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                                                                     EXHIBIT 4.4
                           VERASUN ENERGY CORPORATION
                          (ORGANIZATION ID # DB050019)

                              SHAREHOLDER AGREEMENT

      THIS SHAREHOLDER AGREEMENT (this "AGREEMENT") is made as of November 30,
2005, by and among VeraSun Energy Corporation, a South Dakota corporation (the
"COMPANY"), the parties named in Exhibit A, each of whom owns Common Stock of
the Company (collectively, the "SHAREHOLDERS"), and Teachers Insurance and
Annuity Association of America ("TIAA"), as a Shareholder and holder of the TIAA
Warrants (as defined below).

                                    Recitals

      A.    Pursuant to a merger transaction effective as of October 14, 2005
            (the "Aurora Merger"), the Company issued shares of its Common Stock
            to certain of the Shareholders and VeraSun Aurora Corporation, a
            South Dakota corporation formerly known as VeraSun Energy
            Corporation (Organizational ID # DB044362, referred to herein as
            "Aurora"), became a wholly owned subsidiary of the Company.

      B.    In connection with the Aurora Merger, it was agreed that the Second
            Amended and Restated Shareholder Agreement, dated as of December 16,
            2002, as amended, by and among Aurora, its shareholders and certain
            other parties would be adopted as the Company's agreement.

      C.    Thereafter, the Company entered into a Stock Purchase Agreement,
            dated as of November 21, 2005, with certain investors.

      D.    To document the Company's agreement with the new investors, the
            Company, the Shareholders and TIAA have prepared and executed this
            Agreement as a complete replacement of the agreement adopted in
            connection with the Aurora Merger.

      In consideration of the mutual promises, covenants and agreements
contained herein, the parties hereto agree as follows:

      SECTION 1. DEFINITIONS. For purposes of this Agreement, the following
terms shall have the meanings indicated below:

                  "AFFILIATE" (including the term "AFFILIATED") shall have the
meaning assigned to such term in Rule 144 promulgated under the Securities Act
of 1933, as amended (the "ACT").

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                  "BLUESTEM" shall mean Bluestem Capital Company, L.L.C., a
South Dakota limited liability company.

                  "BOARD" shall mean the Board of Directors of the Company.

                  "COMMON STOCK" shall mean the Common Stock of the Company, par
value $0.01 per share.

                  "COMMON STOCK EQUIVALENTS" shall mean, with respect to
options, warrants or convertible securities, the number of shares of Common
Stock of the Company issuable upon exercise or conversion thereof.

                  "EOS CAPITAL" shall mean Eos Capital Partners III, L.P., a
Delaware limited partnership.

                  "EOS INVESTORS" shall mean Eos Partners and Eos Capital.

                  "EOS PARTNERS" shall mean Eos Partners SBIC III, L.P., a
Delaware limited partnership.

                  "EXISTING WARRANTS" shall mean the warrants listed on Exhibit
B hereto.

                  "FUNDAMENTAL CORPORATE EVENT" shall mean any consolidation,
merger or a statutory share exchange (other than a merger with a wholly-owned
subsidiary of the Company or a consolidation, merger, share exchange or other
business combination in which the outstanding voting stock of the Company
immediately prior to such consolidation, merger, share exchange or business
combination constitutes a majority of the voting stock of the surviving entity)
in which the outstanding shares of capital stock of the Company are exchanged
for securities or other consideration of or from another corporation, or a sale
of all or substantially all the assets or stock of the Company.

                  "INITIAL PUBLIC OFFERING" shall mean the public offering
pursuant to a firm commitment underwriting of capital stock of the Company
registered in compliance with the Act which shall have resulted in gross
proceeds to the Company of at least $10,000,000 and had a price to the public of
at least $4.00 per share.

                  "INVOLUNTARY TRANSFER" shall mean that (i) involuntary
proceedings, which remain unstayed and undismissed after 90 days, have been
commenced against any Shareholder, or voluntary proceedings are commenced by any
Shareholder, in each case under any provision of any federal or state law
relating to bankruptcy or insolvency, whether legal or equitable, (ii) any
Shares (as defined below) of a Shareholder are attached or garnished, (iii) any
judgment (including, without limitation, a divorce decree) is obtained in any
legal or equitable proceeding against any Shareholder and the transfer of his,
her or its Shares are contemplated or threatened under legal process as the
result of such judgment, or (iv) any execution is issued against any Shareholder
or his, her or its Shares.

                  "SUPERMAJORITY VOTE" shall mean a vote of directors
constituting at least 80% of the directors in office at the time in question.

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                  "TIAA WARRANTS" shall mean the warrants issued to TIAA and
listed on Exhibit C hereto.

                  "TIAA WARRANT AGREEMENT" shall mean the Warrant Agreement,
dated as of October 14, 2005, between the Company and TIAA pursuant to which the
TIAA Warrants have been issued.

                  "TRANSFER" shall mean any sale, exchange, execution on a
pledge, assignment, gift, sale by legal process under execution or attachment,
or change in ownership, voluntary or involuntary (including, without limitation,
pursuant to an Involuntary Transfer), because of any other act or occurrence,
but shall not include (i) a repurchase by the Company pursuant to a vesting or
similar agreement between the Company and a Shareholder, (ii) an exchange of
securities effected in connection with any merger or recapitalization of the
Company, (iii) a transfer by a Shareholder on death, by will or intestacy, (iv)
a transfer pursuant to Section 4 of this Agreement, (v) a transfer without
consideration by a Shareholder to such Shareholder's spouse or children or to
any trust all the beneficiaries of which are such Shareholder's spouse or
children, provided that the Shareholder retains an irrevocable proxy (upon terms
reasonably satisfactory to the Company) to vote the Shares so transferred and
that such transfer has been approved in advance by the Board, or (vi) a transfer
by a Shareholder to its Affiliates, partners or members.

      SECTION 2. RESTRICTIONS ON TRANSFER.

            2.1 CONSENT REQUIRED. No Shareholder may Transfer by sale or
otherwise, any shares of the Company's capital stock now or subsequently held by
such Shareholder ("SHARES"), except with the consent of holders of at least
two-thirds (66 2/3 percent) of the aggregate voting power of the issued and
outstanding shares of voting capital stock of the Company, which consent shall
not be unreasonably withheld or delayed; provided, however, that in no event
shall TIAA be subject to this Section 2.1. The Shareholders acknowledge and
agree that the foregoing restrictions on Transfers are necessary and appropriate
in light of the proposed business of the Company and that no Transfer shall be
permitted to be made to a competitor of the Company.

            2.2 EFFECT OF TRANSFER. All Transfers shall be subject to the
requirements and limitations set forth in Section 10.

      SECTION 3. BOARD OF DIRECTORS.

            3.1 ELECTION AND REMOVAL OF DIRECTORS.

            (a) The number of directors initially shall be seven. Donald L.
Endres shall have the right to nominate four directors including himself as the
Chairman of the Board. Bluestem shall have the right to nominate one director,
and Eos Capital shall have the right to nominate one director if the Eos
Investors collectively have invested an aggregate of at least $25,000,000 in the
Company. The seventh director shall be nominated by a Supermajority Vote of the
Board; provided that such nominee shall be an individual with ethanol industry
experience. If the Eos Investors fail to invest at least $25,000,000 in the
Company, the number

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of directors shall be reduced to five and Mr. Endres shall be entitled to
nominate only three directors.

            (b) The names of the persons so nominated shall be submitted to the
Company, and the Shareholders and TIAA agree to take all action necessary or
appropriate to cause the nomination of such nominees as candidates for directors
of the Company and the Company shall take all actions necessary or appropriate
to present the nominees to the Company's shareholders for election as directors.
In the election of the Company's directors, each Shareholder and TIAA agree to
vote his, her or its shares for election of such nominees.

            (c) If one of the directors so elected resigns or is removed by a
vote of the Company's shareholders, or if his or her Board seat is otherwise
vacated for any reason, then the holders or group who nominated such director
shall have the right to nominate his or her replacement and the Shareholders and
TIAA agree to vote their shares for the election of such replacement. The
Shareholders and TIAA further agree that they shall not vote their Shares for
the removal of any representative nominated pursuant to this Section 3, except
for cause, without the consent of the holders or group nominating such
representative. Solely for purposes of the preceding sentence, "CAUSE" means
willful misconduct or bad faith.

            (d) Should the provisions of this Section 3.1 be construed to
constitute the granting of proxies, such proxies shall be deemed coupled with an
interest.

            3.2 BOARD ACTION.

            (a) The manner of convening and holding meetings of the Board shall
be as set forth in the Bylaws of the Company, as amended from time to time. The
Board shall hold one regular meeting during each calendar quarter. The Company
will cause each non-employee director to be reimbursed for all reasonable
out-of-pocket costs and expenses incurred by him or her in connection with
serving as a director.

            (b) The following matters shall require the approval by a
Supermajority Vote of the Board:

                  (i) approval or amendment, in any material respect, of the
Company's annual operating budget;

                  (ii) approval of contractual obligations and transactions
            outside the scope of the relevant annual operating budget previously
            approved by the Board;

                  (iii) selection of an independent accounting firm to review
            and report on the financial statements specified in Section 6(a)(i);
            and

                  (iv) approval of any employment agreements between the Company
            and any of its senior executives requiring the Company to pay
            compensation in excess of $125,000 per annum.

            3.3 Transactions with Affiliates.

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      (a) No director, officer or holder of five percent or more of the Common
Stock of the Company shall, directly or indirectly through any Affiliate, (i)
make any loan or advance to the Company or any of its Subsidiaries, (ii)
transfer, sell, lease, assign or otherwise dispose of any assets to the Company
or any of its Subsidiaries, or (iii) engage in any transaction with the Company
or any of its Subsidiaries providing for the furnishing of services by or to, or
rental of real or personal property from or to, or otherwise requiring cash
payments to or by such person, other than (a) the payment of salaries and
benefits to directors or officers in the ordinary course of business, (b)
transactions in the ordinary course of business and on terms and conditions at
least as favorable to the Company or its Subsidiaries as the terms and
conditions that would apply in similar transactions with a person not affiliated
with the Company, or (c) transactions approved by a Supermajority Vote of the
Board.

      (b) The Company and its Subsidiaries shall not, directly or indirectly
through any Affiliate, (i) make any loan or advance to any director, officer or
holder of five percent or more of the Common Stock of the Company, (ii)
transfer, sell, lease, assign or otherwise dispose of any assets to any
director, officer or holder of five percent or more of the Common Stock of the
Company, or (iii) engage in any transaction with any director, officer or holder
of five percent or more of the Common Stock of the Company providing for the
furnishing of services by or to, or rental of real or personal property from or
to, or otherwise requiring cash payments to or by such person, other than (a)
the payment of salaries and benefits to directors or officers in the ordinary
course of business, (b) transactions in the ordinary course of business and on
terms and conditions at least as favorable to the Company or its Subsidiaries as
the terms and conditions that would apply in similar transactions with a person
not affiliated with the Company, or (c) transactions approved by a Supermajority
Vote of the Board.

            3.4 NON-VOTING OBSERVERS.

            (a) In addition to their other rights under this Agreement, Eos
Capital and Bluestem shall each be entitled to have one (1) non-voting observer
(the "Observer") who shall be designated by Eos Capital and Bluestem, in their
sole discretion, by notice to the Company from time to time (and who shall also
be subject to removal for no reason or any reason whatsoever by Eos Capital and
Bluestem, respectively, by notice to the Company from time to time).

            (b) Each Observer shall be entitled to be present at all meetings of
the Board. The Company shall notify the Observer of each meeting of the Board,
including the time and place of such meeting, in the same manner and at the same
times as the members of the Board, as the case may be, are notified.

      SECTION 4. TAKE-ALONG AND TAG-ALONG RIGHTS.

            4.1 TAKE-ALONG RIGHTS

            (a) In the event that holders of at least two-thirds (66 2/3
percent) of the fully diluted Common Stock (such party and Affiliates, whether
one or more, the "SELLER") propose to sell all (but not less than all) of the
shares of Common Stock and Common Stock Equivalents held by such Seller ("SALE
Shares") to a third party or parties in which the Seller does not own,

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have any right to acquire, or propose to own or acquire, any interest (a "THIRD
Party") pursuant to a Bona Fide Offer (as defined below), then the Seller shall
have the right to require all (but not less than all) other Shareholders and
TIAA (collectively, the "CO-SELLER"), to include in such sale (a "REQUIRED
SALE") all (but not less than all) of the shares of Common Stock and Common
Stock Equivalents held by the Co-Seller (the "CO-SELLER SHARES") by delivering
notice (the "REQUIRED SALE NOTICE") to such Shareholders and TIAA.

            (b) The Required Sale Notice shall set forth: (A) the date of such
notice (the "NOTICE DATE"), (B) the name and address of the Third Party, (C) the
proposed amount of consideration to be paid per share for the Sale Shares, which
shall consist solely of cash (the "SALE PRICE"), and the terms and conditions of
payment offered by the Third Party in reasonable detail, together with written
proposals or agreements, if any, with respect thereto, (D) the aggregate number
of Sale Shares, (E) confirmation that the Seller is selling 100% of the
aggregate number of shares of Common Stock and Common Stock Equivalents then
held by it to a Third Party, and (F) the proposed date of the Required Sale (the
"REQUIRED SALE DATE"), which shall be not less than 60 nor more than 120 days
after the date of the Notice Date.

            (c) "BONA FIDE OFFER" shall mean an all-cash offer (whether in the
form of a purchase of stock, merger, recapitalization, or otherwise) for all
outstanding shares of Common Stock and Common Stock Equivalents, provided that
the Aggregate Sale Price under such offer shall have been approved by
Supermajority Vote of the Board.

            (d) If the Seller or any Co-Sellers of a class of Sale Shares are
given an option as to the form and amount of consideration to be received with
respect to Sale Shares or Co-Seller Shares in a class, all Co-Sellers of such
class will be given the same option.

            (e) No Co-Seller shall be obligated to pay more than his or its pro
rata amount of reasonable expenses incurred (based on the proportion of the
aggregate transaction consideration received) in connection with a Required Sale
to the extent such expenses are incurred for the benefit of all Co-Sellers and
are not otherwise paid by the Company or the acquiring party (expenses incurred
by or on behalf of a Co-Seller for its or his sole benefit not being considered
expenses incurred for the benefit of all Co-Sellers).

            (f) In the event that the Co-Sellers are required to provide any
representations, warranties or indemnities in connection with a Required Sale
(other than representations, warranties and indemnities on a several basis that
are personal in nature to such Co-Seller), then each Co-Seller shall not be
liable for more than his or its pro rata amount (based on the proportion of the
aggregate transaction consideration received) of any liability for
misrepresentation or indemnity (except in respect of such several
representations and warranties) and such liability shall not exceed the total
purchase price received by such Co-Seller (net of broker fees) from such
purchaser for his or its Co-Seller Shares (including the exercise price
thereof), and, to the extent that an indemnification escrow has been
established, such liability shall be satisfied solely out of any funds escrowed
for such purpose prior to recourse against such Co-Seller.

            (g) Should the provisions of this Section 4 be construed to
constitute the granting of proxies, such proxies shall be deemed coupled with an
interest.

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            4.2 TAG-ALONG RIGHTS

            (a) In the event that any holder or holders of at least ten percent
(10%) of the outstanding Common Stock (the "TAG-ALONG TRANSFEROR") proposes to
sell or otherwise dispose of Common Stock to any person or persons (the
"PROPOSED PURCHASER"), the terms and conditions of such sale or other
disposition to such Proposed Purchaser shall include an offer to each other
Shareholder (the "TAG-ALONG OFFEREES") to include, at the option of each
Tag-Along Offeree, in the sale or other disposition to the Proposed Purchaser
such number of shares of Common Stock owned by each such Tag-Along Offeree
determined in accordance with this Section 4.2. The Tag-Along Transferor shall
send a written notice (the "TAG-ALONG NOTICE") to each Tag-Along Offeree setting
forth the maximum number of shares of Common Stock the Proposed Purchaser is
willing to purchase or otherwise acquire, the proposed price per share and the
other material terms and conditions upon which the purchase is proposed to be
made. At any time within 15 days after its receipt of the Tag-Along Notice, each
Tag-Along Offeree may exercise its option to sell a number of shares owned by
such Tag-Along Offeree determined in accordance with the provisions of this
Section 4.2 by (i) furnishing written notice of such acceptance (the "TAG-ALONG
ACCEPTANCE NOTICE") to the Tag-Along Transferor, which Tag-Along Acceptance
Notice shall set forth the maximum number of shares that such Tag-Along Offeree
wishes to sell or otherwise dispose of to the Proposed Purchaser, and (ii)
delivering to the Tag-Along Transferor a power-of-attorney authorizing the
Tag-Along Transferor to sell or otherwise dispose of such shares to the Proposed
Purchaser as part of such proposed sale or other disposition.

            (b) If the proposed sale or other disposition to the Proposed
Purchaser by the Tag-Along Transferor is consummated, each Tag-Along Offeree
shall have the right to sell to the Proposed Purchaser as part of such proposed
sale or other disposition the same percentage of the total number of outstanding
shares then owned by such Tag-Along Offeree as the percentage of the total
number of outstanding shares then owned by the Tag-Along Transferor to be sold
by the Tag-Along Transferor. In the event that the total number of shares
proposed to be sold or otherwise disposed of by the Tag-Along Transferor and all
Tag-Along Offerees as set forth in the Tag-Along Acceptance Notices exceeds the
maximum number of shares that the Proposed Purchaser is willing to purchase or
otherwise acquire, then the number of shares to be sold by the Tag-Along
Transferor and the Tag-Along Offerees who have given Tag-Along Acceptance
Notices shall be allocated among the Tag-Along Transferor and such Tag-Along
Offerees (with rounding to avoid fractional shares) in proportion to the maximum
number of shares that each of them originally proposed to sell or otherwise
dispose of to the Proposed Purchaser.

            (c) Each Tag-Along Offeree who has given a Tag-Along Acceptance
Notice, unless such Tag-Along Offeree agrees otherwise, shall receive as
consideration upon such sale or disposition for its shares the same type of
consideration and the same amount of consideration per share and on the same
terms and conditions as are applicable to the shares to be sold by the Tag-Along
Transferor. Each Tag-Along Offeree who has given a Tag-Along Acceptance Notice
shall agree to the same covenants, representations and warranties as the
Tag-Along Transferor agrees to in connection with the proposed sale. Each
Tag-Along Offeree who has given a Tag-Along Acceptance Notice shall bear its pro
rata share of the fees and expenses incurred by the Company and the Tag-Along
Transferor in the proposed sale. To the extent any Tag-Along Offeree is required
to provide indemnification in connection with a Tag-Along transaction, the

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monetary indemnification obligations of such Tag-Along Offeree shall be (i) no
less favorable to such Tag-Along Offeree than that resulting from pro rata
indemnification among all Tag-Along Offerees who have given Tag-Along Acceptance
Notices and the Tag-Along Transferor based on the number of shares to be sold in
the Tag-Along transaction and (ii) limited to the fair market value of the cash,
property or other assets received by such Tag-Along Offeree in such Tag-Along
transaction; provided, however, that the limitations contained in the
immediately preceding clauses (i) and (ii) shall not apply in respect of any
representations, warranties or covenants that are personal in nature to such
Tag-Along Offeree (e.g.; title to shares being transferred).

            (d) The Tag-Along Transferor and the Proposed Purchaser shall each
have the right, in its sole discretion, at all times prior to consummation of
the proposed sale or other disposition giving rise to the tag-along right
granted by this Section 4.2, to abandon or otherwise terminate such sale or
other disposition, whereupon all tag-along rights in respect of such sale or
other disposition shall become null and void, and neither the Tag-Along
Transferor nor the Proposed Purchaser shall have any liability or obligation to
any Tag-Along Offeree with respect thereto by virtue of such abandonment or
termination.

            (e) If within 15 days after the receipt of the Tag-Along Notice, any
Tag-Along Offeree has not delivered a Tag-Along Acceptance Notice, such
Tag-Along Offeree shall be deemed to have waived any and all of such Tag-Along
Offeree's rights with respect to the sale or other disposition of shares
described in the Tag-Along Notice.

            (f) The provisions of this Section 4.2 shall not apply to any
transfer of shares made pursuant to a registered offering under the Act or in an
ordinary brokerage transaction pursuant to Rule 144 under the Act.

      SECTION 5. RIGHT OF FIRST OFFER.

            (a) Subject to the terms and conditions specified in this Section 5,
the Company hereby grants to each Shareholder (so long as such Shareholder holds
at least 25 percent of the Shares held by such Shareholder as of the date of
this Agreement) and to TIAA (such Shareholders and TIAA are hereinafter referred
to individually as an "OFFEREE" and collectively as the "OFFEREES"), a right of
first offer with respect to future issues or sales by the Company of any shares
of, or securities convertible into or exercisable for, any class or series of
its capital stock ("OFFERED SHARES").

            (b) Each time the Company proposes to issue or sell any Offered
Shares, the Company shall first make an offering of such Shares to the Offerees
in accordance with the following provisions:

                  (i) No later than 10 days prior to the consummation of such
      transaction, the Company shall deliver a written notice (the "OFFER
      NOTICE") to each Offeree stating (1) its bona fide intention to offer or
      issue Offered Shares, (2) the number of Offered Shares to be offered or
      issued, (3) the price, if any, for which it proposes to offer or issue
      such Offered Shares, and (4) the names of proposed offerees, if known.

