Sonic hereby establishes the Sonic Corp. Non-Executive Severance Plan effective as of the Effective Time, as defined in the Agreement and Plan of Merger (the “ Merger Agreement ”) among Inspire Brands, Inc., SSK Merger Sub, Inc. and Sonic Corp., dated as of September 24, 2018 (the “ Effective Date ”). For the avoidance of doubt, if the transactions contemplated by the Merger Agreement are not consummated or are abandoned, this Plan shall be void ab initio .
establishment of the plan