Document:

EX-4.3

 Exhibit 4.3 

CONTRIBUTION AND DISTRIBUTION AGREEMENT 

This contribution and distribution agreement (this “Agreement”) is entered into as of November 10, 2021, by and between
StealthGas Inc., a Marshall Islands corporation (“StealthGas”), and Imperial Petroleum Inc., a Marshall Islands corporation (“Imperial Petroleum”). The foregoing shall be referred to individually as a
“Party” and collectively as the “Parties.” 
 RECITALS 

 

	A.	 StealthGas intends to transfer a portion of its fleet comprising its tankers to a wholly-owned subsidiary,
which subsidiary will subsequently be spun off to current shareholders of StealthGas (the “Spin-Off”). Concurrently with the Spin-Off, StealthGas
intends to list the shares of the subsidiary to be spun off on the Nasdaq Capital Market.

 B. To accomplish the objectives and purposes in
the preceding recital, the following actions have been taken prior to the date of this Agreement: 
  

	 	(1)	 StealthGas formed Imperial Petroleum pursuant to the Marshall Islands Business Corporation Act and contributed
$1,000 in exchange for all of the outstanding shares of Imperial Petroleum; 

  

	 	(2)	 StealthGas owns all of the outstanding shares (the “Vessel-Owning Subsidiary Shares”) of
(a) Clean Power Inc. (“CPI”), which owns the MR tanker vessel Magic Wand, (b) MR. Roi Inc. (“MRRI”), which owns the MR tanker vessel Clean Thrasher, (c) King of Hearts Inc.
(“KHI”), which owns the MR tanker vessel Falcon Maryam and (d) Tankpunk Inc. (“TankPunk” and, together, with CPI, MRRI and KHI, the “Vessel-Owning Subsidiaries”), which owns the tanker
Stealth Berana (the Magic Wand, the Clean Thrasher, the Falcon Maryam and the Stealth Berana, collectively, the “Vessels”). 

C. Each of the following transactions shall occur in accordance with and pursuant to this Agreement: 

(1) StealthGas will contribute all of the Vessel-Owing Subsidiary Shares to Imperial Petroleum as a capital contribution in exchange for 4,774,772 shares of
common stock, par value $0.01 per share, of Imperial Petroleum (the “Imperial Petroleum Common Shares”) and 795,878 shares of 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, of
Imperial Petroleum with a liquidation preference of $25.00 per share and the other terms set forth in the Statement of Designation, substantially in the form attached hereto as Exhibit A (the “Imperial
Petroleum Preferred Shares” and, together with the Imperial Petroleum Common Shares, the “Imperial Petroleum Shares”); 
  

	(2)	 Imperial Petroleum, as guarantor, and its subsidiaries, as borrowers, will enter into, and draw down
$28.0 million under, a new senior secured term loan facility with DNB (the “IP Senor Secured Loan”) and pay a portion of such amount to StealthGas as a dividend; 

 

	(3)	 StealthGas will distribute the Imperial Petroleum Common Shares and Imperial Petroleum Preferred Shares to its
shareholders pro rata as a special dividend (the “Distribution”); and 

  

	(4)	 The articles of incorporation and bylaws of the aforementioned entities will be amended and restated to the
extent necessary to reflect the applicable matters set forth above and in Article I of this Agreement, to the extent required. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of their mutual undertakings and agreements hereunder, the Parties undertake and agree as follows: 

  
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 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Action” means any claim, demand, action, cause of action, suit, countersuit, arbitration, litigation, inquiry, proceeding or
investigation by or before any Governmental Authority or any arbitration or mediation tribunal or authority. 
 “Affiliate”
means, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such specified
Person; provided, however, that for purposes of this Agreement, no member of either Group shall be deemed to be an Affiliate of any member of the other Group. As used herein, “control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise. 

“Agreement” means this Agreement, as the same may be modified, amended or supplemented from time to time. 

“Asset” means any right, property or asset, whether real, personal or mixed, tangible or intangible, of any kind, nature and
description, whether accrued, contingent or otherwise, and wheresoever situated and whether or not carried or reflected, or required to be carried or reflected, on the books of any Person. 

“Consents” means any consents, waivers, notices, reports or other filings to be made, or any registrations, licenses,
permits, authorizations to be obtained from, or approvals from, or notification requirements to, any third parties, including any Governmental Authority. 

“Contribution” has the meaning assigned to such term in the Recitals hereto. 

“Distribution” has the meaning assigned to such term in the Recitals hereto. 

“Distribution Agent” means American Stock Transfer & Trust Company LLC. 

“Distribution Agent Agreement” has the meaning assigned to such term in Section 3.1(b). 

“Distribution Date” means the date on which the Distribution shall be effected, such date to be determined by, or under the
authority of, the Board of Directors of StealthGas in its sole and absolute discretion. 
 “Effective Time” means the time
at which the Distribution occurs on the Distribution Date. 
 “Exchange Act” means the United States Securities Exchange
Act of 1934, as amended, together with the rules and regulations promulgated thereunder. 
 “Governmental Authority” means
any federal, state, local, foreign or international court, government, department, commission, board, bureau or agency, or any other regulatory, self-regulatory, administrative or governmental organization or authority, including the Nasdaq Stock
Market. 
 “Law” means any applicable foreign, federal, national, state, provincial or local law (including common law),
statute, ordinance, rule, regulation, code or other requirement enacted, promulgated, issued or entered into, or act taken, by a Governmental Authority. 

“Imperial Petroleum” has the meaning assigned to such term in the Preamble hereto. 

“Imperial Petroleum Articles of Incorporation” means the Amended and Restated Articles of Incorporation of Imperial Petroleum
substantially in the form of Exhibit B hereto. 

  
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 “Imperial Petroleum Bylaws” means the Bylaws of Imperial Petroleum
substantially in the form of Exhibit C hereto. 
 “Imperial Petroleum Cash Dividend” means (i) the
borrowing of $28.0 million under the new credit facility to be entered into by Imperial Petroleum, as guarantor, as its subsidiaries, as borrowers, as described in the Registration Statement and (ii) the distribution of a portion of the
proceeds of such borrowing in one or more transactions. 
 “Imperial Petroleum Common Shares” has the meaning assigned to
such term in the Recitals hereto. 
 “Imperial Petroleum Preferred Shares” has the meaning assigned to such term in the
Recitals hereto. 
 “Imperial Petroleum Shares” has the meaning assigned to such term in the Recitals hereto. 

“IP Senior Secured Loan” has the meaning assigned to such term in the Recitals hereto. 

“Nasdaq” means the Nasdaq Stock Market LLC. 

“Parties” has the meaning assigned to such term in the Preamble hereto. 

