Document:

THIS WARRANT AND THE SHARES ISSUABLE
UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NEITHER THIS WARRANT
NOR ANY OF SUCH SHARES MAY BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES
UNDER SAID ACT OR, AN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE, CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS,
THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 OR REGULATION S UNDER SUCH ACT.

 

Warrant Number: WA-2012-21

 

COMMON STOCK
PURCHASE WARRANT

 

THIS CERTIFIES THAT, for value received,
Pike H. Sullivan, or his permitted assigns, is entitled to purchase from GBS Enterprises Incorporated, a Nevada corporation
(the “Company”), at any time or from time to time during the period specified in Section 2 hereof, TWO
HUNDRED FIFTY THOUSAND (250,000) fully paid and nonassessable shares of the Company’s common stock (the “Common
Stock”), at an exercise price per share equal to TWENTY CENTS (USD $0.20) (the “Exercise Price”).
The term “Warrant Shares,” as used herein, refers to the shares of Common Stock purchasable hereunder.

 

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This Warrant is subject to the following
terms, provisions, and conditions:

 

1.          Manner
of Exercise; Issuance of Certificates; Payment for Shares. Subject to the provisions hereof, this Warrant may be exercised
by the holder hereof (“Warrantholder”), in whole or in part, by the surrender of this Warrant, together with
a completed exercise agreement in the form attached hereto (the “Exercise Agreement”), to the Company during
normal business hours on any business day at the Company’s principal executive offices (or such other office or agency of
the Company as it may designate by notice to the Warrantholder), and upon the full payment to the Company in cash, by certified
or official bank check or by wire transfer for the account of the Company of the Exercise Price for the Warrant Shares specified
in the Exercise Agreement. The Warrant Shares so purchased shall be deemed to be issued to the Warrantholder hereof or such holder’s
designee, as the record owner of such shares, as of the close of business on the date on which this Warrant shall have been surrendered,
the completed Exercise Agreement shall have been delivered, and payment shall have been made for such shares as set forth above.
Certificates for the Warrant Shares so purchased, representing the aggregate number of shares specified in the Exercise Agreement,
shall be delivered to the Warrantholder within a reasonable time, not exceeding five (5) business days, after this Warrant shall
have been so exercised. The certificates so delivered shall be in such denominations as may be requested by the Warrantholder and
shall be registered in the name of such holder or such other name as shall be designated by such holder. If this Warrant shall
have been exercised only in part, then, unless this Warrant has expired, the Company shall, at its expense, at the time of delivery
of such certificates, deliver to the Warrantholder a new Warrant representing the number of shares with respect to which this Warrant
shall not then have been exercised.

 

2.          Period
of Exercise. This Warrant is exercisable at any time or from time to time on or after the date on which this Warrant is
issued and until 5:00 p.m., New York time on the third anniversary of the date of grant (the “Exercise Period”).

 

3.          Certain
Agreements of the Company. The Company hereby covenants and agrees as follows:

 

(a)          Shares
to be Fully Paid. All Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be validly issued,
fully paid, and nonassessable and free from all taxes, liens, and charges with respect to the issue thereof.

 

(b)          Reservation
of Shares. During the Exercise Period, the Company shall at all times have authorized, and reserved for the purpose of issuance
upon exercise of this Warrant, a sufficient number of shares of Common Stock to provide for the exercise of this Warrant.

 

(c)          Certain
Actions Prohibited. The Company will not, by amendment of its charter or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed by it hereunder, but will at all times in good faith assist in the
carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the holder
of this Warrant in order to protect the exercise privilege of the holder of this Warrant against dilution or other impairment,
consistent with the tenor and purpose of this Warrant. Without limiting the generality of the foregoing, the Company (i) will not
increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then
in effect and (ii) will take all such actions as may be necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant.

 

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(d)          Successors
and Assigns. This Warrant will be binding upon any entity succeeding to the Company by merger, consolidation, or acquisition
of all or substantially all the Company’s assets.

