Document:

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                                                                   EXHIBIT 10.10

                               SECURITY AGREEMENT

         THIS SECURITY AGREEMENT dated as of March 15, 2001, is by and between
Global Election Systems, Inc., a Delaware corporation (the "Debtor"), whose
address is 1611 Wilmeth Road, McKinney, Texas 75069, and Jones, Gable & Company
Limited, an Ontario corporation (the "Secured Party"), whose address is Suite
600, 110 Yonge Street, Toronto, Ontario M5C 1T6.

                                    RECITALS:

         A. Global Election Systems Inc., a British Columbia corporation (the
"Borrower"), desires to obtain extensions of credit from the Secured Party.

         B. The Secured Party has conditioned its obligations to make such
extensions of credit upon the execution and delivery of this Agreement by the
Debtor.

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

                                   ARTICLE I

                                   Definitions

         Section 1.1. Definitions. All capitalized terms used herein and not
otherwise defined shall have the meanings given to such terms in the Note (as
defined herein). As used in this Agreement, the following terms have the
following meanings:

                  "Collateral" has the meaning specified in Section 2.1 of this
         Agreement.

                  "Document" means any "document", as such term is defined in
         Section 9.105(a)(6) of the UCC (or, after July 1, 2001, Section
         9.102(a)(30) of the UCC), now owned or hereafter acquired by the
         Debtor, including, without limitation, all documents of title and
         warehouse receipts of the Debtor.

                  "GAAP" means generally accepted accounting principles.

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                  "Inventory" means (a) all work-in-process and finished goods,
         whether now owned or hereafter acquired by Debtor, and (b) all
         Documents evidencing any of the foregoing.

                  "Obligations" means all obligations, indebtedness, and
         liabilities of the Borrower to the Secured Party evidenced by that
         certain promissory note dated as of March 15, 2001, executed by the
         Borrower and payable to the order of the Secured Party in the principal
         amount of Four Million and No/100 Canadian Dollars (CAD $4,000,000.00)
         (the "Note"); and (b) all extensions, renewals, and modifications of
         any of the foregoing.

                  "Proceeds" means any "proceeds", as such term is defined in
         Section 9.306 of the UCC (or, after July 1, 2001, Section 9.102(a)(65)
         of the UCC) and, in any event, shall include, but not be limited to,
         (a) any and all proceeds of any insurance, indemnity, warranty, or
         guaranty payable to the Debtor from time to time with respect to any of
         the Collateral, (b) any and all payments (in any form whatsoever) made
         or due and payable to the Debtor from time to time in connection with
         any requisition, confiscation, condemnation, seizure, or forfeiture of
         all or any part of the Collateral by any governmental authority or
         agency (or any person acting under color of governmental authority or
         agency), and (c) any and all other amounts from time to time paid or
         payable under or in connection with any of the Collateral.

                  "UCC" means the Uniform Commercial Code as in effect in the
         State of Texas or, if so required with respect to any particular
         Collateral by mandatory provisions of applicable law, as in effect in
         the jurisdiction in which such Collateral is located.

                                   ARTICLE II

                                Security Interest

         Section 2.1. Security Interest. As collateral security for the prompt
payment and performance in full when due of the Obligations (whether at stated
maturity, by acceleration, or otherwise), the Debtor hereby grants to the
Secured Party a lien on and security interest in all of the Debtor's right,
title, and interest in and to the following, whether now owned or hereafter
arising or acquired and wherever located (collectively, the "Collateral"):

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         (a) all Inventory; and

         (b) all Proceeds and products of any or all of the foregoing.

Without limiting the foregoing, this Agreement secures the payment of all
amounts that constitute part of the Obligations and would be owed by the
Borrower to the Secured Party but for the fact that they are unenforceable or
not allowable due to the existence of bankruptcy, reorganization, or similar
proceedings involving the Borrower.

         Section 2.2. Debtor Remains Liable. Notwithstanding anything to the
contrary contained herein, (a) the Debtor shall remain liable under the
contracts and agreements included in the Collateral to the extent set forth
therein to perform all of its duties and obligations thereunder to the same
extent as if this Agreement had not been executed, (b) the exercise by the
Secured Party of any of its rights hereunder shall not release the Debtor from
any of its duties or obligations under the contracts and agreements included in
the Collateral, and (c) the Secured Party shall not have any obligation or
liability under any of the contracts and agreements included in the Collateral
by reason of this Agreement, nor shall the Secured Party be obligated to perform
any of the obligations or duties of the Debtor thereunder or to take any action
to collect or enforce any claim for payment assigned hereunder.

                                  ARTICLE III

                         Representations and Warranties

         To induce the Secured Party to enter into this Agreement, the Debtor
represents and warrants to the Secured Party that:

         Section 3.1. Corporate Existence. The Debtor (a) is a corporation duly
organized, validly existing, and in good standing under the laws of the
jurisdiction of its incorporation; (b) has all requisite corporate power and
authority to own its assets and carry on its business as now being or as
proposed to be conducted; and (c) is qualified to do business in all
jurisdictions in which the nature of its business makes such qualification
necessary and where failure to so qualify would have a material adverse effect
on its business, condition (financial or otherwise), operations, prospects, or
properties. The Debtor has the corporate power and authority to execute,
deliver, and perform its obligations under this Agreement.

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         Section 3.2. Corporate Action; No Breach. The execution, delivery, and
performance by the Debtor of this Agreement and compliance with the terms and
provisions hereof have been duly authorized by all requisite corporate action on
the part of the Debtor and do not and will not (a) violate or conflict with, or
result in a breach of, or require any consent under (i) the certificate of
incorporation or bylaws of the Debtor, (ii) any applicable law, rule, or
regulation or any order, writ, injunction, or decree of any governmental
authority or agency or arbitrator, or (iii) any agreement or instrument to which
the Debtor is a party or by which it or any of its property is bound or subject,
or (b) constitute a default under any such agreement or instrument, or result in
the creation or imposition of any lien (except as provided in Section 2.1
hereof) upon any of the revenues or assets of the Debtor.

         Section 3.3. Approvals. No authorization, approval, or consent of, and
no filing or registration with, any governmental authority or agency or third
party is or will be necessary for the execution, delivery, or performance by the
Debtor of this Agreement or the validity or enforceability thereof.

         Section 3.4. Enforceability. This Agreement constitutes the legal,
valid, and binding obligation of the Debtor, enforceable against the Debtor in
accordance with its terms, except as limited by bankruptcy, insolvency, or other
laws of general application relating to the enforcement of creditors' rights.

         Section 3.5. Title. The Debtor is, and with respect to Collateral
acquired after the date hereof the Debtor will be, the legal and beneficial
owner of the Collateral free and clear of any lien, security interest, or other
encumbrance.

