Document:

Purchase Agreement, dated as of March 31, 2008

 Exhibit 10.1 
 PURCHASE AGREEMENT 
 THIS PURCHASE AGREEMENT (the “Agreement”) dated this 31st day
of March, 2008 (the “Effective Date”), is entered into by and between CHS Inc. (“Buyer”) and US BioEnergy Corporation (“Seller”). 
 RECITALS 
 WHEREAS, Seller and VeraSun Energy Corporation (“VeraSun”) have agreed to a plan
of merger to be effective in the first quarter of 2008, and as a result of such merger VeraSun will be performing the marketing of renewable fuels on behalf of the Seller’s ethanol production facilities; 
 WHEREAS, as a result of this impending merger Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, Seller’s fifty percent
(50%) membership interest in Provista Renewable Fuels Marketing, LLC (the “Company”) to be represented by 500 units in said limited liability company on the terms and conditions set forth herein. 
 NOW THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, Seller and Buyer hereby agree as follows: 
 1. Purchase and Sale of Membership Interest. On the terms and
subject to the conditions of this Agreement, on March 31, 2008 (the “Effective Date”) Seller hereby agrees to sell, transfer and deliver to Buyer, and Buyer hereby agrees to purchase from Seller 100% of Seller’s right, title and
interest in Seller’s membership interest in the Company (the “Membership Interest”) such that subsequent to the purchase, Buyer will hold 100% of the membership interest in the Company, in exchange for the Purchase Price, as defined
below. 
 2. Purchase Price. The Purchase Price for the Membership Interest shall be determined ten (10) days after the Effective
Date, and shall be an amount equal to fifty percent (50%) of the Company’s Tangible Net Worth as of Effective Date less the Deposit Amount (as defined herein) (the “Purchase Price”). The formula for determining Tangible Net Worth
is set forth in Exhibit A attached hereto and incorporated herein. 
 The Purchase Price shall be reduced by Seven Hundred and no/100 Dollars
($700,000.00), and Buyer shall pay the same amount to GATX Corporation (“GATX”) on April 1, 2008 to be held in trust by GATX (the “Deposit Amount”) in order for GATX to provide an unconditional consent to the assignment of
rail cars from Company to Seller under the Assignment and Assumption of Lease dated March 31, 2008 by and between Company and Seller (the “Assignment”) as further described in Section 9(a)(i). Seller agrees to use its best
efforts to promptly substitute a letter of credit or other suitable guaranty of payment to GATX to secure its obligations under the Assignment. Buyer shall use commercially reasonable efforts to seek the return of Deposit Amount once notified by
GATX or Seller that Seller has a satisfactory form of credit in place. Buyer agrees to return the Deposit Amount to Seller, less any actual charges, GATX offsets or expenses incurred, within three (3) business days of Buyer’s actual
receipt of the Deposit Amount from GATX and upon written confirmation by GATX that Seller has satisfied GATX’s credit requirements under the Assignment. 
  

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 Buyer shall pay Seller the Purchase Price ten (10) days after the Effective Date by delivery of a
wire transfer to an account designated by Seller or by delivery of a cashiers check payable to Seller. 
 3. Adjustment Loss
Reimbursement. 
 (a) Seller shall reimburse the Company 100% of any Adjustment Loss, as herein defined, by wire transfer within 10 days
of the realization of an Adjustment Loss, provided that following the Effective Date, Buyer shall cooperate with Seller and use commercially reasonable efforts to mitigate the extent of any Adjustment Loss and liability associated therewith,
and further provided that Seller shall have sole authority with respect to the retention of counsel shall manage the defense of, and shall have sole discretion as to whether and on what terms to settle any matter which would be deemed an Adjustment
Loss. 
 (b) For the purposes of this Agreement, an “Adjustment Loss” shall be any liability, loss, damage, obligation or expense,
including attorneys’ fees and costs and any other expenses whatsoever, arising out of the compromise, settlement, litigation or liquidation of any claim related to or in connection with (i) Amaizing Energy, LLC; (ii) North Country
Ethanol, LLC; or (iii) any contracts of the Company entered into prior to March 31, 2006, if Seller had knowledge of potential Losses relating to such contracts prior to December 31, 2006. 
 4. Non-Solicitation and Non-competition. 
 (a) Non-Solicitation by VeraSun and Seller. For a period of one (1) year from the Effective Date, neither VeraSun nor Seller will, directly or indirectly, contact, solicit for employment, seek to employ or interfere with the
relationship Buyer has with any of Buyer’s employees that are employed by the Buyer on the Effective Date; provided, however, that the foregoing shall not apply to any employees of Buyer who are involuntarily terminated by Buyer. In the event
the Seller hires an employee of Buyer who was not involuntarily terminated by the Buyer, VeraSun shall pay to the Buyer one hundred percent (100%) of such employee’s annual base salary for the most recently completed calendar year as
liquidated damages. The payment of this amount of liquidated damages shall be the Company’s and Buyer’s sole and exclusive remedy for a breach of this Section. 
 (b) Non-Solicitation by Buyer. For a period of one (1) year from the Effective Date, the Buyer will not, directly or indirectly, contact, solicit for employment, seek to employ or interfere with the relationship
VeraSun or Seller has with any of their employees employed on the Effective Date for positions within the Company only; provided, however, that the foregoing shall not apply to any employees of VeraSun or Seller who are involuntarily terminated by
VeraSun or Seller. In the event the Buyer hires an employee of Seller or VeraSun to work in a position in the Company who was not involuntarily terminated by the Seller or VeraSun, Buyer shall pay to Seller or VeraSun one hundred percent
(100%) of such employee’s annual base salary for the most recently completed calendar year as liquidated damages. The payment of this amount of liquidated damages shall be VeraSun’s and Seller’s sole and exclusive remedy for a
breach of this Section. 
  

