Document:

EXHIBIT 10.41

                                  ENTRADE INC.

                                SUBSCRIPTION AND
                       INVESTMENT REPRESENTATION AGREEMENT

Entrade Inc.
500 Central Avenue
Northfield, Illinois 60093

                                    ARTICLE 1

                        SUBSCRIPTION/JOINDER AND PURCHASE

          1.1  Subscription.  The undersigned  "Subscriber"  hereby  irrevocably
subscribes  for and agrees to purchase  48,493 Shares of the no par value common
stock of Entrade Inc., a Pennsylvania corporation ("Company"). The "Subscription
Price" set forth below the Subscriber's  signature on the signature page to this
Subscription and Investment  Representation  Agreement (this  "Agreement")  will
establish  the  number  of  shares  the  investor  may  purchase.   Subscriber's
subscription  is subject to acceptance by the Company,  which  acceptance  shall
only be evidenced by the Company's  execution of the Acceptance of  Subscription
attached to and  forming a part of this  Agreement,  and to the extent  provided
therein.  The decision whether to accept or reject Subscriber's  subscription is
within the sole discretion of the Company.

         1.2 Acceptance. Subscriber's Subscription shall only be accepted if the
Company,  in its  sole  discretion,  executes  the  Acceptance  of  Subscription
attached to this Agreement.

         1.3 Payment of Subscription  Price. The Subscriber  herewith tenders to
the Company the sum of $2,000,000.00.

                                    ARTICLE 2

                         SUBSCRIBER REPRESENTATIONS AND
                        WARRANTIES AND INVESTOR AWARENESS

         2.1 Subscriber Representations and Warranties. The Subscriber makes the
following  representations  and warranties  with the intent that the same may be
relied upon in determining its suitability to purchase the Shares of the Company
and with the understanding that the availability of exemptions from registration
of the  offering  may  depend  upon the  accuracy  of such  representations  and
warranties.

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         December 2, 1999 (the "SEC  Documents").  The  Subscriber  acknowledges
         that  the  Subscriber  has  been  offered  the  opportunity  to  obtain
         additional  information,  to verify  the  accuracy  of the  information
         contained  in the SEC  Documents,  to evaluate  the merits and risks of
         this investment with  independent  advisers and to ask questions of the
         Company and Anthony E. Rothschild,  General Counsel, covering the terms
         and conditions of the agreements and  transactions  contemplated by the
         Company,  and all such  questions  were  satisfactorily  answered.  The
         Subscriber  acknowledges  that  it has not  been  furnished  any  other
         offering literature or prospectus.

                  2.1.2 Not a Registered  Offering.  The Subscriber  understands
         that the Shares have not been and are not being registered  either with
         the  U.S.  Securities  and  Exchange  Commission  ("SEC")  or with  the
         secretary of state of the state of  incorporation  or place of business
         of the  Subscriber,  and are being  offered  and sold  pursuant  to the
         exemption from  registration  provided in Regulation D ("Regulation D")
         promulgated  under  the  Securities  Act of 1933 by the SEC (the  "1933
         Act"), and limited offering  exemptions provided in the "Blue Sky" laws
         of the states of  incorporation or place of business of the Subscriber,
         and that no governmental  agency has recommended or endorsed the Shares
         or made any  finding  or  determination  relating  to the  adequacy  or
         accuracy of the  Memorandum  or the  fairness of an  investment  in the
         Company. Any representation to the contrary is a criminal offense.

                  2.1.3  Risk  Factors.  The  Subscriber   understands  and  has
         evaluated  the risks  involved in an  investment  in the  Company.  The
         Subscriber  recognizes  that an  investment  in the Company  involves a
         substantial risk of loss by the Subscriber of its entire investment and
         represents and warrants that the Subscriber is able to bear the risk of
         this  investment,   including  the  loss  of  the  Subscriber's  entire
         investment,  and has  sufficient  knowledge and experience in financial
         and business  matters to be capable of evaluating  the merits and risks
         of this investment.

                  2.1.4 Legal Ability;  Purchase for Investment.  Subscriber has
         the legal  ability  to enter  into  this  Subscription  Agreement.  The
         Subscriber  is  subscribing  for the Shares solely for its own account,
         for investment purposes,  and not with a view to, or with any intention
         of, a  distribution,  sale,  or  subdivision  of any  Shares or for the
         account of any other individual,  corporation,  firm, entity or person.
         Subscriber  represents  and  warrants  to the  Company  that:  (a) such
         Subscriber is a corporation,  duly organized,  validly existing, and in
         good standing under the law of the state of its  incorporation and duly
         qualified  and  in  good  standing  as a  foreign  corporation  in  the
         jurisdiction  of its principal  place of business (if not  incorporated
         therein);  (b) the Subscriber has full corporate power and authority to
         execute  and agree to this  Agreement  and to perform  its  obligations
         hereunder  and  all  necessary  actions  by  its  board  of  directors,
         shareholders,  or other persons  necessary  for the due  authorization,

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         execution,   delivery,  and  performance  of  this  Agreement  by  that
         Subscriber  have been duly taken;  (c) the Subscriber has duly executed
         and delivered this Agreement;  and (d) the Subscriber's  authorization,
         execution,  delivery,  and  performance  of  this  Agreement  does  not
         conflict  with (i) any  law,  rule or court  order  applicable  to that
         Subscriber, (ii) such Subscriber's articles of incorporation or bylaws,
         or (iii) any other agreement or arrangement to which such Subscriber is
         a party or by which it is bound.

                  2.1.5  Independent  Investigation.  In making its  decision to
         purchase the Shares that are herein  subscribed for, the Subscriber has
         relied  solely  upon  independent   investigations   made  by  it.  The
         Subscriber  is not  relying  on the  Company  or any of its  respective
         shareholders,   members,  managers,  directors,   officers,  employees,
         affiliates,  legal counsel,  agents or representatives  with respect to
         any risk of making an  investment  in the Company,  or any tax or other
         economic  considerations  involved  in this  investment.  Except as set
         forth herein, no representations or warranties or other statements have
         been made to the  Subscriber  by the  Company or any of its  respective
         shareholders,   members,  managers,  directors,   officers,  employees,
         affiliates,  legal counsel,  agents or  representatives.  In making the
         decision  whether  to  invest  in  the  Shares  described  herein,  the
         Subscriber  has  relied  solely on the  information  contained  in this
         Agreement.