         Section 3.6. Financing Statements. No financing statement, security
agreement, or other lien instrument covering all or any part of the Collateral
is on file in any public office, except as may have been filed in favor of the
Secured Party pursuant to this Agreement.

         Section 3.7. Principal Place of Business. The principal place of
business and chief executive office of the Debtor, and the office where the
Debtor keeps its books and records, is located at the address of the Debtor
shown at the beginning of this Agreement.

         Section 3.8. Independent Investigation. The Debtor has, independently
and without reliance upon the Secured Party and based upon such documents and
information as it has deemed appropriate, made its own credit analysis and
decision

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to enter into this Agreement. There are no conditions precedent to the full
effectiveness of this Agreement that have not been fully and permanently
satisfied.

         Section 3.9. Benefit to Debtor. The value of the consideration received
and to be received by the Debtor as a result of the Borrower and the Secured
Party entering into the Loan Agreement and the Debtor executing and delivering
this Agreement is reasonably worth at least as much as the liability and
obligation of the Debtor hereunder, and such liability and obligation and the
Borrower's entering into the Loan Agreement have benefited and may reasonably
expected to benefit the Debtor directly and indirectly.

                                   ARTICLE IV

                                    Covenants

         The Debtor covenants and agrees with the Secured Party that until the
Obligations are paid and performed in full and all commitments of the Secured
Party to the Borrower and the Debtor have terminated:

         Section 4.1. Encumbrances. The Debtor shall not create, permit, or
suffer to exist, and shall defend the Collateral against, any lien, security
interest, or other encumbrance on the Collateral, and shall defend the Debtor's
rights in the Collateral and the Secured Party's security interest in the
Collateral against the claims and demands of all persons or entities. The Debtor
shall do nothing to impair the rights of the Secured Party in the Collateral.

         Section 4.2. Margin Agreement. The Debtor shall maintain at all times
the amount of Collateral (based upon the book value of such Collateral
calculated in accordance with GAAP) described herein in an amount not less than
150% of the outstanding principal amount of the Note.

         Section 4.3. Further Assurances. At any time and from time to time,
upon the request of the Secured Party, and at the sole expense of the Debtor,
the Debtor shall promptly execute and deliver all such further instruments,
agreements, and documents and take such further action as the Secured Party may
deem necessary or desirable to preserve and perfect its security interest in the
Collateral and carry out the provisions and purposes of this Agreement. Without
limiting the generality of the foregoing, the Debtor shall (a) execute and
deliver to the Secured Party such financing statements as the Secured Party may
from time to time require; (b) deliver and pledge to the Secured Party all
Documents (including, without

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limitation, negotiable documents of title) evidencing Inventory; and (c) execute
and deliver to the Secured Party such other documents, instruments, and
agreements as the Secured Party may require to perfect and maintain the
validity, effectiveness, and priority of the Documents and the liens intended to
be created thereby. The Debtor authorizes the Secured Party to file one or more
financing or continuation statements, and amendments thereto, relating to all or
any part of the Collateral without the signature of the Debtor where permitted
by law. A carbon, photographic, or other reproduction of this Agreement or of
any financing statement covering the Collateral or any part thereof shall be
sufficient as a financing statement and may be filed as a financing statement.

         Section 4.4. Risk of Loss; Insurance. The Debtor shall be responsible
for any loss or damage to the Collateral. The Debtor shall, at its own expense,
maintain insurance with respect to the Collateral in such amounts against such
risks, in such form, and with such insurers as is usually carried by
corporations engaged in similar businesses and owning similar properties in the
same general areas in which the Debtor operates.

         Section 4.5. Inspection Rights. The Debtor shall permit the Secured
Party and its representatives to examine and inspect the Collateral and to
examine, inspect, and copy the Debtor's books and records at any reasonable time
and during normal business hours upon one (1) business day's prior notice.

         Section 4.6. Corporate Changes. The Debtor shall not change its name,
identity, or corporate structure in any manner that might make any financing
statement filed in connection with this Agreement seriously misleading unless
the Debtor shall have given the Secured Party thirty (30) days prior written
notice thereof and shall have taken all action deemed necessary or desirable by
the Secured Party to make each financing statement not seriously misleading. The
Debtor shall not change its principal place of business, chief executive office,
or the place where it keeps its books and records unless it shall have given the
Secured Party thirty (30) days prior written notice thereof and shall have taken
all action deemed necessary or desirable by the Secured Party to cause its
security interest in the Collateral to be perfected with the priority required
by this Agreement.

         Section 4.7. Reporting Requirements. The Debtor shall furnish to the
Secured Party the following: (a) within five (5) business days after the end of
each calendar month, an inventory report containing a description of the
Inventory and the book value of the Inventory as of the end of such calendar
month, calculated in

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accordance with GAAP; and (b) on or before such dates such reports or
certificates are delivered to Hibernia National Bank ("Hibernia"), copies of any
reports or certificates prepared by the Debtor regarding compliance with the
financial covenants contained in that certain Loan Agreement dated as of July
19, 2000, by and between Debtor and Hibernia.

         Section 4.8. Inventory. The Debtor shall maintain the Inventory in good
condition and repair (ordinary wear and tear excepted) and in accordance with
any manufacturer's manual. The Debtor shall not permit any waste or destruction
of the Inventory or any part thereof. The Debtor shall not permit the Inventory
to be used in violation of any law, rule, or regulation or inconsistently with
the terms of any policy of insurance. The Debtor shall not use or permit any of
the Inventory to be used in any manner or for any purpose that would impair its
value or expose it to unusual risk.

         Section 4.9. Taxes and Claims. The Debtor shall pay and discharge,
before the same become delinquent, (a) all taxes, assessments, and governmental
charges imposed upon it or upon any of its property, and (b) all lawful claims
that, if unpaid, might become a lien upon any of its property; provided,
however, that the Debtor shall not be required to pay or discharge any such tax,
assessment, or governmental charge if (i) the amount or validity thereof is
being contested in good faith by proper proceedings being diligently pursued,
(ii) adequate reserves therefor have been established in accordance with GAAP,
and (iii) such proceedings do not subject the Secured Party to any criminal or
civil penalty or liability or involve any substantial risk of the sale,
forfeiture, or loss of any item of Collateral.

         Section 4.10. Compliance with Laws. The Debtor shall comply in all
material respects with all applicable laws, rules, regulations, orders, and
decrees of any governmental authority or agency or arbitrator.

         Section 4.11. Compliance with Agreements. The Debtor shall comply in
all material respects with all agreements, contracts, and instruments binding on
it or affecting its properties or businesses.

