Document:

CERTIFICATE OF DESIGNATION
                                       OF
                      SERIES D CONVERTIBLE PREFERRED STOCK

                         DIGITAL COURIER TECHNOLOGIES, INC.
                         ----------------------------------

                         Pursuant to Section 151 of the
                General Corporation Law of the State of Delaware

         Digital  Courier  Technologies,   Inc.,  a  Delaware  corporation  (the
"Company")  certifies  that pursuant to the authority  contained in ARTICLE V of
its   Certificate   of   Incorporation,   as  amended   (the   "Certificate   of
Incorporation"),  and in  accordance  with the  provisions of Section 151 of the
General Corporation Law of the State of Delaware,  the Board of Directors of the
Company (the "Board of  Directors") by unanimous  written  consent dated January
20, 2002, duly approved and adopted the following  resolution  which  resolution
remains in full force and effect on the date hereof:

         RESOLVED,  that  pursuant  to the  authority  vested  in the  Board  of
Directors by the  Certificate  of  Incorporation,  the Board of  Directors  does
hereby  designate,  create,  authorize  and provide for the issue of a series of
preferred  stock having no par value,  and having a stated value of S 10,000 per
share,  which shall be designated as Series D Convertible  Preferred  Stock (the
"Preferred Stock") consisting of 360 shares, having voting powers, designations,
preferences, limitations, restrictions, and relative rights as follows:
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                          CERTIFICATE OF DESIGNATION OF
                      CONVERTIBLE PREFERRED STOCK, SERIES D
                      OF DIGITAL COURIER TECHNOLOGIES, INC.

         1.  Designation,  Amount,  Par Value and  Stated  Value.  The series of
preferred  stock shall be designated as Convertible  Preferred  Stock,  Series D
(the  "Preferred  Stock").  and the number of shares so designated  shall be 360
(which  shall not be  subject to  increase  without  the  consent of each of the
holders of the Preferred Stock (the "Holders")).  Each share of Preferred Stock,
no par  value,  shall have a stated  value of $ 10,000  per share  (the  "Stated
Value").

         2. Dividends.  Holders of the outstanding  Preferred Stock shall not be
entitled to receive any dividends in respect of the Preferred Stock.

         3. Voting Rights.  Except as otherwise provided herein and as otherwise
required by law, the Preferred  Stock shall have no voting rights.  However,  so
long as any shares of Preferred Stock are outstanding. the Company shall not and
shall cause its subsidiaries not to, without the affirmative vote of the Holders
of a majority of the shares of the Preferred Stock then  outstanding.  (a) alter
or change adversely the absolute or relative powers, preferences or rights given
to the Preferred Stock, (b) alter or amend this Certificate of Designation,  (c)
amend its Articles of Incorporation,  bylaws or other charter documents so as to
affect adversely any rights of any Holders,  (d) increase the authorized  number
of shares of Preferred Stock,  (e) sell all or substantially  all of its assets,
(f) merge with or into  another  company or (g) enter  into any  agreement  with
respect to the foregoing.

         4. Liquidation. Upon any liquidation,  dissolution or winding-up of the
Company,  whether voluntary or involuntary (a "Liquidation"),  the Holders shall
be entitled to receive out of the assets of the Company, whether such assets are
capital or surplus,  for each share of  Preferred  Stock an amount  equal to the
Stated Value.  If the assets of the Company shall be insufficient to pay in full
all amounts due to the Holders then the entire assets to be  distributed  to the
Holders  shall be  distributed  among the  Holders and the holders of all of the
outstanding  Common  Stock  of  the  Company  ratably  in  accordance  with  the
respective  amounts that would be payable on such shares if all amounts  payable
thereon  were  paid  in  full.  A  sale,  conveyance  or  disposition  of all or
substantially  all of the  assets  of the  Company  or the  consummation  by the
Company of a transaction  or series of related  transactions  in which more than
50% of the voting  power of the Company is disposed  of, or a  consolidation  or
merger of the Company with or into any other  company or companies  shall not be
treated as a  Liquidation,  but instead  shall be subject to the  provisions  of
Sections 6 and 7. The Company shall mail written notice of any such Liquidation,
not less than 45 days prior to the payment date stated therein, to each Holder.

