Document:

Exhibit 10.2

             

             

            
            PROCEEDS ESCROW AGREEMENT

             

            
            This Proceeds Escrow Agreement (this “Agreement”) is made
            and entered into as of the 7th day of December 2007, by and between Castwell Precast
            Corporation, a Nevada corporation (the “Company”), and Colonial Stock
            Transfer Company, Inc., a Utah corporation (the “Escrow Agent”).

             

            
            Premises

             

            
            The Company proposes to offer for sale to the general public in certain
            states 1,000,000 shares of the Company’s common stock, par value $0.001, at an
            offering price of $0.15 per share, pursuant to a Registration Statement on Form SB-2
            (the “Registration Statement”) on file with the Securities and Exchange
            Commission. The Shares are being offered on a “best efforts, 800,000 Share
            minimum - 1,000,000 Share maximum” basis. The Company and the Escrow Agent desire
            to provide for the escrow of the gross subscription payments for Shares in a segregated
            account until the amount, as set forth below, has been received.

             

            
                	
                            
                             

                        	
                            
                            Agreement

                        

            

             

            
                	
                            
                             

                        	
                            
                            NOW, THEREFORE, the parties hereto agree as
                            follows:

                        

            

             

            
            1.       Until termination of this
            Agreement, all funds collected by the Company from subscriptions for the purchase of
            Shares in the subject offering shall be delivered promptly to the Escrow Agent who
            shall promptly deposit such checks in a segregated bank account established for
            purposes of this Agreement. Checks shall be made payable to “Colonial Stock
            Transfer as Escrow Agent for Castwell Precast Corporation.”

             

            
            2.       Concurrently with
            transmitting funds to the Escrow Agent, the Company shall also deliver to the Escrow
            Agent a schedule setting forth the name and address of each subscriber whose funds are
            included in such transmittal, the number of Shares subscribed for, and the dollar
            amount paid. All funds so deposited shall remain the property of the subscriber and
            shall not be subject to any lien or charges by the Escrow Agent, or judgments or
            creditors’ claims against the Company until released to it in the manner
            hereinafter provided.

             

            
            3.       If at any time prior to the
            expiration of the offering period, as specified in paragraph 4, $120,000 has been
            deposited in the account pursuant to this Agreement, the Escrow Agent shall confirm the
            receipt of such funds to the Company and, on written request of the Company, promptly
            transmit the amount deposited in escrow to the Company (such event is hereinafter
            referred to as the “Closing”).

             

            
            4.       If, within three months
            after the effective date of the Registration Statement (unless the Escrow Agent
            receives written notice from the Company that such escrow period has been

             

            
                	
                            
                             

                        	
                            
                            -1-

                        

            

             

            
            

            

            

            
            extended for one additional month) the Company has not deposited
            $120,000 in good funds with the Escrow Agent, the Escrow Agent shall so notify the
            Company and shall promptly transmit to those investors who subscribed for the purchase
            of Shares the amount of money each such investor so paid. The Escrow Agent shall
            furnish to the Company an accounting for the refund in full to all
            subscribers.

             

            
            5.       If at any time prior to the
            termination of this escrow the Escrow Agent is advised by the Securities and Exchange
            Commission that a stop order has been issued with respect to the Registration
            Statement, the Escrow Agent shall notify the Company of such event and thereon return
            all funds to the respective subscribers.

             

            
            6.       It is understood and agreed
            that the duties of the Escrow Agent are entirely ministerial, being limited to
            receiving monies from the Company and holding and disbursing such monies in accordance
            with this Agreement.

             

            
            7.       The Escrow Agent acts
            hereunder as a depository only, and is not responsible or liable in any manner
            whatsoever for the sufficiency, correctness, genuineness, or validity of any instrument
            deposited with it, or with respect to the form or execution of the same, or the
            identity, authority, or rights of any person executing or depositing the
            same.

             

            
            8.       The Escrow Agent shall not
            be required to take or be bound by notice of any default of any person or to take any
            action with respect to such default involving any expense or liability, unless notice
            in writing is given to an officer of the Escrow Agent of such default by the
            undersigned or any of them, and unless it is indemnified in a manner satisfactory to it
            against any expense or liability arising therefrom.