“Person” means any natural person, corporation, general or limited partnership, limited liability company or partnership,
joint stock company, joint venture, association, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, and any Governmental Authority. 

“Prospectus” means the final prospectus contained in the Registration Statement and filed with the SEC under Rule 424(b).

 “Pre-Distribution Transactions” means, collectively, the Contribution and the
Imperial Petroleum Cash Dividend. 
 “Record Date” means the date to be determined by the Board of Directors of StealthGas
as the record date for determining stockholders of StealthGas entitled to receive Imperial Petroleum Shares pursuant to the Distribution. 

“Registration Statement” means the Registration Statement on Form F-1 of Imperial
Petroleum relating to the registration under the Securities Act of Imperial Petroleum Common Shares and Imperial Petroleum Preferred Shares, including any amendments or supplements thereto. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“StealthGas” has the meaning assigned to such term in the Preamble hereto. 

“StealthGas Common Stock” has the meaning assigned to such term in the Recitals hereto. 

. 

“Subsidiary” means, with respect to any Person, any other Person of which a Person (either alone or through or together with
any other Subsidiary of such Person) owns, directly or indirectly, a majority of the stock or other equity interests the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such
corporation or other legal entity. 
 “Vessels” has the meaning assigned to such term in the Recitals hereto. 

“Vessel-Owning Subsidiaries” has the meaning assigned to such term in the Recitals hereto. 

“Vessel-Owning Subsidiary Shares” has the meaning assigned to such term in the Recitals hereto. 

  
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 ARTICLE II 

THE PRE-DISTRIBUTION TRANSACTIONS 

Section 2.1 Contributions and Specific Conveyances. On the applicable dates specified below and in any case on or prior to
the Distribution Date (and prior to the Imperial Petroleum Cash Dividend and the Distribution), and subject to satisfaction or waiver of the conditions set forth in Section 2.3, the Parties acknowledge and agree that the following actions
hereby occur in the following order: 
  

	 	(a)	 Contribution on the date of this Agreement by StealthGas of all right, title and interest in the Vessel-Owning
Subsidiary Shares to Imperial Petroleum free and clear of all liens and encumbrances as a capital contribution; 

  

	 	(b)	 Delivery by Imperial Petroleum (i) of 4,774,772 Imperial Petroleum Common Shares to StealthGas on the date
of this Agreement and (ii) of 795,878 Imperial Petroleum Preferred Shares to StealthGas on or prior to the Distribution Date, each in exchange for StealthGas’s capital contribution of all right, title and interest in the Vessel-Owning
Subsidiary Shares to Imperial Petroleum pursuant to Section 2.1(a) of this Agreement; and such Imperial Petroleum Shares owned by StealthGas will constitute all of the issued and outstanding capital stock of Imperial Petroleum; and

  

	 	(c)	 To further evidence the transfer of the Imperial Petroleum Shares or the Vessel-Owning Subsidiary Shares
reflected in this Agreement, each party making such transfer will have, to the extent necessary, executed and delivered to the party receiving the Imperial Petroleum Shares or Vessel-Owning Subsidiary Shares, as applicable, certain conveyance,
stock transfer form, assignment and bill of sale instruments (the “Specific Conveyances”). The Specific Conveyances shall evidence and perfect such transfer made by this Agreement and shall not constitute a second conveyance of any
assets or interests therein and shall be subject to the terms of this Agreement. 

  

	 	(d)	 On or prior to the Distribution Date, Imperial Petroleum will, and will cause its applicable subsidiaries to,
enter into and execute a management agreement with Stealth Maritime Corporation S.A. for administrative, commercial and technical management services, substantially in the form attached hereto as Exhibit D, which shall
have an initial term expiring on December 31, 2025 and otherwise be on substantially the same terms, including the same fee levels, as the existing management agreement between StealthGas and Stealth Maritime Corporation S.A.

 Section 2.2 Imperial Petroleum Cash Dividend. On the date of this Agreement (and in any case prior to
the Distribution Date and the Distribution) and subject to the satisfaction or waiver of the conditions set forth in Sections 2.1 and 2.3, Imperial Petroleum shall effect the Imperial Petroleum Cash Dividend and StealthGas shall apply the proceeds
it receives from the Imperial Petroleum Cash Dividend to repay the amounts outstanding under any loans collateralized by the Vessels or the Vessel-Owning Subsidiary Shares and other assets of the Vessel-Owning Subsidiaries. 

Section 2.3 Conditions Precedent to Consummation of the Pre-Distribution
Transactions. The obligations of the Parties to consummate each of the Pre-Distribution Transactions is subject to the prior or simultaneous satisfaction, or waiver by StealthGas in its sole and absolute
discretion, of each of the following conditions: 
 (a) final approval of each of the
Pre-Distribution Transactions shall have been given by the Board of Directors of StealthGas in its sole and absolute discretion; and 

Each of the foregoing conditions is for the benefit of StealthGas and StealthGas may, in its sole and absolute discretion, determine whether to waive any such
condition. Any determination made by StealthGas prior to any of the Pre-Distribution Transactions concerning the satisfaction or waiver of any or all of the conditions set forth in this Section 2.3 shall
be conclusive and binding on the Parties. 

  
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 ARTICLE III 

THE DISTRIBUTION 

Section 3.1 Actions Prior to the Distribution. Subject to the satisfaction or waiver of the conditions set forth in
Section 3.3, the actions set forth in this Section 3.1 shall be taken prior to the Distribution Date. 
 (a) The Board of
Directors of StealthGas shall establish the Distribution Date and any appropriate procedures in connection with the Distribution. StealthGas and Imperial Petroleum shall use commercially reasonable efforts to (i) cooperate with each other with
respect to the preparation of the Registration Statement on Form F-1 relating to the registration under the Securities Act of Imperial Petroleum Common Shares and Imperial Petroleum Preferred Shares, including
any amendments or supplements thereto, (ii) cause the Registration Statement to become effective under the Securities Act, and (iii) mail, promptly after effectiveness of the Registration Statement and on or promptly after the Record Date,
and in any event prior to the Distribution Date, to the holders of StealthGas Common Stock as of the Record Date, the Prospectus. 
 (b)
StealthGas shall enter into a distribution agent agreement (the “Distribution Agent Agreement”) with the Distribution Agent providing for, among other things, (i) the payment of the Distribution to the holders of StealthGas
Common Stock in accordance with this Article III and the Distribution Agent Agreement, and (ii) the designation of Imperial Petroleum as a third party beneficiary. 