         5. Mechanics of Conversion.

         (a) Holder's Delivery Requirements. Each share of Preferred Stock shall
be convertible  into shares of Common Stock at the Conversion  Ratio (as defined
in  Section 8) at the option of the Holder in whole or in part at any time after
the Original Issue Date. The Holders shall effect conversions by surrendering to
the Company the certificate or certificates representing the shares of Preferred

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Stock to be converted,  together  with a copy of the form of  conversion  notice
attached hereto as Exhibit A (the "Conversion  Notice").  Each Conversion Notice
shall  specify  the  Holder,  the  number  of shares  of  Preferred  Stock to be
converted and the date on which such  conversion  is to be effected,  which date
may not be prior to the date the  Holder  delivers  such  Conversion  Notice  by
facsimile  (the  "Conversion  Date").  If no  Conversion  Date is specified in a
Conversion  Notice,  the  Conversion  Date shall be the date that the Conversion
Notice is deemed  delivered  pursuant  to  Section 9.  Subject  to Section  5(b)
hereof, each Conversion Notice, once given, shall be irrevocable.  If the Holder
is  converting  less  than all  shares of  Preferred  Stock  represented  by the
certificate or certificates  tendered by the Holder with the Conversion  Notice,
or if a  conversion  hereunder  cannot be effected  in full for any reason,  the
Company shall  promptly  cause to be delivered to such Holder (in the manner and
within the time set forth in Section 5(b)) a new  certificate for such number of
shares of Preferred Stock as have not been converted.  Shares of Preferred Stock
converted  into Common Stock shall be cancelled and shall not be issuable by the
Company.

         (b) Company's Response. Not later than three (3) Trading Days after any
Conversion  Date,  the Company  will cause to be  delivered  to the Holder (i) a
certificate or  certificates  representing  the number of shares of Common Stock
being acquired upon the conversion of shares of Preferred  Stock and (ii) one or
more  certificates  representing  the  number of shares of  Preferred  Stock not
converted.  Upon  request of the  Holder,  in lieu of  physical  delivery of the
shares  of  Preferred   Stock,   provided  the  Company's   transfer   agent  is
participating in the Depositary Trust Company ("DTC") Fast Automated  Securities
Transfer ("EAST") program, upon request of the Holder and in compliance with the
provisions  hereof, the Company shall use its best efforts to cause its transfer
agent to electronically  transmit any certificate or certificates required to be
delivered to the Holder  under this  Section 5 by  crediting  the account of the
Holder's Prime Broker with DTC through its Deposit  Withdrawal  Agent Commission
system.  The time  period  for  delivery  described  herein  shall  apply to the
electronic  transmittals  described  herein.  If in the  case of any  Conversion
Notice such  certificate or certificates  are not delivered to or as directed by
the applicable  Holder by the third Trading Day after the  Conversion  Date, the
Holder  shall  be  entitled  at any  time  on or  before  its  receipt  of  such
certificate or  certificates  thereafter,  to rescind such conversion by written
notice to the Company,  in which event the Company shall immediately  return the
certificates  representing  the shares of Preferred Stock for which Common Stock
was not delivered pursuant to such conversion.

         (c) Liquidation Damages; etc.

                            (i) If the  Company  fails to  deliver to the Holder
                  such certificate or certificates pursuant to this Section 5 on
                  or prior to the third  Trading Day after the  Conversion  Date
                  (the "Delivery  Date"), in addition to all other remedies that
                  such Holder may pursue  hereunder,  the  Company  shall pay to
                  such  Holder  in  cash,  as  liquidated  damages  and not as a
                  penalty, $5,000 per day until such certificates are delivered.
                  If the Company fails to deliver to the Holder such certificate
                  or  certificates  pursuant to this Section 5 prior to the 15th
                  day  after  the  Conversion  Date the  Company  shall,  at the
                  Holder's option,  redeem from funds legally available therefor
                  at the time of such  redemption,  such  number  of  shares  of
                  Preferred Stock then held by such Holder, as requested by such
                  Holder.  If such Holder opts to redeem any number of shares of
                  Preferred  Stock  pursuant to this Section  5(c)(i),  then the
                  Company  shall  immediately  notify all other  Holders of Such

