Document:

Form of Management Subscription Agreement

 Exhibit 10.11 
 FORM OF MANAGEMENT SUBSCRIPTION AGREEMENT 
 MANAGEMENT SUBSCRIPTION
AGREEMENT, dated as of June 29, 2010 (this “Agreement”), by and between MFI Holding Corporation, a Delaware corporation (“Holdco”), and the undersigned investor (the “Investor”). Capitalized
terms used herein but not otherwise defined shall have the meanings ascribed thereto in the Merger Agreement (as defined below). 

RECITALS 

WHEREAS, Holdco and the Investor desire to enter into an agreement pursuant to which the Investor will purchase from Holdco, and Holdco
will sell to the Investor, the number of shares of Holdco’s common stock, par value $0.01 per share (the “Common Stock”), as set forth on Schedule I hereto; 

WHEREAS, the execution and delivery of this Agreement by Holdco and the Investor is related to the merger of MFI Acquisition Corporation,
a Delaware corporation and an indirect subsidiary of Holdco (the “Merger Sub”), with and into M-Foods Holdings, Inc., a Delaware corporation (“M-Foods Holdings”), pursuant to the Agreement and Plan of Merger, dated
as of May 20, 2010, as amended (the “Merger Agreement”), by and among MFI Midco Corporation, a Delaware corporation and a wholly-owned subsidiary of Holdco (“Midco”), the Merger Sub, a wholly-owned subsidiary
of Midco, M-Foods Holdings and Michael Foods Investors, LLC, solely as the representative for the stockholders of M-Foods Holdings, whereby M-Foods Holdings will survive as a wholly-owned subsidiary of Midco; 

WHEREAS, simultaneously with the execution and delivery of this Agreement, the Investor is executing and delivering a stockholder
agreement (the “Stockholders Agreement”) and a registration rights agreement (the “Registration Rights Agreement”) relating to Common Stock to be received by the Investor pursuant to this Agreement; and 

WHEREAS, it is intended that (A) the contributions pursuant to (i) the Contribution Agreement, dated as of May 20, 2010,
by and among Holdco and the Contributors (as defined therein) (the “Contribution Agreement”), and (ii) the Management Contribution Agreements, dated as of June 29, 2010, by and between Holdco and the Rollover Stockholder
(as defined therein) party thereto (the “Management Contribution Agreements”), and (B) the contemporaneous subscriptions for Common Stock pursuant to (i) the Subscription Agreement, dated as of June 29, 2010, by and
among Holdco and the Investors (as defined therein) (the “GSCP Subscription Agreement”) and (ii) this Agreement and the other Management Subscription Agreements, dated as of the date hereof, by and between Holdco and the
Investor (as defined therein) party thereto (together with this Agreement, the “Management Subscription Agreements”), be treated as integrated transactions and together as transfers described in Section 351 of the Internal
Revenue Code of 1986, as amended (the “Code”) and any comparable provision of state or local law. 
 NOW,
THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements contained herein, the parties hereto agree as follows: 

 ARTICLE I 
 SUBSCRIPTION 
 1.1. Subscription. Subject to the terms and conditions of
this Agreement, the Investor hereby agrees to purchase from Holdco the number of shares of Common Stock set forth opposite the Investor’s name on Schedule I (the “Purchased Shares”) at a purchase price of $1,981.3193 per
share for an aggregate purchase price set forth opposite the Investor’s name on Schedule I (the “Subscription Amount”). The issuance, sale and purchase of the Purchased Shares hereunder shall occur at a closing (the
“Closing”) to be held concurrently with or promptly following the closing of the transactions contemplated by the Merger Agreement. 
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES OF HOLDCO 

2.1. Holdco hereby represents and warrants to the Investor as follows: 
 (a) It has all requisite corporate power and authority and has taken all corporate action necessary in order to execute, deliver and perform its obligations under this Agreement. This Agreement has been
duly executed and delivered by it and constitutes its valid and binding agreement enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and to general equity principles. 
 (b) Upon consummation of
transactions contemplated by this Agreement, the shares of Common Stock issued to the Investor as set forth on Schedule I will be duly authorized, validly issued, fully paid and nonassessable and will be free of all preemptive rights and any
other liens, claims, charges or other encumbrances other than restrictions under the Stockholders Agreement and applicable federal and state securities laws. 
 (c) The execution, delivery and performance of this Agreement by Holdco does not and will not (i) require it to obtain any consents, registrations, approvals, permits or authorizations from or to
deliver any notice or make any report or other filing with any domestic or foreign governmental or regulatory authority, agency, commission body, court or other legislative, executive or judiciary government entity (except such as may have
previously been obtained or is permitted to be, and will be, filed or made promptly following the date hereof) or (ii) constitute or result in a breach or violation of, or a default under, or result in the creation of a lien or encumbrance on
any of its properties pursuant to (A) any bond, debenture, note or other evidence of indebtedness of it or any indenture or other material agreement to which it is a party or by which it is bound or to which any of its property may be subject,
(B) any law affecting Holdco, or (C) the organizational documents of Holdco. 
 (d) It is a corporation duly
organized, existing and in good standing, under the laws of its state of incorporation. 
 (e) At the Closing, Holdco will have
an adequate amount of authorized shares of Common Stock to effect the issuance of the Purchased Shares in accordance with this 