 

4.          Tax
Issues. The issuance of certificates for Warrant Shares upon the exercise of this Warrant shall be made without charge to
the holder of this Warrant or such shares for any issuance tax or other costs in respect thereof, provided that the Company shall
not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate
in a name other than the holder of this Warrant.

 

5.          No
Rights or Liabilities as a Shareholder. This Warrant shall not entitle the holder hereof to any voting rights or other rights
as a shareholder of the Company. No provision of this Warrant, in the absence of affirmative action by the holder hereof to purchase
Warrant Shares, and no mere enumeration herein of the rights or privileges of the holder hereof, shall give rise to any liability
of such holder for the Exercise Price or as a shareholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

 

6.          Adjustments
in Exercise Price/Number of Shares.

  

(a)          Subdivision
of or Combination of Common Stock. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization,
reorganization, reclassification or otherwise) the shares of Common Stock acquirable upon the exercise of this Warrant into a greater
number of shares, then, after the date of record for effecting such subdivision, the Exercise Price in effect immediately prior
to such subdivision will be proportionately reduced. If the Company at any time combines (by any reverse stock split, recapitalization,
reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a smaller number of shares,
then, after the date of record for effecting such combination, the Exercise Price in effect immediately prior to such subdivision
will be proportionately increased.

 

(b)          Adjustment
of Number of Shares.Upon each adjustment of the Exercise Price pursuant to the provision above, the number of shares of Common
Stock issuable upon exercise of this Warrant shall be adjusted by multiplying a number equal to the Exercise Price in effect immediately
prior to such adjustment by the number of shares of Common Stock issuable upon exercise of this Warrant immediately prior to such
adjustment and dividing the product so obtained by the adjusted Exercise Price.

 

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(c)          Minimum
Adjustment of Exercise Price. No adjustment of the Exercise Price shall be made in an amount of less than 1% of the Exercise
Price in effect at the time such adjustment is otherwise required to be made, but any such lesser adjustment shall be carried forward
and shall be made at the time and together with the next subsequent adjustment which, together with any adjustments so carried
forward, shall amount to not less than 1% of such Exercise Price.

 

7.          Transfer,
Exchange, and Replacement of Warrant.

 

(a)          Restriction
on Transfer. This Warrant and the rights granted to the holder hereof are transferable, in whole or in part, upon surrender
of this Warrant, together with a properly executed assignment in the form attached hereto, at the office or agency of the Company
referred to in Section 8 below, provided, however, that any transfer or assignment shall be subject to the conditions set forth
herein. Until due presentment for registration of transfer on the books of the Company, the Company may treat the registered holder
hereof as the owner and holder hereof for all purposes, and the Company shall not be affected by any notice to the contrary.

 

(b)          Warrant
Exchangeable for Different Denominations. This Warrant is exchangeable, upon the surrender hereof by the holder hereof at
the office or agency of the Company referred to in Section 8 below, for new Warrants of like tenor representing in the aggregate
the right to purchase the number of shares of Common Stock which may be purchased hereunder, each of such new Warrants to represent
the right to purchase such number of shares as shall be designated by the holder hereof at the time of such surrender.

 

(c)          Replacement
of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation
of this Warrant and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory
in form and amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the
Company, at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

(d)          Cancellation;
Payment of Expenses. Upon the surrender of this Warrant in connection with any transfer, exchange, or replacement as provided
in this Section 7, this Warrant shall be promptly canceled by the Company. The Company shall pay all reasonable and customary expenses
(other than legal expenses and taxes, if any, incurred by the holder or transferees) and charges payable in connection with the
preparation, execution, and delivery of Warrants pursuant to this Section 7.

 

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(e)          Register.
The Company shall maintain, at its principal executive offices (or such other office or agency of the Company as it may designate
by notice to the holder hereof), a register for this Warrant, in which the Company shall record the name and address of the person
in whose name this Warrant has been issued, as well as the name and address of each transferee and each prior owner of this Warrant.