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<PAGE>

                  Holder's election to redeem and, at any other Holders' option,
                  which shall be  exercised  within two business  days  thereof,
                  redeem,  from funds legally available  therefor at the time of
                  such redemption, such number of shares of Preferred Stock then
                  held by such other Holder, as requested by such Holder,  which
                  redemption  shall  be  simultaneous   with  other  redemptions
                  referred to above.  The redemption price shall be equal to the
                  sum of the  number of shares of  Preferred  Stock then held by
                  such Holder  multiplied  by (1) the  average Per Share  Market
                  Value for the five Trading Days immediately  preceding (x) the
                  Conversion  Date or (y) the  date  of  payment  in full by the
                  Company  of  such  prepayment  price,  whichever  is  greater,
                  multiplied  by, (2) the  Conversion  Ratio  calculated  on the
                  Conversion  Date. If the Holder has requested that the Company
                  redeem shares of Preferred  Stock pursuant to this Section and
                  the Company fails for any reason to pay the  redemption  price
                  referenced above within seven days after such notice is deemed
                  delivered  pursuant to Section  5(c)(i),  the Company will pay
                  interest on the redemption price at a rate of 15% per annum in
                  cash to such Holder,  accruing from such seventh day until the
                  redemption  price and any accrued  interest thereon is paid in
                  full.  Nothing  herein shall limit a Holder's  right to pursue
                  actual   damages   for  the   Company's   failure  to  deliver
                  certificates   representing   shares  of  Common   Stock  upon
                  conversion  within the  period  specified  herein  (including,
                  without limitation, damages relating to any purchase of shares
                  of  Common  Stock by Such  Holder to make  delivery  on a sale
                  effected   in   anticipation    of   receiving    certificates
                  representing  shares of Common  Stock  upon  conversion,  such
                  damages to be in an amount equal to (A) the  aggregate  amount
                  paid  by such  Holder  for  the  shares  of  Common  Stock  so
                  purchased minus (B) the aggregate  amount of net proceeds,  if
                  any,  received  by such  Holder from the sale of the shares of
                  Common   Stock   Issued  by  the  Company   pursuant  to  such
                  conversion),  and such  Holder  shall have the right to pursue
                  all remedies  available to it at law or in equity  (including,
                  without  limitation,  a decree of specific  performance and/or
                  injunctive relief).

                           (ii) In addition to any other rights available to the
                  Holder,  if the  Company  fails to deliver to the Holder  such
                  certificate or certificates pursuant to Section 5(c)(i) by the
                  Delivery Date and after the Delivery Date the Holder purchases
                  (in an open market  transaction or otherwise) shares of Common
                  Stock to deliver to the  satisfaction of a sale by such Holder
                  of  the  Underlying   Shares  which  the  Holder   anticipated
                  receiving  on  the  Delivery  Date  upon  such  conversion  (a
                  "Buy-In"),  then the  Company  shall pay in cash to the Holder
                  (in  addition to any  remedies  available to or elected by the
                  Holder) the amount by which (A) the  Holder's  total  purchase
                  price (including brokerage commissions, if any) for the shares
                  of  Common  Stock  purchased  for a  Buy-In  exceeds  (B)  the
                  aggregate  Conversion Price for the number of shares of Common
                  Stock in the Buy-In for which such  conversion  was not timely
                  honored. For example, if the Holder purchases shares of Common
                  Stock  having a total  purchase  price of  $11,000  to cover a
                  Buy-In with  respect to an  attempted  conversion  of S 10,000
                  aggregate  Conversion Price for the number of shares of Common
                  Stock in the Buy-In,  the Company shall be required to pay the
                  Holder  $1,000.  The Holder shall provide the Company  written
                  notice indicating the amounts payable to the Holder in respect
                  of the Buy-In.

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<PAGE>

                  (d) Conversion  Price.  The conversion price for each share of
Preferred Stock (the "Conversion  Price") in effect on any Conversion Date shall
be $.30,  subject to adjustment  from time to time pursuant to the provisions of
Sections 6 and 7 hereof.