(c) StealthGas and Imperial Petroleum shall deliver to the Distribution Agent (i) book-entry transfer authorizations for all of the
outstanding shares of Imperial Petroleum Common Shares and Imperial Petroleum Preferred Shares to be distributed in connection with the payment of the Distribution and (ii) all information required to complete the Distribution on the basis set
forth herein and under the Distribution Agent Agreement. Following the Distribution Date, upon the request of the Distribution Agent, Imperial Petroleum shall provide to the Distribution Agent book-entry transfer authorizations of Imperial Petroleum
Common Stock that the Distribution Agent shall require in order to further effect the Distribution. 
 (d) Each of StealthGas and Imperial
Petroleum shall execute and deliver to the other Party, or cause the appropriate members of its Group to execute and deliver to the other Party, any other document necessary to effect the transactions contemplated by this Agreement. 

(e) StealthGas will establish the Record Date and give Nasdaq the required notice of the Record Date in compliance with Rule 10b-17 under the Exchange Act and Nasdaq rules. 
 (f) Each Party shall cooperate with the other Party to
accomplish the Distribution and shall take any and all actions necessary or desirable to effect the Distribution. 
 (g) The Parties will
take all actions and make all filings as StealthGas, in consultation with Imperial Petroleum but ultimately in its sole and absolute discretion, determines are necessary or appropriate, to cause the transfer or issuance of all material Consents in
order for StealthGas and Imperial Petroleum to operate their respective Businesses independently of each other in the manner contemplated hereunder. Imperial Petroleum will prepare, file and use commercially reasonable efforts to make effective an
application for listing of the Imperial Petroleum Common Shares and the Imperial Petroleum Preferred Shares on the Nasdaq Capital Market, subject to official notice of issuance. 

(h) StealthGas shall, in its sole discretion, determine (i) whether to proceed with all or part of the Distribution, (ii) the
Distribution Date, (iii) the timing and conditions to the Distribution and (iv) the terms thereof. StealthGas may, at any time and from time to time prior to the Effective Time, change the terms of the Distribution, including by delaying
or accelerating the timing of the Distribution. StealthGas shall use good faith efforts to provide notice to Imperial Petroleum of any such change. StealthGas may select, for itself and for Imperial Petroleum, outside financial advisors, outside
counsel, agents and the financial printer employed in connection with the transactions hereunder in its sole and absolute discretion. 
 (i)
StealthGas and Imperial Petroleum shall take all actions necessary so that the Imperial Petroleum Articles of Incorporation and the Imperial Petroleum Bylaws shall be in effect at or prior to the Effective Time. 

  
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 (j) StealthGas and Imperial Petroleum shall take all such actions as StealthGas, in
consultation with Imperial Petroleum but ultimately in its sole and absolute discretion, determines are necessary or appropriate under applicable federal or state securities or blue sky laws of the United States (and any comparable laws under any
foreign jurisdiction) in connection with the Distribution. 
 Section 3.2 The Distribution. Subject to the satisfaction or
waiver of the conditions set forth in Section 3.3, the actions set forth in this Section 3.2 shall be taken on the Distribution Date. 

(a) StealthGas shall effect the Distribution by causing all of the issued and outstanding shares of Imperial Petroleum Common Shares and
Imperial Petroleum Preferred Shares beneficially owned by StealthGas to be distributed to record holders of shares of StealthGas Common Stock as of the Record Date, other than with respect to shares of StealthGas Common Stock held in the treasury of
StealthGas, by means of a pro rata dividend of such Imperial Petroleum Common Shares and Imperial Petroleum Preferred Shares to such record holders of shares of StealthGas Common Stock, on the terms and subject to the conditions set forth in this
Agreement. 
 (b) Each record holder of StealthGas Common Stock on the Record Date (or such holder’s designated transferee or
transferees), other than in respect of shares of StealthGas Common Stock held in the treasury of StealthGas, will be entitled to receive in the Distribution, one (1) Imperial Petroleum Common Share with respect to every eight (8) shares of
StealthGas Common Stock held by such record holder on the Record Date and one (1) Imperial Petroleum Preferred Share with respect to every forty-eight (48) shares of StealthGas Common Stock held by such record holder on the Record Date.
StealthGas shall direct the Distribution Agent to distribute on the Distribution Date or as soon as reasonably practicable thereafter the appropriate number of Imperial Petroleum Common Shares and Imperial Petroleum Preferred Shares to each such
record holder or designated transferee(s) of such holder of record. 
 (c) StealthGas shall direct the Distribution Agent to determine, as
soon as is practicable after the Distribution Date, the number of fractional shares, if any, of Imperial Petroleum Common Shares and Imperial Petroleum Preferred Shares allocable to each holder of record of StealthGas Common Stock entitled to
receive Imperial Petroleum Common Shares and Imperial Petroleum Preferred Shares, respectively, in the Distribution and to promptly thereafter aggregate all such fractional shares and sell the whole shares obtained thereby, in open market
transactions or otherwise at the then-prevailing trading prices, and to cause to be distributed to each such holder, in lieu of any fractional share, such holder’s ratable share of the proceeds of such sale, after making appropriate deductions
of the amounts required to be withheld for federal income tax purposes and after deducting an amount equal to all brokerage charges, commissions and transfer taxes attributed to such sale. 

(d) Any Imperial Petroleum Common Shares or Imperial Petroleum Preferred Shares or cash in lieu of fractional shares with respect to Imperial
Petroleum Common Shares or Imperial Petroleum Preferred Shares that remains unclaimed by any holder of record 180 days after the Distribution Date shall be delivered to Imperial Petroleum. Imperial Petroleum shall hold such Imperial Petroleum Common
Shares, Imperial Petroleum Preferred Shares and/or cash for the account of such holder of record and any such holder of record shall look only to Imperial Petroleum for such Imperial Petroleum Common Shares, Imperial Petroleum Preferred Shares
and/or cash, if any, in lieu of fractional share interests, subject in each case to applicable escheat or other abandoned property laws. 

