Document:

EX-4.1

 

    Exhibit 4.1

 

    [Form of
    Subscription Rights Certificate]

    [Face]

		
	          No.
    	    Rights    

 

		
	      	      

 

    THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN
    THE COMPANY’S PROSPECTUS DATED [
    ­
    ­],
    2007 (THE “PROSPECTUS”) AND ARE INCORPORATED HEREIN BY
    REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST
    FROM REGISTRAR AND TRANSFER COMPANY, THE RIGHTS AGENT.

 

    CORNING
    NATURAL GAS CORPORATION

    (Incorporated
    under the laws of the State of New York)
    

 

    SUBSCRIPTION
    RIGHTS CERTIFICATE

 

    Evidencing
    Subscription Rights to Purchase Investment Units Consisting of
    One Share of

    Common Stock and One Warrant to Purchase One Share of Common
    Stock of

    Corning Natural Gas Corporation

    Subscription Price: $16.00 per Unit
    

 

    THE
    SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE
    5:00 P.M.,

    NEW YORK CITY TIME, ON <expiration date>, UNLESS
    EXTENDED BY THE COMPANY.
    

 

    THIS CERTIFIES THAT the registered owner whose name is inscribed
    hereon is the owner of the number of subscription rights
    (“Rights”) set forth on the face of this certificate.
    Each whole Right entitles the holder thereof, or its assigns, to
    subscribe for and purchase one investment unit (a
    “Unit”), consisting of one share of common stock, with
    a par value of $5.00 per share, of Corning Natural Gas
    Corporation, a New York corporation (the “Common
    Stock”), and one warrant to purchase 0.7 shares of
    Common Stock, at a subscription price of $16.00 per Unit
    (the “Basic Subscription Privilege”), pursuant to a
    rights offering (the “Rights Offering”), on the terms
    and subject to the conditions set forth in the Prospectus and
    the “Instructions as to the Use of Corning Natural Gas
    Corporation Subscription Rights Certificates” accompanying
    this Subscription Rights Certificate. If any Units available for
    purchase in the Rights Offering are not purchased by other
    holders of Rights pursuant to the exercise of their Basic
    Subscription Privilege (the “Excess Units”), any
    Rights holder that exercises its Basic Subscription Privilege in
    full may subscribe for a number of Excess Units pursuant to the
    terms and conditions of the Rights Offering, subject to
    proration, as described in the Prospectus (the
    “Over-Subscription Privilege”). The Rights represented
    by this Subscription Rights Certificate may be exercised by
    completing the Form of Election to Purchase on the reverse side
    hereof and by returning the full payment of the subscription
    price for each Unit in accordance with the “Instructions as
    to the Use of Corning Natural Gas Corporation Subscription
    Rights Certificates” that accompanies this Subscription
    Rights Certificate. The Rights evidenced by this Subscription
    Rights Certificate may also be transferred or sold by completing
    the Assignment Form on the reverse side hereof in accordance
    with the “Instructions as to the Use of Corning Natural Gas
    Corporation Subscription Rights Certificates” that
    accompanies this Subscription Rights Certificate.

 

    Transferable on the books of Corning Natural Gas Corporation in
    person or by duly authorized attorney upon surrender of this
    Subscription Rights Certificate properly endorsed. This
    Subscription Rights Certificate is not valid unless
    countersigned by the Transfer Agent and registered by the
    Registrar.

 

    WITNESS the facsimile signatures of two duly authorized officers
    of Corning Natural Gas Corporation.

 

	 	 	 
	

    DATED: ­
    ­
    

	
 
	
    CORNING NATURAL GAS CORPORATION
    

	
 
	
 
	
 

	

    ATTEST: ­
    ­
    

	
 
	

    BY:     

    

    

 

    [Form of
    Subscription Rights Certificate]

    [Reverse]

 

    CORNING
    NATURAL GAS CORPORATION
    

 

    RIGHTS
    CUSIP:
              
    

 

    This Rights Certificate must be received by the Subscription
    Agent, together with payment in full, by 5:00 p.m., New
    York City time, on <expiration date>. Failure to
    submit this Rights Certificate to the Subscription Agent by that
    time or to comply with the guaranteed delivery procedures
    described in the Prospectus will result in a forfeiture of your
    Rights. Any subscription for Units in this rights offering is
    irrevocable.

