Document:

Exhibit 4.1

 

PREFUNDED ORDINARY SHARE PURCHASE WARRANT

 

ICECURE
MEDICAL LTD.

 

	Warrant Shares: [_______]	Initial Exercise Date: [_______],
2021

 

THIS ORDINARY SHARE PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, [●] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the date hereof (the “Initial Exercise Date”) until this Warrant is exercised in full (the “Termination Date”)
but not thereafter, to subscribe for and purchase from IceCure Medical Ltd., an Israeli corporation (the “Company”),
up to [●] Ordinary Shares (as subject to adjustment hereunder, the “Warrant Shares”) of the Company. The purchase
price of one Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.

 

In addition to the terms defined
elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Business Day”
means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking
institutions in the State of New York are authorized or required by law or other governmental action to close.

 

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

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Ordinary Shares
Equivalents” means any securities of the Company, which would entitle the holder thereof to acquire at any time Ordinary Shares,
including, without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible
into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

     

     

    

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading Day”
means a day on which the principal Trading Market is open for trading.

 

“Trading Market”
means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question:
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange,
OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Transfer Agent”
means Vstock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette Place, Woodmere, NY 11598
and a facsimile number of +1(646) 536-3179, and any successor transfer agent of the Company.

 

Section 2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy
submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of
Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall
deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer unless the
cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No
ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of
any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant
has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3)
Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant
resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the
outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.
The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The
Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder
and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph,
following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder
at any given time may be less than the amount stated on the face hereof.

 

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In addition, and notwithstanding
the foregoing in this Section 2(a), this Warrant may not be exercised on the Record Date (as such term is defined under the Tel
Aviv Stock Exchange, Ltd. (“TASE”) rules and regulations) of: (i) a distribution of bonus shares; (ii) a rights offer; (iii)
any distribution of dividends; (iv) a consolidation of the share capital of the Company; (v) a share split; or (vi) a reduction of the
share capital of the Company (each of the aforementioned events shall be called: “Corporate Event”). In addition, if
the Ex-Date (as such term is defined under the TASE rules and regulations) of a Corporate Event occurs before the Record Date of a Corporate
Event, then the Warrant shall not be exercised on the Ex-Date.

 

b)  Exercise
Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of US$0.001 per Warrant Share, was
pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the
nominal exercise price of US$0.001 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any
exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid
aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have
been exercised prior to the Termination Date. The remaining unpaid exercise price per Ordinary Share under this Warrant shall be
US$0.001, subject to adjustment hereunder (the “Exercise Price”).

 

c)  Cashless
Exercise. If at any time after the Initial Exercise Date, there is no effective registration statement registering, or no
current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole
or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of
Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A) = 	 as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

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	 	(B) =	the Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 
	 	(X) =	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The Company
agrees not to take any position contrary to this Section 2(c).

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed
or quoted on a Trading Market, the bid price of the Ordinary Shares for the time in question (or the nearest preceding date) on the Trading
Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price
of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported on The Pink Open Market (or
a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Ordinary Share so reported,
or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent appraiser selected in good
faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed
or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or the nearest preceding
date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from
9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary
Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported on The Pink
Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Ordinary
Share so reported, or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent appraiser
selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the
Company, the fees and expenses of which shall be paid by the Company.

 

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Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

d)  Mechanics
of Exercise.

 

i.  Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the
Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The
Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a
participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares
to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical
delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of
Exercise, and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the
Notice of Exercise (such date, the “Warrant Share Delivery Date”); provided, that (other than in the case
of a cashless exercise) the Warrant Share Delivery Date shall not be deemed to have occurred until such time that the Company has
received the aggregate Exercise Price. Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate
purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date of delivery of the Warrant Shares, provided, that payment of the aggregate Exercise Price (other
than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to
deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay
to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Ordinary Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20
per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a
transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used
herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days,
on the Company’s primary Trading Market with respect to the Ordinary Shares as in effect on the date of delivery of the Notice
of Exercise.

 

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ii.  Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

iii. 
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however,
that the Holder shall be required to return any Warrant Shares or Ordinary Shares subject to any such rescinded exercise notice
concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the
restoration of Holder’s right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement
warrant certificate evidencing such restored right).

 

iv.  Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section
2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is
required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases Ordinary Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if
any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Ordinary Shares so
purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver
to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase
obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of
Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the
Holder the number of Ordinary Shares that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Ordinary Shares having a total purchase price of $11,000 to cover a
Buy-In with respect to an attempted exercise of Ordinary Shares with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon
request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other
remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver Ordinary Shares upon exercise of the Warrant as
required pursuant to the terms hereof.

 

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v.  
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.  Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as
a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay
all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or
another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant
Shares.

 

vii.  Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

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e)  
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to
such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below).  For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of Ordinary Shares issuable upon exercise of this Warrant with respect
to which such determination is being made, but shall exclude the number of Ordinary Shares which would be issuable upon (i) exercise
of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution
Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company
(including, without limitation, any other Ordinary Shares Equivalents) subject to a limitation on conversion or exercise analogous
to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as
set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the
Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange
Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the
limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the
Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the
number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the
Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of
Ordinary Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm
orally and in writing to the Holder the number of Ordinary Shares then outstanding.  In any case, the number of outstanding
Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this
Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Ordinary
Shares was reported. The “Beneficial Ownership Limitation” shall be 9.99% of the number of Ordinary Shares
outstanding immediately after giving effect to the issuance of Ordinary Shares issuable upon exercise of this Warrant. The Holder,
upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided,
that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after
giving effect to the issuance of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of this Section
2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the
61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or
any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to
make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this
paragraph shall apply to a successor holder of this Warrant.