 

(f)          Exercise
or Transfer Without Registration. If, at the time of the surrender of this Warrant in connection with any exercise, transfer,
or exchange of this Warrant, this Warrant (or, in the case of any exercise, the Warrant Shares issuable hereunder), shall not be
registered under the Securities Act of 1933, as amended (the “Securities Act”) and under applicable state securities
or blue sky laws, the Company may require, as a condition of allowing such exercise, transfer, or exchange, (i) that the holder
or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel, which opinion and counsel
are acceptable to the Company, to the effect that such exercise, transfer, or exchange may be made without registration under the
Securities Act and under applicable state securities or blue sky laws and (ii) that the holder or transferee execute and deliver
to the Company an investment letter in form and substance acceptable to the Company.

 

8.          Notices.
All notices, requests, and other communications required or permitted to be given or delivered hereunder to the holder of
this Warrant shall be in writing, and shall be personally delivered, or shall be sent by certified or registered mail or by recognized
overnight mail courier, postage prepaid and addressed, to such holder at the address shown for such holder on the books of the
Company, or at such other address as shall have been furnished to the Company by notice from such holder. All notices, requests,
and other communications required or permitted to be given or delivered hereunder to the Company shall be in writing, and shall
be personally delivered, or shall be sent by certified or registered mail or by recognized overnight mail courier, postage prepaid
and addressed, to the office of the Company c/o Chief Executive Officer, 585 Molly Lane, Woodstock, GA 30189, or at such other
address as shall have been furnished to the holder of this Warrant by notice from the Company. Any such notice, request, or other
communication may be sent by facsimile, but shall in such case be subsequently confirmed by a writing personally delivered or
sent by certified or registered mail or by recognized overnight mail courier as provided above. All notices, requests, and other
communications shall be deemed to have been given either at the time of the receipt thereof by the person entitled to receive
such notice at the address of such person for purposes of this Section 8, or, if mailed by registered or certified mail or with
a recognized overnight mail courier, two days after deposit with the United States Post Office or the day following deposit with
such overnight mail courier, if postage is prepaid and the mailing is properly addressed, as the case may be.

 

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9.          Governing
Law. THIS WARRANT SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES
HERETO HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL OR STATE COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF
NEW YORK WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS WARRANT, THE AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH
SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR PROCEEDING. NOTHING HEREIN SHALL AFFECT EITHER
PARTY’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. BOTH PARTIES AGREE THAT A FINAL NON-APPEALABLE JUDGMENT
IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY
OTHER LAWFUL MANNER. THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER THIS WARRANT SHALL BE RESPONSIBLE FOR ALL FEES
AND EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH DISPUTE.

 

10.         Miscellaneous.

 

(a)          Amendments.
This Warrant and any provision hereof may only be amended by an instrument in writing signed by the Company and the holder
hereof.

 

(b)          Descriptive
Headings. The descriptive headings of the several paragraphs of this Warrant are inserted for purposes of reference only,
and shall not affect the meaning or construction of any of the provisions hereof.

 

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(c)          Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the holder, by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Warrant will be inadequate and agrees, in the event of a breach or threatened breach by
the Company of the provisions of this Warrant, that the holder shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Warrant and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

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IN WITNESS WHEREOF, the Company
has caused this Warrant to be signed by its duly authorized officer.

 

	GBS ENTERPRISES INCORPORATED	 
	 	 
	By:	 	 
	 	Name: Gary D. MacDonald	 
	 	 	 
	 	Title: Chief Executive Officer	 

 

Dated as of November 30, 2012

 

	REGISTERED WARRANTHOLDER:	Pike H. Sullivan
	 	 
	WARRANT NO.:	WA-2012-21
	 	 
	WARRANT SHARES:	250,000
	 	 
	EXERCISE PRICE:	$0.20 PER SHARE

 

    	 

    	 

    

 

FORM OF EXERCISE AGREEMENT

 

Dated: ______________________

 

The undersigned, pursuant to the provisions
set forth in Warrant No: WA-2012-21, hereby agrees to purchase _____________________ shares of Common Stock of GBS Enterprises
Incorporated covered by such Warrant, at $________________ per share and makes payment herewith in full therefor at the price per
share provided by such Warrant in cash or by certified or official bank check in the amount of $________________.

