Document:

Exhibit 10.4

The Form of Memorandum of Agreement for the following Identified Vessels is
identical with respect to each vessel with the exception of the following
specifications.

GAS ETERNITY

Agreement dated: June 22, 2005

Seller: Gass Success Limited

Buyer: Balcan Profit Limited

Classification Society/Class: BV

Built: 1998

By: Watanabe dockyard, Japan

Flag: Malta

Place of registration: Valetta, Malta

Call sign: DYAR

Grt/Nrt: 3,549/1,064

Register Number: IMO 9196450

Purchase Price: $12,912,500

Expected time of delivery of vessel: January 15 - February 15, 2006

Cancellation date: February 15, 2006 at buyer's option

GAS CRYSTAL

Agreement dated: June 22, 2005

Seller: East Technologies Limited

Buyer: Iceland Limited

Classification Society/Class: NK

Built: 1990

By: Shinhama Dockyard Ltd., Japan

Flag: Malta

Place of registration: Valetta, Malta

Call sign: 9HW07

Grt/Nrt: 3,888/1,167

Register number: IMO8913215/ON8887

Purchase price: $9,500,000

Expected time of delivery of vessel: November 1 - 30, 2005

Cancellation date: November 30, 2005 at buyer's option

GAS LEGACY

Agreement dated: June 22, 2005

Seller: Quicksilver Shipping Limited

Buyer: Northern Yield Shipping Limited

Classification Society/Class: NK

Built: 1998

By: Shitanoe Zosen, Japan

Flag: Cyprus

Place of registration: Limassol, Cyprus

Call sign: A3BM9

Grt/Nrt: 3,392/1,018

Register number: 9186948

Purchase price: $13,050,000

Expected time of delivery of vessel: November 1 - 30, 2005

Cancellation date: November 30, 2005 at buyer's option

                               ------------------------------------------------
                                Norwegian Shipbrokers' Association Memo-
                                randum of Agreement for sale and purchase of
                                ships. Adopted by the Baltic and International
MEMORANDUM OF AGREEMENT         Maritime Council (BIMCO) in 1956.
                                                  Code-name
                                                SALEFORM 1993
DATED:                          Revised 1966, 1983, 1986/87.
                               ------------------------------------------------

[                ], Sellers, have agreed to sell, and

[                ], hereunder called the Buyers, have agreed to buy

Name:

Classification Society/Class:

Built:                         By:

Flag:                          Place of Registration:

Call Sign:                     Grt/Nrt:

Register Number:

hereunder called the Vessel, on the following terms and considtions:

DEFINITIONS

"Banking days" are days on which banks are open both in the country of the
currency stipulated for the Purchase Price in Clause 1 and in the place of
closing stipulated in Clause 8.

"in writing" or "written" means a letter handed over from the Sellers to the
Buyers or vice versa, a registered letter, telex, telefax or other modem form
of written communication.

"Classification Society" or "Class" means the Society referred to in line 4.

1.   PURCHASE PRICE

2.   DEPOSIT

It has been agreed between both parties that there will be no 10% deposit lodged
by buyers, the sellers will receive at the time of the closing of title the 100%
purchase price of the vessel together with extra payment for bunkers and
lubricants remaining on board at the time of delivery.

3.   PAYMENT

The said Purchase Price shall be paid in full free of bank charges to sellers
bank on delivery of the Vessel, but not later than 3 banking days after the
Vessel is in every respect physically ready for delivery in accordance with the
terms and conditions of this Agreement and Notice of Readiness has been given in
accordance with Clause 5.

4.   INSPECTIONS

     The Buyers have inspected the Vessel and have accepted the Vessel following
     this inspection and the sale is outright and definite, subject only to the
     terms and conditions of this Agreement.

5.   NOTICES, TIME AND PLACE OF DELIVERY

a)   The Sellers shall keep the Buyers well informed of the Vessel's itinerary
     and shall provide the Buyers with 15, 10 and 5 days notice of the estimated
     time of arrival at the intended place of delivery. When the Vessel is at
     the place of delivery and in every respect physically ready for delivery in
     accordance with this Agreement, the Sellers shall give the Buyers a written
     Notice of Readiness for delivery.

b)   The Vessel shall be delivered and taken over safely afloat at a safe and
     accessible berth or anchorage or at sea worldwide but always within IWL.

     in the Sellers' option.

