Document:

Settlement Agreement

 Exhibit 10.15 
 SETTLEMENT AGREEMENT 
 This Settlement Agreement (this “Agreement”) is entered into
effective as of July     , 2007 by and among Nationwide Auction Systems, Inc., formerly known as Asset Liquidation Group, Inc., and Public Liquidation Systems, Inc., both Nevada corporations collectively doing business as
Nationwide Auction Systems (“Nationwide”), Entrade Inc., a Pennsylvania corporation (“Entrade” and together with Nationwide, the “Nationwide Parties”), and Joe Kowal (“Kowal”). The Nationwide Parties and Kowal
are sometimes herein referred to collectively as the “Parties.” 
 Recitals 
 WHEREAS, the Nationwide Parties and Kowal are parties to the following documents, all dated as of November 16, 2005 but effective as of
November 1, 2005 (collectively, the “Transaction Documents”): (i) Asset Purchase Agreement (the “Asset Purchase Agreement”); (ii) Assignment of Invention Rights Agreement; (iii) Blanket Conveyance, Bill of
Sale and Assignment and Assumption Agreement (the “Bill of Sale”); (iv) Entrade Convertible Promissory Note No. 1 in the original principal amount of $1,633,987; (v) Entrade Convertible Promissory Note No. 2 in the
original principal amount of $408,497; (vi) Entrade Convertible Promissory Note No. 3 in the original principal amount of $408,497 (collectively with Entrade Convertible Promissory Note No. 1, Entrade Convertible Promissory Note
No. 2 and Entrade Convertible Promissory Note No. 3, the “Entrade Convertible Notes”); (vii) Employment Letter and (ix) Non-Compete Agreement for Seller (the “Kowal Non-Compete Agreement”); 
 WHEREAS, a dispute has arisen among the Parties regarding the Parties’ respective rights and obligations under the Transaction Documents;

 WHEREAS, Nationwide is purportedly indebted to the following parties: (i) Alexandra I. Smirnov and Boris L. Smirnov for $100,000 plus
accrued interest; (ii) Alexander M. Kassatkin and Nadejda T. Kassatkina for $100,000 plus accrued interest; (iii) Paula Delgado for $100,000 plus accrued interest and (iv) Juan Acevedo (“Acevedo”) for $200,000 plus accrued
interest. These purported obligations are collectively referred to as the “Retail Notes” and each is individually referred to as a “Retail Note.” 
  

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 WHEREAS, Inna Kassatkina (“Kassatkina”) has initiated litigation in the Superior Court of
California (Kassatkina v. Asset Liquidation Group, Case No. 07CC02614) seeking payment of certain of the Retail Notes, which she contends have been assigned to her for collection (the “Kassatkina Action”). 
 WHEREAS, the Parties desire to settle and compromise their dispute and all other matters as between the Parties and related to the Retail Notes and the
Kassatkina Litigation in order to avoid the cost time and effort of litigation; and 
 WHEREAS, in consideration of the foregoing and in
consideration of the following terms and conditions set forth below, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties do hereby agree as follows: 
 Agreement 
 1. Closing.
Concurrent with the execution of this Agreement, the following deliveries shall be made: 
 (A) The Nationwide parties shall
deliver to Kowal: 
 (i) A cashiers’ check for $200,000 made payable to Kowal; 
 (ii) A duly executed Bill of Sale and title to the 2005 Ford Escape, VIN #FMC094145KB11375 (the “Automobile”) transferring the
Automobile to Kowal; 
 (iii) Share certificates evidencing 250,000 restricted shares of Entrade, Inc., common stock, duly
issued to Joe Kowal (the “Entrade Shares”); 
 (iv) A check made payable to each of the Retail Note holder(s) in the
amount set forth opposite such holder(s)’ name or names on Exhibit A; 
 (v) A Retail Note Payment Schedule addressed to
each Retail Note holder, other than Acevedo, in the form attached hereto as Exhibit B-1 (A and B), and a Retail Note Payment Schedule addressed to Acevedo in the form attached hereto as Exhibit B-2, duly executed by Nationwide Auction
Systems, Inc; and 
  

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 (vi) The original of the stock power duly executed by Kowal and provided to Entrade for
use in canceling the Entrade Shares on the stock book of Entrade if for any reason this Agreement was not executed and the deliveries contemplated hereby did not occur. 
 The documents referenced in Clauses (i) through (vi) of this paragraph 1(A), together with this Agreement, are hereinafter referred to as the “Nationwide Settlement Agreements.” 
 (B) Kowal shall deliver to Nationwide: 
 (i) The Entrade Convertible Promissory Notes for conversion of a portion of the principal balance of such notes into the Entrade Shares and cancellation of the remainder of such notes; 
 (ii) A Request for Dismissal dismissing the Kassatkina Action, with prejudice, duly executed by Kassatkina in the form attached hereto as
Exhibit C; 
 (iii) A Retail Note Payment Schedule, in the form attached hereto as Exhibit B-1, duly executed on
behalf of each holder of a Retail Note, other than Acevedo, and a Retail Note Payment Schedule, in the form attached hereto as Exhibit B-2, duly executed by Acevedo; and 
 (iv) A Rule 144(k) representation letter as to the Entrade Shares in the form attached hereto as Exhibit D dated November 2,
2007 and duly executed by Kowal (the “Rule 144 Letter”) for use by Entrade when Kowal requests removal of the transfer restrictions and legends on the Entrade Shares, at any time after November 1, 2007, so that such shares may be
transferred in the public market. 
 The documents referenced in Clauses (i) through (iv) of this paragraph 1(B), together with
this Agreement, are hereinafter referred to as the “Kowal Settlement Agreements.” 
  

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 2. Representations and Warranties. Kowal represents and warrants to the Nationwide Parties, and
acknowledges that the Nationwide Parties and their counsel may rely on such representations and warranties, as follows: 
 (i)
Kowal acknowledges that all relevant documents pertaining to Entrade and Nationwide have been made available to Kowal, including, without limitation, any and all instruments, agreements and documents of Entrade of public record with the Securities
and Exchange Commission, and the Kowal has had the opportunity to verify and clarify any information concerning Entrade and Nationwide, and to ask questions to and receive answers thereto from management of Entrade and Nationwide. 
 (ii) Kowal acknowledges that he has been advised that: (a) Nationwide has not been and is not profitable; (b) Nationwide is
Entrade’s only operating asset; (c) on a consolidated basis with Nationwide, Entrade is not cash flow positive; (d) Nationwide is in the process of completing (but cannot guarantee that it will consummate) in the coming weeks a series
of financing transactions with an existing lender which management believes will, if consummated, substantially benefit Entrade, (e) Entrade is in default of its payment and performance obligations in connection with various promissory notes
and other instruments issued by Entrade to various parties and (f) the all of the foregoing constitutes non-public information and is required to be treated as confidential and cannot be used by Kowal in violation of any applicable securities
laws. 
 (iii) Kowal: (a) is an “accredited investor” as that term is defined in Regulation D under the
Securities Act of 1933, as amended and (b) has such knowledge and experience in financial or business matters that he is capable of evaluating the risks and merits of ownership of the Entrade Shares. 
 (iv) As of the date of this Agreement, Kowal hereby confirms and remakes the representations and warranties made by Kowal in the Entrade
Convertible Notes which read as follows: 
 “The Conversion Shares will not be registered under the Securities Act of 1933, as amended
(the “Securities Act”) in reliance on the exemptions from the registration requirements of Section 5 of the Securities Act set forth in Section 4(2) thereof. Payee represents, warrants and covenants as set forth below and such
representations and warranties shall be true and correct as of the Conversion date: 
 (a) Kowal is an “Accredited
Investor” as that term is defined in Regulation D under the Securities Act; (ii) has adequate means of providing for current needs; (iii) has no need for liquidity in this investment; and (iv) is able to bear the substantial
economic risks of an investment in the Conversion Shares for an indefinite period, including the loss of the entire investment. 
  

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 (b) Kowal recognizes that an investment in the Conversion Shares involves substantial
risks, and payee has taken full cognizance of and understands all of the risk factors related to such investment in the Conversion Shares. 
 (c) Kowal has not received any general solicitation or general advertising concerning Entrade or the Conversion Shares, nor is Kowal aware that any such solicitation or advertising was received by anyone else.

 (v) Kowal has such knowledge and experience in financial or business matters that he is capable of evaluating the merits
and risks of the investment in the Conversion Shares and has the capacity to protect his own interests in connection with the Conversion Shares and has the capacity to protect his own interests in connection with the transaction. Kowal further
represents that he must bear the economic risk of such investment indefinitely unless the Conversion Shares are registered pursuant to the Securities Act or an exemption from registration is available. Kowal also understands that there is no
assurance that any exemption from registration under the Securities Act will be available and that, even if available, such exemption may not allow Kowal to transfer all or any portion of the Conversion Shares under the circumstances, in the amounts
or at the time Kowal might propose. 
 (vi) In addition to any legend imposed by applicable state securities laws or by any
contract which continues in effect after the Conversion date, the certificates representing the Conversion Shares shall bear a restrictive legend (and stop transfer orders shall be placed against the transfer thereof with Entrade’s transfer
agent), stating substantially as follows: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THEY MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, OR HYPOTHECATED UNLESS THEY HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OR UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE (AND,
IN SUCH CASE, AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY SHALL HAVE BEEN DELIVERED TO THE COMPANY TO THE EFFECT THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS NOT REQUIRED TO BE REGISTERED UNDER THE SECURITIES ACT, UNLESS
SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS MADE PURSUANT TO RULE 144 UNDER THE SECURITIES ACT).” 
  

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 All capitalized terms used in the preceding language quoted from the Entrade Convertible Notes shall have the meanings
assigned to such terms in the Entrade Convertible Notes. 
 In addition to these representations, 
 (vii) Kowal represents and warrants that he has not committed any act or omission that would constitute wrongful competition as he in good
faith understands the Non-compete Agreement to preclude, including that he has not solicited any Nationwide customers to do business with him or to not do business with Nationwide, solicited any employee to leave Nationwide, nor had any connection,
2% ownership or management of any entity which he knows to be a competitor of Nationwide. Other than Kowal’s personal vehicles, Kowal has not purchased, contracted or negotiated for the purchase of any assets for resale on behalf of himself or
any other entity in violation of the Non-compete Agreement. 
  

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 3. Additional Payments Due Kowal and Agreements. The Nationwide Parties, each jointly and
severally, agree to pay Kowal the total sum of $400,000 (the “Installment Amount”), payable in 12 equal monthly installments of $33,333.33 per month (each, a “Monthly Payment”). Each Monthly Payment will be due on the first day
of the applicable calendar month, with the first Monthly Payment due on September 1, 2007. So long as there has not occurred an Event of Default (as hereinafter defined), the Installment Amount shall not accrue any interest. Following the
occurrence of an Event of Default, interest shall accrue on the outstanding balance of the Monthly Payment which is the subject of the default at the rate of 8% per annum until paid in full. For purposes of this Agreement, an “Event of
Default” shall mean a failure by the Nationwide Parties to timely make a Monthly Payment due hereunder and a failure to correct such nonpayment within 5 business days of the date on which the applicable Monthly Payment was due. 
 Kowal has been provided with the name of Entrade’s transfer agent and contact information for a person who handles Entrade’s account at the
transfer agent as of the date of this Agreement. Provided that it opines compliance with applicable laws, Entrade will accept a legal opinion from the Law Offices of George S. Burns regarding compliance with the provisions of Rule 144 as sufficient
to support the removal of the transfer restrictions and legends from the share certificate evidencing the Entrade Shares, it being understood that the subject legal opinion must be satisfactory to Entrade’s stock transfer agent independent of
Entrade’s acceptance thereof. At the request of Kowal, Entrade will take all reasonable actions and will cooperate with Kowal to the extent required to cause Entrade’s transfer agent to remove any transfer restrictions on and legends on
the certificate evidencing the Entrade Shares subject to compliance with applicable law, including, if required or requested by the stock transfer agent, notifying the stock transfer agent that the legal opinion of the Law Offices of George S. Burns
is sufficient to Entrade. To the extent that the cooperation of Entrade under this paragraph results in any costs to Entrade, including reasonable attorney’s fees, Kowal agrees to pay such costs immediately upon demand from Entrade. In the
event that Kowal fails to pay such costs after demand by Entrade, any such amounts may be deducted from any future amounts due Kowal under this Agreement. 
  

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 4. Terminations. Except as set forth in the last sentence of this Section, effective upon
execution of this Agreement, the Parties agree that any and all remaining rights or obligations of any of the Parties provided in the Transaction Documents, including those rights or obligations which by their terms survive any termination of the
Transaction Documents or for a specific period of time, are hereby terminated and shall be of no further force and effect. Without limiting the generality of the foregoing: (i) the period described in Paragraph 1 of the Kowal Non-Compete
Agreement is terminated; and (ii) no amounts are due under the Entrade Convertible Notes, and such notes are cancelled and deemed satisfied in full. Notwithstanding the foregoing, the agreement regarding allocation of the purchase price set
forth in Section 3.2 of the Asset Purchase Agreement shall not be terminated and shall remain in full force and effect. 
 5. Mutual
General Release. 
 (A) Kowal, for himself and on behalf of his beneficiaries, affiliates, predecessors, successors and
assigns, related parties or entities, employees, attorneys agents and representatives (collectively the “Kowal Releasing Parties”) hereby fully, irrevocably, unconditionally and forever releases, remises, quit-claims and fully and forever
discharges each of the Nationwide Parties and each of their respective heirs, executors, administrators, parent corporations, subsidiaries, divisions, affiliates, predecessors, successors, assigns, related companies or entities and each of their
respective present or former officers, directors, employees, shareholders, attorneys, insurers, agents and representatives (each solely in his, her or its respective capacity as such) (collectively the “Nationwide Released Parties”) from
any and all claims, demands, damages, accounts, debts, liens, suits, actions and rights or causes of action, including, but not limited to, claims for attorneys’ fees, of every kind and description, whether known or unknown, suspected or
unsuspected, including but not limited to claims for contribution or indemnity, which they now have or have had, or hereafter can, shall or may have against any of the Nationwide Released Parties for or by reason of any matter, event, thing, act,
transaction or occurrence whatsoever occurring or arising prior to the execution of this Agreement. Claims based on a failure to perform under this Agreement and the Nationwide Settlement Agreements shall not be included in the foregoing release.

  

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 (B) Each of the Nationwide Parties, for itself and on behalf of its beneficiaries,
affiliates, predecessors, successors and assigns, related parties or entities, employees, attorneys agents and representatives (collectively the “Nationwide Releasing Parties”) hereby fully, irrevocably, unconditionally and forever
releases, remises, quit-claims and fully and forever discharges Kowal and each of his employees, attorneys, insurers, agents and representatives (each solely in his, her or its respective capacity as such) (collectively the “Kowal Released
Parties”) from any and all claims, demands, damages, accounts, debts, liens, suits, actions and rights or causes of action, including, but not limited to, claims for attorneys’ fees, of every kind and description, whether known or unknown,
suspected or unsuspected, including but not limited to claims for contribution or indemnity (collectively, “Claims”), which they now have or have had, or hereafter can, shall or may have against any of the Kowal Released Parties for or by
reason of any matter, event, thing, act, transaction or occurrence whatsoever, including without limitation Claims related to Kowal’s actions or inactions in performing his duties for or on behalf of the Nationwide Parties, occurring or arising
prior to the execution of this Agreement. Claims based on a failure to perform under this Agreement or the Kowal Settlement Agreements shall not be included in the foregoing release. 
 The Retail Note holders are not Kowal Released Parties, and nothing in this Agreement will be construed as a release of any kind by any of the Nationwide
Parties in favor of any of the Retail Note holders. Notwithstanding that, the Nationwide Parties covenant that they will not assert any claim against any Retail Note holder as a defense to collection on amounts due under the Retail Note Payment
Schedule. The Nationwide Parties represent and warrant that they are not aware of any act or omission by Kowal that would constitute a breach of the Non-compete Agreement. 
 (C) The Parties understand and acknowledge that there is a risk that subsequent to the execution of this Agreement they may discover,
incur or suffer losses, damages or injuries that are in some way caused by or related to the released claims, but that are unknown or unanticipated, for whatever reason, at the time of the execution of this Agreement. Further, the Parties understand
that there is a risk that loss or damage presently known to some or all of the parties may be or become, for whatever reason, greater than what they now expect or anticipate. The Parties intend that the releases contained herein shall apply to all
unknown and unanticipated damage, loss, costs or expenses in any way arising from or relating to the claims released herein, as well as those known and anticipated, and upon advice of legal counsel, all parties to this Agreement knowingly,
voluntarily, intentionally and expressly waive against the other all rights under California Civil Code Section 1542, which provides as follows: 
 A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his
or her settlement with the debtor. 
  