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 (c) Non-competition. For a period of one (1) year from the Effective Date, neither VeraSun nor
Seller will, directly or indirectly, provide marketing services for ethanol produced by third parties; provided, however, that VeraSun, Seller or Affiliates of VeraSun or Seller, may engage in the (i) marketing of ethanol produced by Seller,
VeraSun, or any of their respective subsidiaries or Affiliates, (ii) marketing of ethanol purchased by Seller, VeraSun, or any of their respective subsidiaries for its own account for marketing and resale; and (iii) marketing of ethanol
produced by a third party, so long as the marketing relationship, agreement or other arrangement relating to the marketing of such third party’s ethanol by Seller, VeraSun, or any of their respective Affiliates was acquired, assumed or was
otherwise the extension of a business line acquired or assumed in connection with Seller, VeraSun, or any of their respective Affiliates acquiring all or substantially all of the business or assets of a company that has both production and
third-party marketing components and is not a Pure-Play Marketer of ethanol. Affiliate is defined as an individual or an entity who controls, is controlled by or is under common control with VeraSun or Seller. For purposes of this definition,
“control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Affiliate. A Pure-Play Marketer is a marketer that is solely engaged in the marketing of ethanol,
biodiesel, renewable fuels and other petroleum products and does not market for a production facility it owns or is owned by an Affiliate of the Pure-Play Marketer. 
 (d) VeraSun and Seller acknowledge and agree that the restrictive covenants set forth in Section 4 of this Agreement are reasonable and appropriate in light of Buyer’s payment of substantial funds to Seller
and VeraSun. Seller and VeraSun agree that they will never seek to challenge the temporal or geographic scope of these restrictive covenants in any lawsuit, arbitration or other legal action brought where any of the claims or defense arise out of or
relate to this Agreement. However, if any court having jurisdiction shall at any time hereafter hold these restrictions to be unenforceable or unreasonable, whether as to scope or period of time specified herein, and if such court shall declare or
determine the scope or period of time which it deems to be reasonable, such scope or period of time shall be deemed to be reduced to that declared or determined by said court to be reasonable. 
 (e) VeraSun and Seller each recognize that in the event of violation of the terms of Section 4(c), Buyer will suffer irreparable damages and that it
will be difficult if not impossible to compute actual damages sustained by Buyer as the result of such unauthorized competition. Therefore, the parties agree that Buyer shall be entitled to liquidated damages of one million dollars ($1,000,000) in
the event of a breach by Seller, VeraSun or any of their respective Affiliates as it concerns Section 4(c) of this Agreement. The payment of this amount of liquidated damages shall be the Company’s and Buyer’s sole and exclusive
remedy for a breach of Section 4(c). 
 (f) If on October 1, 2008 the Company is not the sole and exclusive marketer for ethanol
production facilities that, in the aggregate, are capable of producing at least two hundred fifty million (250,000,000) gallons of ethanol on an annualized basis, the terms, conditions, covenants and restrictions set forth in this
Section 4 shall terminate and be of no further effect. 
  

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 5. Beatrice Biodiesel, LLC. The Company and Beatrice Biodiesel, LLC (“Beatrice”) entered
into an Agreement Regarding Biodiesel Sales and Marketing Agreement dated April 28, 2006 (“Biodiesel Agreement”) whereby the Company entered into rail car leases in the Company’s name for Beatrice’s use in exchange for
Beatrice’s payment of the rail car lease rental charges (the “RC Rent”). The specifics of the Beatrice lease terms are set forth in Exhibit B. Buyer and Seller are aware that Beatrice is delinquent in RC Rent as of the date of
this Agreement, and Beatrice’s future as an ongoing business is uncertain. As such, the parties agree that the Purchase Price will be reduced by an amount equal to fifty percent (50%) of Beatrice’s current RC Rent outstanding and
owing as of the Effective Date (the “Beatrice Receivable”). In the event Buyer recovers any of the Beatrice Receivable, it shall pay to Seller 50% of such amount, less 50% of any costs incurred in recovering such monies. In addition,
Seller covenants that it will accept the assignment of and assume liability for 70 of the 140 rail cars leased to Beatrice under the Trinity Railroad Car Lease Agreement referenced in Section 9(a)(iii), and obtain Trinity’s consent to the
assignment and release Buyer from any obligations related to those cars. Seller will enter into an Assignment in the form set forth in Exhibit C. 
 6. Company and US BioEnergy Corporation Marketing Agreement, Management Agreement, and Operating Agreement. 
 (a) Marketing Agreement. The parties agree that notwithstanding anything contained in the Agreement Regarding Ethanol Sales and Marketing dated March 31, 2006 by and between the Company and Seller, as amended by Amendment
No. 1 effective as of March 31, 2006 (the “Marketing Agreement”), Company shall, for the remaining term of the Marketing Agreement, waive any requirement that Seller cause any subsidiary (either presently existing or later
acquired) to enter into a marketing agreement on substantially similar terms as the Marketing Agreement. For clarification, and without limiting the generality of the foregoing sentence, Seller shall not be required to cause US Bio Hankinson, LLC,
US Bio Marion, LLC, US Bio Janesville, LLC or US Bio Dyersville, LLC, VeraSun or any subsidiary of VeraSun to enter into marketing agreements with Company. The Company and Seller agree that notwithstanding anything to the contrary in the Marketing
Agreement or in any similar agreement between a Facility (as that term is defined in the Marketing Agreement) and the Company (each a “Subsidiary Marketing Agreement”), the Marketing Agreement and each Subsidiary Marketing Agreement shall
not renew automatically as provided in Section II.A of the Marketing Agreement and each Subsidiary Marketing Agreement, but shall be hereby amended without further action to be terminable upon 60 days notice by Seller, the Facility or Company;
provided that no such notice may be given by any party prior to June 30, 2008. Company hereby consents pursuant to Section IV.I of the Marketing Agreement and each Subsidiary Marketing Agreement to any assignment deemed to take place as a
result of the merger between Seller and VeraSun. 
 (b) Management Agreement. The parties agree that as of the Effective Date, the
Management Agreement dated March 31, 2006 by and between the Company and Seller, shall be terminated. 
 (c) Operating Agreement.
Buyer hereby waives compliance with Section 10.1 of the Operating Agreement by and between Seller and Buyer dated March 31, 2006 caused by the marketing of ethanol by Seller or VeraSun. As of the Effective Date, Seller shall transfer its
Membership Interest to Buyer, and the parties agree that such transfer shall be a permitted transfer under Section 8.2 of the Operating Agreement. 
  