  
 - 2 -

 
Agreement. At the Closing, all outstanding shares of Common Stock will be duly authorized, validly issued, fully paid and nonassessable, will be issued in compliance with applicable securities
laws or exemptions therefrom and will not be subject to or issued in violation of any purchase option, call option, right of first refusal, preemptive right or any similar right under any provision of applicable law, the organizational documents of
Holdco or any contract with which Holdco is otherwise bound other than restrictions under the Stockholders Agreement and applicable federal and state securities laws. All of the shares of Common Stock, including the Purchased Shares, issued at or
prior to the Closing (other than shares of Common Stock issued on May 19, 2010 to capitalize Holdco in a de minimis amount) will be issued at the same price per share and will be the same class and have the same terms (subject to the
Stockholders Agreement). 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF THE INVESTOR 
 3.1. The Investor hereby represents and warrants
to Holdco as follows: 
 (a) The Investor has all requisite power and authority and has taken all action necessary in order to
execute, deliver and perform his, her or its obligations under this Agreement, the Stockholders Agreement and the Registration Rights Agreement. Each of this Agreement, the Stockholders Agreement and the Registration Rights Agreement has been duly
executed and delivered by the Investor and constitutes a valid and binding agreement of the Investor enforceable against his, her or it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

(b) The execution, delivery and performance of this Agreement, the Stockholders Agreement and the Registration Rights Agreement by the
Investor do not and will not (i) require him, her or it to obtain any consents, registrations, approvals, permits or authorizations from any domestic or foreign governmental or regulatory authority, agency, commission body, court or other
legislative, executive or judiciary government entity or (ii) constitute or result in a breach or violation of, or a default under, or result in the creation of a lien on any of its property pursuant to (A) any bond, debenture, note or
other evidence of indebtedness or any indenture or other material agreement to which he, she or it is a party or by which he, she or it is bound or to which any of his, her or its property may be subject, (B) any law affecting the Investor or
(C) if the Investor is not an individual, the organizational documents of the Investor. 
 (c) Other than as set forth in
the Stockholders Agreement, the Investor has not granted and is not a party to any proxy, voting trust or other agreement which conflicts with any provision of this Agreement, and the Investor shall not grant any proxy or become party to any voting
trust or other agreement which conflicts with any provision of this Agreement. 
 (d) The Investor is acquiring the Purchased
Shares for his, her or its own account, for investment and not with a view to the sale or distribution thereof, nor with any present intention of distributing or selling the same. The Investor acknowledges that (i) the Purchased Shares have not
been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, consequently, the materials relating to the offer have not been subject to review and

  
 - 3 -

 
comment by the staff of the Securities and Exchange Commission or any other governmental authority, (ii) there is not now and there may never be any public market for the Purchased Shares
and (iii) Rule 144 promulgated under the Securities Act is not presently available with respect to the sale of any Purchased Shares. 
 (e) The Investor has had an opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Purchased Shares and has had full access to such other information
concerning Holdco and its subsidiaries as he, she or it has requested. The Investor’s knowledge and experience in financial and business matters is such that he, she or it is capable of evaluating the merits and risk of the investment in the
Purchased Shares. The Investor has carefully reviewed the terms and provisions of this Agreement, the Stockholders Agreement and the Registration Rights Agreement, and has evaluated the restrictions and obligations contained herein and therein. In
furtherance of the foregoing, the Investor represents and warrants that (i) no representation or warranty, express or implied, whether written or oral, as to the financial condition, results of operations, prospects, properties or business of
Holdco, M-Foods Holdings or any of their subsidiaries or as to the desirability or value of an investment in Holdco has been made to the Investor by or on behalf of Holdco, M-Foods Holdings or any of their subsidiaries, (ii) the Investor has
relied upon his, her or its own independent appraisal and investigation, and the advice of his, her or its own counsel, tax advisors and other advisors, regarding the risks of an investment in Holdco and (iii) the Investor will continue to bear
sole responsibility for making his, her or its own independent evaluation and monitoring of the risks of his, her or its investment in Holdco. 
 (f) The Investor’s financial situation is such that the Investor can afford to bear the economic risk of holding the Purchased Shares for an indefinite period and the Investor can afford to suffer
the complete loss of his, her or its investment in the Purchased Shares. 
 (g) The Investor is not subscribing for the
Purchased Shares as a result of or subsequent to any advertisement, article, notice or other communication published in any newspapers, magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting, or any
solicitation of a subscription by a person or entity not previously known to the Investor in connection with investments in securities generally. 
 (h) The Investor hereby represents and warrants as to his, her or its status by checking the applicable box(es) on Schedule II hereto. 

ARTICLE IV 

DELIVERIES AT THE CLOSING 
 4.1. Deliveries by Holdco at the Closing. At the Closing, Holdco shall: 

(a) issue the Purchased Shares to the Investor; 
 (b) deliver to the Investor the Stockholders Agreement, duly executed by Holdco; and 
 (c) deliver to the Investor the Registration Rights Agreement, duly executed by Holdco. 