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                  (ii) Within 10 days after receipt of the Offer Notice, each
      Offeree may elect to purchase or obtain, at the same price and on the
      terms specified in the Offer Notice, up to that portion of such Offered
      Shares which equals the proportion that the number of Shares then held by
      the Offeree bears to the total number of Shares then held by all Offerees.
      The number of Shares held by the Offerees shall include Common Stock
      Equivalents.

                  (iii) If all such Offered Shares referred to in the Offer
      Notice are not elected to be purchased as provided above, the Company may,
      within 120 days from the date of the Offer Notice, offer the remaining
      unsubscribed Offered Shares to any person or persons at a price not less,
      and upon the same general terms no more favorable to such person or
      persons, than those specified in the Offer Notice. If the Company does not
      enter into an agreement for the sale of the Offered Shares within such
      period, the right provided hereunder shall be deemed to be revived and
      such Offered Shares shall not be offered unless first reoffered to the
      Offerees in accordance herewith.

                  (iv) The right of first offer in this Section 5 shall not be
      applicable to (1) any offering of up to 4,611,267 shares of Common Stock
      issued or issuable to founders, employees, directors or consultants of the
      Company in connection with plans or arrangements approved by the Board,
      (2) any shares of Common Stock issued upon exercise of the Existing
      Warrants, (3) up to 1,180,000 shares of Common Stock (subject to
      adjustment as provided in the TIAA Warrants) issued or issuable pursuant
      to the TIAA Warrants, (4) any shares of the Company's capital stock
      offered to the public pursuant to an effective registration statement
      filed under the Act, (5) the issuance of capital stock on a pro rata basis
      to all of the Company's shareholders in connection with any stock split,
      reverse split, stock dividend or recapitalization, (6) the issuance of
      shares of capital stock upon conversion of any capital stock at any time
      outstanding, (7) the issuance of capital stock in connection with the
      Company's acquisition of another entity by merger, share exchange or
      purchase of substantially all of the assets, or by any other
      reorganization whereby the Company acquires ownership of not less than 51
      percent of the voting power of such entity, or (8) the issuance of shares
      of Common Stock to the general contractor for the Company's plants in an
      amount equal to any excess over the guaranteed maximum price provided for
      in the Company's agreements with such general contractor.

      SECTION 6. INFORMATION RIGHTS; CONFIDENTIALITY

            (a) The Company shall provide to each Shareholder and to TIAA the
following information within the respective time periods specified:

                  (i) As soon as available and in any event within 120 days
      after the end of each fiscal year of the Company, a balance sheet of the
      Company as of the end of such fiscal year and the related statements of
      income and cash flows for such fiscal year, setting forth in each case in
      comparative form the figures for the previous fiscal year, all reported on
      by an independent public accounting firm selected by a Supermajority Vote
      of the Board or by a committee of the Board appointed by a Supermajority
      Vote.

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                  (ii) For review at the Company's principal executive office
      (and delivery to Bluestem, the Eos Investors and TIAA), as soon as
      available and in any event within 30 days after the end of each month, a
      balance sheet of the Company as of the end of such month, the related
      statement of income for such month and for the portion of the Company's
      fiscal year ended at the end of such month and the related statement of
      cash flows for the portion of the Company's fiscal year ended at the end
      of such month;

                  (iii) Within five days of discovery of any default by the
      Company under any of its material agreements, a certificate of a financial
      officer of the Company setting forth the details thereof and the action
      which the Company is taking or proposes to take with respect thereto.

            (b) Each Shareholder acknowledges and agrees that the Company is
engaged in business activities in which it is crucial to develop and retain
proprietary, trade secret and other confidential information for the benefit of
the Company (collectively, "PROPRIETARY INFORMATION"). Accordingly, each
Shareholder agrees that it shall not at any time, either directly or indirectly:
(i) divulge or convey any proprietary information to any entity or individual,
except as may be expressly authorized in writing by the Company, or required by
its best interests in the course of performance of any assigned duties or (ii)
use any proprietary information for such Shareholder's own benefit or the
benefit of any entity or individual other than the Company. The proprietary
information to which such Shareholder may have access may include, but is not
limited to, the information provided to such Shareholder under Section 6(a) and
other matters of a technical or intellectual nature such as inventions, designs,
drawings, models, plans, client and customer relations information,
improvements, developments, know-how, formulae, compounds, compositions,
specifications, trade secrets, specialized knowledge, and matters of a business
nature, such as information about costs and profits, records, client and
customer lists, client and customer data, and sales data.

                  It is agreed that the provisions of this Section 6(b) shall
not apply with respect to any information that (i) is or becomes (through no
improper action or inaction by the relevant Shareholder or any Affiliates,
agents, consultants, or employees of such Shareholder) generally available in
the public domain, (ii) was in the relevant Shareholder's possession or known by
it prior to receipt from the Company, (iii) was rightfully disclosed to the
relevant Shareholder by a third party without being subjected to similar
restrictions, (iv) was independently developed by the relevant Shareholder, or
(v) was or is provided by the Company to third parties without similar
restrictions.

      SECTION 7. REGISTRATION RIGHTS. The Company shall provide to each holder
(a HOLDER") of Registrable Securities (as defined herein) the registration
rights described below. For purposes of this Agreement, the term "REGISTRABLE
SECURITIES" means: (i) the Common Stock held by the Shareholders on the date
hereof, (ii) the Common Stock issued or issuable upon exercise of the TIAA
Warrants, and (iii) any Common Stock issued as (or issuable upon the conversion
or exercise of any warrant, right or other security that is issued as) a
dividend or other distribution with respect to, or in exchange for or in
replacement of the shares referenced in (i), or (ii) above; provided, however,
that the term "Registrable Securities" shall exclude in all cases any
Registrable Securities sold by a person in a transaction in which the rights
under this Section 7 have not been validly assigned as provided in Section 7.7.

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            7.1 "PIGGYBACK" REGISTRATION. Whenever the Company proposes to file
any registration statement under the Act, (other than on Forms S-8 or S-4) (a
"REGISTRATION STATEMENT") at any time and from time to time, it will, prior to
such filing, give written notice to all Holders of its intention to do so and,
upon the written request of a Holder or Holders given within 20 days after the
Company provides such notice (which request shall state the intended method of
disposition of such Registrable Securities), the Company shall use its
reasonable best efforts to cause all Registrable Securities which the Company
has been requested by such Holder or Holders to register to be registered under
the Act to the extent necessary to permit their sale or other disposition in
accordance with the intended methods of distribution specified in the request of
such Holder or Holders.

            In connection with any registration under this Section 7.1 involving
an underwriting, the Company shall not be required to include any Registrable
Securities in such registration unless the Holders thereof accept the terms of
the underwriting as agreed upon between the Company and the underwriters
selected by it (provided that such terms must be consistent with this
Agreement). If, in the opinion of the managing underwriter, it is appropriate
because of marketing factors to limit the total number of securities, including
Registrable Securities, to be included in the offering, then the Company shall
be required to include in the registration only that number of such securities,
including Registrable Securities, which the managing underwriter believes should
be included therein (the securities so included to be apportioned pro rata among
selling shareholders according to the total amount of securities entitled to be
included therein owned by each selling shareholder or in such other proportions
as shall mutually be agreed to by such selling shareholders); provided, however,
that (i) no persons or entities other than the Company, the Holders and persons
or entities holding registration rights shall be permitted to include securities
in the offering, (ii) the number of Registrable Securities to be included in the
offering by any Holders shall not be reduced unless all other securities,
excluding the securities the Company proposes to sell, are first entirely
excluded from the offering, and (iii) TIAA shall not be subject to a reduction
in its Registrable Shares relating to the Common Stock issued or issuable upon
exercise of the TIAA Warrant.

            Notwithstanding the foregoing, the Company shall not be obligated to
notify any Holder or to take any other action to cause any Registrable
Securities which the Company has been requested by any Holder or Holders to
register to be registered under the Act after the Company has effected one
registration pursuant to this Section 7.1 and such Holder or Holders shall have
had the opportunity to include in such registration all Registrable Securities
requested by such Holder or Holders to be included in such registration;
provided, however, that TIAA shall be entitled to receive notice of, and to
participate in, an unlimited number of such registrations on the terms specified
above in this Section 7.1.

            7.2 TIAA REGISTRATION REQUEST.

            (a) At any time after the date upon which the Company shall have
effected an Initial Public Offering (the "TRIGGER DATE"), upon the written
request of the holders of a majority of the Registrable Securities attributable
to the TIAA Warrants (the "TIAA REGISTRABLE SECURITIES") requesting that the
Company effect the registration under the Act of all or part of such TIAA
Registrable Securities and specifying the number of such TIAA Registrable
Securities to be registered and the intended method of disposition thereof (a
"REGISTRATION

                                       11
<PAGE>

REQUEST"), the Company will promptly, and in no event more than 15 days after
receipt of such Registration Request, give written notice (a "NOTICE OF
REQUESTED REGISTRATION") of such request to all other holders of TIAA
Registrable Securities, and thereupon will use its best efforts to effect the
registration under the Act of:

                  (i) the TIAA Registrable Securities which the Company has been
      so requested to register by such majority holders of the TIAA Registrable
      Securities; and

                  (ii) all other TIAA Registrable Securities the holders of
      which have made written requests to the Company for registration thereof
      within 20 days after the giving of the Notice of Requested Registration
      (which requests shall specify the intended method of disposition thereof),
      all to the extent requisite to permit the disposition (in accordance with
      the intended methods thereof) of the Registrable Securities so to be
      registered.

            (b) Notwithstanding anything herein to the contrary, the Company
shall not be required to honor a Registration Request if: (i) the Trigger Date
shall not yet have occurred; or (ii) the Company has previously effected one
registration pursuant to a Registration Request.

            7.3 OBLIGATIONS OF THE COMPANY. Whenever required under this Section
7 to effect the registration of any Registrable Securities, the Company shall:

            (a) prepare and file with the Securities and Exchange Commission
(the "SEC") a Registration Statement with respect to such Registrable Securities
and use its reasonable best efforts to cause such Registration Statement to
become effective, and, upon the request of the Holders of a majority of the
Registrable Securities registered thereunder, keep such Registration Statement
effective for a period of up to 120 days; provided that as far in advance as
practical before filing such Registration Statement or any amendment or
supplement thereto, the Company will furnish to the Holders copies of reasonably
complete drafts of all such documents proposed to be filed (including exhibits),
and any such Holder shall have the opportunity to object to any information
pertaining solely to such Holder and its plan of distribution that is contained
therein and the Company will make the corrections reasonably requested by such
Holder with respect to such information prior to filing any such Registration
Statement or amendment.

            (b) Prepare and file with the SEC such amendments and supplements to
such Registration Statement and the prospectus used in connection with such
Registration Statement as may be necessary to comply with the provisions of the
Act with respect to the disposition of all securities covered by such
Registration Statement.

            (c) Furnish to the Holders such numbers of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Act, and such other documents as they may reasonably request in order to
facilitate the disposition of Registrable Securities owned by them.

            (d) Use its best efforts to register and qualify the securities
covered by such Registration Statement under such other securities or blue sky
laws of such jurisdictions as shall be reasonably requested by the Holders;
provided that the Company shall not be required in

                                       12
<PAGE>

connection therewith or as a condition thereto to qualify to do business
or to file a general consent to service of process in any such states
or jurisdictions.

            (e) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering. Each Holder participating
in such underwriting shall also enter into and perform its obligations under
such an agreement.

            (f) Notify each Holder of Registrable Securities covered by such
Registration Statement at any time when a prospectus relating thereto is
required to be delivered under the Act of the happening of any event as a result
of which the prospectus included in such Registration Statement, as then in
effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing.

            (g) Cause all such Registrable Securities registered pursuant to
this Agreement to be listed on each securities exchange or nationally recognized
automated quotation system on which similar securities issued by the Company are
then listed.

            (h) Provide a transfer agent and registrar for all Registrable
Securities registered pursuant to the terms of this Agreement and a CUSIP number
for all such Registrable Securities, in each case not later than the effective
date of such Registration Statement.

            7.4 FURNISH INFORMATION. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 7 with
respect to the Registrable Securities of any selling Holder that such Holder
shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities
as shall be required to effect the registration of such Holder's Registrable
Securities.

            7.5 REGISTRATION EXPENSES.

            (a) All expenses incurred in connection with any registration,
filing or qualification of Registrable Securities pursuant to this Agreement,
including, without limitation, all registration, filing, and qualification fees,
printing and accounting fees relating or apportionable thereto and the fees and
disbursements of counsel for the Company, but excluding underwriting discounts
and commissions relating to Registrable Securities and fees and expenses of
counsel for any selling Holder (if other than counsel to the Company), shall be
borne by the Company; provided, however, that the reasonable fees and expenses
of one counsel to the Holders of the TIAA Registrable Securities shall also be
borne by the Company. Notwithstanding the foregoing, however, if at the time of
the withdrawal of a Registration Statement, the Holders have learned of a
material adverse change in the condition, business or prospects of the Company
from that known to the Holders at the time of their request, of which the
Company had knowledge at the time of the request, then the Holders shall not be
required to pay any of said registration expenses.

            (b) Notwithstanding the provisions of Section 7.5(a), if, as a
condition of registration or qualification of any offering in any state or
jurisdiction in which the Company (by

                                       13
<PAGE>

the vote of its Board) or any underwriter determines in good faith that it
wishes to offer securities registered in an offering to which this Agreement
applies, it is required that offering expenses be allocated in a manner
different from that provided in Section 7.5(a), the offering expenses shall be
allocated in whatever permitted manner is most nearly in compliance with the
provisions of this Agreement.

            7.6 TERMINATION OF REGISTRATION RIGHTS. No Holder (other than TIAA)
shall be entitled to exercise any right provided for in this Section 7:

            (a) after such time at which all Registrable Securities held by such
Holder can be sold in any three-month period without registration in compliance
with SEC Rule 144; or

            (b) three years after the closing of an Initial Public Offering.

            7.7 TRANSFERS OF REGISTRATION RIGHTS.

            (a) A Holder may assign its registration rights under Section 7.1
only in connection with such Holder's sale or other transfer of at least 100,000
shares of Registrable Securities; provided, however, that TIAA shall be entitled
to transfer its registration rights in connection with transfers of any TIAA
Registrable Securities made in accordance with the TIAA Warrant Agreement and
shall not otherwise be subject to this Section 7.7. Any permitted transferee
(other than a Holder) to whom registration rights under this Agreement are
transferred by a Shareholder shall, as a condition to such transfer, deliver to
the Company a written instrument by which such transferee identifies itself,
gives the Company notice of the transfer of such rights, indicates the
Registrable Securities owned by it and agrees to be bound by the obligations
imposed upon Shareholders under this Agreement.

            (b) A transferee to whom rights are transferred pursuant to this
Section 7.7 may not again transfer such rights to any other person or entity,
other than as provided in subsection (a) above.

            (c) Except as provided in this Section 7.7, no party may transfer or
assign any of its rights hereunder.

            7.8 INDEMNIFICATION. In the event any Registrable Securities are
included in a Registration Statement under this Section 7:

            (a) To the extent permitted by law, the Company will indemnify and
hold harmless each Holder, each of such Holder's directors, officers,
shareholders and partners, any underwriter (as defined in the Act) for such
Holder and each person, if any, who controls such Holder or underwriter within
the meaning of the Act or the Securities Exchange Act of 1934, as amended (the
"1934 ACT"), against any losses, claims, damages, or liabilities (joint or
several) to which they may become subject under the Act, the 1934 Act or other
federal or state law, insofar as such losses, claims, damages, or liabilities
(or actions in respect thereof) arise out of or are based upon any of the
following statements, omissions or violations (collectively a "VIOLATION"): (i)
any untrue statement or alleged untrue statement of a material fact contained in
such Registration Statement, including any amendments or supplements thereto,
(ii) the omission or alleged omission to state therein a material fact required
to be stated therein, or necessary to

                                       14
<PAGE>

make the statements therein not misleading, or (iii) any violation or alleged
violation by the Company of the Act, the 1934 Act, any state securities law, or
any rule or regulation promulgated under the Act, and the Company will pay to
each such Holder, underwriter or controlling person, as incurred, any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability, or action; provided, however,
that the indemnity agreement contained in this Section 7.8 shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability, or action
if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably withheld), nor shall the Company be liable in any such
case for any such loss, claim, damage, liability, or action to the extent that
it arises out of or is based upon a Violation which occurs in reliance upon and
in conformity with written information furnished expressly for use in connection
with such registration by any such Holder, underwriter or controlling person.

            (b) To the extent permitted by law, each selling Holder will
indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the Registration Statement, each person, if any, who
controls the Company within the meaning of the Act, any underwriter, any other
Holder selling securities in such Registration Statement and any controlling
person or any such underwriter or Holder, against any losses, claims, damages,
or liabilities (joint or several) to which any of the foregoing persons may
become subject, under the Act, the 1934 Act or other federal or state law,
insofar as such losses, claims, damages, or liabilities (or actions in respect
thereto) arise out of or are based upon any Violation, in each case to the
extent that such Violation occurs in reliance upon and in conformity with
written information furnished by such Holder expressly for use in connection
with such registration; and each such Holder will pay, as incurred, any legal or
other expenses reasonably incurred by any person intended to be indemnified
pursuant to this Section 7.8, in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however, that the
indemnity agreement contained in this Section 7.8 shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability, or action if such
settlement is effected without the consent of the Holder, which consent shall
not be unreasonably withheld; and provided, further, that the obligation to
provide indemnification pursuant to this Section 7.8(b) shall be several, and
not joint and several, among such indemnifying parties. Such Holders shall also
indemnify each other person who participates (including as an underwriter) in
the offering or sale of Registrable Securities, their officers and directors and
each other person, if any, who controls any such participating person within the
meaning of the Act to the same extent as provided above with respect to the
Company. In no event shall any indemnity under this Section 7.8 exceed the net
proceeds from the offering received by such Holder.

             (c) Promptly after receipt by an indemnified party under this
Section 7.8 of notice of the commencement of any action (including, without
limitation, any governmental action), such indemnified party will, if a claim
in respect thereof is to be made against any indemnifying party under this
Section 7.8, deliver to the indemnifying party a written notice of the
commencement thereof and the indemnifying party shall have the right to
participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof with counsel mutually satisfactory to the parties; provided, however,
that an indemnified party (together with all other indemnified parties which may
be represented without conflict by one counsel) shall have the right to retain
one separate counsel, with reasonable fees and expenses to be paid by the
indemnifying party, if

                                       15

<PAGE>

representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
7.8, but the omission so to deliver written notice to the indemnifying party
will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 7.8.

            (d) If the indemnification provided for in this Section 7.8 is held
by a court of competent jurisdiction to be unavailable to an indemnified party
with respect to any loss, liability, claim, damage, or expense referred to
herein, then the indemnifying party, in lieu of indemnifying such indemnified
party hereunder, shall contribute to the amount paid or payable by such
indemnified party as a result of such loss, liability, claim, damage, or expense
in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in
connection with the statements or omissions that resulted in such loss,
liability, claim, damage, or expense as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information, and opportunity to correct or prevent such
statement or omission. Notwithstanding the foregoing, (i) no Holder shall be
required to contribute any amount in excess of the public offering price of all
Registrable Securities offered and sold by such Holder pursuant to such
Registration Statement, and (ii) no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation; and provided that TIAA shall not be subject to this Section
7.8 (d) in its capacity as an indemnifying party.

            (e) The obligations of the Company and Holders under this Section
7.8 shall survive the completion of any offering of Registrable Securities in a
Registration Statement under this Section 7, and otherwise.

            SECTION 8. "MARKET STAND-OFF" AGREEMENT. Each Shareholder and TIAA
hereby agree that, during the period of duration (not to exceed 180 days)
specified by the Company and an underwriter of Common Stock, Preferred Stock or
other securities of the Company, following the effective date of the
Registration Statement for an Initial Public Offering, it shall not, to the
extent requested by the Company and such underwriter, directly or indirectly
sell, offer to sell, contract to sell (including, without limitation, any short
sale), grant any option to purchase or otherwise transfer or dispose of (other
than to donees who agree to be similarly bound) any securities of the Company
held by it at any time during such period, except Common Stock, Preferred Stock
or other securities of the Company included in such registration; provided,
however, that all officers, directors, key employees and greater than one
percent (1%) shareholders of the Company enter into similar agreements. In order
to enforce the foregoing covenant, the Company may impose stop-transfer
instructions with respect to the Registrable Securities of any investor
(and the shares or securities of every other person subject to the foregoing
restriction) until the end of such period.

                                       16
<PAGE>

      SECTION 9. LEGENDS. All certificates representing any Shares shall have
endorsed thereon the following legend, in addition to any legends required by
applicable state securities laws or otherwise:

            "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AND
            TRANSFERABLE ONLY UPON COMPLIANCE WITH THE TERMS AND CONDITIONS OF A
            SHAREHOLDER AGREEMENT (WHICH INCLUDES PROVISIONS RELATING TO A
            VOTING AGREEMENT AMONG SHAREHOLDERS WITH RESPECT TO THE ELECTION OF
            DIRECTORS) AMONG THE CORPORATION AND ITS SHAREHOLDERS (THE
            "AGREEMENT"), A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF
            THIS CORPORATION.

            THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
            OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS, AND
            MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, ASSIGNED, PLEDGED,
            HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE
            REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT AND LAWS
            OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH
            REGISTRATION IS NOT REQUIRED AND OTHER THAN IN COMPLIANCE WITH THE
            AGREEMENT. ANY PERSON ACCEPTING ANY INTEREST IN SUCH SECURITIES
            SHALL BE DEEMED TO HAVE AGREED TO, AND SHALL BECOME BOUND BY, THE
            FOREGOING, INCLUDING ALL OF THE PROVISIONS OF THE AGREEMENT. "

      SECTION 10. TRANSFERS. No Shares shall be Transferred by a Shareholder
unless (i) such Transfer is made in compliance with applicable federal and state
securities laws and (ii) prior to such Transfer, the transferee or transferees
sign a counterpart to this Agreement pursuant to which it or they agree to be
bound by the terms hereof as they relate to the Shareholder that transferred
such shares to such transferee. Permitted transferees of Shareholders shall be
entitled to the benefits and subject to the obligations accorded under this
Agreement to Shareholders. The Company shall not be required (a) to transfer on
its books any Shares that shall have been sold or transferred in violation of
any of the provisions of this Agreement or (b) to treat as the owner of such
Shares or to accord the right to vote as such owner or to pay dividends to any
transferee to whom such Shares shall have been so transferred.

      SECTION 11. EXERCISE OF WARRANT. Upon exercise of an Existing Warrant, a
warrant holder ("WARRANT HOLDER") shall, as to the Shares acquired upon exercise
of such warrant, be deemed a Shareholder for purposes of this Agreement.

                                       17
<PAGE>

      SECTION 12. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, all of which taken together shall constitute one and the same
instrument, and any party hereto may execute this Agreement by signing any such
counterpart.

      SECTION 13. AMENDMENTS. Any amendment or modification of this Agreement
may be made only with the written consent of (i) the Company and (ii) the
persons then holding a majority of the voting power of the Shares held by
Shareholders and TIAA determined on a Common Stock Equivalents basis. This
Agreement may be amended at any time at the option of the Company for the
purpose of adding additional employees of the Company as Shareholders hereunder,
which amendment may be effected by the Company and such employee executing an
addendum hereto.

      SECTION 14. NOTICES. Any notice required or permitted hereunder shall be
given in writing and shall be deemed given upon personal delivery to the party
to be notified, on the third day after deposit with the United States Postal
Service, by registered or certified mail, postage prepaid, or upon confirmation
if sent by telex, facsimile machine or other means of telecommunication that
transmits or produces a written record of the message so sent. Any notice
directed to the Shareholders, Warrant Holders or TIAA shall be addressed to
their respective addresses shown on the corporate records and any notice
directed to the Company shall be addressed to the Company at its registered
office, or to such other address as any person may designate by 10 days' written
notice to such other persons in the foregoing manner.

      SECTION 15. SUCCESSORS. Except as otherwise provided herein, this
Agreement is binding upon and shall inure to the benefit of the successors and
assigns of the Company and, subject to the restrictions on Transfer herein set
forth, the Shareholders, TIAA and their heirs, executors, administrators,
successors and assigns.

      SECTION 16. TERM. This Agreement shall terminate upon the earlier to occur
of: (i) a Fundamental Corporate Event, or (ii) the consummation of an Initial
Public Offering; provided, however, that neither (x) the rights of holders of
TIAA Registrable Securities under Section 7.2 nor (y) the rights of the holders
under Section 7.6 shall terminate upon the consummation of an Initial Public
Offering; provided, further, that the rights and obligations of TIAA hereunder
shall terminate when TIAA no longer holds any Common Stock or TIAA Warrants.

      SECTION 17. ATTORNEYS' FEES. If any party to this Agreement brings an
action against another party to enforce its rights under this Agreement, the
prevailing party shall be entitled to recover its costs and expenses, including,
without limitation, attorneys' fees and costs, incurred in connection with such
action, including any appeal of such action. In the event that a party brings
such an action against more than one of the other parties to this Agreement, any
attorneys' fees awarded against such other parties shall be equitably
apportioned among such other parties in light of all of the facts and
circumstances surrounding their involvement in such action.

      SECTION 18. GOVERNING LAW, SEVERABILITY. The parties intend that this
Agreement shall be governed by and construed in accordance with the laws of the
State of South Dakota applicable to contracts made and wholly performed within
South Dakota by persons domiciled in South Dakota. Any provision of this
Agreement that is deemed invalid or unenforceable shall be ineffective to the
extent of such invalidity or

                                       18
<PAGE>

unenforceability, without rendering invalid or unenforceable the remaining
provisions of this Agreement. If any provision of this Agreement is held to be
invalid or unenforceable, it is the intention of the parties that such invalid
or unenforceable provision shall be replaced with a valid and enforceable
provision as like in tenor to the invalid or unenforceable provision as is
possible.

      SECTION 19. ENTIRE AGREEMENT; ASSIGNMENT. This Agreement constitutes the
entire agreement of the parties relating to the subject matter hereof. There are
no promises, terms, conditions, obligations, representations or warranties other
than those contained in this Agreement. This Agreement supersedes all prior
communications, representations or agreements, verbal or written, among the
parties relating to the subject matter hereof. Except as otherwise expressly
provided herein, no party hereto may assign any of his, her or its rights
hereunder or delegate any of his, her or its duties hereunder without the
written consent of all of the other parties hereto.

      SECTION 20. SPECIFIC ENFORCEMENT. The parties intend and agree that the
provisions of this Agreement shall be specifically enforceable in any court
having jurisdiction to grant the remedy of specific performance.

      SECTION 21. WAIVER. No provision in this Agreement shall be deemed to have
been waived unless such waiver is in a writing signed by the waiving party. No
failure by any party to insist upon the strict performance of any provision of
this Agreement, or to exercise any right or remedy consequent upon a breach
thereof, shall constitute a waiver of any such breach or of any subsequent
breach of the same or any other provision. No waiver of any provision of this
Agreement shall be deemed a waiver of any other provision of this Agreement or a
waiver of such provision with respect to any subsequent breach, unless expressly
provided in writing.

      SECTION 22. DISPUTE RESOLUTION.

            (a) If a dispute arises out of or relates to this Agreement or the
performance or breach thereof, the parties agree first to try in good faith to
settle the dispute by mediation under the Commercial Mediation Rules of the
American Arbitration Association, before resorting to arbitration. The mediation
shall be conducted in South Dakota unless otherwise agreed by the parties
involved.

            (b) Thereafter, any unresolved controversy or claim arising out of
or relating to this Agreement, or the performance or breach thereof, shall be
settled by binding arbitration pursuant to the Commercial Arbitration Rules of
the American Arbitration Association. The arbitration shall be conducted in
South Dakota unless otherwise agreed by the parties involved. Any award rendered
shall be final and conclusive upon the parties and a judgment thereon may be
entered in any court having competent jurisdiction; provided, however, that the
arbitrator or arbitrators shall have no authority to award equitable relief, but
shall limit their decision to determining liability and monetary compensation
and damages.

            (c) In connection with any such arbitration, the parties shall do
the following:

                  (i) Agree upon and appoint as arbitrator a retired trial judge
      in South Dakota. If the parties are unable to agree upon an arbitrator,
      then a panel of three arbitrators shall be selected pursuant to American
      Arbitration Association rules;

                                       19
<PAGE>

                  (ii) Direct the arbitrator or arbitrators to follow the
      substantive rules of law and the Federal Rules of Evidence;

                  (iii) Allow the parties to conduct discovery pursuant to the
      Civil Rules of Procedure then in effect for a period not to exceed 90
      days;

                  (iv) Require testimony to be transcribed; and

                  (v) Require the award to be accompanied by Findings of Fact
      and a statement of the reasons for the decision.

            (d) The initial fees and expenses of the arbitration shall be borne
equally by the parties to the dispute, and each party shall bear its own
expenses; provided, however, that the arbitrator or arbitrators shall have the
authority to award costs and fees as part of their decision.

            (e) Except where clearly prevented by the area in dispute, all
parties agree to continue performing their respective obligations under this
Agreement while the dispute is being resolved.

                            [SIGNATURE PAGES FOLLOW]

                                       20
<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

COMPANY:                         VERASUN ENERGY CORPORATION

                                 By:  /s/ Donald L. Endres
                                      ------------------------------
                                      Name:  Donald L. Endres

                                      Title: Chief Executive Officer

SHAREHOLDERS:
                                 /s/ Keith Bruinsma
                                 -------------------------------
                                 Keith Bruinsma

                                 /s/ Ginja R. Collins
                                 -------------------------------
                                 Ginja R. Collins

                                 /s/ Brian L. DeJong
                                 -------------------------------
                                 Brain L. DeJong

                                 /s/ Rick J. Eggebrecht
                                 -------------------------------
                                 Rick J. Eggebrecht

                                 /s/ Donald L. Endres
                                 -------------------------------
                                 Donald L. Endres

                                 /s/ Roland Fagen
                                 -------------------------------
                                 Roland Fagen

                                 /s/ Richard J. Helsper
                                 -------------------------------
                                 Richard J. Helsper

                                 /s/ William L. Honnef
                                 -------------------------------
                                 William L. Honnef

                                 /s/ Bruce A. Jamerson
                                 -------------------------------
                                 Bruce A. Jamerson

                                       21
<PAGE>
                                 /s/ Matthew K. R. Janes
                                 -------------------------------
                                 Matthew K. R. Janes

                                 /s/ Laura M. Johnson
                                 -------------------------------
                                 Laura M. Johnson

                                 /s/ Alan J. Malone
                                 -------------------------------
                                 Alan J. Malone

                                 /s/ Steve Rohlf
                                 -------------------------------
                                 Steve Rohlf

                                 /s/ Dorcas Sue Scalet
                                 -------------------------------
                                 Dorcas Sue Scalet

                                 /s/ John M. Schweitzer
                                 -------------------------------
                                 John M. Schweitzer

                                 /s/ Jeff G. See
                                 -------------------------------
                                 Jeff G. See

                                 /s/ Kurt M. Swenson
                                 -------------------------------
                                 Kurt M. Swenson

                                 /s/ Troy K. Shaner
                                 -------------------------------
                                 Troy K. Shaner

                                 BLUESTEM CAPITAL PARTNERS III, L.P.

                                 By:  Bluestem Capital Company III, L.L.C.
                                   Its: General Partner

                                 By: /s/ Steve Kirby
                                     -------------------------------
                                     Name:  Steve Kirby
                                     Title: President

                                       22
<PAGE>

                                 BLUESTEM ETHANOL, L.L.C.

                                 By: /s/ Steve Kirby
                                     ------------------------------
                                     Name:  Steve Kirby
                                     Title: Vice President

                                 BLUESTEM ETHANOL, II, L.L.C.

                                 By:  Bluestem Capital Company, L.L.C
                                   Its: Managing Member

                                 By: /s/ Steve Kirby
                                     ------------------------------
                                     Name:  Steve Kirby
                                     Title: President

                                 BLUESTEM GROWTH & INCOME FUND, LLC

                                 By: /s/ Steve Kirby
                                     ------------------------------
                                     Name:  Steve Kirby
                                     Title: Vice President

                                 BLUESTEM GROWTH & INCOME FUND II, L.L.C.

                                 By:  Bluestem Capital Company, L.L.C.
                                   Its: Managing Member

                                 By: /s/ Steve Kirby
                                     ------------------------------
                                     Name:  Steve Kirby
                                     Title: President

                                 CONIFER INVESTMENTS, LLC

                                 By: /s/ Bruce A. Jamerson
                                     ------------------------------
                                     Name:  Bruce A. Jamerson
                                     Title: President

                                       23
<PAGE>

                                 EOS PARTNERS SBIC III, L.P.

                                 By: Eos SBIC General III, L.P., Its General
                                 Partner

                                 By: Eos Partners, L.P., Its Sole Member

                                 By: Eos General, L.L.C., Its General Partner

                                 By: /s/ Brian D. Young
                                     ------------------------------
                                     Name:  Brian D. Young
                                     Title: Manager

                                 EOS CAPITAL PARTNERS III, L.P.

                                 By: ECP General III, L.P., Its General Partner

                                 By: ECP III, LLC, Its General Partner

                                 By: /s/ Brian P. Young
                                     ------------------------------
                                     Name:  Brian P. Young
                                     Title: Manager

                                 FIRST PREMIER BANK, AS TRUSTEE FOR
                                 ROHLF MEDICAL INC.
                                 PROFIT SHARING PLAN

                                 By: /s/ Scott Weedreyes VP
                                     ------------------------------
                                     Name:  Scott Weedreyes
                                     Title: Vice President

TIAA:                            TEACHERS INSURANCE AND
                                 ANNUITY ASSOCIATION OF AMERICA

                                 By: /s/ Lisa M. Ferraro
                                     ------------------------------
                                     Name:  Lisa M. Ferraro
                                     Title: Director

                                       24
<PAGE>

                                SPOUSE'S CONSENT
                         (for Community Property States)

      The undersigned spouse of William Honnef has signed this Spouse's Consent
as evidence of his or her intent to be bound by the terms contained in the
Shareholder Agreement (the "AGREEMENT") and acknowledges that he or she has read
the Agreement, knows its contents, and prior to executing this Spouse's Consent,
has had an opportunity to consult with an attorney of his or her individual
choosing, and has been fully advised and counseled concerning his or her rights
and obligations concerning the Agreement, or if he or she has not consulted an
attorney it is because he or she understands his or her rights and obligations
and has decided to execute this Spouse's Consent without such consultation.

                                                 /s/ Monique Cordray
                                                 -------------------------------

                                                 Monique Cordray
                                                 -------------------------------
                                                 (print name)

                                       25
<PAGE>

                                    EXHIBIT A
                                  SHAREHOLDERS

                                Keith E. Bruinsma
                                Ginja R. Collins
                                 Brain L. DeJong
                               Rick J. Eggebrecht
                                Donald L. Endres
                                  Roland Fagen
                               Richard J. Helsper
                                William L. Honnef
                                Bruce J. Jamerson
                               Matthew K. R. Janes
                                Laura M. Johnson
                                 Alan J. Malone
                                   Steve Rohlf
                                Dorcas Sue Scalet
                               John M. Schweitzer
                                   Jeff G. See
                                 Kurt M. Swenson
                                 Troy K. Shaner
                            Bluestem Ethanol, L.L.C.
                           Bluestem Ethanol II, L.L.C.
                       Bluestem Capital Partners III, L.P.
                       Bluestem Growth Income Fund, L.L.C.
                    Bluestem Growth & Income Fund II, L.L.C.
                           Conifer Investments, L.L.C.
                         Eos Capital Partners III, L.P.
                           Eos Partners SBIC III, L.P.
    First Premier Bank, as Trustee of Rohlf Medical, Inc. Profit Sharing Plan
              Teachers Insurance and Annuity Assoication of America

                                      A - 1
<PAGE>

                                    EXHIBIT B
                                 WARRANT HOLDERS

<TABLE>
<CAPTION>

      NAME                                        NUMBER OF SHARES
------------------------                          ----------------
<S>                                               <C>
Donald L. Endres                                     1,387,745
William L. Honnef                                      158,305
Matthew K. R. Janes                                    172,045
Rick J. Eggebrecht                                     110,116
Dorcas Sue Scalet                                      123,856
Keith E. Bruinsma                                      101,872
Conifer Investments, LLC                                96,376
</TABLE>

                                      B - 1
<PAGE>

                                    EXHIBIT C
                                  TIAA WARRANTS

<TABLE>
<CAPTION>

          HOLDER                                  NUMBER OF SHARES
------------------------------                    ----------------
<S>                                               <C>
Teachers Insurance and Annuity                        1,180,000
Association of America
</TABLE>

                                       C-1
<PAGE>

                          SUPPLEMENTAL SIGNATURE PAGE

      This Supplemental Signature Page to the Shareholder Agreement dated as of
October 14, 2005 by and among VeraSun Energy Corporation, a South Dakota
corporation (Organizational ID # DB050019), its shareholders and Teachers
Insurance and Annuity Association of America (the "Agreement"), is executed,
delivered and accepted as of the date set forth below.

      The undersigned is hereby designated as a Shareholder under, and agrees to
be bound by, the terms of the Agreement.

      Dated:  ________  _____, 200_.

                                         SHAREHOLDER:

                                         _______________________________
                                         Signature

                                         _______________________________
                                         Print Name

ACCEPTED:

VeraSun Energy Corporation

By:______________________________

Its:_____________________________

Dated:  _______  _____, 200_

SUPPLEMENTAL SIGNATURE PAGE

                                       1<PAGE>

                                                                     EXHIBIT 4.5

WARRANT AGREEMENT

WARRANT AGREEMENT dated as of October 14, 2005, between

(1)   VERASUN ENERGY CORPORATION, a corporation duly organized and validly
      existing under the laws of the State of South Dakota, with an
      organizational identification number of DB050019 (ISSUER); and

(2)   TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA (the INVESTOR).

VeraSun Energy Corporation, a corporation duly organized and validly existing
under the laws of the State of South Dakota, with an organizational
identification number of DB044362, and the Investor are parties to a Note
Purchase Agreement dated as of December 23, 2002 (as amended from time to time,
the NOTE PURCHASE AGREEMENT; references to the Note Purchase Agreement herein
shall apply whether or not the Note Purchase Agreement is then in force),
providing, subject to the terms and conditions thereof, for extensions of credit
to be made by the Investor thereunder in an aggregate principal amount of
$20,000,000. To induce the Investor to enter into the First Amendment to the
Note Purchase Agreement, Waivers and Consent dated as of the date hereof, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Issuer has agreed to issue Warrants (as hereinafter
defined) to the Investor providing for the purchase of shares of Common Stock
(as hereinafter defined) of Issuer, in the manner hereinafter provided.
Accordingly, the parties hereto agree as follows:

1.    DEFINITIONS; ACCOUNTING TERMS AND DETERMINATIONS.

1.1   Definitions

ACCRUING LIABILITY shall have the meaning assigned to such term in Section
6.2(f).

AFFILIATE shall mean, as to any Person (the RELEVANT PERSON), any other Person
that directly or indirectly controls, or is under common control with, or is
controlled by, the Relevant Person and, if such Person is an individual, any
member of the immediate family (including parents, spouse and children) of such
individual and any trust whose principal beneficiary is such individual or one
or more members of such immediate family and any Person who is controlled by any
such member or trust. As used in this Agreement, "control" (including, with its
correlative meanings, "controlled by" and "under common control with") shall
mean possession, directly or indirectly, of the power to direct or cause the
direction of management or policies (whether through ownership of securities or
partnership or other ownership interests, by contract or otherwise), PROVIDED
that, in any event, any Person that owns or has the right to acquire directly or
indirectly (including as part of a group) 5% or more of the Voting Capital Stock
in a corporation or 5% or more of a partnership or other ownership interests of
any other Person, other than as a limited partner of such other Person, will be
deemed to control such corporation or other Person. In

<PAGE>

addition, any Person in whom an Affiliate of a Relevant Person has a 10% or
greater equity interest shall also be deemed an Affiliate of such Relevant
Person. Notwithstanding the foregoing, (a) no individual shall be deemed to be
an Affiliate of a Relevant Person, solely by reason of his or her being a
director, officer or employee of such Relevant Person and (b) neither Investor
nor any bank, bank holding company or subsidiary of either shall be an Affiliate
of Issuer.

BOARD shall mean the Board of Directors of Issuer.

BUSINESS DAY shall mean any day on which commercial banks are not authorized or
required to close in New York City.

CHANGE OF CONTROL shall have the meaning assigned to such term in the Note
Purchase Agreement.

CLOSING DATE shall have the meaning assigned to such term in Section 1.3 of the
Note Purchase Agreement.

COMMISSION shall mean the Securities and Exchange Commission or any other
similar or successor agency of the Federal government administering the
Securities Act and/or the Exchange Act.

COMMITMENTS shall have the meaning assigned to such term in the Note Purchase
Agreement.

COMMON STOCK shall mean Issuer's authorized Common Stock as constituted on the
date hereof and any stock into which such Common Stock may thereafter be
converted or changed, and also shall include any other stock of Issuer of any
other class, which is not preferred as to dividends or assets over any other
class of any other stock of Issuer. References herein and in the Warrants to the
Common Stock outstanding "on a fully diluted basis" at any time shall mean the
number of shares of Common Stock then issued and outstanding, assuming full
conversion, exercise and exchange of all Convertible Securities and Options that
are (or may become) exchangeable for, or exercisable or convertible into, Common
Stock, including the Warrants, PROVIDED, that the number of shares of Common
Stock deemed to be outstanding "on a fully diluted basis" shall be reduced by
the number of shares of Common Stock purchasable or issuable upon exercise,
conversion or exchange of Options or Convertible Securities at the time of
calculation which are Out of the Money.

All references to Common Stock herein shall be subject to appropriate adjustment
by reason of any stock dividend, split, reverse split, combination,
recapitalization or any similar corporate transaction.

COMPANY NOTICE DATE shall have the meaning assigned to such term in Section
6.1(b).