 

Please issue a certificate or certificates
for such shares of Common Stock in the name of and pay any cash for any fractional share to:

 

	Name:	 
	 	 
	Signature:	 
	 	 
	Address:	 
	 	 
	Note:	The above signature should correspond exactly with the name on the face of the within Warrant, if applicable.

 

and, if said number of shares of Common
Stock shall not be all the shares purchasable under the within Warrant, a new Warrant is to be issued in the name of said undersigned
covering the balance of the shares purchasable thereunder less any fraction of a share paid in cash.

 

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FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns, and transfers all the rights of the undersigned under the within Warrant, with respect to the number of
shares of Common Stock covered thereby set forth herein below, to:

 

	Name of Assignee	Address	No of Shares
	 	 	 

 

, and hereby irrevocably constitutes and
appoints ___________________________________ as agent and attorney-in-fact to transfer said Warrant on the books of the within-named
corporation, with full power of substitution in the premises.

 

Dated: ________ __, 20__

 

	In the presence of:
	 
	 	 	Name:	 
	 	 	 	 
	 	 	Signature:	 
	 	 	 	 
	 	 	Title of Signing Officer or Agent (if any):
	 	 	 
	 	 	Address:	 
	 	 	 	 
	 	 	 	Note: The above signature should correspond exactly with the name on the face of the within Warrant, if applicable.

 

    	10NOTE PURCHASE
AND SECURITY AGREEMENT

 

This Note Purchase and
Security Agreement is entered as of November 30, 2012, between GBS Enterprises Incorporated, a Nevada corporation (the “Company”)
and Edward M. Giles, an individual having a principal residence at 17 Heights Rd. Manhasset, NY 11030 (the “Lender”).

 

RECITALS

 

WHEREAS, the Company
desires to borrow an aggregate of Five Hundred Thousand U.S. Dollars and Zero Cents ($500,000.00) (the “Principal
Amount”) from the Lender at an annual rate of twenty percent (20%) (the “Interest Rate”), the Lender
is willing to lend the Company the Principal Amount at the Interest Rate, the Principal Amount will be evidenced by a duly executed
promissory note substantially in the form of Exhibit A attached hereto (the “Note”) and the Company is
negotiating with certain other lenders for additional loans up to an aggregate principal amount of an additional one million U.S.
Dollars and zero cents ($1,000,000.00) (such lenders, the “Co-Lenders”); and

 

WHEREAS, the Company’s
obligations to the Lender under this Agreement and the Note will be secured by a first priority security interest as described
in Section 4 of this Agreement.

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.           Amount
and Terms of the Note and Warrant.

 

1.1           Note
Purchase. Subject to the terms and conditions of this Agreement, at the Closing, the Company agrees to sell to the Lender, and
the Lender agrees to purchase from the Company, the Note substantially in the form of Exhibit A attached to this Agreement.

 

1.2           Warrant
Purchase. Subject to the terms and conditions of this Agreement, in consideration for the Lender purchasing the Note at the Closing,
the Company agrees to sell and issue to the Lender, and the Lender agrees to purchase from the Company, a duly executed warrant
to purchase shares of the Company’s common stock (“Common Stock”), substantially in the form attached
hereto as Exhibit B (the “Warrant”) exercisable for 250,000 shares of Common Stock (the “Warrant
Stock”) at an exercise price per share as set forth in the Warrant.