     Expected time of delivery:

                                   ----------
This contract is a computer generated copy of the SALEFORM 1993 form, printed
under license from the Norwegian Shipbrokers' Association, using the BIMCO
Charter Party Editor. Any insertion or deletion to the form must be clearly
visible. In event of any modification being made to the preprinted text of this
document, which is not clearly visible, the original document, as recommended by
BIMCO, shall apply. The Norwegian Shipbrokers' Association and BIMCO assume no
responsibility for any loss or damage caused as a result of discrepancies
between the original document and this document.

     Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): in buyers option

c)   If the Sellers anticipate that, notwithstanding the exercise of due
     diligence by them, the Vessel will not be ready for delivery by the
     cancelling date they may notify the Buyers in writing stating the date when
     they anticipate that the Vessel will be ready for delivery and propose a
     new cancelling date. Upon receipt of such notification the Buyers shall
     have the option of either cancelling this Agreement in accordance with
     Clause 14 within 7 running days of receipt of the notice or of accepting
     the new date as the new cancelling date. If the Buyers have not declared
     their option within 7 running days of receipt of the Sellers' notification
     or if the Buyers accept the new date, the date proposed in the Seller's
     notification shall be deemed to be the new cancelling date and shall be
     substituted for the cancelling date stipulated in line 61.

     If this Agreement is maintained with the new cancelling date all other
     terms and conditions hereof including those contained in Clauses 5 a) and 5
     c) shall remain unaltered and in full force and effect. Cancellation or
     failure to cancel shall be entirely without prejudice to any claim for
     damages the Buyers may have under Clause 14 for the Vessel not being ready
     by the original cancelling date.

d)   Should the Vessel become an actual, constructive or compromised total loss
     before delivery the deposit together with interest earned shall be released
     immediately to the Buyers whereafter this Agreement shall be null and void.

6.   DRYDOCKING/DIVERS INSPECTION

     There will be no drydocking or divers inspections however sellers will give
     buyers a document stating that vessel hasn't touched bottom for as long as
     its been under their ownership.

7.   SPARES/BUNKERS, ETC.

The Sellers shall deliver the Vessel to the Buyers with everything belonging to
her on board and on shore. All spare parts and spare equipment including spare
tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any,
belonging to the Vessel at the time of inspection used or unused, whether on
board or not shall become the Buyers' property, but spares on order are to be
excluded. Forwarding charges, if any, shall be for the Buyers' account. The
Sellers are not required to replace spare parts including spare tail-end
shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare
and used as replacement prior to delivery, but the replaced items shall be the
property of the Buyers. The radio installation and navigational equipment shall
be included in the sale without extra payment if they are the property of the
Sellers. Unused stores and provisions shall be included in the sale and be taken
over by the Buyers without extra payment.

The Sellers have the right to take ashore crockery, plates, cutlery, linen and
other articles bearing the Sellers' flag or name, provided they replace same
with similar unmarked items. Library, forms, etc., exclusively for use in the
Sellers' vessel(s), shall be excluded without compensation. Captain's, Officers'
and Crew's personal belongings including the slop chest are to be excluded from
the sale, as well as the following additional items (including items on hire):

The Buyers shall take over the remaining bunkers and unused lubricating oils in
storage tanks and sealed drums and pay the current net market price (excluding
barging expenses) at the port and date of delivery of the Vessel.

Payment under this Clause shall be made at the same time and place and in the
same currency as the Purchase Price.

