Document:

EX-4.2

 Exhibit 4.2 

FIRST SUPPLEMENTAL INDENTURE 

FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of March 21, 2017, among Gastar
Exploration Inc. (or its successor, the “Company”), Northwest Property Ventures LLC (the “Guarantor”), and Wilmington Trust, National Association, a national banking association, as Trustee (the
“Trustee”) and as Collateral Trustee (the “Collateral Trustee”) under the Indenture referred to below. 

W I T N E S S E T H: 
 WHEREAS,
the Company, the Guarantor and the Trustee and the Collateral Trustee have heretofore executed an indenture, dated as of March 3, 2017 (as amended, supplemented or otherwise modified, the “Indenture”), providing for the
issuance of the Company’s Convertible Notes due 2022 (the “Notes”); 
 WHEREAS, $125.0 million aggregate
principal amount of Notes are currently outstanding (the “Initial Notes”); 
 WHEREAS, the Company desires to issue
$75.0 million aggregate principal amount of additional Notes (the “Additional Notes”) pursuant to the terms of a Securities Purchase Agreement dated March 20, 2017, among the Company and the Initial Holders (as defined in
the Indenture) (the “Purchase Agreement”); 
 WHEREAS, Section 8.02 of the Indenture provides that, with the consent
of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, the Company, the Guarantor, the Trustee and the Collateral Trustee may enter into an indenture supplemental to the Indenture for the purpose of
amending or supplementing the Indenture or the Notes (subject to certain exceptions); 
 WHEREAS, the Company desires and has requested the
Trustee and the Collateral Trustee to join with it and the Guarantor in entering into this Supplemental Indenture for the purpose of amending the Indenture and the Notes as permitted by Section 8.02 of the Indenture in connection with the
issuance of the Additional Notes pursuant to the Purchase Agreement; 
 WHEREAS, (1) the Company has received the written consent of
the Holders of a majority in aggregate principal amount of the outstanding Notes approving this Supplemental Indenture, (2) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel relating to this
Supplemental Indenture as contemplated by Section 8.06 of the Indenture and (3) the Company and the Guarantor have satisfied all other conditions required under Article 8 of the Indenture to enable the Company, the Guarantor and the
Trustee to enter into this Supplemental Indenture; and 
 WHEREAS, all other acts and things prescribed by the Indenture, by law and by the
Certificate of Incorporation and the Bylaws (or comparable constituent documents) of the Company, of the Guarantor and of the Trustee and the Collateral Trustee necessary to make this Supplemental Indenture a valid instrument legally binding on the
Company, the Guarantor, the Trustee and the Collateral Trustee, in accordance with its terms, have been duly done and performed. 

 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the Company, the Guarantor, the Trustee and the Collateral Trustee agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1.    Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or
recital to this Supplemental Indenture are used in this Supplemental Indenture as therein or herein defined. 

2.    Authorization of Additional Notes. Pursuant to Section 2.02 of the Indenture, on the date of this
Supplemental Indenture, the Company shall issue an aggregate of $75.0 million principal amount of Additional Notes pursuant to the Purchase Agreement, which Additional Notes will have identical terms as the Initial Notes, other than as to the
date of issuance and the initial interest accrual date. In accordance with the Indenture, the Initial Notes and the Additional Notes will be treated as a single class of Notes for all purposes under the Indenture. The Additional Notes will be
issued initially in the form of one or more Physical Notes, and, in addition to legends specified in the Indenture, may bear legends restricting transfer as specified in the Purchase Agreement. 

3.    Amendments to Indenture. The Indenture is hereby amended as follows: 

(a)     The following new definitions are hereby added to Section 1.01 of the Indenture: 

“Additional Notes” means the $75.0 million aggregate principal amount of Notes issued pursuant to the
Purchase Agreement. 
 “Initial Notes” means the $125.0 million aggregate principal amount of Notes
issued on the Issue Date. 
 “Purchase Agreement” means the Securities Purchase Agreement among the Company
and the Initial Holders dated March 20, 2017. 
 (b)     The following definitions in Section 1.01 of the
Indenture are hereby amended and restated as follows: 
 “Ares Notes” means the Initial Notes and the
Additional Notes, and any Note issued in exchange therefor or in substitution thereof. 
 “Registration Rights
Agreement” means that certain Registration Rights Agreement, dated as of the Issue Date, between the Company and the Initial Holders, as amended. 