             

            
            9.       The Escrow Agent shall not
            be liable for acting on any notice, request, waiver, consent, receipt, or other paper
            or document believed by the Escrow Agent to be genuine and to have been signed by the
            proper party or parties.

             

            
            10.     The Escrow Agent shall not be liable
            for any error of judgment or for any act done or step taken or omitted by it in good
            faith, or for any mistake of fact or law, or for anything which it may do or refrain
            from doing in connection herewith, except its own willful misconduct.

             

            
            11.     The Escrow Agent shall not be
            answerable for the default or misconduct of any agent, attorney, or employee appointed
            by it if such agent, attorney, or employee shall have been selected with reasonable
            care.

             

            
            12.     The Escrow Agent may consult with legal
            counsel in the event of any dispute or question as to the consideration of the
            foregoing instructions or the Escrow Agent’s duties hereunder, and the Escrow
            Agent shall incur no liability and shall be fully protected in acting in accordance
            with the opinion and instructions of such counsel.

             

            
            13.     In the event of any disagreement
            between the undersigned or any of them, the person or persons named in the foregoing
            instructions, and/or any other person, resulting in adverse claims and/or demands being
            made in connection with or for any papers, money, or property involved

             

            
                	
                            
                             

                        	
                            
                            -2-

                        

            

             

            
            

            

            

            
            herein or affected hereby, the Escrow Agent shall be entitled at its
            option to refuse to comply with any such claim, or demand so long as such disagreement
            shall continue and, in so refusing, the Escrow Agent shall not be or become liable to
            the undersigned or any of them or to any person named in the foregoing instructions for
            the failure or refusal to comply with such conflicting or adverse demands, and the
            Escrow Agent shall be entitled to continue to so refrain and refuse to so act
            until:

             

            
            (a)  the rights of
            adverse claimants have been finally adjudicated in a court assuming and having
            jurisdiction of the parties and the money, papers, and property involved herein or
            affected hereby; and/or

             

            
            (b)  all differences
            shall have been adjusted by agreement and the Escrow Agent shall have been notified
            thereof in writing signed by all of the persons interested.

             

            
            14.     The fee of the Escrow Agent is $1,000
            and $200 for each full month the escrow remains open (with the charge for any partial
            month being prorated). In addition, if a minimum of $120,000 is not received in escrow
            within the escrow period and the Escrow Agent is required to return funds to investors
            as provided in section 4, the Escrow Agent shall receive a fee of $10.00 per check for
            such service. The fee agreed on for services rendered hereunder is intended as full
            compensation for the Escrow Agent’s services as contemplated by this Agreement;
            however, in the event that the conditions of this Agreement are not fulfilled, the
            Escrow Agent renders any material service not contemplated by this Agreement, there is
            any assignment of interest in the subject matter of this Agreement, there is any
            material modification hereof, any material controversy arises hereunder, or the Escrow
            Agent is made a party to or justifiably intervenes in any litigation pertaining to this
            Agreement or the subject matter hereof, the Escrow Agent shall be reasonably
            compensated for such extraordinary expenses, including reasonable attorneys’
            fees, occasioned by any delay, controversy, litigation, or event and the same may be
            recoverable only from the Company.

             

            
            15.       The terms, covenants and
            conditions herein contained shall be binding upon and inure to the benefit of the
            parties and their respective heirs, successors, transferees and assigns. Neither the
            Company nor the Escrow Agent shall assign this Agreement or any rights hereunder to
            anyone except with the prior written consent of the other party. This Agreement
            constitutes the entire agreement between the parties with respect to the subject matter
            hereof and may only be modified by a subsequent writing executed by both parties. If
            any term, covenant, condition or agreement of this Agreement or the application of it
            to any person or circumstance shall to any extent be invalid or unenforceable, the
            remainder of this Agreement or the application of such term, covenant, condition or
            agreement to persons or circumstances, other than those as to which it is invalid or
            unenforceable, shall not be affected thereby, and each term, covenant, condition or
            agreement of this Agreement shall be valid and shall be enforced to the extent
            permitted by law. This Agreement shall be construed and enforced in accordance with,
            and governed by, the laws of the state of Utah.