         Section 4.12. Notification. The Debtor shall promptly notify the
Secured Party of (a) any lien, security interest, encumbrance, or claim that has
attached to or been made or asserted against any of the Collateral, (b) any
material change in any of the Collateral, including, without limitation, any
material damage to or loss of any of the Collateral, (c) the occurrence of any
other event that could have a material adverse effect on the Collateral or the
security interest created

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hereunder, and (d) the occurrence or existence of any Event of Default or of any
event or condition that, with the giving of notice or lapse of time or both,
would constitute an Event of Default.

                                   ARTICLE V

                           Rights of the Secured Party

         Section 5.1. Power of Attorney. The Debtor hereby irrevocably
constitutes and appoints the Secured Party and any officer or agent thereof,
with full power of substitution, as its true and lawful attorney-in-fact with
full irrevocable power and authority in the name of the Debtor or in its own
name, to take any and all action and to execute any and all documents and
instruments which the Secured Party at any time and from time to time deems
necessary or desirable to accomplish the purposes of this Agreement and, without
limiting the generality of the foregoing, the Debtor hereby gives the Secured
Party the power and right on behalf of the Debtor and in its own name to do any
of the following upon the occurrence and continuance of an Event of Default,
without notice to or the consent of the Debtor:

                  (i) to demand, sue for, collect, or receive in the name of the
         Debtor or in its own name, any money or property at any time payable or
         receivable on account of or in exchange for any of the Collateral and,
         in connection therewith, endorse checks, notes, drafts, acceptances,
         money orders, documents of title, or any other instruments for the
         payment of money under the Collateral or any policy of insurance;

                  (ii) to pay or discharge taxes, liens, or other encumbrances
         levied or placed on or threatened against the Collateral;

                  (iii) to notify post office authorities to change the address
         for delivery of mail of the Debtor to an address designated by the
         Secured Party and to receive, open, and dispose of mail addressed to
         the Debtor;

                  (iv) (A) to direct account debtors and any other parties
         liable for any payment under any of the Collateral to make payment of
         any and all monies due and to become due thereunder directly to the
         Secured Party or as the Secured Party shall direct; (B) to receive
         payment of and receipt for any and all monies, claims, and other
         amounts due and to become due at any time in respect of or arising out
         of any Collateral; (C) to sign and endorse

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         any invoices, freight or express bills, bills of lading, storage or
         warehouse receipts, drafts against debtors, assignments, proxies, stock
         powers, verifications, and notices in connection with accounts and
         other documents relating to the Collateral; (D) to commence and
         prosecute any suit, action, or proceeding at law or in equity in any
         court of competent jurisdiction to collect the Collateral or any part
         thereof and to enforce any other right in respect of any Collateral;
         (E) to defend any suit, action, or proceeding brought against the
         Debtor with respect to any Collateral; (F) to settle, compromise, or
         adjust any suit, action, or proceeding described above and, in
         connection therewith, to give such discharges or releases as the
         Secured Party may deem appropriate; (G) to exchange any of the
         Collateral for other property upon any merger, consolidation,
         reorganization, recapitalization, or other readjustment of the issuer
         thereof and, in connection therewith, deposit any of the Collateral
         with any committee, depositary, transfer agent, registrar, or other
         designated agency upon such terms as the Secured Party may determine;
         (H) to add or release any guarantor, indorser, surety, or other party
         to any of the Collateral; (I) to renew, extend, or otherwise change the
         terms and conditions of any of the Collateral; (J) to make, settle,
         compromise, or adjust claims under any insurance policy covering any of
         the Collateral; and (K) to sell, transfer, pledge, make any agreement
         with respect to or otherwise deal with any of the Collateral as fully
         and completely as though the Secured Party were the absolute owner
         thereof for all purposes, and to do, at the Secured Party's option and
         the Debtor's expense, at any time, or from time to time, all acts and
         things which the Secured Party deems necessary to protect, preserve, or
         realize upon the Collateral and the Secured Party's security interest
         therein.

         This power of attorney is a power coupled with an interest and shall be
irrevocable. The Secured Party shall be under no duty to exercise or withhold
the exercise of any of the rights, powers, privileges, and options expressly or
implicitly granted to the Secured Party in this Agreement, and shall not be
liable for any failure to do so or any delay in doing so. The Secured Party
shall not be liable for any act or omission or for any error of judgment or any
mistake of fact or law in its individual capacity or in its capacity as
attorney-in-fact except acts or omissions resulting from its willful misconduct.
This power of attorney is conferred on the Secured Party solely to protect,
preserve, and realize upon its security interest in the Collateral. The Secured
Party shall not be responsible for any decline in the value of the Collateral
and shall not be required to take any steps to preserve rights

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against prior parties or to protect, preserve, or maintain any security interest
or lien given to secure the Collateral.

         Section 5.2. Performance by the Secured Party. If the Debtor shall fail
to perform any covenant or agreement contained in this Agreement, the Secured
Party may perform or attempt to perform such covenant or agreement on behalf of
the Debtor. In such event, the Debtor shall, at the request of the Secured
Party, pay any amount expended by the Secured Party in connection with such
performance or attempted performance to the Secured Party, together with
interest thereon at the maximum rate permitted by applicable law from and
including the date of such expenditure to but excluding the date such
expenditure is paid in full. Notwithstanding the foregoing, it is expressly
agreed that the Secured Party shall not have any liability or responsibility for
the performance of any obligation of the Debtor under this Agreement.

                                   ARTICLE VI

                               Rights and Remedies

         Section 6.1. Rights and Remedies. If an Event of Default shall have
occurred and be continuing, the Secured Party shall have the following rights
and remedies:

                  (i) The Secured Party may declare the Obligations or any part
         thereof immediately due and payable, without notice, demand,
         presentment, notice of dishonor, notice of acceleration, notice of
         intent to accelerate, notice of intent to demand, protest, or other
         formalities of any kind, all of which are hereby expressly waived by
         the Debtor.