  
 - 4 -

 4.2. Deliveries by the Investor at the Closing. At the Closing, the Investor shall
deliver to Holdco: 
 (a) cash in an amount equal to the Subscription Amount; 

(b) the Stockholders Agreement, duly executed by the Investor; and 

(c) the Registration Rights Agreement, duly executed by the Investor. 

ARTICLE V 

CONDITIONS TO THE CLOSING 
 5.1. Conditions to the Obligations of Holdco. The obligations of Holdco to consummate the transactions contemplated hereunder and to take the other actions at the Closing required by this Agreement
are subject to the satisfaction or waiver by Holdco of the following conditions: 
 (a) The representations and warranties of
the Investor set forth in this Agreement shall have been true and correct when made and shall be true and correct as of, and as if made at, the Closing; and 
 (b) The Investor shall have performed all of the agreements and covenants contained in or contemplated by this Agreement that are required to be performed by the Investor under this Agreement at or prior
to the Closing. 
 5.2 Conditions to the Obligations of the Investor. The obligations of the Investor to consummate the
transactions contemplated hereunder and to take the other actions at the Closing required by this Agreement are subject to the satisfaction or waiver by the Investor of the following conditions: 

(a) The representations and warranties of Holdco set forth in this Agreement shall have been true and correct when made and shall be true
and correct as of, and as if made at the Closing; and 
 (b) Holdco shall have performed all of the agreements and covenants
contained in or contemplated by this Agreement that are required to be performed by Holdco under this Agreement at or prior to the Closing. 
 ARTICLE VI 
 MISCELLANEOUS 

6.1. Notices. Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, or mailed
first class mail (postage prepaid) or sent by reputable overnight courier service (charges prepaid) to Holdco at the address set forth below and to the Investor at the address indicated by Holdco’s records, or at such address or to the
attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder when received. Holdco’s address is: 

  
 - 5 -

 
	
	MFI Holding Corporation
	c/o GS Capital Partners VI Fund, L.P.
	200 West Street
	New York, NY 10282-2198
	Attention: Adrian Jones, Oliver Thym and Nicole Agnew
	Fax: (212) 357-5505
	
	with a copy (which shall not constitute notice) to:
	
	 Fried, Frank, Harris, Shriver & Jacobson LLP
 One New York Plaza

	New York, New York 10004
	Attention: Robert C. Schwenkel and Murray Goldfarb
	Fax: (212) 859-4000
	
	with a copy (which shall not constitute notice) to:
	
	Michael Foods Inc.
	301 Carlson Parkway, Suite 400
	Minnetonka, MN 55305
	Attention: Carolyn V. Wolski
	Facsimile: (952) 258-4208

 6.2.
Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, except that neither this Agreement nor any of the rights,
interests or obligations hereunder may be assigned or delegated by any party without the prior written consent of the other party; provided, that, Holdco may assign or delegate this Agreement or any of its rights, interests or obligations
hereunder without such required consent to any of its affiliates, which assignment or delegation shall not relieve Holdco of its obligations hereunder. 
 6.3. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement
is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 6.4. Remedies. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific
terms or were otherwise breached. It is accordingly agreed that each party hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this
being in addition to any other remedy to which such party is entitled at law or in equity. 
 6.5. Covenant of the
Investor. The Investor hereby acknowledges and agrees that the Purchased Shares are subject to restrictions on transfer and resale and may not be transferred or 

  
 - 6 -

 
resold except (i) as provided in the Stockholders Agreement, (ii) as provided in the Registration Rights Agreement, and (iii) as permitted under the Securities Act and applicable
state securities laws, pursuant to registration or exemption therefrom. 
 6.6. Survival of Representations and
Warranties. All representations and warranties contained in this Agreement shall survive the execution and delivery of this Agreement regardless of any investigation made by, or on behalf of, any party hereto. 

6.7. Amendment and Waiver; Third Party Beneficiaries. Subject to applicable Law, any provision of this Agreement hereto may be
amended or waived only in a writing signed by all parties hereto. No waiver of any provision hereunder or any breach or default thereof shall extend to or affect in any way any other provision or prior or subsequent breach or default. Nothing
express or implied in this Agreement is intended or shall be construed to confer upon or give any person other than the parties hereto and their respective heirs, successors and permitted assigns any right, benefit or remedy under or by reason of
this Agreement. 
 6.8. Entire Agreement. This Agreement, the Stockholders Agreement, the Registration Rights Agreement,
and the other writings referred to herein or therein or delivered pursuant hereto or thereto constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties both written and oral, among the
parties, with respect to the subject matter hereof. 
 6.9. Governing Law and Venue; Waiver of Jury Trial. 