                  (e)  Restriction on Conversion by Either the Registered  Owner
or the Company.  Notwithstanding  anything  herein to the contrary,  in no event
shall any Holder or the Company have the right or be required to convert  shares
of Preferred  Stock if as a result of such  conversion  the aggregate  number of
shares of  Common  Stock  beneficially  owned by such  Registered  Owner and its
Affiliates  would exceed  9.99/0 of the  outstanding  shares of the Common Stock
following such exercise. For purposes of this Section 5(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Securities  Exchange
Act of 1934, as amended.  The provisions of this Section 5(e) may be waived by a
Holder as to itself (and  solely as to itself)  upon not less than 65 days prior
written  notice to the Company,  and the  provisions  of this Section 5~e) shall
continue  to apply  until such 65 `h day (or  later,  if stated in the notice of
waiver).

                  (f) No  Conversion  Prior  to May  30,  2002.  Notwithstanding
anything to the contrary herein, the Holders of the Preferred Stock shall not be
entitled to convert the Preferred  Stock into shares of Common Stock until after
May 30, 2002.

                  (e)  Reservation of shares.  The Company  covenants that after
May 30, 2002, and at all times  thereafter,  it shall reserve and keep available
out of its  authorized  and  unissued  Common  Stock  solely for the  purpose of
issuance upon conversion of the Preferred Stock and free from preemptive  rights
or any other actual contingent purchase rights of persons other than the Holders
of Preferred Stock, not less than 100/0 of such number of shares of Common Stock
as shall be issuable (taking into account the adjustments of Section 6) upon the
conversion of all  outstanding  shares of Preferred Stock (without regard to any
limitations  on  conversion).  The Company  covenants  that all shares of Common
Stock  that  shall  be so  issuable  shall,  upon  issue,  be duly  and  validly
authorized, issued and fully paid, nonassessable and freely tradable

         6.       Adjustment of Conversion Price.

                  (a) Common  Stock  Dividends;  Common  Stock  Splits:  Reverse
Common Stock  Splits.  If the Company,  at any time after the Issuance  Date (a)
shall pay a stock dividend on its Common Stock, (b) subdivide outstanding shares
of Common Stock into a larger number of shares,  (c) combine  outstanding shares
of  Common   Stock  into  a  smaller   number  of   shares,   or  (d)  issue  by
reclassification  of shares of Common  Stock any shares of capital  stock of the
Company, then Conversion Price shall be multiplied by a fraction,  the numerator
of which  shall be the  number of shares of  Common  Stock  (excluding  treasury
shares, if any) outstanding before such event and the denominator of which shall
be the  number of shares of Common  Stock  outstanding  after  such  event.  Any
adjustment  made  pursuant  to  this  paragraph  6(a)  shall  become   effective
immediately after the record date for the determination of shareholders entitled
to receive such dividend or distribution and shall become effective  immediately
after  the  effective  date  in  the  case  of  a  subdivision,  combination  or
re-classification.

                   (b) Rights:  Warrants.  If the Company, at any time after the
 Issuance  Date,  shall  issue  rights cr  warrants to all of the holders of its

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Preferred  Stock  entitling  them to subscribe for or purchase  shares of Common
Stock at a price per share less than the Per Share  Market Value of Common Stock
at the record date mentioned  below, the Conversion Price shall be multiplied by
a  fraction,  the  denominator  of which shall be the number of shares of Common
Stock (excluding treasury shares, if any) outstanding on the date of issuance of
such rights or warrants  plus the number of  additional  shares of Common  Stock
offered for  subscription  or purchase.  and the numerator of which shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding
on the date of issuance  of such  rights or  warrants  plus the number of shares
which the  aggregate  offering  price of the total  number of shares so  offered
would  purchase at such Per Share Market Value.  Such  adjustment  shall be made
whenever  such  rights  or  warrants  are  issued,  and shall  become  effective
immediately after the record date for the determination of shareholders entitled
to receive such rights or- warrants.

