Waiver to Agreement and Plan of Merger between Sonic Corp. and Inspire Brands, Inc. (November 21, 2018)

Reference is hereby made to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of September 24, 2018, by and among Sonic Corp. (the “Company”), Inspire Brands, Inc. (“Parent”) and SSK Merger Sub, Inc. (“Merger Sub”). Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Merger Agreement.

This waiver (this “Waiver”) confirms the agreement between Parent (on behalf of itself and Merger Sub) and the Company that (i) the reference to the second (2nd) Business Day in Section 2.02(a) of the Merger Agreement shall now be a reference to the first (1st) Business Day and (ii) the reference to December 21, 2018 in Section 2.02(b) of the Merger Agreement shall now be a reference to December 7, 2018. All other provisions of the Merger Agreement remain in effect.