 

    Complete the Form of Election to Purchase or the Assignment
    Form, as applicable. Any improperly completed or unexecuted
    rights certificate for Units may cause the Subscription Agent in
    its sole discretion to reject such rights certificate. If you
    have any questions, contact the Subscription Agent at (800)
    368-5948.

 

    REGISTRAR AND TRANSFER COMPANY,

    Subscription Agent

 

    By Mail, Hand or Overnight Courier

    Registrar and Transfer Company

    10 Commerce Drive

    Cranford, NJ 07016

 

    Attn: Reorganization Department

 

    Delivery other than in the manner or to the addresses listed
    above will not constitute valid delivery.

    

    2

 

    ASSIGNMENT
    FORM

    (To
    be executed by the registered holder if such holder desires to
    sell or

    transfer to designated transferee through bank or broker)
    

 

    FOR VALUE RECEIVED,
    ­
    ­
    hereby sells, assigns and transfers unto:

 

    SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
    ASSIGNEE: ­
    ­

 

    Name: ­
    ­

 

    Address: ­
    ­

 

    the Rights evidenced hereby, and does hereby irrevocably
    constitute and
    appoint ­
    ­ attorney
    to transfer those Rights on the books of the Company, with full
    power of substitution in the premises.

 

    Dated: ­
    ­,
    2007

 

 

 

    NOTICE: The signatures to this assignment must
    correspond to the names as written upon the face of this Rights
    Certificate in every particular, without alteration or
    enlargement or any change whatsoever.

 

    Signatures Guaranteed:

 

    By: ­
    ­

 

     The signature(s) should be guaranteed by an eligible guarantor
    institution (bank, stock broker, savings and loan association or
    credit union) with membership in an approved signature guarantee
    medallion program pursuant to Securities and Exchange Commission
    Rule 17Ad-15.

    

    3

 

    FORM OF
    ELECTION TO PURCHASE

 

    PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY. The registered
    holder of this Rights Certificate is entitled to exercise the
    number of Rights shown in the upper left hand corner of this
    form and may subscribe for additional Units upon the terms and
    conditions specified in the Prospectus.

 

    The undersigned hereby notifies the Subscription Agent of its
    irrevocable election to subscribe for Units in the following
    amounts:

 

    To subscribe for Units pursuant to your Basic Subscription
    Privilege, please complete lines (a) and (c) and sign
    below. To subscribe for Units pursuant to your Over-Subscription
    Privilege, please also complete line (b).

 

    (a) EXERCISE OF BASIC SUBSCRIPTION PRIVILEGE:

 

    I apply
    for ­
    ­ (No.
    of Units) x $16.00 (Subscription Price) =
    $ ­
    ­ (Payment)

 

    (b) EXERCISE OF OVER-SUBSCRIPTION PRIVILEGE:

 

    If you have exercised your Basic Subscription Privilege in full
    and wish to subscribe for additional Units pursuant to your
    Over-Subscription Privilege:

 

    I apply
    for ­
    ­ (No.
    of Units) x $16.00 (Subscription Price) =
    $ ­
    ­ (Payment)

 

    (c) Total Amount of Payment Enclosed $
    ­
    ­

 

	 	 	 
	
    METHOD OF PAYMENT (CHECK ONE):

    

    o Check or bank draft
    drawn on a U.S. bank, or postal, telegraphic or express
    money order payable to “Registrar and Transfer Company as
    Subscription Agent.” Funds paid by an uncertified check may
    take at least five business days to clear.

    

    o Wire transfer of
    immediately available funds directly to the account maintained
    by Registrar and Transfer Company, as Subscription Agent for
    purposes of accepting subscriptions in this Rights Offering at
    
	
 
	
    DELIVERY TO DIFFERENT ADDRESS If
    you wish for the shares of Common Stock and warrants comprising
    the Units underlying your subscription right or a certificate
    representing unexercised subscription rights to be delivered to
    an address different from that shown on the face of this
    Subscription Rights Certificate, please enter the alternate
    address below.

    

    

    

    

    

 

    Commerce Bank

    6000 Atrium Way

    Mt. Laurel, NJ 08054

    A/C #2759952787

    ABA #031201360

    REF: Corning Natural Gas Corporation Subscription offer

 

    TO SUBSCRIBE: I acknowledge that I have received the Prospectus
    for this Rights Offering and I hereby irrevocably subscribe for
    the number of Units indicated above on the terms and conditions
    specified in the Prospectus.