8.   DOCUMENTATION

The place of closing: athens

In exchange for payment of the Purchase Price the Sellers shall furnish the
Buyers with delivery documents, namely:

a)   Legal Bill of Sale in a form recordable in .............. (the country in
     which the Buyers are to register the Vessel), warranting that the Vessel is
     free from all encumbrances, mortgages and maritime liens or any other debts
     or claims whatsoever, duly legalized by the consul of such country

                                   ----------
This contract is a computer generated copy of the SALEFORM 1993 form, printed
under license from the Norwegian Shipbrokers' Association, using the BIMCO
Charter Party Editor. Any insertion or deletion to the form must be clearly
visible. In event of any modification being made to the preprinted text of this
document, which is not clearly visible, the original document, as recommended by
BIMCO, shall apply. The Norwegian Shipbrokers' Association and BIMCO assume no
responsibility for any loss or damage caused as a result of discrepancies
between the original document and this document.

     or other competent authority.

b)   Current Certificate of Ownership issued by the competent authorities of the
     flag state of the Vessel.

c)   Confirmation of Class issued within 72 hours prior to delivery.

d)   Current Certificate issued by the competent authorities stating that the
     Vessel is free from registered encumbrances.

e)   Certificate of Deletion of the Vessel from the Vessel's registry or other
     official evidence of deletion appropriate to the Vessel's registry at the
     time of delivery, or, in the event that the registry does not as a matter
     of practice issue such documentation immediately, a written undertaking by
     the Sellers to effect deletion from the Vessel's registry forthwith and
     furnish a Certificate or other official evidence of deletion to the Buyers
     promptly and latest within 4 (four) weeks after the Purchase Price has been
     paid and the Vessel has been delivered.

f)   Any such additional document as may reasonably be required by the competent
     authorities for the purpose of registering the Vessel, provided the Buyers
     notify the Sellers of any such documents as soon as possible after the date
     of this Agreement.

At the time of delivery the Buyers and Sellers shall sign and delivery to each
other a Protocol of Delivery and Acceptance confirming the date and time of
delivery of the Vessel from the Sellers to the Buyers.

At the time of delivery the Sellers shall hand to the Buyers the classification
certificate(s) as well as all plans etc., which are on board the Vessel. Other
certificates which are on board the Vessel shall also be handed over to the
Buyers unless the Sellers are required to retain same, in which case the Buyers
to have the right to take copies. Other technical documentation which may be in
the Sellers' possession shall be promptly forwarded to the Buyers at their
expense, if they so request. The Sellers may keep the Vessel's log books but the
Buyers to have the right to take copies of same.

9.   Encumbrances

The Sellers warrant that the Vessel, at the time of delivery, is free from all
charters, encumbrances, mortgages and maritime liens or any other debts
whatsoever. The Sellers hereby undertake to indemnify the Buyers against all
consequences of claims made against the Vessel which have been incurred prior to
the time of delivery.

10.  TAXES, ETC.

Any taxes, fees and expenses in connection with the purchase and registration
under the Buyers' flag shall be for the Buyers' account, whereas similar charges
in connection with the closing of the Sellers' register shall be for the
Sellers' account.

11.  CONDITION ON DELIVERY

The Vessel with everything belonging to her shall be at the Sellers' risk and
expense until she is delivered to the Buyers, but subject to the terms and
conditions of this Agreement she shall be delivered and taken over as she was at
the time of inspection, fair wear and tear excepted. However, the Vessel shall
be delivered with her class maintained without condition/recommendation*, free
of average damage affecting the Vessel's class, and with her classification
certificates and national certificates, as well as all other certificates the
Vessel had at the time of inspection, valid and without
condition/recommendation* by Class or the relevant authorities at the time of
delivery.

"Inspection" in this Clause 11, shall mean the Buyers' inspection according to
Clause 4 a) or 4 b), if applicable, or the Buyers' inspection prior to the
signing of this Agreement. If the Vessel is taken over without inspection, the
date of this Agreement shall be the relevant date.

*    Notes, if any, in the surveyor's report which are accepted by the
     Classification Society without condition/recommendation are not to be taken
     into account.

12.  name/markings

                                   ----------
This contract is a computer generated copy of the SALEFORM 1993 form, printed
under license from the Norwegian Shipbrokers' Association, using the BIMCO
Charter Party Editor. Any insertion or deletion to the form must be clearly
visible. In event of any modification being made to the preprinted text of this
document, which is not clearly visible, the original document, as recommended by
BIMCO, shall apply. The Norwegian Shipbrokers' Association and BIMCO assume no
responsibility for any loss or damage caused as a result of discrepancies
between the original document and this document.

          non applicable

13.  BUYERS' DEFAULT

Should the Purchase Price not be paid in accordance with Clause 3, the Sellers
have the right to cancel the Agreement, in which case the deposit together with
interest earned shall be released to the Sellers.

