Document:

Exhibit 10.25

                             SUBSCRIPTION AGREEMENT
                             ----------------------

May 13, 2005

The Board of Directors
Rush Financial Technologies, Inc.
13355 Noel Road, Suite 300
Dallas, Texas 75240

Gentlemen:

1.     Subscription.  On the terms  set  forth  below,  the  undersigned  hereby
subscribes  for the shares of Common  Stock (the  "Shares")  and Stock  Purchase
Warrants  (the  "Warrants")  in  Rush  Financial  Technologies,  Inc.,  a  Texas
corporation  (the "Company") set forth on the Signature Page. In connection with
such  subscription,  the undersigned  hereby tenders to the Company two executed
counterparts of this Subscription Agreement, together with a check acceptable to
the  Company  in an amount  equal to the full  purchase  price of the Shares and
Warrants  subscribed  for  hereunder  as set forth on the  Signature  Page.  The
undersigned  understands  and agrees that the Company may decline to accept this
subscription,  in which case all instruments  tendered herewith will be promptly
returned.  If the Company  accepts this  subscription,  such  acceptance will be
signified by executing the  acknowledgment  on the appropriate page of each copy
hereof tendered by the undersigned and causing one such  acknowledged copy to be
returned to the undersigned.

2.     Delivery  of  Information.   The  undersigned  acknowledges  constructive
receipt of the Company's  disclosure  materials on file with the  Securities and
Exchange  Commission.  In  addition,  the  undersigned  has  received  all other
information  deemed  material  by the  Subscriber  to the making of an  informed
decision whether to invest in the Company.

3.     Representations,  Warranties,  and  Covenants  of  the  Undersigned.  The
undersigned  hereby represents and warrants to and covenants with the Company as
follows:

       (a)    The  undersigned  understands  that the following  information  is
       being  furnished to determine  whether sales of the Shares may be made to
       the  undersigned  pursuant to Section 4(2) of the  Securities Act of 1933
       (the "1933 Act") and applicable  state  securities  laws. The undersigned
       understands that the information contained herein will be relied upon for
       purposes of such  determination,  and the Shares  will not be  registered
       under  the 1933 Act in  reliance  upon the  exemption  from  registration
       provided by Section 4(2) of the 1933 Act. The undersigned  represents and
       warrants to the Company and its officers, directors, agents and employees
       that; (i) the information  contained  herein is complete and accurate and
       may be relied upon by such parties,  and (ii) the undersigned will notify
       the  Company  immediately  of  any  change  in any  of  such  information
       occurring  prior to the  closing  of the  purchase  of any  Shares by the
       undersigned.  All information  furnished herein or hereby is for the sole
       use of the Company and the  Company's  representatives  and counsel,  and
       will be held in confidence by such  persons,  except that this  Agreement
       may be furnished to such parties as may be deemed  desirable to establish
       compliance with federal, state or foreign securities laws.

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       (b)    The  undersigned has adequate net worth and means of providing for
       his/her  current  needs  and  possible  personal  contingencies,  and the
       undersigned  has no  need,  and  anticipates  no need in the  foreseeable
       future, to sell the Shares for which the undersigned  hereby  subscribes.
       The  undersigned  is able to bear the economic  risks of this  investment
       and, consequently,  without limiting the generality of the foregoing, the
       undersigned  is able to hold his/her  Shares for an indefinite  period of
       time and has a sufficient  net worth to sustain a loss of his/her  entire
       investment  in the  Company  in the event  such loss  should  occur.  The
       overall commitment by the undersigned to investments that are not readily
       marketable  is not  disproportionate  to his/her  net worth,  and his/her
       acquisition  of Shares will not cause such overall  commitment  to become
       excessive.  The undersigned is an "Accredited Investor" as defined by SEC
       Regulation D.

       (c)    The undersigned has such knowledge and experience in financial and
       business matters that the undersigned is capable of evaluating the merits
       and risks of an investment in the Shares.

       (d)    The undersigned  confirms that all documents,  records,  and books
       pertaining to the undersigned's  proposed  investment in the Company have
       been made available to the undersigned.