 

2.          Closing.
Subject to the satisfaction or waiver of the conditions set forth herein, the purchase and sale of the Note and the Warrant will
take place at 10:00 a.m. on November 30, 2012 at the offices of Baker Botts L.L.P., 30 Rockefeller Plaza, New York, NY 10112-4498,
or at such other time and place as the Company and the Lender mutually agree upon (which time and place are referred to as the
“Closing”). At the Closing, the Lender will deliver to the Company, as payment in full for the Note, (a) a check
payable to the Company’s order, (b) wire transfer of funds to the Company, or (c) any combination of the foregoing. At the
Closing, the Company will deliver to the Lender the Note and the Warrant.

 

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3.           Conditions
to Closing.

 

3.1           Conditions
to Lender’s Obligations. The obligations of the Lender under this Agreement are subject to the fulfillment or waiver, on
or before the Closing, of each of the following conditions, which waiver may be given by written, oral or telephone communication
to the Company or its counsel:

 

(a)          each
of the representations and warranties of the Company contained in this Agreement shall be true and complete in all material respects
on and as of the Closing;

 

(b)          the
Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by it on or before the Closing and shall have obtained all approvals, consents and qualifications
necessary to complete the sale described herein; and

 

(c)          the
Company shall have executed and delivered to the Lender the Note and the Warrant.

 

3.2           Conditions
to Company’s Obligations. The obligations of the Company to the Lender under this Agreement are subject to the fulfillment
or waiver on or before the Closing of the following conditions by the Lender:

 

(a)          Each
of the representations and warranties of the Lender contained in this Agreement shall be true and complete on and as of the Closing;
and

 

(b)          The
Lender shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required
to be performed or complied with by it on or before the Closing and shall have obtained all approvals, consents and qualifications
necessary to complete the purchase described herein.

 

4.           Security;
Covenants.

 

4.1           Security
Interest. As security for the full and prompt payment, in cash, and performance of the Company’s obligations under this Agreement
and the Note, the Company hereby grants to the Lender a security interest in all of the Company’s right, title and interest
in and to the Collateral. As used herein, “Collateral” means all the shares of IDC Global, Inc. owned by the
Company

 

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4.2           Permitted
Liens. The Company shall keep the Collateral free and clear of all liens, except Permitted Liens. “Permitted Liens”
means (a) first security interests granted to the Co-Lenders, pari passu with the first priority security interest granted
to the Lender in Section 4.1; (b) liens arising by operation of law for taxes, assessments or governmental charges not yet due;
(c) statutory liens of mechanics, materialmen, shippers, warehousemen, carriers, and other similar persons for services or materials
arising in the ordinary course of business for which payment is not past due; (d) nonconsensual liens incurred or deposits made
in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social
security; (e) liens for taxes or statutory liens of mechanics, materialmen, shippers, warehousemen, carriers and other similar
persons for services or materials that are due but are being contested in good faith; (f) liens granted with the consent of the
Lender; and (g) liens of a depository institution arising solely by virtue of any statutory or common law provision relating to
banker’s liens, rights of setoff, or similar rights and remedies as to deposit accounts or other funds maintained with such
institution.

 

4.3           Termination.
The term of the security interest set forth in Section 4.1 above and the other obligations and restrictions set forth in
this Agreement, including under this Section 4, will extend until the aggregate obligations to the Lender under the Note
have been paid or satisfied in full, at which time the Company and any of its duly appointed officers are hereby authorized
to file any termination statement under the Uniform Commercial Code in effect in any jurisdiction to terminate the financing
statements that evidence the security interest in the Collateral created by this Agreement and the Note. Upon payment in full
of such obligations, the Lender will execute and deliver to the Company all deeds, assignments and other instruments, and
will take such other actions, as may be necessary or proper to re-vest in the Company full title to the Collateral, subject
to any disposition which may have been made by the Lender pursuant to this Agreement.

 

5.          Representations
and Warranties of the Company. The Company hereby represents and warrants to the Lender that the statements in the following paragraphs
of this Section 5 are all true and complete as of immediately prior to the Closing, except as otherwise indicated:

 

5.1           Organization.
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada and has
all requisite corporate power and authority to carry on its business as now conducted and as proposed to be conducted.