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 7. Seller’s Representations and Warranties. As a material inducement to the Buyer to enter
into this Agreement and with the understanding that the Buyer shall be relying thereon in consummating the sale and purchase contemplated hereunder, Seller hereby represents and warrants as follows: 
 (a) Owner of Membership Interest; No Encumbrances. Seller represents and warrants that, immediately prior to the Effective Date, the Seller is the
holder of record of its 50% Membership Interest of the Company. Seller represents and warrants that the Membership Interest will be transferred to Buyer free and clear of all claims, restrictions, security interests, liens and encumbrances of any
kind. Seller represents and warrants that Seller has the right to sell and convey the Membership Interest to Buyer and Seller agrees to warrant and defend the sale of the Membership Interest to Buyer against any and all persons who claim title to
the Membership Interest. 
 (b) No Breach; No Consents Required. The execution, delivery and performance by Seller of this Agreement
and other agreements, documents and instruments contemplated hereby, the consummation of the transactions contemplated hereby or thereby, and the performance or observance by Seller of any of the terms or conditions hereof or thereof, will not
(a) conflict with, or result in a breach or violation of the terms or conditions of, or constitute a default under, or result in the creation of any lien on any of Seller’s assets pursuant to the constituting documents of Seller, any award
of any arbitrator, or any material indenture, contract or agreement (including any agreement with Seller’s members), instrument, order, judgment, decree, statute, law, rule or regulation to which the Company or its assets is subject; or
(b) require of Seller any filing or registration with, or any consent or approval of, any federal, state or local governmental agency or authority. 
 (c) Valid, Binding Agreements. 
 (i) US Bio Plants. Each agreement between the Company and 1)
US Bio Albert City, LLC, 2) US Bio Woodbury, LLC, 3) US Bio Ord, LLC, and 4) Platte Valley Ethanol, LLC (“US Bio Contracts”) is a valid and binding agreement, enforceable in accordance with its terms, except as the enforceability thereof
may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and to judicial limitations on the enforcement of the remedy of specific performance and other
equitable remedies. There does not exist under any event of default or event or condition that, after notice or lapse of time or both, would constitute a violation, breach or event of default thereunder on the part of the Company as it pertains to
any US Bio Contract. No consent of any third party is required under any US Bio Contract as a result of or in connection with, and the enforceability of any US Bio Contract will not be affected in any manner by, the execution, delivery and
performance of this Agreement or the consummation of the transactions contemplated hereby. 
  

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 (d) Authorization. Seller has the requisite corporate power and authority to enter into this
Agreement and to perform its obligations hereunder. The execution and delivery of this Agreement by Seller and the consummation by Seller of the transactions contemplated hereby have been duly authorized by Seller, and no other proceeding on the
part of Seller is necessary to authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby. This Agreement has been duly executed and delivered by Seller and constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the enforcement of creditors’ rights
generally and to judicial limitations on the enforcement of the remedy of specific performance and other equitable remedies. 
 (e)
General. The representations and warranties contained in this Section 7 shall be correct in all respects on and as of the Effective Date with the same force and effect as if such representations and warranties had been made on and as of
the Effective Date. 
 8. Buyer’s Representations and Warranties. As a material inducement to the Seller to enter into this
Agreement and with the understanding that the Seller shall be relying thereon in consummating the sale and purchase contemplated hereunder, Buyer hereby represents and warrants as follows: 
 (a) No Breach; No Consents Required. The execution, delivery and performance by Buyer of this Agreement and other agreements, documents and
instruments contemplated hereby, the consummation of the transactions contemplated hereby or thereby, and the performance or observance by Buyer of any of the terms or conditions hereof or thereof, will not (a) conflict with, or result in a
breach or violation of the terms or conditions of, or constitute a default under, or result in the creation of any lien on any of Buyer’s assets pursuant to the constituting documents of Buyer, any award of any arbitrator, or any material
indenture, contract or agreement, instrument, order, judgment, decree, statute, law, rule or regulation to which the Company or its assets is subject; or (b) require of Buyer any filing or registration with, or any consent or approval of, any
federal, state or local governmental agency or authority. 
 (b) Authorization. Buyer has the requisite corporate power and authority
to enter into this Agreement and to perform its obligations hereunder. The execution and delivery of this Agreement by Buyer and the consummation by Buyer of the transactions contemplated hereby have been duly authorized by Buyer’s authorized
representatives, and no other proceeding on the part of Buyer is necessary to authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby. This Agreement has been duly executed and delivered by Buyer
and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting
the enforcement of creditors’ rights generally and to judicial limitations on the enforcement of the remedy of specific performance and other equitable remedies. 
 (c) General. The representations and warranties contained in this Section 8 shall be correct in all respects on and as of the Effective Date with the same force and effect as if such representations and
warranties had been made on and as of the Effective Date. 
  

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 9. Buyer’s Conditions to Closing. The obligations of the Buyer to consummate the transactions
provided for hereby are, at the Buyer’s discretion, subject to the satisfaction, on or prior to the Effective Date, of each of the following conditions: 
 (a) Rail Car Lease Assignments, Consents, and CIT Schedules.  
 (i) Assignments and
Consents. The following rail car lease agreements shall be assigned to the Seller, along with the requisite lessors’ consents to the assignment, in the same form attached hereto as Exhibit C: (1) Car Service Contract No. 4752
dated June 1, 2003, as amended, by and between the Company and GATX Corporation, along with a letter from GATX Corporation confirming satisfaction of credit by Seller; and (2) Railroad Car Lease Agreement dated June 8, 2006 by and
between the Company and Trinity Industries Leasing Company. 
 (ii) CIT Schedules. Seller shall provide to Buyer fully
executed copies of Schedule Nos. 6, 7 and 8 to the master railcar lease agreement by and between Seller and CIT GROUP/EQUIPMENT FINANCING, INC. (“CIT”). 
 (b) Amendment to Marketing Agreements. Seller shall execute and provide to Buyer on the Effective Date Amendment No. 2 to the Agreement Regarding Ethanol Sales and Marketing Agreements as it pertains to
each of the following facilities: (i) US Bio Albert City, LLC; (ii) US Bio Woodbury, LLC, (iii) Platte Valley Fuel, LLC, and (iv) US Bio Ord, LLC. 
 (c) Consents. All consents to the approval of this Agreement and the transactions contemplated hereby shall have been obtained, which shall include but is not limited to LaSalle Bank National Association
(“LaSalle”) under that certain Amended and Restated Loan and Security Agreement dated August 31, 2006 by and between LaSalle and Provista Renewable Fuels Marketing, LLC as subsequently amended (the “Security Agreement”).