Section 3.3 Conditions to Distribution. The obligation of StealthGas to consummate the Distribution is subject to the prior
or simultaneous satisfaction, or waiver by StealthGas, in its sole and absolute discretion, of each of the following conditions: 
 (a)
final approval of the Distribution shall have been given by the Board of Directors of StealthGas, and the Board of Directors of StealthGas shall have declared the dividend of Imperial Petroleum Common Shares and of Imperial Petroleum Preferred
Shares, each such action in its sole and absolute discretion; 
 (b) the Registration Statement shall have been filed with, and declared
effective by, the SEC, and there shall be no stop-order in effect with respect thereto and the Prospectus shall have been mailed to StealthGas shareholders; 

(c) the actions and filings necessary or appropriate under applicable federal and state securities laws of the United States (and any
comparable laws under any foreign jurisdictions) in connection with the Distribution (including, if applicable, any actions and filings relating to the Registration Statement) and any other necessary and applicable Consents from any Governmental
Authority shall have been taken, obtained and, where applicable, have become effective or been accepted, each as the case may be; 

  
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 (d) the Imperial Petroleum Common Shares and Imperial Petroleum Preferred Shares to be
delivered in the Distribution shall have been approved for listing on the Nasdaq Capital Market, subject to official notice of issuance; 

(e) no order, injunction or decree issued by any Governmental Authority or other legal restraint or prohibition preventing the consummation of
the Pre-Distribution Transactions or the Distribution or any of the other transactions contemplated by this Agreement shall have been threatened or be in effect; 

(g) StealthGas shall have established the Record Date and shall have given the Nasdaq not less than ten (10) days’ advance notice of
the Record Date in compliance with Rule 10b-17 under the Exchange Act and Nasdaq rules; 
 (h) the
Distribution will not violate or result in a breach of Law or any material agreement; 
 (i) all material Consents required in connection
with the transactions contemplated hereby (that are not referred to in Section 3.3(c)) shall have been received and be in full force and effect; 

(j) each of the Pre-Distribution Transactions shall have been consummated in accordance with this
Agreement; 
 (k) the Parties shall have performed or complied with all of their respective covenants, obligations and agreements contained
herein as required to be performed or complied with prior to the Effective Time; and 
 (l) the Board of Directors of StealthGas shall have
not determined that any event or development shall have occurred or exists, or might occur or exist, that makes it inadvisable to effect the Distribution. 

Each of the foregoing conditions is for the sole benefit of StealthGas and StealthGas may, in its sole and absolute discretion, determine
whether to waive any such condition. Any determination made by StealthGas, in its sole and absolute discretion, prior to the Distribution concerning the satisfaction or waiver of any or all of the conditions set forth in this Section 3.3 shall
be conclusive and binding on the Parties. Each Party will use good faith efforts to keep the other Party apprised of its efforts with respect to, and the status of, each of the foregoing conditions. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF STEALTHGAS; DISCLAIMER 

4.1 Representations and Warranties. StealthGas hereby represents and warrants that: 

(a) Each of the Vessel-Owning Subsidiaries has been duly formed or incorporated and is validly existing in good standing under the laws of its
respective jurisdiction of formation or incorporation and has all requisite power and authority to operate its assets, including the vessel owned by each such Vessel-Owning Subsidiary, and conduct its business as described in the Registration
Statement; 
 (b) The execution and delivery of this Agreement and all documents, instruments and agreements required to be executed and
delivered by it pursuant to this Agreement in connection with the completion of the transactions contemplated by this Agreement, have been duly authorized by all necessary actions by StealthGas and, to the extent applicable, each Vessel-Owning
Subsidiary, and this Agreement has been duly executed and delivered by StealthGas and constitutes a legal, valid and binding obligation of StealthGas enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency,
liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the
discretion of a court; 

  
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 (c) The execution, delivery and performance by it of this Agreement will not conflict with
or result in any violation of or constitute a breach of any of the terms or provisions of, or result in the acceleration of any obligation under, or constitute a default under any provision of: (i) the articles of association, articles of
incorporation or by-laws or other organizational documents of StealthGas or any of the Vessel-Owning Subsidiaries (the “StealthGas Parties” and each, a “StealthGas Party”); (ii) any
lien, encumbrance, security interest, pledge, mortgage, charge, other claim, bond, indenture, agreement, contract, franchise license, permit or other instrument or obligation to which any StealthGas Party is a party or is subject or by which any of
such StealthGas Party’s assets or properties may be bound; (iii) any applicable laws, statutes, ordinances, rules or regulations promulgated by a governmental authority, orders of a governmental authority, judicial decisions, decisions of
arbitrators or determinations of any governmental authority or court; or (iv) any charter or vessel management agreement to which any StealthGas Party is a party or any material provision of any material contract to which a StealthGas Party is
a party or by which a StealthGas Party’s properties are bound; 
 (d) Except as have already been obtained or that will be obtained in
the ordinary course of business, no consent, permit, approval or authorization of, notice or declaration to or filing with any governmental authority or any other person, including those related to any environmental laws or regulations or the
charters or vessel management agreements related to the vessels owned by the Vessel-Owning Subsidiaries, is required in connection with the execution and delivery by any StealthGas Party of this Agreement or the consummation by any StealthGas Party
of the transactions contemplated hereunder; 
 (e) The Vessel-Owning Subsidiary Shares have been duly and validly issued, are fully
paid and non-assessable and free of preemptive rights. StealthGas has, and will convey to Imperial Petroleum, good and valid title to the Vessel-Owning Subsidiary Shares which comprise all of the issued and
outstanding shares in the Vessel-Owning Subsidiaries, free and clear of all mortgages, liens, security interests, covenants, options, claims, restrictions, or encumbrances of any kind. There are no outstanding options, warrants or other rights to
acquire any shares of capital stock or securities convertible into or exercisable for the capital stock of any Vessel-Owning Subsidiary. With respect to the Vessel-Owning Subsidiary Shares, there is no further obligation to make any capital
contribution to the applicable Vessel-Owning Subsidiary. 
 (f) There is no outstanding agreement, contract, option, commitment or other
right or understanding in favor of, or held by, any person to acquire the Vessel-Owning Subsidiary Shares or the assets of the Vessel-Owning Subsidiaries, including but not limited to the Vessels, that has not been terminated or otherwise
waived; 
 (g) Each of the charters to which each applicable Vessel-Owning Subsidiary is a party (as amended to the date of this Agreement)
has been made available to Imperial Petroleum and is a valid and binding agreement of the Vessel-Owning Subsidiary party to such charter or agreement enforceable in accordance with its terms and, to the knowledge of such Vessel-Owning Subsidiary, of
all other parties thereto enforceable in accordance with its terms; 
 (h) The Vessel-Owning Subsidiaries have fulfilled all material
obligations required pursuant to the charters (described in (g) above) and the vessel management agreements to have been performed by them prior to the date of this Agreement and have not waived any material rights thereunder; and no material
default or breach exists in respect thereof on their part or, to their knowledge, any of the other parties thereto and, to their knowledge, no event has occurred which, after giving of notice or the lapse of time, or both, would constitute such a
material default or breach; 
 (i) Except for such liabilities, debts obligations, encumbrances, defects, restrictions or claims of a general
nature and magnitude that would arise in connection with the operation of vessels of the same type as the Vessels in the ordinary course of business and as disclosed to Imperial Petroleum, there are no liabilities, debts or obligations of,
encumbrances, defects or restrictions with respect to, or claims against the Vessel-Owning Subsidiaries or any of the assets owned by the Vessel-Owning Subsidiaries, including the Vessels (other than those arising under the credit facilities
described in the annual report on Form 20-F of StealthGas filed with the Securities and Exchange Commission on April 27, 2021, as amended, to be repaid in full by StealthGas on the date hereof); and 

