Document:

Exhibit 10.2

    Exhibit
      10.2

     

    
 

    CLARK,
      INC.

     

    INCENTIVE
      STOCK OPTION AGREEMENT

     

    

    This
      Incentive OPTION AGREEMENT (this “Option Agreement”) is entered into by and
      between Clark, Inc., a Delaware corporation (the “Company”), and [Insert
      Full Name]
      (the
“Optionee”).

    1.  Grant
      of Option.
      The
      Company hereby grants to the Optionee effective as of the date set forth in
      Section 23 hereof (the “Date of Grant”), the right and option (the “Option”) to
      purchase up to the aggregate number of shares of common stock, par value $.01
      per share, of the Company (the “Common Stock”) set forth in Section 23 hereof,
      subject to adjustment pursuant to Section 3 hereof and subject to the Optionee’s
      acceptance and agreement to all of the terms and conditions and restrictions
      described in the Clark, Inc. Incentive Compensation Plan (the “Plan”), a copy of
      which has been made available to the Optionee, and to the further terms,
      conditions and restrictions set forth below.

    2.  Exercise
      Price.
      Subject
      to adjustment pursuant to Section 3, the exercise price payable by the Optionee
      upon exercise of this Option is set forth in Section 23 hereof.

    3.  Adjustments
      to Number of Shares and Option Price.
      The
      number of shares and exercise price shall be subject to adjustments as provided
      in Section 6.2 of the Plan.

    4.  Tax
      Status.
      This
      Option is intended to be treated as an “incentive stock option” within the
      meaning of Section 422 of the Code to the extent that any portion of this Option
      meets the requirements of Section 422 of the Code. To the extent that any
      portion of this Option does not meet such Code requirements, this Option shall
      be deemed a nonqualified stock option.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    5.  Exercise
      of Option.
      Subject
      to the terms of the Plan and this Option Agreement, Optionee shall have the
      right to acquire shares of Common Stock under this Option Agreement as
      follows:

    (a)  As
      of
[Insert
      Date]
      and
      thereafter, Optionee may exercise rights to acquire [Insert
      %]
      of the
      Common Stock subject to the Option;

    (b)  As
      of
[Insert
      Date]
      and
      thereafter, Optionee may exercise rights to acquire an additional [Insert
      %]
      of the
      Common Stock subject to the Option and;

    (c)  As
      of
[Insert
      Date]
      and
      thereafter, Optionee may exercise rights to acquire an additional [Insert
      %]
      of the
      Common Stock subject to the Option.

    6.  Expiration
      of Option.
      This
      Option shall expire and cease to be exercisable on [Insert
      Date]
      or such
      earlier date as may be specified in the Plan.

    7.  Termination
      of Employment.
      In the
      event that the employment of the Optionee with the Company and all of its
      Subsidiaries shall at any time hereafter terminate for any reason other than
      death, any part of the Option granted hereunder which has not been exercised
      by
      the date of such termination shall expire unless exercised prior to the date
      of
      its expiration or within ninety (90) days after the date of such termination,
      whichever occurs first.