14.  SELLERS' DEFAULT

Should the Sellers fail to give Notice of Readiness in accordance with Clause 5
a) or fail to be ready to validly complete a legal transfer by the date
stipulated in line 61 the Buyers shall have the option of cancelling this
Agreement provided always that the Sellers shall be granted a maximum of 3
banking days after Notice of Readiness has been given to make arrangements for
the documentation set out in Clause 8. If after Notice of Readiness has been
given but before the Buyers have taken delivery, the Vessel ceases to be
physically ready for delivery and is not made physically ready again in every
respect by the date stipulated in line 61 and new Notice of Readiness given, the
Buyers shall retain their option to cancel. Should the Sellers fail to give
Notice of Readiness by the date stipulated in line 61 or fail to be ready to
validly complete a legal transfer as aforesaid they shall make due compensation
to the Buyers for their loss and for all expenses together with interest if
their failure is due to proven negligence and whether or not the Buyers cancel
this Agreement.

15.  BUYERS' REPRESENTATIVES

Non applicable

16.  ARBITRATION

a)*  This agreement shall be governed by and construed in accordance with
     English law and any dispute arising out of this Agreement shall be referred
     to arbitration in London in accordance with the Arbitration Acts 1950 and
     1979 or any statutory modification or re-enactment thereof for the time
     being in force, one arbitrator being appointed by each party. On the
     receipt by one party of the nomination in writing of the other party's
     arbitrator, that party shall appoint their arbitrator within fourteen days,
     failing which the decision of the single arbitrator appointed shall apply.
     If two arbitrators properly appointed shall not agree they shall appoint an
     umpire whose decision shall be final.

17.  SUBJECTS

Should the buyers fail to price the IPO by 20 Oct. then this moa will be
considered null and voice. In such case buyers to have no obligation to purchase
the vessel. Should the purchase price, following the stealthgas IPO pricing not
be paid in accordance with this agreement, the sellers have the right to cancel
the agreement, sellers shall be entitled to claim compensation for their losses
and for all expenses incurred together with interest.

FOR THE SELLERS                                       FOR THE BUYERS

-------------                                         ----------------

ATTORNEY-IN-FACT

                                   ----------
This contract is a computer generated copy of the SALEFORM 1993 form, printed
under license from the Norwegian Shipbrokers' Association, using the BIMCO
Charter Party Editor. Any insertion or deletion to the form must be clearly
visible. In event of any modification being made to the preprinted text of this
document, which is not clearly visible, the original document, as recommended by
BIMCO, shall apply. The Norwegian Shipbrokers' Association and BIMCO assume no
responsibility for any loss or damage caused as a result of discrepancies
between the original document and this document.Exhibit 10.6

The Form of Share Purchase Agreement for the following Identified Vessels is
identical with respect to each vessel with the exception of the following
specifications.

GAS ORACLE

Owner: Independent Trader Ltd., a Marshall Islands company

Purchase Price: $5,000,000

Shares: 100 registered shares, $0.01 par value

GAS CHIOS

Owner: Continent Gas Inc., a Marshall Islands company

Purchase price: $11,000,000

Shares: 100 registered shares, $0.01 par value

GAS PRODIGY

Owner: Gaz de Brazil Inc., a Marshall Islands company

Purchase price: $9,500,000

Shares: 100 registered shares, $0.01 par value

SWEET DREAM

Owner: Empire Spirit Ltd., a Marshall Islands company

Purchase Price: $14,000,000

Shares: 100 registered shares, $0.01 par value

GAS CATHAR

Date: October 3, 2005

Owner: Jungle Investment Limited

Purchase Price: $19,982,500

Shares: 100 registered shares, $0.01 par value

Exhibit 10.6

                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE AGREEMENT dated as of August _____, 2005 (the
"Agreement"), by and among Stealth Maritime Corporation S.A., a Liberian company
("Stealth Maritime"), [            ], a [             ] company (the "Owner"),
and StealthGas Inc., a Marshall Islands company ("StealthGas").