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 The Parties each hereby expressly waive the provisions of Section 1542 of the Civil Code as it
applies to unknown claims within the scope of the releases herein, and each acknowledge that they have all been advised by their respective counsel as to the significance of the waivers of Section 1542 hereunder, and that the waivers are made
knowingly and voluntarily. Other than as to claims specifically retained in this Agreement, the Kowal Settlement Agreements and the Nationwide Settlement Agreements, this is a general release. 
 6. Reading and Understanding Agreement. The respective Parties acknowledge that this Agreement, the Kowal Settlement Agreements and Nationwide
Settlement Agreements were written by each of the Parties and shall not be construed against any Party by reason of such Party having written such agreement. The Parties acknowledge that this Agreement is the result of negotiations between the
Parties and their respective attorneys. The respective Parties have carefully read this Agreement and have had it explained to them by their attorneys. Each Party warrants and represents that it relied upon its own judgment and that of its legal
counsel regarding the proper, sufficient and agreed upon consideration for this Agreement and that no statement or representation by any other Party or its agents, employees, officers, directors or legal representatives influenced or induced it to
execute this Agreement. 
  

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 7. No Third Party Beneficiaries; Separate Agreements. Notwithstanding that this Agreement
contemplates certain actions in favor of third parties, none of such parties shall be deemed a third party beneficiary of this Agreement. Notwithstanding anything to the contrary contained herein, any Retail Note holder may enforce the terms of the
Retail Note Payment Schedule between such holder and Nationwide Auction Systems, Inc. delivered concurrently herewith, but may not assert as a breach of such agreement the breach of this Agreement or any other Retail Note holder’s Retail Note
Payment Schedule. Furthermore, notwithstanding anything to the contrary contained in this Agreement, Kowal may not assert any breach of any Retail Note Payment Schedule as a breach of this Agreement. Furthermore, notwithstanding anything to the
contrary contained herein, the Nationwide Parties may not assert any breach of any Retail Note Payment Schedule by any Retail Note holder as a breach of this Agreement. 
 8. Successors: The agreements of the respective Parties to this Agreement shall be binding on and shall inure to the benefit of the Parties’ respective successors and assigns. 
 9. Sole Agreement: This Agreement, the Kowal Settlement Agreements and the Nationwide Settlement Agreements are the sole and complete expression
of the understandings and agreements of the Parties hereto and may not be amended or altered in any way, except in a writing executed by all parties thereto. This Kowal Settlement Agreements and the Nationwide Settlement Agreements supersede any and
all prior or contemporaneous agreements of the parties, whether written or oral. 
 10. Authority to Agree: Each person executing this
Agreement below, on behalf of the parties to this Agreement, hereby represents and warrants that he or she has full authority to execute this Agreement and the respective Kowal Settlement Agreements or Nationwide Settlement Agreements executed by
him or her currently herewith. The Parties hereby represent and warrant that there has been no assignment or transfer whatsoever of any of the claims released herein. Without limiting the generality of the foregoing, Kowal represents and warrants to
each of the Nationwide Parties that the Entrade Notes are not subject to the restraining order issued by the Superior Court of California, County of Orange, Case No. 01CC06870, and nothing in that case or any other case in any other court
prohibits, restrains or otherwise adversely impacts Kowal’s right and ability to enter into and perform all of the terms of this Agreement, and to compromise the obligations allegedly owed Kowal by any of the Nationwide Parties. 
  

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 11. Counterparts: This Agreement may be executed in counterparts and by facsimile, and if so
executed, each counterpart shall be deemed an original. 
 12. Representation: The Parties warrant that this Agreement and the
releases executed under it are entered into without duress and upon advice of each party’s respective counsel. 
 13. Headings and
Captions: The headings and captions herein are inserted for reference only and the same shall not limit or construe the paragraphs or sections to which they apply or otherwise effect the interpretation thereof. 
 14. Choice of Law: This Agreement shall be governed by and construed in accordance with the laws of the State of California. 
 15. Enforcement. This Agreement, the Kowal Settlement Agreements and the Nationwide Settlement Agreements may be enforced by a motion brought in
the Kassatkina Action pursuant to CCP Section 664.6. All parties to this Agreement irrevocably consent to the jurisdiction over them of that court in the Kassatkina Action, even if they are not at this time named parties in the Kassatkina
Action. 
 16. Additional Agreements. The Nationwide Parties acknowledge that, after execution of this Agreement and delivery of the
Kowal Settlement Agreements, they have no right to possession of the Automobile and shall rescind or otherwise terminate any claims to the Automobile and Kowal’s actions related thereto made by the Nationwide Parties with any applicable
authorities. 
  

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 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

  

			
	NATIONWIDE AUCTION SYSTEMS, INC.
		
	By: 	 	 
	
	 
	Greg O’Neill, President

  

					
	State of California	  	)	  	
		  	) ss.	  	
	County of                     	  	)	  	

 On
                     before me, the undersigned, a Notary Public in and for said State, personally appeared
                                         
       
                                         
                                         
                                         
                                         
                                         
       
                                         
                                         
                                         
                                         
                                         
       
                                         
                                         
                   personally known to me/proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the
within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted,
executed the instrument. 
 WITNESS my hand and official seal. 
  

							
	Signature 	  	 	  		  	
			
	 	  		  	
	Name (Typed or Printed)	  		  	(This area for official notarial seal)

  

 13 

			
	ENTRADE, INC.
		
	By: 	 	 
	
	 
	Peter R. Harvey, President

  

					
	State of California	  	)	  	
		  	) ss.	  	
	County of                     	  	)	  	

 On
                     before me, the undersigned, a Notary Public in and for said State, personally appeared
                                         
       
                                         
                                         
                                         
                                         
                                         
       
                                         
                                         
                                         
                                         
                                         
       
                                        
                                         
                    personally known to me/proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to
the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s)
acted, executed the instrument. 
 WITNESS my hand and official seal. 
  

							
	Signature 	  	 	  		  	
			
	 	  		  	
	Name (Typed or Printed)	  		  	(This area for official notarial seal)

  

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	JOE KOWAL
		
	By: 	 	 
	
	 
	Joe Kowal

  

					
	State of California	  	)	  	
		  	) ss.	  	
	County of                     	  	)	  	

 On
                     before me, the undersigned, a Notary Public in and for said State, personally appeared
                                         
       
                                         
                                         
                                         
                                         
                                         
       
                                         
                                         
                                         
                                         
                                         
       
                                        
                                         
                    personally known to me/proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to
the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s)
acted, executed the instrument. 
 WITNESS my hand and official seal. 
  

							
	Signature 	  	 	  		  	
			
	 	  		  	
	Name (Typed or Printed)	  		  	(This area for official notarial seal)

  

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 Exhibit A 
  

								
	  	  	 Name
	  	SSN of Payee	  	Amount
	 1.
	  	Alexander M. Kassatkin and	  	None	  	$	15,750.00
		  	Nadejda T. Kassatkina	  		  		
	 2.
	  	Alexandra I. Smirnov and	  	None	  	$	15,750.00
		  	Boris L. Smirnov	  		  		
	 3.
	  	Paula Delgado	  	###-##-####	  	$	15,750.00
	 4.
	  	Juan Acevedo	  	###-##-####	  	$	26,250.00

  

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 Exhibit B-1 (a) 
 Retail Note Payment Schedule 
  

			
	 Date:
	  	July     , 2007
	 To:
	  	Inna Kassatkina, Attorney-in-fact for Alexander M. Kassatkin and Nadejda T. Kassatkina
	 From:
	  	Nationwide Auction Systems, Inc.

 This letter will serve to memorialize our mutual agreement with respect to all amounts allegedly
due to you from Nationwide Auction Systems, Inc. (“Nationwide”). Nationwide agrees and acknowledges that it owes to you the amount set forth below, that Nationwide will pay you such amount on the schedule set forth below and that
Nationwide it will not contest the legitimacy of this indebtedness. You agree that the amount below represents all amounts due you from Nationwide or any of its affiliates, divisions, parent corporation, subsidiaries, officers, directors, employees,
agents and representatives, and further that you agree to accept payment of such amount on the terms set forth below in full satisfaction of any amounts purportedly owed to you by Nationwide or any of its affiliated parties. You further agree that
unless Nationwide defaults in its payment obligations as set forth below (and fails to cure such default within 5 business days thereafter), you will refrain from taking any action to collect such amounts, and that upon receipt of the final payment
as set forth below, you release and forever discharge Nationwide and all of its related parties from any claims you may have against Nationwide relating to the indebtedness described below, including, without limitation, any attorneys fees. If
Nationwide defaults in its payment of the obligations set forth below (and fails to cure such default within 5 business days thereafter), the unpaid principal amount then due which is the subject of the default shall be immediately due and payable.
Your further agree that upon receipt of the final payment from Nationwide, you will return any and all promissory notes or other document evidencing the purported indebtedness and marked “paid in full”. 
 Total Principal Amount Due: $100,000.00 
 Interest will accrue from
August 1, 2007 at 10% per annum on the outstanding principal balance and be payable monthly at the same time principal payments are due. Payment dates falling on a Saturday or Sunday will be due the following Monday. On August 1,
2007, a payment of $24,083 will be due. Thereafter, principal will be repaid in equal installments plus accrued interest, due on the first of each month through to and including July 1, 2008. Assuming all payments are made on schedule, the
payment amounts due will be as follows: 
  

			
	August 1, 2007	  	$24,083
	September 1, 2007	  	$8,333.33 plus accrued interest
	October 1, 2007	  	$8,333.33 plus accrued interest
	November 1, 2007	  	$8,333.33 plus accrued interest

  

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	December 1, 2007	  	$8,333.33 plus accrued interest
	January 1, 2008	  	$8,333.33 plus accrued interest
	February 1, 2008	  	$8,333.33 plus accrued interest
	March 1, 2008	  	$8,333.33 plus accrued interest
	April 1, 2008	  	$8,333.33 plus accrued interest
	May 1, 2008	  	$8,333.33 plus accrued interest
	June 1, 2008	  	$8,333.33 plus accrued interest
	July 1, 2008	  	$8,333.33 plus accrued interest

 This agreement may be enforced by a motion brought in the case entitled Kassatkina v. Asset
Liquidation Group, Inc., Case No. 07CC02614 (the “Kassatkina Action”), brought in the Superior Court of the State of California, County of Orange, Central District, pursuant to C.C.P. Section 664.6. All parties to this Agreement
irrevocably consent to the jurisdiction of that court, even if they are not at this time named parties in the Action. 
  

			
	NATIONWIDE AUCTION SYSTEMS, INC.
		
	By: 	 	 
	
	 
		 	Greg O’Neill, President

  

					
	 State of California
	  	)	  	
		  	)	  	ss.
	 County of
                                
	  	)	  	

 On
                                 before me, the undersigned, a Notary Public in
and for said State, personally appeared ___________ ______________________________________________________________________________________________________
______________________________________________________________________________________________________ ___________________________________________________________personally known to me/proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument. 
 WITNESS my hand and official seal. 
 Signature ________________ 
 ________________________ 
 Name (Typed or
Printed)                                        
                                         (This
area for official notarial seal) 
  

 18 

			
	ALEXANDER M. KASSATKIN AND NADEJDA T. KASSATKINA
		
	By: 	 	 
	
	 
		 	Inna Kassatkina, Attorney-in-fact for Alexander M. Kassatkin and Nadejda T. Kassatkina

  

					
	 State of California
	  	)	  	
		  	)	  	ss.
	 County of
                                
	  	)	  	

 On
                                 before me, the undersigned, a Notary Public in
and for said State, personally appeared ___________ ______________________________________________________________________________________________________
______________________________________________________________________________________________________ ___________________________________________________________ personally known to me/proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument. 
 WITNESS my hand and official seal. 
 Signature ______________________ 
 ______________________________

 Name (Typed or Printed)
                                         
                                         
              (This area for official notarial seal) 
  

 19 

 Exhibit B-1 (b) 
 Retail Note Payment Schedule 

			
	 Date:
	  	July     , 2007
	 To:
	  	Paula Delgado
	 From:
	  	Nationwide Auction Systems, Inc.

 This letter will serve to memorialize our mutual agreement with respect to all amounts allegedly
due to you from Nationwide Auction Systems, Inc. (“Nationwide”). Nationwide agrees and acknowledges that it owes to you the amount set forth below, that Nationwide will pay you such amount on the schedule set forth below and that
Nationwide it will not contest the legitimacy of this indebtedness. You agree that the amount below represents all amounts due you from Nationwide or any of its affiliates, divisions, parent corporation, subsidiaries, officers, directors, employees,
agents and representatives, and further that you agree to accept payment of such amount on the terms set forth below in full satisfaction of any amounts purportedly owed to you by Nationwide or any of its affiliated parties. You further agree that
unless Nationwide defaults in its payment obligations as set forth below (and fails to cure such default within 5 business days thereafter), you will refrain from taking any action to collect such amounts, and that upon receipt of the final payment
as set forth below, you release and forever discharge Nationwide and all of its related parties from any claims you may have against Nationwide relating to the indebtedness described below, including, without limitation, any attorneys fees. If
Nationwide defaults in its payment of the obligations set forth below (and fails to cure such default within 5 business days thereafter), the unpaid principal amount then due which is the subject of the default shall be immediately due and payable.
Your further agree that upon receipt of the final payment from Nationwide, you will return any and all promissory notes or other document evidencing the purported indebtedness and marked “paid in full”. 
 Total Principal Amount Due: $100,000.00 
 Interest will accrue from
August 1, 2007 at 10% per annum on the outstanding principal balance and be payable monthly at the same time principal payments are due. Payment dates falling on a Saturday or Sunday will be due the following Monday. On of August 1,
2007, a payment of $24,083 will be due. Thereafter, principal will be repaid in equal installments, due on the first of each month through to and including July 1, 2008. Assuming all payments are made on schedule, the payment amounts due will
be as follows: 
  

			
	August 1, 2007	  	$24,083
	September 1, 2007	  	$8,333.33 plus accrued interest
	October 1, 2007	  	$8,333.33 plus accrued interest

  

 20 

			
	November 1, 2007	  	$8,333.33 plus accrued interest
	December 1, 2007	  	$8,333.33 plus accrued interest
	January 1, 2008	  	$8,333.33 plus accrued interest
	February 1, 2008	  	$8,333.33 plus accrued interest
	March 1, 2008	  	$8,333.33 plus accrued interest
	April 1, 2008	  	$8,333.33 plus accrued interest
	May 1, 2008	  	$8,333.33 plus accrued interest
	June 1, 2008	  	$8,333.33 plus accrued interest
	July 1, 2008	  	$8,333.33 plus accrued interest

 This agreement may be enforced by a motion brought in the case entitled Kassatkina v. Asset
Liquidation Group, Inc., Case No. 07CC02614 (the “Kassatkina Action”), brought in the Superior Court of the State of California, County of Orange, Central District, pursuant to C.C.P. Section 664.6. All parties to this Agreement
irrevocably consent to the jurisdiction of that court, even if they are not at this time named parties in the Action. 
  