       (e)    The  undersigned  has had an  opportunity  to ask questions of and
       receive  satisfactory  answers from the Company, or any person or persons
       acting on the Company's  behalf,  concerning  the terms and conditions of
       this  investment,  and all such  questions have been answered to the full
       satisfaction of the undersigned.

       (f)    The Shares for which the  undersigned  hereby  subscribes  will be
       acquired for the undersigned's  own account for investment,  and not with
       the view toward resale or  redistribution in a manner which would require
       registration  under the 1933 Act, and the  undersigned  does not now have
       any reason to anticipate any change in the undersigned's circumstances or
       other  particular  occasion or event which would cause the undersigned to
       sell his/her Shares.

       (g)    The  undersigned  represents  that it has been  called to  his/her
       attention,  that an  investment  in the Shares  involves a high degree of
       risk  which  may  result  in  the  loss  of  the  total   amount  of  the
       undersigned's investment.

       (h)    The  undersigned  is now a bona fide  individual  resident  of the
       state set forth  herein,  and the address and social  security  number or
       federal  tax  identification  number  set  forth  herein  is the true and
       correct   residence   and  social   security   number  or   federal   tax
       identification number of the undersigned.  The undersigned has no present
       intention of becoming a resident of any other state or jurisdiction.

       (i)    The undersigned  acknowledges  that the Company has made available
       to the undersigned or the undersigned's personal advisors the opportunity
       to  obtain   additional   information  to  verify  the  accuracy  of  the
       information  contained in the  disclosure  materials  and to evaluate the
       merits and risks of this investment,  including,  but not limited to, the
       income tax  consequences  of the investment.  The undersigned  represents
       that,  by  reason of  his/her  business  and  financial  experience,  the
       undersigned  has acquired the capacity to protect his/her own interest in
       investments  of  this  nature.   In  reaching  the  conclusion  that  the
       undersigned  desires to acquire the Shares, the undersigned has carefully

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       evaluated  his/her  financial  resources and investment  position and the
       risks  associated with this investment,  and acknowledges  that he/she is
       able to bear the economic risks of this investment.

       (j)    The  Shares and  Warrants  have been  offered  to the  undersigned
       without any form of general solicitation or advertising of any type by or
       on behalf of the Company or any of its officers, directors,  employees or
       agents, or any other person.

       (k)    The undersigned  understands that neither the Securities  Exchange
       Commission  nor any  securities  administrator  of any state has made any
       finding or determination relating to the fairness of an investment in the
       Shares,  and that  neither the  Securities  Exchange  Commission  nor any
       securities  administrator  of any state has or will  recommend or endorse
       any offering of the Shares.

4.     Limitation   on  Transfer  of  Shares  and  Warrants.   The   undersigned
acknowledges that he/she is aware that there are substantial restrictions on the
transferability of the Shares and Warrants.  The Shares and Warrants will not be
registered  under the 1933 Act or  applicable  state  securities  laws,  and the
Shares and Warrants may not be, and the  undersigned  agrees that they shall not
be, sold, unless such sale is registered or exempt from such registration  under
the 1933 Act or state  securities  laws or  regulations.  The  undersigned  also
acknowledges that he/she shall be responsible for compliance with all conditions
on transfer  imposed by any  securities  administrator  of any state and for any
expenses incurred by the Company for legal or accounting  services in connection
with reviewing such a proposed  transfer and/or issuing an opinion in connection
therewith.  The Company agrees to include the listing of the Shares and Warrants
in the next SEC Registration  Statement filed by the Company, and intends to use
its best efforts to make the Registration Statement effective.

5.     Compliance with Securities  Laws. The undersigned  understands and agrees
that  the  following   restrictions   and  limitations  are  applicable  to  the
undersigned's  purchase and resale or other transfers of the Shares and Warrants
pursuant to the 1933 Act.

       (a)    The  undersigned  agrees that the Shares and Warrants shall not be
       sold  or  otherwise  transferred  unless  the  Shares  and  Warrants  are
       registered  under the 1933 Act and state  securities  laws, or are exempt
       therefrom.