             

            
                	
                            
                             

                        	
                            
                            -3-

                        

            

             

            
            

            

            

            

            
            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
            executed by their respective duly authorized officers, as of the date first above
            written.

             

            
                	
                            
                             

                        	
                            
                            Castwell Precast Corporation

                        

            

             

             

            
                	
                            
                             

                        	
                            
                            By /s/ Mathew
                            Martindale

                        

            

            
                	
                            
                             

                        	
                            
                            Mathew Martindale, President

                        

            

             

             

            
                	
                            
                             

                        	
                            
                            Colonial Stock Transfer Company, Inc.

                        

            

             

             

            
                	
                            
                             

                        	
                            
                            By /s/ Kathy
                            Carter

                        

            

            
                	
                            
                             

                        	
                            
                            Duly Authorized Officer

                        

            

             

             

             

            
                	
                            
                             

                        	
                            
                            -4-Exhibit 10.3

PROMOTIONAL SHARES LOCK-IN AGREEMENT

 

This Promotional Shares Lock-In Agreement (“Agreement”) was entered into December 6, 2007, among Castwell Precast Corporation, a Nevada corporation (the “Company”), and Jason Haislip, Amy Martindale and Mathew Martindale, (the “Subject Shareholders”). The Company is located at 5641 South Magic Drive, Salt Lake City, Utah 84107. The Company and Subject Shareholders are collectively referred to as “Signatories” in this Agreement.

The Company has applied to register its Equity Securities with the Securities Administrator of the State of Utah (the “Administrator”), and if applicable, with the Securities Administrator of other states. The Subject Shareholders are the owners of the shares of common stock or similar securities and/or convertible securities, warrants, options or rights which may be converted into, or exercised to purchase shares of common stock or similar securities of the Company (“Equity Securities”) listed opposite their names on Exhibit A to this Agreement. As a condition to registering the Company’s Equity Securities, the Subject Shareholders, who are security holders of the Company and who, for the purposes of this Agreement, are deemed to be Promoters of the Company, have agreed to the restrictions set forth in this Agreement with respect to the Equity Securities
listed opposite their names on Exhibit A to this Agreement (“Promotional Shares”).

This Agreement is subject to the provisions of the Statement of Policy Regarding Corporate Securities Definitions adopted by the North American Securities Administrators Association, Inc. (“NASAA”) on April 27, 1997 and amended September 28, 1999, and the Statement of Policy Regarding Promotional Shares adopted by NASAA as amended November 17, 1997 and September 28, 1999.

The Signatories further agree as follows:

Promotional Shares

	
             
 	
            1.
 	
            The Subject Shareholders’ Promotional Shares shall be subject to the restrictions set forth in this Agreement.
 

Exercise or Conversion of Promotional Shares

	
             
 	
            2.
 	
            None of the Promotional Shares have exercise rights or conversion rights.
 

 

Term

	
             
 	
            3.
 	
            This Agreement shall begin on the date this Agreement was entered into as
 

indicated above. This Agreement shall continue in effect until the release

conditions of paragraph 4 below are satisfied.

 

Release Of Promotional Shares

4.          a.  Subject to the documentation requirements in paragraph 5 below, the Promotional Shares shall be released from this Agreement and the requirements thereof in the following manner:

 

	
             
 	
            (1)
 	
            Beginning two years after the completion date of the registered offering, two and one-half percent (2 1/2%) of Promotional Shares may be released each quarter pro
 

rata among the Subject Shareholders. All remaining Promotional Shares will be released from this Agreement on the fourth anniversary of the completion date of the registered offering; or

	
             
 	
            (2)
 	
            One hundred percent (100%) of the Promotional Shares will be released from
 

this Agreement if:

	
             
 	
            (A)
 	
            The registered offering has been terminated, and no securities were sold; or
 

 (B)   The registered offering has been terminated, and all of the gross proceeds that were received have been returned to investors; or