    8.  Death
      of Optionee.
      If
      Optionee dies prior to the termination of his right to exercise the Option
      in
      accordance with the provisions hereof without having totally exercised the
      Option, the Option may be exercised by the Optionee’s executor, administrator or
      the person or persons to whom the Optionee’s rights under the Option pass by the
      laws of descent and distribution (Optionee’s “Successor”). If Optionee dies
      while in the employ of the Company or any Subsidiary, the Option shall expire
      unless exercised (to the extent exercisable immediately prior to Optionee’s
      death) by his Successor prior to the date of expiration of the Option or one
      (1)
      year from the date of Optionee’s death, whichever comes first.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    9.  Additional
      Accelerated Vesting.
      In the
      event the Company is subject to a “Change in Control,” any part of the Option
      granted hereunder which has not already been exercised, shall be exercisable
      and
      shall be immediately one hundred percent (100%) vested without regard to the
      periods and installments of exercisability specified in Section 5, if and only
      if such Option has not at that time expired or been terminated, in accordance
      with Section 7 or otherwise, in which case, any unexercised portion shall be
      deemed cancelled as of the effective date of such Change in Control. For the
      purposes of this Section, “Change in Control” shall be deemed to have occurred
      if (i) the Company becomes a subsidiary of another corporation or entity or
      is
      merged or consolidated into another corporation or entity or substantially
      all
      of the assets of the Company are sold to another corporation or entity; (ii)
      any
      person, corporation, partnership or other entity, either alone or in conjunction
      with its “affiliates,” as that term is defined in Rule 405 of the General Rules
      and Regulations under the Securities Act of 1933, as amended, or other group
      of
      persons, corporations, partnerships or other entities who are not “affiliates”
but who are acting in concert, other than Tom Wamberg or his family members
      or
      any person, organization or entity that is controlled by Tom Wamberg or his
      family members, becomes the owner of record or beneficially of securities of
      the
      Company that represent thirty-three and one-third percent (33 1/3%) or more
      of
      the combined voting power of the Company’s then outstanding securities entitled
      to elect the Board; or (iii) the Board or the Committee thereof makes a
      determination in its reasonable judgment that a “Change in Control” of the
      Company has taken place. In all events, the determination that a “Change in
      Control” has occurred shall be made by the Committee.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    10.  Procedure
      to Exercise.
      The
      Optionee (or other person entitled to exercise this Option) shall purchase
      shares of stock of the Company subject hereto by the payment to the Company
      of
      the purchase price in full and the amount of employment tax and withholding
      tax
      due, if any, upon the exercise of this Option as follows: (i) via personal
      check, bank draft, money order, certified check, or cashier’s check payable to
      the order of the Company or by money transfers or direct account debits;
      (ii)through
      the delivery or deemed delivery based on attestation to the ownership of
      Previously Acquired Shares (i.e., shares owned by the Optionee for not less
      than
      6 months) of Common Stock with a Fair Market Value equal to the total payment
      due from the Participant, or delivery by the Participant of a written
      attestation of the same; (iii) through the delivery of shares of Common Stock
      otherwise deliverable upon exercise, if such withholding will not result in
      additional accounting expense to the Company as determined in the discretion
      of
      the Committee; or (iv) a copy of irrevocable instructions to a broker to
      promptly deliver to the Company the amount of proceeds from a sale of shares
      of
      Common Stock equal to the exercise price and any applicable withholding
      taxes.

    Any
      employment or withholding tax due upon exercise of this Option shall be, and
      shall remain, the responsibility of the Optionee (or such Optionee’s estate or
      representative). This Option may be exercised from time to time by written
      notice to the Company stating the full number of shares to be purchased and
      the
      time and delivery thereof, which shall be at least fifteen days after the giving
      of notice unless an earlier date shall have been agreed upon between the
      Optionee (or other person entitled to exercise this Option) and the Company,
      accompanied by full payment for the shares as described in the first sentence
      of
      this Section 10. The Company will, as soon as is reasonably possible, notify
      the
      Optionee (or such Optionee’s representative) of the amount of employment tax and
      other withholding tax, if any, that must be paid under federal, state and local
      law due to the exercise of this Option. The Company shall have no obligation
      to
      deliver certificates for the shares purchased until the Optionee (or such
      Optionee’s representative) pays to the Company the purchase price in full and
      the amount of employment tax and withholding tax specified in the Company’s
      notice as described in this Section 10 by payment terms set forth in the first
      sentence of this Section 10. At the time of delivery, the Company shall, without
      transfer or issue tax to the Optionee (or other person entitled to exercise
      this
      option) deliver at the principal office of the Company, or at such other place
      as shall be mutually agreed upon, a certificate or certificates for such shares,
      provided, however, that the time of delivery may be postponed by the Company
      for
      such period as may be required for it to comply with reasonable diligence with
      any requirements of law.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    11.  Nontransferability
      of Option.
      This
      Option shall not be assignable or transferable other than by will or the laws
      of
      descent and distribution and shall be exercisable during the Optionee’s lifetime
      only by the Optionee.

    12.  Continued
      Employment or Retention.
      Subject
      to the terms of any employment agreement between the Company and the Optionee,
      nothing herein shall confer upon the Optionee any right to be continued in
      the
      employ of the Company or a Subsidiary, or shall prevent the Company or
      Subsidiary which employs the Optionee from terminating such employment at any
      time, with or without cause.