 

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Section 3. Certain
Adjustments.

 

a)  Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on its Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary
Shares (which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant),
(ii) subdivides outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of reverse stock split)
outstanding Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of Ordinary Shares any shares of
capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be
the number of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the
denominator shall be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon
exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain
unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re-classification.

 

b)  Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Ordinary Shares Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the
record holders of any class of Ordinary Shares (the “Purchase Rights”), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if
the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any
limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on
which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of
which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would
result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Purchase Right to such extent (or beneficial ownership of such Ordinary Shares as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Beneficial Ownership Limitation).

 

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c)  
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or
otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a
dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a
“Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be
entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had
held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken
for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be
determined for the participation in such Distribution (provided, however, that, to the extent that the Holder’s right
to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder
shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Ordinary Shares as a
result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the
Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation).

 

d)  Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or
substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender
offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are
permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of
50% or more of the outstanding Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related transactions
effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to
which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company,
directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with
another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not
including any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with the
other Persons making or party to, such stock or share purchase agreement or other business combination) (each a
“Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right
to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of
this Warrant), the number of Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving
corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such
Fundamental Transaction by a holder of the number of Ordinary Shares for which this Warrant is exercisable immediately prior to such
Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of
any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one Ordinary Share in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of
any different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any
successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with
the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the
Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the
Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise of
this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of
shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately
prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the
Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so
that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the
Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same
effect as if such Successor Entity had been named as the Company herein.

 

    10

     

    

 

e)  Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may
be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date
shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 

f)  Notice
to Holder.

 

i.  Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly deliver to the Holder by e-mail a notice setting forth the Exercise Price after such adjustment and any
resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.  Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the
Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any
shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in
connection with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company (or any of its
Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby
the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or
involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be
delivered by facsimile or e-mail to the Holder at its last facsimile number or e-mail address as it shall appear upon the Warrant
Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice
stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to
such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is
expected that holders of the Ordinary Shares of record shall be entitled to exchange their shares of the Ordinary Shares for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided,
that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or
contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file
such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Holder shall remain entitled to
exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such
notice except as may otherwise be expressly set forth herein.

 

    11

     

    

 

g)  
Voluntary Adjustment by the Company. Subject to the rules and regulations of the Trading Market, the Company may at any time
during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any
amount and for any period of time deemed appropriate by the board of directors of the Company.

 

Section 4. Transfer
of Warrant.

 

a)  
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or
in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment,
the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the
denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this
Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on
which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)  New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the
Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in
such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the
initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto.

 

c)  
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

 

    12

     

    

 

Section 5. Miscellaneous.

 

a)  No
Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i),
except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a
“cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section
2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

b)  Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the
Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if
mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in
lieu of such Warrant or share certificate.

 

c)  Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

d)  Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary Shares a sufficient number
of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the
necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to ensure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Trading Market upon which the Ordinary Shares may be listed. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).

 

    13

     

    

 

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary
to enable the Company to perform its obligations under this Warrant.

 

Before taking any
action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

e)  Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors,
officers, stockholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

    14

     

    

 

f)  Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does
not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)  Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any
material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the
Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)  Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company, or all
communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed (registered or
certified mail, return receipt requested), personally delivered, or sent by facsimile transmission and confirmed, or e-mailed and
confirmed, and shall be deemed given when so delivered or faxed and confirmed, or e-mailed and confirmed, or if mailed, two (2) days
after such mailing.

 

If to the Company:

 

IceCure Medical Ltd.

7 Ha’Eshel St., PO Box 3163

Caesarea, 3079504 Israel

Attn: Eyal Shamir, Chief Executive Officer

E-mail: eyals@icecure-medical.com

 

with a copy (which shall not constitute notice) to:

 

Sullivan & Worcester, LLP

1633 Broadway

New York, NY 10019

Attn: Oded Har-Even, Esq.

E-mail: ohareven@sullivanlaw.com

 

If to a Holder, to
its address, facsimile number or e-mail address set forth herein or in the books and records of the Company.

 

    15

     

    

 

i)  Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Ordinary Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of
the Company.

 

j)  Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the
defense in any action for specific performance that a remedy at law would be adequate.

 

k)  Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to
the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of
Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall
be enforceable by the Holder or holder of Warrant Shares.

 

l)  Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m)  
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the
remaining provisions of this Warrant.

 

n)  Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this
Warrant.

 

(Signature Page Follows)

 

    16

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

		ICECURE MEDICAL LTD.
		 	 
		By:	
		Name:	
		Title:	

 

    17

     

    

 

NOTICE OF EXERCISE

 

To: ICECURE
MEDICAL ltd.

 

(1) The undersigned hereby
elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)  Payment
shall take the form of (check applicable box):

 

[   ] in lawful money
of the United States; or

 

[   ] if permitted,
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in Section 2(c) of the Warrant,
to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in Section 2(c).

 

(3) Please issue said Warrant
Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

 

The Warrant Shares shall be delivered to the following
DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	
	Signature of Authorized Signatory of Investing Entity: 	
	Name of Authorized Signatory: 	
	Title of Authorized Signatory: 	
	Date:	

 

 

    18

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to:

 

	Name:	 
	 	(Please Print)
	Address:	 
	 	(Please Print)
	Phone Number:	 
	E-mail Address:	 
	Dated:	 
	Holder’s Signature:	 
	Holder’s Address:	 

 

 

19Execution Copy

 

 

 

 

 

CORNING NATURAL GAS HOLDING CORPORATION

AND

ACP CROTONA CORP.