                  (ii) In addition to all other rights and remedies granted to
         the Secured Party in this Agreement or in the Note or by applicable
         law, the Secured Party shall have all of the rights and remedies of a
         secured party under the UCC (whether or not the UCC applies to the
         affected Collateral). Without limiting the generality of the foregoing,
         the Secured Party may (A) without demand or notice to the Debtor,
         collect, receive, or take possession of the Collateral or any part
         thereof and for that purpose the Secured Party may enter upon any
         premises on which the Collateral is located and remove the Collateral
         therefrom or render it inoperable, and/or (B) sell, lease, or otherwise
         dispose of the Collateral, or any part thereof, in one or more parcels
         at public or private sale or sales, at the Secured Party's offices or

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         elsewhere, for cash, on credit or for future delivery, and upon such
         other terms as the Secured Party may deem commercially reasonable. The
         Secured Party shall have the right at any public sale or sales, and, to
         the extent permitted by applicable law, at any private sale or sales,
         to bid and become a purchaser of the Collateral or any part thereof
         free of any right or equity of redemption on the part of the Debtor,
         which right or equity of redemption is hereby expressly waived and
         released by the Debtor. Upon the request of the Secured Party, the
         Debtor shall assemble the Collateral and make it available to the
         Secured Party at any place designated by the Secured Party that is
         reasonably convenient to the Debtor and the Secured Party. The Debtor
         agrees that the Secured Party shall not be obligated to give more than
         ten (10) days written notice of the time and place of any public sale
         or of the time after which any private sale may take place and that
         such notice shall constitute reasonable notice of such matters. The
         Secured Party shall not be obligated to make any sale of Collateral if
         it shall determine not to do so, regardless of the fact that notice of
         sale of Collateral may have been given. The Secured Party may, without
         notice or publication, adjourn any public or private sale or cause the
         same to be adjourned from time to time by announcement at the time and
         place fixed for sale, and such sale may, without further notice, be
         made at the time and place to which the same was so adjourned. The
         Debtor shall be liable for all expenses of retaking, holding, preparing
         for sale, or the like, and all reasonable attorneys' fees, legal
         expenses, and all other costs and expenses incurred by the Secured
         Party in connection with the collection of the Obligations and the
         enforcement of the Secured Party's rights under this Agreement. The
         Debtor shall remain liable for any deficiency if the Proceeds of any
         sale or other disposition of the Collateral are insufficient to pay the
         Obligations in full. The Secured Party may apply the Collateral against
         the Obligations in such order and manner as the Secured Party may elect
         in its sole discretion. The Debtor waives all rights of marshalling,
         valuation, and appraisal in respect of the Collateral.

                  (iii) The Secured Party may cause any or all of the Collateral
         held by it to be transferred into the name of the Secured Party or the
         name or names of the Secured Party's nominee or nominees.

                  (iv) The Secured Party may exercise or cause to be exercised
         all voting rights and corporate powers in respect of the Collateral.

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                  (v) The Secured Party may collect or receive all money or
         property at any time payable or receivable on account of or in exchange
         for any of the Collateral, but shall be under no obligation to do so.

                  (vi) On any sale of the Collateral, the Secured Party is
         hereby authorized to comply with any limitation or restriction with
         which compliance is necessary, in the view of the Secured Party's
         counsel, in order to avoid any violation of applicable law or in order
         to obtain any required approval of the purchaser or purchasers by any
         applicable governmental authority or agency.

                                  ARTICLE VII

                                  Miscellaneous

         Section 7.1. Expenses. The Debtor agrees to pay on demand all costs and
expenses incurred by the Secured Party in connection with the preparation,
negotiation, execution, administration, and enforcement of this Agreement and
any and all amendments, modifications, and supplements hereto. The Debtor agrees
to pay and to hold the Secured Party harmless from and against all filing fees
and all excise, sales, stamp, and other taxes payable in connection with this
Agreement or the transactions contemplated hereby.

         Section 7.2. Indemnification. The Debtor hereby agrees to indemnify the
Secured Party and each affiliate thereof and their respective officers,
directors, employees, attorneys, and agents from, and hold each of them harmless
against, any and all losses, liabilities, claims, damages, penalties, judgments,
disbursements, costs, and expenses (including reasonable attorneys' fees) to
which any of them may become subject which directly or indirectly arise from or
relate to (a) the negotiation, execution, delivery, performance, administration,
or enforcement of this Agreement, (b) any of the transactions contemplated by
this Agreement, (c) any breach by the Debtor of any representation, warranty,
covenant, or other agreement contained in this Agreement, or (d) any
investigation, litigation, or other proceeding, including, without limitation,
any threatened investigation, litigation, or other proceeding relating to any of
the foregoing. Without limiting any provision of this Agreement, it is the
express intention of the parties hereto that each person or entity to be
indemnified under this Section shall be indemnified from and held harmless
against any and all losses, liabilities, claims, damages, penalties, judgments,
disbursements, costs, and expenses (including

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reasonable attorneys' fees) arising out of or resulting from the sole or
contributory negligence of such person or entity.

         Section 7.3. No Waiver; Cumulative Remedies. No failure on the part of
the Secured Party to exercise and no delay in exercising, and no course of
dealing with respect to, any right, power, or privilege under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, power, or privilege under this Agreement preclude any other or
further exercise thereof or the exercise of any other right, power, or
privilege. The rights and remedies provided for in this Agreement are cumulative
and not exclusive of any rights and remedies provided by law.

         Section 7.4. Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the Debtor and the Secured Party and their
respective heirs, successors, and assigns, except that the Debtor may not assign
any of its rights or obligations under this Agreement without the prior written
consent of the Secured Party.

         Section 7.5. AMENDMENT; ENTIRE AGREEMENT. THIS AGREEMENT EMBODIES THE
FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDES ANY AND ALL
PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER
WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE
CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS
AMONG THE PARTIES HERETO. The provisions of this Agreement may be amended or
waived only by an instrument in writing signed by the parties hereto.

         Section 7.6. Notices. All notices and other communications provided for
in this Agreement shall be given or made by telex, telegraph, telecopy, cable,
or in writing and telexed, telecopied, telegraphed, cabled, mailed by certified
mail return receipt requested, or delivered to the intended recipient at the
"Address for Notices" specified below its name on the signature pages hereof;
or, as to any party at such other address as shall be designated by such party
in a notice to the other party given in accordance with this Section. Except as
otherwise provided in this Agreement, all such communications shall be deemed to
have been duly given when transmitted by telex or telecopy, subject to telephone
confirmation of receipt, or delivered to the telegraph or cable office, subject
to telephone confirmation of receipt,

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or when personally delivered or, in the case of a mailed notice, when duly
deposited in the mails, in each case given or addressed as aforesaid.

         Section 7.7. Governing Law; Venue; Service of Process. This Agreement
shall be governed by and construed in accordance with the laws of British
Columbia or Texas at the election of the Secured Party. The Debtor hereby
irrevocably (a) submits to the nonexclusive jurisdiction of such courts, and (b)
waives any objection it may now or hereafter have as to the venue of any such
action or proceeding brought in such court or that such court is an inconvenient
forum. The Debtor agrees that service of process upon it may be made by
certified or registered mail, return receipt requested, at its address specified
or determined in accordance with the provisions of Section 7.6 of this
Agreement. Nothing in this Agreement shall affect the right of the Secured Party
to serve process in any other manner permitted by law or shall limit the right
of the Secured Party to bring any action or proceeding against the Debtor or
with respect to any of its property in courts in other jurisdictions.