			
	NATIONWIDE AUCTION SYSTEMS, INC.
		
	By: 	 	 
	
	 
		 	Greg O’Neill, President

  

					
	 State of California
	  	)	  	
		  	)	  	ss.
	 County of
                                
	  	)	  	

 On
                                     before me, the
undersigned, a Notary Public in and for said State, personally appeared ___________ ______________________________________________________________________________________________________
______________________________________________________________________________________________________ ___________________________________________________________ personally known to me/proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument. 
 WITNESS my hand and official seal. 
 Signature ___________________________ 
 ____________________________________

         Name (Typed or Printed)
                                         
                                         
           (This area for official notarial seal) 
  

 21 

			
	PAULA DELGADO
		
	By: 	 	 
	
	 
		 	Paula Delgado

  

					
	 State of California
	  	)	  	
		  	)	  	ss.
	 County of
                                
	  	)	  	

 On
                                        
before me, the undersigned, a Notary Public in and for said State, personally appeared ___________ ______________________________________________________________________________________________________
______________________________________________________________________________________________________ ___________________________________________________________ personally known to me/proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument. 
 WITNESS my hand and official seal. 
 Signature ______________________________ 
 ______________________________________ 
 Name (Typed or
Printed)                                        
                                         
                (This area for official notarial seal) 
  

 22 

 Exhibit B-1 (b) 
 Retail Note Payment Schedule 
  

			
	 Date:
	  	July     , 2007
	 To:
	  	Olga Smirnov, Attorney-in-Fact for Alexandra I. Smirnov and Boris L. Smirnov
	 From:
	  	Nationwide Auction Systems, Inc.

 This letter will serve to memorialize our mutual agreement with respect to all amounts allegedly
due to you from Nationwide Auction Systems, Inc. (“Nationwide”). Nationwide agrees and acknowledges that it owes to you the amount set forth below, that Nationwide will pay you such amount on the schedule set forth below and that
Nationwide it will not contest the legitimacy of this indebtedness. You agree that the amount below represents all amounts due you from Nationwide or any of its affiliates, divisions, parent corporation, subsidiaries, officers, directors, employees,
agents and representatives, and further that you agree to accept payment of such amount on the terms set forth below in full satisfaction of any amounts purportedly owed to you by Nationwide or any of its affiliated parties. You further agree that
unless Nationwide defaults in its payment obligations as set forth below (and fails to cure such default within 5 business days thereafter), you will refrain from taking any action to collect such amounts, and that upon receipt of the final payment
as set forth below, you release and forever discharge Nationwide and all of its related parties from any claims you may have against Nationwide relating to the indebtedness described below, including, without limitation, any attorneys fees. If
Nationwide defaults in its payment of the obligations set forth below (and fails to cure such default within 5 business days thereafter), the unpaid principal amount then due which is the subject of the default shall be immediately due and payable.
Your further agree that upon receipt of the final payment from Nationwide, you will return any and all promissory notes or other document evidencing the purported indebtedness and marked “paid in full”. 
 Total Principal Amount Due: $100,000.00 
 Interest will accrue from
August 1, 2007 at 10% per annum on the outstanding principal balance and be payable monthly at the same time principal payments are due. Payment dates falling on a Saturday or Sunday will be due the following Monday. On August 1,
2007, a payment of $24,083 will be due. Thereafter, principal will be repaid in equal installments, due on the first of each month through to and including July 1, 2008. Assuming all payments are made on schedule, the payment amounts due will
be as follows: 
  

			
	August 1, 2007	  	$24,083
	September 1, 2007	  	$8,333.33 plus accrued interest
	October 1, 2007	  	$8,333.33 plus accrued interest
	November 1, 2007	  	$8,333.33 plus accrued interest
	December 1, 2007	  	$8,333.33 plus accrued interest

  

 23 

			
	January 1, 2008	  	$8,333.33 plus accrued interest
	February 1, 2008	  	$8,333.33 plus accrued interest
	March 1, 2008	  	$8,333.33 plus accrued interest
	April 1, 2008	  	$8,333.33 plus accrued interest
	May 1, 2008	  	$8,333.33 plus accrued interest
	June 1, 2008	  	$8,333.33 plus accrued interest
	July 1, 2008	  	$8,333.33 plus accrued interest

 This agreement may be enforced by a motion brought in the case entitled Kassatkina v. Asset
Liquidation Group, Inc., Case No. 07CC02614 (the “Kassatkina Action”), brought in the Superior Court of the State of California, County of Orange, Central District, pursuant to C.C.P. Section 664.6. All parties to this Agreement
irrevocably consent to the jurisdiction of that court, even if they are not at this time named parties in the Action. 
  

			
	NATIONWIDE AUCTION SYSTEMS, INC.
		
	By: 	 	 
	
	 
		 	Greg O’Neill, President

  

					
	 State of California
	  	)	  	
		  	)	  	ss.
	 County of
                                
	  	)	  	

 On
                                     before me, the
undersigned, a Notary Public in and for said State, personally appeared ___________ ______________________________________________________________________________________________________
______________________________________________________________________________________________________ ___________________________________________________________ personally known to me/proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument. 
 WITNESS my hand and official seal. 
 Signature ______________________________ 
 ______________________________________ 
 Name (Typed or Printed)
                                         
                                         
       (This area for official notarial seal) 
  

 24 

			
	ALEXANDRA I. SMIRNOV AND BORIS L. SMIRNOV
		
	By: 	 	 
	
	 
		 	Inna Kassatkina, Attorney-in-fact for Alexander M. Kassatkin and Nadejda T. Kassatkina

  

					
	 State of California
	  	)	  	
		  	)	  	ss.
	 County of
                                
	  	)	  	

 On
                                     before me, the
undersigned, a Notary Public in and for said State, personally appeared ___________ ______________________________________________________________________________________________________
______________________________________________________________________________________________________ ___________________________________________________________ personally known to me/proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument. 
 WITNESS my hand and official seal. 
 Signature ______________________________ 
 ______________________________________ 
 Name (Typed or
Printed)                                        
                                         (This
area for official notarial seal) 
  

 25 

 Exhibit B-2 
 Retail Note Payment Schedule 
  

			
	 Date:
	  	July     , 2007
	 To:
	  	Juan Acevedo
	 From:
	  	Nationwide Auction Systems, Inc.

 This letter will serve to memorialize our mutual agreement with respect to all amounts allegedly
due to you from Nationwide Auction Systems, Inc. (“Nationwide”). Nationwide agrees and acknowledges that it owes to you the amount set forth below, that Nationwide will pay you such amount on the schedule set forth below and that
Nationwide it will not contest the legitimacy of this indebtedness. You agree that the amount below represents all amounts due you from Nationwide or any of its affiliates, divisions, parent corporation, subsidiaries, officers, directors, employees,
agents and representatives, and further that you agree to accept payment of such amount on the terms set forth below in full satisfaction of any amounts purportedly owed to you by Nationwide or any of its affiliated parties. You further agree that
unless Nationwide defaults in its payment obligations as set forth below (and fails to cure such default within 5 business days thereafter), you will refrain from taking any action to collect such amounts, and that upon receipt of the final payment
as set forth below, you release and forever discharge Nationwide and all of its related parties from any claims you may have against Nationwide relating to the indebtedness described below, including, without limitation, any attorneys fees. If
Nationwide defaults in its payment of the obligations set forth below (and fails to cure such default within 5 business days thereafter), the unpaid principal amount then due which is the subject of the default shall be immediately due and payable.
Your further agree that upon receipt of the final payment from Nationwide, you will return any and all promissory notes or other document evidencing the purported indebtedness and marked “paid in full”. 
 Total Principal Amount Due: $200,000.00 
 Interest will accrue from
August 1, 2007 at 10% per annum on the outstanding principal balance and be payable monthly at the same time principal payments are due. Payment dates falling on a Saturday or Sunday will be due the following Monday. On August 1,
2007, a payment of $42,916.66 will be due. Thereafter, principal will be repaid in equal installments, due on the first of each month through and including July 1, 2008. Assuming all payments are made on schedule, the payment amounts due will
be as follows: 
  

			
	August 1, 2007	  	$42,916.66
	September 1, 2007	  	$16,666.66 plus accrued interest
	October 1, 2007	  	$16,666.66 plus accrued interest
	November 1, 2007	  	$16,666.66 plus accrued interest

  

 26 

			
	December 1, 2007	  	$16,666.66 plus accrued interest
	January 1, 2008	  	$16,666.66 plus accrued interest
	February 1, 2008	  	$16,666.66 plus accrued interest
	March 1, 2008	  	$16,666.66 plus accrued interest
	April 1, 2008	  	$16,666.66 plus accrued interest
	May 1, 2008	  	$16,666.66 plus accrued interest
	June 1, 2008	  	$16,666.66 plus accrued interest
	July 1, 2008	  	$16,666.66 plus accrued interest

 This agreement may be enforced by a motion brought in the case entitled Kassatkina v. Asset
Liquidation Group, Inc., Case No. 07CC02614 (the “Kassatkina Action”), brought in the Superior Court of the State of California, County of Orange, Central District, pursuant to C.C.P. Section 664.6. All parties to this Agreement
irrevocably consent to the jurisdiction of that court, even if they are not at this time named parties in the Action. 
  

			
	NATIONWIDE AUCTION SYSTEMS, INC.
		
	By: 	 	 
	
	 
		 	Greg O’Neill, President

  

					
	 State of California
	  	)	  	
		  	)	  	ss.
	 County of
                                
	  	)	  	

 On
                                     before me, the
undersigned, a Notary Public in and for said State, personally appeared ___________ ______________________________________________________________________________________________________
______________________________________________________________________________________________________ ___________________________________________________________ personally known to me/proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument. 
 WITNESS my hand and official seal. 
 Signature ___________________________ 
 ____________________________________

 Name (Typed or Printed)
                                         
                               (This area for official notarial seal) 
  

 27 

			
	JUAN ACEVEDO
		
	By: 	 	 
	
	 
		 	Juan Acevedo

  

					
	 State of California
	  	)	  	
		  	)	  	ss.
	 County of
                                
	  	)	  	

 On
                                        
before me, the undersigned, a Notary Public in and for said State, personally appeared ___________ ______________________________________________________________________________________________________
______________________________________________________________________________________________________ ___________________________________________________________ personally known to me/proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument. 
 WITNESS my hand and official seal. 
 Signature ______________________________ 
 _______________________________________ 
 Name (Typed or
Printed)                                        
                                         (This
area for official notarial seal) 
  

 28 

 Exhibit C 
 Form of Dismissal with Prejudice 
  

 29 

 Exhibit D 
 Entrade Rule 144 Letter 
  

 30Settlement Agreement dated May 25, 2006

 EXHIBIT 10.18 
 SETTLEMENT AGREEMENT 
 This Settlement Agreement (this “Agreement”) is made this
25th day of May, 2006 by and among Don Haidl (“Haidl”), Public Auction Systems, Inc. a Nevada corporation (“PAS”), Corey P. Schlossmann (“Schlossmann”), the Capital Direct 1999 Trust and the Core Capital IV Trust, both
California trusts (collectively, the “Trusts”), Hearthstone Properties, LLC, a California limited liability company (“Hearthstone”), Hearthstone Properties Delaware, LLC, a Delaware limited liability company (“Hearthstone
Delaware”) and together with Haidl, Schlossmann, the Trusts, PAS and Hearthstone, the “Lender Parties”), Entrade, Inc., a Pennsylvania corporation (“Entrade”), and Public Liquidation Systems, Inc. (“PLS”) and Asset
Liquidation Group, Inc. (“ALG”), both Nevada corporations collectively doing business as Nationwide Auction Systems (“Nationwide”). Entrade and Nationwide are sometimes herein referred to collectively as the “Company”.

 RECITALS 
 WHEREAS,
Entrade purchased Nationwide from Haidl, Schlossmann and the Trusts pursuant to a purchase agreement dated on or about October 1999 (together with any amendments, modifications or restructurings, the “Purchase Agreement”); 
 WHEREAS, PAS is the payee and holder of that certain Secured Promissory Note dated February 17, 2005 made by Entrade in the original principal
amount of $1,125,000 (the “PAS Entrade Note”), which note was due and matured on March 21, 2005 and which remains unpaid as of the date of this Agreement and which note has been assigned to Haidl prior to the date of this Agreement;

 WHEREAS, Schlossmann is the payee and holder of that certain Secured Promissory Note dated February 17, 2005 made by Entrade in the
original amount of $125,000 (the “Schlossmann Entrade Note”), which note was due and matured on March 21, 2005 and which remains unpaid as of the date of this Agreement; 
 WHEREAS, Nationwide is a party to the leases for the properties described on Exhibit A attached hereto (collectively, the “Leases”),
which by this reference is incorporated herein; 
 WHEREAS, Schlossmann has personally guaranteed, for the benefit of Nationwide, the
indebtedness and other obligations more fully set forth on Exhibit B attached hereto, which by this reference is incorporated herein (the “Guarantees”); 
 WHEREAS, Haidl and Schlossmann, Core Capital IV Trust and Capital Direct Trust have each subscribed for the amount and number of units of a private placement of Entrade securities more fully described on Exhibit
C attached hereto (each, an “Entrade Private Placement Investment”), which by this reference is incorporated herein; 
  

 1 

 WHEREAS, Schlossmann has participated in the operation of a business within Nationwide at various
locations which the parties have traditionally referred to as the “Principal Business,” the “Retail Business” and the “Consigned Auction Business.” This business means the purchase and sale of the principal vehicle
inventory at the Buyer’s auction, to individual customers on a retail basis or to wholesale customers (other dealers), and financing, warranty and aftermarket sales related to these retail units, principal units and consigned auction units
(collectively, the “Retail Business”). The parties have since November 1, 2005 operated with the understanding that Schlossmann has sold assigned and transferred to the Company any and all interests in and to retail Business effective
as of that date. 
 WHEREAS, the parties desire to fully and finally resolve all of the issues described in these recitals on the terms and
conditions set forth herein; 
 NOW THEREFORE, in consideration of the foregoing recitals, and the mutual promises herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1.
Payments to Lender Parties. Unless another date is specified, on or before May 22, 2006 (the “Closing Date”), the following parties shall make the following payments and deliveries: 
 A. Entrade shall deliver and issue $1,266,781.20 in cash or other immediately available funds in accordance with instructions provided by Haidl and,
within 10 business days of the Closing Date, 1,665,000 restricted shares of the no par value common stock of Entrade (the “PAS Penalty Shares”) to Haidl in full and final payment of the PAS Entrade Note. Each of PAS and Haidl represents
and warrants to the Company that the PAS Note has been assigned to Haidl by PAS prior to the date of this Agreement; 
 B. Entrade shall
deliver and issue $140,755.00 in cash or other immediately available funds in accordance with instructions provided by Schlossmann and, within 10 business days of the Closing Date, 185,000 restricted shares of the no par value common stock of
Entrade (the “Schlossmann Penalty Shares”) to Schlossmann in full and final payment of the Schlossmann Entrade Note; 
 C. Entrade
shall issue and deliver to Haidl, Schlossmann and the Trusts the promissory notes and warrants set forth on Exhibit C in connection with the Entrade Private Placement (as defined in Exhibit K) 
 D. Nationwide shall deliver to the parties identified on Schedule 1D the amounts set forth on Schedule 1D in full and final payment of any
and all amounts due in respect of the Leases as of the Closing Date. A calculation of all amounts due in respect of the Leases is attached hereto as Schedule 1D. The amounts due under this Section 1D shall be payable by issuance to the
applicable parties of a promissory note in the applicable amount and in the form of the promissory note attached hereto as Exhibit G. 
 2. Conditions Precedent. The following shall be conditions precedent to the effectiveness of this Agreement: 
 A.
Conditions Precedent to the Effectiveness of Agreement as Against Lender Parties: 
  

	 	(i)	The Company shall have made each of the cash payments set forth in Section 1; 

  

 2 

	 	(ii)	The Company shall have caused its counsel to issue a legal opinion regarding the PAS Penalty Shares and the Schlossmann Penalty Shares to the Company’s stock transfer agent
substantially in the form of the legal opinion attached hereto as Exhibit D; 

  

	 	(iii)	The Company shall have delivered to Hearthstone a duly executed version of each of the lease amendments attached hereto as Exhibit E (City of Industry) and Exhibit F
(Benecia), respectively; 

  

	 	(iv)	The Company shall have delivered to Hearthstone Properties (or other entity identified by Haidl and Schlossmann) the promissory note attached hereto as Exhibit G; and

  

	 	(v)	The Company shall have delivered to Schlossmann the promissory notes attached hereto as Exhibit H and Exhibit I, respectively. 