PURCHASE AGREEMENT

Dated as of December 8, 2021

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

	 	 	 	Page
	Section 1.	Sale and Purchase	3
	Section 2.	Closing	3
	 	2.1	Purchase of Shares; Payment of Purchase Price	3
	 	2.2	Expenses	4
	Section 3.	Representations and Warranties of the Company	4
	 	3.2	No Material Default	5
	 	3.3	Shares	5
	 	3.4	Obligations Binding	6
	 	3.5	Capitalization	6
	 	3.6	No Registration Under the Securities Act	6
	 	3.7	Financial Statements	6
	 	3.8	[Intentionally omitted.]	7
	 	3.9	Exchange Act Compliance	7
	 	3.10	No Material Adverse Changes	7
	 	3.11	Litigation	8
	 	3.12	Title to Properties; Leasehold Interests	8
	 	3.13	Environmental Compliance	9
	 	3.14	Taxes	9
	 	3.15	Insurance	10
	 	3.16	Employees, ERISA	10
	 	3.17	Governmental Consents	10
	 	3.18	Legal Compliance	11
	Section 4.	Representations and Warranties of the Purchaser	11
	 	4.1	Agreement	11
	 	4.2	Governmental and Other Consents	11
	 	4.3	Investment Representation, Transfer Restrictions	11
	 	4.4	No Violation or Conflict	12
	 	4.5	Sophisticated Purchaser/Accredited Investor	12
	 	4.6	Disclosure; Access to Information	12
	Section 5.	Covenants of the Company	13
	 	5.1	No Sale of Security	13

 

 

    i 

     

    

TABLE OF CONTENTS

(continued)

 

	 	 	 	Page
	 	5.2	No General Solicitation	13
	 	5.3	Filing of Exchange Act Reports	13
	Section 6.	Survival of Representations and Warranties	13
	Section 7.	Notices	13
	Section 8.	Entire Agreement	14
	Section 9.	Successors and Assigns	14
	Section 10.	Headings	15
	Section 11.	Governing Law	15
	Section 12.	Counterparts	15
	Section 13.	No Delay, Waiver	15
	Section 14.	Severability	15

 

	Exhibits	 
	Exhibit A	Form of Certificate of Amendment Schedule of the Certificate of Incorporation of Corning Natural Gas Holding Corporation
	Schedules 	 
	Schedule 3.1(b)	Schedule of Owned Entities including Subsidiaries
	Schedule 3.7	Material liabilities incurred or accrued since Form 10-K for fiscal year ended September 30, 2019, Forms 10-Q for 2020 Year to Date, and Forms 8-K
	Schedule 3.11	Litigation, Applications and Proceedings

 

    ii 

     

    

PURCHASE AGREEMENT

PURCHASE AGREEMENT, dated
as of December 8, 2021, between Corning Natural Gas Holding Corporation, a New York corporation (the “Company”), and ACP Crotona
Corp., a Delaware Corporation (the “Purchaser”).

W I T N E S S E T H :

WHEREAS, the Company desires
to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, certain shares of the Company’s 1.5%
Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series D Preferred Stock”), at a price per share
of $1,000, in accordance with and subject to the terms and conditions set forth herein. The shares of Series D Preferred Stock to be purchased
under this Agreement are sometimes collectively referred to as the “Shares.”

NOW, THEREFORE, in consideration
of the representations, warranties and agreements herein contained, the parties hereto agree as follows:

Section 1.       Sale
and Purchase.

In reliance upon the representations
and warranties contained herein and the information provided and/or incorporated by reference herein, and subject to the terms and conditions
hereof, on the Closing Date, the Company agrees to sell to the Purchaser, and the Purchaser agrees to purchase, the Shares.

Section 2.       Closing.

The closing of the sale
and purchase of the Shares (the “Closing”) is taking place via the electronic exchange of documents on December 8, 2021 and
upon receipt of the Purchase Price (as defined below) and this Agreement.

2.1       Purchase
of Shares; Payment of Purchase Price.

At the Closing, the Purchaser
is purchasing, and the Company is selling to the Purchaser, 5,000 shares of Series D Preferred Stock at a per share cash price of $1,000
for an aggregate cash purchase price of $5,000,000 (the “Purchase Price”). At the Closing, the Purchaser is delivering cash
in an amount equal to the Purchase Price by wire transfer in immediately available funds in full payment for the Shares to the account
designated by the Company and the Company is delivering to the Purchaser certificates representing the Shares.

At the Closing:

(a)       the
Company shall issue certificated Shares to Purchaser;

(b)       the
Purchaser shall deliver the Purchase Price to the order of the Company; and

    3 

     

    

(c)       the
Purchaser shall deliver a Form W-9 or comparable substitute or appropriate alternative form to the Company, or the Purchaser has previously
delivered such for and no changes have occurred since such delivery.

2.2       Expenses.

At Closing, the Company
will reimburse the Purchaser for its expenses related to the sale and purchase of the Shares, including the fees and expenses of its legal
counsel.

Section 3.       Representations
and Warranties of the Company.

The Company represents
and warrants to the Purchaser as follows:

(a)       The
Company is a corporation duly organized and validly existing under the laws of the State of New York and has all requisite power and authority
to enter into and perform its obligations under this Agreement and to own, lease and operate its properties and conduct its business as
now being conducted, and is duly qualified to transact business and is in good standing (to the extent such concept is applicable) under
the laws of each other jurisdiction in which it owns or leases properties, or conducts any business, so as to require such qualification,
except where the failure to do so would not have a Material Adverse Effect (as defined below).