 

5.2           Authorization.
All corporate action on the part of the Company necessary for the authorization, execution and delivery of this Agreement, the
performance of the Company’s obligations hereunder, and the authorization, issuance and delivery of the Note and the Warrant
has been taken. This Agreement, the Note and the Warrant, when executed and delivered by the Company, shall constitute valid and
legally binding obligations of the Company enforceable in accordance with their terms, except as such enforceability may be limited
by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’
rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

 

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5.3           Valid
Issuance. The Note and the Warrant, when issued, sold, and delivered in accordance with this Agreement, and based in part upon
the representations of the Lender in this Agreement, will be issued in compliance with all applicable federal and state securities
laws. The Warrant Stock, when issued and delivered in accordance with the Warrant, will be duly and validly issued, fully paid
and non-assessable and, based in part upon the representations of the Lender in this Agreement, will be issued in compliance with
all applicable federal and state securities laws, assuming that the Lender has complied with its obligations and covenants under
this Agreement and the Warrant.

 

5.4           Noncontravention.
The execution, delivery and performance of the Agreement, the consummation of the transactions contemplated hereby and the authorization,
issuance and delivery of the Note, the Warrant and the Warrant Stock (collectively, the “Securities”) will not
result in any violation of or be in conflict with or constitute, with or without the passage of time and giving of notice, a default
under any judgment, order, writ, decree or agreement to which the Company is bound as of the date hereof.

 

6.           Representations
and Warranties and Covenants of the Lender.

 

6.1           Representations
and Warranties. The Lender hereby represents and warrants to the Company that the statements in the following paragraphs of this
Section 6.1 are all true and complete as of immediately prior to the Closing, except as otherwise indicated:

 

(a)          Authorization.
This Agreement constitutes the Lender’s valid and legally binding obligation enforceable in accordance with its terms.

 

(b)          Non-contravention.
The execution, delivery and performance of the Agreement, the consummation of the transactions contemplated hereby and the authorization,
issuance and delivery of the Securities will not result in any violation or be in conflict with or constitute, with or without
the passage of time and giving of notice, a default under any judgment, order, writ, decree or agreement to which the Lender is
bound as of the date hereof.

 

(c)          Purchase
Entirely for Own Account. The Lender acknowledges that this Agreement is made with the Lender in reliance upon the Lender’s
representation to the Company that the Securities will be acquired for investment for the Lender’s own account, not as a
nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Lender has no present intention
of selling, granting any participation in, or otherwise distributing any Securities. By executing this Agreement, the Lender further
represents that he does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant
participation to such person or to any third person with respect to any Securities.

 

(d)          Disclosure
of Information. The Lender acknowledges that it has received all the information it considers necessary or appropriate for deciding
whether to acquire any Securities. The Lender further represents that it has had an opportunity to ask questions and receive answers
from the Company regarding the terms and conditions of the offering of the Securities.

 

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(e)          Investment
Experience. The Lender acknowledges that he can bear the economic risk of its investment and has such knowledge and experience
in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities.

 

(f)          Accredited
Investor. The Lender is an “affiliate” and an “accredited investor” within the meaning of Rule 501 of Regulation
D of the SEC, as presently in effect.

 

(g)          Restricted
Securities. The Lender understands that the Securities are characterized as “restricted securities” and “control
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving
a public offering and that under such laws and applicable regulations such a Securities may be resold without registration under
the Securities Act of 1933, as amended (the “Act”), only in certain limited circumstances. The Lender represents
that he is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the
Act.