 B. Conditions Precedent to the Effectiveness of Agreement as Against the Company: 
  

	 	(i)	Hearthstone shall have delivered to Nationwide a duly executed version of each of the lease amendments attached hereto as Exhibit E (City of Industry) and Exhibit F
(Benecia), respectively; 

  

	 	(ii)	Each of Haidl, Schlossmann and the Trusts shall have delivered to Entrade a duly executed version of the Undertaking Related to Entrade Consent and Waiver attached hereto as
Exhibit J; 

  

	 	(iii)	Schlossmann shall have delivered to the Company a duly executed version of the Disclaimer of Rights related to the Retail Business attached hereto as Exhibit K;

  

	 	(iv)	Each of Haidl and the Trusts shall have delivered to the Company a duly executed version of the Release attached hereto as Exhibit L-l (in the case of Haidl and any other
individual party to this Agreement other than Schlossmann), Exhibit L-2 (in the case of any entity); 

 C. Each of the
parties to this Agreement agrees to use its best efforts to ensure that each of the conditions applicable to such party are satisfied. 
  

 3 

 3. Additional Deliveries of Lender Parties. As soon as practicable after the Closing Date:

  

	 	A.	Haidl shall deliver to Entrade: 

  

	 	(i)	The original PAS Entrade Note marked “paid in full”; and 

  

	 	(ii)	a UCC-3 Termination Statement, if required by Entrade, regarding any security interest in the PAS Entrade Note or any other obligation owed or previously owed PAS.

  

	 	B.	Schlossmann shall deliver to Entrade: 

  

	 	(i)	The original Schlossmann Entrade Note marked “paid in full” and; 

  

	 	(ii)	a UCC-3 Termination Statement, if required by Entrade, regarding any security interest in the Schlossmann Entrade Note or any other obligation owed or previously owed Schlossmann.

 4. Covenants and Other Agreements. 
 A. Haidl and Schlossmann. Each of Haidl and Schlossmann will promptly take any and all such actions reasonably requested by the Company to transfer any Licenses (as hereinafter defined), if any, which may be
currently held in either of their names and which are used in connection with the Company’s business to be transferred and assigned to Nationwide or such other party directed by the Company, and shall fully cooperate with the Company in the
transfer of, or application for, any and all such Licenses. For purposes of this Agreement, “Licenses” means any licenses, permits, authorizations, franchises, registrations and other approvals from any public or self-regulatory authority,
or from any private party , but only to the extent that the same are transferable, relating to the Company’s business. 
 B. The
Company. 
  

	 	(i)	The Company, Schlossmann and Haidl will take any and all required actions necessary to cause Schlossmann and Haidl to be removed from any and all personal guarantees of any Company
obligations. 

  

	 	(ii)	 If, at any one or more times between the date hereof and May 31, 2008, the Company proposes or commits to issue any shares of its capital stock or any rights
or options to purchase shares of its capital stock or any other securities convertible into shares of its capital stock (collectively, the “Securities”), other than in connection 

  

 4 

	 	 
with the acquisition of an operating business by the Company and other than in connection with compensating employees of the Company, the Company shall
notify Haidl of such issuance and the terms and conditions thereof. Haidl shall have the right to purchase or otherwise acquire up to his proportionate share of such Securities on the same terms and subject to the same conditions. If Haidl elects to
exercise such right, he shall, not later than ten business days following the date of such notice from the Company, notify the Company of his election to purchase or otherwise acquire such Securities and the number or amount thereof, up to his
proportionate amount, that he elects to purchase or otherwise acquire. In such event, the Company shall issue such Securities to Haidl on the same terms and subject to the same conditions as those contained in its notice. For the purposes of this
Section 4B(ii), Haidl’s proportionate share shall be fifteen percent (15%). If Haidl fails to notify the Company of his exercise of the right granted herein, the Company may sell all of the Securities to which its notice related on terms
and conditions no less favorable to the Company than those contained in such notice. This paragraph shall not apply to: (i) the Company’s proposed loan from ARWAY, LLC of $6,500,000 (with the possibility of increase to $10,000,000 by ARWAY
or another to-be-determined lender) or (ii) the Company’s proposed loan with Sagecrest Capital, with respect to which the Company has executed a term sheet in May 2006. 

 5. Representations as to Entrade Securities. 
 A. Each of PAS, with respect to the PAS Penalty Shares, and Schlossmann, with respect to the Schlossmann Penalty Shares (collectively with the PAS Penalty Shares, the “Penalty Shares”), represents and warrants to the Company,
which representations and warranties shall survive the execution and delivery of this Agreement, that: 
  

	 	(i)	it or he understands that the Penalty Shares are being issued pursuant to exemptions from State and Federal registration and cannot be sold or assigned by it or he without
registration under the Securities Act of 1933, as amended (“Act”), and all applicable state securities laws unless, in the opinion of counsel satisfactory to the Company, exemptions therefrom are available; 

  

 5 

	 	(i)	it or he has such knowledge and experience in financial and business matters that it or he is capable of evaluating the merits and risks of owning the Penalty Shares;

  

	 	(iii)	the Penalty Shares are being acquired solely by, and for the account of, PAS and Schlossmann, respectively, for investment only and not with a view to, or in connection with, the
sale, subdivision, fractionalization or distribution thereof; 

  

	 	(iv)	It or he understands that no governmental authority has recommended or endorsed, or will recommend or endorse, the Penalty Shares; 

  

	 	(v)	It or he recognizes that there will be no market for the Penalty Shares and that the it or he cannot expect to be able readily to liquidate the Penalty Shares and

  

	 	(vi)	It or he is an accredited investor as that term is defined in Rule 501 of Regulation D promulgated under the Act. 

 B. Each of PAS and Schlossmann agrees to indemnify the Company, and each of its directors, shareholders, employees, officers, attorneys, and agents, and
hold each of them harmless from and against any and all loss, liability, claim, damage, cost and expense whatsoever (including, without limitation, any and all investigation and litigation expenses, and attorneys fees) arising out of or based upon
any breach of its or his representations and warranties herein or in connection with the sale or distribution by PAS and/or Schlossmann of the Penalty Shares in violation of the Act or any other applicable law. 
 6. Actions of Schlossmann Relating to Retail Business. The Company agrees that the actions of Schlossmann in creating, developing and operating
the Retail Business prior to the date of this Settlement Agreement will be deemed as having been taken in his capacity as an officer of the Company for purposes of the Company’s obligation to indemnify Schlossmann under the Company’s
By-Laws for such actions. 
 7. Successors and Assigns. This Agreement shall inure to the benefit of, and be binding upon, the parties
hereto and their respective successors, heirs, representatives and assigns; provided, however, that no party shall assign or delegate this Agreement or any of the rights or obligations created hereunder without the prior written consent of the other
party. 
 8. Remedies. All rights and remedies provided herein shall be in addition to and not in substitution of all other rights and
remedies available to a party at law or in equity. 
 9. Notices. All notices or other communications required or permitted to be
given hereunder shall be hand delivered, sent by overnight courier service, or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed as set forth 

  

 6 

 
below (or such other address given pursuant to this Section); receipt shall be deemed to occur on the day after sending by overnight courier and four days
after sending by mail as aforesaid. 
  

			
	 If to Nationwide, to:
  
 Nationwide Auction Systems
 13005 E. Temple Avenue
 City of Industry, CA
	  	 If to Haidl, to:
  
 Don Haidl
 P.O. Box 337079
 North
Las Vegas, NV 89033

		
	 If to Entrade:
  
 Entrade, Inc.
 500 Central Avenue
 Northfield, IL 60093
 Attn: Peter Harvey
	  	 if to Schlossmann, to:
  
 Corey P. Schlossmann
 20130 Via Cellini
 Northridge, CA 91326

	  
 In either case, with a copy to:
  
 Ron Rosenfeld
 Entrade Inc.
 500 Central Avenue
 Northfield, IL 60093

	  	 If to PAS, to
  
 Public Auction Systems, Inc.
 P.O. Box 337079
 North Las Vegas, NV 89033

	  
 And to:
  
 Philip E. Ruben, Esq.
 Levenfeld Pearlstein
 211 Waukegan Rd., Suite 300
 Northfield, IL 60093
	  	 If to Core Capital Trust, to:
  
 Core Capital Trust
 20130 Via Cellini
 Northridge, CA 91326

		  	 If to Capital Direct Trust, to:
  
 Capital Direct Trust
 P.O. Box 337079
 North Las Vegas, NV 89033

		
		  	 If to Hearthstone, to
  
 Hearthstone Properties
 P.O. Box 337079
 North Las Vegas, NV 89033

		
		  	 If to Hearthstone Delaware
 20130 Via
Cellini
 Northridge, CA 91326

 10. Entire Agreement. This Agreement, and the exhibits hereto (incorporated herein),
represent the entire agreement and understanding of the parties with reference to the transactions contemplated. This Agreement may be amended, superseded, cancelled, renewed or extended, and the terms hereof may be waived, only by a written
instrument signed by all of the parties against whom enforcement of such amendment would be sought. 
  

 7 

 11. Severability. This Agreement shall be severable, and the invalidity or unenforceability of any
provision shall not affect the validity or enforceability of this Agreement or of any other provision hereof. 
 12. Section Headings.
Section headings in this Agreement are solely for convenience of reference and shall not affect the interpretation of this Agreement or of any provision hereof. 
 13. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall be considered one and the same agreement. 
 14. Governing Law and Venue. This Agreement shall be deemed made in Northfield, Illinois. The parties agree that any claim or suit between or
among them involving this Agreement (and any Exhibits) or any of the agreements or transactions contemplated hereby shall be subject to the exclusive jurisdiction of the state and federal courts located in Cook County, Illinois. Each party hereto
irrevocably consents to the jurisdiction of such courts and waives any claim that such courts constitute an inconvenient forum for the resolution of disputes arising hereunder. This Agreement shall be construed in accordance with the laws of
Illinois, without regard to its choice of laws rules. To the extent of any conflicts between this Agreement and any of the Exhibits with respect to the subject matter of this paragraph, this Agreement shall govern. 
 15. Costs and Expenses. Each party shall be responsible for and bear all of its costs and expenses incurred at any time in connection with
pursuing or consummating the transactions contemplated hereby. 
 16. Advice of Counsel. Each of the undersigned has been advised to
seek the advice of legal counsel prior to executing this agreement and has been given the opportunity to do so. 
 [Signature Page Follows]

  

 8 

 IN WITNESS WHEREOF, Seller, Buyer and Entrade have caused this Agreement to be signed as of the date
first written above. 
  

							
	DON HAIDL:	  	THE COMPANY:
		
	  
	  	 PUBLIC LIQUIDATION SYSTEMS, INC.,
 a
Nevada corporation doing business as
 Nationwide Auction Systems

			
	COREY P. SCHLOSSMANN	  	By:	 	  

		  		 	Greg O’Neill
	  
	  	Its:	 	President
		
		  	 ASSET LIQUIDATION GROUP, INC,
 a Nevada
corporation doing business as
 Nationwide Auction Systems

	PUBLIC AUCTION SYSTEMS, INC.,	  		 	
	A Nevada corporation	  	By:	 	  

		  		 	Greg O’Neill
	By:	 	  
	  	Its:	 	President
		 	Don Haidl	  		 	
				
	Its:	 	  
	  		 	
		 		  	ENTRADE, INC, a Pennsylvania corporation
	CAPITAL DIRECT TRUST, a	  		 	
	California trust	  	By:	 	  

		  		 	Peter R. Harvey
		 		  	Its:	 	President
	By:	 	  
	  		 	
				
	Its:	 	  
	  		 	
			
	CORE CAPITAL IV TRUST,	  		 	
	a California trust	  		 	
				
	By:	 	  
	  		 	
				
	Its:	 	  
	  		 	
			
	HEARTHSTONE PROPERTIES, LLC	  		 	
	a California limited liability company	  		 	
				
	By:	 	  
	  		 	
				
	Its:	 	  
	  		 	

  

 9 

							
	 HEARTHSTONE PROPERTIES DELAWARE, LLC
 a
Delaware limited liability company
	  		 	
				
	By:	 	  
	  		 	
				
	Its:	 	  
	  		 	

  

 10 

 EXHIBITS AND SCHEDULES TO SETTLEMENT AGREEMENT 
  

			
	SCHEDULE 1D	  	CALCULATION OF AMOUNTS DUE UNDER LEASES
	EXHIBIT A	  	LEASES
	EXHIBIT B	  	GUARANTEED OBLIGATIONS
	EXHIBIT C	  	DESCRIPTION OF ENTRADE PRIVATE PLACEMENT INVESTMENT
	EXHIBIT D	  	FORM OF LEGAL OPINION
	EXHIBIT E	  	AMENDMENT LEASE (CITY OF INDUSTRY, CA)
	EXHIBIT F	  	AMENDMENT LEASE (BENECIA, CA)
	EXHIBIT G	  	PROMISSORY NOTE TO LANDLORD(S)
	EXHIBIT H	  	PROMISSORY NOTE TO SCHLOSSMANN
	EXHIBIT I	  	PROMISSORY NOTE TO SCHLOSSMANN
	EXHIBIT J	  	RETAIL BUSINESS DISCLAIMER
	EXHIBIT K	  	UNDERTAKING RELATED TO ENTRADE CONSENT AND WAIVER
	EXHIBITS L1 and L-2	  	FORM OF RELEASE

  

 11 

 SCHEDULE 1D 
 CALCULATION OF AMOUNTS DUE UNDER LEASES AS OF CLOSING DATE 
  

									
	 Landlord/Property Description
	  	Payable to
Haidl	  	Payable to
Schlossmann	  	Interest and
Fees	  	Total
	 Hearthstone Properties
 Benecia
	  	20,063	  	5,016	  		  	25,079
	  	512,248	  		  	56,570	  	568,818
	 Hearthstone Properties
 Kansas City
	  	93,441	  	23,360	  		  	116,801
	 Hearthstone Properties
 Pomona (Ontario)
	  	371,266	  	92,817	  		  	464,083
	 Hearthstone Properties
 Riverdale
	  	138,605	  	34,651	  		  	173,256
	 Hearthstone Properties El Monte
	  	17,507	  	17,507	  		  	35,013
	 Hearthstone Properties
 Delaware (Texas)
	  		  	154,048	  	21,561	  	175,609
	 Hearthstone Properties
 Delaware (Delaware)
	  		  	95,827	  	10,475	  	106,302
	 TOTAL:
	  	1,153,130	  	423,226	  	88,606	  	1,664,962

 All amounts subject to adjustment for: (i) amounts paid but not credited and (ii) penalties and interest
not included in the above per the express terms of any applicable lease. 
  