                                                                          Page 2
<PAGE>

CONVERTIBLE SECURITIES shall mean evidences of indebtedness, shares of stock or
other securities or rights which are exchangeable for or exercisable or
convertible into a specified security of Issuer either immediately or upon the
arrival of a specified date or the occurrence of a specified event.

DEFAULTS shall have the meaning assigned to such term in Section 6.2(b).

EMPLOYEE SHARES shall mean 3,689,203 shares of Common Stock which may be issued
to founders, employees, directors or consultants of the Issuer.

EMPLOYEE OPTIONS shall mean the options to subscribe for or purchase Employee
Shares.

EXCHANGE ACT shall mean the Securities Exchange Act of 1934, as amended, or any
similar Federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

EXERCISE PRICE shall have the meaning assigned to such term in the form of
Warrant attached as Annex 1 hereto.

EXISTING WARRANTS shall mean the warrants issued by the Issuer and outstanding
as of the date hereof providing for the purchase of 2,150,315 shares of Common
Stock.

EXISTING WARRANT SHARES shall mean the shares of Common Stock issuable upon the
exercise of the Existing Warrants.

EXPIRATION DATE shall mean December 23, 2012.

FAIR MARKET VALUE shall mean, as at any Put Notice Date, the price for which all
the outstanding shares of Common Stock (on a fully diluted basis, assuming
receipt of applicable consideration for any conversion, exchange or exercise of
any Convertible Securities or Options which are exchangeable for or convertible
or exercisable into Common Stock unless they are Out of the Money) could be sold
in an arm's length transaction to a third party which is not an Affiliate within
12 months after such Put Notice Date, treating Issuer as a going concern and
without regard to (i) the lack of liquidity of the Common Stock due to any
restrictions or other limitations contained in this Agreement, the Shareholder
Agreement, the Warrants or otherwise, (ii) any discount for minority interests,
(iii) the fact that some of the issued and outstanding shares of the Common
Stock may not have any voting rights or may not have full voting rights, (iv)
the fact that one or more of the holders of the Common Stock may be unable to
exercise in full any of its voting rights due to regulatory, contractual or
other restrictions, or (v) the fact that contractual or regulatory approvals,
consents, waivers, licenses, permits or notifications may need to be obtained in
connection with such sale and the time required to obtain the same. For purposes
of determining the Fair Market Value, it shall be assumed that, in such an arm's
length transaction, (A) the seller would not be under any compulsion to sell,
and (B) the purchaser would not be under any compulsion

                                                                          Page 3
<PAGE>

to purchase. The Fair Market Value shall be determined by agreement or appraisal
in accordance with the procedures described below.

If the Fair Market Value is being determined in connection with the exercise of
a Put Right, within 20 days after the applicable Company Notice Date, Issuer and
the Holders of a majority of the Warrant Stock issued or issuable upon exercise
of the Warrants who have given Put Notices in connection with such Put Right
(the MAJORITY PUT HOLDERS) shall each designate a representative and such
representatives will meet and use their best efforts to reach an agreement on
the Fair Market Value. The Majority Put Holders (in the case of the exercise of
a Put Right), are herein called the RELEVANT MAJORITY HOLDERS. The Company
Notice Date (in the case of the exercise of a Put Right), is herein called the
RELEVANT NOTICE DATE.

If the representatives designated by Issuer and the Relevant Majority Holders
are unable to reach such agreement within 15 days after the date on which the
later of the two representatives are designated, then (A) the Relevant Majority
Holders shall immediately designate one Independent Appraiser; (B) Issuer shall
immediately designate one Independent Appraiser; (C) the two Independent
Appraisers so selected shall, within 20 days after the date on which the later
of the two Independent Appraisers are appointed, determine independently the
Fair Market Value using the parameters established in the first paragraph of
this definition; (D) if the lesser of the two appraised values exceeds or is
equal to 90% of the other appraised value, then the Fair Market Value will be
the average of the two, which average amount shall be conclusive and binding
upon all the applicable parties; (E) if the lesser of the two appraised values
is less than 90% of the other appraised value, then the two appraisers shall,
within 20 days of the date of the later of the two appraisals appoint a third
Independent Appraiser; and (F) the third Independent Appraiser so selected
shall, within 15 days of its appointment, determine independently the Fair
Market Value using the parameters established in the first paragraph of this
definition, which determination shall be conclusive and binding upon all the
applicable parties.

Issuer will provide each Independent Appraiser with all information about Issuer
which such Independent Appraiser reasonably deems necessary for determining the
Fair Market Value. The fees and expenses of the appraisal process (including
those of the Independent Appraisers) will be paid by Issuer. Issuer may require
that the Independent Appraisers keep confidential any non-public information
received as a result of this paragraph pursuant to reasonable confidentiality
arrangements.

FINANCING shall mean the borrowing of money by Issuer (including in connection
with any refinancing of existing indebtedness of Issuer), the sale or issuance
of Additional Shares of Common Stock (as defined in the Warrant), a
recapitalization of Issuer, a revaluation of Issuer's assets (to the extent
permitted under applicable law and GAAP), transfers by Issuer from its capital
to its surplus accounts, effecting the sale of the Warrants and/or the Warrant
Stock required to be purchased by Issuer under Section 6 to one or more third
parties or any other transaction (other than a sale of a majority of the

                                                                          Page 4
<PAGE>

assets of Issuer) pursuant to which Issuer makes available funds in an amount
sufficient to satisfy in cash all its obligations under Section 6.

GAAP shall mean generally accepted accounting principles, consistently applied
throughout the specified period.

GOVERNMENTAL AUTHORITY shall mean any nation or government, any state or other
political subdivision thereof, and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government,
and any corporation or other entity owned or controlled (whether through
ownership of securities or other ownership interests, by contract or otherwise)
by any of the foregoing.

HOLDER shall mean any Person who acquires Warrants or Warrant Stock pursuant to
the provisions of this Agreement, including any transferees of Warrants or
Warrant Stock, PROVIDED, HOWEVER, that a holder of Warrant Stock purchased
pursuant to an effective registration statement or in an ordinary brokerage
transaction pursuant to Rule 144 shall not be deemed a Holder.

INCLUDE and INCLUDING shall be construed as if followed by the phrase "without
being limited to".

INDEBTEDNESS shall have the meaning assigned to such term in the Note Purchase
Agreement.

INDEPENDENT APPRAISER shall mean an appraiser which is a recognized independent
expert (including any Investment Banking Firm) experienced in valuing businesses
similar or related to the principal business of Issuer.

INVESTMENT BANKING FIRM shall mean a nationally recognized investment banking
firm.

INVESTOR shall have the meaning set forth at the head of this Agreement.

ISSUER shall have the meaning set forth at the head of this Agreement.

JOINDER AGREEMENT shall mean a Joinder Agreement between Issuer and a
Stockholder, which shall be substantially in the form attached as Annex 3
hereto.

LIEN shall mean, with respect to any asset, any mortgage, lien, pledge, charge,
security interest or encumbrance of any kind in respect of such asset. For
purposes of this Agreement, a Person shall be deemed to own subject to a Lien
any asset which it has acquired or holds subject to the interest of a vendor or
lessor under any conditional sale agreement, capital lease or other title
retention agreement relating to such asset.

MAJORITY PUT HOLDERS shall have the meaning assigned to such term in the
definition of Fair Market Value in this Section 1.

                                                                          Page 5
<PAGE>

MAJORITY WARRANT STOCKHOLDERS shall mean the Holders of a majority of the
Warrant Stock issued or issuable upon exercise of the Warrants. For purposes of
giving notices, waivers and consents hereunder, Holders of Warrants shall be
deemed holders of Common Stock issued on exercise thereof.

NASDAQ shall mean the National Association of Securities Dealers automated
quotation system.

NOTEHOLDERS shall have the meaning assigned to such term in the Note Purchase
Agreement.

NOTE PURCHASE AGREEMENT shall have the meaning set forth at the head of this
Agreement.

NOTES shall have the meaning assigned to such term in the Note Purchase
Agreement.

OBSERVER shall have the meaning assigned to such term in Section 8.9.

OFFEREE shall have the meaning assigned to such term in Section 8.8.

OFFER NOTICE shall have the meaning assigned to such term in Section 8.8.

OFFER PERIOD shall have the meaning assigned to such term in Section 8.8.

OPTION shall mean any warrant, option or other right to subscribe for or
purchase a specified security of Issuer.

OTHER EQUITY DOCUMENTS shall mean the Existing Warrants and the Shareholder
Agreement.

OTHER EQUITY SECURITIES shall mean the Employee Options, the Existing Warrant
Shares and the shares of Common Stock purchased or purchasable by the holders of
the Other Securities upon the exercise thereof.

OTHER SECURITIES shall mean any stock (other than Warrant Stock) and other
securities of Issuer or any other Person (corporate or otherwise) which the
Holders at any time shall be entitled to receive, or shall have received, upon
the exercise of the Warrants or pursuant to Section 5 thereof, in lieu of or in
addition to Common Stock, or which at any time shall be issuable or shall have
been issued in exchange for or in replacement of Warrant Stock or Other
Securities received in an earlier exchange, exercise or replacement of Warrant
Stock.

OUT OF THE MONEY shall mean (a) in the case of an Option, that the fair market
value of the shares of Common Stock which the holder thereof is entitled to
purchase or subscribe for is less than the exercise price of such Option and (b)
in the case of a Convertible Security, that the quotient resulting from dividing
the fair market value of such Convertible Security by the number of shares of
Common Stock into or for which such

                                                                          Page 6
<PAGE>

Convertible Security is exercisable, convertible or exchangeable is greater than
the fair market value of a share of Common Stock.

PARTICIPATING SECURITIES shall mean any security the rights of the holders of
which are not limited to a fixed sum or percentage of liquidation preference or
principal amount, a sum determined by reference to a formula based on a
published index of interest rates, an interest rate publicly announced by a
financial institution or a similar index of interest rates in respect of
interest or dividends, and to a fixed sum or percentage of principal amount or
liquidation preference in any distribution of assets.

PERSON shall mean a corporation, an association, a partnership, a joint venture,
an organization, a business, an individual or a Governmental Authority.

PREFERRED STOCK shall mean, as to any Person, any capital stock of such Person
which is preferred as to dividends or assets over any other class of any other
stock of such Person.

PROPERTY shall have the meaning assigned to such term in the Note Purchase
Agreement.

PROPOSED PURCHASER shall have the meaning assigned to such term in Section 7.2.

PUT NOTICE shall have the meaning assigned to such term in Section 6.1(b).

PUT NOTICE DATE shall mean, with respect to a Put Notice, the date on which such
Put Notice is given or deemed given, as the case may be, to Issuer.

PUT POSTPONEMENT shall have the meaning assigned to such term in Section 6.2(e).

PUT PRICE PER SHARE shall mean, as at any date, (i) the Fair Market Value
divided by (ii) the number of shares of Common Stock then outstanding on a fully
diluted basis.

PUT REACTIVATION DATE shall have the meaning assigned to such term in Section
6.2(e).

PUT RESPONSE NOTICE shall have the meaning assigned to such term in Section
6.2(b).

PUT RIGHT shall mean the right of a Holder to require Issuer to purchase
Warrants and Warrant Stock pursuant to, and in accordance with, Section 6.

PUT WITHDRAWAL NOTICE shall have the meaning assigned to such term in Section
6.2(b).

QUALIFIED PUBLIC OFFERING shall mean an offering or offerings of Common Stock
under one or more effective registration statements under the Securities Act
such that, after giving effect thereto, (i) at least 20% of the outstanding
Common Stock (on a fully diluted basis) has been sold pursuant to such
offerings, and (ii) such offerings result in aggregate cash proceeds being
received by Issuer and any selling Stockholders of at least $10,000,000
exclusive of underwriter's discounts and other expenses, as a result of which
Common Stock is listed or admitted to trading on a national securities exchange
or quoted by NASDAQ.

                                                                          Page 7
<PAGE>

RELEVANT MAJORITY HOLDERS shall have the meaning assigned to such term in the
definition of Fair Market Value in this Section 1.

RELEVANT NOTICE DATE shall have the meaning assigned to such term in the
definition of Fair Market Value in this Section 1.

RESTRICTED CERTIFICATE shall mean a certificate for shares of Warrant Stock or
Warrants bearing or required to bear the restrictive legend set forth in Section
4.4.

RESTRICTED SECURITIES shall mean Restricted Stock and Restricted Warrants.

RESTRICTED STOCK shall mean Warrant Stock evidenced by a Restricted Certificate.

RESTRICTED WARRANTS shall mean Warrants evidenced by a Restricted Certificate.

RULE 144 shall mean Rule 144 promulgated by the Commission under the Securities
Act (or any successor or similar rule then in force).

RULE 144A shall mean Rule 144A promulgated by the Commission under the
Securities Act (or any successor or similar rule then in force).

SECURITIES ACT shall mean the Securities Act of 1933, as amended, or any similar
Federal statute, and the rules and regulations of the Commission thereunder, all
as the same shall be in effect at the time.

SELLING STOCKHOLDER shall have the meaning assigned to such term in Section 7.1.

SENIOR NOTES shall have the meaning assigned to it in Section 1.1(C) of the Note
Purchase Agreement.

SHAREHOLDER AGREEMENT shall mean the Shareholder Agreement, dated as of October
14, 2005, among the Issuer and the parties thereto, a copy of which is attached
as Annex 2, as amended from time to time.

STOCKHOLDER shall mean any Person who directly or indirectly owns any shares of
Common Stock, including any shares of Warrant Stock or any shares of Common
Stock purchased or purchasable by the holder of an Option upon the exercise
thereof.

STOCK UNIT shall have the meaning assigned to such term in the form of Warrant
attached as Annex 1 hereto.

SUBSIDIARY shall mean any Person in which Issuer, directly or indirectly through
Subsidiaries or otherwise, beneficially owns more than 50% of either the equity
interests in or the Voting Capital Stock of such Person.

TAG-ALONG PURCHASE OFFER shall have the meaning assigned to such term in Section
7.2.

                                                                          Page 8
<PAGE>

TAG-ALONG SALE shall have the meaning assigned to such term in Section 7.1(a).

TRIGGERING EVENT shall mean the earliest to occur of: (i) the sixth anniversary
of the Closing Date; (ii) a merger, share exchange or consolidation involving
Issuer, unless Issuer is the survivor and the shares of capital stock
outstanding immediately prior to such merger, share exchange or consolidation
are not subject to purchase, redemption, exchange cancellation or any other
change, as a result thereof, or unless the consideration to be received by the
Stockholders in such merger, share exchange or consolidation consists solely of
cash or securities listed or admitted to trading on a national securites
exchange or quoted by NASDAQ, (iii) a sale, lease or other disposition in a
single transaction or series of related transactions of all or a majority of the
assets of Issuer, unless the consideration to be received by the Stockholders in
such sale, lease or other disposition consists solely of cash or securities
listed or admitted to trading on a national securites exchange or quoted by
NASDAQ; and (iv) any Change of Control.

VOTING CAPITAL STOCK with respect to any corporation shall mean its common stock
and Preferred Stock entitled to vote generally for the election of directors.

VSL MERGER shall mean the merger of VeraSun Merger LLC, a Delaware limited
liability company, into VeraSun, LLC, a Delaware limited liability company
effective as of October 14, 2005.

WARRANT STOCK shall mean (i) the shares of Common Stock purchased or purchasable
by the Holders of the Warrants upon the exercise thereof, including any Common
Stock into which such Common Stock may thereafter be changed or converted, and
(ii) any additional shares of Common Stock issued or distributed by way of a
dividend, stock split or other distribution in respect of the Common Stock
referred to in clause (i) above, or acquired by way of any rights offering or
similar offering made in respect of the Common Stock referred to in clause (i)
above. Any Warrant Stock purchased by Issuer shall, upon such purchase, cease to
be Warrant Stock, cease to be outstanding and Issuer, upon such purchase, shall
not be deemed a Holder.

WARRANTS shall have the meaning assigned to such term in Section 2.1.

ACCOUNTING TERMS AND DETERMINATIONS

1.2 Except as otherwise may be expressly provided herein, all accounting terms
used herein shall be interpreted, and all financial statements and certificates
and reports as to financial matters required to be delivered to the Holders
hereunder and under the Warrants shall be prepared, in accordance with GAAP. All
calculations made for the purposes of determining compliance with the terms of
this Agreement and the Warrants shall (except as otherwise may be expressly
provided herein) be made by application of GAAP.

                                                                          Page 9
<PAGE>

2. PURCHASE AND SALE OF WARRANTS

AUTHORIZATION AND ISSUANCE OF SHARES AND WARRANTS

2.1 Issuer has authorized: (a) the issuance of warrant certificates covering the
purchase of Stock Units representing shares of Common Stock in the form of Annex
1 to this Agreement (such certificates, together with the rights to purchase
Common Stock provided thereby and all warrant certificates covering such stock
issued upon transfer, division or combination of, or in substitution for, any
thereof, sometimes called the WARRANTS) for issuance to the Investor pursuant to
this Agreement; and (b) the issuance of such number of shares of Common Stock as
shall be necessary to permit Issuer to comply with its obligations to issue
Common Stock pursuant to the Warrants.

THE PURCHASE OF THE WARRANTS

2.2   On the date hereof:

(a)   Issuer shall issue to the Investor Warrants covering 1,180,000 Stock Units
      which represents 2.66% of the outstanding shares of Common Stock on a
      fully diluted basis on the date of original issuance of the Warrants and
      after the effectiveness of the VSL Merger; and

(b)   Issuer shall deliver to the Investor a single certificate for the Warrants
      to be acquired by the Investor hereunder, registered in the name of the
      Investor, except that, if the Investor shall notify Issuer in writing
      prior to such issuance that it desires certificates for Warrants to be
      issued in other denominations or registered in the name or names of any
      Affiliate, nominee or nominees of the Investor for its or their benefit,
      then the certificates for Warrants shall be issued to the Investor in the
      denominations and registered in the name or names specified in such
      notice.

PURCHASE FOR THE INVESTOR'S ACCOUNT

2.3   The Investor represents and warrants to Issuer as follows:

(a)   The Investor is purchasing and shall purchase the Warrants for its own
      account, without a view to the distribution thereof, all without
      prejudice, however, to the right of the Investor at any time, in
      accordance with this Agreement or the Shareholder Agreement, lawfully to
      sell or otherwise to dispose of all or any part of the Warrants or the
      Warrant Stock held by it.

(b)   The Investor is an "accredited investor" within the meaning of Regulation
      D under the Securities Act.

SECURITIES ACT COMPLIANCE

2.4 The Investor understands that Issuer has not registered the Warrants or the
Warrant Stock under the Securities Act, and the Investor agrees that neither the
Warrants

                                                                         Page 10
<PAGE>

nor the Warrant Stock shall be sold or transferred or offered for sale
or transfer without registration under the Securities Act or the availability of
an exemption therefrom, all as more fully provided in Section 4.

3.    REPRESENTATIONS AND WARRANTIES

Issuer represents and warrants as follows:

EXISTENCE; QUALIFICATION

3.1 The Issuer is a corporation duly organized, validly existing and in good
standing under the law of the State of South Dakota. The Issuer is duly
qualified, licensed or admitted to do business and is in good standing as a
foreign corporation in every jurisdiction where the failure to be so qualified
would have a material adverse effect on the business, financial condition,
operations, assets, prospects, liabilities or capitalization of Issuer taken as
a whole and has all requisite corporate power and authority to transact its
business in all such jurisdictions.

NO BREACH

3.2 The execution, delivery and performance of this Agreement, the Warrants and
the Shareholder Agreement by Issuer and the consummation by it of the
transactions contemplated hereby and thereby and the execution, delivery and
performance of this Agreement and the consummation by it of the transactions
contemplated hereby will not (a) violate the certificate of incorporation or
by-laws of Issuer, (b) violate any loan or credit agreement to which Issuer is a
party or is bound, or result in a breach. of or default under any other
instrument or agreement to which Issuer is a party or is bound in a way which
could reasonably be expected to have a material adverse effect on (i) the
property, business, operations, financial condition, prospects, liabilities or
capitalization of Issuer, (ii) the ability of Issuer to perform its obligations
under any of this Agreement, the Warrant and the Shareholder Agreement, (iii)
the validity or enforceability of this Agreement, the Warrant and the
Shareholder Agreement, or (iv) the rights and remedies of the Holders under any
of this Agreement, the Warrant and the Shareholder Agreement, (c) violate any
judgment, order, injunction, decree or award against or binding upon Issuer, (d)
result in the creation of any Lien upon any of the properties or assets of
Issuer, or (e) violate any law, rule or regulation relating to Issuer.

CORPORATE ACTION

3.3 The Issuer has all necessary corporate power and authority to execute,
deliver and perform its respective obligations under this Agreement, the
Warrants and the Shareholder Agreement. The execution, delivery and performance
by Issuer of this Agreement, the Warrants and the Shareholder Agreement have
been duly authorized by all necessary corporate action (including all
stockholder action) on the part of Issuer. This Agreement, the Warrants and the
Shareholder Agreement have been duly executed and delivered by Issuer and
constitutes the legal, valid and binding obligation of Issuer, enforceable
against

                                                                         Page 11
<PAGE>

Issuer in accordance with their respective terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium and
similar laws affecting the rights of creditors generally as applicable to Issuer
and by general equitable principles (regardless of whether such enforceability
is considered in a proceeding in equity or at law).