         WHEREAS, Stealth Maritime caused the Owner to be incorporated and to
acquire the [  ] (the "Vessel");

         WHEREAS, Stealth Maritime desires to cause the Owner to issue to
StealthGas [ ] registered shares (the "Shares") of common stock, $[ ] par value,
of the Owner; and

         WHEREAS, StealthGas desires to pay Stealth Maritime $[      ] as
consideration for causing the Owner to issue the shares of the Owner;

         NOW, THEREFORE, in consideration of, and subject to, the mutual
promises, agreements, terms and conditions made herein, and intending to be
legally bound, the parties hereto do hereby agree as follows: ARTICLE 1.

                                PURCHASE AND SALE
Section 1.01. Purchase and Sale of the Shares. Upon the terms and subject to the
conditions of this Agreement, on the Closing Date, Stealth Maritime shall cause
the Owner to issue to StealthGas all of its issued and outstanding shares of
common stock, and StealthGas shall pay to Stealth Maritime the sum of $[ ] in
cash, in consideration for causing the Owner to issue all of its issued and
outstanding shares of common stock to StealthGas.
Section 1.02. Closing. The closing of the purchase and sale of the Shares
contemplated by this Agreement (the "Closing") shall take place at such time,
date and place no later than thirty (30) calendar days after satisfaction (or
waiver as provided herein) of the conditions set forth in Article 4 (other than
those conditions that by their nature will be satisfied at the Closing) as shall
be mutually agreed in writing by the parties hereto. The date on which the
Closing occurs is referred to herein as the "Closing Date." Section 1.03.
Deliveries. At the Closing, Stealth Maritime will cause the Owner to issue and
deliver, and the Owner hereby agrees to issue and deliver, to StealthGas stock
certificates evidencing the Shares duly registered in the name of StealthGas
with necessary tax stamps affixed against delivery by StealthGas of $[ ] to
Stealth Maritime by wire transfer of immediately available funds to an account
designated by Stealth Maritime at least one day prior to the Closing Date.

                                   ARTICLE 2.

                   REPRESENTATIONS AND WARRANTIES OF THE OWNER

     Stealth Maritime represents and warrants to StealthGas that each statement
contained in this Article 2 is true and correct as of the date hereof.

     Section 2.01. Organization, Authority, Etc. of Stealth Maritime. Stealth
Maritime is a corporation duly organized, validly existing and in good standing
under the laws of Liberia, with all requisite corporate authority to conduct its
business as it is now being conducted and to own its properties and to lease
those properties leased by it.

     Section 2.02. Organization, Authority, Etc. of the Owner. The Owner is a
corporation duly organized, validly existing and in good standing under the laws
of the Marshall Islands, with all requisite corporate authority to own and
operate the Vessel. The Owner has not conducted any business except business
related to the ownership and operation of the Vessel nor does the Owner have any
assets or liabilities other than those associated with the Vessel and such
business.

     Section 2.03. Material Liabilities. All material liabilities of the Owner
are reflected in the financial statements of the Vafias Group of LPG Carriers
for the period ended December 31, 2004 and the six-month period ended June 30,
2005 which are included in the draft Registration Statement on Form F-1 of
StealthGas, dated August 29, 2005. Since the date of those financial statements
the Owner has not incurred any additional material liabilities.

     Section 2.04. Capitalization. The Shares, when issued to StealthGas will be
duly and validly issued, free of preemptive rights, fully paid and
non-assessable. The Shares, when so issued, will constitute the only issued and
outstanding shares of the capital stock of the Owner and there are no
outstanding options, warrants or other rights entitling any person to acquire
any capital stock or other securities of the Owner.

     Section 2.05. Operating Condition. The Vessel is in good operating
condition (subject to normal wear and tear), free from any material defects, the
Vessel is in-class and is not in need of any material repairs and is insured
against those types of risks and in amounts of coverage consistent with those
amounts generally carried by other shipping companies.