 12 

 EXHIBIT A 
 NATIONWIDE LEASES 
  

			
	 Landlord
	  	 Address

	Hearthstone Properties Benecia	  	1 Oak Road, Benecia, CA
	Hearthstone Properties Kansas City	  	2101 Manchester, Kansas City, MO
	Hearthstone Properties Pomona (Ontario)	  	3801 East Guasti Road, Ontario, CA
	Hearthstone Properties Riverdale	  	6196 West Lee’s Road, Riverdale, GA
	Hearthstone Properties El Monte	  	
	Hearthstone Properties Delaware (Texas)	  	
	Hearthstone Properties Delaware (Delaware)	  	

  

 13 

 EXHIBIT B 
 GUARANTEED OBLIGATIONS 
 Certificate of Deposits 
 2 Issued by Pacific Western Bank (Formerly First American Bank): 
 C/D # 10000206 Original amount $10,000, now $10,710.06
Issued 9/25/01 Held by DMV for Dealer License 39269 (ALG’s). 
 C/D # 10000207 Original amount $10,000, now $10,710.06 Issued 9/25/01 Held by DMV for
Dealer License 39276 (PLS’s) 
 Bonds In Place: 
 DMV
Commercial Requestor Bond for ALG 
  

			
	Bond #:	  	69484056
	Amount:	  	$50,000
	Expires:	  	3-10-06

 This bond is required to allow access to DMV records thru KSR (current CVR, but the old name is used most
frequently) 
 Auction Company Bond for ALG 
  

			
	Bond #:	  	69542543
	Amount:	  	$20,000
	Expires:	  	6-20-06

 DMV Dealer Bond for ALG 
  

			
	Bond #	  	43204529
	Amount:	  	$50,000 (from original amount of $ 10,000)
	Expires:	  	7-20-06

 DMV Commercial Requestor Bond for PLS 
  

			
	Bond #:	  	69484064
	Amount:	  	$50,000
	Expires:	  	3-10-06

 This bond is required to allow access to DMV records thru KSR (current CVR, but the old name is used most
frequently) 
  

 14 

 Auction Company Bond for ALG 
  

			
	Bond #:	  	
	Amount:	  	$20,000
	Expires:	  	6-20-06

 DMV Dealer Bond for PLS 
  

			
	Bond #	  	43204528
	Amount:	  	$50,000 (from original amount of $ 10,000)
	Expires	  	7-20-06

 International Sureties 
 New Orleans, LA 
 Misc Bond for USMS 
 Line of
Credit 
 Line of Credit with AFC 
  

 15 

 EXHIBIT C 
 DESCRIPTION OF 
 ENTRADE PRIVATE PLACEMENT INVESTMENT 
  

									
	 Name
	  	PPM Note
Dated
2/17/05	  	Artra
Participation
Note dated
2/17/05	  	Extension Artra
Participation
Note dated
2/17/06	  	Extension
Warrant
dated
2/17/06
	 Don Haidl
	  	2,854,046	  	285,404	  	285,404	  	285,404
	 Capital Direct Trust
	  	594,467	  	59,447	  	59,447	  	59,447
	 Corey Schlossmann
	  	320,620	  	32,062	  	32,062	  	32,062
	 Core Capital IV Trust
	  	2,867	  	287	  	287	  	287

 All documents will be in the form of the notes and warrants issuable under the Entrade Private Placement.

  

 16 

 EXHIBIT D 
 FORM OF LEGAL OPINION 
 [LEVENFELD PEARLSTEIN LETTERHEAD] 
 Public Auction Systems, Inc. 
 Mr. Corey Schlossmann 
 Core Capital IV Trust 
 Capital Direct Trust 
 13005 E. Temple Avenue 
 City of Industry, CA 
 Re: Entrade Inc. 
 Gentlemen: 
 We have acted as counsel for Entrade Inc. (“Entrade”), a Pennsylvania corporation, in connection with that certain Settlement Agreement (the “Settlement
Agreement”) made and entered into as of the      day of May 2006, by and among Don Haidl (“Haidl”), Public Auction Systems, Inc. a Nevada corporation (“PAS”), Corey P. Schlossmann
(“Schlossmann”), the Capital Direct 1999 Trust and the Core Capital IV Trust, both California trusts (collectively, the “Trusts”), Public Auction Systems, Inc., a Nevada corporation (“PAS”), Hearthstone Properties, LLC,
a California limited liability company (“Hearthstone”) and together with Haidl, Schlossmann, the Trusts and PAS, the “Lender Parties”), Entrade, Inc., a Pennsylvania corporation (“Entrade”), and Public Liquidation
Systems, Inc. (“PLS”) and Asset Liquidation Group, Inc. (“ALG”), both Nevada corporations collectively doing business as Nationwide Auction Systems (“Nationwide”). We have reviewed the Settlement Agreement and all
Exhibits thereto. Pursuant to Section 2A(ii) thereof, a legal opinion from Entrade’s legal counsel is required under the Settlement Agreement and, as such, Entrade has requested our opinion with respect to the issues related thereto. This
opinion is delivered solely for your benefit and may not be distributed to any other person without our prior written consent. 
 For purposes of this
opinion, we have assumed the authenticity of all documents submitted to us as originals, the conformity of all originals of all documents submitted to us as copies, and the authenticity of originals of all documents submitted to us as copies. We
have also assumed the genuineness of the signatures of the persons signing all documents reviewed in connection with this opinion, the authority of such person signing on behalf of the parties thereto, and the due authorization, execution and
delivery of all documents by the parties thereto. Please note that we did not represent Entrade in the negotiations, preparation or documentation of any of the agreements associated with the Settlement Agreement. 
  

 17 

 We have made such investigations of statutory and regulatory materials (including, but not limited to, Rule 144 as
promulgated under the Securities Act of 1933, as amended, and the regulations thereunder) that we deemed relevant in connection with the delivery of this opinion. We have relied, without independent investigation, upon such certificates of public
officials and/or officers of Entrade and have examined such other documents and records as we have deemed necessary and relevant as a basis for our opinion set forth herein. Capitalized terms not defined herein shall have the meaning ascribed to
such term or terms in the Settlement Agreement. 
 Based upon the foregoing, we are of the opinion that: 
  

	1.	PAS’ holding period for purposes of Rule 144 promulgated under the Securities Act of 1933, as amended (“Rule 144”), with respect to the PAS Penalty Shares either:
(i) issued prior to the date of the Settlement Agreement or (ii) required to be issued pursuant to the PAS Entrade Note or the Settlement Agreement but not yet actually issued, commenced, or shall commence, as the case may be, on the date
such PAS Penalty Shares were earned under the PAS Entrade Note, whether or not the PAS Penalty Shares were actually issued. 

  

	2.	Schlossmann’s holding period for purposes of Rule 144 promulgated under the Securities Act of 1933, as amended (“Rule 144”), with respect to the Schlossmann Penalty
Shares either: (i) issued prior to the date of the Settlement Agreement or (ii) required to be issued pursuant to the Schlossmann Entrade Note or the Settlement Agreement but not yet actually issued, commenced, or shall commence, as the
case may be, on the date such Schlossmann Penalty Shares were earned under the Schlossmann Entrade Note, whether or not the Schlossmann Penalty Shares were actually issued. 

  

			
	Sincerely,
	
	Levenfeld Pearlstein, LLC
		
	By:	 	  

		 	Philip E. Ruben
		
	cc:	 	Ronald Rosenfeld, Entrade Inc.

  

 18 

 EXHIBIT E 
 AMENDMENT TO LEASE 
 (CITY OF INDUSTRY, CA) 
 FURTHER LEASE MODIFICATION AND AMENDMENT AGREEMENT TO 
 STANDARD INDUSTRIAL
LEASE-SPECIAL NET, DATED 
 SEPTEMBER 1, 1990 
 This Modification and Amendment to Standard Industrial Lease-Special Net, Dated September 1, 1990, as modified on August 20, 1993, as further modified on October 15, 1999 (“Amendment”) is
entered into this     day of May, 2006 (“Effective Date”) between [Identify landlord] (“Landlord” or “Lessor”) and Asset liquidation Group, Inc. (“Lessee” or
“Tenant”). 
 RECITALS: 
 WHEREAS, the parties hereto are parties to the certain Standard Industrial Lease-Special Net, dated as of September 1, 1990, as modified on August 20, 2993, as further modified on October 15, 1999 (the “Lease”); and

 WHEREAS, the parties hereto desire to further modify and amend certain provisions of the Lease; 
 NOW THEREFORE, the parties hereto agree as follows: 
 1. All defaults, penalties, and interest under the Lease prior to the date of this Amendment are hereby waived in all respects. 
 2. The Term of the Lease is hereby extended to June l, 2007 (the “Extended Term Date”). In addition, on the Extended Term Date, the Term shall be automatically extended for four (4) additional successive one (1) year
periods provided that Tenant timely makes each and every required monthly rental payment under the Lease for the twelve month period immediately preceding the date of the applicable automatic extension (or if Landlord, at the request of Tenant,
waives in writing Tenant’s failure to make any such required payment). Tenant shall be deemed to have made timely payment on its monthly rental obligations if it makes the applicable payment on or before required payment date, or, if it fails
to do so, within thirty (30) calendar days of the applicable payment date (the “Cure Period”). Nothing herein shall require the Landlord to waive any failure by Tenant to timely make any rental payment on or prior to its due date or
prior to the expiration of any Cure Period. Notwithstanding the foregoing automatic term extensions, in the event that: (i) the full amount owed by the Company under any promissory note issued under Section 2A(iv) of that certain
Settlement Agreement dated the date hereof by and among Don Haidl (“Haidl”), Public Auction Systems, Inc. a Nevada corporation (“PAS”), 

  

 19 

 
Corey P. Schlossmann (“Schlossmann”), the Capital Direct 1999 Trust and the Core Capital IV Trust, both California trusts (collectively, the
“Trusts”), Hearthstone Properties, LLC, a California limited liability company (“Hearthstone”), Hearthstone Properties Delaware, LLC, a Delaware limited liability company (“Hearthstone Delaware”) and together with
Haidl, Schlossmann, the Trusts, PAS and Hearthstone, the “Lender Parties”), Entrade, Inc., a Pennsylvania corporation (“Entrade”), and Public Liquidation Systems, Inc. (“PLS”) and Asset Liquidation Group, Inc.
(“ALG”), both Nevada corporations collectively doing business as Nationwide Auction Systems (“Nationwide”) (the “Settlement Agreement”), is not paid prior to July 15, 2006, and (ii) if an Event of Default
occurs under any such promissory note which is not cured within the Cure period (as defined above), then there shall be no further automatic extensions of the Term of the Lease during which the date of the maturity date of any such note falls and
such event shall be deemed an event of default under this Lease. 
 3. Commencing on June 1, 2006, and continuing through the end of the
Extended Term, the monthly rent under the Lease shall be amended an amount equal to the “Fair Market Monthly Rent” For purposes of this Amendment, “Fair Market Rent Amount” shall mean an amount determined by a mutually agreeable
independent third party commercial real estate appraiser (“Independent Appraiser”) or similar expert (the cost of which shall be shared equally between Landlord and Tenant) to be the fair market monthly rent for the subject property. The
determination of the Independent Appraiser shall be final and binding on the parties. 
 4. This Amendment shall be limited solely to the
matters expressly set forth herein and shall not, except to the extent expressly set forth herein, constitute an amendment of any other term or condition of the Agreement or otherwise modify the Agreement. 
 5. This Amendment shall become effective upon the Effective Date. This Amendment may be executed in two or more counterparts, each of which shall be an
original, but all of which shall constitute one agreement. A facsimile of an executed copy of this Amendment shall have the same force and effect as an original executed copy. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first set forth above. 
  

			
	LESSORS:	 	[IDENTIFY LANDLORD(S)]

  

 20 

					
	LESSEE:	 	ASSET LIQUIDATION GROUP, INC.
			
		 	By:	 	  

		
		 	  

		 	Print Name and Title

  

 21 

 EXHIBIT F 
 AMENDMENT TO LEASE 
 (BENECIA, CA) 
 LEASE MODIFICATION AND AMENDMENT AGREEMENT TO STANDARD 
 INDUSTRIAL/COMMERCIAL
SINGLE TENANT LEASE-NET, DATED 
 MAY 25, 2001 
 This Amendment to Lease is made and entered into between Hearthstone Properties, Benecia, LLC, a California limited liability company (“Lessor” or “Landlord”) and Public Liquidation Systems, Inc.,
a Nevada corporation (“Lessee” nor “Tenant”). The Lessor and the Lessee are sometimes referred to collectively as the “Parties” and individually as a “Party”. 
 WHEREAS, Lessor and Lessee are parties to that certain Standard Industrial/Commercial Single Tenant Lease-Net dated May 25, 2001, pursuant to which
Lessor has leased to Lessee the property commonly known as 1 Oak Road, Benecia, Solano County, California (the “Benecia Lease”); 
 WHEREAS, the parties hereto desire to modify and amend certain provisions of the Lease; 
 NOW THEREFORE, in consideration of the
foregoing recitals, and for the mutual promises herein, and for other good and valuable consideration, the Parties hereby agree as follows: 
 1. Effective upon receipt of all payments required to be made by Entrade Inc. and Nationwide (deed below) under Section 1D of that certain Settlement Agreement by and among Don Haidl, Public Auction Systems, Inc. a Nevada corporation,
Corey P. Schlossmann, the Capital Direct 1999 Trust and the Core Capital IV Trust, both California trusts, Public Auction Systems, Inc., a Nevada corporation, Hearthstone Properties, LLC, a California limited liability company, Entrade, Inc., a
Pennsylvania corporation, and Public Liquidation Systems, Inc. and Asset Liquidation Group, Inc., both Nevada corporations collectively doing business as Nationwide Auction Systems (“Nationwide”), all defaults under the Lease prior to the
date of this Amendment are hereby waived in all respects. 
 2. The Term of the Lease is hereby extended to June 1, 2007. In addition,
the Terms shall be automatically extended for four (4) additional successive one (1) year periods provided that Tenant timely makes each and every required monthly rental payment under the Lease for the twelve month period immediately
preceding the date of the applicable automatic extension (or if Landlord, at the request of Tenant, waives in writing Tenant’s failure to make any such required payment). Tenant shall be deemed to have made 

  

 22 

 
timely payment on its monthly rental obligations if it makes the applicable payment on or before required payment date, or, if it fails to do so, within
thirty (30) calendar days of the applicable payment date (the “Cure Period”). Nothing herein shall require the Landlord to waive any failure by Tenant to timely make any rental payment on or prior to its due date or prior to the
expiration of any Cure Period. Notwithstanding the foregoing automatic term extensions, in the event that: (i) the full amount owed by the Company under any promissory note issued under Section 2A(iv) of that certain Settlement Agreement
dated the date hereof by and among Don Haidl (“Haidl”), Public Auction Systems, Inc. a Nevada corporation (“PAS”), Corey P. Schlossmann (“Schlossmann”), the Capital Direct 1999 Trust and the Core Capital IV Trust, both
California trusts (collectively, the “Trusts”), Hearthstone Properties, LLC, a California limited liability company (“Hearthstone”), Hearthstone Properties Delaware, LLC, a Delaware limited liability company (“Hearthstone
Delaware”) and together with Haidl, Schlossmann, the Trusts, PAS and Hearthstone, the “Lender Parties”), Entrade, Inc., a Pennsylvania corporation (“Entrade”), and Public Liquidation Systems, Inc. (“PLS”) and Asset
Liquidation Group, Inc. (“ALG”), both Nevada corporations collectively doing business as Nationwide Auction Systems (“Nationwide”) (the “Settlement Agreement”), is not paid prior to July 15, 2006 and (ii) if
an Event of Default occurs under any such promissory note which is not cured within the Cure period (as defined above), then there shall be no further automatic extensions of the Term of the Lease during which the date of the maturity date of any
such note falls and such event shall be deemed an event of default under this Lease. 
 3. Commencing on June 1, 2006, and continuing
through the end of the Extended Term, the monthly rent under the Lease shall be amended an amount equal to the “Fair Market Monthly Rent” For purposes of this Amendment, “Fair Market Rent Amount” shall mean an amount determined
by a mutually agreeable independent third party commercial real estate appraiser (“Independent Appraiser”) or similar expert (the cost of which shall be shared equally between Landlord and Tenant) to be the fair market monthly rent for the
subject property. The determination of the Independent Appraiser shall be final and binding on the parties. 
 4. This Amendment shall be
limited solely to the matters expressly set forth herein and shall not, except to the extent expressly set forth herein, constitute an amendment of any other term or condition of the Agreement or otherwise modify the Agreement. 
 5. This Amendment shall become effective upon the Effective Date. This Amendment may be executed in two or more counterparts, each of which shall be an
original, but all of which shall constitute one agreement. A facsimile of an executed copy of this Amendment shall have the same force and effect as an original executed copy. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first set forth above. 
  