                  2.1.6  Restrictions  of Transfer.  The Subscriber  understands
         that the Securities are characterized as "restricted  securities" under
         the 1933 Act and Rule 144 promulgated  thereunder  inasmuch as they are
         being acquired from the Company in a transaction not involving a public
         offering,  and  that  under  the 1933  Act and  applicable  regulations
         thereunder such securities may be resold without registration under the
         1933 Act only in certain  limited  circumstances.  In this  connection,
         such  Subscriber  represents that such Subscriber is familiar with Rule
         144 of the 1933 Act, as presently in effect, and understands the resale
         limitations  imposed  thereby  and by the  1933  Act.  Such  Subscriber
         understands  that the Company is under no obligation to register any of
         the  securities  sold  hereunder  except  as may be  described  in this
         Agreement under Section 2.2.6.1 or 2.2.6.2.

                  2.1.7 Accredited Investor. The Subscriber expressly represents
         and  warrants  that it is an  "accredited  investor" as defined in Rule
         501(a) of Regulation D under the 1933 Act.

                  2.1.8  Investment  Representations.  The Subscriber  expressly
         represents and warrants that:

                           2.1.8.1  the   Subscriber   has  such  knowledge  and
                  experience in financial and business matters, in general,  and
                  in  investments  similar to an investment  in the Company,  in
                  particular,  that the  Subscriber is capable of evaluating the
                  merits  and risks of an  investment  in the  Shares  described
                  herein;  and the Subscriber has obtained,  in the Subscriber's
                  discretion,   sufficient   information  from  the  Company  to
                  evaluate the merits and risks of such investment;

                           2.1.8.2 the  Subscriber  is able to bear the economic
                  risk of the  Subscriber's  investment  in the  Company  for an
                  indefinite period of time, including the risk of losing all of
                  the Subscriber's investment; and

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                           2.1.8.3 by reason of the  Subscriber's  knowledge and
                  experience in business and financial  matters,  the Subscriber
                  has  acquired  the  capacity  to protect  its own  interest in
                  investments  of this nature and is capable of  evaluating  the
                  risks, merits and other facets of this investment.

                  2.1.9    State of Residence.  (Intentionally Deleted)

                  2.1.10 No Misrepresentations. Any information, representations
         or warranties  which the Subscriber has heretofore  furnished or herein
         furnishes  to the Company with  respect to its  financial  position and
         business  experience  are correct  and  complete as of the date of this
         Agreement,  and  if  there  should  be  any  material  change  in  such
         information,  representations or warranties, it will immediately inform
         the Company.

                  2.1.11  Acceptance on Discretion  of Company.  The  Subscriber
         understands  and  acknowledges  that  the  Company  may,  in  its  sole
         discretion, accept or reject the Subscriber's offer contained herein to
         purchase the Shares, and that the Company, in its sole discretion,  may
         accept or reject  Subscriber's offer, in whole or in part, and that the
         exercise of the  Company's  discretion  in those  matters is within the
         sole discretion of its management and its Board of Directors.

         2.2   Company   Representations  and  Warranties.  Effective  upon  the
Company's  execution of the acceptance to this Agreement,  the Company makes the
following representations and warranties to the Subscriber:

                 2.2.1  Organization  and Good  Standing.  The  Company  is duly
         organized and existing  under,  and by virtue of, the laws of the State
         of  Pennsylvania  and is in good standing  under such laws. The Company
         has  the  requisite  power  as a  corporation  to own and  operate  its
         properties  and  assets,  and to carry  on its  business  as  presently
         conducted.

                  2.2.2 Legal  Power.  The Company has all  requisite  power and
         authority of a corporation to enter into this  Agreement,  and to carry
         out and perform its obligations under this Agreement.

                 2.2.3  Authorization.  All  action  on the part of the  Company
         necessary for the issuance and sale of the Shares  pursuant  hereto and
         for the  execution,  performance  and  delivery  by the Company of this
         Agreement has been taken.  The execution,  delivery and  performance by
         the Company of this  Agreement  and the issuance of the Shares will not
         (i) violate (1) any provision of law applicable to the Company,  except
         that  no  representation  or  warranty  is  made  with  respect  to any
         so-called   "blue  sky  laws"  of  any  state,   (2)  its  articles  of
         incorporation  or other  organizational  documents,  (3) any applicable
         order of any  court,  agency  or  governmental  authority  specifically
         naming the Company or (4) any  material  indenture,  agreement or other

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         instrument to which it is a party or by which it or any of its material
         assets or property  is bound,  (ii) be in  conflict  with,  result in a
         breach of or  constitute  (with due  notice or lapse of time or both) a
         default  under any  indenture,  agreement or other  instrument or (iii)
         result in the creation or imposition of any lien, charge or encumbrance
         of any nature  whatsoever  upon any of its  property  or  assets.  This
         Agreement is a valid and binding obligation of the Company  enforceable
         against it in accordance with its terms except as limited by applicable
         bankruptcy,  insolvency,  reorganization,  moratorium  or other laws of
         general application relating to or affecting  enforcement of creditors'
         rights and rules or laws concerning equitable remedies.

                 2.2.4 Changes.  Since the date of the last filing with the SEC,
         to the best knowledge of the Company,  after reasonable inquiry,  there
         has not been any (i)  material  adverse  change in the  business of the
         Company,  and (ii) there have been no transactions  entered into by the
         Company or any of its  subsidiaries,  other than those in the  ordinary
         course of business,  which are material  with respect to the  business,
         taken as a whole.

                 2.2.5 Valid Issuance.  The Shares,  when delivered  pursuant to
         this  Agreement  against  receipt  of  the  Subscription  Price  by the
         Company,  as provided  herein,  shall be validly  issued and fully paid
         Shares of the Company,  and will be free of any liens and  encumbrances
         other than as a result of any actions by the  Subscriber.  The issuance
         of the Shares is not  subject to  preemptive  or other  similar  rights
         which have not been waived.

                  2.2.6    "Piggyback" Registration.