(b)       The
Company does not own any interest in any other entity other than the entities listed on Schedule 3.1(b). Schedule 3.1(b) lists the ownership
of the outstanding equity interests in such entities, their jurisdiction of organization and indicates whether or not such entities are
consolidated with the Company for financial reporting purposes. Each of the consolidated entities is referred to as a “Subsidiary”
and collectively as the “Subsidiaries”. Each of the Subsidiaries has been duly organized and is validly existing and in good
standing (to the extent such concept is applicable) under the laws of their respective jurisdictions of incorporation or formation and
have full power and authority to own, lease and operate their properties and to conduct their businesses as now being conducted, and each
Subsidiary is duly qualified to transact business and is in good standing under the laws of each other jurisdiction in which it owns or
leases properties, or conducts any business, so as to require such qualification, except where the failure to be in good standing or to
so qualify would not have a Material Adverse Effect.

(c)       As
used in this Agreement, “Material Adverse Effect” means any event, circumstance or condition that has had or is reasonably
expected to have a material adverse effect on the business, assets, liabilities, results of operations or condition (financial or otherwise)
of the Company and the Subsidiaries taken as a whole or that would materially impair the Company’s ability to perform its obligations
under this Agreement.

(d)       The
execution and delivery by the Company of this Agreement and the consummation of the transactions contemplated herein and therein (including
the sale and delivery of the Shares) will not conflict with or result in a breach by the Company of, or constitute a default by the Company
under or result in the creation of any lien, security interest or encumbrance upon the stock or assets of the Company or any of the Subsidiaries
under: (i) the Company’s Certificate of Incorporation, filed with the New York Secretary of State on July 19, 2013 (“Certificate
of Incorporation”), as amended by the Certificates of Amendment to the Certificate of Incorporation, filed with the New York Secretary
of State on January 28, 2016, February 9, 2016, March 30, 

    4 

     

    

2016, June 27, 2017, April 30, 2018, March 18, 2020, June 29, 2020 and December
3, 2021, (the Certificate of Incorporation as so amended, the “Amended Certificate of Incorporation”), or the Amended and
Restated By-laws of the Company (the “By-Laws”), (ii) any contract, agreement or instrument to which the Company is a party
or by which its properties are subject, or (iii) any existing applicable law, rule, published regulation, judgment, order or decree of
any government, governmental instrumentality or court having jurisdiction over the Company, except in the cases of the foregoing clause
(ii) and clause (iii) for such breaches, defaults, liens, security interests or encumbrances upon the stock or assets of the Company,
or imposition of additional burdens which, in the aggregate, would not have a Material Adverse Effect.

(e)       The
Company has filed a Certificate of Amendment of the Certificate of Incorporation of Corning Natural Gas Holding Corporation substantially
in the form attached hereto as Exhibit A (the “Certificate”) with the Department of State of the State of New
York, and the Certificate has been accepted for filing and is effective.

3.2       No
Material Default.

None of the Company or
the Subsidiaries: (a) is in default in the performance, observance or fulfillment of any obligation, covenant or condition contained in
any agreement, contract, commitment, instrument, plan, undertaking or regulatory requirement (including, without limitation, any and all
leases, mortgages, and other contractual arrangements with respect to real property) material to the business of the Company and the Subsidiaries
taken as a whole (collectively, the “Contracts”), and (b) no event has occurred which, with or without the giving of notice
or lapse of time or both, would constitute or result in a default thereunder except, in the case of each of (a) and (b), for such defaults
as would not, individually or in the aggregate, have a Material Adverse Effect. Each of the Contracts is valid and enforceable in accordance
with its terms except to the extent that enforcement thereof may be limited by (i) bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) general principles
of equity (regardless of whether enforceability is considered in a proceeding at law or in equity) and except for those failures of Contracts
(or provisions thereof) to be valid or enforceable which would not, in the aggregate, have a Material Adverse Effect.

3.3       Shares.

The Company has all requisite
corporate right, power and authority to issue, sell, and deliver the Shares as contemplated by this Agreement; and upon such issuance,
sale and delivery, and payment of the Purchase Price therefor as contemplated by this Agreement, the Purchaser will receive good and valid
title to the Shares, free and clear of any pledge, lien, security interest, charge, claim, equity or encumbrance of any kind and such
Shares will be fully paid and non-assessable, except as may be otherwise provided by Section 630 of the New York Business Corporation
Law.

3.4       Obligations
Binding.

This Agreement to has been
duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company enforceable against
it in accordance with its terms, except as may be limited by (i) applicable bankruptcy, insolvency, reorganization, 

    5 

     

    

moratorium, and other
laws of general application affecting enforcement of creditors’ rights generally, and (ii) equitable principles of general applicability
relating to the availability of specific performance, injunctive relief or other equitable remedies.

3.5       Capitalization.

(a)       The
authorized capital stock of the Company as of the date of this Agreement consists of: 4,500,000 shares of Common Stock, par value $0.01
per share, of which 3,083,577 shares were issued and outstanding; 261,500 shares of Series A Preferred Stock, par value $0.01 per share,
of which 260,600 shares were issued and outstanding; 360,000 shares of Series B Preferred Stock, of which 244,263 shares were issued and
outstanding; 180,000 shares of Series C Preferred Stock, of which 180,000 shares were issued and outstanding; 5,000 shares of Series D
Preferred Stock and 59,000 shares of preferred stock not designated to a class. A total of 750,000 preferred shares are authorized. All
of the issued and outstanding shares of capital stock of the Company have been duly and validly authorized and issued, are fully paid
and nonassessable, except as may be provided by Section 630 of the New York Business Corporation Law, and are free from preemptive rights.