       (b)    A legend in  substantially  the following form has been or will be
       placed on the certificate(s) or other document(s), if any, evidencing the
       Shares and Warrants:

       THE  SECURITIES  REPRESENTED BY THIS  CERTIFICATE  HAVE BEEN ACQUIRED FOR
       INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
       AS  AMENDED,   OR  THE  SECURITIES  LAWS  OF  ANY  STATE.   WITHOUT  SUCH
       REGISTRATION,  SUCH SECURITIES MAY NOT BE SOLD OR OTHERWISE  TRANSFERRED,
       EXCEPT UPON DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY
       TO THE COMPANY THAT  REGISTRATION  IS NOT REQUIRED FOR SUCH TRANSFER,  OR
       SUCH OTHER EVIDENCE AS MAY BE  SATISFACTORY  TO THE COMPANY TO THE EFFECT
       THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE SECURITIES ACT OF
       1933, AS AMENDED,  OR APPLICABLE  STATE  SECURITIES  LAWS, OR ANY RULE OR
       REGULATION PROMULGATED THEREUNDER.

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       (c)    Stop  transfer  instructions  have  been or will be  imposed  with
       respect to the  Shares and  Warrants  so as to  restrict  resale or other
       transfer  thereof,  subject to the further  items  hereof,  including the
       provisions of the legend set forth in subparagraph (b) above.

6.     Registration  Rights.  If at any time the Company  shall prepare and file
one or more  registration  statements  under  the Act with  respect  to a public
offering of equity or debt securities of the Company,  or of any such securities
of the Company held by its security holders, other than a registration statement
on Forms S-4,  S-8,  or  similar  form,  the  Company  will  include in any such
registration  statement  such  information  as is  required,  and such number of
shares of Common Stock held by the  undersigned  to permit a public  offering of
such shares of Common  Stock as  required;  provided,  however,  that if, in the
written  opinion  of the  Company's  managing  underwriter,  if  any,  for  such
offering, the inclusion of the shares requested to be registered,  when added to
the  securities  being  registered  by  the  Company  or  the  selling  security
holder(s),  would exceed the maximum amount of the Company's securities that can
be marketed  without  otherwise  materially  and adversely  affecting the entire
offering,  then the Company may exclude from such  offering  that portion of the
shares required to be so registered so that the total number of securities to be
registered  is within the maximum  number of shares that,  in the opinion of the
managing underwriter, may be marketed without otherwise materially and adversely
affecting the entire offering.  The Company shall use its best efforts to obtain
promptly  the  effectiveness  of such  registration  statement  and maintain the
effectiveness  thereof  for at least 180 days and to  register  or  qualify  the
subject  shares of Common Stock  underlying  this Warrant for sale in up to five
(5) states  identified by the  undersigned.  The Company shall bear all fees and
expenses other than the fees and expenses of the undersigned's  counsel incurred
in the preparation and filing of such  registration  statement and related state
registrations,  to the extent permitted by applicable law, and the furnishing of
copies of the preliminary and final prospectus thereof to the undersigned.

IN WITNESS  WHEREOF,  subject to acceptance by the Company,  the undersigned has
completed this Subscription  Agreement to evidence his/her  subscription for the
Shares and Warrants set forth below:

Number of Shares (at $0.23 per Share):  1,086,957
Number of Stock Purchase Warrants (at $0.23 per Share):  1,086,957

Total subscription amount:   $250,000

Shares and Warrants to be registered as follows:     Bonanza Master Fund, Ltd.
                                                     ---------------------------
                                                          (Owner Name)

300 Crescent Court, Suite 1740
-------------------------------------                ---------------------------
Address                                              Signature

Dallas, Texas 75201                                  Bernay Box
-------------------------------------                ---------------------------
                                                     Name(s) typed or printed
 98-0371835
-------------------------------------
Tax I.D. or Social Security Number

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.................................................................................

Subscription Accepted:

                                             RUSH FINANCIAL TECHNOLOGIES, INC.