 

6.2          Covenants.
The Lender hereby covenants that:

 

(a)          Further
Limitations on Disposition. Without in any way limiting the representations set forth above and any other limitations set forth
in the Note and/or Warrant, the Lender further agrees not to make any disposition of all or any portion of the Securities unless
and until the transferee has agreed in writing for the benefit of the Company to make with respect to itself the representations
and warranties in and be bound by the covenants of this Section 6.2 and (a) there is then in effect a registration statement under
the Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or (b)
the Lender shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement
of the circumstances surrounding the proposed disposition, and if requested by the Company, the Lender shall have furnished the
Company with a written opinion of counsel, which opinion and counsel are acceptable to the Company, to the effect that that such
disposition will not require registration of any Securities under the Act.

 

(b)          Compliance
with Securities Filing Requirements. The Lender acknowledges that he may be required to make certain public filings with the Securities
and Exchange Commission (the “SEC”) or other governmental authorities and agrees to timely file all such forms
or filings.

 

7.          Miscellaneous.

 

7.1           No
Transfers of Notes; Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall
inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express
or implied, is intended to confer upon any party other than the parties hereto (or their respective successors and assigns) any
rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

    	5

    	 

    

 

 

7.2           Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to
the conflict of laws provisions thereof. The parties hereby submit to the exclusive jurisdiction of the federal or state courts
located in the County of New York, State of New York with respect to any dispute arising under this Agreement, the Note, the Warrant
or the transactions contemplated hereby or thereby.

 

7.3           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by facsimile or other electronic
imagining means shall be effective as delivery of a manually executed counterpart of this Agreement.

 

7.4           Notices.
Any notice required or permitted under this Agreement, the Note or the Warrant shall be in writing, and shall be personally delivered,
or shall be sent by certified or registered mail or by recognized overnight mail courier, postage prepaid and addressed to such
party at the address set forth below, or at such other address as such party may designate by written notice to the other party.
Any such notice may be sent by facsimile, but shall in such case be subsequently confirmed by a writing personally delivered or
sent by certified or registered mail or by recognized overnight mail courier as provided above. All notices shall be deemed to
have been given either at the time of the receipt thereof by the person entitled to receive such notice at the address of such
person for purposes of this Section 7.4, or, if mailed by registered or certified mail or with a recognized overnight mail courier,
two days after deposit with the United States Post Office or the day following deposit with such overnight mail courier, if postage
is prepaid and the mailing is properly addressed, as the case may be.

 

If to the Company:

 

GBS Enterprises Incorporated

 

585 Molly Lane

 

Woodstock, GA 30189

 

Attn: Chief Executive Officer

 

T: (404) 474-7256

 

If to the Lender:

 

To the address written above.

 

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7.5           Entire
Agreement. This Agreement, the Note and the Warrant constitute the entire understanding and agreement among the parties with regard
to the subject hereof and thereof.

 

7.6           Amendments
and Waivers. Any term of this Agreement, the Note or the Warrant may be amended or waived (either generally or in a particular
instance and either retroactively or prospectively), with the written consent of the Company and the Lender. To the extent that
any Co-Lender loans money to the Company on terms materially more favorable to such Co-Lender than the terms provided to the Lender,
taking into account all economic terms of such transaction, including, without limitation, the interest rate, principal amount,
term, security provided, and all other terms, the parties agree that they will amend the terms of the Note or the Warrant so as
to provide substantially similar terms to the Lender as provided to such Co-Lender.

 

7.7           Waiver
of Jury Trial. EACH OF THE COMPANY AND THE LENDER, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, COUNTERCLAIM OR OTHER LITIGATION IN ANY WAY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE NOTE. A COPY OF THIS SECTION MAY BE FILED WITH ANY COURT AS WRITTEN EVIDENCE OF THE WAIVER OF THE RIGHT
TO TRIAL BY JURY AND THE CONSENT TO TRIAL BY COURT.

 

[Remainder of the Page Intentionally
Left Blank]

 

    	7

    	 

    

 

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

 

	 	GBS ENTERPRISES INCORPORATED
	 	 
	 	By:	 
	 	 	Name:	Gary D. MacDonald
	 	 	Title:	Chief Executive Officer

 

LENDER

 

	 	 
	Name: Edward M. Giles

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