APPROVALS

3.4 Except in connection with the registration of the Warrant Stock pursuant to
the Shareholder Agreement, no authorizations, approvals or consents of, and no
filings or registrations with, any Governmental Authority or any other Person
are necessary for the execution, delivery or performance by Issuer of this
Agreement, the Warrants or the Shareholder Agreement or for the validity or
enforceability thereof. Any such action required to be taken as a condition to
the execution and delivery of this Agreement and the Shareholder Agreement, or
the execution, issuance and delivery of the Warrants, has been duly taken by all
such Governmental Authorities or other Persons, as the case may be.

INVESTMENT COMPANY ACT

3.5 Issuer is not an "investment company", or a company "controlled by" an
"investment company", within the meaning of the Investment Company Act of 1940,
as amended.

PUBLIC UTILITY HOLDING COMPANY ACT

3.6 Issuer is not a "holding company", or an "affiliate" of a "holding company"
or a "subsidiary company" of a "holding company", within the meaning of the
Public Utility Holding Company Act of 1935, as amended.

CAPITALIZATION

3.7(a) On the date hereof, the total number of shares of capital stock which
       Issuer has authority to issue is 350,000,000 shares, consisting of (i)
       100,000,000 shares of Preferred Stock, par value $0.01 per share, none of
       which are outstanding; and (ii) 250,000,000 shares of Common Stock, par
       value $.01 per share. Schedule I hereto correctly sets forth the capital
       stock and equity securities owned of record and the names of the owners
       of record on the date hereof. Upon the issuance of the Warrants under
       this Agreement, other than (A) the Warrants to be issued pursuant to this
       Agreement, (B) the Employee Options, and (C) the Existing Warrants,
       Issuer shall not have outstanding any Convertible Securities or Options
       exercisable or convertible into or exchangeable for any shares of capital
       stock or Participating Securities of Issuer, nor, other than the proposed
       offering of up to 17,500,000 shares of Common Stock on or about November
       30, 2005, shall it have outstanding any agreements providing for the
       issuance (contingent or otherwise) of, or any calls, commitments or
       claims of any character relating to, any capital stock or

                                                                         Page 12
<PAGE>

       Participating Securities of Issuer or Convertible Securities exercisable
       or convertible into or exchangeable for any capital stock or
       Participating Securities of Issuer, or obligations of the type specified
       in Section 8.6(d)(iii).

(b)    There is not in effect on the date hereof any agreement by Issuer
       pursuant to which any holders of securities of Issuer have a right to
       cause Issuer to register such securities under the Securities Act, other
       than the Shareholder Agreement, or any agreement to which Issuer or (to
       its knowledge) any of its stockholders are a party relating to the
       voting, transfer or sale of such securities.

(c)    As of the date hereof, all certificates representing issued and
       outstanding shares of Common Stock which have been issued to each of the
       Stockholders existing as of the date hereof bear the legend set forth in
       Section 9 of the Shareholder Agreement on the reverse side thereof.

PRIVATE OFFERING

3.8(a) Assuming the truth and accuracy of the Investor's representations and
       warranties contained in Section 2.3, the issuance and sale of the
       Warrants to the Investor hereunder are exempt from the registration
       and prospectus delivery requirements of the Securities Act.

(b)    All stock and securities of Issuer heretofore issued and sold by Issuer
       were and all securities of Issuer issued and sold by Issuer on the date
       hereof are being issued and sold in accordance with, or were exempt from,
       the registration and prospectus delivery requirements of the Securities
       Act.

(c)    Issuer agrees that neither Issuer nor any Person acting on its behalf has
       offered or will offer the Warrants or shares of Warrant Stock or any part
       thereof or any similar securities for issue or sale to, or has solicited
       or will solicit any offer to acquire any of the same from, any Person so
       as to bring the issuance and sale of the Warrants or shares of Warrant
       Stock within the provisions of the registration and prospectus delivery
       requirements of the Securities Act.

NO LITIGATION

3.9(a) There is no action, suit, proceeding or investigation pending or, to
       the best of Issuer's knowledge after due inquiry, threatened against
       Issuer before any Governmental Authority seeking to enjoin the
       transactions contemplated by this Agreement, the Warrants or the
       Shareholder Agreement.

(b)    There are no legal or arbitral proceedings or any proceedings by or
       before any Governmental Authority, now pending or (to the knowledge of
       Issuer) threatened against Issuer which, if adversely determined, could
       have a material adverse effect on Issuer's business, financial condition,
       operations, assets, prospects, liabilities or capitalization of Issuer.

                                                                         Page 13
<PAGE>

BROKERS

3.10 All negotiations relative to this Agreement and the transactions
contemplated hereby have been carried out by Issuer directly with Investor
without the intervention of any Person on behalf of Issuer in such manner as to
give rise to any valid claim by any Person against Investor or any Holder for a
finder's fee, brokerage commission or similar payment.

4.    RESTRICTIONS ON TRANSFERABILITY

TRANSFERS GENERALLY

4.1 Except as otherwise provided in Section 5, the Restricted Securities shall
be transferable only upon the conditions specified in this Section 4 and in the
Shareholder Agreement, which conditions are intended to insure compliance with
the provisions of the Securities Act and applicable state securities laws in
respect of the transfer of any Restricted Securities.

TRANSFERS OF RESTRICTED SECURITIES PURSUANT TO REGISTRATION STATEMENTS, RULE 144
AND RULE 144A

4.2 The Restricted Securities may be offered or sold by the Holder thereof
pursuant to (a) an effective registration statement under the Securities Act, or
(b) to the extent applicable, Rule 144 or Rule 144A or (c) any other legally
available means of transfer.

NOTICE OF CERTAIN PRIVATE TRANSFERS

4.3 If any Holder of any Restricted Security desires to transfer such Restricted
Security other than pursuant to an effective registration statement under the
Securities Act or pursuant to Rule 144 or Rule 144A, then such Holder shall
deliver, at such Holder's expense, to Issuer a notice with respect to the
proposed transfer to the effect that an exemption from registration under the
Securities Act is available.

RESTRICTIVE LEGENDS

4.4 Until otherwise permitted by this Section 4, each certificate for Warrants
issued under this Agreement, each certificate for any Warrants issued to any
subsequent transferee of any such certificate, each certificate for any Warrant
Stock issued upon exercise of any Warrant and each certificate for any Warrant
Stock issued to any subsequent transferee of any such certificate, shall be
stamped or otherwise imprinted with a legend in substantially the following
form:

      "THE TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT
      TO THE CONDITIONS SPECIFIED IN THAT CERTAIN WARRANT AGREEMENT DATED AS OF
      OCTOBER 14, 2005 (THE WARRANT AGREEMENT), BETWEEN VERASUN ENERGY
      CORPORATION, A SOUTH DAKOTA CORPORATION (ISSUER), WITH AN

                                                                         Page 14
<PAGE>

      ORGANIZATIONAL IDENTIFICATION NUMBER OF DB050019, AND TEACHERS INSURANCE
      AND ANNUITY ASSOCIATION OF AMERICA, AS THE WARRANT AGREEMENT MAY BE
      MODIFIED AND SUPPLEMENTED AND IN EFFECT FROM TIME TO TIME, AND NO TRANSFER
      OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE SHALL BE VALID OR
      EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED. A COPY OF THE FORM OF
      THE WARRANT AGREEMENT IS ON FILE AND MAY BE INSPECTED AT THE PRINCIPAL
      EXECUTIVE OFFICE OF ISSUER. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
      OF THIS CERTIFICATE, AGREES TO BE BOUND BY THE PROVISIONS OF THE WARRANT
      AGREEMENT."

TERMINATION OF RESTRICTIONS

4.5 All the restrictions imposed by this Section 4 upon the transferability of
the Restricted Securities shall cease and terminate as to any particular
Restricted Security when such Restricted Security shall have been effectively
registered under the Securities Act and applicable state securities laws and
sold by the Holder thereof in accordance with such registration or sold under
and pursuant to Rule 144 or is eligible to be sold under and pursuant to
paragraph (k) of Rule 144. Whenever the restrictions imposed by this Section 4
shall terminate as to any Restricted Security as hereinabove provided, the
Holder thereof shall be entitled to receive from Issuer, without expense, a new
certificate evidencing such Restricted Security not bearing the restrictive
legend otherwise required to be borne by a certificate evidencing such
Restricted Security.

5.    CERTAIN DISPOSITIONS OF SECURITIES

CERTAIN DISPOSITIONS OF SECURITIES

5.1(a) Notwithstanding anything in this Agreement or the Warrants to the
       contrary, but subject to compliance with the Securities Act, applicable
       state securities laws and the requirement as to placement of a legend on
       certificates for Restricted Securities specified in Section 4.4, any
       Holder shall have the right to transfer any or all of its Restricted
       Securities:

            (i)   to any Person who at the time owns (directly or indirectly) at
                  least a majority of the Voting Capital Stock of such Holder;

            (ii)  to any Person at least a majority of whose Voting Capital
                  Stock shall at the time be owned (directly or indirectly) by
                  such Holder or by any Person who owns (directly or indirectly)
                  at least a majority of the Voting Capital Stock of such
                  Holder;

            (iii) to another Holder; or

                                                                         Page 15
<PAGE>

            (iv)  in the case of any Holder which is an insurance company,
                  pension fund, bank, bank holding company or a subsidiary of an
                  insurance company, pension fund, bank or bank holding company,
                  to a third party, if, in the reasonable judgment of such
                  Holder, such transfer is required to be effected by such
                  Holder because (A) its investment in Warrants or shares of
                  Warrant Stock may exceed any limitation to which it is
                  subject, or is otherwise not permitted, under any law, rule or
                  regulation of any Governmental Authority, or (B) restrictions
                  are imposed on such Holder under any law, rule or regulation
                  which, in the reasonable judgment of such Holder, make it
                  illegal or unduly burdensome to continue to hold such Warrants
                  or shares of Warrant Stock or a portion thereof.

      The party to which Restricted Securities are transferred pursuant to the
      immediately preceding sentence shall be deemed to be a Holder of such
      Restricted Securities and bound by the provisions of this Agreement
      applicable to Holders so long as he, she or it continues to own any of the
      Restricted Securities so transferred to such transferee.

(b)   If the circumstances described in clause (iv) of Section 5.1(a) arise,
      Issuer shall assist such Holder in disposing of its Warrants and Warrant
      Stock in a prompt and orderly manner and, at the request of such Holder,
      the Issuer shall provide (and authorize such Holder to provide) financial
      and other information covering the Issuer to any prospective purchaser of
      the Warrants or Warrant Stock owned by such Holder as such purchaser shall
      reasonably request.

CANCELLATION AND ISSUANCE

5.2 If any Holder or any of its Affiliates assigns or otherwise transfers all or
any of its Notes and/or Commitments (including by selling participations
therein), or assigns or otherwise transfers any of its rights or obligations
under the Note Purchase Agreement or the Notes, to any Person, such Holder may
request (upon 10 days' prior notice to Issuer) that (i) a number of Warrants
held by such Holder be canceled on the date of such assignment and transfer; and
(ii) a like number of Warrants be issued by Issuer to the Person to whom such
Notes and/or Commitments, or such rights or obligations, are being assigned or
otherwise transferred. Upon the date specified in such request:

(a)   Issuer shall issue, and the Holder shall surrender for cancellation, such
      number of Warrants as aforesaid, PROVIDED that such issuance shall not
      violate the Securities Act or any applicable state securities laws;

(b)   Each Person that receives a certificate for Warrants will deliver a
      certificate to Issuer affirming the representations and warranties
      contained in Section 2.3 as of such date; and

                                                                         Page 16
<PAGE>
(c)   Issuer will deliver a certificate to each Person that receives a
      certificate for Warrants affirming the representations and warranties
      contained in Section 3 as of such date.

6.    PUT RIGHTS

PUT RIGHTS

6.1   (a) At any time on or after the occurrence of the Triggering Event, but
      prior to the earlier to occur of (i) the Expiration Date and (ii) the
      consummation of a Qualified Public Offering, each Holder will have the
      right to require Issuer to purchase all of the Warrants and the Warrant
      Stock owned by such Holder.

(b)   A Holder may exercise a Put Right by delivering a notice to Issuer stating
      that such Holder will require Issuer to purchase the Warrants or Warrant
      Stock specified in such notice (a PUT NOTICE). Within five days after
      receipt of a Put Notice by Issuer, Issuer shall give a notice to the
      Holders (other than the Holder who gave such Put Notice) advising them of
      the receipt by Issuer of such Put Notice, together with a copy of such Put
      Notice. The date upon which Issuer shall so advise the other Holders is
      herein called the COMPANY NOTICE DATE. Within 15 days after the Company
      Notice Date, each other Holder also may give a Put Notice to Issuer and
      each such Put Notice shall be deemed given as of the date of the Put
      Notice given by the Holder initially exercising the Put Right. The failure
      so to give a Put Notice by a Holder within such 15-day period shall be
      without prejudice to the right of such Holder to give thereafter a Put
      Notice pursuant to this Section 6.

PROCEDURES

6.2   (a) The purchase and sale of the Warrants and the Warrant Stock pursuant
      to a Put Right shall be consummated on a date selected by Issuer upon at
      least five days' prior written notice to such Holders, which date in no
      event shall be earlier than the date five days, nor later than the date 10
      days, after the determination of Fair Market Value (the PUT CLOSING DATE).
      On the Put Closing Date, Issuer shall purchase from the Holder which has
      given such Put Notice, and such Holder shall sell to Issuer, the Warrants
      and/or the Warrant Stock specified in such Put Notice: (i) in the case of
      each share of Warrant Stock so purchased, at a purchase price equal to the
      Put Price Per Share as of the Put Notice Date; and (ii) in the case of
      each Warrant, at a purchase price equal to (A) the product of (1) the Put
      Price Per Share as of the Put Notice Date and (2) the number of shares of
      Warrant Stock for which such Warrant is exercisable as of the Put Notice
      Date, MINUS (B) an amount equal to the aggregate Exercise Price as of the
      Put Notice Date for such number of shares of Warrant Stock. Payment of the
      purchase price for the Warrants and/or the Warrant Stock so purchased by
      Issuer shall be made by wire transfer in immediately available funds.

                                                                         Page 17
<PAGE>

(b)   If Issuer is prohibited from purchasing all Warrants and Warrant Stock put
      to it pursuant to a Put Notice because (i) of the existence of a
      contractual restriction, including, but not limited to, a default which is
      then existing or would result from such purchase under the Note Purchase
      Agreement (the DEFAULTS), or (ii) Issuer does not have sufficient funds
      legally available therefor under applicable law, then Issuer shall give
      notice (a PUT RESPONSE NOTICE) to each Holder which has delivered such Put
      Notice of (x) the reason that it is unable to purchase all Warrants and
      Warrant Stock put to it pursuant to a Put Notice, including (1) if due to
      a deficiency, the computation thereof, and/or (2) if due to a Default, the
      nature of the covenants which have been or would be breached and if such
      provisions are financial covenants, a computation of the amounts or ratios
      setting forth the deficiencies with respect to such covenants, and (y) the
      aggregate amount of such Warrants and Warrant Stock, if any, which it will
      be able to purchase, which Put Response Notice shall be delivered within
      five days of the determination of Fair Market Value and shall be given
      together with the notice of the Put Closing Date, if any, given by Issuer
      pursuant to the first sentence of Section 6.2(a). Each such Holder shall
      have the right to withdraw its Put Notice by delivering a notice (a PUT
      WITHDRAWAL NOTICE) to Issuer at any time prior to the Put Closing Date or
      if none is set in the Put Response Notice, prior to the last day on which
      a Put Closing could occur pursuant to the first sentence of Section
      6.2(a). If any such Holders have not timely delivered Put Withdrawal
      Notices, unless prohibited by a Default which has not been waived by the
      Noteholders, Issuer thereupon shall purchase from such Holders the
      aggregate amount of Warrants and Warrant Stock, if any, it may purchase on
      such date with funds legally available under applicable law for such
      purpose. Such purchase shall be allocated among the Holders which have not
      timely delivered Put Withdrawal Notices pro rata, based on the ratio of
      the number of shares of Warrant Stock put to Issuer (including Warrant
      Stock issuable upon the exercise of Warrants put to Issuer) by each such
      Holder to the number of shares of Warrant Stock put to Issuer (including
      Warrant Stock issuable upon the exercise of Warrants put to Issuer) by all
      such Holders.

(c)   If Issuer is prohibited from purchasing any Warrants and/or Warrant Stock
      upon the exercise by a Holder of a Put Right for any of the reasons
      described in the first sentence of Section 6.2(b), then Issuer shall use
      its best efforts to increase its legally available funds under applicable
      law to an amount sufficient to enable it to purchase legally all Warrants
      and Warrant Stock put to it pursuant to a Put Notice and to obtain relief
      from the Defaults in order to enable it to make the required payments,
      including through effecting a Financing, obtaining the requisite consent
      of the Noteholders under the Note Purchase Agreement or any such holders
      of Indebtedness or otherwise, in each case, as soon as possible.

(d)   If on the Expiration Date any Holder is prevented from exercising its
      rights under this Section 6 for any of the reasons described in the first
      sentence of Section 6.2(b), Issuer's obligation to purchase Warrants
      and/or Warrant Stock shall be extended until 5:00 p.m., New York City
      time, on the last day of the calendar

                                                                         Page 18
<PAGE>

      month next following by at least 120 days the date upon which Issuer shall
      notify the Holders that such reason or reasons no longer exist.

(e)   If Issuer is prohibited from purchasing some of or all Warrants and/or
      Warrant Stock upon the exercise by a Holder of a Put Right for any of the
      reasons described in the first sentence of Section 6.2(b) and such Holder
      shall not have timely delivered a Put Withdrawal Notice, then (i) the Put
      Price Per Share for such Holder with respect to such unpurchased Warrants
      and/or Warrant Stock shall become an accruing liability of Issuer with
      interest thereon commencing on the date of exercise of such Put Right
      through the date on which the related Warrants and/or Warrant Stock are
      purchased by Issuer at a rate per annum equal to 15.5% compounded
      quarterly (such liability and interest being herein called the ACCRUING
      LIABILITY); and (ii) such obligation of Issuer to purchase shall otherwise
      be deemed suspended for so long as and only to the extent that Issuer is
      unable to repurchase such Warrants and/or Warrant Stock after taking all
      the action described in the last paragraph of Section 6.2(c) (a PUT
      POSTPONEMENT) on any Put Reactivation Date, the Put Price Per Share for
      such Warrants and Warrant Stock shall be deemed to be the Accruing
      Liability. As used herein, PUT REACTIVATION DATE shall mean a date when
      the Put Postponement lapses in whole or in part and the obligation of
      Issuer to purchase Warrants and Warrant Stock shall no longer be deemed
      suspended to the same extent pursuant to clause (ii) of this Section
      6.2(c).

(f)   The calculations of the Put Price Per Share under this Section 6, other
      than with respect to the determination of Fair Market Value, shall be
      subject to the reasonable approval of the applicable Majority Put Holders.

7.    RIGHT TO JOIN IN SALE

TAG-ALONG RIGHTS

7.1   (a) Notwithstanding anything herein to the contrary, but subject to the
      provisions of Section 7.1(b), if any Stockholder or group of Stockholders
      of the Issuer proposes, in a single transaction or a series of related
      transactions, to sell, dispose of or otherwise transfer, directly or
      indirectly, any shares of Common Stock then outstanding in any manner
      (each, a TAG-ALONG SALE), then Issuer shall cause such Stockholder (the
      SELLING STOCKHOLDER) to refrain from effecting such transaction unless,
      prior to the consummation thereof, the Holders shall have been afforded
      the opportunity to join in such transfer as provided in Section 7.2 hereof
      (it being understood that such Holders shall pay their own expenses in
      connection therewith).

(b)   The provisions of Section 7.1(a) shall not apply in connection with any
      sale, disposition or other transfer of (i) the Employee Options, (ii)
      Existing Warrants (iii) the Employee Shares, (iv) up to 500,000 shares by
      any Person in any 12-month period, (v) shares transferred for estate
      planning purposes where the transferor retains voting control over such
      shares and (vi) any shares of Common

                                                                         Page 19
<PAGE>

      Stock (A) pursuant to a registration statement filed pursuant to the
      Securities Act in which the Holder may participate pursuant to the terms
      of the Shareholder Agreement or (B) in an ordinary brokerage transaction
      pursuant to Rule 144.

(c)   On the date hereof, Issuer shall deliver to Investor a Joinder Agreement
      in the form of Annex 3, executed by the Issuer and each of its
      Stockholders.

(d)   As a condition to the validity of any sale, disposition or other transfer
      of any Common Stock (i) by any of the Persons who have executed and
      delivered Joinder Agreements pursuant to Section 7.1(c) or this Section
      7.1(d) to any other Person, or (ii) by Issuer to any Person in a
      transaction in which such Person would become a Stockholder of Issuer,
      other than pursuant to an underwritten public offering or in an ordinary
      brokerage transaction under Rule 144, the transferee thereof shall execute
      and deliver to Issuer and each Holder a Joinder Agreement.