“Rule 144A Note” means any Initial Note and any Additional Note, and any Note issued in exchange therefor or
in substitution thereof, upon the first to occur, if at all, of the following: (A) the resale of such Note in a transaction pursuant to Rule 144A; and (B) if such Note is held by an Initial Holder or an Affiliate or Affiliated Entity of an
Initial Holder, the lapsing of a period of three (3) months after the date such Initial Holder, Affiliate or Affiliated Entity has ceased to be an Affiliate of the Company. The Trustee will have no obligation to determine or verify whether a
Note is a Rule 144A Note. 

  
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 (c)    Clause (E) of the definition of “Exempt Issuance” in
Section 1.01 of the Indenture is hereby amended and restated to read in its entirety as follows: 
 (E) the
Company’s issuance of the Notes and any shares of Common Stock upon conversion of the Notes, and the issuance of shares of Common Stock to the Initial Holders on or about the Issue Date, and the issuance of Common Stock in exchange for
Additional Notes pursuant to the Purchase Agreement; 
 (d)    Clause (D) of Section 2.09 of the Indenture is
hereby amended and restated to read in its entirety as follows: 
 (D)    Other Legends. A Note may bear
any other legend or text, not inconsistent with this Indenture, as may be required by the Purchase Agreement, by applicable law or by any securities exchange or automated quotation system on which such Note is traded or quoted. 

(e)    the opening clause of Section 3.11(A)(3) of the Indenture is hereby amended and restated to read as follows:

 (3)    such Restricted Payment, together with the aggregate amount of all other Restricted Payments
made by the Company and its Restricted Subsidiaries after the Issue Date (excluding Restricted Payments permitted by clauses (ii) through (xii), inclusive, of Section 3.11(B)), is less than the sum, without duplication, of: 

(f)    Clause (iii) of the definition of Permitted Debt in Section 3.13(B) of the Indenture is hereby
amended to read in its entirety as follows: 
 (iii)    the incurrence by the Company of Indebtedness represented by the
Initial Notes or the Additional Notes, and the incurrence by any Guarantor of Indebtedness to be represented by a Guarantee of the Notes; 

4.    Ratification of Indenture; Supplemental Indenture Part of Indenture. Except as expressly amended by this
Supplemental Indenture, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof will remain in full force and effect. This Supplemental Indenture will form a part of the Indenture for all
purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered will be bound by this Supplemental Indenture. 

5.    Neither the Trustee Nor the Collateral Agent Makes Any Representation. Neither the Trustee nor the Collateral
Agent makes any representation as to the validity, adequacy, enforceability or sufficiency of this Supplemental Indenture or the Notes or as to the statements made in the recitals, all of which are statements of the Company and the Guarantor.
Neither the Trustee nor the Collateral Agent will accountable for the Company’s use of the proceeds from the Notes. 

  
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 6.    Miscellaneous. Sections 13.05, 13.06, 13.07, 13.09, 13.11,
13.13, 13.14 and 13.15 of the Indenture will apply to this Supplemental Indenture as if the same were reproduced in this Supplemental Indenture, mutatis mutandis. 

[The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties to this Supplemental Indenture have caused this
Supplemental Indenture to be duly executed as of the date first written above. 
  

					
	GASTAR EXPLORATION INC.
		