 9.2 Seller’s Conditions to Closing. The obligations of the Seller to consummate the transactions provided for hereby are, at
the Seller’s discretion, subject to the satisfaction, on or prior to the Effective Date, of each of the following conditions: 
 (a)
Termination of LaSalle Guaranty. Buyer shall have obtained a termination of the Second Amended and Restated Guaranty dated November 2, 2007 by and between Seller and LaSalle provided pursuant to the Security Agreement. 
 10. Indemnification. 
 (a)
Seller. 
 (i) Seller agrees to defend, indemnify and hold harmless Buyer and its directors, officers, employees, agents, affiliates
and attorneys against all damages (including personal injuries and property damages), claims, liabilities, losses and expenses, including, without limitation, litigation costs and fees of attorneys and other professionals (“Losses”),
arising out of, resulting from or in connection with any and all breach of representation, warranty, covenant or undertaking by Seller hereunder; provided that with respect to the foregoing, Buyer agrees to provide notice of any breach or Loss as
soon as practicable and allow 

  

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Seller 30 days to cure any breach (if curable); provided that during such time, Seller shall diligently prosecute such cure. If such breach is not curable,
Buyer agrees to act reasonable to mitigate any Loss; provided, however, that Buyer shall not be responsible for failure to do so except to the extent that Seller can show by clear and convincing evidence that it was prejudiced by such failure of
Buyer. 
 (ii) Seller agrees to defend, indemnify and hold harmless the Company and its directors, officers, employees, agents, affiliates
and attorneys against (1) fifty (50%) percent of the Losses arising out of, resulting from, or in connection with the operations of the Company prior to and on the Effective Date except to the extent such Losses were reflected in the
Tangible Net Worth on the Effective Date; and (2) one hundred percent (100%) of any Adjustment Loss. 
 (b) Buyer.

 (i) Buyer agrees to defend, indemnify and hold harmless Seller and its directors, officers, employees, agents, affiliates and attorneys
against all (“Losses”), arising out of, resulting from, or in connection with (1) any and all breach of representation, warranty, covenant or undertaking by Buyer hereunder; or (2) the operations of the Company after the
Effective Date; provided that with respect to the foregoing subsection (1), Seller agrees to provide notice of any breach or Loss as soon as practicable and allow Buyer 30 days to cure any breach (if curable); provided that during such time, Buyer
shall diligently prosecute such cure. If such breach is not curable, Seller agrees to act reasonable to mitigate any Loss; provided, however, that Seller shall not be responsible for failure to do so except to the extent that Buyer can show by clear
and convincing evidence that it was prejudiced by such failure of Seller. 
 11. Survival. Sections 3, 4, 5, 6, 7, 8 and 10 shall
survive the Effective Date. 
 12. Assignment. Neither this Agreement nor any of the rights or obligations hereunder may be assigned
by any party without the prior written consent of the other parties, which consent may be withheld or provided in the sole discretion of each such party. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns, and no other person shall have any right, benefit or obligation under this Agreement as a third party beneficiary or otherwise. 
 13. Entire Agreement; Amendments and Waivers. This Agreement, together with all exhibits, constitutes the entire agreement among the parties
pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties. This Agreement may not be amended except by an instrument in writing signed on behalf
of each of the parties hereto. No amendment, supplement, modification or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 
 14. Multiple Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. 
  

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 15. Governing Law. This Agreement shall be governed by, and construed in accordance with, the
internal laws of the State of Minnesota without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of Minnesota. 
 16. Further Assurances. Seller and Buyer agree to execute and deliver other documents, certificates, agreements and other writings and to take
other actions as may be reasonable, necessary, or desirable in order to consummate or implement expeditiously the transactions contemplated by this Agreement and any agreement, document or instrument contemplated in this Agreement. 
 [Signature page follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date. 

 

			
	CHS INC.
		
	By:	 	 /s/ Donald W. Olson

	Name:	 	Donald W. Olson
	Title:	 	Senior VP – Refined Fuels
	
	US BIOENERGY CORPORATION
		
	By:	 	 /s/ Gordon W. Ommen

	Name:	 	Gordon W. Ommen
	Title:	 	President and CEO
	
	AS TO THOSE MATTERS CONTAINED IN SECTION 4:
	
	VERASUN ENERGY CORPORATION
		
	By:	 	 /s/ Danny C. Herron

	Name:	 	Danny C. Herron
	Title:	 	President and CFO
	
	AS TO THOSE MATTERS CONTAINED IN SECTIONS 4 AND 6:
	
	PROVISTA RENEWAL FUELS MARKETING, LLC
		
	By:	 	 /s/ Andrew M. Combs

	Name:	 	Andrew M. Combs
	Title:	 	Officer

  

 - 10 -EXHIBIT 4.1

                             SUBSCRIPTION AGREEMENT

                     For the Exercise of Rights To Purchase

                             Shares of Common Stock

                                       of

                               GILMAN CIOCIA, INC.
              Pursuant to the Prospectus Dated ______________, 2008

                    PLEASE CAREFULLY REVIEW THE INSTRUCTIONS

--------------------------------------------------------------------------------
SUBSCRIPTION RIGHTS WILL EXPIRE AT 5:00 P.M. EASTERN TIME ON ___________, 2008,
         UNLESS THE RIGHTS OFFERING PERIOD IS EXTENDED. NO SUBSCRIPTION
                     AGREEMENTS WILL BE ACCEPTED THEREAFTER.
--------------------------------------------------------------------------------

               The Subscription Agent for the Rights Offering is:

                         CORPORATE STOCK TRANSFER, INC.