  
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 (o) The Vessels are (i) adequate and suitable for use by the Vessel-Owning
Subsidiaries in the Vessel-Owning Subsidiaries’ business as presently conducted by them in all material respects as described in the Registration Statement, ordinary wear and tear excepted; (ii) seaworthy in all material respects for hull
and machinery insurance warranty purposes and is in good running order and repair; (iii) insured against all risks, and in amounts, consistent with common industry practices; (iv) in compliance with maritime laws and regulations;
(v) duly registered under the flag of the Marshall Islands; and (vi) in compliance in all material respects with the requirements of its present class and classification society; and all class certificates of each of the Vessels are clean
and valid and free of recommendations affecting class. 
 4.2 Disclaimer of Warranties. EXCEPT TO THE EXTENT PROVIDED IN THIS
AGREEMENT OR IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, DOES NOT MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY
REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF
THE ASSETS OWNED BY THE VESSEL-OWNING SUBSIDIARIES, INCLUDING, WITHOUT LIMITATION, THE ENVIRONMENTAL CONDITION OF THE ASSETS GENERALLY, INCLUDING, WITHOUT LIMITATION, THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR OTHER MATTERS ON SUCH ASSETS,
(B) THE INCOME TO BE DERIVED FROM SUCH ASSETS, (C) THE SUITABILITY OF SUCH ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED THEREON OR THEREWITH, (D) THE COMPLIANCE OF OR BY SUCH ASSETS OR THEIR OPERATION WITH ANY LAWS
(INCLUDING WITHOUT LIMITATION ANY ZONING, ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OF SUCH ASSETS. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, EACH PARTY ACKNOWLEDGES AND AGREES THAT SUCH PARTY HAS HAD THE OPPORTUNITY TO INSPECT THE ASSETS OF THE
VESSEL-OWNING SUBSIDIARIES, AND SUCH PARTY IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS OF THE VESSEL-OWNING SUBSIDIARIES AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY THE OTHER PARTY. EXCEPT TO THE EXTENT PROVIDED IN ANY
OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, EACH OF THE PARTIES HEREBY ACKNOWLEDGES THAT, TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE ASSETS OWNED BY THE SUBSIDIARIES, AS PROVIDED FOR HEREIN, ARE CONVEYED ON AN “AS
IS,” “WHERE IS” CONDITION WITH ALL FAULTS, AND THE ASSETS OF THE SUBSIDIARIES ARE CONVEYED SUBJECT TO ALL OF THE MATTERS CONTAINED IN THIS SECTION. THIS SECTION SHALL SURVIVE THE CONTRIBUTION AND CONVEYANCE OF THE VESSEL-OWNING
SUBSIDIARY SHARES OR THE TERMINATION OF THIS AGREEMENT. THE PROVISIONS OF THIS SECTION HAVE BEEN NEGOTIATED BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER
EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE ASSETS OF THE VESSEL-OWNING SUBSIDIARIES THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET FORTH IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED OR
DELIVERED IN CONNECTION WITH THIS AGREEMENT. 
 ARTICLE V 

FURTHER ASSURANCES 

5.1 Further Assurances. From time to time after the date of this Agreement, and without any further consideration, the Parties
agree to execute, acknowledge and deliver all such additional deeds, assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and other documents, and will do all such other acts and things, all in accordance with
applicable Law, as may be necessary or appropriate (a) more fully to assure that the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement, or which are
intended to be so granted, (b) more fully and effectively to vest in the applicable Parties and their respective successors and assigns beneficial and record title to the interests contributed and assigned by this Agreement or intended so to be
and (c) to more fully and effectively carry out the purposes and intent of this Agreement. 

  
 9 

 ARTICLE VI 

TERMINATION 

Section 6.1 Termination. This Agreement may be terminated by StealthGas in its sole discretion at any time prior to the
consummation of the Distribution. 
 Section 6.2 Effect of Termination. In the event of any termination of this Agreement
prior to consummation of the Distribution, neither Party (nor any of its directors or officers) shall have any liability or further obligation to the other Party. 

ARTICLE VII 

MISCELLANEOUS 

7.1 Survival of Representations and Warranties. The representations and warranties of the Parties in this Agreement and in or
under any documents, instruments and agreements delivered pursuant to this Agreement, will survive the completion of the transactions contemplated hereby regardless of any independent investigations that Imperial Petroleum may make or cause to be
made, or knowledge it may have, prior to the date of this Agreement and will continue in full force and effect. 
 7.2 Costs.
Imperial Petroleum shall pay any and all sales, use and similar taxes arising out of the contributions, conveyances and deliveries to be made hereunder, and shall pay all documentary, filing, recording, transfer, deed, and conveyance taxes and fees
required in connection therewith. 
 7.3 Headings; References; Interpretation. All Article and Section headings in this Agreement
are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. The words “hereof,” “herein” and “hereunder” and words of similar import, when used in
this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement. All references herein to Articles and Sections shall, unless the context requires a different construction, be deemed to be references to
the Articles and Sections of this Agreement, respectively. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural and vice
versa. The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to
similar items or matters, whether or not non-limiting language (such as “without limitation,” “but not limited to,” or words of similar import) is used with reference thereto, but rather
shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. 

7.4 Successors and Assigns. The Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and assigns. 
 7.5 No Third Party Rights. The provisions of this Agreement are intended to bind the Parties as to
each other and are not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies and no person is or is intended to be a third party beneficiary of any of the provisions of this
Agreement. 
 7.6 Counterparts. This Agreement may be executed in any number of counterparts, all of which together shall
constitute one agreement binding on the parties hereto. 

  
 10 

 7.7 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without giving effect to any choice of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than
the State of New York. Each of the parties hereto submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York (or, if jurisdiction in that court is not available, then any state court located
within the Borough of Manhattan, City of New York) for any and all legal actions arising out of or in connection with this Agreement. 

7.8 Severability. If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to
be invalid under, the laws of any governmental body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not contain
the particular provision or provisions held to be invalid, and an equitable adjustment shall be made and necessary provision added so as to give effect, as nearly as possible, to the intention of the Parties as expressed in this Agreement at the
time of execution of this Agreement. 
 7.9 Deed; Bill of Sale; Assignment. To the extent required and permitted by applicable
law, this Agreement shall also constitute a “deed,” “bill of sale” or “assignment” of the Vessel-Owning Subsidiary Shares. 

