Document:

NOTE 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 Pike H. Sullivan, an individual having a principal residence at 730 Sand Hill Crane Road Wilson, WY 83014 (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.

 

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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.

 

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.

 

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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

 

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.

 

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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).

 

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.

 

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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.

 

(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.

 

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(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.

 

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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.

 

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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.

 

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.

 

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[Remainder of the Page Intentionally
Left Blank]

 

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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: Pike H. SullivanGBS ENTERPRISES
INCORPORATED

 

SECURED
PROMISSORY NOTE

 

NOVEMBER
30, 2012

 

USD$500,000.00

 

FOR VALUE RECEIVED, GBS ENTERPRISES INCORPORATED,
a Nevada corporation (the “Company”), promises to pay to PIKE H. SULLIVAN, an individual residing 730 Sand Hill
Crane Road Wilson, WY 83014 (the “Lender”) or such other address as the Lender shall specify in writing, the
principal sum of FIVE HUNDRED THOUSAND U.S. DOLLARS AND ZERO CENTS ($500,000.00) and interest at the annual rate of twenty
percent (20%) on the unpaid balance pursuant to the following terms:

 

1.          Principal
and Interest. For value received, the Company hereby promises to pay to the order of the Lender in lawful money of the United
States of America and in immediately available funds the principal sum of FIVE HUNDRED THOUSAND U.S. DOLLARS AND ZERO CENTS ($500,000.00),
together with interest on the unpaid principal of this note at the rate of twenty percent (20%) per year (computed on
the basis of a 365-day year) from the date specified in Section 2 of this Promissory Note (this “Note”) until
paid in full.

 

2.          Principal
and Interest Installment Payments. The outstanding principal under this Note shall be repaid in full and in one lump sum,
without limitation, on the earlier of (i) the one-year anniversary of the date of this Note or (ii) such time as the sale of the
Company’s interests in IDC Global, Inc. is consummated (the “Maturity Date”). Accrued interest shall be
paid in cash on a quarterly basis or on the Maturity Date, at the option of the Company.

 

3.          Right
of Prepayment. Notwithstanding the payments pursuant to Section 2, the Company at its option shall have the right to prepay
a portion or all outstanding principal and accrued interest of this Note prior to the Maturity Date in amounts of at least $100,000
without any penalty or premium. Any voluntary prepayment of principal shall be made together with all accrued interest on this
Note up to the date of the prepayment.

 

4.          Collateral.
The obligations of the Company under this Note are secured by the Collateral described in the Note Purchase and Security Agreement
between the Company and Lender, dated as of November 30, 2012 (the “Note Purchase Agreement”).

 

    	 

    	 

    

 

5.          Waiver
and Consent. To the fullest extent permitted by law and except as otherwise provided herein, the Company waives demand,
presentment, protest, notice of dishonor, suit against or joinder of any other person, and all other requirements necessary to
charge or hold the Company liable with respect to this Note.

 

6.          Costs,
Indemnities and Expenses. In the event of default as described herein, the Company agrees to pay all reasonable fees and
costs incurred by the Lender in collecting or securing or attempting to collect or secure this Note, including reasonable attorneys’
fees and expenses, whether or not involving litigation, collecting upon any judgments and/or appellate or bankruptcy proceedings.
The Company agrees to pay any documentary stamp taxes, intangible taxes or other taxes which may now or hereafter apply to this
Note or any payment made in respect of this Note, and the Company agrees to indemnify and hold the Lender harmless from and against
any liability, costs, attorneys’ fees, penalties, interest or expenses relating to any such taxes, as and when the same may
be incurred.

 

7.          Event
of Default. An “Event of Default” shall be deemed to have occurred upon the occurrence of any of the following:
(i) the Company should fail for any reason or for no reason to make any payment of the principal or interest pursuant to this Note
within ten (10) days of the date due as prescribed herein; (ii) any default, whether in whole or in part, in the due observance
or performance of any obligations or other covenants, terms or provisions to be performed by the Company under this Note, or any
other related agreements hereunder between the Company and the Lender of even date herewith which is not cured by the Company by
any applicable cure period therein (or, if no such cure period is specified, within thirty (30) days of the date on which any officer
of the Company becomes aware of such default); (iii) a representation or warranty made by the Company under the Note Purchase Agreement
shall prove to have been incorrect in any material respect when made; or (iv) the Company shall: (1) make a general assignment
for the benefit of its creditors; (2) apply for or consent to the appointment of a receiver, trustee, assignee, custodian,
sequestrator, liquidator or similar official for itself or any of its assets and properties; (3) commence a voluntary case
for relief as a debtor under the United States Bankruptcy Code; (4) file with or otherwise submit to any governmental authority
any petition, answer or other document seeking: (A) reorganization, (B) an arrangement with creditors or (C) to
take advantage of any other present or future applicable law respecting bankruptcy, reorganization, insolvency, readjustment of
debts, relief of debtors, dissolution or liquidation; (5) file or otherwise submit any answer or other document admitting
or failing to contest the material allegations of a petition or other document filed or otherwise submitted against it in any proceeding
under any such applicable law, or (6) be adjudicated a bankrupt or insolvent by a court of competent jurisdiction. Upon an
Event of Default (as defined above), unless cured by the Company within thirty (30) days after notice is given by the Lender, the
Lender may declare the entire principal balance and accrued interest outstanding under this Note, and all other obligations of
the Company under this Note, immediately due and payable, and the Lender shall be entitled to seek and institute any and all remedies
available to it, including all the rights and remedies of a secured party under the Uniform Commercial Code; provided that
the entire principal balance and accrued interest outstanding under this Note shall become immediately due and payable without
any action on the part of the Lender in the event of an actual or deemed entry of an order for relief with respect to the Company
under any law respecting bankruptcy, reorganization, insolvency, readjustment of debts, relief of debtors, dissolution or liquidation.