(a) This Agreement, including the validity hereof and the rights and obligations of the parties hereunder, all amendments and supplements
hereto and the transactions contemplated hereby, and all actions or proceedings arising out of or relating to this Agreement, of any nature whatsoever, shall be construed in accordance with and governed by the domestic substantive laws of the State
of Delaware without giving effect to any choice of law or conflicts of law provision or rule that might otherwise cause the application of the domestic substantive laws of any other jurisdiction. The parties hereto hereby irrevocably submit to the
exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan within the State of New York in connection with any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby and
each party hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum or lack
of personal jurisdiction in respect of such dispute. Each of the parties hereto agrees that a judgment rendered in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(b) Each party hereto hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury in respect
of any legal proceeding directly or indirectly arising out of, under or in connection with this Agreement or any transaction contemplated hereby. Each party hereto (i) certifies that no representative, agent or attorney of any other party has
represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party hereto have been induced to enter into this Agreement by,
among other things, the mutual waivers and certifications in this Section 6.9. 

  
 - 7 -

 6.10. Interpretation; Construction. 

(a) The headings herein are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit
or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 
 (b) The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as
if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 

6.11. Counterparts. This Agreement may be executed in separate counterparts (including by facsimile), all of which taken together
shall constitute one and the same agreement. 
 6.12. Tax Treatment. Unless otherwise required by applicable law, the
parties to this Agreement agree to treat the contributions pursuant to the Contribution Agreement and the Management Contribution Agreements, and the contemporaneous subscriptions for Common Stock pursuant to the GSCP Subscription Agreement and the
Management Subscription Agreements as integrated transactions and together as transfers described in Section 351 of the Code and any comparable provision of state or local law. None of the parties to this Agreement will take any position to the
contrary on any tax return or otherwise, unless required by applicable law. 

  
 - 8 -

 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the date
first above written. 
  

					
	MFI HOLDING CORPORATION	 	
			
	By:	 	  
	 	
		 	Name:	 	
		 	Title:	 	
		
	INVESTOR	 	
			
	By:	 	  
	 	
		 	Name:	 	
			
		 	Home Address:	 	

  
 - 9 -

 SCHEDULE I 

 

					
	 Investor
	  	Number of Purchased Shares	 	Subscription Amount
	 [—]
	  	[—]	 	[—]

 SCHEDULE II 
 Please check any and all boxes that apply and initial in the space indicated; you must check at least one box: 
  

	 	•	 	 (i) The Investor’s individual net worth, or joint net worth with the Investor’s spouse, as of the date the Investor executes this Agreement,
exceeds $1,000,000; 

  

	 	•	 	 (ii) The Investor had individual income in excess of $200,000 in each of the two most recent years, or joint income with the Investor’s spouse in
excess of $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year; or 

  

	 	•	 	 (iii) None of the statements above apply. 

 Investor’s initials:Senior Executive Cash Incentive Plan

 Exhibit 10.01 
 SONIC CORP. 
 SENIOR EXECUTIVE CASH INCENTIVE PLAN 

1. PURPOSE OF PLAN: The purpose of the Plan is to enable the Company to attract, retain, motivate and reward Participants by
providing them with the opportunity to earn incentive compensation under the Plan related to the Company’s performance. Incentive compensation granted under the Plan is intended to be qualified as performance-based compensation within the
meaning of Section 162(m). 
 2. DEFINITIONS: As used herein, the following definitions shall apply: 

(a) “1933 Act” means the Securities Act of 1933, as amended from time to time. 

(b) “1934 Act” means the Securities Exchange Act of 1934, as amended from time to time. 

(c) “Award” means incentive compensation earned under the Plan pursuant to Section 4. 

(d) “Board” shall mean the Board of Directors of the Company, as constituted from time to time.

 (e) “Cause” as a reason for a Participant’s termination of employment or service shall
have the meaning assigned such term in the employment agreement, if any, between such Participant and the Company or a Subsidiary, provided, however, that if there is no such employment agreement in which such term is defined,
“Cause” shall mean any of the following acts by the Participant, as determined by the Board: gross neglect of duty, prolonged absence from duty without the consent of the Company, intentionally engaging in any activity that is in conflict
with or adverse to the business or other interests of the Company, or willful misconduct, misfeasance or malfeasance of duty which is reasonably determined to be detrimental to the Company. 

(f) “Change of Control” means and includes the occurrence of any one of the following events: 

(i) individuals who, at January 6, 2011, constitute the Board (the “Incumbent Directors”) cease for
any reason to constitute at least a majority of the Board, provided that any person becoming a director after the January 6, 2011 and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent
Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director;
provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest (as described in Rule 14a-11 under the 1934 Act (“Election
Contest”)) or other actual or threatened solicitation of proxies or consents by or on behalf of any “person” (as such term is defined in Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) and 14(d)(2) of the
1934 Act) other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; 

