Document:

exv4w28

Exhibit 4.28

	 	 	 

	 	Norwegian Shipbrokers’ Association Memorandum of Agreement for sale and purchase of ships. Adopted
by the Baltic and International Maritime Council (BIMCO) in 1956.
	 
	 	Code-name
	 
	 	SALEFORM 1993
	 
	 	Revised 1966, 1983, 1986/87.
	 
	 

MEMORANDUM OF AGREEMENT

Dated: 4 June 2010

Stealth
maritime or nominee hereunder called the Sellers, have agreed to sell, and

Stealthgas inc or nominee, hereunder called the Buyers, have agreed to buy

Name: Samsung aframax nb tbn SPIKE

Classification Society/Class:

	 	 	 

	Built: 2010

	 	By: SAMSUNG SHIPYARD
	 
	 	 
	Flag:

	 	Place of Registration:
	 
	 	 
	Call Sign:

	 	Grt/Nrt:
	 
	 	 
	Register Number:
	 	 
	 
	 	 
	hereunder called the Vessel, on the following terms and conditions:

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 modern form of written
communication.

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

1.
Purchase Price $56,500,0000

2. Deposit standard deposit clause

N/A

3. Payment

The said full Purchase Price shall be paid in full free of bank charges to sellers bank account of
3 banking days in advance of delivery of the Vessel, in accordance with the terms and conditions of
this Agreement.

4. Inspections

NA

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 approximate 20/15/10/7/5/3 and definite 2 and 1 days notice of the estimated time of
arrival at the intended place of underwater inspection/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
international berth or anchorage at/in SAMSUNG shipyard KOREA .
	 
	 	 	in the Sellers’ option.
	 
	 	 	Expected time of delivery: back to back with shipbuilding contract
	 
	 	 	Date of cancelling NA
	 
	c)	 	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

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.

 

 

where after this Agreement shall be null and void.

6. Drydocking/Divers Inspection

	b) **	 	(i) The Vessel is to be delivered without drydocking. However, the Buyers shall have the
right at their expense to arrange for an underwater inspection by a diver approved by the
Classification Society prior to the delivery of the Vessel. The Sellers shall at their cost make
the Vessel available for such Inspection. The extent of the inspection and the conditions under
which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the port of delivery are unsuitable for such inspection, the Sellers
shall make the Vessel available at a suitable alternative place near to the delivery port.
	 
		 	(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are
found broken, damaged or defective so as to affect the Vessel’s class, then unless repairs can be
carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for
the Vessel to be drydocked at their expense for inspection by the Classification Society at the
Vessel’s underwater parts below the deepest load line, the extent of the inspection being in
accordance with the Classification Society’s rules. If the rudder, propeller, bottom or other
underwater parts below the deepest load line are found broken, damaged or defective so as to affect
the Vessel’s class, such defects shall be made good by the Sellers at their expense to the
satisfaction of the Classification Society without condition/recommendation*. In such event the Sellers are to pay also for the cost of the underwater
inspection and the Classification Society’s attendance.
	 
	 	 	(iii) If the Vessel is to be drydocked pursuant to Clause 6 b) (ii) and no suitable dry-docking
facilities are available at the port of delivery, the Sellers shall
take the Vessel to a port where
suitable drydocking facilities are available, whether within or outside the delivery range as per
Clause 5 b). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within
the delivery range as per 

Clause 5 b) which shall, for the purpose of this Clause, become the new
port of delivery. In such event the cancelling date provided for in
Clause 5 b) shall be extended
by the additional time required for the drydocking and extra steaming, but limited to a maximum of
14 running days.
	 
	c)	 	If the Vessel is drydocked pursuant to Clause 6 a) or 6 b) above

(i) the Classification Society may require survey of the tailshaft system, the extent of the survey
being to the satisfaction of the Classification surveyor. If such survey is not required by the
Classification Society, the Buyers shall have the right to require the tailshaft to be drawn and
surveyed by the Classification Society, the extent of the survey being in accordance with the
Classification Society’s ruled for tailshaft survey and consistent with the current stage of the
Vessel’s survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and
surveyed not later  than by the completion of the inspection by the Classification Society. The
drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any parts of the
tailshaft system be condemned or found defective so as to affect the Vessel’s class, those parts
shall be renewed or made good at the Sellers’ expense to the satisfaction of the Classification
Society without condition/recommendation*.