    13.  Rights
      as Stockholder.
      Nothing
      herein is intended to or shall give to the Optionee or the legal
      representatives, heirs, legatees, or distributees of the Optionee any right
      or
      status of any kind as a stockholder of the Company in respect of any shares
      of
      Common Stock covered by this Option or entitle the Optionee or the legal
      representatives, heirs, legatees, or distributees of the Optionee to any
      dividends or distributions thereon unless and until such shares shall have
      been
      delivered to the Optionee or the legal representatives, heirs, legatees, or
      distributees of the Optionee and registered in the Optionee’s name and the
      Optionee or the legal representatives, heirs, legatees, or distributees of
      the
      Optionee has received a certificate or certificates therefor.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    14.  Interpretation.
      If and
      when questions arise from time to time as to the intent, meaning or application
      of the provisions hereof or of the Plan, such questions shall be decided by
      the
      Committee in its sole discretion, and any such decision shall be conclusive
      and
      binding on the Optionee. The Optionee hereby agrees that this Option is granted
      and accepted subject to such condition and understanding.

    15.  Investment
      Representation.
      At such
      time or times as the Optionee may exercise this Option, the Optionee shall,
      upon
      the request of the Company, represent in writing (i) that the shares being
      acquired by the Optionee under this Option will not be sold except pursuant
      to
      an effective registration statement, or applicable exemption from registration,
      under the Securities Act of 1933, as amended, (ii) that it is the Optionee’s
      intention to acquire the shares being acquired for investment only and not
      with
      a view to distribution thereof, and (iii) other customary representations as
      the
      Company deems necessary or advisable. No shares will be issued to the Optionee
      unless the Optionee provides such representations and agreements and the Company
      is satisfied as to the accuracy of such representations and
      agreements.

    16.  Withholding
      of Taxes.
      Upon
      exercise of this Option (either wholly or in part), the Optionee must pay to
      the
      Company, or make arrangements satisfactory to the Company regarding payment
      of,
      any federal, state or local taxes of any kind required to be withheld in
      connection with the issuance to the Optionee of Common Stock upon exercise
      of
      this Option. The Company may permit withholding of shares of Common Stock in
      accordance with procedures established by the Company as an election by Optionee
      to meet applicable withholding requirements.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    17.  Notices.
      All
      notices and other communications hereunder shall be in writing and shall be
      deemed to have been duly given if delivered personally, mailed certified mail
      (return receipt requested) or sent by overnight delivery service, cable,
      telegram, facsimile transmission or telex to the Optionee at the address on
      the
      signature page hereof and to the Company at the address set forth below or
      at
      such other addresses as shall be specified by the parties by like
      notice:

    Clark,
      Inc.

    102
      South
      Wynstone Park Drive

    North
      Barrington, IL 60010

    Attention:
      Jim Radosevich

    Facsimile
      No. (847) 304-9568

    

    18.  Defined
      Terms.
      All
      capitalized terms used herein and not otherwise defined shall have the meanings
      given them in the Plan.

    19.  Stockholder
      Approval.
      Notwithstanding the provisions of Section 10 hereof, this Option may not be
      exercised unless and until the Plan has been duly approved by the stockholders
      of the Company.

    20.  Confidentiality.
      Unless
      otherwise permitted by the Chairman of the Board or the President of the
      Company, Optionee agrees to keep confidential the terms of this Option Agreement
      (and the terms of any other Option Agreement with any other Employee of the
      Company known to Optionee) and shall not disclose such terms to any other
      Employee or otherwise.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    21.  Nondisclosure
      and Nonsolicitation.
      In
      further consideration for the grant to Optionee of the Option evidenced by
      this
      Option Agreement, Optionee hereby covenants and agrees as follows:

    (a)  Optionee
      hereby acknowledges that Optionee will have access to certain trade secrets
      and
      confidential information of the Company and of corporations and/or other
      business enterprises directly or indirectly owned, controlled and/or operated
      by
      the Company (“Affiliates”) and that such information constitute valuable,
      special and unique property of the Company and such corporations. Optionee
      shall
      not, during or after the term of Optionee’s employment by the Company or a
      Subsidiary, disclose any such trade secrets or confidential information to
      any
      person or entity for any reason or purpose whatsoever except as may be required
      by law or use such confidential information for any purpose not authorized
      by
      the Chairman of the Board. Confidential information shall include (i) all
      information designated as confidential by the Chairman of the Board and (ii)
      all
      information the disclosure of which Optionee knows, or in the exercise of
      reasonable care should know, would be damaging to the Company; provided,
      however, that confidential information shall not include any information known
      generally to the public (other than as a result of unauthorized disclosure
      by
      Optionee) or any information not otherwise considered by the Chairman of the
      Board or the Board of Directors to be confidential.