 (ii) any person becomes a “beneficial owner” (as defined in Rule
13d-3 under the 1934 Act), directly or indirectly, of securities of the Corporation representing 20% or more of the combined voting power of the Corporation’s then outstanding securities eligible to vote for the election of the Board (the
“Corporation Voting Securities”); or 
 (iii) the consummation of a reorganization, merger,
consolidation, statutory share exchange or similar form of corporate transaction involving the Corporation that requires the approval of the Corporation’s stockholders, whether for such transaction or the issuance of securities in the
transaction (a “Reorganization”), or the sale or other disposition of all or substantially all of the Corporation’s assets to an entity that is not an Affiliate (a “Sale”), unless immediately following such
Reorganization or Sale: (A) more than 50% of the total voting power of (x) the corporation resulting from such Reorganization or the corporation which has acquired all or substantially all of the assets of the Company (in either case, the
“Surviving Corporation”) or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the
“Parent Corporation”), is represented by the Corporation Voting Securities that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented by shares into which such Corporation Voting
Securities were converted pursuant to such Reorganization or Sale), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Corporation Voting Securities among the holders thereof
immediately prior to the Reorganization or Sale, (B) no person (other than (x) the Company, or (y) any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation is the
beneficial owner, directly or indirectly, of 20% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and
(C) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Reorganization or Sale were Incumbent Directors at
the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization or Sale (any Reorganization or Sale which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed
to be a “Non-Qualifying Transaction”); provided, however, that under no circumstances shall a split-off, spin-off, stock dividend or similar transaction as a result of which the voting securities of the Corporation are
distributed to shareholders of the Company or its successors constitute a Change of Control. 
 Notwithstanding the foregoing, with respect to
an Award that is subject to Section 409A of the Code, and the payment or settlement of which is to be accelerated in connection with an event that would otherwise constitute a Change of Control, no event set forth in the definition of
“Change of Control” will constitute a Change of Control for purposes of the Plan or any Award Agreement unless such event also constitutes a “change in the ownership”, “change in the effective control” or “change
in the ownership of a substantial portion of the assets” of the Company as defined under Section 409A of the Code. 
 (g) “Code” shall mean the Internal Revenue Code of 1986, as amended, including any successor law thereto, and the rules, regulations and guidance promulgated thereunder for time to time.

 (h) “Committee” shall mean a committee consisting of two or more members of the Board, each
of whom shall be an “outside director” as defined under Section 162(m) of the Code, as appointed by the Board to administer the Plan. 

  
 2 

 (i) “Company” shall mean Sonic Corp., a Delaware
corporation, or any successor thereof, and its consolidated Subsidiaries and affiliates. 
 (j)
“Disability” has the meaning ascribed under the long-term disability plan applicable to the Participant. Notwithstanding the above, to the extent an Award is subject to Section 409A of the Code, and payment or settlement of the
Award is to be accelerated solely as a result of the Participant’s Disability, Disability shall have the meaning ascribed thereto under Section 409A of the Code. 

(k) “EBITA” means the Company’s earnings before interest, taxes and amortization. 

(l) “EBITDA” means the Company’s earnings before interest, taxes, depreciation and amortization.

 (m) “GAAP” means the United States Generally Accepted Accounting Principles, as in effect
from time to time. 
 (n) “Participant” means each employee of the Company whom the Committee
designates as a participant under the Plan. 
 (o) “Performance Goals” means the performance
goals set forth in Section 4(e) of the Plan. 
 (p) “Performance Period” means a fiscal
year of the Company or such other period as may be designated by the Committee with respect to an Award. 
 (q)
“Performance Targets” means the performance targets related to the Performance Goals, which are established by the Committee for a Performance Period. 

(r) “Plan” shall mean this Sonic Corp. Senior Executive Cash Incentive Plan. 

(s) “Shareholder” shall mean any individual or company who holds at least one share of stock in the
Company. 
 (t) “Subsidiary” shall mean a corporation or other entity with respect to which the
Company, directly or indirectly, has the power, whether through the ownership of voting securities, by contract or otherwise, to elect at least a majority of the members of such corporation’s board of directors or analogous governing body.

 3. ADMINISTRATION: 
 (a) Power and Authority of the Committee. The Plan shall be administered by the Committee, which shall have full power and authority, subject to the express provisions hereof: 

(i) to designate Participants; 
 (ii) to determine the terms and conditions of Awards granted to Participants; 
 (iii) to establish the Performance Targets during a Performance Period and to determine whether such Performance Targets have been achieved; 

  
 3 

 (iv) to determine the cash amount payable with respect to an Award;

 (v) subject to the provisions of the Plan and applicable laws, rules and regulations, to delegate to one or
more officers of the Company some or all of its authority under the Plan; 
 (vi) to determine the commencement
and duration of Performance Periods; 
 (vii) to prescribe, amend and rescind rules and procedures relating to
the Plan; 
 (viii) to employ such legal counsel, independent auditors and consultants as it deems desirable for
the administration of the Plan and to rely upon any opinion or computation received therefrom; and 
 (ix) to
make all other determinations and take all other actions as may be necessary, appropriate or advisable for the administration of the Plan. 
 (b) Plan Construction and Interpretation. The Committee shall have full power and authority, subject to the express provisions hereof, to construe and interpret the Plan. 

(c) Non-Uniform Determinations. The Committee’s determinations under the Plan need not be uniform and may be
made by it selectively among individuals who receive, or are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee shall be entitled, among
other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective agreements, as to the Participants receiving Awards under the Plan, and the terms and provisions of Awards under the Plan. 