______________________                       By:________________________________
Date                                            D.M. Moore, Jr., President

                                       10Exhibit 10.26

                        RUSH FINANCIAL TECHNOLOGIES, INC.
                               a Texas Corporation

                             STOCK PURCHASE WARRANT
                  To Purchase 1,086,957 Shares of Common Stock
                            Par Value $0.01 per share
                                  May 13, 2005

THIS WARRANT AND THE SHARES OF COMMON STOCK  ISSUABLE UPON EXERCISE  HEREOF HAVE
BEEN ACQUIRED FOR INVESTMENT,  HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933,  AS AMENDED,  AND MAY NOT BE SOLD,  TRANSFERRED  OR ASSIGNED  UNLESS AN
OPINION OF COUNSEL  SATISFACTORY  TO THE COMPANY SHALL HAVE BEEN RECEIVED BY THE
COMPANY TO THE EFFECT  THAT SUCH SALE,  TRANSFER  OR  ASSIGNMENT  WILL NOT BE IN
VIOLATION  OF THE  SECURITIES  ACT OF  1933,  AS  AMENDED,  AND  THE  RULES  AND
REGULATIONS THEREUNDER, OR APPLICABLE STATE SECURITIES LAWS.

       1.     Basic Terms.  This  certifies  that, for value  received,  Bonanza
Master  Fund,  Ltd.  (the  "Holder")  is  entitled,  subject  to the  terms  and
conditions of this Warrant,  until the  expiration  date, to purchase  1,086,957
whole shares of Common Stock, par value $0.01 per share (the "Common Stock"), of
Rush Financial Technologies,  Inc., a Texas corporation (the "Company") from the
Company.  The Warrants are  exercisable at the purchase price of $0.23 per share
(the "Purchase  Price")  immediately  after  completion of this offering through
September  30, 2009,  upon delivery of this Warrant to the Company with "Form of
Election to Purchase" in the form of Exhibit "A," duly executed,  and payment of
the Purchase  Price (in cash or by cashier's  check  payable to the order of the
Company) for each share  purchased.  This Warrant  shall be  exercisable  at any
time, in whole or in part,  from the date hereof until 5:00 p.m.  Dallas,  Texas
time on September 30, 2009,  except if the  Company's  Common Stock trades at or
above a volume  weighted  average  price of $1.00 per  share on ten  consecutive
trade days,  the Company may, with five (5) days' notice,  require the holder to
exercise the Election to Purchase.

       The Warrants, if not exercised, will expire at 5:00 p.m. on September 30,
2009. The Warrants contain  provisions  providing for adjustment of the exercise
price and the number and type of  securities  issuable  upon  exercise  upon the
occurrence of any  recapitalization,  reclassification,  stock  dividend,  stock
split,  stock  combination  or similar  transaction.  The Warrants  grant to the
holder certain  registration  rights for the securities  issuable upon exercise.
The Warrants  also provide  that,  except as permitted by the rules of the NASD,
they  may not be sold  during  the  offering,  or sold,  transferred,  assigned,
pledged  or  hypothecated,  or be  the  subject  of  any  hedging,  short  sale,
derivative,  put or call transaction that would result in the effective economic
disposition of the securities by any person for a period of 180 days immediately
following the date of effectiveness or commencement of the sale of shares in the
offering.

       2.     Company's  Covenants as to Common Stock. Shares deliverable on the
exercise of this Warrant shall, at delivery,  be fully paid and  non-assessable,
and free from  taxes,  liens and charges  with  respect to their  purchase.  The
Company shall take any necessary steps to assure that the par value per share of
the  Common  Stock is at all  times  equal to or less  than  the  then-  current
Purchase Price per share of the Common Stock issuable  pursuant to this Warrant.
The Company shall at all times reserve and hold available  sufficient  shares of
Common  Stock to satisfy  all  conversion  and  purchase  rights of  outstanding
convertible securities, options and warrants.