    (b)  Optionee
      agrees that during the term of Optionee’s employment by the Company or a
      Subsidiary and for a period of twelve months following the termination of
      Optionee’s employment, Optionee shall not, either alone or on behalf of any
      business competing with the Company or any Affiliate, directly or indirectly
      (i)
      solicit or induce, or in any manner attempt to solicit or induce any person
      employed by, or an agent of, the Company or any Affiliate to terminate his
      contract of employment or agency, as the case may be, with the Company or any
      Affiliate, as the case may be, or (ii) solicit, divert, or attempt to solicit
      or
      divert, as a supplier or customer, any person, concern or entity which, as
      of
      the date of termination or during the one year period prior thereto, furnishes
      products or services to, or receives products and services from the Company
      or
      any Affiliate, nor will Optionee attempt to induce any such supplier or customer
      to cease being (or any prospective supplier or customer not to become) a
      supplier or customer of the Company or any Affiliate.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    22.  Noncompetition.
      If,
      during the twelve month period following Optionee’s termination, for any reason,
      of Optionee’s employment with the Company or any of its subsidiaries at any
      place within the United States in which the Company conducts business at the
      time of such termination; Optionee shall engage in either as a partner, officer,
      director, employee agent or shareholder (other than as the holder of less than
      10% of the outstanding capital stock of any corporation whose stock is traded
      on
      a national securities exchange), be interested in or render services to any
      business then competitive with the Company or its subsidiaries:

    (a)  The
      ninety (90) day extension of paragraph 7 shall cease.

    (b)  Optionee
      shall reimburse the Company for the difference between the market value on
      date
      of exercise and the option price on date of exercise, for all options exercised
      by Optionee during the twelve month period preceding the
      termination.

    (c)  Optionee
      acknowledges the Company’s right to recover such amounts due from any and all
      amounts due the Optionee for prior services as an employee.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    23.  Specified
      Information.
      This
      Option Agreement shall apply with respect to the following specific
      information:

    (a)  Date
      of
      Grant: [Insert
      Date]

    (b)  Name
      of
      Optionee: [Insert
      Full Name]

    (c)  Number
      of
      Shares Covered by Option: [Insert
      Number of Shares]

    (d)  Option
      Exercise Price Per Share: [Insert
      Stock Price at closing]

    

     

    [SIGNATURE
      PAGE FOLLOWS]

     

    

    
      
        
           

        

         

      

      
        10

        
          

        

      

      
         

        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Option Agreement to be
      effective as of the Date of Grant set forth above.

     

    
      	 	
              CLARK,
                INC.

               

              By: 
                
                

              

              Jim
                Radosevich

              Vice
                President and Corporate Secretary

               

            
	 	
               

               

               

               

                

              

              [Insert
                Full Name],
                Optionee

              Social
                Security Number: [Insert
                SSN #]

              Optionee’s
                Address:

              [Insert
                home address]

               

            

    

    

     

    
      
         

      

      
        11EXHIBIT 10.3

                           COMMERCIAL PROMISSORY NOTE

$600,000                                                   Dated: April 10, 2006

     FOR VALUE RECEIVED,  the  undersigned,  Sun River Energy,  Inc., a Colorado
corporation  (hereinafter  "Maker"),  promises to pay to Robert A. Doak,  Jr. at
such other place as the Holder may  designate in writing,  the  principal sum of
Six Hundred Thousand Dollars  ($600,000),  together with interest at 6% thereon,
due as  follows:  $300,000  payable  ten  days  after  completion  of a  private
placement,  and the balance of $300,000  is due  January 2, 2007  together  with
accrued interest.

     Maker  has the  right to  prepay  this Note in whole or in part at any time
during the term of this Note without premium or penalty.

