shall have received all of the following, each dated (unless otherwise indicated) the date of this
Amendment, in form and substance satisfactory to Agent, or other evidence acceptable to Agent which will satisfy any respective condition described below: 

    (1) Resolutions. Resolutions of the Board of Directors of Borrower and each Guarantor (other than the Partnerships),
certified by the Secretary or an Assistant Secretary of such Person, which authorize the execution, delivery, and performance by such Person of this Amendment and the other Loan Documents to which
such Person is or is to be a party hereunder; 

    (2) Incumbency Certificate. A certificate of incumbency certified by the Secretary or an Assistant Secretary of Borrower
and each Guarantor (other than the Partnerships), respectively, certifying the names of the officers of such Person authorized to sign this Amendment and each of the other Loan Documents to which such
Person is or is to be a party hereunder (including the certificates contemplated herein) together with specimen signatures of such officers; 

    (3) Amendments to Certificates of Incorporation. From and after the date of the Sixth Amendment to Loan Agreement, any
amendments to the certificates of incorporation of Borrower and each Guarantor which is a corporation, certified by the Secretary of State of its state of incorporation and dated within ten
(10) days prior to the date hereof; 

    (4) Amendments to Bylaws. From and after the date of the Sixth Amendment to Loan Agreement, any amendments to the bylaws
of Borrower and each Guarantor which is a corporation, certified by the Secretary or an Assistant Secretary of such Person; 

    (5) Governmental Certificates. (a) Certificates of the appropriate government officials of the respective states
of incorporation of the Borrower and each Guarantor (other than the Partnerships) as to the existence and good standing of such Persons, and (b) with respect to the Borrower, Sonic
Restaurants, Inc., Sonic Service Corp. and Sonic Industries Inc. only, certificates of the appropriate governmental officials of each state where the nature of such Person's business in
such state makes qualification to do business necessary and where failure to so qualify would have a Material Adverse
Effect, as to the qualification and good standing of such Person in such state, each dated within ten (10) days prior to the date hereof; 

    (6) Amendments to Business Trust Documentation. From and after the date of the Sixth Amendment to Loan Agreement, any
amendments to the appropriate organizational documents and agreements relating to America's Drive-In Trust, as the Agent may request, all certified to the satisfaction of the Agent; 

    (7) Amendments to Partnership Certificate. A certificate of an authorized officer of Sonic Restaurants, Inc.,
certifying that (i) each of the Partnerships has been duly formed and is validly existing, (ii) the Partnerships have the power and authority to execute, deliver and perform this
Amendment and the other Loan Documents to which they are a party, and (iii) Sonic Restaurants, Inc. has the power and authority to execute this Amendment and such Loan Documents on
behalf of the Partnerships, as the managing general partner of each of the Partnerships, and to thereby bind the Partnerships; 

    (8) Notes. Promissory Notes, each in the form of Annex II hereto, executed by the Borrower and payable to the order of
the respective Banks, each in the amount of the respective Bank's 

4

 

Commitment, which Promissory Notes shall be in renewal and modification of the Notes executed at the closing of the Agreement; 

    (9) Opinion of Counsel. A favorable opinion of Phillips McFall McCaffrey McVay & Murrah, P.C., legal
counsel to Borrower and the Subsidiaries, as to the matters set forth in Annex III hereto, and such other matters as Agent may reasonably request; and 

    (10) Additional Information. Agent shall have received such additional 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,
as amended hereby, 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) Adjustment of Principal Balances. One or more Banks shall have made offsetting payments to the other Banks as
requested by the Agent in order to cause the outstanding principal balance of each Bank's Note to correspond to its Commitment as amended herein. 

    (f)  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 

5

 

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 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. 

6

 

    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    Non-Application of Chapter 15 of Texas Credit Code. The provisions of Chapter 15 of the
Texas Credit Code (Vernon's Annotated Texas Statutes, Article 5069-15) are specifically declared by the parties not to be applicable to this Amendment or any of the Loan Documents
or the transactions contemplated hereby. 

    Section 5.11    ENTIRE AGREEMENT. THIS AMENDMENT AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND
DELIVERED IN CONNECTION WITH THIS AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT 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. 

7

 

    Executed as of the date first written above. 

	 	 	BORROWER:
	

 	
 	
SONIC CORP.
	

 	
 	

By:	
 	

/s/ KEITH O. JOSSELL   
 Keith O. Jossell
 Treasurer
	

 	
 	
AGENT AND BANKS:
	

 	
 	
BANK OF AMERICA, N.A., (formerly NationsBank, N.A., formerly Boatmen's National Bank of Oklahoma, formerly Bank IV Oklahoma, N.A.), as Agent
	

 	
 	

By:	
 	

/s/ DAVID A. JOHANSON   
 David A. Johanson
 Vice President
	

 	
 	
BANK OF AMERICA, N.A., (formerly NationsBank, N.A., formerly Boatmen's National Bank of Oklahoma, formerly Bank IV Oklahoma, N.A.), as a Bank
	

 	
 	

By:	
 	

/s/ KARL G. BOVEE   
 Karl G. Bovee
 Sr. Vice President
	

 	
 	
UMB BANK, N.A., formerly known as UMB Oklahoma Bank
	

 	
 	

By:	
 	

/s/ RICHARD J. LEHRTER   
 Richard J. Lehrter
 Community Bank President
	

 	
 	
BANCFIRST
	

 	
 	

By:	
 	

/s/ BRIAN RENZ   
 Brian Renz
 Sr. Vice President
	

 	
 	
FLEET NATIONAL BANK, successor by merger to Summit Bank
	

 	
 	

By:	
 	

/s/ J. NICHOLAS COLE   
 J. Nicholas Cole
 Director

8

 

    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 representations and warranties set forth in this Amendment with
regard to each such Guarantor are true and correct in all respects. Further, each Guarantor hereby agrees to the amendment of Section 16 of its respective Guaranty only to the extent that:
(i) the reference to the "LAWS OF THE STATE OF TEXAS" shall hereafter be the "LAWS OF THE STATE OF OKLAHOMA"; and (ii) the reference to venue lying in "DALLAS COUNTY, TEXAS" shall
hereafter be "OKLAHOMA COUNTY, OKLAHOMA". 

	 	 	GUARANTORS:
	

 	
 	
SONIC RESTAURANTS, INC.
	

 	
 	

By:	
 	

/s/ KEITH O. JOSSELL   
 Keith O. Jossell
 Treasurer
	

 	
 	
SONIC INDUSTRIES, INC.
	

 	
 	

By:	
 	

/s/ KEITH O. JOSSELL   
 Keith O. Jossell
 Treasurer
	

 	
 	
AMERICA'S DRIVE-IN CORP.
	

 	
 	

By:	
 	

/s/ KEITH O. JOSSELL   
 Keith O. Jossell
 Treasurer
	

 	
 	
AMERICA'S DRIVE-IN TRUST
	

 	
 	

By:	
 	

/s/ KEITH O. JOSSELL   
 Keith O. Jossell
 Treasurer
	

 	
 	

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/ KEITH O. JOSSELL   
 Keith O. Jossell
 Treasurer

9

QuickLinks

EIGHTH AMENDMENT TO LOAN AGREEMENT

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