 

    Signature of subscriber

 

    FOR INSTRUCTIONS ON THE USE OF CORNING NATURAL GAS
    CORPORATION SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT REGISTRAR
    AND TRANSFER COMPANY, THE SUBSCRIPTION AGENT, AT (800) 368-5948

    

    4EX-4.2

 

 

    Exhibit 4.2

 

    [Form of
    Warrant Certificate]

    [Face]

 

		
	          No.	    Warrants  

		
	      	      

 

    EXERCISABLE
    ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME, ON
    <expiration date>, 2011.
    

 

    CORNING NATURAL GAS CORPORATION

    (Incorporated under the laws of the State of New York)

 

    WARRANT CERTIFICATE

 

    This Warrant Certificate
    certifies ­
    ­ ,
    or registered assigns, is the registered holder
    of ­
    ­ Warrants
    expiring <expiration date>, 2011 (the
    “Warrants”) to purchase shares of Common Stock,
    $5.00 par value (the “Common Stock”), of CORNING
    NATURAL GAS CORPORATION, a New York corporation
    (“Corning”). Each Warrant entitles the holder upon
    exercise to receive from Corning on or before 5:00 p.m.
    New York City time, on <expiration date>, 2011,
    that number of fully paid and nonassessable shares of Common
    Stock (each, a “Warrant Share”) as set forth on the
    face of the certificate at the exercise price (the
    “Exercise Price”) as determined pursuant to the
    Warrant Agreement referenced below payable in lawful money of
    the United States of America upon surrender of this Warrant
    Certificate and payment of the Exercise Price at the office or
    agency of the Warrant Agent, but only subject to the conditions
    set forth herein and in the Warrant Agreement referred to on the
    reverse side hereof.

 

    Each Warrant is initially exercisable for 0.7 shares of
    Common Stock. If the exercise, of a holder’s warrants would
    result in the receipt of a fractional interest in a share, the
    number of shares issued to the holder will be rounded up to the
    nearest whole number. The number of Warrant Shares issuable upon
    exercise of the Warrants is subject to adjustment upon the
    occurrence of certain events set forth in the Warrant Agreement.

 

    The initial Exercise Price per share of Common Stock for any
    Warrant shall be equal to $19.00 per share. The Exercise
    Price is subject to adjustment upon the occurrence of certain
    events set forth in the Warrant Agreement.

 

    No Warrant may be exercised after 5:00 p.m., New York City
    time, on <expiration date>, 2011 and to the extent not
    exercised by such time such Warrants shall become void.

 

    Reference is hereby made to the further provisions of this
    Warrant Certificate set forth below and such further provisions
    shall for all purposes have the same effect as though fully set
    forth at this place.

 

    This Warrant Certificate shall not be valid unless countersigned
    by the Warrant Agent, as such term is used in the Warrant
    Agreement.

 

    This Warrant Certificate shall be governed and construed in
    accordance with the internal laws of the State of New York,
    without regard to conflicts of laws principles thereof.

 

    WITNESS the facsimile signatures of two duly authorized officers
    of Corning Natural Gas Corporation.

 

	 	 	 
	

    DATED: ­
    ­
    

	
 
	
    CORNING NATURAL GAS CORPORATION
    

	
 
	
 
	
 

	

    ATTEST: ­
    ­
    

	
 
	

    By:     

    

    

 

 

    [Form of
    Warrant Certificate]

    [Reverse]

 

 

    The Warrants evidenced by this Warrant Certificate are part of a
    duly authorized issue of Warrants expiring <expiration
    date>, 2011, entitling the holder on exercise to receive
    shares of Common Stock, par value $5.00 per share, of
    Corning (the “Common Stock”), and are issued or to be
    issued pursuant to a Warrant Agreement dated as of
    [          ],
    2007 (the “Warrant Agreement”), duly executed and
    delivered by Corning to Registrar and Transfer Company, a New
    Jersey corporation, as warrant agent (the “Warrant
    Agent”), which Warrant Agreement is hereby incorporated by
    reference in and made a part of this instrument and is hereby
    referred to for a description of the rights, limitation of
    rights, obligations, duties and immunities thereunder of the
    Warrant Agent, Corning and the holders (the words
    “holders” or “holder” meaning the registered
    holders or registered holder) of the Warrants. A copy of the
    Warrant Agreement may be obtained by the holder hereof upon
    written request to Corning.