 23 

					
	LESSORS:	 	[IDENTIFY LANDLORD(S)]
		
	LESSEE:	 	PUBLIC LIQUIDATION SYSTEMS, INC.
			
		 	By:	 	  

			
		 		 	  

		 		 	Print Name and Title

  

 24 

 EXHIBIT G 
 PROMISSORY NOTE 
 (LANDLORD(S)) 
  

			
	$[Past Due Rent Amount]**1	 	May     , 2006

 The undersigned (“Maker”), ASSET LIQUIDATION GROUP, INC. AND PUBLIC
LIQUIDATIONS SYSTEMS, INC., both Nevada corporations collectively doing business as Nationwide Auction Systems, for value received, and intending to be legally bound hereby, promises to pay to the order of [Identify Landlord]
(“Payee”), at [Landlord’s address] or at such other place or places as Payee may designate in writing, the principal sum of [Identify Past Due Rent Amount]
($            ), plus interest (if any) as described below, with all principal owed hereunder payable in full on July 15, 2006 (the “Maturity
Date”). 
 Notwithstanding anything to the contrary herein, no interest shall accrue under this Note until the Maturity Date.

 If Maker fails to pay all principal due on or before the Maturity Date, then
commencing on July 15, 2006: (i) interest shall begin to accrue on the outstanding balance under this Note at the rate of ten percent (10%) per annum, (ii) the Maturity Date shall be extended to July 15, 2007 (the
“Extended Maturity Date”), (iii) 1/12th of the principal amount, together with outstanding interest, shall be due and payable on the 15th day of each month until fully paid, (iv) on the 15th day of each month (as determined by the      day of
such month) while any amounts under this Note remain outstanding, Maker shall cause to be issued to Payee the “Additional Entrade Consideration” (defined below). 
 For purposes of this Note, the “Additional Entrade Consideration” means: (i) a non-interest bearing promissory note issued by Entrade
Inc., Maker’s parent corporation (“Entrade”), in an amount equal to 10% of the then outstanding principal balance of this Note (a “Bonus Note”), due 2 years from the date of issuance, and otherwise consistent with the form
and terms of the analogous promissory notes issued to subscribers in Entrade’s currently outstanding private placement of Entrade securities (the “Private Placement”) and (ii) a 5 year warrant to purchase shares of Entrade common
stock (a “Warrant”) at $0.10 per share in a form generally consistent to the form of warrant issued to subscribers in the Private Placement, where the number of shares exercisable under the warrant would be equal to 10% of the then
outstanding principal amount of this Note. For illustrative purposes only, in the event that Maker fails to make any principal payment on or before the Maturity Date, then the Additional Entrade Consideration due 
  
  

	 1
	 The principal amount will be as reflected on Schedule 1D to the Settlement Agreement. In the event that Schedule 1D
reflects late fees and penalties for a given property, that amount will be discounted from the principal if the entire amount due is paid on or before the Maturity Date. 

  

 25 

 
on the Maturity Date would be a Bonus Note in the amount of $             and a Warrant to
purchase              Entrade shares. 
 All interest and principal shall
be due and payable on the Maturity Date. Interest shall be calculated based upon a year consisting of 365 days and charged for the actual number of days elapsed. 
 This Note may be prepaid by Maker at any time, without penalty. 
 It is expressly agreed by Maker that time
is of the essence hereof, and it shall be an “Event of Default” hereunder if: 
 (i) Maker shall fail to pay
any amount of principal or interest due hereunder; or 
 (ii) Maker is or becomes insolvent or generally fails to pay, or
admits in writing its inability to pay, debts as they become due, or Maker applies for, consents to or acquiesces in the appointment of a trustee, receiver or other custodian for Maker or any of its property, or makes a general assignment for the
benefit of creditors, or, in the absence of such application, consent or acquiescence, a trustee, receiver or other custodian is appointed for Maker or for a substantial part of Maker’s property and is not discharged within ninety
(90) days, or any bankruptcy, reorganization, debt arrangement, or other case or proceeding under any bankruptcy or insolvency law is commenced in respect of Maker, and if such case or proceeding is not commenced in respect of Maker, it is
consented to or acquiesced in by Maker or remains for ninety (90) days undismissed, or Maker takes any action to authorize, or in the furtherance of, any of the foregoing; or 
 In addition to the other sums payable hereunder, Maker agrees to pay to the holder all reasonable attorneys’ fees and costs that may be incurred by
the holder of this Note in enforcing any of the terms hereof after an Event of Default. 
 Except as otherwise provided in this Note, Maker
hereby waives notice of nonpayment, notice of dishonor, and protest of any dishonor, and agrees that its liabilities shall be unconditional without regard to the liability of any other party and shall not in any manner be affected by any indulgence,
extension of time, renewal, waiver or modification granted or consented to by the holder hereof. Further, Maker consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by the holder hereof with respect to
the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors or sureties may become parties hereto without notice to Maker and without affecting its liability hereunder. 
 The holder hereof shall not by any act of omission or commission be deemed to waive any of its right or remedies hereunder unless such waiver is in
writing and signed by the holder hereof, and then only to the extent specifically set forth therein. The waiver 

  

 26 

 
of any event shall not be construed as a waiver of any other right or remedy, nor shall any single or partial exercise of any right or remedy preclude any
other or further exercise thereof or of any other right or remedy. 
 Whenever possible, each provision of this Note shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Note is deemed to be invalid or unenforceable under such law, such provision shall be ineffective only to the extent of such invalidity or unenforceability
without affecting the validity or enforceability of any other provision of this Note. 
 Maker (and the undersigned representative of Maker,
if any) represents that Maker has full power and authority and legal right to execute and deliver this Note and this Note shall be binding on Maker and its respective successors and assigns. 
 This Note shall be governed by and construed according to the internal laws of the State of Illinois without regard to principals of conflicts of law.

 MAKER AND LENDER EACH CONSENT TO JURISDICTION IN THE STATE OF CALIFORNIA AND VENUE IN ANY FEDERAL OR STATE COURT IN THE COUNTY OF LOS
ANGELES FOR SUCH PURPOSES AND THEY EACH WAIVE ANY AND ALL RIGHTS TO CONTEST SAID JURISDICTION AND ANY OBJECTION THAT SUCH COUNTY IS INCONVENIENT. MAKER AND LENDER EACH HEREBY EXPRESSLY WAIVE ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY WITH RESPECT TO ANY MATTER WHATSOEVER RELATING TO, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT AND/OR THE TRANSACTIONS WHICH ARE THE SUBJECT OF THIS
PROMISSORY NOTE. 
  

 27 

 IN WITNESS WHEREOF, Maker has duly executed this Secured Promissory Note as of the date first
above written. 
  

			
	 PUBLIC LIQUIDATION SYSTEMS, INC.,
 a Nevada
corporation doing business as Nationwide Auction Systems

		
	By:	 	  

		 	Greg O’Neill
	Its:	 	President
	
	 ASSET LIQUIDATION GROUP, INC.,
 a Nevada
corporation doing business as Nationwide Auction Systems

		
	By:	 	  

		 	Greg O’Neill
	Its:	 	President
	
	ENTRADE, INC, a Pennsylvania corporation
		
	By:	 	  

		 	Peter R. Harvey
	Its:	 	President

  

 28 

 EXHIBIT H 
 PROMISSORY NOTE 
 (SCHLOSSMANN) 
 THIS NOTE IS BEING ISSUED TO MEMORIALZE AMOUNTS DUE THE PAYEE INS RESPECT OF PAYEE’S PRIOR OWNERSHIP INTEREST IN THE “RETAIL BUSINESS”, AS THAT TERM IS DEFINED IN THAT CERTAIN SETTLEMENT AGREEMENT DATED
THE DATE HEREOF, BY AND AMONG DON HAIDL, PUBLIC AUCTION SYSTEMS, INC, A NEVADA CORPORATION (“PAS”), PAYEE, THE CAPITAL DIRECT 1999 TRUST AND THE CORE CAPITAL IV TRUST, BOTH CALIFORNIA TRUSTS, HEARTHSTONE PROPERTIES, LLC, A CALIFORNIA
LIMITED LIABILITY COMPANY, ENTRADE, INC., A PENNSYLVANIA CORPORATION, AND MAKER. 
  

			
	$401,453	 	May     , 2006

 The undersigned (“Maker”), ASSET LIQUIDATION GROUP, INC. AND PUBLIC
LIQUIDATIONS SYSTEMS, INC., both Nevada corporations collectively doing business as Nationwide Auction Systems, for value received, and intending to be legally bound hereby, promises to pay to the order of Corey P. Schlossmann
(“Payee”), at 20130 Via Cellini, Northridge, CA 91326 or at such other place or places as Payee may designate in writing, the principal sum of FOUR HUNDRED ONE THOUSAND FOUR HUNDRED FIFTY THREE ($401,453), plus interest of
10% per annum on the outstanding balance hereof, in accordance with the terms below, 
 Principal under this Note shall be payable in 6
equal monthly installments, with the first payment due on June     , 2006, and all remaining principal owed hereunder payable in full on November     , 2006 (the “Maturity
Date”). Interest shall be payable concurrently with principal payments. 
 If Maker fails to pay all principal due on or before the
Maturity Date, then commencing on the Maturity Date, then on the      day of each month (as determined on the      day of such month) while any amounts under this Note remain outstanding, Maker
shall cause to be issued to Payee the “Additional Entrade Consideration” (defined below). 
 For purposes of this Note, the
“Additional Entrade Consideration” means: (i) a non-interest bearing promissory note issued by Entrade Inc., Maker’s parent corporation (“Entrade”), in an amount equal to 10% of the then outstanding principal balance of
this Note (a “Bonus Note”), due 2 years from the date of issuance, and otherwise consistent with the form and terms of the analogous promissory notes issued to subscribers in Entrade’s currently outstanding private placement of
Entrade securities (the “Private Placement”) and (ii) a 5 year warrant to purchase shares of Entrade common stock (a “Warrant”) at $0.10 per share in a form generally consistent to the form of warrant issued to subscribers
in the Private Placement, where the number of shares exercisable 

  

 29 

 
under the warrant would be equal to 10% of the then outstanding principal amount of this Note. For illustrative purposes only, in the event that Maker fails
to make any principal payment on or before the Maturity Date, then the Additional Entrade Consideration due on the Maturity Date would be a Bonus Note in the amount of $40,145.30 and a Warrant to purchase 40,145 Entrade shares. 
 Interest shall be calculated based upon a year consisting of 365 days and charged for the actual number of days elapsed. 
 This Note may be prepaid by Maker at any time, without penalty. 
 It is expressly agreed by Maker that time is of the essence hereof, and it shall be an “Event of Default” hereunder if: 
 (i) Maker shall fail to pay any amount of principal or interest due hereunder; or 
 (ii) Maker is or becomes insolvent or generally fails to pay, or admits in writing its inability to pay, debts as they become due, or
Maker applies for, consents to or acquiesces in the appointment of a trustee, receiver or other custodian for Maker or any of its property, or makes a general assignment for the benefit of creditors, or, in the absence of such application, consent
or acquiescence, a trustee, receiver or other custodian is appointed for Maker or for a substantial part of Maker’s property and is not discharged within ninety (90) days, or any bankruptcy, reorganization, debt arrangement, or other case
or proceeding under any bankruptcy or insolvency law is commenced in respect of Maker, and if such case or proceeding is not commenced in respect of Maker, it is consented to or acquiesced in by Maker or remains for ninety (90) days
undismissed, or Maker takes any action to authorize, or in the furtherance of, any of the foregoing; or 
 In addition to the other sums
payable hereunder, Maker agrees to pay to the holder all reasonable attorneys’ fees and costs that may be incurred by the holder of this Note in enforcing any of the terms hereof after an Event of Default. 
 Except as otherwise provided in this Note, Maker hereby waives notice of nonpayment, notice of dishonor, and protest of any dishonor, and agrees that its
liabilities shall be unconditional without regard to the liability of any other party and shall not in any manner be affected by any indulgence, extension of time, renewal, waiver or modification granted or consented to by the holder hereof.
Further, Maker consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by the holder hereof with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors or sureties may become parties hereto without notice to Maker and without affecting its liability hereunder. 
  

 30 

 The holder hereof shall not by any act of omission or commission be deemed to waive any of its right or
remedies hereunder unless such waiver is in writing and signed by the holder hereof, and then only to the extent specifically set forth therein. The waiver of any event shall not be construed as a waiver of any other right or remedy, nor shall any
single or partial exercise of any right or remedy preclude any other or further exercise thereof or of any other right or remedy. 
 Whenever
possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note is deemed to be invalid or unenforceable under such law, such provision shall be
ineffective only to the extent of such invalidity or unenforceability without affecting the validity or enforceability of any other provision of this Note. 
 Maker (and the undersigned representative of Maker, if any) represents that Maker has full power and authority and legal right to execute and deliver this Note and this Note shall be binding on Maker and its
respective successors and assigns. 
 This Note shall be governed by and construed according to the internal laws of the State of Illinois
without regard to principals of conflicts of law. 
 MAKER AND LENDER EACH CONSENT TO JURISDICTION IN THE STATE OF CALIFORNIA AND VENUE IN
ANY FEDERAL OR STATE COURT IN THE COUNTY OF LOS ANGELES FOR SUCH PURPOSES AND THEY EACH WAIVE ANY AND ALL RIGHTS TO CONTEST SAID JURISDICTION AND ANY OBJECTION THAT SUCH COUNTY IS INCONVENIENT. MAKER AND LENDER EACH HEREBY EXPRESSLY WAIVE ANY AND
ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY WITH RESPECT TO ANY MATTER WHATSOEVER RELATING TO, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT AND/OR THE
TRANSACTIONS WHICH ARE THE SUBJECT OF THIS PROMISSORY NOTE. 
  

