Document:

GBS 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 EDWARD M. GILES, an individual residing at 17 Heights
Rd. Manhasset, NY 11030 (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.

 

    	 

    	 

    

 

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.

 

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. 

 

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.

 

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]

 

    	 

    	 

    

 

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

 

Warrant Number: WA-2012-20

 

COMMON STOCK
PURCHASE WARRANT

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

6.          Adjustments
in Exercise Price/Number of Shares.

 

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

 

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

 

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

 

7.          Transfer,
Exchange, and Replacement of Warrant.

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

    	 

    	 

    

 

10.         Miscellaneous.

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

Dated as of November 30, 2012

 

	REGISTERED WARRANTHOLDER:	EDWARD M. GILES
	 	 
	WARRANT NO.:	WA-2012-20
	 	 
	WARRANT SHARES:	250,000
	 	 
	EXERCISE PRICE:	$0.20 PER SHARE

 

    	 

    	 

    

 

FORM OF EXERCISE AGREEMENT

 

Dated: ______________________

 

The undersigned, pursuant to the provisions
set forth in Warrant No: WA-2012-20, hereby agrees to purchase _____________________ shares of Common Stock of GBS Enterprises
Incorporated covered by such Warrant, at $________________ per share and makes payment herewith in full therefor at the price per
share provided by such Warrant in cash or by certified or official bank check in the amount of $________________.

 

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

 

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

 

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

 

    	 

    	 

    

 

FORM OF ASSIGNMENT

 

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

 

	Name of Assignee	Address	No of Shares
	 	 	 

 

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

 

Dated: ________ __, 20__

 

	
        In the

        presence

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

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"}]]