         Section 7.8. Headings. The headings, captions, and arrangements used in
this Agreement are for convenience only and shall not affect the interpretation
of this Agreement.

         Section 7.9. Survival of Representations and Warranties. All
representations and warranties made in this Agreement or in any certificate
delivered pursuant hereto shall survive the execution and delivery of this
Agreement, and no investigation by the Secured Party shall affect the
representations and warranties or the right of the Secured Party to rely upon
them.

         Section 7.10. Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

         Section 7.11. Waiver of Bond. In the event the Secured Party seeks to
take possession of any or all of the Collateral by judicial process, the Debtor
hereby irrevocably waives any bonds and any surety or security relating thereto
that may be required by applicable law as an incident to such possession, and
waives any demand for possession prior to the commencement of any such suit or
action.

         Section 7.12. Severability. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be

                                      -14-
<PAGE>   15

ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions of this Agreement, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

         Section 7.13. Construction. The Debtor and the Secured Party
acknowledge that each of them has had the benefit of legal counsel of its own
choice and has been afforded an opportunity to review this Agreement with its
legal counsel and that this Agreement shall be construed as if jointly drafted
by the Debtor and the Secured Party.

         Section 7.14. Obligations Absolute. All rights and remedies of the
Secured Party hereunder, and all obligations of the Debtor hereunder, shall be
absolute and unconditional irrespective of:

                  (a) any lack of validity or enforceability of the Obligations
         or this Agreement or any other agreement or instrument relating to;

                  (b) any change in the time, manner, or place of payment of, or
         in any other term of, all or any of the Obligations, or any other
         amendment or waiver of or any consent to any departure from the
         Obligations or this Agreement;

                  (c) any exchange, release, or nonperfection of any Collateral,
         or any release or amendment or waiver of or consent to any departure
         from any guarantee, for all or any of the Obligations; or

                  (d) any other circumstance that might otherwise constitute a
         defense available to, or a discharge of, the Debtor.

         Section 7.15. Termination. If all of the Obligations shall have been
paid and performed in full and all commitments of the Secured Party to the
Debtor and the Borrower shall have expired or terminated, the Secured Party
shall, upon the written request of the Debtor, promptly execute and deliver to
the Debtor a proper instrument or instruments acknowledging the release and
termination of the security interests created by this Agreement, and shall duly
assign and deliver to the Debtor (without recourse and without any
representation or warranty) such of the Collateral as may be in the possession
of the Secured Party and has not previously been sold or otherwise applied
pursuant to this Agreement.

                                      -15-
<PAGE>   16

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first written above.

                                     DEBTOR:

                                     GLOBAL ELECTION SYSTEMS, INC.

                                     By: /s/ Robert J. Urosevich
                                         Robert J. Urosevich, President

                                     Address for Notices:
                                     -------------------
                                     1611 Wilmeth Road
                                     McKinney, Texas  75069
                                     Fax No.:         972-542-6044
                                     Telephone No.:   972-542-6000

                                     Attention:       Mike Rasmussen
                                                      Chief Financial Officer

                                      -16-
<PAGE>   17

                                     SECURED PARTY:

                                     JONES, GABLE & COMPANY LIMITED

                                     By: /s/ D.M. Ross
                                          Name:   D.M. Ross
                                          Title:  President

                                     Address for Notices:
                                     -------------------
                                     Suite 600, 110 Yonge Street
                                     Toronto, Ontario  M5C 1T6
                                     Fax No.:          416-365-8037
                                     Telephone No.:    416-365-8044

                                     Attention:        D. M. Ross

                                      -17-<PAGE>   1
                                                                   EXHIBIT 10.11

THE WARRANTS REPRESENTED BY THIS CERTIFICATE WILL BE VOID AND OF NO VALUE UNLESS
EXERCISED BY 4:30 P.M. (VANCOUVER TIME) ON MARCH 15, 2006.

                             SHARE PURCHASE WARRANT

                                       Of

                          GLOBAL ELECTION SYSTEMS INC.
            (Incorporated under the laws of British Columbia, Canada)

Certificate No.:  1                     No. of Share Purchase Warrants:  600,000
                 ---

                             THIS IS TO CERTIFY THAT

                         JONES, GABLE & COMPANY LIMITED
                                 (THE "HOLDER")

is the registered holder of the number of share purchase warrants (the
"Warrants") of Global Election Systems Inc. (the "Company") specified above,
entitling the holder to purchase 600,000 common shares without par value (the
"Shares") in the capital of the Company on the basis of one common share for
each Warrant, upon and subject to the terms and conditions referred to or
contained in this Warrant Certificate.

The terms and conditions of the Warrants are set out below and in Appendix 1
attached to this Certificate.

1.       The Shares may be purchased at a price of $3.00 (Cdn.) per Share (the
         "Exercise Price") at any time up to 4:30 p.m. local time ("Expiry
         Time") in Vancouver, British Columbia, on March 6, 2006.

2.       The right to purchase the Shares at the Exercise Price may be exercised
         in whole or in part, by the holder only, by surrendering to the Company
         at 1200 West 73rd Avenue, Suite 350,Vancouver, B.C. V6P 3G5 before the
         Expiry Time this Warrant Certificate, together with a duly completed
         and executed Subscription Form in the form of Exhibit A attached hereto
         for the number of shares which the holder wishes to purchase and a
         cheque, bank draft or money order payable to the Company in the amount
         of the Exercise Price multiplied by the number of Shares to be
         purchased ("Subscription Funds").

3.       Upon surrender and payment in accordance with section 2, the Company
         shall issue to the holder of this Warrant Certificate or such other
         person or persons as the holder may direct, the number of Shares
         subscribed for and will deliver to the holder, at the address set forth
         in the Subscription Form, a certificate or certificates evidencing the
         number of Shares subscribed for.

4.       If the holder subscribes for a number of Shares which is less than the
         number of Shares which the holder is entitled to purchase under this
         Warrant Certificate, the Company shall

<PAGE>   2

         forthwith cause to be delivered to the holder a further Warrant
         Certificate in respect of the balance of Shares referred to in this
         Warrant Certificate not then subscribed for.

5.       The holding of this Warrant Certificate will not constitute the holder
         a shareholder of the Company or entitle the holder to any right or
         interest in respect thereof.

6.       Nothing contained herein confers any right upon the holder or any other
         person to subscribe for or purchase any Shares of the Company at any
         time subsequent to the Expiry Time and from and after such time, this
         Warrant Certificate and all rights hereunder will be void.