(d) Actions of the Committee. Actions of the Committee shall be taken by the vote of a majority of its members. To
the extent permitted by applicable law, any action may be taken by a written instrument signed by a majority of the Committee members, and action so taken shall be fully as effective as if it had been taken by a vote at a meeting. 

(e) Determinations of Committee Final and Binding. All determinations by the Committee in carrying out and
administering the Plan and in construing and interpreting the Plan, unless otherwise determined by the Board of the Company, shall be made in the Committee’s sole discretion and shall be final, binding and conclusive for all purposes and upon
all persons interested herein. 
 (f) Liability of Committee. Subject to applicable law, no member of the
Committee (nor any administrator) shall be liable to any Participant or any other person for any action or determination made in good faith, and the Committee (and any administrator) shall be entitled to indemnification and reimbursement in the
manner provided in the Company’s Certificate of Incorporation and Bylaws, as they may be amended from time to time. In the performance of its responsibilities with respect to the Plan, the Committee shall be entitled to rely upon information
and advice furnished by the Company’s officers, the Company’s accountants, the Company’s counsel and any other party the Committee deems necessary, and the Committee (and any administrator) shall not be liable for any action taken or
not taken in reliance upon any such advice. 

  
 4 

 4. AWARDS: 

(a) Performance Targets. The Committee may, from time to time, make a determination that a Participant shall be
afforded the opportunity to earn incentive compensation under this Plan during a Performance Period. If the Committee decides to offer such opportunity to one or more Participants, then no later than the earlier of: (A) ninety (90) days
after commencement of the Performance Period to which the Performance Goal relates; or (B) the expiration of the first twenty-five percent (25%) of such Performance Period (or such earlier or later date as may be required by
Section 162(m)), the Committee shall: 
 (i) designate each Participant for the Performance Period;

 (ii) select the Performance Goal or Goals to be applicable to the Performance Period for each Participant;

 (iii) establish specific Performance Targets related to each Performance Goal and the incentive amount which
may be earned for the Performance Period by each Participant with sufficient specificity to satisfy the requirements of Section 162(m) of the Code; and 
 (iv) specify the relationship between Performance Targets and the amount of incentive compensation to be earned by each Participant for the Performance Period. 

The Committee has the discretion to structure Awards in any manner it deems advisable, including, without limitation, (A) specifying
that the incentive amount for a Performance Period will be earned if the applicable Performance Target is achieved for one Performance Goal or for any one of a number of Performance Goals, (B) providing that the incentive amount for a
Performance Period will be earned only if a Performance Target is achieved for more than one Performance Goal, or (C) providing that the incentive amount to be earned for a given Performance Period will vary based upon different levels of
achievement of the applicable Performance Targets. Notwithstanding the forgoing, however, there must be substantial uncertainty whether a Performance Goal will be attained at the time it is established by the Committee. 

(b) Determination of Award. Following the completion of each Performance Period, the Committee shall
certify in writing whether the applicable Performance Targets have been achieved for such Performance Period and the incentive amounts, if any, earned by Participants for such Performance Period. In determining the incentive amount earned by a
Participant for a given Performance Period, the Committee shall have the right to reduce (but not to increase) the incentive amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant
to the assessment of individual or corporate performance for the Performance Period. 
 (c) Payment of
Awards. Awards shall be paid in cash on a date determined by the Committee in its sole discretion and set forth in the award agreement 
 (d) Maximum Amount. Anything in this Plan to the contrary notwithstanding, the maximum aggregate incentive amount that may be earned under the Plan by a Participant for all Performance Periods
beginning in any given fiscal year of the Company shall be $5,000,000. 

  
 5 

 (e) Performance Goals. 

(i) The Performance Goals from which the Committee shall establish Performance Targets shall relate to the achievement of
financial goals based on the attainment of specified levels of one or more of the following performance criteria as the Committee deems appropriate: EBITDA; adjusted EBITDA; EBITA; adjusted EBITA; operating income; free cash flow; net earnings; net
income; net earnings from continuing operations; earnings per share; net earnings per share; return on investments; earned value added; revenue; net revenue; operating revenue; total shareholder return; share price; share price appreciation; sales
growth; sales volume; economic profit; return on equity; return in excess of cost of capital; profit in excess of cost of capital; return on assets; return on invested capital; net operating profit after tax; operating margin; profit margin; gross
or net sales; cash flow(s) (including either operating or net cash flows); value of assets, net assets or capital (including invested capital); adjusted pre-tax margin; margins, profits and expense levels; dividends; market share, market penetration
or other performance measures with respect to specific designated products or product groups and/or specific geographic areas; reduction of losses, loss ratios or expense ratios; reduction in fixed costs; operating cost management; cost of capital;
debt reduction; productivity improvements; inventory turnover measurements; or customer satisfaction based on specified objective goals or a Company-sponsored customer survey. 