 

    Warrants may be exercised at any time on or before
    5:00 p.m., New York City time, on <expiration
    date>, 2011. The holder of Warrants evidenced by this
    Warrant Certificate may exercise them by surrendering this
    Warrant Certificate, with the form of election to purchase
    properly completed and executed, together with payment of the
    Exercise Price as specified in the Warrant Agreement at the
    principal corporate trust office of the Warrant Agent. In the
    event that upon any exercise of Warrants evidenced hereby the
    number of Warrants exercised shall be less than the total number
    of Warrants evidenced hereby, there shall be issued to the
    holder hereof or his assignee a new Warrant Certificate
    evidencing the number of Warrants not exercised. No adjustment
    shall be made for any dividends on any Common Stock issuable
    upon exercise of this Warrant.

 

    The Warrant Agreement provides that upon the occurrence of
    certain events the number of Warrant Shares set forth on the
    face hereof may, subject to certain conditions, be adjusted. No
    fractions of a share of Common Stock will be issued upon the
    exercise of any Warrant.

 

    Warrant Certificates, when surrendered at the principal
    corporate trust office of the Warrant Agent by the registered
    holder thereof in person or by legal representative or attorney
    duly authorized in writing, may be exchanged, in the manner and
    subject to the limitations provided in the Warrant Agreement,
    but without payment of any service charge, for another Warrant
    Certificate or Warrant Certificates of like tenor evidencing in
    the aggregate a like number of Warrants.

 

    Upon due presentation for registration of transfer of this
    Warrant Certificate at the office of the Warrant Agent a new
    Warrant Certificate or Warrant Certificates of like tenor and
    evidencing in the aggregate a like number of Warrants shall be
    issued to the transferee(s) in exchange for this Warrant
    Certificate, subject to the limitations provided in the Warrant
    Agreement, without charge except for any tax or other
    governmental charge imposed in connection therewith.

 

    Corning and the Warrant Agent may deem and treat the registered
    holder(s) thereof as the absolute owner(s) of this Warrant
    Certificate (notwithstanding any notation of ownership or other
    writing hereon made by anyone), for the purpose of any exercise
    hereof, of any distribution to the holder(s) hereof, and for all
    other purposes, and neither Corning nor the Warrant Agent shall
    be affected by any notice to the contrary. Neither the Warrants
    nor this Warrant certificate shall entitle any holder hereof to
    any of the rights of a stockholder of Corning (including,
    without limitation, any preemption rights, voting rights or
    rights to dividends) except upon exercise in accordance with the
    terms hereof and of the Warrant Agreement. No provision hereof
    or of the Warrant Agreement, in the absence of affirmative
    action by a holder hereof to purchase shares of Common Stock,
    and no mere enumeration herein or in the Warrant Agreement of
    the rights or privileges of the holder, shall give rise to any
    liability of such holder for the Warrant Price hereunder or as a
    stockholder of Corning, whether such liability is asserted by
    Corning or by creditors of Corning.

    

    2

 

    [Form of
    Warrant Certificate]

    [Reverse]

 

 

    Election
    to Purchase

    (To
    Be Executed Upon Exercise of Warrant)
    

 

    The undersigned hereby irrevocably elects to exercise the right,
    represented by this Warrant Certificate, to
    receive ­
    ­ shares
    of Common Stock and herewith tenders payment for such shares to
    the order of CORNING NATURAL GAS CORPORATION in the amount of
    $ ­
    ­
    in accordance with the terms hereof. The undersigned requests
    that a certificate for such shares be registered in the name
    of ­
    ­,
    whose address is
    ­
    ­
    and that such shares be delivered to
    ­
    ­
    whose address is
    ­
    ­.
    If said number of shares is less than all of the shares of
    Common Stock purchasable hereunder, the undersigned requests
    that a new Warrant Certificate representing the remaining
    balance of such shares be registered in the name of
    ­
    ­,
    whose address is
    ­
    ­,
    and that such Warrant Certificate be delivered to
    ­
    ­,
    whose address is
    ­
    ­.

 

	 	 	 
	

    Signature:
    

	
 
	
    Signature Guaranteed:
    

	
 
	
 
	
 

	

    

	
 
	
 

	
 
	
 
	
 

	

    Date: ­
    ­
    

	
 
	
    Signature: ­
    ­
    

 

    IMPORTANT: The signature(s) should be guaranteed by an
    eligible guarantor institution (bank, stock broker, savings and
    loan association or credit union) with membership in an approved
    signature guarantee medallion program pursuant to Securities and
    Exchange Commission
    Rule 17Ad-15.

    

    3

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