PROCEDURES

7.2 Prior to the consummation of any transaction subject to Section 7.1, the
Person or group of Persons that proposes to acquire shares of Common Stock in a
Tag-Along Sale (the PROPOSED PURCHASER) shall make a written offer to the
Holders (the TAG-ALONG PURCHASE OFFER) which offer shall describe in reasonable
detail the Common Stock and Warrants proposed to be purchased, the price to be
paid and all other terms of the Tag-Along Sale. The Holders shall have 15 days
after the making of the Tag-Along Purchase offer in which to accept the
Tag-Along Purchase Offer. If any Holder accepts the Tag Along Purchase Offer
(PARTICIPATING HOLDER), such Participating Holder shall be entitled to sell in
the Tag-Along Sale a number of shares of Warrant Stock (including Warrant Stock
issuable upon the exercise of Warrants) equal to the product of (i) the quotient
determined by dividing (x) the number of shares of Warrant Stock owned by such
Participating Holder (including Warrant Stock issuable upon the exercise of
Warrants) by (y) the aggregate number of shares of Common Stock (on a fully
diluted basis) owned by the Selling Stockholder and all Participating Holders,
and (ii) the aggregate number of shares of Common Stock and Warrants proposed to
be purchased by the Proposed Purchaser in the Tag-Along Sale; PROVIDED, HOWEVER,
that if the Tag-Along Sale would cause a Change of Control or would cause any
controlling stockholder and their respective Affiliates to own less than a
majority of the outstanding Common Stock or less than a majority of the Voting
Capital Stock of Issuer, then the Participating Holders shall be entitled to
sell 100% of their respective Warrants and Warrant Stock (but not exceeding the
aggregate amount of shares of Common Stock proposed to be acquired in the
Tag-Along Sale). The Tag-Along Purchase Offer shall be at the same price and on
the same terms and conditions as the offer by the Proposed Purchaser to the
Selling Stockholder, except that no Participating Holders shall be required to
make representations and warranties to or agreements with the Proposed Purchaser
other than representations, warranties and agreements regarding such
Participating Holder and its ownership of the Warrants and/or Warrant Stock to
be sold in the Tag-Along Sale.

                                                                         Page 20
<PAGE>

ISSUER'S COVENANTS

7.3 Issuer will not, on or after the date hereof, either (a) deliver to the
persons specified in Section 7.1(a) a certificate evidencing any shares of
Common Stock being sold in a transaction requiring that a Tag-Along Purchase
Offer be made unless the Proposed Purchaser shall have in fact made a Tag-Along
Purchase Offer in accordance with the provisions of Section 7.2, or (b) deliver
to the persons specified in Section 7.1(a) a certificate evidencing any shares
of Common Stock in connection with any other transaction without including on
the reverse side of such certificate a legend in substantially the following
form:

      THE SALE, DISPOSITION OR OTHER TRANSFER OF THE SECURITIES REPRESENTED BY
      THIS CERTIFICATE IS SUBJECT TO THE PROVISIONS OF SECTION 7 OF THAT CERTAIN
      WARRANT AGREEMENT DATED AS OF OCTOBER 14, 2005, BETWEEN VERASUN ENERGY
      CORPORATION, A SOUTH DAKOTA CORPORATION WITH AN ORGANIZATIONAL
      IDENTIFICATION NUMBER OF DB050019 (ISSUER) AND TEACHERS INSURANCE AND
      ANNUITY ASSOCIATION OF AMERICA, AS SUCH WARRANT AGREEMENT MAY BE MODIFIED
      AND SUPPLEMENTED AND IN EFFECT FROM TIME TO TIME. A COPY OF THE FORM OF
      SUCH WARRANT AGREEMENT IS ON FILE AND MAY BE INSPECTED AT THE PRINCIPAL
      EXECUTIVE OFFICE OF ISSUER. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
      OF THIS CERTIFICATE, AGREES TO BE BOUND BY THE PROVISIONS OF SECTION 7 OF
      SUCH WARRANT AGREEMENT.

8.    HOLDERS, RIGHTS

DELIVERY EXPENSES

8.1 If any Holder surrenders any certificate for Warrants or Warrant Stock to
Issuer or a transfer agent of Issuer for exchange for instruments of other
denominations or registered in another name or names, Issuer shall cause such
new instruments to be issued and shall pay the cost of delivering to or from the
office of such Holder from or to Issuer or its transfer agent, duly insured, the
surrendered instrument and any new instruments issued in substitution or
replacement for the surrendered instrument.

TAXES

8.2 Issuer shall pay all taxes (other than Federal, state or local income taxes)
which may be payable in connection with the execution and delivery of this
Agreement or the Shareholder Agreement or the issuance of the Warrants and
Warrant Stock hereunder or in connection with any modification of this
Agreement, the Shareholder Agreement or the Warrants and shall hold each Holder
harmless without limitation as to time against any and all liabilities with
respect to all such taxes. The obligations of Issuer under this Section 8.2
shall survive any redemption, repurchase or acquisition of Warrants or Warrant
Stock by

                                                                         Page 21
<PAGE>

Issuer, any termination of this Agreement or the Shareholder Agreement, and any
cancellation or termination of the Warrants.

REPLACEMENT OF INSTRUMENTS

8.3 Upon receipt by Issuer of evidence reasonably satisfactory to it of the
ownership of and the loss, theft, destruction or mutilation of any certificate
or instrument evidencing any Warrants or Warrant Stock, and

(a)   in the case of loss, theft or destruction, of indemnity reasonably
      satisfactory to it (PROVIDED that, if the owner of the same is the
      Investor or an institutional lender or investor, its own agreement of
      indemnity shall be deemed to be satisfactory), or

(b)   in the case of mutilation, upon surrender or cancellation thereof,

Issuer, at its expense, shall execute, register and deliver, in lieu thereof, a
new certificate or instrument for (or covering the purchase of) an equal number
of Warrants or Warrant Stock.

CERTAIN RESTRICTIONS

8.4 Issuer shall not at any time enter into an agreement or other instrument
limiting in any manner its ability to perform its obligations under this
Agreement, the Shareholder Agreement or the Warrants, or making such performance
or the issuance of shares of Common Stock upon the exercise of any Warrant a
default under any such agreement or instrument.

TRANSACTIONS WITH AFFILIATES

8.5 Except as expressly permitted by this Agreement, Issuer shall not directly
or indirectly: (a) make any loan or advance to, or other investment in, an
Affiliate; (b) transfer, sell, lease, assign or otherwise dispose of any assets
to an Affiliate; (c) merge into or consolidate with or purchase or acquire
Property from an Affiliate; (d) enter into any other transaction directly or
indirectly with or for the benefit of an Affiliate (including guarantees and
assumptions of obligations of an Affiliate); PROVIDED, HOWEVER, that (i) for the
purposes of this Section 8.5, no Subsidiary of Issuer shall be deemed to be an
Affiliate of Issuer; (ii) any Affiliate who is an individual may serve as an
officer, director or employee of Issuer and receive reasonable compensation for
his or her services in such capacity, and (iii) Issuer may enter into
transactions providing for the leasing of Property, the rendering or receipt of
services or the purchase or sale of inventory and other assets in the ordinary
course of business if the monetary or business consideration arising therefrom
would be substantially as advantageous to Issuer as the monetary or business
consideration which would obtain in a comparable transaction with a Person or
entity not otherwise an Affiliate of the Issuer or any of the Issuer's
Stockholders.

                                                                         Page 22
<PAGE>

CERTAIN COVENANTS

8.6(a) Issuer shall, at all times prior to the Expiration Date, retain an
      independent accounting firm as its auditors, as provided in the Note
      Purchase Agreement.

(b)   Except as otherwise specifically provided herein, Issuer shall not effect
      any repurchase, recapitalization, reorganization, reclassification,
      merger, consolidation, share exchange, liquidation, spin-off, stock split,
      non-cash dividend, distribution or stock consolidation, subdivision or
      combination that would not afford to each Stockholder and Holder the same
      type and amount of consideration.

(c)   At any time prior to a Qualified Public Offering, Issuer shall afford any
      Holder of Warrants and/or Warrant Stock or its authorized agents or any
      prospective purchasers of Warrants and/or Warrant Stock, access, at
      reasonable times, upon reasonable prior notice, (i) to inspect the books
      and records of Issuer and its Subsidiaries, (ii) to discuss with
      management of Issuer and its Subsidiaries the business and affairs of
      Issuer and its Subsidiaries, and (iii) to inspect the properties of Issuer
      and its Subsidiaries.

(d)   So long as any Warrants or Warrant Stock shall remain outstanding, Issuer
      shall not (i) issue any Participating Security, options for or Convertible
      Securities convertible into a Participating Security, (ii) issue any class
      of equity other than Common Stock and Preferred Stock as authorized on the
      date hereof, (iii) make or agree to make payments to any Person, such as
      any "phantom" stock payments, where the amount thereof is calculated with
      reference to fair market or equity value of Issuer or any of the
      Subsidiaries, or (iv) issue any Common Stock for less than the Exercise
      Price.

(e)   Issuer shall afford each Holder and its authorized agents the right to
      attend all meetings of shareholders of Issuer and the Subsidiaries.

(f)   Issuer shall hold an annual meeting of shareholders in South Dakota.

(g)   To enable the ready and consistent determination of the Put Price Per
      Share and compliance with the covenants set forth herein, Issuer will not
      change the last day of its fiscal year from December 31 of each year, or
      the last days of the first three fiscal quarters-in each of its fiscal
      years from March 31, June 30 and September 30 of each year, respectively.

(h)   Except as otherwise specifically provided herein, Issuer shall not effect
      any repurchase or redemption of Common Stock from any stockholder, other
      than (a) on a pro rata basis from all stockholders and Warrant Holders
      participating in such repurchase or redemption at the same type and amount
      of consideration or (b) up to 307,693 shares of Common Stock held by
      employees of the Issuer on the date hereof. Any repurchase or redemption
      of Common Stock (except for the 307,693 shares described above) shall
      include Warrant Stock.

                                                                         Page 23
<PAGE>

(i)   Issuer shall provide each Holder with notice of the occurrence of the
      Triggering Event as soon as possible, but in no event later than the third
      Business Day following such Triggering Event, together with a brief
      description of the event.

(j)   Issuer shall not amend or consent to any modification, supplement or
      waiver of any provision of any Other Equity Documents in any manner which
      would have an adverse effect on the Holders without the prior written
      consent of the Majority Warrant Stockholders. Without limiting the
      generality of the foregoing, Issuer shall not amend, or consent to any
      modification, supplement or waiver of any provision of any Other Equity
      Documents in a way which would materially increase the benefits of the
      parties thereto, increase the number of securities which may be issued or
      sold thereunder, or materially modify the requirements as to eligibility
      for participation therein.

INDEMNIFICATION

8.7 Issuer shall indemnify and hold harmless each of the Investor and the
Holders and each of their respective directors, officers, employees,
stockholders, Affiliates and agents (each, an INDEMNIFIED PERSON) on demand from
and against any and all losses, claims, damages, liabilities (or actions or
other proceedings commenced or threatened in respect thereof) and expenses that
arise out of, result from, or in any way relate to, this Agreement, the Warrants
or the Shareholder Agreement, or in connection with the other transactions
contemplated hereby and thereby (other than the mere diminution of the
Investment by Holders in the Warrants unaccompanied by any other violation of
this Agreement), and to reimburse each indemnified person, upon its demand, for
any legal or other expenses incurred in connection with investigating, defending
or participating in the defense of any such loss, claim, damage, liability,
action or other proceeding (whether or not such indemnified person is a party to
any action or proceeding out of which any such expenses arise), other than any
of the foregoing claimed by any indemnified person to the extent incurred by
reason of the gross negligence or willful misconduct of such indemnified person.
No indemnified person shall be responsible or liable to either Issuer or any
other Person for any damages which may be alleged as a result of or relating to
this Agreement, the Warrants or the Shareholder Agreement, or in connection with
the other transactions contemplated hereby and thereby, except to extent
incurred by reason of the gross negligence or willful misconduct of such
Indemnified Person.

BOARD OBSERVERS

8.8 Issuer shall afford Teachers Insurance and Annuity Association of America
the opportunity to have one representative (each, an OBSERVER) attend as an
observer at (but not participate in or vote at) each meeting of the Board.
Issuer shall give the Observer notice of all such meetings at the same time and
in the same manner as notice is given to members of the Board. The Observer
shall be entitled to receive all written materials and other information given
to the directors of Issuer in connection with such meetings at the same time and
in the same manner and form such materials and information are given to the
directors, and copies of all minutes and all resolutions adopted by the Board
(whether at

                                                                         Page 24
<PAGE>

meetings, by written consent or otherwise) promptly after such adoption and (if
applicable) approval thereof (it being understood that such copies shall be
certified by the Secretary or Assistant Secretary of Issuer). The Observer shall
be appointed by Teachers Insurance and Annuity Association of America. Issuer
shall reimburse Teachers Insurance and Annuity Association of America for the
reasonable out-of-pocket expenses incurred by it in connection with the exercise
of their rights under this Section 8.9.

FINANCIAL STATEMENTS, ETC.

8.9 Issuer shall deliver the information specified below to each Holder of a
Warrant or Warrant Stock:

(a)   as soon as available and in any event within 30 days after the end of each
      of the first three fiscal quarters of each fiscal year of Issuer,
      statements of income, retained earnings and cash flows of Issuer for such
      period and for the period from the beginning of the respective fiscal year
      to the end of such period, and the related balance sheets as at the end of
      each such period, setting forth in each case in comparative form the
      corresponding figures for the corresponding period in the preceding fiscal
      year (if any), accompanied by a certificate of a senior financial officer
      of Issuer, which certificate shall state that such financial statements
      fairly present the financial condition and results of operations of
      Issuer, and said financial statements fairly present the respective
      individual financial condition and results of operations of Issuer in
      accordance with GAAP, as at the end of, and for, such period (subject to
      normal year-end audit adjustments and except for the absence of financial
      footnotes);

(b)   as soon as available and in any event within 120 days after the end of
      each fiscal year of Issuer, statements of income, retained earnings and
      cash flow of Issuer, for such fiscal year and the related balance sheets
      as at the end of such fiscal year, setting forth in each case in
      comparative form the corresponding figures for the preceding fiscal year,
      and accompanied (i) in the case of said statements and balance sheet, by
      an opinion thereon of independent certified public accountants selected by
      the Issuer and reasonably acceptable to the Majority Warrant Stockholders,
      which opinion shall state that said financial statements fairly present
      the financial condition and results of operations of Issuer as at the end
      of, and for, such fiscal year in accordance with GAAP, and a certificate
      of such accountants stating that, in making the examination necessary for
      their opinion, they obtained no knowledge, except as specifically stated,
      of any default under any credit agreement to which Issuer is a party, and
      (ii) in the case of said statements and balance sheets, by a certificate
      of a senior financial officer of Issuer, which certificate shall state
      that said financial statements fairly present the respective individual
      financial condition and results of operations of Issuer, in each case in
      accordance with GAAP, as at the end of, and for, such fiscal year;

(c)   promptly upon their becoming available, copies of all registration
      statements and regular periodic reports, if any, which Issuer shall have
      filed with the Commission

                                                                         Page 25
<PAGE>

      (or any Governmental Authority substituted therefor) or any national
      securities exchange; and

(d)   promptly upon the mailing thereof to the shareholders of Issuer or any
      holder of Indebtedness of Issuer generally, copies of all financial
      statements, reports and proxy statements so mailed.

HOLDERS' RIGHTS IN CASE OF OTHER SECURITIES

8.10 If the Holders at any time shall have received or shall be entitled to
receive Other Securities, appropriate provision shall be made so that the
Holders receive with respect to such Other Securities as nearly as possible the
intended benefits of this Agreement with respect thereto.

9.    MISCELLANEOUS

HOME OFFICE PAYMENT

9.1 Notwithstanding anything to the contrary in this Agreement or the Warrants,
so long as the Investor or any nominee designated by the Investor shall be a
Holder, Issuer shall punctually pay all amounts which become due and payable
with respect to any Warrant or Warrant Stock to the Investor at the address
registered on the books of Issuer maintained for such purpose, or at such other
place and in such manner as the Investor may designate by notice to Issuer,
without presentation or surrender of such Warrant or the making of any notation
thereon. The Investor agrees that prior to the sale, transfer or other
disposition of a part of any Warrant, it will make notation thereon of the
number of Stock Units covered by the part of the Warrant sold, transferred or
disposed, or surrender the same in exchange for a Warrant covering the number of
Stock Units remaining on the Warrant so surrendered. Issuer agrees that the
provisions of this section shall inure to the benefit of any other Holder
registered on the books of Issuer.

WAIVER

9.2   No failure on the part of the Investor to exercise and no delay in
      exercising, and no course of dealing with respect to, any right, power or
      privilege under this Agreement, the Warrants or the Shareholder Agreement
      shall operate as a waiver thereof, nor shall any single or partial
      exercise of any right, power or privilege under this Agreement, the
      Warrantor the Shareholder Agreement preclude any other or further exercise
      thereof or the exercise of any other right, power or privilege. The
      remedies provided herein are cumulative and not exclusive of any remedies
      provided by law.

NOTICES

9.3   (a) All notices, requests and other communications provided for herein and
      the Warrants (including any waivers or consents under, this Agreement and
      the Warrants) shall be given or made in writing,

                                                                         Page 26
<PAGE>

      (i)   if to Issuer:

            VeraSun Energy Corporation
            100 22nd Avenue
            Brookings, South Dakota 57006
            Attention: Donald L. Endres, Chief Executive Officer

      (ii)  if to the Investor:

            Teachers Insurance and Annuity Association of America
            730 Third Avenue
            New York, New York 10017
            Attention: Lisa Ferraro

      (iii) if to any other Person who is the registered Holder of any Warrants
            or Warrant Stock, to the address for such Holder as it appears in
            the stock or warrant ledger of Issuer:

      or, in the case of any Holder, at such other address as shall be
      designated by such party in a notice to Issuer; or, in the case of Issuer,
      at such other address as Issuer may designate in a notice to the Investor
      and all other Holders.

(b)   All such notices, requests and other communications shall be: (i)
      personally delivered, sent by courier guaranteeing overnight delivery or
      sent by registered or certified mail, return receipt requested, postage
      prepaid, in each case given or addressed as aforesaid; and (ii) effective
      upon receipt.

EXPENSES, ETC.

9.4 Issuer agrees to pay or reimburse the Investor and the Holders for: (a) all
reasonable out-of-pocket costs and expenses of the Investor and the Holders
(including the reasonable fees and expenses of Freshfields Bruckhaus Deringer
LLP, special New York counsel to the Investor and other reasonable legal fees
and expenses), in connection with (i) the negotiation, preparation, execution
and delivery of this Agreement and the Shareholder Agreement and the issuance of
Warrants hereunder, and (ii) any amendment, modification or waiver of (or
consents in respect of) any of the terms of this Agreement, the Shareholder
Agreement or the Warrants; and (b) all reasonable costs and expenses of the
Investor and the Holders (including reasonable legal fees and expenses) in
connection with (i) any default by Issuer hereunder or under the Warrants or the
Shareholder Agreement or any enforcement proceedings resulting therefrom, and
(ii) the enforcement of this Section 9.4.

AMENDMENTS, ETC.

9.5 Except as otherwise expressly provided in this Agreement, any provision of
this Agreement may be amended or modified only by an instrument in writing
signed by

                                                                         Page 27
<PAGE>

(a) Issuer and (b) the holders of 51% of the shares of Warrant Stock; PROVIDED,
HOWEVER, that (i) the consent of the holders of any such class of shares or
Warrants shall not be required with respect to any amendment or waiver which
does not affect the rights or benefits of such class under this Agreement, and
(ii) no such amendment or waiver shall, without the written consent of all
holders of such shares and Warrants at the time outstanding, amend this Section
9.5.

SUCCESSORS AND ASSIGNS

9.6 This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns.

SURVIVAL

9.7   (a) All representations and warranties made by Issuer herein or in any
      certificate or other instrument delivered by it or on its behalf under
      this Agreement or the Shareholder Agreement shall be considered to have
      been relied upon by the Investor and shall survive the issuance of the
      Warrants or the Warrant Stock regardless of any investigation made by or
      on behalf of the Investor. All statements in any such certificate or other
      instrument so delivered shall constitute representations and warranties by
      Issuer hereunder.

(b)   All representations and warranties made by the Investor herein shall be
      considered to have been relied upon by Issuer and shall survive the
      issuance to the Investor of the Warrants or the Warrant Stock regardless
      of any investigation made by Issuer or on its behalf.

SPECIFIC PERFORMANCE

9.8 Damages in the event of breach of this Agreement by a Holder or Issuer would
be difficult, if not impossible, to ascertain, and it is therefore agreed that
each Holder and Issuer, in addition to and without limiting any other remedy or
right it may have, will have the right to an injunction or other equitable
relief in any court of competent jurisdiction, enjoining any such breach, and
enforcing specifically the terms and provisions hereof, and each Holder and
Issuer hereby waives any and all defenses it may have on the ground of lack of
jurisdiction or competence of the court to grant such an injunction or other
equitable relief. The existence of this right will not preclude the Holders or
Issuer from pursuing any other rights and remedies at law or in equity which the
Holders or Issuer may have.

CAPTIONS

9.9 The captions and section headings appearing herein are included solely for
convenience of reference and are not intended to affect the interpretation of
any provision of this Agreement.