             Deliver by Hand Delivery, Mail or Overnight Courier to:

                         Corporate Stock Transfer, Inc.
                                  Carylyn Bell
                    3200 Cherry Creek Drive South, Suite 4308
                                Denver, CO 80209

This Subscription Agreement represents a subscription to acquire the number of
shares of common stock of Gilman Ciocia, Inc. set forth herein at a subscription
price of $0.10 per share for the total subscription price set forth herein. The
registered owner named below is entitled to subscribe for full shares of common
stock pursuant to subscription rights granted to stockholders upon the terms and
conditions set forth in our Prospectus dated __________, 2008 (the
"Prospectus"). For each share of common stock subscribed for, the subscription
price of $0.10 must be forwarded to the Subscription Agent.

DELIVERY OF THIS SUBSCRIPTION AGREEMENT TO AN ADDRESS OTHER THAN AS SET FORTH
ABOVE WILL NOT CONSTITUTE A VALID DELIVERY TO THE SUBSCRIPTION AGENT FOR THE
RIGHTS OFFERING.

YOU MUST COMPLETE AND SIGN THIS SUBSCRIPTION AGREEMENT IN THE APPROPRIATE SPACES
PROVIDED BELOW ON PAGES 4-5, WITH SIGNATURE GUARANTEE IF REQUIRED, AND COMPLETE
AND SIGN THE SUBSTITUTE FORM W-9, ON PAGE 6, BEFORE DELIVERING TO THE
SUBSCRIPTION AGENT.

PLEASE READ THE ENTIRE SUBSCRIPTION AGREEMENT, INCLUDING THE ACCOMPANYING
INSTRUCTIONS, CAREFULLY BEFORE COMPLETING THIS SUBSCRIPTION AGREEMENT.

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
        Name(s) and Address(es) of Registered Holder(s)                      Total Number of Shares
 (Please fill in, if blank, Exactly as Name(s) and Address(es)             Owned as of April 14, 2008
                Appear(s) On Share Certificate                                    (Record Date)
-----------------------------------------------------------------------------------------------------
<S>     <C>                                                                      <C>

-----------------------------------------------------------------------------------------------------
</TABLE>

      Gilman Ciocia, Inc. is conducting a rights offering (the "Rights
Offering") in which the holders of our common stock as of the close of business
on the record date of April 14, 2008 (the "Record Date") will receive one (1)
subscription right (a "Right") for every share of our common stock held. Each
Right you have entitles you to subscribe for up to four (4) shares of our common
stock. These are your "Basic Subscription Rights." As set forth in the
Prospectus, certain holders of our common stock as of the Record Date have
agreed not to participate in the Rights Offering.

      If any shares of common stock are not purchased by other stockholders
through the exercise of their Basic Subscription Rights, you may be able to
purchase additional shares by the exercise of your over-subscription rights
(hereafter referred to as the "Over-Subscription Right"). Your Over-Subscription
Right entitles you to purchase an unlimited number of additional shares of our
common stock, subject to the availability of such additional shares after all
Basic Subscription Rights have been exercised. These limitations are described
in our Prospectus in the section entitled "The Rights Offering" under the
subsections "The Subscription Rights-Over-Subscription Rights".

      We will only permit you to exercise your Over-Subscription Right if:

      o     you have exercised your Basic Subscription Rights in full, and

      o     the aggregate payment delivered or transmitted by you equals or
            exceeds the aggregate price you must pay to purchase all shares you
            are entitled to purchase upon the exercise of your Basic
            Subscription Rights and that you have indicated you would like to
            purchase upon exercise of your Over-Subscription Right.

      For a more complete description of the terms and conditions of the Rights
Offering, please refer to the Prospectus, which is incorporated herein by
reference. Copies of the Prospectus are available upon request from the
Information Agent for the offering, Innisfree M&A Incorporated at (888) 750-5834
or Ted Finkelstein, Vice President and General Counsel of Gilman Ciocia, Inc.,
at (845) 485-5278.

      Corporate Stock Transfer, Inc., our subscription agent for the Rights
Offering must receive this Subscription Agreement with payment in full by 5:00
p.m., Eastern Time, on the expiration date of the Rights Offering, which is
______________, 2008, unless further extended by Gilman Ciocia, Inc. in its
discretion (the "Expiration Date").

      Any Rights not exercised as of the Expiration Date will expire and no
longer be exercisable. Any exercise of a Right for shares of our common stock in
the Rights Offering is irrevocable. We will issue certificates representing
shares of our common stock purchased in the Rights Offering as soon as
practicable after the earlier to occur of (i) the subscription agent releasing
the funds to the Company for such purchase and (ii) the Expiration Date.

      We encourage you to review the Prospectus as well as the instructions set
forth herein before exercising your Rights. The Rights are not assignable or
transferable.

              [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

                                       2
<PAGE>

RIGHTS HOLDER REPRESENTATIONS AND ACKNOWLEDGMENTS

      As an inducement to Gilman Ciocia, Inc. to accept this Subscription
Agreement, the undersigned hereby acknowledges, understands and agrees as
follows:

            (a) The undersigned was a stockholder of record or the beneficial
owner of shares of Gilman Ciocia, Inc. on April 14, 2008.

            (b) The Subscription Agreement and the exercise of Rights evidenced
by the Subscription Agreement may be rejected, in whole or in part, at the sole
discretion of Gilman Ciocia, Inc. In the event that this Subscription Agreement,
and the exercise of rights evidenced by the Subscription Agreement, is rejected
by Gilman Ciocia, Inc. for whatever reason, all funds that the undersigned has
paid pursuant to this Subscription Agreement will be promptly returned, without
interest thereon, as soon as practicable after such rejection.

            (c) The representations, warranties, agreements and information
provided by the undersigned herein shall be relied upon by Gilman Ciocia, Inc.
when issuing shares of its common stock upon the exercise of the Basic
Subscription Rights and Over-Subscription Right of the undersigned.

            (d) This Subscription Agreement shall be binding upon and inure to
the benefit of the undersigned's heirs, successors and representatives. The
undersigned shall not transfer or assign his, her or its interest under this
Subscription Agreement.

            (e) This Subscription Agreement shall be construed in accordance
with and governed by the laws of the State of New York, without regard to choice
of law principles.