7.10 Amendment or Modification. This Agreement may be amended or modified from time to time only by the written agreement of all
the Parties hereto. 
 7.11 Integration. This Agreement and the instruments referenced herein supersede all previous
understandings or agreements among the Parties, whether oral or written, with respect to its subject matter hereof. This Agreement and such instruments contain the entire understanding of the Parties with respect to the subject matter hereof and
thereof. No understanding, representation, promise or agreement, whether oral or written, is intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the Parties hereto
after the date of this Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 11 

 IN WITNESS WHEREOF, this Contribution and Distribution Agreement has been duly executed by
the parties set forth below. 
  

			
	STEALTHGAS INC.
		
	        By:	 	 /s/ Harry N. Vafias

		 	Name: Harry N. Vafias
		 	Title: CEO and Director
	
	IMPERIAL PETROLEUM INC.
		
	        By:	 	 /s/ Harry N. Vafias

		 	Name: Harry N. Vafias
		 	Title: President and Director

  
 12EX-10.1

 Exhibit 10.1 

MANAGEMENT AGREEMENT 
 This
Management Agreement is made and entered into on December 3, 2021. 
 IMPERIAL PETROLEUM INC., a holding
company registered and operating under the laws of the Republic of Marshall Islands having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called “the Owner”),
and 
 STEALTH MARITIME CORP. S.A., a company registered and operating under the laws of Liberia, which has established an office at Athens, Greece,
P.O. BOX 52939, 145 10 KIFISSIA- under the provisions of Law 89/1967 as amended (hereinafter called “the Managers”), on the other hand. 

WHEREAS, the Subsidiaries are the registered owners of the ships (the “Vessels”) particularly described in Schedule A annexed hereto, as such
Schedule may be amended from time to time 
 WHEREAS, the Owners wish to entrust the management of the Vessel to the Managers upon the terms hereinafter set
forth. 
 WHEREAS, the Managers main business is the operation of seagoing vessels and have the skills, know how and experience for the managing, operating
and manning of seagoing vessels and agree to act as the Managers of the Vessels. 
 NOW THEREFORE, in consideration of the premises and of the mutual
covenants hereinafter contained, it is hereby agreed as follows: 
  

	1.	 The Owner hereby appoints the Managers and the Managers hereby agree to act as the Managers of the Vessels.

  

	2.	 The Managers undertake, on behalf of the Owner, to use their best endeavours and skills to provide the Services
listed hereunder, in accordance with sound ship’s management practice, and to protect and promote the interests of the Owner in all matters relating to the provision of the services described hereunder. 

 

	3.	 Subject to terms and conditions herein provided, during the period of this agreement the Managers will exercise
their best endeavours to protect and promote the interests of the Owner and shall carry out in an economical and efficient manner, as Agents, for and on behalf of the Owner, the duties described hereunder, will provide to the Owner the services
described hereunder, and will have authority to take such actions as the Managers may from time to time in their absolute discretion consider to be necessary to enable them to perform this Agreement in accordance with sound ship management practice.

  
 1 

	4.	 It is expressly agreed however, that the Managers in the performance of their duties and responsibilities under
this Agreement shall be entitled to have regard to their overall responsibility in relation to all vessels as may from time to time be entrusted to their management and in particular, but without prejudice to the generality of the foregoing, the
Managers shall be entitled to allocate available supplies, manpower and services in such manner as in the prevailing circumstances the Managers, in their absolute discretion, consider to be fair and reasonable. 

 

	5.	 Nothing in this Agreement shall be construed so as to grant the Managers any interest in the Vessels, or in the
profits resulting from her operation or to create between the Owner and the Managers any relationship other than that of “Principal” and “Agent”. 

 

	6.	 Insurances 

The Managers shall arrange through competent brokers such Hull and Machinery, Protection and Indemnity, War Risks and other insurance covers as
the Owner shall have instructed or agreed, in particular as regards insured values, deductibles and franchises. 
 All insurances shall be in
the joint names of the Owner and the Managers if the Managers so wish; however, unless otherwise agreed no liability to pay premiums or P and I calls shall be imposed on the Managers, notwithstanding P and I cover restrictions which would thereby
result. 
 The Managers shall also be responsible for following up and maintaining in force and at all times valid all insurance policies and
entries of the Vessels with P and I Associations and shall also advise, if necessary, of the need to take out additional insurance and entries in order that the Vessels is fully covered against risks which might occur from any voyage in a high risk
area or from the carriage of dangerous or hazardous goods. 

  
 2 

	7.	 Manning 

The Managers shall directly or in co-operation with manning agents appointed by the Owner, select,
provide and recruit adequate, competent and qualified crew for the Vessels, as required by the Owner. These manning services include but are not limited to the following:- 
  

	a)	 Employment of Master, Officers and Crew of the Vessels; 

 

	b)	 Arranging for transportation of the Crew including repatriation; 

 

	c)	 Training of the Crew; 

 

	d)	 Supervision of the efficiency of the Crew and administration of all other Crew matters, such as relief planning
for the manning of the Vessels; 

  

	e)	 Payroll arrangements (payment of crew earnings and other lawful earnings of the crew); 

 

	f)	 Arrangement and administration of pensions and Crew insurance; 

 

	g)	 Discipline and union negotiations, labour relations and labour welfare; 

 

	h)	 Enforcement of appropriate standing orders; 

 

	i)	 Victualling; 

  

	j)	 Ship’s cash control; 

It is expressly agreed that the seamen to be recruited will always be the employees of the Owners and that the Managers will not be responsible
for “any damages” whatsoever (direct or indirect, physical, financial or consequential) affecting the Vessels and caused by any negligence, default or wilful misconduct of the crew members. 

  
 3 

	8.	 Chartering 

The Managers shall, in accordance with the Owner’s instructions, provide directly or through other independent brokers, chartering
services which include but are not limited to seeking and negotiating employment for the Vessels and the conclusion (including the execution thereof) of Charterparties or other contracts relating to the employment of the Vessels. 

 

	9.	 Technical Management 

The Managers shall provide technical management, by supervising the maintenance, safety, classification certification and repairs of the
Vessels so as to keep the Vessels in a suitable and efficient condition for her trading. This included but is not limited to the following functions:- 
  

	a)	 Supervision of the maintenance and general efficiency of the Vessels; 

 

	b)	 Arrangement and supervision of dry-dockings, repairs, alterations and
the upkeep of the Vessels to standards required by the Owner, provided that the Managers shall be entitled to incur the necessary expenditure to ensure that the Vessel will comply with all requirements and recommendations of the Classification
Society, with the Laws and Regulations of the Country of Registry of the Vessels and of the places where she trades and with all the appropriate Certificates for the Vessel’s trading as required by the International Regulations and that the
Vessels Trading Certificates are effective and valid at all times; 

  

	c)	 Appointment of surveyors and technical consultants as the Managers may consider from time to time to be
necessary; 

  

	d)	 Advising the Owner in advance regarding the dates that the Vessels are due for inspection or survey and about
any recommendation made by the Vessels Classification Society during such inspection or survey. 