                           2.2.6.1  Basic  Right.  At any time during the period
                  commencing  on the  issuance  date of the  Shares  under  this
                  Agreement  ("Issue Date") and ending two years after the Issue
                  Date,  the  Company  proposes  to  register  any of its equity
                  securities under the Securities Act, other than in an offering
                  on Form S-8 or Form  S-4 or any  successor  form,  it shall at
                  least  10  days  prior  to the  filing  of  such  registration
                  statement  with the Securities  and Exchange  Commission  (the
                  "Commission")  give  notice  of  its  intention  to  do  so to
                  Subscriber.  If Subscriber  notifies the Company within 5 days
                  of the date of the  Company  notice of  filing a  registration
                  statement of Subscriber's desire to include any Shares in such
                  proposed registration statement, the Company shall, subject to
                  the provisions of 2.2.6.2 below, include the Shares designated
                  by Subscriber in such registration statement. Anything in this
                  subparagraph  2.2.6.1  to the  contrary  notwithstanding,  the
                  "piggyback"  registration  rights  described  herein  shall be
                  available for exercise by Subscriber on one occasion only and,
                  after the exercise  thereof in accordance  with the provisions
                  set  forth  herein,  the  Company  shall be  under no  further
                  obligation  to give  Subscriber  the notice  described in this
                  subparagraph  2.2.6.1  to  include  any of the  Shares  in any
                  subsequent registration statement.  The Company hereby informs
                  Subscriber  that  it has a  present  intention  to file an S-1
                  Registration  within 45 days after acceptance hereof and shall
                  use its best efforts to cause such  registration  statement to
                  become effective as soon as possible.

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                                    (a)  In  connection  with  the  registration
                           described in this Section, the Company agrees to take
                           all action  necessary to  facilitate  the sale by the
                           Subscriber of the Shares, including furnishing to the
                           Subscriber  such  number of  prospectuses  reasonably
                           required by the  Subscriber to dispose of its Shares,
                           using its best  efforts to  register  or qualify  the
                           Shares  under  the 1933 Act and  applicable  blue sky
                           laws and delivering underwriting agreements and other
                           documents   customarily   delivered   by  issuers  in
                           connection with public offerings.

                                    (b) With respect to the  inclusion of Shares
                           in a registration statement pursuant to this Section,
                           all fees,  costs and  expenses of and  incidental  to
                           such  inclusion   shall  be  borne  by  the  Company;
                           provided, however, that the Subscriber shall bear any
                           fees and  disbursements  of counsel  retained  by the
                           Subscriber  (other than counsel also  retained by the
                           Company).

                                    (c) The  Subscriber  shall  be  entitled  to
                           customary  indemnification and rights of contribution
                           relating to the registration of the Shares.

                           2.2.6.2   Withdrawal   of   Registration   Statement.
                  Notwithstanding the provisions of subparagraph  2.2.6.1 above,
                  the  Company  shall at all times  have the  absolute  right to
                  elect not to file any proposed registration  statement,  or to
                  withdraw the same after the filing but prior to the  effective
                  date thereof.  In addition,  notwithstanding the provisions of
                  subparagraph  2.2.6.1 above, the Company may exclude from such
                  registration  statement  all or a portion  of the  Shares  for
                  which  registration  was  requested by  Subscriber  if, in the
                  written opinion of the Company's managing  underwriter for any
                  securities  being sold by the  Company and  registered  on the
                  same  registration  statement  as  the  Shares,  if  any,  the
                  inclusion  of all or a portion of such  Shares,  when added to
                  the securities being registered for sale by the Company,  will
                  exceed the maximum  amount of the Company's  securities  which
                  can be  marketed  (i) at a price  reasonably  related to their
                  then  current   market  value,   or  (ii)  without   otherwise
                  materially  and adversely  affecting the entire  offering.  If
                  less than all of the Shares  requested  for  inclusion in said
                  registration  statement  are to be  excluded  pursuant  to the
                  foregoing  provision,  the Shares which are included  shall be
                  allocated among the selling  stockholders  thereunder on a pro
                  rata basis.

                                    ARTICLE 3

                            MISCELLANEOUS PROVISIONS

         3.1 Survival of Representations and Warranties. The representations and
warranties  contained  herein are intended to and shall survive delivery of this

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Agreement and the completion of the transactions  contemplated hereby, provided,
however,  that the  representations  and warranties set forth in paragraph 2.2.4
shall survive only until the expiration of the period of limitations  and period
of repose  imposed by statute  and/or case law for  interpreting  the securities
laws, as in effect from time-to-time  ("Limitations and Repose Period"),  and no
cause of action  for  breach of any  representation  or  warranty  contained  in
paragraph  2.2.4 may be brought  after the  expiration  of the  Limitations  and
Repose Period.

         3.2      Indemnification.

                  3.2.1 By Subscriber.  The  Subscriber  agrees to indemnify and
         hold  harmless the Company,  its officers and  directors and each other
         person,  if any, who controls or is controlled  by any of them,  within
         the  meaning of Section 15 of the 1933 Act,  against  any and all loss,
         liability,  claim,  damage and expense whatsoever  (including,  but not
         limited to, the reasonable expenses of counsel) arising out of or based
         upon (i) any false  representation  or warranty or breach or failure by
         the  Subscriber  to comply with any covenant or  agreement  made by the
         Subscriber herein or in any other document  furnished by the Subscriber
         to any of the foregoing in connection with this  transaction;  (ii) any
         action for securities law violations instituted by the Subscriber which
         is  resolved  by  judgment   against  the  Subscriber;   or  (iii)  the
         disposition of any Shares which the Subscriber  will receive,  contrary
         to the Subscriber's declaration, representations and warranties in this
         Agreement.

                  3.2.2 By Company.  The Company  agrees to  indemnify  and hold
         harmless the Subscriber  against any and all, loss,  liability,  claim,
         damage and  expense  whatsoever  (including,  but not  limited  to, the
         reasonable  expenses of counsel) arising out of or based upon any false
         representation  or  warranty or breach or failure by the Company or its
         agents to comply  with any  covenant or  agreement  made by the Company
         herein  or in  any  other  document  furnished  by the  Company  to the
         Subscriber in  connection  with this  transaction,  provided that in no
         event shall the Company's indemnification  obligations hereunder exceed
         the  Subscription  Price plus  interest  at a rate equal to ten percent
         (10%) per annum.

         3.3 Notices and Addresses.  All notices required to be given under this
Agreement  shall be in writing and shall be mailed by  certified  or  registered
mail, hand delivered or delivered by next business day courier. Any notice to be
sent to the Company  shall be mailed to the  principal  place of business of the
Company or to such other  address as the Company may specify in a notice sent to
the  Subscriber.  All notices to the Subscriber  shall be mailed or delivered to
the address of the  Subscriber  set forth below or to such other  address as the
Subscriber  may hereafter  specify in a notice to the Company.  Notices shall be
effective  on the date  three  (3) days  after the date of  mailing  or, if hand
delivered or delivered by next day business courier, on the date of delivery.

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         3.4 Governing Law. This Agreement is governed by and is to be construed
in accordance with the laws of the state of Illinois without regard to conflicts
of laws principles.