7.       If this Warrant Certificate becomes mutilated or is lost, destroyed or
         stolen, the Company will, subject to applicable law, issue and deliver,
         a new certificate of like tenor as this Warrant Certificate in exchange
         for or in lieu of, as the case may be, of this certificate. The holder
         of this certificate will bear the cost of the issue of a new
         certificate and in case of loss, destruction or theft will, as a
         condition precedent to the issue of a new certificate:

         (a)      furnish to the Company such evidence of ownership and of the
                  loss, destruction or theft of the certificate to be replaced
                  as is satisfactory to the Company in its discretion;

         (b)      if required by the Company, furnish an indemnity and surety
                  bond in amount and form satisfactory to the Company; and

         (c)      pay the reasonable charges of the Company in connection
                  therewith.

8.       THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A HOLD
         PERIOD EXPIRING AT MIDNIGHT ON MARCH 15, 2002, AND MAY NOT BE TRADED IN
         ONTARIO UNTIL THE EXPIRY OF THE HOLD PERIOD EXCEPT AS PERMITTED BY THE
         SECURITIES ACT (ONTARIO) AND THE RULES AND REGULATIONS MADE UNDER THE
         ACT.

9.       The Warrants represented by this Warrant Certificate are non
         transferable. Any share certificates issued pursuant to this Warrant
         Certificate will bear the following legend:

                  THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
                  HOLD PERIOD EXPIRING AT MIDNIGHT ON MARCH 15, 2002, AND MAY
                  NOT BE TRADED IN ONTARIO UNTIL THE EXPIRY OF THE HOLD PERIOD
                  EXCEPT AS PERMITTED BY THE SECURITIES ACT (BRITISH COLUMBIA)
                  AND THE RULES AND REGULATIONS MADE UNDER THE ACT.

                  THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON
                  THE TORONTO STOCK EXCHANGE; HOWEVER, THE SAID SECURITIES CAN
                  NOT BE TRADED THROUGH THE FACILITIES OF SUCH EXCHANGE SINCE
                  THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY
                  CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT GOOD DELIVERY
                  IN SETTLEMENT OF TRANSACTIONS ON THE TORONTO STOCK EXCHANGE.

10.      Time will be of the essence hereof.

11.      This Warrant Certificate is not valid for any purpose until it has been
         signed by the Company.

                                      -2-
<PAGE>   3

IN WITNESS WHEREOF, the Company has caused its common seal to be hereto affixed
and this Warrant Certificate to be signed by one of its directors as of the 15th
day of March, 2001.

GLOBAL ELECTION SYSTEMS INC.

By: /s/ Robert J. Urosevich
        Robert J. Urosevich, President and Director

                                      -3-
<PAGE>   4

                                   APPENDIX 1

Adjustments

(1)      The rights of the holder of any Warrant, including the Exercise Price
         and number of Shares issuable upon the exercise of such Warrant, will
         be adjusted from time to time in the events and in the manner provided
         in, and in accordance with the provisions of this Appendix 1 and for
         such purposes and as used in this section, "Adjustment Period" means
         the period commencing on the date of this Warrant Certificate and
         ending at the Expiry Time.

(2)      The Exercise Price in effect at any date will be subject to adjustment
         from time to time as follows:

         (a)      If and whenever at any time during the Adjustment Period, the
                  Company shall:

                  (i)      subdivide or redivide the outstanding common shares
                           ("Common Shares") in the capital of the Company into
                           a greater number of Common Shares;

                  (ii)     consolidate, combine or reduce the outstanding Common
                           Shares into a lesser number of Common Shares; or

                  (iii)    issue Common Shares to all or substantially all of
                           the holders of Common Shares by way of a stock
                           dividend or other distribution (other than the issue
                           of Common Shares to holders of Common Shares as
                           dividends by way of stock dividend in lieu of a cash
                           Dividend Paid in the Ordinary Course as such term is
                           defined in clause 2(d)(ii) of this Appendix 1 or
                           pursuant to any dividend reinvestment plan in force
                           from time to time);

                  then, in each such event, the Exercise Price will, on the
                  effective date of or the record date for such event, be
                  adjusted so that it will equal the amount determined by
                  multiplying the Exercise Price in effect immediately prior to
                  such date by a fraction, of which:

                  (i)      the numerator shall be the total number of Common
                           Shares outstanding on such date before giving effect
                           to such event; and

                  (ii)     the denominator shall be the total number of Common
                           Shares outstanding on such date after giving effect
                           to such event.

                  Such adjustment will be made successively whenever any event
                  referred to in this subsection shall occur and any issue of
                  Common Shares by way of a stock dividend shall be deemed to
                  have been made on the record date for such stock dividend for
                  the purpose of calculating the number of outstanding Common
                  Shares under paragraphs 2(b) and (c) of this Appendix 1.

         (b)      If and whenever at any time during the Adjustment Period the
                  Company shall fix a record date for the issuance of rights,
                  options or warrants to all or substantially all of the holders
                  of Common Shares entitling the holders thereof within a period
                  expiring not more than 45 days after the date of issue
                  thereof, to subscribe for or

                                                             APPENDIX 1 - PAGE 1
<PAGE>   5

                  purchase Common Shares (or securities convertible into or
                  exchangeable for Common Shares) at a price per share (or
                  having a conversion or exchange price per share) of less than
                  95% of the Current Market Price (as such term is defined in
                  clause 2(d)(i) of this Appendix 1), the Exercise Price will be
                  adjusted immediately after such record date so that it will
                  equal the amount determined by multiplying the Exercise Price
                  in effect on such record date by a fraction, of which:

                  (i)      the numerator shall be the total number of Common
                           Shares outstanding on such record date plus a number
                           of Common Shares equal to the number arrived at by
                           dividing the aggregate price of the total number of
                           additional Common Shares so offered for subscription
                           or purchase (or the aggregate conversion or exchange
                           price of the convertible or exchangeable securities
                           so offered) by the Current Market Price; and

                  (ii)     the denominator shall be the total number of Common
                           Shares outstanding on such record date plus the total
                           number of additional Common Shares so offered for
                           subscription or purchase (or into or for which the
                           convertible or exchangeable securities so offered are
                           convertible or exchangeable).