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       3.     Method  of  Exercise;   Fractional  Shares.  The  purchase  rights
represented by this Warrant are exercisable at the option of the Holder in whole
or in part,  from time to time,  within the period  above  specified;  provided,
however,  that purchase rights are not exercisable with respect to a fraction of
a share of Common  Stock.  In lieu of  issuing a fraction  of a share  remaining
after exercise of this Warrant as to all full shares covered hereby, the Company
shall  either:  (1)  pay  therefor  cash  equal  to  the  same  fraction  of the
then-current Warrant purchase price per share or, at its option; (2) issue scrip
for the  fraction,  in  registered  or  bearer  form  approved  by the  Board of
Directors  of  the  Company,  which  shall  entitle  the  Holder  to  receive  a
certificate for a full share of Common Stock on surrender of scrip aggregating a
full share.  Scrip may become void after a reasonable  period (but not less than
six months after the expiration date of this Warrant) determined by the Board of
Directors  and  specified in the scrip.  In case of the exercise of this Warrant
for less than all the shares  purchasable,  the Company shall cancel the Warrant
and  execute and deliver a new Warrant of like tenor and date for the balance of
the shares  purchasable.  Upon the date of receipt by the Company of an exercise
of the  Warrant  ("Exercise  Date"),  the  Warrant  shall be deemed to have been
exercised as to the number of shares so purchased,  and the person so exercising
the  Warrant  shall  become a holder of record of shares of Common  Stock on the
Exercise Date.

       4.     Adjustments  of Shares and Purchase  Price.  The initial number of
shares of  Common  Stock  purchasable  upon  exercise  of this  Warrant  and the
Purchase  Price shall be subject to adjustment  from time to time after the date
hereof as follows:

              A.     Recapitalization  or  Reclassification  of Common Stock. In
       case the Company  shall at any time prior to the exercise or  termination
       of this Warrant effect a  recapitalization  or  reclassification  of such
       character  that  its  Common  Stock  shall  be  changed  into  or  become
       exchangeable  for a larger or smaller  number of shares,  then,  upon the
       effective  date  thereof,  the number of shares of Common  Stock that the
       Holder of this Warrant shall be entitled to purchase upon exercise hereof
       shall be increased or decreased, as the case may be, in direct proportion
       to the  increase or decrease in such number of shares of Common  Stock by
       reason of such  recapitalization  or  reclassification,  and the Exercise
       Price of such  recapitalized  or reclassified  Common Stock shall, in the
       case of an increase in the number of shares, be proportionately decreased
       and,   in  the  case  of  a  decrease   in  the  number  of  shares,   be
       proportionately increased.

              B.     Consolidation,  Merger or Sale. In case the Company  shall,
       at any time prior to the exercise of this Warrant,  or the  expiration of
       the Exercise  Period,  whichever first occurs,  consolidate or merge with
       any other corporation (unless the Company shall be the surviving entity),
       or  transfer  all  or  substantially  all  of its  assets  to  any  other
       corporation  preparatory to a dissolution,  then the Company shall,  as a
       condition precedent to such transaction,  cause effective provision to be
       made so that the Holder of this Warrant,  upon the exercise thereof after
       the effective date of such transaction,  shall be entitled to receive the
       kind and  amount of  shares,  evidences  of  indebtedness,  and/or  other
       property  receivable  on such  transaction  by a holder of the  number of
       shares  of  Common  Stock  as  to  which  the  Warrant  was   exercisable
       immediately  prior to such  transaction  (without  giving  effect  to any
       restriction  upon such  exercise);  and,  in any such  case,  appropriate
       provision  shall be made with respect to the rights and  interests of the
       Holder  hereof to the effect that the  provisions  of this Warrant  shall
       thereafter be applicable (as nearly as may be  practicable)  with respect
       to any shares,  evidences of indebtedness,  or other securities or assets
       thereafter deliverable upon exercise of this Warrant.

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              C.     Notice  of  Adjustment.  Whenever  the  number of shares of
       Common Stock  purchasable upon exercise of this Warrant shall be adjusted
       as provided herein,  the Company shall file with its corporate  records a
       certificate of its Chief Financial  Officer setting forth the computation
       and the adjusted number of shares of Common Stock  purchasable  hereunder
       resulting from such adjustments,  and a copy of such certificate shall be
       mailed to the Holder.  Any such certificate or letter shall be conclusive
       evidence as to the correctness of the adjustment or adjustments  referred
       to therein and shall be available  for  inspection  by the holders of the
       Warrants on any day during normal business hours.