     Section 2.06. Consents. Any necessary consents of third parties, including
any government agency, any lender, charterer or any other person, necessary in
connection with the issuance of shares of the Owner have been obtained without
any material conditions.

     Section 2.07. Litigation. As of the date of this Agreement, there are no
pending or threatened claims, including claims by charterers relating to the
Vessel.

                                   ARTICLE 3.

                          COVENANTS OF STEALTH MARITIME

     Section 3.01. Indebtedness; Release of Liens. On or prior to the Closing
Date, Stealth Maritime shall cause all of the Owner's bank debt relating to the
Vessel to be extinguished. On or prior to the Closing Date, Stealth Maritime
shall have caused to be released any mortgage,

                                      -2-

lien, pledge, charge, security interest or any other encumbrance in and upon the
Owner's assets or properties, including the Vessel. ARTICLE 4.

                              CONDITIONS TO CLOSING

     Section 4.01. Conditions to Obligations of StealthGas. The obligations of
StealthGas to consummate the sale of Shares contemplated by this Agreement are
subject to the satisfaction on or prior to the Closing Date of the condition
that each of the representations and warranties of Stealth Maritime set forth in
this Agreement shall be true and correct at and as of the Closing Date as if
made at and as of the Closing Date and Stealth Maritime shall have performed or
complied in all material respects with all obligations and covenants required by
this Agreement to be performed or complied with at or prior to the Closing Date;
and Stealth Maritime, as of the Closing Date, shall be deemed to have certified
that the representations and warranties of Stealth Maritime set forth in this
Agreement are true and correct as if made at and as of the Closing Date and that
Stealth Maritime has performed or complied in all material respects with all
obligations and covenants required by this Agreement to be performed or complied
with at or prior to the Closing Date.

     Section 4.02. Conditions to Obligations of StealthGas and Stealth Maritime.
The obligations of StealthGas and Stealth Maritime to consummate the sale of
Shares contemplated by this Agreement are subject to the consummation of the
initial public offering of the common stock of StealthGas on or prior to the
Closing Date.

                                   ARTICLE 5.

                                  MISCELLANEOUS

     Section 5.01. Choice of Law. This Agreement shall be construed in
accordance with the laws of Greece without giving effect to the conflicts of law
principles thereof.

     Section 5.02. Entire Agreement. This Agreement sets forth the entire
agreement and understanding of the parties in respect of the transactions
contemplated herein and supersedes any previous agreements and understandings
(written or oral), including, without limitation, the memorandum of agreement
with respect to the sale of the Vessel to a subsidiary of Stealth Gas, among the
parties or any of them with respect thereto.

     Section 5.03. Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors and
permitted assigns.

     Section 5.04. Headings. The article and section headings of this Agreement
are for reference purposes only and are to be given no effect in the
construction or interpretation of this Agreement.

     Section 5.05. Severability. In case any of the provisions contained in this
Agreement shall for any reason be held to be invalid, illegal, or unenforceable
in any respect, any such invalidity, illegality, or unenforceability shall not
affect any other provision of this Agreement,

                                      -3-

but this Agreement shall be construed as if such invalid, illegal, or
unenforceable provision had been limited or modified (consistent with its
general intent) to the extent necessary to make it valid, legal, and
enforceable, or if it shall not be possible to so limit or modify such invalid,
illegal, or unenforceable provision or part of a provision, this Agreement shall
be construed as if such invalid, illegal, or unenforceable provision or part of
a provision had never been contained in this Agreement.

     Section 5.06. Amendments. This Agreement may be amended, modified or
supplemented only by a written instrument signed by StealthGas and Stealth
Maritime.

     Section 5.07. Counterparts. This Agreement may be executed in counterparts,
each of which shall be an original but all of which together shall constitute
one and the same document.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have executed or caused this Stock
Purchase Agreement to be executed as of the date set forth above.

                                   STEALTHGAS INC.

                                   By: ____________________________________
                                       Name:
                                       Title:

                                   STEALTH MARITIME CORPORATION S.A.

                                   By: ______________________________________
                                       Name:
                                       Title:

                                   [                     ]

                                   By: ______________________________________
                                       Name:
                                       Title:

                 Signature Page to [ ] Stock Purchase Agreement

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