(ii) the expenses relating to the survey of the tailshaft system shall be borne by the Buyers
unless the Classification Society requires such survey to be carried out, In which case the Sellers
shall pay these expenses. The Sellers shall also pay the expenses if the Buyers require the survey
and parts of the system are condemned or found defective or broken so as to affect the Vessel’s
class*.

(iii) the expenses in connection with putting the Vessel in and taking her out of drydock,
including the drydock dues and the Classification Society’s fees shall be paid by the Sellers if
the Classification Society issues any condition/recommendation* as a result of the survey or if it
requires survey Of the tailshaft system. In all other cases the Buyers shall pay the aforesaid
expenses, dues and fees.

(iv) the Buyers’ representative shall have the right to be present in the drydock, but without
interfering with the work or decisions of the Classification surveyor.

(v) the Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted
at their risk and expense without interfering with the Sellers’ or the Classification surveyor’s
work, if any, and without affecting the Vessel’s timely delivery. If, however, the Buyers’ work in
drydock is still in progress when the Sellers have completed the work which the Sellers are
required to do, the additional docking time needed

This contract is a computer generated copy or 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.

 

 

to complete the Buyers’ work shall be for the Buyers’ risk and expense. In the event that the
Buyers’ work requires such additional time, the Sellers may upon completion of the Sellers’ work
tender Notice of Readiness for delivery whilst the Vessel is still in drydock and the Buyers shall
be obliged to lake delivery in accordance with Clause 3, whether the Vessel is in drydock or not
and irrespective of Clause 5 b).

 

	*	 	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.

** 6 a) and 6 b) are alternatives; delete whichever is not applicable. In the absence of deletions,
alternative 6 a) to apply.

7. Spares/bunkers, etc.

The Sellers shall deliver the Vessel to the Buyers with everything belonging 1o her on board and on
shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or spare
propellers(s)/propeller blade(s). If any. belonging to the Vessel at the lime 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 tall-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 safe 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 price paid by sellers as evidenced by invoices/vouchers. Payment under
this Clause shall be made at the same time and place and in the same currency as the Purchase
Price. Excluded items: reverting

8. Documentation

The place of closing: the delivery port

In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with delivery
documents, namely: (Refer to Addendum No.1 as attached)

At the time of delivery the Buyers and Sellers shall sign and deliver 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. Documents to be exchanged to be agreed at a later stage

At the time of delivery the Sellers shall hand to the Buyers the classification certificate(s) as
well as all plans, equipment operating manuals and other technical documentation 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’

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.

 

 

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

12 Buyers’ default

Should the deposit not be paid in accordance with Clause 2, the Sellers have the right to cancel
this Agreement, and they shall be entitled to claim compensation for their losses and for all
expenses incurred together with Interest.

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. If the deposit does not cover their loss, the Sellers shall be entitled to claim
further compensation for their losses and for all expenses incurred together with interest.

13. 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 Clause 5 b) date of
cancelling 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
Clause 5 b) date of cancelling and new Notice of

Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect
to cancel this Agreement the deposit together with interest earned shall be released to them
immediately.

Should the
Sellers fail to give Notice of Readiness by the date stipulated in line-61 Clause 5 b)
date of cancelling 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.

14. Buyers’ representatives

After this agreement has been signed by both parties and the deposit has been lodged, the Buyers
have the right to place two representatives on board the Vessel at their sole risk and expense
These representative are on board for the purpose of familiarisation and in the capacity of
observers only, and they shall not interfere in any respect with the operation of the Vessel. The
Buyers’ representatives shall sign the Sellers’ letter of indemnity prior to their embarkation. Max
stay onboard 10 days, and reps to pay euro 12 per person per day for as long as they stay onboard

15. 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.

Additional clause 16(A)(B) appearing hereafter are an integral part of this agreement.

	 	 	 

	
	 	

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.