     In  event  Maker  shall  (i)  default  in  the  performance  of  any of the
obligations,  covenants or agreements legally imposed by the terms of this Note,
or (ii)  apply for or  consent in  writing  to the  appointment  of a  receiver,
trustee,  or  liquidator  of  Maker  or  (iii)  file  a  voluntary  petition  in
bankruptcy,  or admit in writing Maker's  inability to pay Maker's debts as they
come due, or (iv) make general assignments for the benefit of creditors,  or (v)
file a petition or answer seeking reorganization or rearrangement with creditors
or taking  advantage of any insolvency law, or (vi) file an answer admitting the
material  allegations  of a  petition  filed  against  Maker in any  bankruptcy,
reorganization,  insolvency or similar proceedings, at the option of the Holder,
the  whole  indebtedness  evidenced  hereby  may be  declared  due  and  payable
whereupon  the entire  unpaid  principal  balance of this Note and all  interest
accrued  thereon from last payment date at 12% per annum shall thereupon at once
mature and become due and payable  without  presentment or demand for payment or
notice of the intent to exercise  such option or notice of the  exercise of such
option by the Holder,  or notice of any kind, all of which are hereby  expressly
waived by Maker and may be collected by suit or other legal proceedings.

     If all or any part of the amount of this Note be declared due in accordance
with the other provisions  hereof, or if any installment  herein provided is not
paid when due, the principal  balance as the case may be, shall bear interest at
the  lesser of (i) twelve  percent  (12%) per annum,  or (ii) the  Maximum  Rate
allowed under applicable law until paid in full or until the Note is reinstated.
Notice of Default shall be given,  in writing,  to Maker,  after five days after
occurrence of default. Maker shall have 10 days after written Notice of Default,
within which to cure the default plus interest at default  rate,  legal fees and
costs incurred.

         Except as otherwise  provided herein, the undersigned and all sureties,
guarantors  and  endorsers of this Note  severally  waive all notices,  demands,
presentments  for  payment,  notices  of  non-payment,  notice of  intention  to
accelerate the maturity,  notices of acceleration,  notices of dishonor, protest
and notice of protest,  diligence in collecting or bringing suit as to this Note
and as to each, every and all installments hereof and all obligations  hereunder
and  against  any party  hereto and to the  application  of any  payment on this
obligation,  or as an  offset  hereto,  and agree to all  extensions,  renewals,
partial  payments,  substitutions  or evidence of  indebtedness  and the taking,
release or substitution of all or any part of the security or the release of any
party liable hereon with or without notice before or after maturity.

         It is the intention of the parties hereto to comply with the usury laws
applicable to this loan if any,  accordingly  it is agreed that  notwithstanding
any provision to the contrary in this Note or in any of the  documents  securing
payment  hereof no such  provision  shall  require  the  payment  or permit  the
collection of interest in excess of the maximum permitted

<PAGE>

by law. If any excess of interest is provided for,  contracted for,  charged for
or received,  then the provisions of this paragraph shall govern and control and
neither the Maker hereof nor any other party liable for the payment hereof shall
be obligated to pay the amount of such excess interest. Any such excess interest
which may have been collected shall be, at the Holder's  option,  either applied
as a credit  against  the then  unpaid  principal  amount  hereof or refunded to
Maker.  The  effective  rate of  interest  shall  be  automatically  subject  to
reduction to the maximum  lawful  contract  rate allowed under the usury laws as
now or hereafter construed.  It is further agreed that without limitation of the
foregoing, all calculations of the rate of interest contracted for, charged for,
or  received  under this Note  which are made for the  purposes  of  determining
whether such rate exceeds the maximum lawful rate,  shall be made, to the extent
permitted by law, by  amortizing,  prorating,  allocating and spreading in equal
parts  during the full stated term of this Note,  all interest  contracted  for,
charged for or received from the Maker or otherwise by the Note Holder.

         In the  event  this Note is  placed  in the  hands of an  attorney  for
collection  (whether or not suit is filed),  or in the event it is  collected by
suit or through  bankruptcy,  probate,  receivership or other legal  proceedings
(including  foreclosure),  the undersigned hereby agrees to pay to the Holder as
attorney's  fees a reasonable  amount in addition to the  principal and interest
then due hereon, and all other costs of collection.

         IN WITNESS  WHEREOF,  Maker has fully executed this Note as of the date
first above written.

                                                    Sun River Energy, Inc.
                                                    a Colorado Corporation

Corporate Seal
                                                    by:_______________________
                                                       President

                                                       Attest:

                                                    by:_________________________
                                                        Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]