                  Any Common Shares owned by or held for the account of the
                  Company or any subsidiary of the Company shall be deemed not
                  to be outstanding for the purpose of and shall not be included
                  in any such computation. Such adjustment will be made
                  successively whenever such a record date is fixed. If two or
                  more such record dates or record dates referred to in
                  paragraph 2(c) of this Appendix 1 are fixed within a period of
                  25 Trading Days (as such term is defined in clause 2(d) (iii)
                  of this Appendix 1) the adjustment will be made successively
                  as if each of the record dates occurred on the earliest of
                  such record dates. To the extent that any such rights, options
                  or warrants are not so issued or any such rights, options or
                  warrants are not exercised prior to the expiration thereof,
                  the Exercise Price will then be readjusted to the Exercise
                  Price which would then be in effect if such record date had
                  not been fixed or to the Exercise Price which would then be in
                  effect based upon the number of Common Shares (or securities
                  convertible into or exchangeable for Common Shares) actually
                  issued upon the exercise of such rights, options or warrants,
                  as the case may be. The provisions of this paragraph 2(b)
                  shall not apply to the issuance of any rights, options or
                  warrants to directors, employees or consultants of the
                  Company.

         (c)      If and whenever at any time during the Adjustment Period, the
                  Company shall fix a record date for the making of a
                  distribution to all or substantially all of the holders of:

                  (i)      shares of any class other than Common Shares whether
                           of the Company or any other corporation (other than
                           shares distributed to holders of Common Shares as
                           Dividends Paid in the Ordinary Course as stock
                           dividends);

                  (ii)     rights, options or warrants (other than rights,
                           options or warrants exercisable by the holders
                           thereof within a period expiring not more than 45
                           days after the date of issue thereof or rights,
                           options or warrants issued or granted to directors,
                           employees or consultants of the Company);

                                                             APPENDIX 1 - PAGE 2
<PAGE>   6

                  (iii)    evidences of indebtedness; or

                  (iv)     cash, securities or other property or assets (other
                           than cash Dividends Paid in the Ordinary Course);

                  then, in each such case, the Exercise Price will be adjusted
                  immediately after such record date so that it will equal the
                  amount determined by multiplying the Exercise Price in effect
                  on such record date by a fraction, of which:

                  (i)      the numerator shall be the total number of Common
                           Shares outstanding on such record date multiplied by
                           the Current Market Price on the earlier of such
                           record date and the date on which the Company
                           announces its intention to make such distribution
                           (the "Current Market Value"), less the aggregate fair
                           market value (as determined by the directors of the
                           Company at the time such distribution is authorized,
                           provided that such value is less than the Current
                           Market Value) of such shares or rights, options or
                           warrants or evidences of indebtedness or cash,
                           securities or other property or assets so
                           distributed; and

                  (ii)     the denominator shall be the total number of Common
                           Shares outstanding on such record date multiplied by
                           such Current Market Price.

                  Any Common Shares owned by or held for the account of the
                  Company or any subsidiary of the Company shall be deemed not
                  to be outstanding for the purpose of any such computation.
                  Such adjustment will be made successively whenever such a
                  record date is fixed, provided that if two or more such record
                  dates or record dates referred to in paragraph 2(b) of this
                  Appendix 1 are fixed within a period of 25 Trading Days, such
                  adjustment will be made successively as if each of the record
                  dates occurred on the earliest of such record dates. To the
                  extent that such distribution is not so made or to the extent
                  that any such rights, options or warrants so distributed are
                  not exercised prior to the expiration thereof, the Exercise
                  Price will then be readjusted to the Exercise Price which
                  would then be in effect if such record date had not been fixed
                  or to the Exercise Price which would then be in effect based
                  upon such shares or rights, options or warrants or evidences
                  of indebtedness or cash, securities or other property or
                  assets actually distributed or based upon the number or amount
                  of securities or the property or assets actually issued or
                  distributed upon the exercise of such rights, options or
                  warrants, as the case may be.

         (d)      For the purpose of any computation under paragraphs 2(a), (b)
                  or (c) of this Appendix 1:

                  (i)      "Current Market Price", on any date, means the
                           average, during the period of 20 consecutive Trading
                           Days ending on the fifth Trading Day before such
                           date, of the high and low prices per share at which
                           the Common Shares have traded on the Toronto Stock
                           Exchange (the "Exchange") or, if the Common Shares
                           are not listed on the Exchange, then on such stock
                           exchange on which the Common Shares are listed as may
                           be selected for that purpose by the directors,
                           provided that if, on any such Trading Day, there are
                           no such reported or quoted high and low prices, the
                           average of

                                                             APPENDIX 1 - PAGE 3
<PAGE>   7

                           the closing bid and asked prices per share for board
                           lots of the Common Shares reported by the Exchange or
                           such other stock exchange or such Trading Day shall
                           be utilized in computing such average, and provided
                           further that if the Common Shares are not listed on
                           any stock exchange, then the Current Market Price of
                           the Common Shares shall be determined by the
                           directors of the Company;

                  (ii)     "Dividend Paid in the Ordinary Course" means any
                           dividend paid by the Company on the Common Shares
                           (whether in cash, securities, property or other
                           assets), provided that the Directors do not by
                           resolution determine that such dividend is
                           extraordinary or otherwise out of the ordinary course
                           having regard to the Company's dividend policy at
                           such time, the value of such dividend, the effect of
                           such dividend on the market value of the Common
                           Shares after giving effect to the payment thereof,
                           the form of payment of such dividend, the financial
                           position of the Company and its subsidiaries on a
                           consolidated basis, economic conditions, business
                           practices and such other factors as the Directors may
                           in their discretion consider to be relevant; and

                  (iii)    "Trading Day" means, with respect to any stock
                           exchange, a day on which shares may be traded through
                           the facilities of such stock exchange.

3.       If and whenever at any time during the Adjustment Period there is:

         (a)      any reclassification of the Common Shares at any time
                  outstanding, any change of the Common Shares into other shares
                  or any other capital reorganization of the Company (other than
                  as described in section 2 of this Appendix 1);

         (b)      any merger or other form of business combination of the
                  Company in which the Company is the survivor and which results
                  in any reclassification of the outstanding Common Shares, any
                  change of the Common Shares into other shares or any other
                  capital reorganization of the Company; or

         (c)      any sale, lease, exchange or transfer of the undertaking or
                  assets of the Company as an entirety or substantially as an
                  entirety to another corporation or entity;

                  then, in each such event each holder of any Warrant which is
                  thereafter exercised will be entitled to receive, and shall
                  accept, for the Exercise Price then in effect, in lieu of the
                  number of Common Shares to which such holder was theretofore
                  entitled upon such exercise, the kind and number or amount of
                  shares or other securities or property which such holder would
                  have been entitled to receive as a result of such event if, on
                  the effective date thereof, such holder had been the
                  registered holder of the number of Common Shares to which such
                  holder was theretofore entitled upon such exercise. If
                  necessary as a result of any such event appropriate
                  adjustments will be made in the application of the provisions
                  set forth in this Appendix 1 with respect to the rights and
                  interests thereafter of the holders of Warrants to the end
                  that the provisions set forth in this section will thereafter
                  correspondingly be made applicable as nearly as may reasonably
                  be possible in relation to any shares or other securities or
                  property thereafter deliverable upon the exercise of any
                  Warrant.