                  (c) Subscription Rights. If the Company, at any time after the
Issuance Date,  shall distribute to all of the holders of Common Stock evidences
of its indebtedness or assets or rights or warrants to subscribe for or purchase
any security  (excluding  those  referred to in paragraphs  6(a) and (b) above),
then in each such case the Conversion  Price at which the Preferred  Stock shall
thereafter be  convertible  shall be determined by  multiplying  the  Conversion
Price in effect  immediately prior to the record date fixed for determination of
shareholders   entitled  to  receive  such  distribution  by  a  fraction,   the
denominator  of which  shall be the Per  Share  Market  Value  of  Common  Stock
determined  as of the record date  mentioned  above,  and the numerator of which
shall be such Per Share  Market  Value of the Common  Stock on such  record date
less the then fair  market  value at such  record  date of the  portion  of such
assets or evidence of indebtedness so distributed  applicable to one outstanding
share of Common  Stock as  determined  by the Board of  Directors in good faith;
provided,  however,  that in the event of a  distribution  exceeding ten percent
(1090)  of the net  assets  of the  Company,  such fair  market  value  shall be
determined by a nationally  recognized or major regional investment banking firm
or firm of independent  certified public accountants of recognized  standing (an
"Appraiser")  selected in Good faith by the Holders of the Preferred  Stock; and
provided,  further, that the Company, after receipt of the determination by such
Appraiser  shall have the right to select in good faith an additional  Appraiser
meeting the same  qualifications,  in which case the fair market  value shall be
equal  to the  average  of the  determinations  by  each  such  Appraiser.  Such
adjustment shall be made whenever any such distribution is made and shall become
effective immediately after the record date mentioned above.

                   (d) Rounding.  All calculations under this Section 6 shall be
 made to the nearest cent or the nearest 1/100`h of a share, as the case may be.

                   (e) Notice of Adjustment.  Whenever the  Conversion  Price is
 adjusted  pursuant to paragraphs  6(a),  (b) or (c), the Company shall promptly
 mail to the  Holders a notice  setting  forth the  Conversion  Price after such
 adjustment  and setting  forth a brief  statement of the facts  requiring  such
 adjustment.

                   (f) Redemption Event. In case of (A) any  reclassification of
 the Common Stock,  (B) any Change of Control  Transaction,  (C) any  compulsory

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share  exchange  pursuant  to which the  Common  Stock is  converted  into other
securities,  cash or property or (D) (i) the  Company's  notice to any Holder of
the Preferred Stock,  including by way of public  announcement,  at any time, of
its  intention,  for any  reason,  not to comply with  proper  requests  for the
conversion of any shares of the Preferred Stock or (ii) the Company's refusal to
honor a duly executed  Conversion Notice delivered  pursuant to Section 5 hereof
(clauses (A) through (D) above are referred to as a "Redemption  Event"), in the
case of (A), (B) and (C), the Holders shall have the right thereafter to convert
the shares of Preferred Stock for shares of stock and other securities, cash and
property  receivable  upon or  deemed  to be held by  holders  of  Common  Stock
following  such  Redemption  Event,  and the Holders shall be entitled upon such
event to receive  such amount of  securities,  cash or property as the shares of
the Common Stock of the Company  into which the shares of Preferred  Stock could
have been converted  immediately  prior to such Redemption Event (without taking
into  account any  limitations  or  restrictions  on the  convertibility  of the
Securities) would have been entitled;  provided,  however, that in the case of a
transaction  specified  in (B) in which  holders of the  Company's  Common Stock
receive  cash,  the  Holders  shall  have the  right to  convert  the  shares of
Preferred Stock for such number of shares of the surviving  company equal to the
amount of cash into which the shares of Preferred Stock are convertible  divided
by the fair market value of the shares of the surviving company on the effective
date of the merger; provided, further, that in the case of an event specified in
(D),  the Holders  shall have the option to require the Company to redeem,  from
funds legally available  therefor at the time of such redemption,  its shares of
Common  Stock  immediately   theretofore  acquirable  and  receivable  upon  the
conversion  of such Holder's  Preferred  Stock at a price per share equal to the
product of (i) the  average Per Share  Market  Value for the five  Trading  Days
immediately  preceding (1) the effective date, the date of the closing,  date of
occurrence  or the  date  of  the  announcement,  as the  case  may  be,  of the
Redemption  Event triggering such redemption right or (2) the date of payment in
full by the Company of the redemption price hereunder, whichever is greater, and
(ii) the  Conversion  Ratio  calculated on the effective  date,  the date of the
closing, date of occurrence or the date of the announcement,  as the case may be
or, at the  option of the  Holder,  on the date of  submission  of a  Redemption
Notice.  The entire  redemption price shall be paid in cash. In the case of (A),
(B) and (C), the terms of any such Redemption  Event shall include such terms so
as to continue to give to the Holders the right to receive the securities,  cash
or property  set forth in this Section 6(f) upon any  conversion  or  redemption
following  such  Redemption  Event.  This  provision  shall  similarly  apply to
successive  Redemption  Events.