         3.5  Successors and Assigns.  This Agreement  shall be binding upon and
inure to the parties hereto, and each of their respective legal  representatives
and  successors.  This  Agreement  is  not  transferable  or  assignable  by the
Subscriber or the Company.

         3.6   Counterparts.   This   Agreement  may  be  executed  in  multiple
counterparts,  each of which shall be deemed an original, but all of which shall
constitute one instrument.

         3.7  Modifications  To Be In Writing.  This Agreement  constitutes  the
entire  understanding  of the  parties  hereto  and no  amendment,  restatement,
modification  or alteration will be binding unless the same is in writing signed
by the party  against  whom any such  amendment,  restatement,  modification  or
alteration is sought to be enforced.

         3.8  Interpretation.  All pronouns  contained herein shall be deemed to
include the feminine,  masculine and neuter, singular or plural, as the identity
of the parties  hereto may require.  The captions of the various  paragraphs  of
this  Agreement  are inserted for  convenience  of reference  only and shall not
affect the  construction  of any paragraph of this  Agreement.  All  capitalized
words or  expressions  not defined in this  Agreement  shall have the respective
meanings  ascribed  to them in the  Memorandum,  unless  the  context  otherwise
requires.

         3.9 Validity and  Severability.  If any provision of this  Agreement is
held invalid or unenforceable  under any applicable statute or rule of law, then
such  provision  shall be deemed  inoperative to the extent that it may conflict
therewith  and shall be deemed  modified to conform with such statute or rule of
law, and all other provisions shall remain.

         3.10  Statutory  References.  Each  reference  in this  Agreement  to a
particular  statute or regulation,  or a provision  thereof,  shall be deemed to
refer to such statute or regulation,  or provision thereof, or to any similar or
superseding statute or regulation, or provision thereof, as is from time to time
in effect.

         3.11 Additional  Documents.  The Subscriber  shall promptly execute all
such additional documents as may be required by the Company relating to the sale
of the Shares hereunder.

         3.12 Jurisdiction.  The Subscriber irrevocably submits to the exclusive
personal  jurisdiction  of the courts of the state of Illinois for the County of
Cook and the United States District Court for the Northern  District of Illinois
in any suit,  action or  proceeding  brought  to  enforce  this  Agreement.  The
Subscriber  hereby  irrevocably  waives, to the fullest extent permitted by law,
any  objection  which the  Subscriber  may now have or hereafter may have to the
venue of any such suit,  action or proceeding  brought in any such court and any
claim that any such suit,  action or  proceeding  brought in such court has been
brought in an inconvenient  forum or any other forum.  Subscriber further agrees
that a final  judgment in any such suit,  action or  proceeding  brought in such
court shall be  conclusive  and  binding  upon the  Subscriber.  Nothing in this

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paragraph shall limit the right of the Company to bring proceedings  against the
Subscriber in the courts of any appropriate jurisdiction.

         3.13 Legal  Proceedings.  There is no  material  legal or  governmental
proceeding  pending  or,  to  the  knowledge  of  the  Company,   threatened  or
contemplated  to which the Company is or may be a party or of which the business
or property of the Company is or may be subject, which has not been disclosed to
the investor or in the SEC Documents.

         3.14 Separate Series.  The Style Select Series Mid-Cap Growth Portfolio
(the  "Portfolio")  is a  separate  series of Style  Select  Series,  Inc.  (the
"Corporation"),  and all debts,  liabilities,  obligations  and  expenses of the
Portfolio shall be enforceable only against the assets of that Portfolio and not
against the assets of any other Portfolio or of the Corporation as a whole.

         IN WITNESS  WHEREOF,  the  Subscriber  has executed  this  Agreement on
January 28, 1999.

SUBSCRIBER:

                         A.T. KEARNEY, INC.

Subscriber's Signature:  By: /s/John E. Yoshimura
                         ------------------------------
                                John E. Yoshimura

Name:     A.T. KEARNEY, INC.

Address:  222 W. Adams Street
          -----------------------------------------------
          Chicago, IL  60606
          -----------------------------------------------
Title:    Vice President
          -----------------------------------------------

Business Telephone No.: (312) 223-6064
                       ----------------------------------

Federal ID#:     752 608 565
             --------------------------------------------

Number of Shares at $41.24 each:  48,493

Total Subscription Price: $2,000,000.00

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<PAGE>

                      (FOR COMPLETION ONLY BY THE COMPANY)

                                  ENTRADE INC.
                           ACCEPTANCE OF SUBSCRIPTION

         The undersigned  Company hereby accepts the foregoing  Subscription and
Investment  Representation  Agreement on behalf of Entrade Inc.,  subject to the
terms and conditions thereof for the "Accepted Amount" set forth below.

     Subscriber Name:                              A.T. KEARNEY, INC.

     Subscription Price (Tendered):                $2,000,000.00

     Accepted Amount:                              $2,000,000.00

     Portion of Subscription Price Returned:       $-0-

     Number of Shares to be issued:                48,493

                                          ENTRADE INC.,
                                          a Pennsylvania corporation

                                          By:      /s/Mark F. Santacrose
                                                   ----------------------------

                                          Title:   President
                                                   ----------------------------

                                          Date of Acceptance: January 28, 2000
                                                              -----------------

                                       10EXHIBIT 10.42

WARRANT NO. 2000-P1

                                  ENTRADE INC.
                        WARRANT TO PURCHASE COMMON STOCK
                                 (No Par Value)

                                                               February 7, 2000

THIS WARRANT AND THE COMMON STOCK  ISSUABLE UPON  EXERCISE  HEREOF HAVE NOT BEEN
REGISTERED  OR QUALIFIED FOR SALE UNDER THE  SECURITIES  ACT OF 1933, AS AMENDED
(THE "ACT"),  OR ANY STATE  SECURITIES LAW AND MAY NOT BE SOLD,  HYPOTHECATED OR
OTHERWISE  TRANSFERRED UNLESS REGISTERED PURSUANT TO THE ACT AND QUALIFIED UNDER
APPLICABLE STATE LAW OR, IN THE OPINION OF COUNSEL TO ENTRADE INC., AN EXEMPTION
THEREFROM IS AVAILABLE.