	By:	 	 /s/ Michael A. Gerlich

		 	Name:	 	Michael A. Gerlich
		 	Title:	 	Senior Vice President, Chief Financial Officer and Corporate Secretary
	
	NORTHWEST PROPERTY VENTURES LLC, as Guarantor
		
	By:	 	 /s/ Michael A. Gerlich

		 	Name:	 	Michael A. Gerlich
		 	Title:	 	Senior Vice President, Chief Financial Officer and Corporate Secretary

 [Signature Page to First Supplemental Indenture] 

 
					
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee and Collateral Trustee
		
	By:	 	 /s/ Shawn Goffinet

		 	Name:	 	Shawn Goffinet
		 	Title:	 	Assistant Vice President

 [Signature Page to First Supplemental Indenture]EX-4.4

 Exhibit 4.4 

AMENDMENT NO. 1 
 TO THE

 REGISTRATION RIGHTS AGREEMENT 

This AMENDMENT NO. 1 (this “Amendment”), dated as of March 21, 2017, to the Registration Rights Agreement, dated
as of March 3, 2017 (the “Agreement”), by and among Gastar Exploration Inc., a Delaware corporation (the “Company”) and each of the purchasers listed on Schedule I thereto (the
“Purchasers”). The Company and the Purchasers are each referred to individually as a “Party” and are collectively referred to as the “Parties.” 

R E C I T A L S 
 WHEREAS,
the Purchasers have, pursuant to that certain Securities Purchase Agreement, dated as of February 16, 2017, by and among the Company and the Purchasers, as amended by the Amendment No. 1, dated as of March 3, 2017, agreed to purchase
(a) $125.0 million of aggregate principal amount of the Company’s Convertible Notes due 2022 (the “Notes”), which Notes are, under certain circumstances, convertible into cash, newly issued shares of common stock,
par value $0.001 per share, of the Company (the “Common Stock”), or a combination of cash and Conversion Shares and (b) 29,408,305 shares of the Common Stock, subject to the terms and conditions set forth therein; 

WHEREAS, the Purchasers have, pursuant to that certain Securities Purchase Agreement, dated as of March 20, 2017, by and among the
Company and the Purchasers, agreed to purchase an additional $75.0 million in aggregate principal amount of the Notes, which such Additional Notes are, under certain circumstances, either (i) convertible into cash, newly issued shares of
the Common Stock, or a combination of cash and Additional Conversion Shares, subject to the terms and conditions set forth therein or (ii) subject to a conditional mandatory repurchase obligation of the Company for a number of shares of Common
Stock and special voting preferred stock of the Company pursuant to Section 5.15 of the New Securities Purchase Agreement; and 

WHEREAS, the Parties desire to amend certain provisions of the Agreement pursuant to Section 7(c) thereof, as more particularly set forth in
this Amendment. 
 A G R E E M E N T S 

NOW, THEREFORE, in consideration of the mutual agreements set forth in the Agreement and this Amendment, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE I 

AMENDMENT 

1.1    Defined Terms; References. Unless otherwise specifically defined in this Amendment, each term
used herein that is defined in the Agreement has the meaning assigned to such term in the Agreement, and each reference to a specific Exhibit, Section or Article shall 

 
refer to the particular Exhibit, Section or Article in the Agreement. Each reference to “hereof,” “hereunder,” “herein,” “hereby” and each other similar
reference contained in the Agreement shall refer, from and after the date of this Amendment, to the Agreement as amended by this Amendment. 

1.2    Amendment to Section 1. Section 1 is hereby amended as
follows: 
 (a)    to include the following definitions of “Additional Conversion Shares,” “Additional
Notes” and “New Securities Purchase Agreement”: 
 ““Additional Conversion Shares” shall mean shares of Common
Stock that may be issued by the Company (i) in connection with the repurchase of certain Additional Notes pursuant to the mandatory repurchase obligation set forth in Section 5.15 of the New Securities Purchase Agreement and (ii) upon
conversion of the Additional Notes that are not subject to the mandatory repurchase obligation in Section 5.15 of the New Securities Purchase Agreement.”; 