       5.     Limited Rights of Holder. This Warrant does not entitle the Holder
to any voting rights or other rights as a shareholder of the Company,  or to any
other rights  whatsoever  except the rights herein  expressed.  No dividends are
payable  or will  accrue on this  Warrant or the  shares  purchasable  hereunder
until, and except to the extent that, this Warrant is exercised.

       6.     Exchange for Other Denominations. This Warrant is exchangeable, on
its surrender by the registered  owner to the Company,  for new Warrants of like
tenor and date representing in the aggregate the right to purchase the number of
shares purchasable hereunder in denominations designated by the registered owner
at the time of surrender.

       7.     Transfer.  Holder acknowledges that this Warrant and the shares of
Common Stock or other securities into which this Warrant is exercisable have not
been registered  under the Securities Act of 1933, or any state securities laws,
but have been and will be issued pursuant to exemptions therefrom.  Accordingly,
Holder  acknowledges and agrees that this Warrant and the securities acquired by
it upon exercise  hereof may be transferred or assigned to another party only in
accordance with a valid registration statement or an exemption from registration
under the Securities Act and any applicable state securities laws.

       Subject  to  applicable  securities  laws,  this  Warrant  and all rights
hereunder are  transferable by the Holder hereof in person or by duly authorized
attorney  on the books of the  Company  upon  surrender  of this  Warrant at the
principal offices of the Company,  together with the Form of Assignment attached
hereto as Exhibit "B," duly executed.  Absent any such transfer, the Company may
deem and treat the registered Holder of this Warrant at any time as the absolute
owner  hereof for all  purposes,  and shall not be affected by any notice to the
contrary.

       8.     Registration  Rights.  If, at any time during the Exercise Period,
the Company shall prepare and file one or more registration statements under the
Act with  respect  to a public  offering  of  equity or debt  securities  of the
Company,  or of any such securities of the Company held by its security holders,
other than a  registration  statement on Forms S-4,  S-8, or similar  form,  the
Company will include in any such  registration  statement such information as is
required, and such number of shares of Common Stock held by, or shares of Common
Stock  underlying  outstanding  Warrants  held by, the Holder to permit a public
offering of such shares of Common Stock as required; provided, however, that if,
in the written opinion of the Company's managing  underwriter,  if any, for such
offering, the inclusion of the shares requested to be registered,  when added to
the  securities  being  registered  by  the  Company  or  the  selling  security
holder(s),  would exceed the maximum amount of the Company's securities that can
be marketed  without  otherwise  materially  and adversely  affecting the entire

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offering,  then the Company may exclude from such  offering  that portion of the
shares required to be so registered so that the total number of securities to be
registered  is within the maximum  number of shares that,  in the opinion of the
managing underwriter, may be marketed without otherwise materially and adversely
affecting the entire offering; also provided, that the Company shall be required
to include in the  offering  and in the  following  order:  first,  the pro rata
number of  securities  requested by the Holder of this  Warrant,  along with all
other  holders of warrants  issued in this  series;  and,  second,  the pro rata
number of securities  requested by all other  holders of  securities  requesting
registration  pursuant to other  registration  rights. The Company shall use its
best efforts to obtain promptly the effectiveness of such registration statement
and maintain the effectiveness  thereof for at least 180 days and to register or
qualify the subject shares of Common Stock  underlying  this Warrant for sale in
up to five (5) states identified by such Holder. The Company shall bear all fees
and expenses  other than the fees and expenses of Holder's  counsel  incurred in
the  preparation  and filing of such  registration  statement  and related state
registrations,  to the extent permitted by applicable law, and the furnishing of
copies of the preliminary and final prospectus thereof to such Holder.

       9.     Recognition  of Registered  Owner.  Prior to due  presentment  for
registration  of transfer of this Warrant,  the Company may treat the registered
owner as the person  exclusively  entitled to receive  notices and  otherwise to
exercise rights hereunder.

       10.    Notice and Effect of  Dissolution,  etc.  In case a  voluntary  or
involuntary dissolution,  liquidation,  or winding up of the Company (other than
in connection with the consolidation or merger covered by Section 4 above) is at
any time proposed, the Company shall give at least 30 days' prior written notice
to the Holder. Such notice shall contain:  (1) the date on which the transaction
is to take place; (2) the record date (which shall be at least 30 days after the
giving of the notice) as of which  holders of Common  Shares will be entitled to
receive distributions as a result of the transaction; (3) a brief description of
the  transaction;  (4) a brief  description  to be made to the holders of Common
Shares as a result of the transaction;  and (5) an estimate of the fair value of
the distributions.  On the date of the transaction,  it if actually occurs, this
Warrant and all rights hereunder shall terminate.