  
 4 

	10.	 Operation 

The Managers shall provide for the operation of the Vessels, which includes but is not limited to the following functions:- 

 

	a)	 Issue voyage instructions; 

 

	b)	 Appointment of Agents and/or sub-agents and/or protecting agents;

  

	c)	 Appointment of stevedores; 

 

	d)	 Arrange cargo handling, loading and discharging of the Vessels; 

 

	e)	 Arrangement of the surveying of cargoes; 

 

	f)	 Provision of all other services incidental to the operation of the Vessels including, but not limited to, cargo
handling, port activities, pilotage, towage, wharfage, dockage, canal transits, etc. 

  

	11.	 Freight Collection and Freight Management. 

The Managers shall provide freight management which included but is not limited to the following functions:- 

 

	a)	 Calculation of hire and/or provision of voyage estimates and/or freight and/or demurrage and/or despatch monies
due from or due to the Charterers of the Vessels; 

  

	b)	 Collection of the Vessels income and in particular of all hire and/or freight revenues or all other monies of
whatsoever kind to which the Owner may be entitled arising out of the employment of or otherwise in connection with the Vessels. 

  

	12.	 Claims Handling 

The Manager shall handle and settle all claims arising out of the operation of the Vessels and of the management services provided under this
Agreement and shall keep the Owner informed regarding any incident of which the Managers become aware, which gives or may give rise to claims or disputes involving third parties. The Managers shall bring or defend actions, suits or proceedings on
behalf of the Owner, in connection with matters entrusted to the Managers according to this Agreement. 

  
 5 

 More particularly, the Managers shall make, adjust, apportion, resist, defend, settle or
abandon any claim by or on behalf of the Vessels or the Owner in respect of the insurance of the Vessels, machinery, apparel, fittings, freight earnings, demurrage, despatch, disbursements or any claim for salvage, towage, damages, average or any
other claim arising under any contract which concerns the Vessels in any way or any claim which arises out of the operation of the Vessels and, in this respect, to appoint, on behalf of the Owner, lawyers to handle claims, to institute legal
proceedings and to collect any such claims or monies on behalf of the Owner. However, in order to settle or abandon any claim advanced by the Owner in excess of US$ 200,000.-, the prior written consent of the Owner is necessary. 

The managers shall also have power to obtain legal or technical or other outside expert advice in relation to the handling and settlement of
claims and disputes or all other matters affecting the interest of the Owner in respect of the Vessels. Any costs incurred by the Managers in carrying out their obligations under this clause shall be reimbursed by the Owner. 

The Owner shall arrange for the provision of any necessary guarantee, bond or security. 

 

	13.	 Supplies/Provisions/Stores/Spares 

The Managers shall arrange for the supply of provisions, stores, deck and engine spares, as required for the Vessels operation, maintenance and
technical characteristics. 
  

	14.	 Bunkering 

The Managers shall arrange for the provision of bunker fuel, lubricants, etc., of the quality specified by the Owner as required for the trade
of the Vessels. 

  
 6 

	15.	 Accounting 

The Managers shall establish an accounting system which meets the requirements of the Owner and shall provide regular accounting information,
reports and records to the Owner. 
 The Managers shall also maintain the records of all income received, and costs and expenditures incurred
hereunder as well as data necessary or proper for the settlement of accounts between the parties. 
 In particular, the Managers shall
provide inter alia the following accounting services: - 
  

	a)	 Budget, Funding of Vessels operation 

(I) The Managers shall present to the Owner annually a budget for the following twelve months. The annual budget shall be prepared and
submitted to the Owner not less than 2 months before the anniversary date of the commencement of the Agreement. The Owner shall indicate to the Managers their acceptance and approval of the annual budget within one month of presentation and in the
absence of any such indication, it is presumed that the Owner approves said budget. 
 (II) The Managers shall follow as closely as possible
the said budget in the running/operation of the Vessels. The Managers shall produce every three months a comparison between budgeted and actual income and expenditure of the Vessels. 

(III) It is specifically agreed that the Managers will use the Vessels income to fund the Vessels running/operational costs. If the Vessels
income is not sufficient to cover these costs then the Owner shall upon demand put the Managers in funds for all the Vessels expenses and the Managers shall in no circumstances be required to use or commit their own funds to finance the provisions
of the management services. 

  
 7 

	b)	 Income collected and Expenses paid on behalf of the Owner 

All monies collected by the Managers on behalf of the Owner under the terms of this Agreement and all interest accrued thereon shall be held to
the credit of the Owner. 
 All expenses incurred and payments made by the Managers under the terms of this Agreement on behalf of the Owner,
including the Management fee, shall be debited against the Owner and shall be offset against monies collected as above. 
 In the event that
the payments and expenses exceed the monies collected, the Owner shall immediately put the Managers in funds upon demand to cover all such payments and expenses. 
  

	c)	 Financial Statements and Reports 

The Managers will provide the Owner with a yearly balance sheet and a profit and loss account, according to which any existing profits may be
paid to the Owner as per their request. 
 At the request of the Owner, the Managers may provide a six monthly interim/provisional profit and
loss account, on the basis of which an interim payment of the profit may be arranged. 
  

	d)	 Auditing 

The Managers shall at all times maintain and keep true and correct accounts and shall make the same available for inspection and auditing by
external auditors, that the Owner may appoint at their expense, at such times as may be mutually agreed. 
  

	16.	 Executive Officer Services. The Manager will provide the Owner with the services of those executive
officers (“Executive Officers”) from time to time agreed with the Owner. Initially such Executive Officers shall consist of the Chief Executive Officer and the Chief Financial Officer. The Owner will reimburse the Manager for the
compensation paid by the Manager to the Owner’s executive officers to serve as the Owner’s executive officers during the term of this Agreement, which shall be in an amount equal to $250,149 for the first 12 months of this Agreement, and
shall be agreed by the Board of Directors of the Owner thereafter. 

  
 8 

	17.	 Management Fee 

 

	17.01	 In consideration of the obligations undertaken by Managers under this Agreement, Owner shall pay to the
Managers a commission fee equal to one and a quarter of one per cent (1.25%) calculated on the gross freight, demurrage and charter hire obtained for the employment of the Vessels on contracts or charter parties entered into by Managers during the
term of this Agreement, payable to Managers on the dates when such freight demurrage of charter-hire, as the case may be, is paid or otherwise collected. 