““Additional Notes” shall mean the additional $75.0 million of aggregate principal amount of the Notes issued pursuant to
the New Securities Purchase Agreement.”; and 
 ““New Securities Purchase Agreement” shall mean that certain Securities
Purchase Agreement, dated as of March 20, 2017, by and among the Company and the Purchasers.” 
 (b)    to
amend and restate the definition of “Registrable Securities”: 
 ““Registrable Securities” means (i) the
Conversion Shares and the Additional Conversion Shares issuable or issued upon conversion (or, in the case of Additional Conversion Shares, repurchase pursuant to Section 5.15 of the New Securities Purchase Agreement) of the Notes or the
Additional Notes, as applicable, (ii) the Firm Shares and (iii) any securities issued as (or issuable upon the conversion, exercise or exchange of any warrant, right or other security that is issued as) a dividend, stock split,
combination, or any reclassification, recapitalization, merger, consolidation, exchange or any other distribution or reorganization with respect to, or in exchange for, or in replacement of, the securities referenced in clause (i) or (ii),
above or this clause (iii); provided, however, that the term “Registrable Securities” shall exclude in all cases any securities (1) sold or exchanged by a Person pursuant to an effective registration statement under the
Act or in compliance with Rule 144, (2) that are Freely Tradable (it being understood that for purposes of determining eligibility for resale under clause (2) of this proviso, no securities held by any Holder shall be considered Freely Tradable
(x) to the extent such Holder reasonably determines that it is an Affiliate of the Company or (y) whenever a Holder, collectively with its Affiliates, owns at least (i) 25,000,000 shares of Common Stock or (ii) $50,000,000 in recent
trading value of Common Stock (including for this purpose all Conversion Shares and Additional Conversion Shares issuable under the Notes or the Additional Notes, as applicable, or pursuant to Section 5.15 of the New Securities Purchase
Agreement, assuming such Notes or Additional Notes, as applicable, were converted entirely into Common Stock, but excluding additional “make whole” shares unless such Holder is presently entitled to such shares) or (3) that shall have
ceased to be outstanding. For the avoidance of doubt, for purposes of this definition, and for purposes of the Agreement, the Notes and Additional Notes include any related
Paid-In-Kind Principal (as defined in the indenture governing the Notes and Additional Notes).” 

  
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 ARTICLE II 

MISCELLANEOUS 

2.1    No Other Amendments; No Waiver of Rights. This Amendment is intended to be, and shall be
construed as, an amendment of the Agreement. Except as amended by this Amendment, the Agreement shall remain unmodified and in full force and effect. The Agreement, together with this Amendment, shall be read together and have effect so far as
practicable as though the provisions thereof and the relevant provisions hereof are contained in one document. To the extent that the terms and conditions of this Amendment conflict with the terms and conditions of the Agreement, the terms
and conditions of this Amendment shall control. This Amendment shall not be construed as a waiver or amendment of any other provision of the Agreement for any purpose, except as expressly set forth herein. 

2.2    Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICTS OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF DELAWARE. 

2.3    Counterparts. This Amendment may be executed and delivered (including by .pdf, email or
facsimile transmission) in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties, it
being understood that all Parties need not sign the same counterpart. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, each of the Parties has executed this Amendment as of the date first
above written. 
  

			
		 	COMPANY:
		
		 	GASTAR EXPLORATION INC.
		
	By:	 	 /s/ Michael A. Gerlich

	Name:	 	Michael A. Gerlich
	Title:	 	Senior Vice President, Chief Financial Officer and Corporate Secretary

  
 AMENDMENT
NO. 1 TO 
 REGISTRATION RIGHTS AGREEMENT 

 
			
	PURCHASERS:
	
	AF V ENERGY I AIV A1, L.P.
	AF V ENERGY I AIV A2, L.P.
	AF V ENERGY I AIV A3, L.P.
	AF V ENERGY I AIV A4, L.P.
	AF V ENERGY I AIV A5, L.P.
	AF V ENERGY I AIV A6, L.P.
	AF V ENERGY I AIV A7, L.P.
	AF V ENERGY I AIV A8, L.P.
	AF V ENERGY I AIV A9, L.P.
	AF V ENERGY I AIV A10, L.P.
	AF V ENERGY I AIV A11, L.P.
	AF V ENERGY I AIV A12, L.P.
	AF V ENERGY I AIV A13, L.P.
	AF V ENERGY I AIV B1, L.P.
		
	By:	 	AF V ENERGY I AIV GP, L.P.,
		 	 as general partner

		
	By:	 	 /s/ Nathan Walton

		 	Name: Nathan Walton
		 	Title:   Authorized Signatory

  
 AMENDMENT
NO. 1 TO 
 REGISTRATION RIGHTS AGREEMENT

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