 31 

 IN WITNESS WHEREOF, Maker has duly executed this Secured Promissory Note as of the date first
above written. 
  

			
	 PUBLIC LIQUIDATION SYSTEMS, INC.,
 a Nevada
corporation doing business as Nationwide Auction Systems

		
	By:	 	  

		 	Greg O’Neill
	Its:	 	President
	
	 ASSET LIQUIDATION GROUP, INC.,
 a Nevada
corporation doing business as Nationwide Auction Systems

		
	By:	 	  

		 	Greg O’Neill
	Its:	 	President
	
	ENTRADE, INC, a Pennsylvania corporation
		
	By:	 	  

		 	Peter R. Harvey
	Its:	 	President

  

 32 

 EXHIBIT I 
 PROMISSORY NOTE 
 (SCHLOSSMANN) 
 PROMISSORY NOTE 
 (SCHLOSSMANN) 
  

			
	$161,193.68	 	May     , 2006

 The undersigned (“Maker”), ASSET LIQUIDATION GROUP, INC. AND PUBLIC
LIQUIDATIONS SYSTEMS, INC., both Nevada corporations collectively doing business as Nationwide Auction Systems, for value received, and intending to be legally bound hereby, promises to pay to the order of Corey P. Schlossmann
(“Payee”), at 20130 Via Cellini, Northridge, CA 91326 or at such other place or places as Payee may designate in writing, the principal sum of ONE HUNDRED SIXTY ONE THOUSAND ONE HUNDRED NINETY-THREE AND 68/100 DOLLARS ($161,193.68),
without interest, in accordance with the terms below, 
 Principal under this Note shall be payable in 6 equal monthly installments, with the
first payment due on June     , 2007, and all remaining principal owed hereunder payable in full on November     , 2006 (the “Maturity Date”). 
 Interest shall be calculated based upon a year consisting of 365 days and charged for the actual number of days elapsed. 
 This Note may be prepaid by Maker at any time, without penalty. 
 It is expressly agreed by Maker that time is of the essence hereof, and it shall be an “Event of Default” hereunder if: 
 (i) Maker shall fail to pay any amount of principal or interest due hereunder; or 
 (ii) Maker is or becomes insolvent or generally fails to pay, or admits in writing its inability to pay, debts as they become due, or
Maker applies for, consents to or acquiesces in the appointment of a trustee, receiver or other custodian for Maker or any of its property, or makes a general assignment for the benefit of creditors, or, in the absence of such application, consent
or acquiescence, a trustee, receiver or other custodian is appointed for Maker or for a substantial part of Maker’s property and is not discharged within ninety (90) days, or any bankruptcy, reorganization, debt arrangement, or other case
or proceeding under 

  

 33 

 
any bankruptcy or insolvency law is commenced in respect of Maker, and if such case or proceeding is not commenced in respect of Maker, it is consented to or
acquiesced in by Maker or remains for ninety (90) days undismissed, or Maker takes any action to authorize, or in the furtherance of, any of the foregoing; or 
 In addition to the other sums payable hereunder, Maker agrees to pay to the holder all reasonable attorneys’ fees and costs that may be incurred by the holder of this Note in enforcing any of the terms hereof
after an Event of Default. 
 Except as otherwise provided in this Note, Maker hereby waives notice of nonpayment, notice of dishonor, and
protest of any dishonor, and agrees that its liabilities shall be unconditional without regard to the liability of any other party and shall not in any manner be affected by any indulgence, extension of time, renewal, waiver or modification granted
or consented to by the holder hereof. Further, Maker consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by the holder hereof with respect to the payment or other provisions of this Note, and agrees
that additional makers, endorsers, guarantors or sureties may become parties hereto without notice to Maker and without affecting its liability hereunder. 
 The holder hereof shall not by any act of omission or commission be deemed to waive any of its right or remedies hereunder unless such waiver is in writing and signed by the holder hereof, and then only to the extent
specifically set forth therein. The waiver of any event shall not be construed as a waiver of any other right or remedy, nor shall any single or partial exercise of any right or remedy preclude any other or further exercise thereof or of any other
right or remedy. 
 Whenever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Note is deemed to be invalid or unenforceable under such law, such provision shall be ineffective only to the extent of such invalidity or unenforceability without affecting the validity or enforceability
of any other provision of this Note. 
 Maker (and the undersigned representative of Maker, if any) represents that Maker has full power and
authority and legal right to execute and deliver this Note and this Note shall be binding on Maker and its respective successors and assigns. 
 This Note shall be governed by and construed according to the internal laws of the State of Illinois without regard to principals of conflicts of law. 
 MAKER AND LENDER EACH CONSENT TO JURISDICTION IN THE STATE OF CALIFORNIA AND VENUE IN ANY FEDERAL OR STATE COURT IN THE COUNTY OF LOS ANGELES FOR SUCH PURPOSES AND THEY EACH WAIVE ANY AND ALL RIGHTS TO CONTEST SAID
JURISDICTION AND ANY OBJECTION THAT SUCH COUNTY IS INCONVENIENT. MAKER AND LENDER EACH HEREBY EXPRESSLY WAIVE ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THE PARTIES AGAINST ANY 

  

 34 

 
OTHER PARTY WITH RESPECT TO ANY MATTER WHATSOEVER RELATING TO, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT AND/OR THE TRANSACTIONS WHICH ARE
THE SUBJECT OF THIS PROMISSORY NOTE. 
  

 35 

 IN WITNESS WHEREOF, Maker has duly executed this Secured Promissory Note as of the date first
above written. 
  

			
	 PUBLIC LIQUIDATION SYSTEMS, INC.,
 a Nevada
corporation doing business as
 Nationwide Auction Systems

		
	By:	 	  

		 	Greg O’Neill
	Its:	 	President
	
	 ASSET LIQUIDATION GROUP, INC.,
 a Nevada
corporation doing business as
 Nationwide Auction Systems

		
	By:	 	  

		 	Greg O’Neill
	Its:	 	President
	
	ENTRADE, INC, a Pennsylvania corporation
		
	By:	 	  

		 	Peter R. Harvey
	Its:	 	President

  

 36 

 EXHIBIT J 
 DISCLAIMER OF RIGHTS 
 THIS DISCLAIMER (this “Disclaimer”) is made this
     day of May, 2006, but effective for all purposes as of November 1, 2005, by Corey P. Schlossmann (“Schlossmann”) in favor of Public Liquidation Systems, Inc. (“PLS”) and Asset Liquidation
Group, Inc. (“ALG”), both Nevada corporations collectively doing business as Nationwide Auction Systems (“Nationwide”), and Entrade, Inc., a Pennsylvania corporation (“Entrade”). Nationwide and Entrade are sometimes
herein referred to collectively as the “Company”. 
 A. This Disclaimer is being delivered pursuant Section 2B(iii) of that
certain Settlement Agreement, dated May     , 2006, by and among Don Haidl, Public Auction Systems, Inc. a Nevada corporation, Schlossmann, the Capital Direct 1999 Trust and the Core Capital IV Trust, both California
trusts, Hearthstone Properties, LLC, a California limited liability company, Entrade and Nationwide (the “Settlement Agreement”). 
 B. Schlossmann is the Chief Executive Officer of Nationwide and has participated in the operation of a business within Nationwide which the parties have traditionally referred to as the “Principal Business,” the “Retail
Business” and the “Consigned Auction Business.” This business means the purchase and sale of the principle vehicle inventory at the Buyer’s auction, to individual customers on a retail basis or to wholesale customers (other
dealers), and financing, warranty and aftermarket sales related to these retail units, principal units and consigned auction units (collectively, the “Business”). 
 C. As a condition to the Settlement Agreement, the Company has required that Schlossmann execute and deliver this Disclaimer. 
 NOW THEREFORE, in consideration of the foregoing recitals and the payments to be made to Schlossmann by the Company under the Settlement Agreement,
including the Promissory Note attached as Exhibit H to the Settlement Agreement, Schlossmann agrees as follows: 
 1. Schlossmann
hereby irrevocably disclaims and waives: 
  

	 	(a)	any and all of his rights, title and interest, however arising, in and to the Business, including intellectual property rights, whether registered or not; and

  

	 	(b)	any and all rights, moneys, earnings, distributions or other amounts generated as a result of, or in any manner whatsoever connected with, the Business. 

  

 37 

 2. As a result of this Disclaimer, Schlossmann acknowledges, as of the Effective Date, that, as between
the Company and Schlossmann, the Company is the sole and exclusive owner of the Business and all proprietary rights (including intellectual property rights) associated with the Business. 
 3. Schlossmann agrees to take such further actions, and execute such further documents, as may be reasonably requested by the Company following the date
of this Disclaimer to effectuate the purposes of this Disclaimer. 
 IN WITNESS WHEREOF, Schlossmann has executed this Disclaimer as of the
day first written above. 
  

	
	COREY P. SCHLOSSMANN
	
	  

  

 38 

 EXHIBIT K 
 UNDERTAKING RELATED TO ENTRADE CONSENT AND WAIVER 
 Entrade Inc. 
 500 Central Avenue 
 Northfield, IL 60096 
  

	Re:	Investment in Entrade Private Placement 

 Gentlemen: 
 This Letter is being delivered to you pursuant to Section 2B(ii) of that certain Settlement Agreement 2006 by and among Don Haidl (“Haidl”), Public Auction
Systems, Inc. a Nevada corporation (“PAS”), Corey P. Schlossmann (“Schlossmann”), the Capital Direct 1999 Trust and the Core Capital IV Trust, both California trusts (collectively, the “Trusts”), Public Auction Systems,
Inc., a Nevada corporation (“PAS”), Hearthstone Properties, LLC, a
                                     limited liability company
(“Hearthstone”) and together with Haidl, Schlossmann, the Trusts and PAS, the “Lender Parties”), Entrade, Inc., a Pennsylvania corporation (“Entrade”), and Public Liquidation Systems, Inc. (“PLS”) and Asset
Liquidation Group, Inc. (“ALG”), both Nevada corporations collectively doing business as Nationwide Auction Systems (“Nationwide”) (the “Settlement Agreement”). The execution and delivery of this letter is required by
Section 2B(ii) of the Settlement Agreement. 
 The undersigned has subscribed for [insert subscription amount] (the “Entrade Private
Placement Investment” in a private placement of Entrade securities (the “Entrade Private Placement”). 
 Entrade has advised the undersigned
that it intends to seek from all investors in the Entrade Private Placement (collectively, the “Entrade Private Placement Investors” and individually, an “Entrade Private Placement Investor”) a consent and waiver (the
“Proposed Waiver”) relating to the Entrade Private Placement. The Proposed Waiver will include, among other things, a request by Entrade that each Private Placement Investor agrees to: 
  

	 	•	 	 waive any and all defaults in connection with their Entrade Private Placement Investment, including, but not limited to: (i) any failure by Entrade to comply
with the terms of the associated private placement memorandum and any associated document, including without limitation, the defaults, if any, caused by the consummation of the transaction between Entrade, the undersigned and James Clapp in
February, 2005, (ii) any failure by Entrade to identify a collateral agent, to effectuate the pledge of the stock of Nationwide required of Entrade in favor of the Private Placement Investors, or any other matter related to the intended
collateral, (iii) failure to timely issue the notes and warrants representing the 

  

 39 

	 	 
initial investment in the Entrade Private Placement, or the notes and warrants required to be issued upon extension of the initial notes; (iv) any
failure pay interest or principal on any debt instrument, (v) failure to timely issue any required extension notice, which tardy notice will be consented to in the Proposed Waiver, (vi) failure to timely issue any required warrant to
purchase Entrade common stock required to be issued by Entrade and (vii) such other similar performance defaults or potential defaults as may be later identified in the Proposed Waiver; 

  

	 	•	 	 waive a right of rescission that will be offered to all Private Placement Investors 

  

	 	•	 	 consent to the designation of a collateral agent by Entrade, in its sole discretion, to act on behalf of all of the Private Placement Investors

  

	 	•	 	 if included in the Proposed Waiver, consent to the extension of the maturity date of all notes issued in connection with the Entrade Private Placement a
(“Private Placement Restructuring”). Any such extension would have the effect of creating uniform maturity and interest payment dates for all Entrade Private Placement Investors. To the extent that any additional consideration is provided
by Entrade (but the undersigned hereby agrees that it has already received consideration for this letter and that no such additional consideration will be required as a condition to executing the Proposed Waiver) to the Entrade Private Placement
Investors in connection with the Private Placement Restructuring, all Private Placement Investors will be treated equally, on a pro-rata basis, except that the undersigned acknowledges that the Company may provide consideration of any variety and in
any amount, proportionate or otherwise, to James Clapp without violating the terms of this letter or the Proposed Waiver. 

 The
undersigned covenants and agrees that he, she or it will promptly and timely execute any Proposed Waiver that materially comports with the terms set forth in this letter, without further consideration. 
 Notwithstanding anything to the contrary herein, in the event that either (i) 50% or more of the Entrade Private Placement Investors or (ii) Entrade Private
Placement Investors representing 50% or more of the aggregate amount subscribed by the Entrade Private Placement Investors execute the Proposed Waiver, then such action shall be deemed conclusive proof, not subject to challenge, that the Proposed
Waiver comports in material respects with this letter and the undersigned shall be required to execute the Proposed Waiver. 
 In the event that Entrade does
not receive, on or before December 31, 2006, an executed Proposed Waiver from Entrade Private Placement Investors representing at least 75% of the total amounts subscribed for in the Entrade Private Placement (not including the undersigned, or
any other party to the Settlement Agreement), then the undersigned shall be relieved of any and all obligations under this letter. 
  

 40 

 The undersigned agrees to take such additional actions and execute such additional documents as may be reasonably
requested by Entrade in order to effectuate the purposes of this letter and the Proposed Waiver. 
 Dated: May     , 2006

  

	
	[Identify Subscriber]
	
	  

	  

	 Print name (and, if applicable, title)

  

 41 

 EXHIBIT L-l 
 FORM OF RELEASE 
 (Individual) 
 This Release is made this      day of May, 2006 by
                                     (“Releasing
Party”) in favor of Entrade, Inc., a Pennsylvania corporation (“Entrade”), and Public Liquidation Systems, Inc. (“PLS”) and Asset Liquidation Group, Inc. (“ALG”), both Nevada corporations collectively doing
business as Nationwide Auction Systems (“Nationwide”). Entrade and Nationwide are sometimes herein referred to as the “Company”. Capitalized terms not defined shall have the meaning ascribed to such terms in the Settlement
Agreement (defined below). 
 WHEREAS, the Releasing Party and others have entered into a Settlement Agreement (the “Settlement
Agreement”) with the Company concurrently with the date of this Release; and 
 WHEREAS this Release is being executed and delivered to
the Company pursuant to Section 2B(iv) of the Settlement Agreement; and 
 WHEREAS, the parties would not have agreed to the terms and
conditions of the Settlement Agreement, or any term and condition thereof, but for the Releasing Party’s agreement to execute and deliver this Release to the Company. 
 NOW THEREFORE, in consideration of the foregoing recitals, and for the mutual promises herein, and for other good and valuable consideration, the parties
hereby agree as follows: 
 1. Recitals. The foregoing Recitals are hereby incorporated into and made a part of this Release.