FOR VALUE  RECEIVED,  Braden  Sutphin Ink Company (the  "Holder") is entitled to
purchase,  subject to the  provisions  of this  Warrant,  from  ENTRADE  INC., a
Pennsylvania corporation ("ENTRADE" or the "Company"),  at a price of $37.75 per
share (the  "Exercise  Price") of no par common  stock of the  Company  ("Common
Stock"),  at any time from  February 8, 2000 to the time of  expiration  of this
Warrant at 5:00 p.m., Chicago,  Illinois time, on the later of July 31, 2001, or
the date three months after the  effectiveness of a registration  statement that
registers  the Common  Stock  deliverable  upon  exercise of this  Warrant  (the
"Expiration Date"), up to 25,000 shares of Common Stock, and the Holder shall be
governed  and  bound by all of the  covenants,  terms and  conditions  contained
herein. The number of shares of Common Stock to be received upon the exercise of
this  Warrant  and the  price  to be paid  for a share of  Common  Stock  may be
adjusted from time to time as hereinafter set forth.  The shares of Common Stock
deliverable upon such exercise and as adjusted from time to time are hereinafter
sometimes referred to as "Warrant Shares",  and the exercise price of a share of
Common  Stock  in  effect  at any  time  and as  adjusted  from  time to time is
hereinafter sometimes referred to as the "Exercise Price".

1.       Vesting and  Exercise of Warrant.

                  (a) Notwithstanding  anything in this Warrant to the contrary,
Holder's  right  to  exercise  all or any  portion  of  this  Warrant  shall  be
conditioned  upon  the  number  of  members  Holder  engages  to be  members  of
printeralliance.com, a majority of which is owned by the Company. For each fifty
(50) new members  who agree to become  members of  printeralliance.com  based on
Holder's referrals,  the right to exercise 5,000 shares under this Warrant shall
vest, up to a maximum of 25,000 shares.

                  (b) This  Warrant,  as to vested  shares,  may be exercised in
whole or in part at any time after the First  Exercise Date and on or before the
Expiration  Date  of this  Warrant,  or if such  day is a day on  which  banking
institutions  are authorized by law to close in Chicago,  Illinois,  then on the
next  succeeding  business  day, by  presentation  and  surrender  hereof to the

<PAGE>

Company at its office at 500  Central  Avenue,  Northfield,  Illinois,  with the
purchase  form annexed  hereto duly executed and  accompanied  by payment of the
Exercise Price for the number of shares of Common Stock  specified in such form.
If this  Warrant  should be  exercised  in part only,  the Company  shall,  upon
surrender  of this Warrant for  cancellation,  execute and deliver a new Warrant
evidencing  the  rights of the Holder to  purchase  the  balance of the  Warrant
Shares purchasable hereunder.  Upon receipt by the Company at its office of this
Warrant in proper form for exercise and the Exercise Price,  the Holder shall be
deemed to be the holder of record of the shares of Common  Stock  issuable  upon
such exercise,  notwithstanding  that  certificates  representing such shares of
Common Stock shall not then be actually delivered to the Holder.

                  (c)  Notwithstanding the foregoing provision regarding payment
of the  Exercise  Price,  the Holder  may elect to  receive a reduced  number of
shares in lieu of tendering the Exercise price in cash ("Cashless Exercise"). In
such case,  the number of shares to be issued to the  Holder  shall be  computed
using the following formula:

                                   X =  Y(A-B)
                                        ------
                                           A

where:  X = the  number of shares to be issued to the  Holder;  Y= the number of
shares to be exercised  under this Warrant;  A= the Market Value (defined below)
of one share of Common  Stock on the trading day  immediately  prior to the date
that the purchase  form annexed  hereto is duly  surrendered  to the Company for
full or partial exercise; and B = the Exercise Price.

The term "Market  Value"  means,  for any security as of any date,  the five-day
average closing bid price of such security on the principal  securities exchange
or  trading  market  where  such  security  is listed or traded as  reported  by
Bloomberg  Financial  Markets or a  comparable  reporting  service  of  national
reputation  selected by the Company and  reasonably  acceptable to the Holder if
Bloomberg  Financial  Markets is not then  reporting  closing bid prices of such
security  (collectively,  "Bloomberg"),  or if the foregoing does not apply, the
last reported sale price of such security in the over-the-counter  market or the
electronic  bulletin board of such security as reported by Bloomberg,  or, if no
sale price is reported for such  security by  Bloomberg,  the average of the bid
prices of any market  makers for such  security  that are  reported in the "pink
sheets" by the  National  Quotation  Bureau,  Inc. If the Market Value cannot be
calculated  for such  security on such date on any of the foregoing  bases,  the
Market  Value of such  security on such date shall be the fair  market  value as
reasonably  determined by an investment banking firm selected by the Company and
reasonably acceptable to the Holder with the costs of such appraisal to be borne
by the Company.

The Company represents to the Holder that the Shares, when delivered pursuant to
this Warrant against  receipt of the Exercise Price by the Company,  as provided
herein,  shall be validly issued and fully paid Shares of the Company,  and will
be free of any liens and  encumbrances  other than as a result of any actions by
the Subscriber.

                                       2
<PAGE>

Upon  valid  exercise  of this  Warrant  and  delivery  of payment  therefor  in
accordance  with the terms hereof,  the Company shall,  within three (3) days of
exercise,  cause to be issued  to  Holder  certificates  evidencing  the  Shares
issuable upon such exercise.

         2.       Reservation of Shares, Fractional Shares.

                  (a) ENTRADE  hereby  agrees that at all times it shall reserve
for issue and  delivery  upon  exercise of this Warrant such number of shares of
its Common Stock as shall be required for issue and  delivery  upon  exercise of
this Warrant.

                  (b) No  fractional  shares  or scrip  representing  fractional
shares  shall be issued upon the exercise of this  Warrant.  With respect to any
fraction of a share called for upon  exercise  hereof,  ENTRADE shall pay to the
Holder an amount in cash equal to such  fraction  multiplied by the then current
Market Value calculated as set forth in Paragraph 1(b).

         3.  Exchange,   Assignment,   or  Loss  of  Warrant.  This  Warrant  is
exchangeable,  without expense to the Holder, at the option of the Holder,  upon
presentation and surrender hereof to the ENTRADE for other Warrants of different
denominations  entitling the Holder hereof to purchase in the aggregate the same
number of shares of Common Stock purchasable hereunder.  Any such exchange shall
be made by  surrender  of this Warrant to ENTRADE or at the office of its agent,
if any, with the assignment  form annexed duly  executed.  Subject to compliance
with the provisions of applicable  law,  ENTRADE,  without charge to the Holder,
shall  execute and deliver a new  Warrant in the name of any  assignee  named in
such instrument or assignment, and this Warrant shall promptly be canceled. This
Warrant  may be divided or  combined  with other  Warrants  which carry the same
rights upon presentation hereof at the office of ENTRADE or at the office of its
agent,  if  any,  together  with a  written  notice  specifying  the  names  and
denominations  in which new  Warrants  are to be issued and signed by the Holder
hereof.  The term "Warrant" as used herein includes any Warrants into which this
Warrant  may be  divided or  exchanged.  Upon  receipt  by  ENTRADE of  evidence
satisfactory  to it of the  loss,  theft,  destruction  or  mutilation  of  this
Warrant,  and  (in  the  case of  loss,  theft  or  destruction)  of  reasonably
satisfactory  indemnification,  and  upon  surrender  and  cancellation  of this
Warrant,  if  mutilated,  ENTRADE will execute and deliver a new Warrant of like
tenor and date.