	
             
 	
            (C)
 	
            The Equity Securities did not qualify to be registered by the Administrator; or
 

 (D)   The Equity Securities are quoted on the OTC Bulletin Board (or any successor thereto having substantially the same eligibility and reporting requirements) and the bid price for such Equity Securities posted by non-affiliated market-maker(s) is equal to or greater than the $0.15 offering price for the registered public offering (as adjusted for stock splits, stock dividends etc.) for a period of twenty (20) consecutive trading days.

b. If the Company enters into any merger, reorganization, liquidation, dissolution or other transaction or proceeding with a person who is not a Promoter that results in the distribution of the Company’s assets or securities (“Distribution”) while this Agreement remains in effect, the Subject Shareholders agree that:

	
             
 	
            (1)
 	
            All holders of the Company’s Equity Securities will initially share on a pro rata, per share basis in the Distribution, in proportion to the amount of cash or other consideration that they paid per share for their Equity Securities (provided that the Administrator has accepted the value of the other consideration), until the shareholders who purchased the Company’s Equity Securities in the registered offering have received, or have had irrevocably set aside for them, an amount that is equal to one hundred percent (100%) of the offering price per share times the number of shares of Equity Securities that they purchased in the registered offering and which they still hold at the time of the Distribution, adjusted for stock splits, stock dividends recapitalizations and the like;
 

	
             
 	
            (2)
 	
            After a Distribution, all holders of the Company’s Equity Securities will participate on an equal, per share basis times the number of shares of Equity Securities they held at the time of the Distribution, adjusted for stock splits, stock dividends, recapitalizations and the like; and
 

 

2

 

	
             
 	
            (3) 
 	
            A Distribution may proceed on lesser terms and conditions than the terms and conditions stated in paragraphs 4.b (l) and (2) above if a majority of the Equity Securities that are not held by Promoters, or their Associates or Affiliates, vote, or 
 

consent by consent procedure to approve the lesser terms and conditions at a special meeting called for that specific purpose.

	
             
 	
            c.
 	
            If the Company enters into any merger, reorganization, liquidation, dissolution or other
 

transaction or proceeding with a person who is a Promoter that results in a Distribution

while this Agreement remains in effect, the Subject Shareholders’ Promotional Shares will remain subject to the terms of this Agreement.

	
             
 	
            d.
 	
            If the Equity Securities become “Covered Securities,” as defined in Section 18(b)(1)
 

of the Securities Act of 1933, all Promotional Shares will be released from this Agreement.

Documentation Regarding the Release of Promotional Shares:

	
             
 	
            5.
 	
            a.  A written request for release of the Promotional Shares (“request for release”), based upon
 

paragraph 4 above, will be forwarded to the Company; provided, that no request shall be                  required in connection with the release of Promotional Shares pursuant to Section 4a.;       and

	
             
 	
            b.
 	
            The Subject Shareholders will provide appropriate documentation to the Company to show that the requirements of paragraph 4 above have been met; provided, that no documentation shall be required in connection with the release of Promotional Shares pursuant to Section 4a.; and
 

	
             
 	
            c.
 	
            The Company will terminate the Agreement and/or release some or all of the
 

Promotional Shares from this Agreement if all the applicable provisions of the Agreement have been satisfied. The Company will maintain all records relating to the Agreement for

a period of three (3) years following the termination of the Agreement. Copies of all

records retained by the Company will be forwarded to the Administrator promptly

upon written request.

Restrictions on the Transfer, Sale or Disposal of Promotional Shares.

	
             
 	
            6.
 	
            While this Agreement is in effect, no Promotional Shares, any interest in Promotional Shares,
 

or any right or title to Promotional Shares may be sold, transferred, hypothecated or

otherwise disposed of (“transfer” or “transferred”), except as provided below, and the Company will not recognize any transfer that violates the terms of this Agreement. The

Promotional Shares may not be transferred until the Company has received a written

statement, signed by the proposed transferee (“transferee”), which states that the transferee

has full knowledge of the terms of this Agreement, the transferee accepts the Promotional

Shares subject to the terms of this Agreement, and the transferee realizes that the Promotional

 

3

 

Shares will remain subject to the terms of the Agreement until the Promotional

Shares are released pursuant to paragraph 4 above. Subject Shareholders are prohibited from selling any of their Promotional Shares that are not subject to this Agreement during the time that the Company is offering its securities in a self-underwritten registered offering.

a.  Promotional Shares may be transferred by will, the laws of descent and distribution, the operation of law, or by order of any court of competent jurisdiction and proper venue.