                                                             APPENDIX 1 - PAGE 4
<PAGE>   8

4.       If and whenever at any time during the Adjustment Period the Exercise
         Price shall be adjusted or readjusted pursuant to paragraphs 1 or 2 of
         this Appendix 1 the number of Common Shares purchasable upon the
         exercise of each Warrant will, contemporaneously with such adjustment
         or readjustment of the Exercise Price, be adjusted by multiplying the
         number of Common Shares theretofore purchasable upon such exercise by a
         fraction the numerator of which shall be the Exercise Price in effect
         immediately prior to such adjustment and the denominator of which shall
         be the Exercise Price resulting from such adjustment.

5.       In any case in which this Appendix 1 shall require that an adjustment
         shall become effective immediately after a record date for, or
         effective date of, an event referred to in this Appendix 1, the Company
         may defer, until the occurrence and consummation of such event, issuing
         to the holder of any Warrant exercised or deemed to have been exercised
         after such record date or effective date and before the occurrence and
         consummation of such event, the additional Common Shares or other
         securities or property issuable upon such exercise by reason of the
         adjustment required by such event, provided, however, that the Company
         will deliver to such holder an appropriate instrument evidencing such
         holder's right to receive such additional Common Shares or other
         securities or property upon the occurrence and consummation of such
         event and the right to receive any dividend or other distribution in
         respect of such additional Common Shares or other securities or
         property declared in favour of the holders of record of Common Shares
         or of such other securities or property on or after the Exercise Date
         or such later date as such holder would, but for the provisions of this
         paragraph, have become the holder of record of such additional Common
         Shares or of such other securities or property pursuant to paragraph 1
         of this Appendix 1.

6.       The adjustments provided for in this Appendix are cumulative and shall,
         subject to this paragraph, apply (without duplication) to successive
         subdivisions, consolidations, distributions, issuances or other events
         resulting in any adjustment under the provisions of this paragraph,
         provided that, notwithstanding any other provision of this Appendix 1,
         no adjustment of the Exercise Price will be required:

         (a)      unless such adjustment would require an increase or decrease
                  of at least 1% in the Exercise Price then in effect or the
                  number of Common Shares purchasable upon the exercise of the
                  Warrants would change by at least one one-hundredth of a share
                  (provided, however, that any adjustment which by reason of
                  this subparagraph is not required to be made shall be carried
                  forward and taken into account in any subsequent adjustment);

         (b)      if, in respect of any event described in this paragraph (other
                  than the events referred to in paragraphs 2(a) (i) and (ii)
                  and in paragraph 3 of this Appendix 1), the holders of
                  Warrants are entitled to participate in such event, or are
                  entitled to participate within 45 days in a comparable event,
                  on the same terms, mutatis mutandis, as if the Warrants had
                  been exercised or deemed to have been exercised prior to or on
                  the effective date of or record date for such event; or

         (c)      in respect of any Common Shares issuable or issued pursuant to
                  any stock option or any stock option or stock purchase plan in
                  force from time to time for directors,

                                                             APPENDIX 1 - PAGE 5
<PAGE>   9

                  officers or employees of the Company or of subsidiaries of the
                  Company or pursuant to the Warrants.

7.       In the event of any question arising with respect to the adjustments
         provided in this Appendix 1, such question shall be conclusively
         determined by the Company's auditors or, if they are unable or
         unwilling to act, by such firm of chartered accountants as is appointed
         by the Company and acceptable to a majority of the holders of Warrants
         issued on the date hereof. Such accountants shall have access to all
         necessary records of the Company and such determination shall be
         binding upon the Company and the holders.

8.       If and whenever at any time during the Adjustment Period, the Company
         shall take any action affecting or relating to the Common Shares, other
         than any action described in this Appendix 1, which in the opinion of
         the directors of the Company would prejudicially affect the rights of
         any holders of Warrants, the Exercise Price will be adjusted by the
         directors of the Company in such manner, if any, and at such time, as
         the directors of the Company may in their sole discretion determine to
         be equitable in the circumstances to such holders.

9.       As a condition precedent to the taking of any action which would
         require an adjustment in any of the rights under the Warrants, the
         Company will take any action which may, in the opinion of counsel to
         the Company, be necessary in order that the Company, or any successor
         to the Company or successor to the undertaking or assets of the
         Company, will be obligated to and may validly and legally issue all the
         Common Shares or other securities or property which the holders of
         Warrants would be entitled to receive upon the exercise thereof in
         accordance with the provisions hereof.

10.      At least ten days before the effective date of or record date for any
         event referred to in this Appendix 1 that requires or might require an
         adjustment in any of the rights under the Warrants, the Company will
         give notice to the holders of the particulars of such event and, to the
         extent determinable, any adjustment required. Notice shall be given to
         each holder at the holder's address noted on the face of the holder's
         Warrant Certificate or such other address as the holder may otherwise
         advise the Company in writing. Such notice need only set forth such
         particulars as have been determined at the date such notice is given.
         If any adjustment for which such notice is given is not then
         determinable, promptly after such adjustment is determinable the
         Company will give notice to the holders of such adjustment.

                                                             APPENDIX 1 - PAGE 6
<PAGE>   10

                                    EXHIBIT A

                                SUBSCRIPTION FORM

To:  GLOBAL ELECTIONS SYSTEMS INC.

Pursuant to the Share Purchase Warrant made the 15th day of March, 2001, the
undersigned hereby subscribes for and agrees to take up _____________ common
shares without par value (the "Shares") in the capital of the Company, at a
price of $3.00 (Canadian) per Share for the aggregate sum of $____________ (the
"Subscription Funds"), and encloses herewith a cheque, bank draft or money order
payable to the Company in full payment of the Shares.

The undersigned hereby requests that:

         (a)      the Shares be allotted to the undersigned;

         (b)      the name and address of the undersigned as shown below be
                  entered in the registers of members and allotments of the
                  Company;

         (c)      the Shares be issued to the undersigned as fully paid and
                  non-assessable common shares of the Company; and

         (d)      a share certificate representing the Shares be issued in the
                  name of the undersigned.

Dated this     day of                 , 200  .
           ---        ----------------     --

DIRECTION AS TO REGISTRATION:

(NAME AND ADDRESS EXACTLY AS YOU WISH THEM TO APPEAR ON YOUR SHARE CERTIFICATE
AND IN THE REGISTER OF MEMBERS.)

Full Name:
               -----------------------------------------------------------------

Full Address:
               -----------------------------------------------------------------

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

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

Signature of Subscriber:
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                                                   SUBSCRIPTION FORM - SOLO PAGE

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