 

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8.          Maximum
Interest Rate. In the event that the interest provisions of this Note shall result at any time or for any reason in an effective
rate of interest that exceeds the maximum interest rate permitted by applicable law, then without further agreement or notice the
obligation to be fulfilled shall be automatically reduced to such limit and all sums received by the Lender in excess of those
lawfully collectible as interest shall be applied against the principal of this Note immediately upon the Lender’s receipt
thereof, with the same force and effect as though the Company had specifically designated such extra sums to be so applied to principal
and the Lender had agreed to accept such extra payment(s) as a prepayment or prepayments.

 

9.          Cancellation
of Note. Upon the repayment by the Company of all of its obligations hereunder to the Lender, including, without limitation,
the principal amount of this Note, plus accrued but unpaid interest, the indebtedness evidenced hereby shall be deemed canceled
and paid in full. Except as otherwise required by law or by the provisions of this Note, payments received by the Lender hereunder
shall be applied first against expenses and indemnities, next against interest accrued on this Note, and next in reduction of the
outstanding principal balance of this Note.

 

10.         Severability.
If any provision of this Note is, for any reason, invalid or unenforceable, the remaining provisions of this Note will nevertheless
be valid and enforceable and will remain in full force and effect. Any provision of this Note that is held invalid or unenforceable
by a court of competent jurisdiction will be deemed modified to the extent necessary to make it valid and enforceable and as so
modified will remain in full force and effect.

 

11.         Amendment
and Waiver. This Note may be amended, or any provision of this Note may be waived, provided that any such amendment or waiver
will be binding on a party hereto only if such amendment or waiver is set forth in a writing executed by the parties hereto. The
waiver by any such party hereto of a breach of any provision of this Note shall not operate or be construed as a waiver of any
other breach.

 

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12.         Successors.
Except as otherwise provided herein, this Note shall bind and inure to the benefit of and be enforceable by the parties hereto
and their permitted successors and assigns.

 

13.         Assignment.
Neither the Company nor the Lender may assign this Note without the other party’s prior written consent.

 

14.         No
Strict Construction. The language used in this Note will be deemed to be the language chosen by the parties hereto to express
their mutual intent, and no rule of strict construction will be applied against any party.

 

15.         Further
Assurances. Each party hereto will execute all documents and take such other actions as the other party may reasonably request
in order to consummate the transactions provided for herein and to accomplish the purposes of this Note.

 

16.         Notices,
Consents, etc. Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof
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 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 first written above.

 

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17.         Remedies,
Other Obligations, Breaches and Injunctive Relief. The Lender’s remedies provided in this Note shall be cumulative
and in addition to all other remedies available to the Lender under this Note, at law or in equity (including a decree of specific
performance and/or other injunctive relief), no remedy of the Lender contained herein shall be deemed a waiver of compliance with
the provisions giving rise to such remedy and nothing herein shall limit the Lender’s right to pursue actual damages for
any failure by the Company to comply with the terms of this Note. No remedy conferred under this Note upon the Lender is intended
to be exclusive of any other remedy available to the Lender, pursuant to the terms of this Note or otherwise. No single or partial
exercise by the Lender of any right, power or remedy hereunder shall preclude any other or further exercise thereof. The failure
of the Lender to exercise any right or remedy under this Note or otherwise, or delay in exercising such right or remedy, shall
not operate as a waiver thereof. Every right and remedy of the Lender under any document executed in connection with this transaction
may be exercised from time to time and as often as may be deemed expedient by the Lender.

 

18.         Governing
Law; Jurisdiction. THIS NOTE 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 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 NOTE, 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 NOTE SHALL BE RESPONSIBLE FOR
ALL FEES AND EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH DISPUTE.

 

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19.         No
Inconsistent Agreements. None of the parties hereto will hereafter enter into any agreement, which is inconsistent with
the rights granted to the parties in this Note.

 

20.         Third
Parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give to any person or entity,
other than the parties to this Note and their respective permitted successor and assigns, any rights or remedies under or by reason
of this Note.

 

21.         Waiver
of Jury Trial. THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS AGREEMENT
AND/OR ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION.

 

22.         Entire
Agreement. This Note (including any recitals hereto) set forth the entire understanding of the parties with respect to the
subject matter hereof, and shall not be modified or affected by any offer, proposal, statement or representation, oral or written,
made by or for any party in connection with the negotiation of the terms hereof, and may be modified only by instruments signed
by all of the parties hereto.

 

[REMAINDER OF PAGE INTENTIONALY LEFT
BLANK]

 

    	6

    	 

    

 

IN WITNESS WHEREOF, this Promissory
Note is executed by the undersigned as of the date first written above.

 

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

 

Acknowledged and Agreed to:

 

NOTE HOLDER:

 

	 	 
	Name:  Pike H. Sullivan

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]