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                                                                   EXHIBIT 10.14


                            FIRST AMENDMENT TO LEASE

         THIS FIRST AMENDMENT TO LEASE (this "Amendment") made this 27th day of
September, 1999, by and between NBP 132, LLC, a Maryland limited liability
company (the "Landlord") and AMERITRADE HOLDING CORPORATION, a Delaware
corporation (the "Tenant"), witnesseth that the parties hereby agree as follows:

                              W I T N E S S E T H:

         WHEREAS, Landlord and Tenant entered into that Lease Agreement and
Addendum dated July 28, 1999 (collectively, the "Lease"), by the terms of which
Tenant leases from Landlord and Landlord leases to Tenant that certain building
known as 132 National Business Park, Annapolis Junction, Anne Arundel County,
Maryland, containing an agreed upon equivalent of 120,000 square feet of
rentable area (the "Premises"), all as more particularly described in the Lease;
and

         WHEREAS, Landlord and Tenant mutually desire to amend certain
provisions relating to the tenant improvement allowance if Tenant elects to
construct the improvements to the Premises other than the Landlord's Items.

         NOW, THEREFORE, in consideration of the above Recitals and the mutual
covenants and conditions herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
Landlord and Tenant hereby amend the Lease as follows:

1.       Defined Terms. All capitalized terms which are not defined herein shall
         have the meaning ascribed to them in the Lease.

1.       Amendment of Section 35.4.1. The following sentence shall be added to
         the end of Section 35.4.1 of the Lease:

         In the alternative, if Tenant elects to construct the improvements to
         the Premises other than the Landlord's Items, the "Allowance Items
         Costs" shall include a two percent (2%) construction management fee
         based on the actual costs incurred by Tenant to construct the Allowance
         Items to cover Landlord's construction management overhead. The two
         percent (2%) construction management fee shall be calculated only on
         the actual amount of the Allowance disbursed to Tenant and subject to
         the provision of construction management services by Landlord.

1.       Ratification of Lease. All other terms, covenants and conditions of the
         Lease shall remain the same and continue in full force and effect, and
         shall be deemed unchanged, except as such terms, covenants and
         conditions of the Lease have been amended or modified by this Amendment
         to , and this Amendment shall, by this reference, constitute a part of
         the Lease.


WITNESS OR ATTEST:                      LANDLORD:
                                        NBP 132, LLC



/s/ Karen M. Singer                     By:  /s/ Roger A. Waesche, Jr. (SEAL)
-------------------                         ----------------------------------
                                             Roger A. Waesche, Jr.
                                             Senior Vice President

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WITNESS OR ATTEST:                      TENANT:
                                        AMERITRADE HOLDING CORPORATION


-------------------                     By: /s/ Yvonne M. Kisiel (SEAL)
                                           --------------------------------

                                        Name: Yvonne M. Kisiel
                                        Title: Vice President


STATE OF MARYLAND, _____________________, TO WIT:

         I HEREBY CERTIFY, that on this ____ day of ____________, 1999, before
me, the undersigned Notary Public of the State, personally appeared Roger A.
Waesche, Jr., who acknowledged himself to be the Senior Vice President of NBP
132, LLC, a Maryland limited liability company, known to me (or satisfactorily
proven) to be the person whose name is subscribed to the within instrument, and
acknowledged that he executed the same on behalf of the corporation for the
purposes therein contained as the duly authorized Senior Vice President of the
corporation by signing the name of the corporation by himself as such Senior
Vice President.

         WITNESS my hand and Notarial Seal.


                                                 Notary Public
My Commission Expires:


STATE OF MARYLAND, _____________________, TO WIT:

         I HEREBY CERTIFY, that on this ____ day of _____________, 1999, before
me, the undersigned Notary Public of the State, personally appeared
_______________, known to me (or satisfactorily proven) to be the person whose
name is subscribed to the within instrument, and acknowledged himself/herself to
be the _______ of AMERITRADE HOLDING CORPORATION, a Delaware corporation, and
that he/she, as such ___________, being authorized so to do, executed the
foregoing instrument on behalf of the Corporation by himself/herself as such
_______________________.

         WITNESS my hand and Notarial Seal.


                                                 Notary Public
My Commission Expires:












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