                   (g)      Reclassification.  Etc. If:

                    A.      the Company  shall  declare a dividend (or any other
                            distribution) on its Common Stock; or

                   B.       the  Company  shall  declare a special  nonrecurring
                            cash  dividend  on or a  redemption  of  its  Common
                            Stock; or

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                  C.       the  Company  shall  authorize  the  granting  to the
                           holders of the Common  Stock  rights or  warrants  to
                           subscribe for or purchase any shares of capital stock
                           of any class or of any rights; or

                  D.       the approval of any shareholders of the Company shall
                           be required in connection  with any  reclassification
                           of the Common Stock of the Company, any consolidation
                           or merger to which the  Company is a party.  any sale
                           or transfer of all or substantially all of the assets
                           of the Company,  of any compulsory  share of exchange
                           whereby  the  Common  Stock is  converted  into other
                           securities, cash or property; or

                  E.       the  Company   shall   authorize   the  voluntary  or
                           involuntary dissolution, liquidation or winding up of
                           the affairs of the Company;

then the Company shall cause to be filed at each office or agency maintained for
the purpose of the  conversion  of the  Preferred  Stock,  and shall cause to be
mailed to the Holders at the address specified herein, at least 20 calendar days
prior to the applicable record or effective date hereinafter specified, a notice
(provided  such notice  shall not include any material  non-public  information)
stating  (x) the date on which a record is to be taken for the  purpose  of such
dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken,  the date as of which  the  holders  of  Common  Stock of record to be
entitled to such dividend, distributions,  redemption, rights or warrants are to
be  determined  or (y) the date on which such  reclassification,  consolidation,
merger,  sale,  transfer or share  exchange is expected to become  effective  or
close,  and the date as of which it is expected  that holders of Common Stock of
record  shall  be  entitled  to  exchange  their  shares  of  Common  Stock  for
securities,  cash or other  property  deliverable  upon  such  reclassification,
consolidation, merger, sale, transfer or share exchange; provided, however, that
the failure to mail such notice or any defect therein or in the mailing  thereof
shall not affect the validity of the corporate  action  required to be specified
in such notice.

         Notwithstanding the foregoing,  in no event shall any provision in this
Section 6 cause the Conversion  Price to be greater than the Conversion Price on
the Date of Issuance.

         7. Major  Announcement.  If the Company makes a public announcement (i)
that it intends to enter into a Change of  Control  Transaction  (as  defined in
Section 8) or (ii) any  person,  group or entity  (including  the  Company,  but
excluding a Holder or any affiliate of a Holder) publicly  announces a bona fide
tender offer, exchange offer or other transaction to purchase 509 or more of the
Common  Stock  (such   announcement   being  referred  to  herein  as  a  "Major
Announcement"  and  the  date  on  which  a  Major  Announcement  is  made,  the
"Announcement  Date"),  then, in the event that a Holder seeks to convert shares
of Preferred Stock on or following the  Announcement  Date, the Conversion Price
shall,  effective upon the Announcement Date and continuing  through the earlier
to occur of the  consummation  of the  proposed  transaction  or  tender  offer,
exchange offer or other transaction and the Abandonment Date (as defined below),
be equal to the lesser of (A) the Conversion  Price in effect on the Trading Day
immediately preceding the Announcement Date for such Preferred Stock and (B) the
Conversion Price on such Conversion Date.  "Abandonment Date" means with respect
to any proposed transaction or tender offer, exchange offer or other transaction

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for which a public announcement as contemplated by this paragraph has been made,
the date upon which the Company (in the case of clause (i) above) or the person,
group or entity  (in the case of  clause  (ii)  above)  publicly  announces  the
termination or abandonment of the proposed transaction or tender offer, exchange
offer or another transaction which caused this paragraph to become operative.