                                                                         Page 28
<PAGE>

COUNTERPARTS

9.10 This Agreement may be executed on counterpart signature pages or in any
number of counterparts, all of which taken together shall constitute one and the
same instrument and any of the parties hereto may execute this Agreement by
signing any such counterpart signature page or counterpart.

GOVERNING LAW

9.11 This Agreement shall be governed by, and construed in accordance with, the
law of the State of New York.

SEVERABILITY

9.12 If any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions contained herein shall not be affected
or impaired thereby.

ADJUSTMENT OF COMMON STOCK

9.13 All references to Common Stock herein shall be subject to appropriate
adjustment by reason of any stock dividend, split, reverse split, combination,
recapitalization or any similar corporate transaction.

                                                                         Page 29
<PAGE>

IN WITNESS WHEREOF, the parties hereto have duly executed this Warrant Agreement
as of the date first above written.

VERASUN ENERGY CORPORATION
(ORGANIZATIONAL IDENTIFICATION # DB050019)

By: /s/ Donald L. Endres
    --------------------------
    Name:  Donald L. Endres
    Title: Chief Executive Officer

TEACHERS INSURANCE AND ANNUITY
  ASSOCIATION OF AMERICA

By: /s/ Lisa M. Ferraro
    --------------------------
    Name:  Lisa M. Ferraro
    Title: Director

<PAGE>

                                                                    ANNEX 1

                                                                       TO

                                                               WARRANT AGREEMENT

                                [Form of Warrant]

                                     WARRANT

THE TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE
CONDITIONS SPECIFIED IN THAT CERTAIN WARRANT AGREEMENT DATED AS OF OCTOBER 14,
2005 (THE WARRANT AGREEMENT), BETWEEN VERASUN ENERGY CORPORATION, A SOUTH DAKOTA
CORPORATION WITH AN ORGANIZATIONAL IDENTIFICATION NUMBER OF DB050019 (ISSUER),
AND TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, AS THE WARRANT
AGREEMENT MAY BE MODIFIED AND SUPPLEMENTED AND IN EFFECT FROM TIME TO TIME, AND
NO TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE SHALL BE VALID OR
EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED. A COPY OF THE FORM OF THE
WARRANT AGREEMENT IS ON FILE AND MAY BE INSPECTED AT THE PRINCIPAL EXECUTIVE
OFFICE OF ISSUER. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS
CERTIFICATE, AGREES TO BE BOUND BY THE PROVISIONS OF THE WARRANT AGREEMENT.

No. of Stock Units: _____________________ Warrant No. _________________

                                     WARRANT

                           to Purchase Common Stock of

                           VERASUN ENERGY CORPORATION
                    (ORGANIZATIONAL IDENTIFICATION# DB050019)

                          Expiring on December 23, 2012

THIS IS TO CERTIFY THAT [_________________], or its registered assigns, is
entitled to purchase in whole or in part from time to time from VeraSun Energy
Corporation, a South Dakota corporation with an organizational identification
number of DB050019 (ISSUER), at any time on and after the date hereof, but not
later than 5:00 p.m., New York time, on December 23, 2012 (as it may be extended
pursuant to Section 6.3 hereof, the EXPIRATION DATE), [__________] Stock Units
(as hereinafter defined and subject to adjustment as provided herein) at a
purchase price of $.01 per Stock Unit PROVIDED, that such purchase price shall
not be less than the aggregate par value of the capital stock contained in a
Stock Unit, (the EXERCISE PRICE), subject to the terms and conditions
hereinbelow provided. Each exercise made hereunder must be of a minimum of the
lesser of 100 Stock Units and all of the remaining Stock Units covered by this
Warrant.

                                                                         Page 31
<PAGE>

This Warrant is one of the Warrants originally issued pursuant to the Warrant
Agreement dated as of October 14, 2005, between Issuer and Teachers Insurance
and Annuity Association of America.

CERTAIN DEFINITIONS

1.(a) Each capitalized term used herein without definition shall have the
      meaning ascribed thereto (or incorporated by reference) in the Warrant
      Agreement (as hereinafter defined).

(b)   As used in this Warrant, unless the context otherwise requires:

ADDITIONAL SHARES OF COMMON STOCK shall mean all shares (including treasury
shares) of Common Stock issued or sold by Issuer on or after the date hereof,
other than (i) the shares of Common Stock which may be issued pursuant to the
Other Equity Securities (whether issuable immediately or upon the arrival of a
specified date or the occurrence of a specified event) on the date hereof, (ii)
shares purchased by Holder pursuant to the exercise of preemptive rights
pursuant to Section 5 of the Shareholder Agreement, (iii) the shares of Common
Stock described as being issued and outstanding in Section 3.7 of the Warrant
Agreement and (iv) up to 1,102,608 additional shares of Common Stock to be
issued to employees, directors or consultants of the Issuer after the date of
this Warrant and as authorized by the Board.

CONVERTIBLE SECURITY VALUE shall mean the value of a Convertible Security as
computed in accordance with accepted financial practice, taking into account
both its fixed income value (determined by discounting future payments at an
appropriate rate) and the value of the embedded option (determined using an
appropriate option valuation model).

CURRENT MARKET PRICE, per share of Common Stock, for the purposes of any
provision of this Warrant at the date herein specified, shall be deemed to be
the fair market value per share of Common Stock, as reasonably determined by the
Board, or if there shall be a public market for the Common Stock, the average of
the daily market prices for each day during the 30 consecutive trading days
commencing 45 Business Days before such date as of which such price can be
established in the manner set forth below. The market price for each such
Business Day shall be the last sale price on such day as reported in the
Consolidated Last Sale Reporting System or as quoted in the National Association
of Securities Dealers Automated Quotation System, or if such last sale price is
not available, the average of the closing bid and asked prices as reported in
either such system, or in any other case the highest bid price quoted for such
day as reported by The Wall Street Journal and the National Quotation Bureau
pink sheets.

CURRENT WARRANT PRICE, for the purpose of any provision of this Warrant at the
date herein specified, shall mean the amount per share of Common Stock equal to
the quotient resulting from dividing the Exercise Price per Stock Unit in effect
on such date by the number of shares (including any fractional share) of Common
Stock comprising a Stock Unit on such date.

                                                                         Page 32
<PAGE>

EXERCISE NOTICE shall have the meaning set forth in Section 2.

EXERCISE PRICE shall have the meaning set forth at the head of this Warrant.

EXPIRATION DATE shall have the meaning set forth at the head of this Warrant as
extended under Section 6.3.

HOLDER shall mean the registered holder of this Warrant.

INCLUDE and INCLUDING shall be construed as if followed by the phrase ", without
being limited to,".

ISSUER shall have the meaning set forth at the head of this Warrant.

STOCK UNIT shall mean one share of Common Stock, as such Common Stock is
constituted on the date hereof, and thereafter shall mean such number of shares
(including any fractional shares) of Common Stock and other securities, cash or
other property as shall result from the adjustments specified in Section 4 and
Section 5.

WARRANT AGREEMENT shall mean the Warrant Agreement dated as of October 14, 2005
between Issuer and Teachers Insurance and Annuity Association of America, as
such Warrant Agreement shall be modified and supplemented and in effect from
time to time.

WARRANT HOLDER shall mean any Person who acquires Warrants or Warrant Stock
pursuant to the provisions of the Warrant Agreement, including any transferees
of Warrants or Warrant Stock.

WARRANTS shall mean the Warrants originally issued by Issuer pursuant to the
Warrant Agreement, evidencing rights to purchase up to an aggregate of 1,180,000
Stock Units, and all Warrants issued upon transfer, division or combination of,
or in substitution for, any thereof. All Warrants shall at all times be
identical as to terms and conditions, except as to the number of Stock Units for
which they may be exercised.

EXERCISE OF WARRANT

2. On and after the date hereof and until 5:00 p.m., New York time, on the
Expiration Date, Holder may exercise this Warrant, on one or more occasions, on
any Business Day, in whole or in part, by delivering to Issuer, at its office
maintained for such purpose pursuant to Section 12.1, (a) a written notice of
Holder's election to exercise this Warrant, which notice shall specify the
number of Stock Units to be purchased (the EXERCISE NOTICE), (b) a certified or
bank check or checks payable to Issuer in an aggregate amount equal to the
aggregate Exercise Price for the number of Stock Units as to which this Warrant
is being exercised, and (c) this Warrant. Such Exercise Notice may be
substantially in the form of Annex A hereto. Upon receipt thereof, Issuer shall,
as promptly as practicable and in any event within five Business Days
thereafter, execute or cause to be executed and deliver or cause to be delivered
to Holder a stock certificate or certificates representing the aggregate number
of shares of Warrant Stock and other

                                                                         Page 33
<PAGE>

securities issuable upon such exercise and any other property to which such
Holder is entitled.

The stock certificate or certificates for Warrant Stock so delivered shall be in
such denominations as may be specified in the Exercise Notice and shall be
registered in the name of Holder or, subject to Section 4 of the Warrant
Agreement, such other name or names as shall be designated in such Exercise
Notice. Such stock certificate or certificates shall be deemed to have been
issued and Holder or any other Person so designated to be named therein shall be
deemed to have become a holder of record of such shares, including, to the
extent permitted by law, the right to vote such shares or to consent or to
receive notice as a Stockholder, as of the date on which the last of the
Exercise Notice, payment of the Exercise Price and this Warrant is received by
Issuer as aforesaid, and all taxes required to be paid by Holder, if any,
pursuant to Section 9 hereof, prior to the issuance of such shares have been
paid. If this Warrant shall have been exercised only in part, Issuer shall, at
the time of delivery of the certificate or certificates representing Warrant
Stock and other securities, execute and deliver to Holder a new Warrant
evidencing the rights of Holder to purchase the unpurchased Stock Units called
for by this Warrant, which new Warrant shall in all other respects be identical
with this Warrant, or, at the request of Holder, appropriate notation may be
made on this Warrant and the same returned to Holder.

All shares of Common Stock issuable upon the exercise of this Warrant shall,
upon payment therefor in accordance herewith, be duly and validly issued, fully
paid and nonassessable and free and clear of any Liens.

Issuer shall not be required to issue a fractional share of Common Stock upon
exercise of this Warrant. As to any fraction of a share which Holder would
otherwise be entitled to purchase upon such exercise, Issuer shall pay a cash
adjustment in respect of such final fraction in an amount equal to the same
fraction of the Current Market Price per share of Common Stock on the date of
exercise.

TRANSFER, DIVISION AND COMBINATION

3. Subject to Section 12.3, transfer of this Warrant and all rights hereunder,
in whole or in part, shall be registered on the books of Issuer to be maintained
for such purpose, upon surrender of this Warrant at the office of Issuer
maintained for such purpose pursuant to Section 12.1, together with a written
assignment of this Warrant, substantially in the form of Annex B hereto, duly
executed by Holder or its agent or attorney and payment of funds sufficient to
pay any transfer taxes payable upon the making of such transfer. Upon such
surrender and, if required, such payment, Issuer shall, subject to Section 12.3
and the immediately following sentence, (a) execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees and in the denominations
specified in such instrument of assignment, (b) issue to the assignor a new
Warrant evidencing the portion of this Warrant not so assigned and (c) promptly
cancel this Warrant. If and when this Warrant is assigned in blank (in case the
restrictions on transferability referred to in Section 12.3 shall have been
terminated), Issuer may (but

                                                                         Page 34
<PAGE>

shall not be obliged to) treat the bearer hereof as the absolute owner of this
Warrant for all purposes and Issuer shall not be affected by any notice to the
contrary. This Warrant, if properly assigned in compliance with this Section 3
and Section 12.3, may be exercised by an assignee for the purchase of shares of
Common stock without having a new Warrant or Warrants issued. Notwithstanding
any provision herein to the contrary, Issuer shall not be required to register
the transfer of. Warrants or Warrant Stock in the name of any Person who
acquired this Warrant (or part hereof) or any Warrant Stock otherwise than in
accordance with this Warrant and the Warrant Agreement.

Issuer shall maintain at its aforesaid office books for the registration and
transfer of the Warrants.

ADJUSTMENT OF STOCK UNIT

4. The number of shares of Common Stock comprising a Stock Unit shall be subject
to adjustment from time to time as set forth in this Section 4. Issuer shall not
take any action with respect to its Common Stock of any class requiring an
adjustment pursuant to any of Sections 4.1, 4.7 or 5 without at the same time
taking like action with respect to its Common Stock of each other class, and
Issuer shall not create any class of Common Stock which carries any rights to
dividends or assets differing in any respect from the rights of the Common Stock
on the date hereof.

STOCK DIVIDENDS, SUBDIVISIONS AND COMBINATIONS

4.1   If at any time Issuer shall:

(a)   take a record of the holders of its Common Stock for the purpose of
      entitling them to receive a dividend payable in, or other distribution of,
      Additional Shares of Common Stock, or

(b)   subdivide its outstanding shares of Common Stock into a larger number of
      shares of Common Stock, or

(c)   combine its outstanding shares of Common Stock into a smaller number of
      shares of Common Stock,

then the number of shares of Common Stock comprising a Stock Unit immediately
after the occurrence of any such event shall be adjusted to equal the number of
shares of Common Stock which a record holder of the number of shares of Common
Stock comprising a Stock Unit immediately prior to the happening of such event
would own or be entitled to receive after the happening of such event.

ISSUANCE OF ADDITIONAL SHARES OF COMMON STOCK

4.2 If at any time Issuer shall (except as hereinafter provided) issue or sell
any Additional Shares of Common Stock in exchange for consideration in an amount
per Additional Share of Common Stock less than the Current Market Price at the
time the

                                                                         Page 35
<PAGE>

Additional Shares of Common Stock are issued, then the number of shares of
Common Stock thereafter comprising a Stock Unit shall be adjusted to that number
determined by multiplying the number of shares of Common Stock comprising a
Stock Unit immediately prior to such adjustment by a fraction (a) the numerator
of which shall be the number of shares of Common Stock outstanding immediately
prior to the issuance of such Additional Shares of Common Stock plus the number
of such Additional Shares of Common Stock so issued, and (b) the denominator of
which shall be the number of shares of Common Stock outstanding immediately
prior to the issuance of such Additional Shares of Common Stock plus the number
of shares of Common Stock which the aggregate consideration for the total number
of such Additional Shares of Common Stock so issued would purchase at the
Current Market Price. For purposes of this Section 4.2, the date as of which the
Current Market Price shall be computed shall be the earlier of (i) the date on
which Issuer shall enter into a firm contract for the issuance of such
Additional Shares of Common Stock and (ii) the date of actual issuance of such
Additional Shares of Common Stock. Subject to Section 4.5, no further adjustment
of the number of shares of Common Stock comprising a Stock Unit shall be made
under this Section 4.2 upon the issuance of any Additional Shares of Common
Stock:

(a)   for which an adjustment is provided under Section 4.1: or

(b)   which are issued pursuant to the exercise of any Options or the
      conversion, exchange or exercise of any Convertible Securities, if any
      such adjustment shall previously have been made upon the issuance of such
      Options or Convertible Securities (or upon the issuance of any Option
      therefor) pursuant to Section 4.3 or 4.4.

ISSUANCE OF OPTIONS

4.3 If at any time Issuer shall issue or sell, or shall fix a record date for
the determination of holders of any class of securities entitled to receive, any
Options for any Additional Shares of Common Stock or for any Convertible
Securities, whether or not the rights to purchase thereunder are immediately
exercisable, then the number of shares of Common Stock thereafter comprising a
Stock Unit shall be adjusted as provided in Section 4.2 on the basis that (a)
the maximum number of Additional Shares of Common Stock issuable pursuant to all
such Options or necessary to effect the conversion or exchange of all such
Convertible Securities shall be deemed to have been issued as of (and,
accordingly, the date as of which the Current Market Price shall be computed
shall be) the computation date specified in the penultimate sentence of this
Section 4.3, and (b) the aggregate consideration for such maximum number of
Additional Shares of Common Stock shall be zero. For purposes of this Section
4.3, the computation date for clause (a) above shall be the earlier of (i) the
date on which Issuer shall take a record of the holders of its Common Stock for
the purpose of entitling them to receive any such Options and (ii) the date on
which Issuer shall enter into a firm contract for the issuance of such Options.
Notwithstanding the foregoing, any issuance of an Option which is issued
together with a debt security of Issuer, as a Unit, shall be treated for the
purpose of this Section 4 as the issuance of a Convertible Security.

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<PAGE>

ISSUANCE OF CONVERTIBLE SECURITIES

4.4 If at any time Issuer shall issue or sell any Convertible Securities,
whether or not the rights to exchange or convert thereunder are immediately
exercisable, and the cash received by Issuer in payment for such Convertible
Securities shall be less than the Convertible Security Value thereof, then the
number of shares of Common Stock thereafter comprising a Stock Unit shall be
increased to a number of shares of Common Stock having a value immediately
following the computation date (as established-below) equal to the value of the
number of shares comprising such Stock Unit immediately before such increase.
For this purpose, the value before the increase will be the Fair Market Value of
the Common Stock as reasonably determined by the Board on the basis set forth in
the first paragraph of the definition thereof (without reference to the
appraisal procedure referred to therein) divided by the number of shares of
Common Stock outstanding on a fully diluted basis as determined under the
Warrant Agreement, and the value immediately following the computation date
shall be the foregoing value, except that the numerator shall be the Fair Market
Value plus the cash amount paid to the Company for such Convertible Securities
less the Convertible Security Value of such Convertible Securities on issuance
and the denominator shall be increased by the number of Additional Shares of
Common Stock issuable on exercise of such Convertible Securities. For purposes
of this Section 4.4, the computation date for clause (a) above shall be the
earliest of (i) the date on which Issuer shall take a record of the holders of
its Common Stock for the purpose of entitling them to receive any such
Convertible Securities, (ii) the date on which Issuer shall enter into a firm
contract for the issuance of such Convertible Securities, and (iii) the date of
actual issuance of such Convertible Securities. No further adjustment of the
number of shares of Common Stock comprising a Stock Unit shall be made under
this Section 4.4 upon the issuance of any Convertible Securities which are
issued pursuant to the exercise of any Option therefor, if any such adjustment
shall previously have been made upon the issuance of such option pursuant to
Section 4.3.

SUPERSEDING ADJUSTMENT OF STOCK UNIT

4.5 If, at any time after any adjustment of the number of shares of Common Stock
comprising a Stock Unit shall have been made pursuant to Section 4.3 or 4.4 as a
result of the issuance of Options or Convertible Securities, or after any new
adjustment of the number of shares of Common Stock comprising a Stock Unit shall
have been made pursuant to this Section 4.5, (a) such Options or the right of
conversion, exchange or exercise of such Convertible Securities shall expire,
and all or a portion of such Options or the right of conversion, exchange or
exercise with respect to all or a portion of such Convertible Securities, as the
case may be, shall not have been exercised or treated as having been exercised
or otherwise canceled or acquired by the Issuer in connection with any
settlement including, without limitation, any cash settlement, of such Options
or the rights of conversion, or exchange or exercise of such Convertible
Securities, or (b) there has been any change in the number of shares issuable
upon exercise, conversion or exchange of such Options or Convertible Securities
(including as a result of the operation of antidilution provisions applicable
thereto), or (c) the consideration per share, for which

                                                                         Page 37
<PAGE>

Additional Shares of Common Stock are issuable pursuant to such Options or the
terms of any Convertible Securities, or the maturity of any such Convertible
Security, shall be changed, then such previous adjustment shall be rescinded and
annulled and the Additional Shares of Common Stock which were deemed to have
been issued by virtue of the computation made in connection with the adjustment
so rescinded and annulled shall no longer be deemed to have been issued by
virtue of such computation. Thereupon, a recomputation shall be made of the
effect of such Options or Convertible Securities on the basis of

      (i)   treating the number of Additional Shares of Common Stock, if any,
            theretofore actually issued or issuable pursuant to the previous
            exercise of such Options or such right of conversion or exchange, as
            having been issued on the date or dates of such issuance as
            determined for purposes of such previous adjustment and for the
            consideration actually received and receivable therefor,

      (ii)  treating the maximum number of Additional Shares of Common Stock (A)
            issuable pursuant to all Options which then remain outstanding and
            (B) necessary to effect the conversion or exchange of all
            Convertible Securities which then remain outstanding, as having been
            issued, and

      (iii) making the computations called for in Section 4.4 on the basis of
            the revised terms of such Convertible Securities as if newly issued
            at the time of such revision,

and, if and to the extent called for by the foregoing provisions of this Section
4 on the basis aforesaid, a new adjustment of the number of shares of Common
Stock comprising a Stock Unit shall be made, such new adjustment shall supersede
the previous adjustment so rescinded and annulled.