  

	17.02	 In addition to the commission fee due to Managers under Clause 17.01 above and, for as long as this Agreement
is in effect, the Owner shall also pay to the Managers a Management Fee of US$ 440.- per day payable monthly in advance, for vessels operating in the spot market or on a time charter. For Vessels operating on bareboat charter, the Owner shall pay to
the Managers a management fee of US $ 125.- per day per vessel. 

  

	17.03	 In addition to the commission fee due to Managers under Clause 17.01 above Owner shall pay to the Managers a
commission fee equal to one per cent (1.00%) calculated on the MOA price for the Vessels being bought or sold for and on behalf of the Owner. 

  

	17.04	 The Managers shall at no extra cost to the Owner provide its own office accommodation, office staff and
stationery. 

  

	17.05	 In the event of the appointment of the Managers being terminated by the Owner or the Managers, the management
fee payable to the Managers shall continue to be payable for a further period of three calendar months. 

  

	18.	 Sale of Vessels 

If the Owner sells any Vessel during the currency of the Agreement, the Managers shall, in accordance with the Owner’s instructions, supervise the sale of
the Vessel, including the performance of the sale agreement, and the negotiation of the same, if so requested by the Owner. 
  

	19.	 Compliance with Laws and Regulations 

The Managers will not do or permit anything to be done which might cause any breach of infringement of the laws and regulations of the Country of Registry of
the Vessels, and of the places where she trades. 

  
 9 

	20.	 Managers’ Right to Sub-contract

 The Managers shall be entitled to sub contract part of their obligations hereunder to third parties without the consent of the Owner.

  

	21.	 Responsibilities 

 

	a)	 Force Majeure 

Neither the Owner nor the Managers shall be under any responsibility/liability for any failure to perform any of their obligations hereunder by
reason of any cause whatsoever of any nature or kind beyond their reasonable control. 
  

	b)	 Liability to Owner 

Without prejudice to sub-clause 21(a) above, the Managers shall be under no liability whatsoever to the
Owner for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect (including but not limited to loss of profit arising out of or in connection with the detention of or the delay to any Vessel) and howsoever arising in the
course of the performance of the management services unless same is proved to have resulted solely from the gross negligence or wilful misconduct of the managers or their employees or agents or sub-contractors
employed by them in connection with any Vessel, in which case the Managers’ liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten times the annual management fee payable hereunder.

  

	c)	 Indemnity 

The Owner hereby undertakes to keep the Managers and their employees, agents and sub-contractors
indemnified and to hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or suffered by them arising out of or in connection with the
performance of the Agreement and against and in respect of all costs, loss, damages, and expenses, which the Managers may suffer or incur, during the course of the performance of this Agreement. 

  
 10 

	d)	 Himalaya 

It is hereby expressly agreed that no employee or agent of the Managers shall in any circumstances whatsoever be under any liability whatsoever
to the Owner for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his part, while acting in the course of or in connection with his employment and, every exception,
limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers shall also be available and shall extend to protect every such employee or agent of
the Managers acting as aforesaid. 
  

	22.	 Inspection of Vessels 

The Owner shall have the right at any time, after giving reasonable notice to the Managers, to inspect any Vessel for any reason they consider
necessary. 
  

	23.	 Term and Termination of Agreement 

This Agreement shall come into effect on the date hereof and shall continue until December 31, 2025. Thereafter it shall be extended on a year
to year basis unless either party hereto, at least six months’ prior to the end of the then current term, shall give written notice to the other that it wishes to terminate this Agreement at the end of the then current term. 

Termination by Default 

The Managers shall be entitled to terminate the Agreement forthright if any monies payable by the Owner shall not have been received in the
Managers’ nominated account within thirty days of payment having been requested in writing by the Managers. 
 This Agreement shall
furthermore terminate forthwith in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or bankruptcy of either party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver
is appointed, or if either party suspends payment, ceases to carry on business, or makes any special arrangement or composition with its creditors. 

  
 11 

 This Agreement shall be deemed to be terminated in case of the sale of all Vessels or if all
Vessels become a total loss or are declared as a constructive or compromised or arranged total loss or are requisitioned. 
 For the purpose
of the above sub-paragraph, the date upon which any Vessel is to be treated as having been sold or otherwise disposed of shall be the date on which the Owner ceases to be registered as Owner of the Vessel.

 The Vessels shall not be deemed to be lost unless either she has become an actual total loss or agreement has been reached with her
underwriters in respect of her constructive, compromised or arranged total loss, or if such agreement with her underwriters is not reached it is adjudged by a competent tribunal that a constructive loss of any Vessel has occurred. 

The termination of this Agreement shall be without prejudice to all rights accrued due between the parties prior to the date of termination.

  

	24.	 Notices 

Any communications may be sent by telefax, registered mail, personal or courier services to the following address: 

 

					
	 STEALTH MARITIME CORP. S.A.

Address: P.O. BOX 52939
 14610 N. Erithrea

Athens – Greece

			
	 Phone
 Fax
	  	 :
 :

:
	  	 (+30) 210 6252849 – 6252850
 (+30) 210
6252817

  
 12 

	25.	 Law and Arbitration 

This Agreement is governed by the Laws of England and any disputes arising therefrom shall be referred to Arbitration in London, one Arbitrator
being appointed by each party with the power to appoint an Umpire in accordance with the Arbitration Acts 1950, 1979, 1996 or any statutory modification or re-enactment thereof for the time being in force.

 IN WITNESS WHEREOF 
 The
parties have caused this Agreement to be executed by their duly authorised officers, on the date above written. 
  

			
	For and on behalf of	  	For and on behalf of
	IMPERIAL PETROLEUM INC.	  	MANAGERS STEALTH MARITIME
		
	 /s/ Fenia
Sakellari                    
  

SAKELLARI FENIA
 SECRETARY
	  	 /s/ Adamantios Andriotis                

 
 ANDRIOTIS ADAMANTIOS

  
 13 

 SCHEDULE A 
  

							
	 VESSEL
	  	 OWNING COMPANY
	  	 FLAG
	  	OFFICIAL
NUMBER
	STEALTH BERANA	  	TANKPUNK INC.	  	LIBERIA	  	19903
	MAGIC WAND	  	CLEAN POWER INC.	  	LIBERIA	  	17797
	FALCON MARYAM	  	KING OF HEARTS INC.	  	LIBERIA	  	18241
	CLEAN THRASHER	  	MR. ROI INC.	  	MARSHALL ISLANDS	  	3024

  
 14

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