(ii) The Performance Targets may be described in terms of objectives that are related to the individual Participant or
objectives that are Company-wide or related to a Subsidiary, division, department, region, function or business unit and may be measured on an absolute or cumulative basis or on the basis of percentage of improvement over time, and may be measured
in terms of Company performance (or performance of a Subsidiary, division, department, region, function or business unit) or measured relative to selected peer companies or a market index. A Performance Target may include both Performance Goals that
relate to the entire Performance Period as well as goals that relate solely to one ore more specific sub-periods within the Performance Period. 
 (iii) To the extent applicable, the measures used in Performance Targets set under the Plan shall be determined in accordance with GAAP and in a manner consistent with the methods used in the
Company’s regular reports on Forms 10-K and 10-Q. 
 (iv) Notwithstanding the above, the Committee shall
adjust or modify the calculation of the degree to which the Performance Targets applicable to such Award were attained, in order to (A) reflect any recapitalization, reorganization, stock split or dividend, merger, acquisition, divestiture,
consolidation, spin-off, combination, liquidation, dissolution, sale of assets or other similar corporate transaction or event occurring during the relevant Performance Period; (B) to exclude the effect of any “extraordinary items”
under GAAP, including, without limitation, any changes in accounting standards; or (C) all items of gain, loss or expense for a fiscal year that are related to special, unusual or non-recurring items, events or circumstances affecting the
Company or the financial statements of the Company. The Committee may, however, provide at the time the Performance Targets are established that one or more of the foregoing adjustments will not be made as to one or more designated Awards.
Adjustments or modifications authorized by this Section 4(e)(iv) shall be made as determined by the Committee to the extent necessary to prevent reduction or enlargement of the Participants’ rights with respect to the Awards. 

(v) To the extent any objective Performance Targets are expressed using any earnings or sales-based measures that require
deviations from GAAP, such deviations shall be at 

  
 6 

 
the discretion of the Committee and established at the time the applicable Performance Targets are established. 
 5. WRITTEN AGREEMENT: Each Award granted under the Plan shall be evidenced by a written agreement between the Company and the Participant and shall contain such provisions as may be approved by the
Committee. Such agreements shall constitute binding contracts between the Company and the Participant and every Participant shall be bound by the terms and restrictions of the Plan and of such agreement. The terms of each such agreement shall be in
accordance with the Plan, but the agreements may include such additional provisions and restrictions determined by the Committee not inconsistent with the Plan. 
 6. TRANSFER OF AWARDS: Unless otherwise determined by the Committee, an Award or rights therein granted to a Participant may not be sold, assigned, transferred, pledged, hypothecated or otherwise
encumbered by the Participant at any time before actual payment is made to the Participant under the Award. 
 7. TERMINATION
OF EMPLOYMENT: Upon grant, the Committee may specify the treatment of an Award upon a Participant’s termination of employment with the Company and its Subsidiaries. Absent any such provision, a Participant’s Award shall be cancelled
upon a termination of employment with the Company and its Subsidiaries prior to the expiration of the Performance Period for any reason and the Participant shall have not right with respect thereto. 

8. CHANGE OF CONTROL: In the event that during a Performance Period (i) a Participant’s employment with the Company and
its Subsidiaries is actually or constructively terminated during a given Performance Period (the “Affected Performance Period”) and (ii) a Change in Control shall have occurred within the 365 days immediately preceding the date
of such termination, then the Participant shall receive, promptly after the date of such termination of employment, an Award for the Affected Performance Period as if the Performance Goals for the Affected Performance Period had been achieved at
100%. 
 9. EFFECTIVENESS OF PLAN: The Plan was adopted by the Board on January 6, 2011 subject to Shareholder approval.
Prior to Shareholder approval, the Committee may grant Awards conditioned on Shareholder approval. If Shareholder approval is not obtained at or before the Company’s 2012 annual meeting of Shareholders, the Plan and any Awards made hereunder
shall terminate ab initio and be of no further force and effect. Re-approval of the Plan by the Shareholders shall be sought on or before the first meeting of the Shareholders that occurs in the fifth year following the year in which the
Shareholders initially approve or subsequently re-approve the Plan, if the Committee determines that such Shareholder re-approval of the Plan is necessary to permit Awards made after such date to qualify as qualified performance-based compensation
under Section 162(m)(4)(C) of the Code. 
 10. TERMINATION, DURATION AND AMENDMENTS OF PLAN: 

(a) Subject to Section 10(b), the Committee may at any time, and from time to time, in its sole discretion alter,
amend, suspend or terminate the Plan in whole or in part for any reason or for no reason; provided, however, that no amendment or other action that requires stockholder approval in order for the Plan to continue to comply with
applicable law shall be effective unless such amendment or other action shall be approved by the requisite vote of Shareholders entitled to vote thereon. 