            (f) All information contained in this Subscription Agreement with
respect to the undersigned shall be true, accurate and complete on the date of
this Subscription Agreement and on the date that this Subscription Agreement is
accepted by Gilman Ciocia, Inc. The undersigned shall indemnify and hold
harmless Gilman Ciocia, Inc. and its directors, officers, employees and agents
from and against all claims, losses, damages and liabilities, including without
limitation reasonable attorneys' fees and costs, resulting from or arising out
of any misrepresentation or any inaccuracy in or breach of any statement or
provision by the undersigned contained in this Subscription Agreement.

              [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

                                       3
<PAGE>

Section 1 -- SUBSCRIPTION

      The undersigned hereby irrevocably subscribes for the number of shares of
common stock of Gilman Ciocia, Inc. as indicated below, on the terms specified
in the related Prospectus receipt of which is hereby acknowledged.

      a. Basic Subscription Rights:     ___________ Shares subscribed for

      b. Over-Subscription Right:       ___________ Shares subscribed for

      c. Total Shares Subscribed for    ___________ Shares

                        (a + b):

      d. Total Cost (c x $0.10):       $___________

      By exercising the Over-Subscription Right, the undersigned represents and
certifies that the undersigned has fully exercised his or her Basic Subscription
Rights.

Section 2 -- METHOD OF PAYMENT (CHECK THE APPROPRIATE BOX): (Please note,
personal checks are not accepted.)

      |_|   Cashier's or certified check, bank draft or money order payable to
            "Corporate Stock Transfer, Inc., as agent for Gilman Ciocia, Inc.";
            or

      |_|   Wire transfer of immediately available funds to the following :

            _________________________________________________

            _________________________________________________

            (if paying by wire transfer, please complete the following):

            _________________________________________________
            Name and ABA Routing # of the originating bank

            _________________________________________________
            Date of wire transfer

Section 3 -- IF THE COMMON STOCK CERTIFICATE IS TO BE ISSUED IN A NAME(S)
DIFFERENT FROM THE COVER PAGE OR IF THE ADDRESS FOR DELIVERY OF COMMON STOCK
CERTIFICATE IS DIFFERENT FROM THE COVER PAGE ABOVE PLEASE PROVIDE SUCH
INFORMATION (SEE INSTRUCTIONS FOR SIGNATURE GUARANTEE ON PAGES 5 AND 8 BELOW)

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

                                       4
<PAGE>

Section 4 -- SUBSCRIPTION AGREEMENT SIGNATURES

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

--------------------------------------------------------------------------------
                        (Signature(s) of Stockholder(s))

(Must be signed by registered holder(s) exactly as name(s) appear(s) on the
certificate(s) for the shares or on a security position listing or by person(s)
authorized to become registered holder(s) by certificates and documents
transmitted herewith. If signature is by a trustee, executor, administrator,
guardian, attorney-in-fact, officer of a corporation or other person acting in a
fiduciary or representative capacity, please provide the following information
and see Instruction 4.)

      Name(s) (Please Print):___________________________________________________

      Capacity (Full Title):____________________________________________________

      Address:__________________________________________________________________

      __________________________________________________________________________

      Daytime Area Code and Telephone Number:___________________________________

      Tax Identification or Social Security Number:_____________________________

          (Please complete and sign the Substitute Form W-9 on page 6)

                            GUARANTEE OF SIGNATURE(S)
                   (If Required - See Instruction 4 on page 8)

                     FOR USE BY FINANCIAL INSTITUTIONS ONLY.
                    PLACE MEDALLION GUARANTEE IN SPACE BELOW.

      Authorized Signature(s):__________________________________________________

      Name:_____________________________________________________________________
                                 (Please Print)

      Title:____________________________________________________________________

      Name of Firm:_____________________________________________________________

      Address:__________________________________________________________________

      __________________________________________________________________________
                               (Include Zip Code)

      Daytime Area Code and Telephone Number:___________________________________

      Dated:____________, 2008

                                       5
<PAGE>

Section 5    -- SUBSTITUTE FORM W-9

PLEASE CERTIFY YOUR TAXPAYER ID OR SOCIAL SECURITY NUMBER BY SIGNING BELOW.

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

If the Taxpayer ID Number printed above is INCORRECT or if the space is BLANK,
write in the CORRECT number here. / / / / / / / / /

Under penalties of perjury, I certify that:

1. The number shown on this form is my correct taxpayer identification number
(or I am waiting for a number to be issued to me), AND

2. I am not subject to backup withholding because: (A) I am exempt from backup
withholding, or (B) I have not been notified by the Internal Revenue Service
("IRS") that I am subject to backup withholding as a result of a failure to
report all interest or dividends, or (C) the IRS has notified me that I am no
longer subject to backup withholding, AND

3. I am a U.S. person (including a U.S. resident alien).

CERTIFICATION INSTRUCTIONS. You must cross out item 2 above if you have been
notified by the IRS that you are currently subject to backup withholding because
you have failed to report all interest and dividends on your tax return.

Signature:_____________________________         Date:___________________________

                                       6
<PAGE>

                 INSTRUCTIONS FOR USE OF SUBSCRIPTION AGREEMENT

      Each stockholder of Gilman Ciocia, Inc. has the right to subscribe for up
to four (4) shares of common stock for each full share of common stock of Gilman
Ciocia, Inc. owned of record at the close of business on the Record Date. The
number of shares of common stock you are entitled to subscribe for under your
Basic Subscription Rights is based upon the number of shares of common stock
owned of record on the Record Date which number appears on the front page of
this Subscription Agreement. The Subscription Price for each share of common
stock is $0.10 per share. See herein and the Prospectus for more detailed
information. You may also subscribe for shares of common stock pursuant to an
Over-Subscription Right. To exercise your Rights, you must complete and sign the
appropriate sections on pages 4-5 of this Subscription Agreement. If you wish to
exercise your Basic Subscription Rights and the Over-Subscription Right, you
must do so by completing and executing this Subscription Agreement as instructed
and complete and sign the Substitute Form W-9 on page 6 of this Subscription
Agreement and deliver such document together with payment in full of the total
Subscription Price for the Rights exercised by no later than 5:00 P.M. Eastern
Time on the Expiration Date. As described below, Rights are not transferable.