(b)       Except
for the Series B Preferred Stock which is convertible into common stock at a 1 for 1.2 basis (as adjusted from time to time) and options
to acquire 20,000 shares of Common Stock, par value $0.01 per share, there are no outstanding options, warrants, rights or other securities
exercisable for, exchangeable for or convertible into equity securities of the Company.

3.6       No
Registration Under the Securities Act.

Assuming (a) the accuracy
of the Purchaser’s representations and warranties set forth in Section 4, and (b) the due performance by the Purchaser of its covenants
and agreements contained herein (including, without limitation, compliance with the restrictions set forth in the legends on the certificate(s)
evidencing the Shares), it is not necessary in connection with the offer, sale and delivery of the Shares in the manner contemplated by
this Agreement to register the Shares under the Securities Act of 1933, as amended (the “Securities Act”).

3.7       Financial
Statements.

The financial statements
and supporting schedules included in the Company’s periodic filings filed pursuant to the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), on Form 10-K for the years ended September 30, 2020 and 2019, and Form 10-Q for the quarterly periods
ended June 30, 2021 and 2020, are complete and correct in all material respects and present fairly in all material respects the consolidated
financial position of the Company and the Subsidiaries as of the dates specified (subject to normal year-end audit adjustments in the
case of unaudited interim financial statements) and the consolidated results of their operations for the periods specified (subject to
normal year-end audit adjustments in the case of unaudited interim financial statements); such financial statements, including the related
schedules and notes thereto, were prepared in conformity with generally accepted accounting principles as applied in the United States
(“GAAP”) on a consistent basis during the periods involved, except as indicated therein or in the notes thereto. None of the
Company nor any of the Subsidiaries has any material liability 

    6 

     

    

(whether accrued, absolute, contingent, unliquidated or otherwise, whether
due or to become due) known to the Company, other than:

(i)       
liabilities disclosed in any publicly available report filed by the Company under the Exchange Act since January 1, 2020, including Form
10-K, Forms 10-Q and Forms 8-K filed prior to the date of this Agreement (collectively, the “Exchange Act Reports”),

(ii)       liabilities
which have arisen after the date of the last Exchange Act Report in the ordinary course of business,

(iii)       liabilities
set forth on Schedule 3.7, and

(iv)       liabilities
which would not have, in aggregate, a Material Adverse Effect.

3.8       [Intentionally
Omitted.]

3.9       Exchange
Act Compliance.

The Company has timely
filed all Exchange Act Reports required to be filed with the Securities and Exchange Commission pursuant to the Exchange Act. All such
Exchange Act Reports, when so filed, complied in form and substance in all material respects with the Exchange Act and did not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading.

3.10       No
Material Adverse Changes.

Since September 30, 2020
except as stated in any Exchange Act Report filed since such date or as disclosed herein pursuant to Section 3.7: (a) there has been no
event, circumstance or condition relating to or affecting the business, assets, liabilities, results of operations or condition (financial
or otherwise) of the Company and the Subsidiaries taken as a whole, or the ability of the Company to continue to conduct business in the
usual and ordinary course of the Company and the Subsidiaries taken as a whole, whether or not arising in the ordinary course of business,
which would have a Material Adverse Effect; and (b) except for the transactions contemplated by this Agreement, as set forth on Schedule
3.7, or as set forth in the Exchange Act Reports, there has been no material transaction entered into by the Company or any of the Subsidiaries
other than (i) transactions in the ordinary course of business or (ii) transactions which would not have a Material Adverse Effect; and
(c) there have not been any changes in the capital stock of the Company. On the date hereof, no dividend or other distribution with respect
to the Company’s Common Stock has been declared but not yet paid or distributed which has a record date prior to the date hereof,
except as disclosed on Schedule 3.7.

3.11       Litigation.

Other than as disclosed
in any Exchange Act Report, proceedings by Corning Natural Gas with the New York Public Service Commission and its staff, proceedings
by Pike County with the 

    7 

     

    

Pennsylvania Public Utility Commission, proceedings with the Federal Energy Regulatory Commission, applications
and proceedings with various municipal bodies with respect to permits, franchises, rights-of-way and similar actions in the ordinary course
of business, of which the material applications and proceedings are listed on Schedule 3.11 hereof, there is no action, suit, investigation
or proceeding (whether or not purportedly on behalf of the Company or any of the Subsidiaries) before or by any court or governmental
agency or body, domestic or foreign, now pending or, to the knowledge of the Company, threatened against or affecting the Company or any
of the Subsidiaries, which in the aggregate, could reasonably be expected to have a Material Adverse Effect or materially impair the Company’s
ability to perform its obligations under this Agreement.

3.12       Title
to Properties; Leasehold Interests.

(a)       Except
as disclosed in any Exchange Act Report, or except to the extent that the inaccuracy of any of the following, in the aggregate, would
not have a Material Adverse Effect: (i) the Company or one or more of the Subsidiaries, has such title to real properties where its assets
are located as provides reasonable assurance of the Company’s ability to use such assets in its business in the ordinary course,
and has good title or an enforceable leasehold interest, license or other lawful right to use all assets that are used in the Company’s
or one or more of the Subsidiaries’ business substantially in the manner in which they currently are operated, in each case, subject
only to Permitted Exceptions (as herein defined); (ii) all leases under which the Company or any of the Subsidiaries leases any property
that is material to the business of the Company and the Subsidiaries taken as a whole are in full force and effect, and none of the Company
nor any such Subsidiary is in default in any material respect of any of the terms or provisions of any of such leases and to the Company’s
knowledge no claim has been asserted by anyone adverse to any such entity’s rights as lessee under any of such leases, or affecting
or questioning any such entity’s right to the continued possession or use of the properties under any such leases or asserting a
default under any such leases, and (iii) all liens, charges or encumbrances on or affecting any of the property and assets of the Company
and the Subsidiaries which are required to be disclosed in the Company’s Exchange Act Reports are disclosed therein.