  
 7 

 (b) No alteration, amendment, suspension or termination of the Plan shall
adversely affect in any material way any Award previously made under the Plan without the written consent of the affected Participant. 
 (c) The provisions of the Plan shall be administered and interpreted in accordance with Section 162(m) of the Code to ensure the deductibility by the Company or its Subsidiaries of the payment of
Awards; provided, however, that the Committee may, in its sole discretion, administer the Plan in violation of Section 162(m) of the Code. In the event that changes are made to Section 162(m) to permit greater flexibility
with respect to any Awards available under the Plan, the Committee may, subject to this Section 10, make any adjustments it deems appropriate. 
 11. MISCELLANEOUS: 
 (a) Withholding Payments. The
Company or a Subsidiary, as appropriate, may require any Participant entitled to receive a payment of an Award to remit to the Company, prior to payment, an amount sufficient to satisfy any applicable tax withholding requirements. The Company or a
Subsidiary, as appropriate, shall have the right to deduct from all cash payments made to a Participant (whether or not such payment is made in connection with a Award) any applicable income or employment taxes or other amounts required to be
withheld with respect to such payments. 
 (b) Section 409A. 

(i) The intent of the parties is that payments and distributions under the Plan comply with, or are exempt from,
Section 409A of the Code. This Plan and any award agreement shall be interpreted and administered to give effect to such intention and to avoid the imposition on any Participant of any additional taxes, accelerated taxes, interest or penalty
under Section 409A of the Code. 
 (ii) If any provision of the Plan would, in the reasonable, good faith
judgment of the Committee, result or likely result in the imposition on the Participant, a beneficiary or any other person of any additional tax, accelerated taxation, interest or penalties under Section 409A of the Code, the Company may modify
the terms of the Plan or any award agreement, or may take any other such action, without the Participant’s consent, in the manner that the Company may reasonably and in good faith determine to be necessary or advisable to avoid the imposition
of such additional tax, accelerated taxation, interest, or penalties or otherwise comply with Sections 409A of the Code. This Section 11(b)(i) does not create an obligation on the part of the Company to modify the Plan or an award agreement and
does not guarantee that the Award will not be subject to additional taxes, accelerated taxation, interest or penalties under Sections 409A of the Code. In no event shall the Company or any of its Subsidiaries be liable for any tax, interest or
penalties that may be imposed on a Participant by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code. 
 (iii) Notwithstanding anything herein to the contrary, if a Participant is deemed on the date of his or her “separation from service” (as determined by the Company pursuant to Section 409A
of the Code) to be one of the Company’s “specified employees” (as determined by the Company pursuant to Section 409A of the Code), then any portion of any of the Participant’s Awards that constitutes deferred compensation
within the meaning of Section 409A of the Code and is payable or distributable upon the Participant’s separation from service shall not be made or provided prior to the earlier of (i) the six-month anniversary of the date of the
Participant’s 

  
 8 

 
separation from service or (ii) the date of the Participant’s death (the “Delay Period”). All payments and distributions delayed pursuant to this
Section 11(b)(iii) shall be paid or distributed to the Participant within 30 days following the end of the Delay Period subject to applicable withholding, and any remaining payments and distributions due after the end of the Delay Period shall
be paid or distributed in accordance with the payment or distribution schedule specified for them. 
 (c) No
Rights to Awards or Employment. This Plan is not a contract between the Company and any individual. No individual shall have any claim or right to receive awards under the Plan. Nothing in the Plan shall confer upon any employee of the Company
any right to continued employment with the Company or interfere in any way with the right of the Company to terminate the employment of any of its employees at any time, with or without cause, including, without limitation, any individual who is
then a Participant in the Plan. 
 (d) Other Compensation. Nothing in this Plan shall preclude or limit
the ability of the Company to pay any compensation to a Participant under the Company’s other compensation and benefit plans, programs and arrangements, including, without limitation, any equity plan or bonus plan, program or arrangement.

 (e) No Limitation on Corporate Actions. Nothing contained in this Plan shall be construed to prevent
the Company or any Subsidiary from taking any corporate action, whether or not such action would have an adverse effect on any awards made under the Plan. No Participant, beneficiary or other person shall have any claim against the Company or any
Subsidiary as a result of any such action. 
 (f) Unfunded Status of Awards. This Plan is intended to
constitute an unfunded plan for incentive compensation. Prior to the payment of any Award, nothing contained herein shall give any Participant any rights that are greater than those of a general creditor of the Company. In its sole discretion, the
Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver payment in cash with respect to Awards hereunder. 

(g) Severability. If any provision of this Plan is held unenforceable, the remainder of the Plan shall continue in
full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan. In addition, if any provision of this Plan would cause Awards not to constitute
“qualified performance-based compensation” under Section 162(m), that provision shall be severed from, and shall be deemed not to be a part of, the Plan, but the other provisions hereof shall remain in full force and effect.

 (h) Successors. All obligations of the Company under the Plan with respect to Awards granted hereunder
shall be binding on any successor to the Company, 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 Company.

 (i) Expenses. The costs and expenses of administering the Plan shall be borne by the Company.

 (j) Recoupment. Any payments made pursuant to the Plan shall be subject to any recoupment policy
adopted by the Company or required by law as in effect from time to time. 

  
 9 

 (k) Governing Law. The Plan and the rights of all persons claiming
hereunder shall be construed and determined in accordance with the laws of the State of Oklahoma without giving effect to the choice of law principles thereof, except to the extent that such law is preempted by federal law. 

  
 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]