         S. Definitions. For the purposes hereof, the following terms shall have
the following meanings:

         "Chance of Control  Transaction"  means the occurrence of any of (i) an
acquisition  after the date hereof by an  individual  or legal entity or "group"
(as described in Section 13(d)(3) of the Exchange Act), of in excess of 5011c of
the voting  securities of the Company.  (ii) a replacement of more than one-half
of the members of the  Company's  board of directors  which is not approved by a
majority of those  individuals  who are members of the board of directors on the
date hereof,  or their duly elected  successors  who are  directors  immediately
prior to such transaction, in one or a series of related transactions, (iii) the
merger  of the  Company  with or into  another  entity,  unless  following  such
transaction,  the Holders of the Company's  securities continue to hold at least
5090 of such securities  following such transaction,  (iv) consolidation or sale
of all or  substantially  all of the assets of the Company in one or a series of
related  transactions,  or (v) the  execution  by the Company of an agreement to
which the Company is a party or by which it is bound,  providing  for any of the
events set forth above in (i), (ii), (iii) or (iv).

         "Commission"   means  the  United   States   Securities   and  Exchange
Commission, or any successor to such agency.

         "Common Stock" means the Company's  common stock,  $.0001 par value per
share,  of the  Company  and stock of any other class into which such shares may
hereafter have been reclassified or changed.

         "Conversion  Ratio"  means,  at any time, a fraction,  the numerator of
which is the Stated Value and the  denominator of which is the Conversion  Price
at such time.

        "Nasdaq" means The National Market System of the Nasdaq Stock Market.

         "Original  Issue Date" shall mean the date of the first issuance of any
shares of the  Preferred  Stock  regardless  of the number of  transfers  of any
particular   shares  of  Preferred   Stock  and  regardless  of  the  number  of
certificates which may be issued to evidence such Preferred Stock.

          "Per Share Market Value" means on any particular  date (a) the closing
 bid  price per share of the  Common  Stock on such date on the  Nasdaq or other
 registered  national stock exchange on which the Common Stock is then listed or
 if there is no such  price on such  date,  then the  closing  bid price on such
 exchange or quotation system on the date nearest preceding such date, or (b) if
 the Common  Stock is not listed then on the Nasdaq or any  registered  national
 stock  exchange,  the  closing  bid price  for a share of  Common  Stock in the
 over-the-counter market, as reported by the Nasdaq or in the National Quotation
 Bureau  Incorporated  or  similar  organization  or  agency  succeeding  to its
 functions of reporting prices) at the close of business on such date, or (c) if
 the Common Stock is not then  publicly  traded the fair market value of a share

                                       9
<PAGE>

of Common  Stock as  determined  by an  Appraiser  selected in good faith by the
Holders  of a  majority  in  interest  of the  shares  of the  Preferred  Stock;
provided,  however, that the Company, after receipt of the determination by such
Appraiser, shall have the right to select in good faith an additional Appraiser,
in which  case,  the fair  market  value  shall be equal to the  average  of the
determinations  by  each  such  Appraiser;   and  provided,   further  that  all
determinations of the Per Share Market Value shall be appropriately adjusted for
any stock  dividends,  stock splits or other  similar  transactions  during such
period.

         "Person"  means  a   corporation,   an   association,   a  partnership,
organization,  a business, an individual,  a government or political subdivision
thereof or a governmental agency.