 

 

16 A. Stealthgas inc will buy the owning co of the sellers ie ‘tankpunk inc’ and sellers will
indemnify buyers for any debts or encubrances that company might have. No deposit will be given but
all the purchase money together with any other costs like bunkers/lubs or supplies will be paid
prior to delivery together with the full purchase price as agreed in this MOA.

16 B. the vessel is sold with a 5 year bareboat attached to GEDEN, Buyers have read, approved
and accepted the bb cp and its rider clauses.

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.

 

 

ADDENDUM NO. 1

Memorandum
of Agreement dated 4th June 2010 for “M/T SPIKE”

With the reference to the captioned Memorandum of Agreement, it is THIS DAY HEREBY AGREED
BETWEEN THE PARTIES TO AMEND MEMORANDUM OF AGREEMENT AS FOLLOWS:

Clause 16A of this Memorandum of Agreement should read:

“Stealthgas Inc. will nominate “Tankpunk Inc.” as buyers and sellers will indemnify buyers for any
debts or encumbrances that company might have. No deposit will be
given  but all the purchase money
together with other costs like bunkers/lubs or supplies will be paid prior to delivery together
with the full purchase price as agreed in this MOA”.

IN WITNESS WHEREOF, the parties have executed this Addendum No. 1 to be duly executed in Athens on
this 22nd day of June 2010exv4w29

Exhibit 4.29

	 	 	 

	

	 	SCOTIABANK (IRELAND) LIMITED

I.F.S.C. House, Custom House Quay, Dublin 1, Ireland. 

Telephone: Dublin 353-1-790 2000 Fax: 353-1-670-0684 

S.W.I.F.T. Address: NOSCIE 2X

18 March 2010

The Directors

Stealthgas Inc

331 Kifissias Avenue

Kifissia 14561

Greece

For the attention of Mr. Andrew Simmons

Dear Sir,

AMENDMENT LETTER

Stealthgas Inc. Facility Agreement For A USD46,875,000 Term Loan dated June 21 2007, as

amended by, among others, Supplemental Agreement dated 8 January 2008

Further to the request from yourselves, Scotiabank (Ireland) Ltd (“SBI”) agrees to the
following amendments:

For a period from 1 Jan 2010 to the Maturity Date:

by deleting the definition of “Margin” and replacing it with:

“Margin” means, in relation to each Interest Period, 2.00% per annum.

For a period from 1 Jan 2010 to 30 September 2010 only:

by amending the definition of “Required
Security Amount” to read:

“Required Security Amount” means the amount in USD (as certified by the Lender)
which is ninety percent (90%) of the Loan

by amending the definition of “Security Value” to read:

“Security Value” means the amount in USD (as certified by the Lender) which is,
at any relevant time, the aggregate of (a) the Valuation Amounts of the
Mortgaged Vessels as most recently determined in accordance with clause 8.2.2
and (b) the net realizable market value of any additional security for the time
being actually provided to the Lender pursuant to clause 8.2. l(b);

From 1 October 2010, the definitions of “Required Security Amount” and “Security Value” will revert
to their definitions immediately prior to signing of this Amendment Letter.

Directors: J.C. Heath — Chairman (Canada), R. Masters — Chief Executive Officer (G.B), W.F.P. Swords.

R.L. Egan, I.S. Steers (G.B), C.H. Taylor (G.B). P.A. Williams (G.B), G.H. Stlnnes (Germany).

Registered In Ireland 30350, A wholly owned subsidiary of The Bank of Nova Scotia International Limited

Scotiabank (Ireland) Limited Is authorised and regulated by the Financial Regulator In Ireland

 

 

-2-

If Stealthgas Inc. agrees with the foregoing, please sign and return to SBI the enclosed copy
of this Amendment Letter no later than 20 March 2010. The amendment herein will not take effect
until SBI receives your countersigned letter.

	 	 	 	 	 
	Yours sincerely

/s/ Daniel Muldoon

Scotiabank (Ireland) Limited

STEALTHGAS INC

P.O. Box 1405, Majuro

Ajeltake Road, Ajeltake Island, Majuro

MH96960, Marshall Islands
 	 	 
	 
	/s/ Andrew J. Simmons
 	 	 
	Name:  	Andrew J. Simmons 	 	 
	Title:  	CFO 	 	 
	 

For and on behalf of Stealthgas Inc.

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