(b)       As
used in this Agreement, “Permitted Exceptions” means: (i) real estate taxes and assessments not yet delinquent or being contested
in good faith; (ii) covenants, restrictions, easements and other similar agreements; (iii) zoning laws, ordinances and regulations, building
codes, rules and other local governmental laws, regulations, rules and orders affecting any of the Company’s or any Subsidiary’s
property, provided that the same are not violated by existing improvements or the current use and operation of such property; (iv)
any imperfection of title which does not materially and adversely affect the current use, operation or enjoyment of any of the Company’s
real property and does not render title to such real property unmarketable or uninsurable and does not materially impair the value of
such property; and (v) liens securing financing by the Company.

3.13       Environmental
Compliance.

(a)       Except
as disclosed in any Exchange Act Report, to the knowledge of the Company, the Company and each of the Subsidiaries has complied and is
in compliance 

    8 

     

    

with all Environmental Statutes (as hereinafter defined), except for such noncompliance as would not have a Material Adverse
Effect.

(b)       The
Company has no knowledge of any occurrence or circumstance that, with notice or passage of time or both, would give rise to a claim under
or pursuant to any federal, state or local Environmental Statute pertaining to Hazardous Materials on or originating from any real property
owned or occupied by the Company or any of the Subsidiaries, including without limitation pursuant to any Environmental Statute, which
claim would have a Material Adverse Effect.

(c)       As
used herein, “Hazardous Materials” means (i) petroleum and petroleum products, byproducts or breakdown products, radioactive
materials, asbestos-containing materials, polychlorinated biphenyls and radon gas and (ii) any other chemicals, materials or substances
designated, classified or regulated as hazardous or toxic or as a pollutant or contaminant or any other hazardous material as defined
by any federal, state or local environmental law, ordinance, rule or regulation, relating to pollution or protection of the environment,
health, safety or natural resources, including, without limitation, those relating to the use, handling, transportation, treatment, storage,
disposal, release or discharge of Hazardous Materials (individually, an “Environmental Statute”) or by any federal, state
or local governmental authority having or claiming jurisdiction over the properties and assets described in the Company’s periodic
reports filed pursuant to the Exchange Act (a “Governmental Authority”).

3.14       Taxes.

The Company has timely
filed or filed for extensions of the filing period and filed within such extended period all federal, state, local, foreign and other
tax returns, reports, information returns and statements (except for returns, reports, information returns and statements the failure
timely to file which will not result in any Material Adverse Effect) required to be filed by it. The Company has paid or caused to be
paid all material taxes (including interest and penalties) that are due and payable by the Company and the Subsidiaries, except those
taxes which are being contested by the Company and the Subsidiaries in good faith by appropriate proceedings and in respect of which adequate
reserves are being maintained on the Company’s books in accordance with GAAP. The Company and the Subsidiaries do not have any material
liabilities for taxes other than those incurred in the ordinary course of business and in respect of which adequate reserves are being
maintained by the Company in accordance with GAAP consistently applied. No deficiency or assessment with respect to, or proposed adjustment
of, the Company’s federal, state, local, foreign or other tax returns is pending or, to the best of the Company’s knowledge,
threatened. There is no tax lien, whether imposed by any federal, state, local or other tax authority, outstanding against the assets,
properties or business of the Company or any Subsidiary. There are no applicable taxes, fees or other governmental charges payable by
the Company or any of the Subsidiaries in connection with the execution and delivery of this Agreement or the issuance to the Purchaser
by the Company of the Shares.

    9 

     

    

3.15       Insurance.

The Company and the Subsidiaries
each carry or are entitled to the benefits of insurance in such amounts and covering such risks as is reasonably sufficient under the
circumstances or is customary in the industry and all such insurance is in full force and effect.

3.16       Employees,
ERISA.

The Company and its Subsidiaries
have good relationships with its employees and, since September 30, 2017, have not had any labor issues which have has a Material Adverse
Effect on their business or operations. There is no strike or work stoppage existing or, to the knowledge of the Company threatened against
the Company or the Subsidiaries. Other than as disclosed in any Exchange Act Report, the Company and the Subsidiaries have not established,
sponsored, maintained, made any contributions to or been obligated by law to establish, maintain, sponsor or make any contributions to
any “employee pension benefit plan” or any material “employee welfare benefit plan” (as such terms are defined
in the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), including, without limitation, any “multi-employer
plan,” except where the liabilities associated with such plan or plans would not have a Material Adverse Effect. The Company and
the Subsidiaries are in compliance with all applicable laws relating to the employment of labor, including bargaining and the payment
of social security and other taxes, and with ERISA, except where the failure to so comply would not have a Material Adverse Effect.

3.17       Governmental
Consents.

Other than such consents
as have been obtained and filings under applicable federal and state securities laws, no consent, approval or authorization of, or declaration
or filing with, any governmental authority on the part of the Company is required for the valid execution, delivery or performance of
this Agreement or the valid offer, issuance, sale and delivery of the Shares.