               TO EXERCISE YOUR RIGHTS-PLEASE COMPLETE AND RETURN
                           THE SUBSCRIPTION AGREEMENT

1.    Complete your Subscription.

      a.    Basic Subscription Rights. Enter the number of shares you intend to
            purchase under your Basic Subscription Rights. The maximum number of
            shares you may purchase under your Basic Subscription Rights appears
            on the front of the Subscription Agreement or can be calculated by
            multiplying the number of shares of common stock owned of record by
            you on the Record Date by the number 4.

      b.    Over-Subscription Right. Enter the number of shares you desire to
            purchase under your Over-Subscription Right. The Over-Subscription
            Right is available only if you have exercised all of your Basic
            Subscription Rights. The number of shares that will actually be
            purchased by you could be subject to a pro rata allocation in
            proportion to the total number of shares that you and other
            over-subscribing stockholders purchased through the Basic
            Subscription Rights, if there are not enough shares remaining after
            the exercise of all Basic Subscription Rights to completely fill all
            requests for purchases on Over-Subscription Right. However, if your
            pro rata allocation exceeds the number of shares you requested
            pursuant to the Over-Subscription Right, then you will receive only
            the number of shares that you requested, and the remaining shares
            from your pro rata allocation will be allocated among other
            stockholders exercising their Over-Subscription Right.

            When you send in your Subscription Agreement, you must also send the
            full purchase price for the number of additional shares that you
            have requested to purchase under your Over-Subscription Right (in
            addition to the payment due for shares purchased through your Basic
            Subscription Rights). Gilman Ciocia, Inc. has the discretion to
            issue less than the total number of shares that may be available for
            subscription in order to comply with state securities laws.

      c.    Total Subscription. Enter the total number of shares you want to
            purchase in the offering. This number is the sum of the number of
            shares you are purchasing pursuant to your Basic Subscription Rights
            plus the number of shares you desire to purchase pursuant to your
            Over-Subscription Right.

      d.    Total Cost. Enter the total cost of your subscription. Your total
            cost is the dollar number obtained when you multiply the number of
            shares shown under Total Subscription by $0.10, the Subscription
            Price per share.

2.    Indicate the method of payment of the total cost in Section 2. If you
deliver payment by wire transfer, complete the information requested regarding
your originating bank and the date of the wire transfer. If you pay a portion of

                                       7
<PAGE>

the total cost by cashier's or certified check, bank draft or money order and
the balance by wire transfer, please indicate the amounts delivered for each
method of payment next to the appropriate box. Please note, personal checks are
not acceptable for payment.

3.    If the certificate for the shares acquired upon exercise of Rights is to
be issued in the name of someone other than the person(s) executing this
Subscription Agreement, or if the certificate is to be issued in the name of the
person(s) executing this Subscription Agreement but is to be delivered to an
address other than as set forth on the cover page of this Subscription
Agreement, provide the information required in Section 3.

4.    Sign the Subscription Agreement and provide the requested information in
the space provide in Section 4. Include your daytime telephone number in the
space provided. A signature guarantee will be required if you have provided
information in Section 3. No signature guarantee is required on this
Subscription Agreement if (i) this Subscription Agreement is signed by the
registered holder(s) of shares whose name(s) is set forth on the cover page,
unless such registered holder(s) has completed Section 3 of this Subscription
Agreement or (ii) this Subscription Agreement is submitted for the account of a
financial institution (including most banks, savings and loan associations and
brokerage houses) that is a participant in the Security Transfer Agent's
Medallion Program, or the Stock Exchange Medallion Program or by any other
"eligible guarantor institution," as such term is defined in Rule 17Ad-15 under
the Securities Exchange Act of 1934, as amended (each, an "Eligible
Institution"). For purposes of this Instruction, a registered holder of shares
includes any participant in the Book-Entry Transfer Facilities system whose name
appears on a security position listing as the owner of the shares. In all other
cases, all signatures on this Subscription Agreement must be guaranteed by an
Eligible Institution.

5.    If the Subscription Agreement is signed by trustees, executors,
administrators, guardians, attorneys-in-fact, officers of corporations or others
acting in a fiduciary or representative capacity, such persons should so
indicate when signing and proper evidence, satisfactory to the Company, of their
authority to so act must be submitted.

6.    PLEASE COMPLETE AND SIGN THE SUBSTITUTE FORM W-9 ON PAGE 6 TO CERTIFY YOUR
TAXPAYER ID OR SOCIAL SECURITY NUMBER if you are a U.S. Taxpayer. If the
Taxpayer ID or Social Security Number is incorrect or blank, write the corrected
number and sign to certify. Please note that Corporate Stock Transfer, Inc. may
withhold 28% of your proceeds as required by the IRS if the Taxpayer ID or
Social Security Number is not certified on our records. If you are a non-U.S.
Taxpayer, please complete and return form W-8BEN.

7.    Enclose the executed Subscription Agreement (including the executed
Substitute Form W-9 on page 6), together with a certified or cashier's check,
bank draft drawn on a U.S. bank, or money order made payable to our Subscription
Agent as follows: "Corporate Stock Transfer, Inc., as agent for Gilman Ciocia,
Inc." in the amount of the Total Cost (Item d. of Section 1), together with the
completed Subscription Agreement and in the envelope provided. If you use your
own envelope, address it to Corporate Stock Transfer, Inc., Attn: Carylyn Bell,
3200 Cherry Creek Drive South, Suite 4308, Denver, CO 80209. You may also
personally deliver your Subscription Agreement and payment to the same address.

8.    Mail or deliver your completed and executed Subscription Agreement
(including the Substitute Form W-9) together with payment for the Total Cost on
a timely basis so that it is received by the Subscription Agent by no later than
5:00 P.M. Eastern Time on the Expiration Date. If the Subscription Agent has not
received your completed and executed Subscription Agreement (including the
Substitute From W-9) and payment for the Total Cost by 5:00 p.m. Eastern Time on
the Expiration Date, you will not be entitled to purchase shares pursuant to the
Rights. Accordingly, if you are sending your Subscription Agreement and payment
by mail, please allow sufficient time for them to be received by the
Subscription Agent prior to 5:00 p.m. on the Expiration Date.

                                       8
<PAGE>

No Minimum Any or All Offering

      The Rights Offering is being made on an any or all basis, which means that
Gilman Ciocia, Inc. may accept any subscription received even if all 20,000,000
shares of common stock offered are not subscribed for in the Rights Offering.