	
             
 	
            b.
 	
            The Promotional Shares of a deceased Depositor may be hypothecated to pay
 

the expenses of the deceased Depositor’s estate, provided that the hypothecated

Promotional Shares will remain subject to the terms of this Agreement. Promotional

Shares may not be pledged to secure any other debt.

	
             
 	
            c.
 	
            Promotional Shares may be transferred by gift to the Depositor’s family
 

members, provided that the Promotional Shares will remain subject to the

terms of this Agreement.

Voting Rights

	
             
 	
            7.
 	
            With the exception of paragraph 4.b above, the Subject Shareholders will have the same voting rights as other holders of Equity Securities.
 

Dividends, Stock Splits And Recapitalizations

	
             
 	
            8.
 	
            All certificates representing stock dividends and shares resulting from stock splits of
 

Promotional Shares, recapitalizations and the like, that are granted to or received by Subject Shareholders while their Promotional Shares are subject to this Agreement will also be subject to the terms of this Agreement. 

Additional Shares

	
             
 	
            9.
 	
            None of the Promotional Shares consist of convertible securities, options, warrants or
 

rights.

Duty of Company

	
             
 	
            10.
 	
            The Company’s sole responsibility will be to act in accordance with the terms expressly
 

set forth in this Agreement. In performing its duties under this Agreement, the Company

will not be liable to anyone for any damage, loss, expense or liability other than for that

which arises from the Company’s failure to abide by the terms of this Agreement.

Company Compensation.

	
             
 	
            11.
 	
            The Company will not receive any compensation for its services under this Agreement.
 

 

	
             
 	
            12..
 	
            [Reserved]
 

Scope

	
             
 	
            13.
 	
            This Agreement will be binding upon the Subject Shareholders, their heirs and assignees, and upon the Company and its successors.
 

 

4

 

	
             
 	
            14.
 	
            [Reserved]
 

Termination

	
             
 	
            15.
 	
            This Agreement will terminate in its entirety when all of the Promotional Shares have been released or the Company’s assets have been distributed as provided by paragraph 4 above.
 

The Signatories have entered into this Agreement, which may be written in multiple counterparts and each of which will be considered an original, and have signed this Agreement in the capacities and on the dates indicated below.

 

Subject Shareholders:

Date

Jason T. Haislip

(Print or type the Shareholder’s name)

 

	
             
 	
            /s/ Jason T. Haislip
 	
            December 6, 2007
 

Signature

 

	
            Amy Martindale
 

 (Print or type the Shareholder’s name)

 

	
             
 	
            /s/ Amy Martindale
 	
            December 6, 2007
 

Signature

 

Mathew Martindale

(Print or type the Shareholder’s name)

 

	
             
 	
            /s/ Mathew Martindale
 	
            December 6, 2007
 

Signature

 

The Company:

 

Castwell Precast Corporation

A Nevada Corporation

 

	
            By  /s/ Mathew Martindale
 	
            December 6, 2007
 

Mathew Martindale, President

5

 

Exhibit A to Promotional Shares Lock-In Agreement

 

	
             
 	
            Number of
 

	
            Name and Address
 	
            Promotional Shares
 

 

	
            Jason Haislip
 	
            700,000
 

5641 South Magic Drive

Murray, Utah 84107

 

	
            Amy Martindale
 	
            150,000
 

7320 Chris Lane

Cottonwood Heights, Utah 84121

 

	
            Amy Martindale and
 	
            1,300,000
 

Mathew Martindale

7320 Chris Lane

Cottonwood Heights, Utah 84121

 

	
            TOTAL
 	
            2,150,000
 

 

 

6

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