3.18       Legal
Compliance.

Except as disclosed in
any Exchange Act Report, the Company and the Subsidiaries are in compliance with all applicable laws, rules, regulations, orders, licenses,
judgments, writs, injunctions or decrees, except to the extent that failure to comply would not have a Material Adverse Effect. The Company
and the Subsidiaries have all necessary permits, licenses and other authorizations required to conduct their businesses as currently conducted,
and as proposed to be conducted, except where a failure to have such permits, licenses or other authorizations would not have a Material
Adverse Effect. Except as disclosed in the Exchange Act Reports, none of the Company nor any Subsidiary has violated any domestic or foreign
law or any regulation or requirement, which violation has or would be reasonably likely to have a Material Adverse Effect, and none of
the Company nor any Subsidiary has received notice of any such violation. There are no adverse orders, judgments, writs, injunctions,
decrees or demands of any court or administrative body, domestic or foreign, or of any other governmental agency or instrumentality, domestic
or foreign, outstanding against the Company or the Subsidiaries which would have a Material Adverse Effect.

    10 

     

    

Section 4.       Representations
and Warranties of the Purchaser.

The Purchaser represents
and warrants to the Company as follows:

4.1       Agreement.

This Agreement has been
duly authorized by all necessary action on the part of the Purchaser, and this Agreement has been duly executed and delivered by the Purchaser
and constitute the legal, valid and binding obligations of the Purchaser, enforceable against the Purchaser in accordance with its terms,
except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other
similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) general principles of equity (regardless
of whether enforceability is considered in a proceeding at law or in equity).

4.2       Governmental
and Other Consents.

No consent, approval or
authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority or any other person
is required to be obtained by the Purchaser in connection with the execution, delivery or performance of this Agreement by the Purchaser
or of any of the transactions contemplated hereby or thereby.

4.3       Investment
Representation, Transfer Restrictions.

The Purchaser is acquiring
the Shares for its own account and not with a view to, or for sale in connection with, any distribution thereof. The Purchaser was not
solicited by means of any general solicitation or advertising nor at any seminar or meeting whose attendees has been invited by any general
solicitation of advertising. The Purchaser understand that the Shares are being offered in a transaction not involving any public offering
within the meaning of the Securities Act, that the Shares have not been and will not be registered under the Securities Act or any applicable
blue sky or state securities laws and that if it decides to resell, pledge or otherwise transfer the Shares, the Shares may be offered,
resold, pledged or otherwise transferred only in accordance with any applicable securities laws of any applicable jurisdiction and the
restrictions set forth in the legends on the certificates evidencing the Shares. As used herein, “Affiliates” means any entity
controlling or under direct or common control with the Purchaser.

4.4       No
Violation or Conflict.

The execution and delivery
of this Agreement by the Purchaser and the consummation of the transactions contemplated herein and therein (including the purchase and
acceptance of the Shares) will not conflict with or result in a breach by the Purchaser of, or constitute a default by the Purchaser under:
(i) organizational documents, (ii) any contract, agreement or instrument to which the Purchaser is a party or by which the Purchaser is
bound, or (iii) any existing applicable law, rule, published regulation, judgment, order or decree of any government, governmental instrumentality
or court having jurisdiction over the Purchaser, except for such breach or default as would not adversely affect the ability of the Purchaser
to perform its obligations under this Agreement.

    11 

     

    

4.5       Sophisticated
Purchaser/Accredited Investor.

The Purchaser has such
knowledge of business and financial affairs to enable the Purchaser to evaluate the merits and risks of the investment, and the suitability
of an investment in the Shares for the Purchaser. The Purchaser is an “accredited investor” as defined in Rule 501(a) of Regulation
D under the Securities Act.

4.6       Disclosure;
Access to Information.

The Purchaser has had access
to the Exchange Act Reports and the Exhibits thereto and has reviewed the Disclosure Letter. The Purchaser has had the opportunity to
ask questions of, and receive answer from, officers of the Company concerning the terms and conditions of the offering of the Shares and
to obtain any additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary
in Purchaser’s sole judgment for the Purchaser to verify the accuracy of the information provided by the Company in the Exchange
Act Reports, in this Agreement, in the Disclosure Letter and otherwise. The Purchaser has conducted such diligence about the Shares, the
Company and its Subsidiaries as the Purchaser believes in connection with its investment.

Section 5.       Covenants
of the Company.

5.1       No
Sale of Security.

Neither the Company nor
any affiliate of the Company will sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as
defined in the Securities Act) which would be integrated with the sale of the Shares in a manner which would require registration under
the Securities Act of the offer or sale of the Shares to the Purchaser.

5.2       No
General Solicitation.

Neither the Company nor
any affiliate of the Company will solicit any offer to buy or offer to sell the Shares by means of any form of general solicitation or
general advertising (as those terms are used in Regulation D under the Securities Act) or in any manner which would require registration
of the offer or sale of the Shares to the Purchaser under the Securities Act.

5.3       Filing
of Exchange Act Reports.

After the date of this
Agreement, the Company will use commercially reasonable efforts to timely file all documents required to be filed with the Commission
pursuant to Section 13 or 15 of the Exchange Act except where the failure to so timely file would not have a Material Adverse Effect or
cause the requirements of Rule 144(c) under the Securities Act not to be met.

Section 6.       Survival
of Representations and Warranties.

The representations and
warranties of the parties hereto contained in this Agreement or otherwise made in writing in connection with the transactions contemplated
herein shall survive the making of this Agreement and sale of the Shares, through and until the earlier of the twelve 

    12 

     

    

month anniversary
of the date of this Agreement or the expiration of the applicable statute of limitations with respect thereto.

Section 7.       Notices.