       11.    Method of Giving Notice;  Extent Required.  Notices shall be given
by first class mail, postage prepaid,  addressed to the Holder at the address of
the owner  appearing  in the  records of the  Company  or to the  Company at its
principal  office,  or at such other  addresses as to which either the Holder or
the Company gives the other written notice as provided herein.

       12.    Entire  Agreement.  This  Warrant,   including  the  exhibits  and
documents  referred  to  herein  which are a part  hereof,  contain  the  entire
understanding of the parties hereto with respect to the subject matter,  and may
be amended only by a written instrument  executed by the parties hereto or their
successors or assigns.  Any paragraph  headings  contained in this Agreement are
for  reference  purposes  only,  and shall not affect in any way the  meaning or
interpretation of this Warrant.

       13.    Governing Law. This Warrant is governed by, interpreted under, and
construed in all respects in accordance with the  substantive  laws of the State
of  Texas,  without  regard  to the  conflicts  of law  provision  thereof,  and
irrespective of the place of domicile or residence of the parties.  In the event
of a controversy arising out of the interpretation, construction, performance or
breach of this Warrant, the parties hereby agree and consent to the jurisdiction
and venue of the  Courts of the State of Texas,  or the United  States  District
Court for the Northern District of Texas, and further agree and consent that all

                                       14
<PAGE>

personal service of process in any such action or preceding outside the State of
Texas shall be tantamount to service in person in Texas.

       Witness the signature of its authorized officer.

                                    RUSH FINANCIAL TECHNOLOGIES, INC.

                                    By:_________________________________________
                                          D. M. (Rusty) Moore, Jr., President

                                       15
<PAGE>

                                    EXHIBIT A

                          FORM OF ELECTION TO PURCHASE

(To be Executed by the Holder if He/She Desires to Exercise  Warrants  Evidenced
by the Attached Warrant Certificate)

To RUSH FINANCIAL TECHNOLOGIES, INC.:

       The undersigned  hereby irrevocably elects to exercise Warrants evidenced
by  the  attached  Warrant   Certificate   for,  and  to  purchase   thereunder,
________________________  full  Shares  of Rush  Financial  Technologies,  Inc.,
Common  Stock,  issuable  upon  exercise of said  Warrants  and  delivery of the
Exercise Price for each share purchased.

                                             ________________________
                                                       Name

                                             TAXPAYER IDENTIFICATION NUMBER:

                                             ___________________________________

       If said number of Warrants shall not be all the Warrants evidenced by the
attached  Warrant  Certificate,  the  undersigned  requests  that a new  Warrant
Certificate  evidencing  the  Warrants not so exercised be issued in the name of
and delivered to:

________________________________________________________________________________
                         (Please Print Name and Address)

________________________________________________________________________________

________________________________________________________________________________

Dated:________________, 20____       Signature:_________________________________

                                       16
<PAGE>

                                    EXHIBIT B

                               FORM OF ASSIGNMENT

         (To be executed by the  registered  holder if he/she  desires to assign
warrants evidenced by the attached warrant  certificate.  Any such assignment is
subject to certain restrictions contained in the Warrant Certificate.)

       FOR  VALUE  RECEIVED,   _________________________________________  hereby
sells,   assigns  and  transfers  unto   ______________________________________,
Warrants to purchase  __________________ shares of Common Stock, par value $0.01
per share,  of Rush  Financial  Technologies,  Inc.,  evidenced  by the attached
Warrant  Certificate,   and  does  hereby  irrevocably  constitute  and  appoint
_______________________________,   Attorney  to  transfer   the  said   Warrants
evidenced by the attached Warrant Certificate on the books of the Company,  with
full power of substitution.

Dated: ____________________, 20_____.

                                          ______________________________________
                                          Owner

                                       17

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