 2. Release. The Releasing Party, on behalf of himself and for himself and his affiliates, employees, partners, agents, managers,
representatives, accountants, attorneys, trustees, advisors, successors, predecessors in interest, heirs, executors and assigns, hereby fully and unconditionally releases, acquits and forever discharges the Company and its predecessors and
successors in interest, heirs, assigns, past, present and future officers, directors, shareholders, agents, employees, managers, representatives, attorneys, accountants, advisors, owners, partners, shareholders, trustees, parent, affiliate and
subsidiary organizations (collectively, “Released Parties” and individually a “Released Party”), of and from, and does hereby relinquish, any and all past and present actions, suits, arbitrations, damages, claims, demands in law
or equity, obligations, charges, complaints, causes of action, injuries, liabilities, rights, judgments, penalties, fines, losses, bonds, bills, expenses and all other legal responsibilities prior to the date of this Release whether suspected

  

 42 

 
or unsuspected, including but not limited to causes of action for compensatory, equitable and/or injunctive relief, general, specific or punitive damages,
costs, losses, expenses and compensation, based on any theory of recovery, which the Releasing Party has against the Company arising directly or indirectly out of or relating in any way to any failure or default that has heretofore occurred with
respect to any obligation of the Company that is expressly a direct obligation to pay money to the Releasing Party, either as rent under the Leases or as principal, interest or penalties under any promissory notes. 
 3. Waiver of California Civil Code § 1542. With respect to the release set forth in Section 2 above the Releasing Party further agrees
that if, subsequent to the execution of this Release, it incurs or suffers loss, damage, or injuries that are in any way related to the Dispute, but that are unknown and unanticipated at the time this Release is signed, the following applies:

 3.1 The Releasing Party assumes the above-mentioned risks and understands that the Release SHALL APPLY TO ALL UNKNOWN
CLAIMS OR UNANTICIPATED RESULTS OF THE FAILURES AND DEFAULTS DESCRIBED ABOVE, AS WELL AS THOSE KNOWN AND ANTICIPATED, and upon advice of counsel, the Releasing Party does hereby waive any and all rights under California Civil Code §1542,
which section has been duly explained and reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her
must have materially affected his or her settlement with the debtor.” 
 3.2 The Releasing Party represents that he has
obtained the advice of legal counsel prior to signing this Release, and that he executes this Release voluntarily, with full knowledge of its significance, and with the express intention of effecting the legal consequences provided by California
Civil Code §1541, i.e., “the extinguishments of all obligations” arising directly or indirectly out of or relating to the subject matter hereof. 
 4. General Release; No Assignment. This Release shall constitute and is a general release of the matters defined herein. The parties each represent and warrant to the other that each has not heretofore assigned
or transferred, or purported to assign or transfer, any claim, demand, debt, liability or cause of action herein released. 
 5.
Consideration for Release. In full and fair consideration for this release and discharge and for any inconvenience or harm that may have resulted from the matter giving rise to this Release, the Releasing Party acknowledges that the Company
has made certain payments to the Releasing Party and agreed to certain undertakings all as more fully set forth in the Settlement Agreement. 
 6. No Admission of Wrongdoing. By entering into this Release or the Settlement Agreement, the Company does not admit that it has committed any wrongdoing. This Release is entered into for the purpose of resolving the matters
described herein and in the 

  

 43 

 
Settlement Agreement. The Releasing Party shall not introduce or present this release to any individual, entity, or administrative, regulatory or judicial
body for the purpose of demonstrating that the Company has admitted or been engaged in any wrongdoing. 
 7. Integration. The parties
declare and represent that no promise, inducement or other agreement has been made conferring any benefit upon any party except those contained herein or in the Settlement Agreement or documents entered into in connection therewith. The parties
further declare and represent that this Release contains the entire agreement pertaining to the subject matter thereof, and that this Release supersedes any prior or contemporaneous negotiations, representations, agreements and understandings of the
parties with respect to such matters, whether written or oral. Parol evidence shall be inadmissible to show agreement by or between the parties to any term or condition contrary to or in addition to the terms and conditions contained in this
Release. Each party acknowledges that each has not relied on any promise, representation or warranty, expressed or implied, not contained in this Agreement. 
 8. Challenges. The parties each agree that they will not seek to challenge or to have determined invalid, void or unenforceable any provision of this Release or this Release itself. The parties understand that
this Agreement contains the relinquishment of legal rights, as each has deemed appropriate, and each has sought the advice of legal counsel, which each of the parties has encouraged the other to seek. 
 9. Fees and Costs. The parties each will bear their own attorney’s fees and costs in connection with this Release and the actions described
in the Recitals above. 
 10. Governing Law. This Release is made under and will in all respects be interpreted, enforced and governed
by the laws of the State of California, without regard to that state’s conflict of laws principles. 
 11. Amendment. This
Release cannot be altered, amended or modified in any respect, except by a writing duly executed by the Parties. 
 12. Non-Waiver. No
course of dealing between or among the parties shall be deemed to affect, modify, amend or discharge any provision or term of this Release. No delay in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial
exercise of any such right or remedy shall preclude other or future exercise thereof. This Agreement is the result of good faith negotiations and compromise. 
 13. Construction. This Release has been jointly negotiated and drafted. The language of this Release shall be construed as a whole according to its fair meaning and not strictly for or against either of the
parties. 
 14. Enforcement. If there is litigation of any kind between the Parties arising out of or concerning the enforcement of
this Release or if the releases set forth herein are interposed as a defense in any litigation between the parties, the prevailing party shall be entitled to recover from the other party the reasonable attorney’s fees and costs incurred in
connection with such litigation. 
  

 44 

 15. Further Assurances. The parties hereby agree to execute such other documents and to take such
other actions as may be necessary to further the purposes and fulfill the terms of this Release. 
 16. Counterparts. This Release may
be executed in counterparts and has the same force and effect as if all the signatures were obtained in one document. 
 17.
Authority. The parties represent and warrant that they have all requisite power, authority and legal right necessary to execute and deliver this Release and to perform and carry out the transactions contemplated by this Release upon the terms
and subject to the conditions of this Release. Each of the individuals executing this Release on behalf of the parties represent that each has been duly authorized to execute this Release. No other or further authorization or approval from any
person will be required for the validity or enforceability of the provisions of this Release. 
 IN WITNESS WHEREOF, the parties
hereto have caused this Release to be executed in on the date shown below. 
 Date:
                     
  

 45 

							
	RELEASING PARTY:	 		 	THE COMPANY:
			
		 		 	PUBLIC LIQUIDATION SYSTEMS, INC.,
	  
	 		 	a Nevada corporation doing business as
	  
	 		 	Nationwide Auction Systems
	Print Name	 		 		 	
		 		 	By:	 	  

		 		 		 	Greg O’Neill
		 		 	Its:	 	President
			
		 		 	 ASSET LIQUIDATION GROUP, INC.,
 a Nevada
corporation doing business as
 Nationwide Auction Systems

				
		 		 	By:	 	  

		 		 		 	Greg O’Neill
		 		 	Its:	 	President
			
		 		 	ENTRADE, INC:
				
		 		 	By:	 	  

		 		 		 	Peter R. Harvey
		 		 	Its:	 	President
			
		 		 	ENTRADE, INC:
				
		 		 	By:	 	  

		 		 		 	Peter R. Harvey
		 		 	Its:	 	President

  

 46 

 EXHIBIT L-2 
 FORM OF RELEASE 
 (Entity) 
 This Release is made this      day of May, 2006 by
                                     (“Releasing
Party”) in favor of Entrade, Inc., a Pennsylvania corporation (“Entrade”), and Public Liquidation Systems, Inc. (“PLS”) and Asset Liquidation Group, Inc. (“ALG”), both Nevada corporations collectively doing
business as Nationwide Auction Systems (“Nationwide”). Entrade and Nationwide are sometimes herein referred to as the “Company”. Capitalized terms not defined shall have the meaning ascribed to such terms in the Settlement
Agreement (defined below). 
 WHEREAS, the Releasing Party and others have entered into a Settlement Agreement (the “Settlement
Agreement”) with the Company concurrently with the date of this Release; and 
 WHEREAS this Release is being executed and delivered to
the Company pursuant to Section 2B(iv) of the Settlement Agreement; and 
 WHEREAS, the parties would not have agreed to the terms and
conditions of the Settlement Agreement, or any term and condition thereof, but for the Releasing Party’s agreement to execute and deliver this Release to the Company. 
 NOW THEREFORE, in consideration of the foregoing recitals, and for the mutual promises herein, and for other good and valuable consideration, the parties
hereby agree as follows: 
 1. Recitals. The foregoing Recitals are hereby incorporated into and made a part of this Release.

 2. Release. The Releasing Party, on behalf of itself and for itself and its affiliates, employees, partners, agents, managers,
representatives, accountants, attorneys, trustees, advisors, successors, predecessors in interest, heirs, executors and assigns, hereby fully and unconditionally releases, acquits and forever discharges the Company and its predecessors and
successors in interest, heirs, assigns, past, present and future officers, directors, shareholders, agents, employees, managers, representatives, attorneys, accountants, advisors, owners, partners, shareholders, trustees, parent, affiliate and
subsidiary organizations (collectively, “Released Parties” and individually a “Released Party”), of and from, and does hereby relinquish, any and all past and present actions, suits, arbitrations, damages, claims, demands in law
or equity, obligations, charges, complaints, causes of action, injuries, liabilities, rights, judgments, penalties, fines, losses, bonds, bills, expenses and all other legal responsibilities prior to the date of this Release whether suspected or
unsuspected, including but not limited to causes of action for compensatory, equitable and/or injunctive relief, general, specific or punitive damages, costs, losses, expenses and compensation, based on any theory of recovery, which the Releasing
Party 

  

 47 

 
has against the Company arising directly or indirectly out of or relating in any way to any failure or default that has heretofore occurred with respect to
any obligation of the Company that is expressly a direct obligation to pay money to the Releasing Party as rent, penalties or interest under the Leases or as principal, interest or penalties under any promissory notes. 
 3. Waiver of California Civil Code § 1542. With respect to the release set forth in Section 2 above the Releasing Party further agrees
that if, subsequent to the execution of this Release, it incurs or suffers loss, damage, or injuries that are in any way related to the Dispute, but that are unknown and unanticipated at the time this Release is signed, the following applies:

 3.1 The Releasing Party assumes the above-mentioned risks and understands that the Release SHALL APPLY TO ALL UNKNOWN
CLAIMS OR UNANTICIPATED RESULTS OF THE FAILURES AND DEFAULTS DESCRIBED ABOVE, AS WELL AS THOSE KNOWN AND ANTICIPATED, and upon advice of counsel, the Releasing Party does hereby waive any and all rights under California Civil Code §1542,
which section has been duly explained and reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her
must have materially affected his or her settlement with the debtor.” 
 3.2 The Releasing Party represents that it has
obtained the advice of legal counsel prior to signing this Release, and that it executes this Release voluntarily, with full knowledge of its significance, and with the express intention of effecting the legal consequences provided by California
Civil Code §1541, i.e., “the extinguishments of all obligations” arising directly or indirectly out of or relating to the subject matter hereof. 
 4. General Release; No Assignment. This Release shall constitute and is a general release of the matters defined herein. The parties each represent and warrant to the other that each has not heretofore assigned
or transferred, or purported to assign or transfer, any claim, demand, debt, liability or cause of action herein released. 
 5.
Consideration for Release. In full and fair consideration for this release and discharge and for any inconvenience or harm that may have resulted from the matter giving rise to this Release, the Releasing Party acknowledges that the Company
has made certain payments to the Releasing Party and agreed to certain undertakings all as more fully set forth in the Settlement Agreement. 
 6. No Admission of Wrongdoing. By entering into this Release or the Settlement Agreement, the Company does not admit that it has committed any wrongdoing. This Release is entered into for the purpose of resolving the matters
described herein and in the Settlement Agreement. The Releasing Party shall not introduce or present this release to any individual, entity, or administrative, regulatory or judicial body for the purpose of demonstrating that the Company has
admitted or been engaged in any wrongdoing. 
  

 48 

 7. Integration. The parties declare and represent that no promise, inducement or other agreement
has been made conferring any benefit upon any party except those contained herein or in the Settlement Agreement or documents entered into in connection therewith. The parties further declare and represent that this Release contains the entire
agreement pertaining to the subject matter thereof, and that this Release supersedes any prior or contemporaneous negotiations, representations, agreements and understandings of the parties with respect to such matters, whether written or oral.
Parol evidence shall be inadmissible to show agreement by or between the parties to any term or condition contrary to or in addition to the terms and conditions contained in this Release. Each party acknowledges that each has not relied on any
promise, representation or warranty, expressed or implied, not contained in this Agreement. 
 8. Challenges. The parties each agree
that they will not seek to challenge or to have determined invalid, void or unenforceable any provision of this Release or this Release itself. The parties understand that this Agreement contains the relinquishment of legal rights, as each has
deemed appropriate, and each has sought the advice of legal counsel, which each of the parties has encouraged the other to seek. 
 9.
Fees and Costs. The parties each will bear their own attorney’s fees and costs in connection with this Release and the actions described in the Recitals above. 
 10. Governing Law. This Release is made under and will in all respects be interpreted, enforced and governed by the laws of the State of
California, without regard to that state’s conflict of laws principles. 
 11. Amendment. This Release cannot be altered, amended
or modified in any respect, except by a writing duly executed by the Parties. 
 12. Non-Waiver. No course of dealing between or among
the parties shall be deemed to affect, modify, amend or discharge any provision or term of this Release. No delay in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise of any such right or remedy
shall preclude other or future exercise thereof. This Agreement is the result of good faith negotiations and compromise. 
 13.
Construction. This Release has been jointly negotiated and drafted. The language of this Release shall be construed as a whole according to its fair meaning and not strictly for or against either of the parties. 
 14. Enforcement. If there is litigation of any kind between the Parties arising out of or concerning the enforcement of this Release or if the
releases set forth herein are interposed as a defense in any litigation between the parties, the prevailing party shall be entitled to recover from the other party the reasonable attorney’s fees and costs incurred in connection with such
litigation. 
  

 49 

 15. Further Assurances. The parties hereby agree to execute such other documents and to take such
other actions as may be necessary to further the purposes and fulfill the terms of this Release. 
 16. Counterparts. This Release may
be executed in counterparts and has the same force and effect as if all the signatures were obtained in one document. 
 17.
Authority. The parties, represent and warrant that they have all requisite power, authority and legal right necessary to execute and deliver this Release and to perform and carry out the transactions contemplated by this Release upon the
terms and subject to the conditions of this Release. Each of the individuals executing this Release on behalf of the parties represent that each has been duly authorized to execute this Release. No other or further authorization or approval from any
person will be required for the validity or enforceability of the provisions of this Release. 
 IN WITNESS WHEREOF, the parties
hereto have caused this Release to be executed in on the date shown below. 
 Date:
                     
  

							
	RELEASING PARTY:	 		 	THE COMPANY:
			
		 		 	PUBLIC LIQUIDATION SYSTEMS, INC.,
	  
	 		 	a Nevada corporation doing business as
	  
	 		 	Nationwide Auction Systems
	Print Name	 		 		 	
		 		 	By:	 	  

		 		 		 	Greg O’Neill
		 		 	Its:	 	President
			
		 		 	 ASSET LIQUIDATION GROUP, INC.,
 a Nevada
corporation doing business as
 Nationwide Auction Systems

				
		 		 	By:	 	  

		 		 		 	Greg O’Neill
		 		 	Its:	 	President
			
		 		 	ENTRADE, INC:
				
		 		 	By:	 	  

		 		 		 	Peter R. Harvey
		 		 	Its:	 	President

  

 50

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