All notices, requests,
consents, claims, demands, waivers, and other communications hereunder shall be in writing and shall be deemed to have been given upon
the earlier of actual receipt or (a) when delivered by hand (providing proof of delivery); (b) when received by the addressee if sent
by a nationally recognized overnight courier (receipt requested); or (c) on the date sent by email if sent during normal business hours
of the recipient, and on the next Business Day if sent after normal business hours of the recipient. Such communications must be sent
to the respective parties at the following addresses (or to such other Persons or at such other address for a party as shall be specified
in a written notice given in accordance with this Section 7):

If
to Purchaser:

 

ACP
Crotona Corp.

c/o
Argo Infrastructure Partners LP

650
Fifth Avenue

New
York, NY 10019

Attention:
Richard Klapow

Email:
AssetNotices@argoip.com

 

with
a copy (which will not constitute notice to Parent or Merger Sub) to:

 

Mayer
Brown LLP

1221
Avenue of the Americas

New York,
New York 10020

Attention:
Frederick J. Lark, Esq.

Elena
V. Rubinov, Esq.

Email:
flark@mayerbrown.com

            erubinov@mayerbrown.com

 

If
to the Company, to:

 

Corning
Natural Gas Holding Corporation

330
West William Street

Corning
NY 14830

Attention:
Mike German

Email:
mgerman@CORNINGGAS.COM

with
a copy (which will not constitute notice to the Company) to:

 

Kohrman
Jackson & Krantz LLP

1375
East 9th Street, 29th Floor

Cleveland,
OH 44114

Attention:
Christopher Hubbert

Email:
cjh@kjk.com

 

    13 

     

    

Section 8.       Entire
Agreement.

This Agreement constitutes
the entire understanding between the parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings
of the parties, whether oral or written. This Agreement may be modified or terminated only by an instrument in writing signed by the parties
hereto. Representations made by the Company in this Agreement are modified by any disclosures with respect thereto made in the schedules
to this Agreement and are solely for the benefit of the Purchaser and may not be relied upon by any other person. Where a specific representation
applies to any matter of fact or law, such representation shall be the exclusive representation with respect to the subject matter thereof
and no other or general representation shall be deemed to apply to such matter of fact or law.

Section 9.       Successors
and Assigns.

This Agreement shall not
be assigned by any party without the prior written consent of the other party, provided, however, that Purchaser may assign all or any
portion of this Agreement to any Affiliate. Any attempted assignment in contravention with the foregoing shall be void. This Agreement
shall be binding on and shall inure to the benefit of the successors and assigns of the parties hereto and any permitted assignee and/or
successor of the Purchaser shall succeed to (and have the right to enforce) all of the Purchaser’s rights hereunder. Nothing in
this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and permitted assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement.

Section 10.       Headings.

The headings of the sections
of this Agreement are solely for convenience of reference and shall not affect the meaning of any of the provisions hereof.

Section 11.       Governing
Law.

This Agreement, and all
legal actions (whether based on contract, tort, or statute) arising out of, relating to, or in connection with this Agreement or the actions
of any of the parties hereto in the negotiation, administration, performance, or enforcement hereof, shall be governed by and construed
in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule
(whether of the State of New York or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those
of the State of New York. Each of the parties hereto irrevocably agrees that any legal action with respect to this Agreement and the rights
and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and
obligations arising hereunder brought by any other party hereto or its successors or assigns shall be brought and determined exclusively
in the State of New York. Each of the parties hereto agrees that mailing of process or other papers in connection with any such legal
action in the manner provided in Section 7 or in such other manner as may be permitted by applicable laws, will be valid and sufficient
service thereof. Each of the parties hereto hereby irrevocably submits with regard to any such legal action for itself and in respect
of its property, generally and unconditionally, to the personal 

    14 

     

    

jurisdiction of the aforesaid courts and agrees that it will not bring
any legal action relating to this Agreement or any of the transactions contemplated by this Agreement in any court or tribunal other than
the aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense,
counterclaim, or otherwise, in any legal action with respect to this Agreement and the rights and obligations arising hereunder, or for
recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder: (a) any claim
that it is not personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve process
in accordance with this Section 11; (b) any claim that it or its property is exempt or immune from jurisdiction of any such court or from
any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution
of judgment, execution of judgment or otherwise); and (c) to the fullest extent permitted by the applicable law, any claim that (i) the
suit, action, or proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit, action, or proceeding is improper,
or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

Section 12.       Counterparts.

This Agreement may be executed
in one or more separate counterparts, each of which shall be deemed an original but all of which together shall constitute one and the
same instrument.

Section 13.       No Delay,
Waiver.

No delay on the part of
any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any waiver on the part of
any party of any such right, power or privilege, preclude any further exercise thereof or the exercise of any other such right, power
or privilege.

Section 14.       Severability.

The provisions of this
Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability
of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid
or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and
enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application
of such provision to other persons, entities or circumstances shall not be affected by such invalidity or unenforceability.

[Signature page follows]

 

    15 

     

    

IN WITNESS WHEREOF, the parties hereto have
signed this Agreement on the dates set forth below, to be effective as of the date first above-written.

 

 

	 	CORNING NATURAL GAS HOLDING CORPORATION
	 	 
	 	By:	/s/ Michael I. German
	 	 	Name: Michael I. German
	 	 	Title: President and Chief Executive Officer
	 	 	 
	 	Date: December 8, 2021
	 	 	 
	 	 	 
	 	ACP CROTONA CORP.
	 	 
	 	By:	/s/ Richard Klapow
	 	 	Name: Richard Klapow
	 	 	Title: Authorized Signatory
	 	 	 
	 	Date:  December 8, 2021

 

    16

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