         4.  Rights of the  Holder.  This  Warrant  shall not entitle the holder
hereof to any voting  rights or other  rights as a  stockholder  of ENTRADE.  No
provision of this Warrant, in the absence of affirmative action by the Holder to
purchase shares of Common Stock, and no mere enumeration herein of the rights or
privileges of the Holder, shall give rise to any liability of the Holder for the
warrant purchase price or as a stockholder of ENTRADE, whether such liability is
asserted by ENTRADE or by  creditors  of  ENTRADE.  The rights of the Holder are
limited to those  expressed  in this  Warrant  and are not  enforceable  against
ENTRADE except to the extent set forth herein.

         5. Stock  Dividends;  Reclassification,  Reorganization,  Anti-Dilution
Provisions. This Warrant is subject to the following further provisions:

                                       3
<PAGE>

                  (a) In  case,  prior  to the  expiration  of this  Warrant  by
exercise or by its terms,  ENTRADE  shall issue any shares of Common  Stock as a
stock dividend to holders of Common Stock or subdivide the number of outstanding
shares of Common Stock into a greater  number of shares,  then in either of such
cases, the Exercise Price per share of the Warrant Shares  purchasable  pursuant
to this  Warrant in effect at the time of such action  shall be  proportionately
reduced,  and the number of Warrant Shares at that time purchasable  pursuant to
this Warrant shall be proportionately  increased;  and conversely,  in the event
ENTRADE  shall  contract  the number of  outstanding  shares of Common  Stock by
combining such shares into a smaller  number of shares,  then, in such case, the
Exercise  Price per share of the  Warrant  Shares  purchasable  pursuant to this
Warrant in effect at the time of such action shall be correspondingly increased,
and the  number of  Warrant  Shares  at the time  purchasable  pursuant  to this
Warrant shall be  correspondingly  decreased.  Any dividend paid or  distributed
upon the Common Stock in stock of any other class or securities convertible into
shares of Common  Stock shall be treated as a dividend  paid in Common  Stock to
the extent that shares of Common Stock are issuable upon the conversion thereof.

                  (b) In  case,  prior  to the  expiration  of this  Warrant  by
exercise or by its terms,  ENTRADE shall be recapitalized  by reclassifying  its
Common  Stock  into  stock  with  par  value,  or  the  Company  or a  successor
corporation  shall  consolidate or merge with or convey all or substantially all
of its or of any  successor  corporation's  property  and  assets  to any  other
corporation or  corporations  (any such  corporation  being included  within the
meaning of the term "successor corporation" in the event of any consolidation or
merger of any such corporation  with, or the sale of all or substantially all of
the property of any such corporation to another corporation or corporations), in
exchange for stock or securities of a successor corporation,  the Holder of this
Warrant  shall  thereafter  have the  right to  purchase,  upon  the  terms  and
conditions and during the time specified in this Warrant, in lieu of the Warrant
Shares theretofore  purchasable upon the exercise of this Warrant,  the kind and
number  of  shares  of  stock  and  other   securities   receivable   upon  such
recapitalization  or  consolidation,  merger  or  conveyance  by a holder of the
number of shares of Common  Stock  which the Holder of this  Warrant  might have
purchased immediately prior to such recapitalization or consolidation, merger or
conveyance.

                  (c) Upon the occurrence of each event  requiring an adjustment
of the Exercise Price and of the number of Warrant Shares  purchasable  pursuant
to this Warrant in accordance  with and as required by, the terms of subdivision
(a) of this Section 5, ENTRADE shall compute the adjusted Exercise Price and the
adjusted number of Warrant Shares purchasable at such adjusted Exercise Price by
reason of such event in accordance  with the provisions of  subdivision  (a) and
shall prepare an officer's  certificate  setting  forth such  adjusted  Exercise
Price and the adjusted  number of Warrant Shares and showing in detail the facts
upon which such  conclusions  are based.  ENTRADE shall forthwith mail a copy of
such certificate to each Holder of this Warrant at the Holder's address shown in
the  Company's  Warrant  Registry,  and  thereafter  such  certificate  shall be
conclusive  and binding  upon such  Holder  unless  contested  by such Holder by
written notice to ENTRADE ten (10) days after receipt of the certificate.

                                       4
<PAGE>

                 (d)      In case:

                           (i) ENTRADE shall take a record of the holders of its
Common  Stock for the  purpose of  entitling  them to receive a dividend  or any
other  distribution in respect of the Common Stock (including cash) pursuant to,
without limitation, any spin-off, split-off or distribution of ENTRADE's assets;
or

                           (ii)  ENTRADE  shall take a record of the  holders of
its Common Stock for the purpose of entitling  them to subscribe for or purchase
any shares of stock of any class or to receive any other rights; or

                           (iii) of a classification,  reclassification or other
reorganization  of the  capital  stock of  ENTRADE,  consolidation  or merger of
ENTRADE with or into another  corporation or conveyance of all or  substantially
all of the assets of ENTRADE; or

                           (iv) of the  voluntary  or  involuntary  dissolution,
liquidation or winding up of ENTRADE,

then, and in any such case,  ENTRADE shall mail to the Holder of this Warrant at
the Holder's  address shown in ENTRADE's  Warrant  Registry a notice stating the
date or expected  date (the "Record  Date") on which a record is to be taken for
the  purpose  of  such  dividend,   distribution   or  rights,   on  which  such
classification,   reclassification,   reorganization,   consolidation,   merger,
conveyance, dissolution, liquidation or winding up is to take place, as the case
may be. Such notice shall then specify the date or expected  date,  if any is to
be fixed,  as of which  holders of Common  Stock of record  shall be entitled to
participate in said dividend,  distribution  or rights,  or shall be entitled to
exchange  shares of Common Stock for  securities or other  property  deliverable
upon such  liquidation  or winding up, as the case may be. Such notice  shall be
provided at least fifteen (15) days prior to the Record Date.