No Recommendation

      Gilman Ciocia, Inc. is not making any recommendation as to whether or not
you should exercise your Rights. You should make your decision based on your own
assessment of your best interests.

Cancellation Right; Rejection Right

      The Board of Directors of Gilman Ciocia, Inc. may cancel the Rights
Offering in its sole discretion at any time prior to or on the Expiration Date
for any reason (including a change in the market price of the common stock).
Once the Subscription Agent releases payment for shares to be issued upon the
exercise of Rights to Gilman Ciocia, Inc., the Board of Directors can no longer
cancel or terminate the Rights Offering with respect to any such shares. If
Gilman Ciocia, Inc. cancels the Rights Offering, any funds you paid will be
refunded to you without interest.

      The Board of Directors of Gilman Ciocia, Inc. may reject, in whole or in
part, any exercise of a Basic Subscription Right and/or Over Subscription Right
for any reason, including, but not limited to, its determination that acceptance
of an exercise of a Basic Subscription Right and/or Over Subscription Right
could adversely impact Gilman Ciocia Inc.'s ability to utilize its net operating
losses.

Non-transferability of Subscription Rights

      Except in the limited circumstance described below, only you may exercise
the Basic Subscription Rights and the Over-Subscription Right. You may not sell,
give away or otherwise transfer the Basic Subscription Rights or the
Over-Subscription Right.

      Notwithstanding the foregoing, your Rights may be transferred by operation
of law or through involuntary transfers. For example, a transfer of Rights to
the estate of the recipient upon the death of the recipient would be permitted.
If the Rights are transferred as permitted, evidence satisfactory to us that the
transfer was proper must be received by us prior to the expiration date of the
Rights Offering.

Shares Held for Others

      If you are a broker, a trustee or a depository for securities, or you
otherwise hold shares of common stock for the account of others as a nominee
holder, you should notify the beneficial owner of such shares as soon as
possible to obtain instructions with respect to their subscription Rights, as
set forth in the instructions we have provided to you for your distribution to
beneficial owners. If the beneficial owner so instructs, you should complete the
Subscription Agreement and submit it to us with the proper payment.

      If you are a beneficial owner of common stock held by a nominee holder,
such as a broker, trustee or a depository for securities, we will ask your
broker, dealer or other nominee to notify you of this Rights Offering. If you
wish to purchase shares through this Rights Offering, you should contact the
holder and ask him or her to effect transactions in accordance with your
instructions.

Ambiguities in Exercise of Subscription Rights

      If you do not specify the number of shares of common stock being
subscribed for in your Subscription Agreement, or if your payment is not
sufficient to pay the total purchase price for all of the shares that you
indicated you wished to purchase, you will be deemed to have subscribed for the
maximum number of shares of common stock that could be subscribed for with the
payment received from you. If your payment exceeds the total purchase price for

                                       9
<PAGE>

all of the shares of common stock shown in your Subscription Agreement, your
payment will be applied, until depleted, to subscribe for shares of common stock
in the following order:

            (1)   to subscribe for the number of shares, if any, that you
                  indicated on the Subscription Agreement that you wished to
                  purchase through your Basic Subscription Rights;

            (2)   to subscribe for shares of common stock until your Basic
                  Subscription Rights has been fully exercised;

            (3)   to subscribe for additional shares of common stock pursuant to
                  the Over-Subscription Right (subject to any applicable
                  proration). Any excess payment remaining after the foregoing
                  allocation will be returned to you as soon as practicable by
                  mail, without interest or deduction.

Regulatory Limitation

      Gilman Ciocia, Inc. will not issue shares of common stock in the Rights
Offering to residents in states whose securities laws prohibits such sales or
who do not meet any suitability requirements described in the Prospectus. State
securities laws require an offering to be registered or exempt in each state
where the offering is made. Gilman Ciocia, Inc. believes it has complied with
the registration or exemption requirements in all states where it knows
stockholders reside. If you are resident in another jurisdiction, Gilman Ciocia,
Inc. will not be required to issue common stock to you pursuant to the Rights
Offering if it is advised by counsel that the cost of compliance with the local
securities laws will substantially exceed your subscription amount.

Gilman Ciocia, Inc.'s Decision Binding

      All questions concerning the timeliness, validity, form and eligibility of
any exercise of subscription will be determined by Gilman Ciocia , Inc., and its
determinations will be final and binding. In its sole discretion, Gilman Ciocia,
Inc. may waive any defect or irregularity, or permit a defect or irregularity to
be corrected within such time as it may determine, or reject the purported
exercise of any Right by reason of any defect or irregularity in such exercise.
Subscriptions will not be deemed to have been received or accepted until all
irregularities have been waived or cured within such time as Gilman Ciocia, Inc.
determines in its sole discretion. Gilman Ciocia, Inc. will not be under any
duty to notify you of any defect or irregularity in connection with the
submission of a subscription agreement or incur any liability for failure to
give such notification.

No Revocation

      Once you have exercised your Basic Subscription Rights or
Over-Subscription Right, YOU MAY NOT REVOKE THAT EXERCISE EVEN IF THE
SUBSCRIPTION PERIOD HAS NOT YET ENDED. You should not exercise your subscription
Rights unless you are certain that you wish to purchase additional shares of
Gilman Ciocia, Inc. common stock at the Subscription Price of $0.10 per share.

Fees and Expenses

      You are responsible for paying commissions, fees, taxes or other expenses
incurred in connection with the exercise of the Rights. Gilman Ciocia, Inc. will
not pay these expenses.

Rejection Right

      Gilman Ciocia, Inc. reserves the right to reject any Subscription
Agreement and payment not properly submitted. Gilman Ciocia, Inc. has no duty to
give notification of defects in any Subscription Agreement or payment and will
have no liability for failure to give such notification. Gilman Ciocia, Inc.
will return any Subscription Agreement or payment not properly submitted.

      STOCKHOLDERS SHOULD CAREFULLY REVIEW THE PROSPECTUS PRIOR TO MAKING AN
INVESTMENT DECISION WITH RESPECT TO THE RIGHTS REFERRED TO IN THIS SUBSCRIPTION
AGREEMENT.

      Governing Law. This Subscription Agreement is governed by the laws of the
State of New York.

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