OTHER PROVISIONS APPLICABLE TO ADJUSTMENTS UNDER THIS SECTION 4

4.6 The following provisions shall be applicable to the making of adjustments of
the number of shares of Common Stock comprising a Stock Unit hereinbefore
provided for in this Section 4:

(a)   COMPUTATION OF CONSIDERATION. To the extent that any Additional Shares of
      Common Stock or any Convertible Securities shall be issued for a cash
      consideration, the consideration received by Issuer therefor shall be
      deemed to be the amount of cash received by Issuer therefor, or, if such
      Additional Shares of Common Stock or Convertible Securities are offered by
      Issuer for subscription, the subscription price, or, if such Additional
      Shares of Common Stock or Convertible Securities are sold to underwriters
      or dealers for public offering without a subscription offering, the
      initial public offering price, in any such case excluding any amounts paid
      or receivable for accrued interest or accrued dividends and without
      deduction of any reasonable compensation, discounts or

                                                                         Page 38
<PAGE>

      expenses paid or incurred by Issuer for and in the underwriting of, or
      otherwise in connection with, the issue thereof. To the extent that such
      issuance shall be for a consideration other than cash, then, except as
      herein otherwise expressly provided, the amount of such consideration
      shall be deemed to be the fair market value of such consideration at the
      time of such issuance, as reasonably determined by the Board. The
      consideration for any Additional Shares of Common Stock issuable pursuant
      to any Options to subscribe for or purchase the same shall be zero. The
      consideration for any Additional Shares of Common Stock issuable pursuant
      to the terms of any Convertible Securities shall be the cash consideration
      paid or payable to Issuer in respect of the subscription for or purchase
      of such Convertible Securities. In case of the issuance at any time of any
      Additional Shares of Common Stock in payment or satisfaction of any
      dividend upon any class of stock other than Common Stock, Issuer shall be
      deemed to have received for such Additional Shares of Common Stock a
      consideration equal to the amount of such dividend so paid or satisfied.

(b)   WHEN ADJUSTMENTS TO BE MADE. The adjustments required by this Section 4
      shall be made whenever and as often as any specified event requiring an
      adjustment shall occur, except that any adjustment of the number of shares
      of Common Stock comprising a Stock Unit that would otherwise be required
      may be postponed (except in the case of a subdivision or combination of
      shares of the Common Stock, as provided for in Section 4.1) up to but not
      beyond the date of exercise if such adjustment either by itself or with
      other adjustments not previously made adds or subtracts less than both (i)
      1/20th of a share to or from the number of shares of Common Stock
      comprising a Stock Unit immediately prior to the making of such adjustment
      and (ii) 5% of the number of shares of Common Stock comprising a Stock
      Unit. Any adjustment representing a change of less than such minimum
      amount (except as aforesaid) shall be carried forward and made as soon as
      such adjustment, together with other adjustments required by this Section
      4 and not previously made, would result in a minimum adjustment on the
      date of exercise. For the purpose of any adjustment, any specified event
      shall be deemed to have occurred at the close of business on the date of
      its occurrence.

(c)   FRACTIONAL INTERESTS. In computing adjustments under this Section 4,
      fractional interests in Common Stock shall be taken into account to the
      nearest one-thousandth of a share.

(d)   WHEN ADJUSTMENT NOT REQUIRED. If Issuer shall take a-record of the holders
      of its Common Stock for the purpose of entitling them to receive a
      dividend or distribution or subscription or purchase rights and shall,
      thereafter and before the distribution thereof to stockholders, legally
      abandon its plan to pay or deliver such dividend, distribution,
      subscription or purchase rights, then thereafter no adjustment shall be
      required by reason of the taking of such record and any such adjustment
      previously made in respect thereof shall be rescinded and annulled.

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<PAGE>

OTHER DILUTIVE EVENTS

4.7 In case any event shall occur, affecting Issuer, or any Person in which
Issuer has a direct or indirect investment, as to which the provisions of
Section 4 or Section 5 are not strictly applicable but the failure to make any
adjustment would not fairly protect the purchase rights represented by this
Warrant in accordance with the essential intent and principles of such sections
then, in each such case, Issuer shall appoint a firm of independent public
accountants reasonably acceptable to the Majority Warrant Stockholders (which
may be the regular auditors of Issuer), which shall give their opinion upon the
adjustment, if any, on a basis consistent with the essential intent and
principles established in Sections 4 and 5, necessary to preserve, without
dilution, the purchase rights represented by this Warrant. Without limiting the
generality of the foregoing, Issuer acknowledges that issuance of any equity
security by any Person in which Issuer has a direct or indirect investment to
any Person other than Issuer or sale of existing equity securities or investees
by Issuer for a price less than the fair value thereof, and acquisition of less
than 100% of the equity interest in a Person for a price greater than the fair
market value thereof, would be such events. Upon receipt of such opinion, Issuer
will promptly mail a copy thereof to Holder and shall make the adjustments
described therein.

CONSOLIDATION MERGER, SHARE EXCHANGE, ETC.; DISTRIBUTIONS

CONSOLIDATION, MERGER, SHARE EXCHANGE, ETC.

5. In case a consolidation, merger or share exchange of Issuer shall be effected
with another Person on or after the date hereof, or the sale, lease or transfer
of all or a majority of its assets to another Person shall be effected on or
after the date hereof, then, as a condition of such consolidation, merger, share
exchange, sale, lease or transfer, lawful and adequate provision shall be made
whereby Holder shall thereafter have the right to purchase and receive upon the
basis and upon the terms and conditions specified herein and in lieu of each
Stock Unit immediately theretofore purchasable and receivable upon the exercise
of each of the Warrants, such shares of stock, securities, cash or other
property receivable upon such consolidation, merger, share exchange, sale, lease
or transfer by the holder of the number of shares of Common Stock comprising a
Stock Unit immediately prior to such event. In any such case, appropriate and
equitable provision also shall be made with respect to the rights and interests
of Holder to the end that the provisions hereof (including Section 4) and of the
Warrant Agreement and the Shareholder Agreement shall thereafter be applicable,
as nearly as may be, in relation to any shares of stock, securities, cash or
other property thereafter deliverable upon the exercise of any Warrants. Issuer
shall not effect any such consolidation, merger, share exchange, sale, lease or
transfer unless prior to or simultaneously with the consummation thereof the
successor Person (if other than Issuer) resulting from such consolidation,
merger or share exchange or the Person purchasing, leasing or otherwise
acquiring such assets shall assume, by written instrument mailed to Holder at
its last address appearing on the books of Issuer, the obligation to deliver to
Holder such shares of stock, securities, cash or other property as, in
accordance with the foregoing provisions, Holder may be

                                                                         Page 40
<PAGE>

entitled to purchase. The above provisions of this Section 5.1 shall similarly
apply to successive consolidations, mergers, share exchanges, sales, leases or
transfers.

DILUTION IN CASE OF OTHER SECURITIES

5.2 In case any Other Securities shall be issued or sold or shall become subject
to issue or sale upon the conversion or exchange of any stock (or Other
Securities) of Issuer (or any issuer of Other Securities or any other Person
referred to in Section 5.1) or to subscription, purchase or other acquisition
pursuant to any rights, options, warrants to subscribe for, purchase or
otherwise acquire either Additional Shares of Common Stock or securities
directly or indirectly convertible into or exchangeable for Additional Shares of
Common Stock, issued or granted by the Company (or any such other issuer or
Person) for a consideration such as to dilute, on a basis consistent with the
standards established in the other provisions of Section 4, the purchase rights
granted by this Warrant, then, and in each such case, the computations,
adjustments and readjustments provided for in Section 4 with respect to the
Stock Units shall be made as nearly as possible in the manner so provided and
applied to determine the amount of Other Securities from time to time receivable
upon the exercise of the Warrants, so as to protect the Warrant Holders against
the effect of such dilution.

NOTICE TO WARRANT HOLDERS

NOTICE OF ADJUSTMENT OF STOCK UNIT OR EXERCISE PRICE

6.1 Whenever the number of shares of Common Stock comprising a Stock Unit shall
be adjusted pursuant to Section 4, Issuer shall forthwith obtain a certificate
signed by the chief financial officer of Issuer and reasonably acceptable to the
Holders of a majority of the Warrants, setting forth, in reasonable detail, the
event requiring the adjustment and the method by which such adjustment was
calculated (including a description of the basis on which the Board determined
the fair market value of Additional Shares of Common Stock issued or sold and,
if the consideration therefor was other than cash, a description of how such
consideration was valued), specifying the number of shares of Common Stock
comprising a Stock Unit and (if such adjustment was made pursuant to Section 4.7
or Section 5) describing the number and kind of any other securities comprising
a Stock Unit, and any change in the purchase price or prices thereof, after
giving effect to such adjustment or change. Issuer shall promptly, and in any
case within 10 days after the making of such adjustment, cause a signed copy of
such certificate to be delivered to each Warrant Holder in accordance with
Section 12.2. Issuer shall keep at its office or agency, maintained for the
purpose pursuant to Section 12.1, copies of all such certificates and cause the
same to be available for inspection at said office during normal business hours
by any Warrant Holder or any prospective permitted purchaser of a Warrant
designated by a holder thereof. All adjustments set forth in such certificates
shall be subject to the reasonable approval of the Majority Warrant
Stockholders.

                                                                         Page 41
<PAGE>

NOTICE OF CERTAIN CORPORATE ACTION

6.2 In case Issuer shall propose (a) to pay any dividend to the holders of its
Common Stock or to make any other distribution to the holders of its Common
Stock, or (b) to offer to the holders of its Common Stock rights to subscribe
for or to purchase any Additional Shares of Common Stock or shares of stock of
any class or any other securities, rights or options, or (c) to effect any
reclassification of its Common Stock (other than a reclassification involving
only the subdivision, or combination, of outstanding shares of Common Stock), or
(d) to effect any capital reorganization, or (e) to effect any consolidation,
merger, share exchange or sale, lease, transfer or other disposition of all or a
majority of its property, assets or business or (f) to effect the liquidation,
dissolution or winding up of Issuer, then, in each such case, Issuer shall give
to each Warrant Holder, in accordance with Section 12.2, a notice of such
proposed action, which shall specify the date on which a record is to be taken
for the purposes of such stock dividend, distribution or rights, or the date on
which such reclassification, reorganization, consolidation, merger, share
exchange, sale, lease, transfer, disposition, liquidation, dissolution or
winding up is to take place and the date of participation therein by the holders
of Common Stock, if any such date is to be fixed, and shall also set forth such
facts with respect thereto as shall be reasonably necessary to indicate the
effect of such action on the Common Stock, if any, and the number and kind of
any other shares of stock which will comprise a Stock Unit, and the purchase
price or prices thereof, after giving effect to any adjustment, if any, which
will be required as a result of such action. Such notice shall be so given in
the case of any action covered by clause (a) above at least 20 days prior to the
record date for determining holders of the Common Stock for purposes of such
action, and in the case of any other such action, at least 20 days prior to the
date of the taking of such proposed action or the date of participation therein
by the holders of Common Stock, whichever shall be the earlier.

NOTICE OF EXPIRATION DATE

6.3 Issuer shall give to each Warrant Holder notice of the Expiration Date. Such
notice may be given by Issuer not less than 30 days but not more than 60 days
prior to the Expiration Date; PROVIDED, HOWEVER, that if Issuer fails to give
timely notice, the Expiration Date will be extended to the date which is 30 days
after the day on which such notice is given.

RESERVATION AND AUTHORIZATION OF COMMON STOCK

7. Issuer shall at all times reserve and keep available for issue upon the
exercise or conversion of Warrants such number of its authorized but unissued
shares of Common Stock of both classes as will be sufficient to permit the
exercise in full of all outstanding Warrants. Issuer shall not amend its
certificate of incorporation in any respect relating to the Common Stock other
than to increase or decrease the number of shares of authorized capital stock
(subject to the provisions of the preceding sentence) or to decrease the par
value of any shares of Common Stock. All shares of Common Stock which shall be
so issuable, when issued upon exercise of any Warrant and payment of the
applicable

                                                                         Page 42
<PAGE>

Exercise Price therefor in accordance with the terms of this Warrant, shall be
duly and validly issued, fully paid and nonassessable and free and clear of any
Liens.

Before taking any action which would result in an adjustment in the number of
shares of Common Stock comprising a Stock Unit or which would cause an
adjustment reducing the Current Warrant Price per share of Common Stock below
the then par value, if any, of the shares of Common Stock issuable upon exercise
of the Warrants, Issuer shall take any corporate action which is necessary in
order that Issuer may validly and legally issue fully paid and nonassessable
shares of Common Stock free and clear of any Liens upon the exercise of all the
Warrants immediately after the taking of such action.

Before taking any action which would result in an adjustment in the number of
shares of Common Stock comprising a Stock Unit or in the Current Warrant Price
per share of Common Stock, Issuer 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.

Issuer will list on each national securities exchange on which any Common Stock
may at any time be listed, subject to official notice of issuance upon exercise
of the Warrants, and will maintain such listing of, all shares of Common Stock
from time to time issuable upon the exercise of the Warrants. Issuer will also
so list on each national securities exchange, and will maintain such listing of,
any Other Securities if at the time any securities of the same class shall be
listed on such national securities exchange by Issuer.

TAKING OF RECORD: STOCK AND WARRANT TRANSFER BOOKS

8.(a) In the case of all dividends or other distributions by Issuer to the
      holders of its Common Stock with respect to which any provision of Section
      4 and Section 5.2 refers to the taking of a record of such holders, Issuer
      shall in each such case take such a record as of the close of business on
      a Business Day.

(b)   Issuer shall not at any time, except upon complete dissolution,
      liquidation or winding up, close its stock transfer books or Warrant
      transfer books so as to result in preventing or delaying the exercise,
      conversion or transfer of any Warrant, unless otherwise required by any
      applicable federal, state or local law.

EXPENSES, TRANSFER TAXES AND OTHER CHARGES

9. Issuer shall pay any and all expenses, transfer taxes and other charges,
including all costs associated with the preparation, issue and delivery of stock
or warrant certificates, that are incurred in respect of the issuance or
delivery of shares of Common Stock upon exercise or conversion of this Warrant
pursuant to Section 2, or in connection with any transfer, division or
combination of Warrants pursuant to Section 3. Issuer shall not, however, be
required to pay any tax which may be payable in respect of any transfer involved
in the issue and delivery of shares of Common Stock in a name other than that in
which this Warrant is registered, and no such issue or delivery shall be made
unless

                                                                         Page 43
<PAGE>

and until the Person requesting such issue has paid to Issuer the amount of any
such tax, or has established, to the satisfaction of Issuer, that such tax has
been paid.

NO VOTING RIGHTS

10. This Warrant shall not entitle Holder to any voting or other rights as a
stockholder of Issuer.

PUT RIGHTS

11. This Warrant is subject to certain Put Rights contained in Section 6 of the
Warrant Agreement.

MISCELLANEOUS

OFFICE OF ISSUER

12.1 So long as any of the Warrants remains outstanding, Issuer shall maintain
an office in the continental United States of America where the Warrants may be
presented for exercise, transfer, division or combination as in this Warrant
provided. Such office shall be at VeraSun Energy Corporation, 100 22nd Avenue,
Brookings, South Dakota 57006, unless and until Issuer shall designate and
maintain some other office for such purposes and give notice thereof to all
Warrant Holders.

NOTICES GENERALLY

12.2 Any notices and other communications pursuant to the provisions hereof
shall be sent in accordance with Section 9.3 of the Warrant Agreement.

RESTRICTIONS ON TRANSFERABILITY

12.3 The Warrants and the Warrant Stock shall be transferable only upon
compliance with the conditions specified in Section 4 of the Warrant Agreement
and the Shareholder Agreement therein referred to, which conditions are intended
to ensure compliance with the provisions of the Securities Act in respect of the
transfer of any Warrant or any Warrant Stock, and any Holder shall be bound by
the provisions of (and entitled to the benefits of) said Section 4 and said
Shareholder Agreement.

GOVERNING LAW

12.4 This Warrant shall be governed by, and construed in accordance with, the
law of the State of New York.

LIMITATION OF LIABILITY

12.5 No provision hereof, in the absence of affirmative action by Holder to
purchase shares of Common Stock, and no mere enumeration herein of the rights or
privileges of

                                                                         Page 44
<PAGE>

Holder, shall give rise to any liability of Holder for the Exercise Price or as
a stockholder of Issuer, whether such liability is asserted by Issuer, by any
creditor of Issuer or any other Person.

FAIR MARKET VALUE DETERMINATIONS BY THE BOARD

12.6 Whenever the Board determines fair market value, Convertible Security Value
or the Fair Market Value of the Common Stock pursuant to this Warrant, or a firm
of independent public accountants opines as to an adjustment pursuant to Section
4.7, any such determination or opinion shall be subject to the reasonable
approval of the Majority Warrant Stockholders.

CONVERSION OF WARRANTS

13. On and after the date hereof and prior to the Expiration Date, this Warrant
may be converted, in whole or in part, at the option of Holder, into the number
of shares of Common Stock, for each Stock Unit evidenced by this Warrant which
is being so converted, equal to the product of (a) the number of shares of
Common Stock comprising a Stock Unit at the time of such conversion, and (b) the
Current Market Price per share of Common Stock at the time of such conversion
minus the Exercise Price of the Warrant at the time of such conversion, divided
by (c) the Current Market Price per share of Common Stock at the time of such
conversion.

                                                                         Page 45
<PAGE>

IN WITNESS WHEREOF, Issuer has duly executed this Warrant.

VERASUN ENERGY CORPORATION
(ORGANIZATIONAL IDENTIFICATION # DB050019)

By---------------------------------
Name:
Title:

                                                                         Page 46
<PAGE>

                                                                         ANNEX A

                                FORM OF EXERCISE

                (To be executed by the registered holder hereof)

The undersigned registered owner of this Warrant irrevocably exercises this
Warrant for the purchase of Stock Units of VeraSun Energy Corporation, a South
Dakota corporation with an organizational identification number of DB050019, and
herewith makes payment therefor, all at the price and on the terms and
conditions specified in this Warrant, and requests that (i) certificates and/or
other instruments covering such Stock Units be issued in accordance with the
instructions given below and (ii) if such Stock Units shall not include all of
the Stock Units to which Holder is entitled under this Warrant, that a new
Warrant of like tenor and date for the unpurchased balance of the Stock Units
issuable hereunder be delivered to the undersigned.

Dated: -------------------------------

---------------------------------
(Signature of Registered Holder)

Instructions for issuance and registration of Stock Units:

----------------------------------
Name of Registered Holder
(please print)

Social Security or other Identifying Number:

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

Please deliver certificate to the following address:

----------------------------------
             Street

----------------------------------
         City, State and Zip Code

                                                                         Page 47
<PAGE>

                                                                         ANNEX B

                               FORM OF ASSIGNMENT

                (To be executed by the registered holder hereof)

FOR VALUE RECEIVED the undersigned registered owner of this Warrant hereby
sells, assigns and transfers unto the assignee named below all the rights of the
undersigned under this Warrant with respect to the number of Stock Units covered
thereby set forth hereinbelow unto:

                                                             Number of
Name of Assignee                    Address                  Stock Units
----------------                    -------                  -----------

Dated:  --------------------------

----------------------------------
Signature of Registered Holder

----------------------------------
Name of Registered Holder (Please Print)

                                                                         Page 48
<PAGE>

                                                    ANNEX 2 TO WARRANT AGREEMENT
                                                           SHAREHOLDER AGREEMENT

                                                                          Page 1
<PAGE>

                                                    ANNEX 3 TO WARRANT AGREEMENT

                           [FORM OF JOINDER AGREEMENT]

JOINDER AGREEMENT, dated the date set forth below, between VERASUN ENERGY
CORPORATION, a South Dakota corporation with an identification number of
DB050019 (the ISSUER) and the undersigned stockholders of the Issuer.

A.    Reference is made to that certain Warrant Agreement dated as of October
      14, 2005 (as modified and supplemented and in effect from time to time,
      the WARRANT AGREEMENT) between the Issuer and Teachers Insurance and
      Annuity Association of America. Each capitalized term used but not defined
      herein shall have the meaning assigned to such term in the Warrant
      Agreement.

[B.   Section 7.1(c) of the Warrant Agreement requires that each of the Issuer's
      Stockholders execute and deliver to Issuer and each Holder this Joinder
      Agreement.]

[B.   Section 7.1(c) of the Warrant Agreement requires that certain transferees
      of shares of Common Stock execute and deliver to the Issuer and each
      Holder this Joinder Agreement.]

In consideration of the foregoing and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the undersigned
hereby agrees that:

1.    The undersigned[: (a) is delivering this Joinder Agreement pursuant to
      Section 7.1(c) of the Warrant Agreement]; and (b) acknowledges receipt of
      a copy of the Warrant Agreement.

2.    The undersigned hereby agrees: (a) to be bound by the provisions of
      Section 7 of the Warrant Agreement and of Section 7 of the Shareholder
      Agreement; (b) to be bound by the covenants in the Warrant Agreement
      applicable to it; and (c) to be treated as a Stockholder for all purposes
      thereof.

3.    In the case of the Persons delivering this Joinder Agreement pursuant to
      Section 7.1(c) of the Warrant Agreement: the undersigned hereby agree to
      be bound by the provisions of Section 8.6 of the Warrant Agreement.

                                                                          Page 2
<PAGE>

IN WITNESS WHEREOF, the undersigned has signed this Joinder Agreement on the
date set forth below.

Date: --------------------      -----------------

[Description of transferred
securities, name of
transferor, and date of
transfer:

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

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

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

--------------------------]

Acknowledged and Agreed to
as of the date written
above:

VERASUN ENERGY CORPORATION
(ORGANIZATIONAL IDENTIFICATION # DB050019)

By -----------------------
Name:
Title:

                                                                          Page 3

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