                  (e) In case  ENTRADE  at any time  while  this  Warrant  shall
remain  unexpired  and  unexercised  shall  dissolve,  liquidate  or wind up its
affairs,  the Holder of this Warrant may receive,  upon exercise hereof prior to
the Record Date, in lieu of each share of Common Stock of ENTRADE which it would
have been  entitled to receive,  the same number of any  securities or assets as
may be issuable, distributable or payable upon any such dissolution, liquidation
or winding up with respect to each share of Common Stock of ENTRADE.

         6. Restriction  on  Transferability. (a) This Warrant and the shares of
ENTRADE  issuable  upon the exercise of this  Warrant  have not been  registered
under the Securities Act of 1933, as amended (the "Act"). By acceptance  hereof,
the Holder covenants, agrees and represents that:

                           (i) This  Warrant  has been  acquired  for,  and such
shares,  if acquired upon the exercise of this  Warrant,  shall be acquired for,
investment  and may not be sold,  offered  for sale,  pledged,  hypothecated  or
otherwise transferred, in the absence of an effective registration statement for
such securities under the Act or an opinion of counsel  reasonably  satisfactory
to ENTRADE to the effect that  registration  is not required  under the Act, and
the Holder has the  capacity to protect his  interests  in  connection  with the
purchase of this Warrant.

                                       5
<PAGE>

                           (ii)  The  Holder  has  had  the  opportunity  to ask
questions  and receive  answers from ENTRADE  about  ENTRADE's  business and the
purchase by him of these  securities,  and he has been given the  opportunity to
make any inquiries that he may desire of any personnel of ENTRADE concerning the
proposed operation of ENTRADE and has been furnished with all of the information
he has requested. No advertisement has been used in connection with the offer or
sale of this Warrant to the Holder.

                           (iii) The  Holder  will not  offer,  sell,  transfer,
mortgage,  assign or  otherwise  dispose of this Warrant or the shares of Common
Stock  issuable  upon  the  exercise  of  this  Warrant  except  pursuant  to  a
registration  statement under the Act and  qualification  under applicable state
securities laws or pursuant to an opinion of counsel reasonably  satisfactory to
ENTRADE that such registration and qualification are not required,  and that the
transaction  (if it  involves  a sale  in the  over-the-counter  market  or on a
securities  exchange)  does not violate  any  provision  of the Act.  The Holder
understands  that a  stop-transfer  order will be placed on the books of ENTRADE
respecting this Warrant and any  certificates  representing the shares of Common
Stock  issuable  upon the exercise of this Warrant and that this Warrant and any
such  certificates  shall bear a restrictive  legend and a stop  transfer  order
shall be placed with the transfer agent prohibiting any such transfer until such
time  as the  securities  represented  by  such  certificates  shall  have  been
registered  under the Act or shall have been  transferred in accordance  with an
opinion of counsel reasonably  satisfactory to ENTRADE that such registration is
not required; and

                           (iv) The  Holder  understands  that he must  hold the
shares issuable upon the exercise of this Warrant  indefinitely  unless they are
registered under the Act or an exemption from  registration  becomes  available.
Although  ENTRADE  files  reports  pursuant  to the  Securities  Act of 1934 and
accordingly makes available to the public the information  required by Rule 144,
nothing  contained in this  Warrant  shall  require  ENTRADE to continue to make
available to the public such information.

                  (b) Each  certificate  for the shares issued upon the exercise
of the Warrant shall bear a legend in substantially the following form:

                           "The shares  represented by this Certificate have not
                  been  registered  under the Securities Act of 1933, as amended
                  (the "Act") and may not be sold,  offered  for sale,  pledged,
                  hypothecated  or otherwise  transferred  except  pursuant to a
                  registration  statement  under  the Act or an  exemption  from
                  registration  under  the  Act or  the  rules  and  regulations
                  thereunder."

                  7.       "Piggyback" Registration

                  (a) Basic Right. As long as the Company is a registrant  under
the  Securities  Act or the  Exchange  Act then,  at any time  during the period
commencing  the date hereof  ("Issue Date") and ending two years after the Issue
Date, if the Company proposes to register any of its equity securities under the
Securities  Act,  other  than  in an  offering  on Form  S-8 or Form  S-4 or any

                                       6
<PAGE>

successor  form,  it  shall  at  least  10  days  prior  to the  filing  of such
registration   statement  with  the  Securities  and  Exchange  Commission  (the
"Commission")  give  notice  of its  intention  to do so to  Holder.  If  Holder
notifies the Company within 5 days of the date of the Company notice of filing a
registration  statement of Holder's desire to include any Warrant Shares in such
proposed registration statement, the Company shall, subject to the provisions of
7(b) below,  include the Shares  designated by Stockholder in such  registration
statement.  Anything in this subparagraph 7(a) to the contrary  notwithstanding,
the  "piggyback"  registration  rights  described  herein shall be available for
exercise  by Holder on one  occasion  only and,  after the  exercise  thereof in
accordance  with the provisions set forth herein,  the Company shall be under no
further obligation to give Holder the notice described in this subparagraph 7(a)
to include any of the Warrant Shares in any subsequent registration statement.

                  (b) Withdrawal of Registration Statement . Notwithstanding the
provisions of subparagraph  7(a) above,  the Company shall at all times have the
absolute right to elect not to file any proposed registration  statement,  or to
withdraw the same after the filing but prior to the effective  date thereof;  in
such event, the Holders rights under  subparagraph 7(a) shall be reinstated.  In
addition, notwithstanding the provisions of subparagraph 7(a) above, the Company
may exclude  from such  registration  statement  all or a portion of the Warrant
Shares for which registration was requested by Holder if, in the written opinion
of the  Company's  managing  underwriter  for any  securities  being sold by the
Company and registered on the same registration statement as the Warrant Shares,
if any, the inclusion of all or a portion of such Warrant Shares,  when added to
the securities being registered for sale by the Company, will exceed the maximum
amount  of the  Company's  securities  which  can  be  marketed  (i) at a  price
reasonably related to their then current market value, or (ii) without otherwise
materially and adversely affecting the entire offering.  If less than all of the
Warrant Shares requested for inclusion in said registration  statement are to be
excluded pursuant to the foregoing  provision,  (x) the Warrant Shares which are
included shall be allocated among the selling  stockholders  thereunder on a pro
rata  basis,  and (y) the  Holders  rights  under  subparagraph  7(a)  shall  be
reinstated  with respect to the Warrant Shares  excluded from such  registration
statement.

         8.  Registration on the Books of ENTRADE.  ENTRADE shall keep, or cause
to be kept,  at its  office  at 500  Central  Avenue,  Northfield,  Illinois,  a
register in which  ENTRADE  shall  register  this  Warrant.  No transfer of this
Warrant  shall be valid  unless  made at such  office  and noted on the  warrant
register upon  satisfaction  of all conditions for transfer.  When presented for
transfer or payment,  this Warrant shall be accompanied by a written  instrument
or instruments of transfer or surrender,  in form satisfactory to ENTRADE,  duly
executed by the registered  Holder or by his duly authorized  attorney.  ENTRADE
may deem and treat the  registered  Holder hereof as the absolute  owner of this
Warrant for all purposes, and ENTRADE shall not be affected by any notice to the
contrary.

         9. Risk  Factors  Relating  to the Shares.  The  Company has  described
several risk factors, as of the date hereof,  relating to any investment in this
Warrant or the Warrant  Shares.  A description of those risk factors is attached
as Exhibit A hereto and by this reference is made incorporated herein.

<PAGE>

         10. Accredited  Investor Status.  The Holder represents and warrants to
the Company that the Holder is an  "accredited  investor" as defined in Rule 501
(a) of Regulation D Promulgated  under the  Securities  Act of 1933, as amended,
which definition is as follows:

                  (a)   Certain   banks,    savings   and   loan   institutions,
broker-dealers,  investment  companies and other entities  including an employee
benefit  plan within the meaning of Title I of the  Employee  Retirement  Income
Security Act of 1974 with total assets in excess of $5,000,000;

                  (b)   Certain   banks,    savings   and   loan   institutions,
broker-dealers,  investment  companies and other entities  including an employee
benefit  plan within the meaning of Title I of the  Employee  Retirement  Income
Security Act of 1974 with total assets in excess of $5,000,000;

                  (c)   Any  private  business  development  company as  defined
in Section 202 (a) (22) of the Investment Advisers Act of 1940;

                  (d) Any  organization  described in Section 501 (c) (3) of the
Internal  Revenue  Code,  not formed for the specific  purpose of acquiring  the
Units, with total assets in excess of $5,000,000;

                  (e) Any director,  executive officer or general partner of the
issuer of the  securities  being  offered or sold,  or any  director,  executive
officer or general partner of a general partner of that issuer;

                  (f) Any natural person whose  individual  net worth,  or joint
net  worth  with  that  person's  spouse,  at the time of his  purchase  exceeds
$1,000,000;

                  (g) Any natural person who had an individual  income in excess
of $200,000 or, with that  person's  spouse a joint income in excess of $300,000
in each of the two most  recent  years and who  reasonably  expects an income in
excess of $200,000, or $300,000 with that person's spouse, in the current year;

                  (h) Any trust with total  assets in excess of  $5,000,000  not
formed for the  specific  purpose of acquiring  the  securities  offered,  whose
purchase is directed by a  sophisticated  person as described in Section 230.506
(b) (2) (ii) of Regulation D; or

                  (i)  Any  entity  in  which  all  of  the  equity  owners  are
accredited investors under any of the paragraphs above.

         11.  Governing Law. This Warrant has been executed and delivered in the
State of Illinois and shall be construed in accordance with the internal laws of
the State of Illinois, and not its conflict of laws provisions.

                            [SIGNATURE PAGE FOLLOWS]

                                       8
<PAGE>

         IN WITNESS  WHEREOF,  ENTRADE has caused this Warrant to be executed by
its duly authorized officer.

                                                  ENTRADE INC.

                                                  /s/Mark F. Santacrose
                                                  ---------------------------
                                                  By:      Mark F. Santacrose
                                                  Title:   President

Agreed to and accepted:

HOLDER:

Braden Sutphin Ink Company

______________________________
By:      _____________________
Title:   _____________________

Date:    _______________________

                                       9
<PAGE>

                                 ASSIGNMENT FORM

         FOR VALUE RECEIVED ______________________________________ hereby sells,
assigns and transfers unto

Name_____________________________________________________________
                  (Please typewrite or print in block letters)

Address__________________________________________________________  the  right to
purchase  Common  Stock,   represented  by  this  Warrant,   to  the  extent  of
______________  shares as to which such  right is  exercisable  and does  hereby
irrevocably  constitute and appoint  _____________________________  attorney, to
transfer the same on the books of ENTRADE with full power of substitution in the
premises.

                                        Signature__________________________

Date: __________________ , ____

THIS WARRANT AND THE COMMON STOCK  ISSUABLE UPON  EXERCISE  HEREOF HAVE NOT BEEN
REGISTERED  OR QUALIFIED FOR SALE UNDER THE  SECURITIES  ACT OF 1933, AS AMENDED
(THE "ACT"),  OR ANY STATE  SECURITIES LAW AND MAY NOT BE SOLD,  HYPOTHECATED OR
OTHERWISE  TRANSFERRED UNLESS REGISTERED PURSUANT TO THE ACT AND QUALIFIED UNDER
APPLICABLE STATE LAW OR, IN THE OPINION OF COUNSEL TO ENTRADE INC., AN EXEMPTION
THEREFROM IS AVAILABLE.

                                       10
<PAGE>

                                  PURCHASE FORM

                                                  Dated _________________ , ____

         The  undersigned  hereby  irrevocably  elects to  exercise  the  within
Warrant to the extent of purchasing __________ shares of Common Stock and hereby
makes payment of $__________ in payment of the exercise price thereof.

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

                     INSTRUCTIONS FOR REGISTRATION OF STOCK

Name_____________________________________________________________
                  (Please typewrite or print in block letters)

Address__________________________________________________________

Social Security or other Taxpayer Identification Number__________

                                        Signature___________________________

THIS WARRANT AND THE COMMON STOCK  ISSUABLE UPON  EXERCISE  HEREOF HAVE NOT BEEN
REGISTERED  OR QUALIFIED FOR SALE UNDER THE  SECURITIES  ACT OF 1933, AS AMENDED
(THE "ACT"),  OR ANY STATE  SECURITIES LAW AND MAY NOT BE SOLD,  HYPOTHECATED OR
OTHERWISE  TRANSFERRED UNLESS REGISTERED PURSUANT TO THE ACT AND QUALIFIED UNDER
APPLICABLE STATE LAW OR, IN THE OPINION OF COUNSEL TO ENTRADE INC., AN EXEMPTION
THEREFROM IS AVAILABLE.

                                       11

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