         "Trading  Day" means (a) a day on which the  Common  Stock is traded on
the Nasdaq or other registered national stock exchange on which the Common Stock
has been  listed,  or (b) if the Common Stock is not listed on the Nasdaq or any
registered national stock exchange, a day or which the Common Stock is traded in
the  over-the-counter  market,  as reported by the OTC Bulletin Board. or (c) if
the Common  Stock is not quoted on the OTC  Bulletin  Board,  a day on which the
Common  Stock is  quoted  in the  over-the-counter  market  as  reported  by the
National  Quotation Bureau  Incorporated (or any similar  organization or agency
succeeding its functions of reporting prices);  provided,  however,  that in the
event that the Common Stock is not listed or quoted as set forth in (a), (b) and
(c) hereof, then Trading Day shall mean any day except Saturday,  Sunday and any
day which shall be a legal holiday or a day on which banking institutions in the
State of New York are authorized or required by law or other  government  action
to close.

         "Underlying  Shares"  means the  number of shares of Common  Stock into
which the Shares are convertible in accordance with the terms hereof.

         9. Notices.  Except as otherwise provided in the event of conversion of
shares  of  Preferred  Stock,  all  notices  or  other  communications  required
hereunder shall be in writing and shall be deemed to have been received (a) upon
hand delivery  (receipt  acknowledged) or delivery by telex (with correct answer
back received) telecopy or facsimile (with transmission  confirmation report) at
the address or number  designated below (if received by 8:00 p.m. EST where such
notice is to be received), or the first business day following such delivery (if
received  after 8:00 p.m. EST where such notice is to be received) or (b) on the
second  business day following the date of mailing by express  courier  service,
fully  prepaid,  addressed  to such  address,  or upon  actual  receipt  of such
mailing,  whichever  shall  first  occur;  and  shall be  regarded  as  properly
addressed if sent to the parties or their representatives at the addresses given
below:

                   To the Company:            Digital Courier Technologies, Inc.
                                              136 Heber Avenue, Suite 204
                                              P.O. Box 8000
                                              Park City, Utah 84060
                                              Attn: John Hanlon
                                              Phone: 435-655-3617
                                              Fax: 435-655-3647

                                       10
<PAGE>

                   To the Holders:           Brown Simpson Partners I, Ltd.
                                             152 West 57 `h Street, 21 `h Floor
                                             New York, New York 10019
                                             Attn: Peter Greene
                                             Phone: (212) 247-8200
                                             Fax: (212) 817-5391

                  with copies to:            Akin, Gump, Strauss, Hauer & Feld,
                                             L.L.P. 590 Madison Avenue
                                             New York, New York 10022
                                             Attn: James Kaye, Esq.
                                             Phone: (212) 872-1000
                                             Fax: (212) 872-1002

or such  other  address  as any of the  above  may have  furnished  to the other
parties in writing by registered mail, return receipt requested.

          10.  Lost or Stolen  Certificates.  Upon  receipt  by the  Company  of
evidence reasonably satisfactory to the Company of the loss, theft,  destruction
or mutilation of any stock  certificates  representing  Preferred Stock, and, in
the case of loss, theft or destruction,  of any  indemnification  undertaking by
the Holder to the Company in customary form and, in the case of mutilation, upon
surrender and  cancellation of such Series A Stock  certificate(s),  the Company
shall execute and deliver new preferred stock  certificate(s)  of like tenor and
date;  provided,  however,  the  Company  shall  not be  obligated  to  re-issue
preferred  stock  certificates  if the  Holder  contemporaneously  requests  the
Company to convert such Preferred Stock into Common Stock.

          11. Remedies Characterized; Other Obligations, Breaches and Injunctive
Relief.  The  remedies  provided in this  Certificate  of  Designation  shall be
cumulative  and  in  addition  to  all  other  remedies   available  under  this
Certificate of Designation,  at law or in equity (including a decree of specific
performance and/or other injunctive relief), no remedy contained herein shall be
deemed a waiver of compliance with the provisions giving rise to such remedy and
nothing  herein shall limit a Holder's  right to pursue  actual  damages for any
failure  by the  Company  to  comply  with  the  terms  of this  Certificate  of
Designation.  The Company covenants to each Holder of Preferred Stock that there
shall be no characterization  concerning this instrument other than as expressly
provided  herein.  Amounts  set forth or  provided  for herein  with  respect to
payments,  conversion  and the like (and the  computation  thereof) shall be the
amounts to be received by the Holder thereof and shall not,  except as expressly
provided  herein,  be subject to any other  obligation  of the  Company  (or the
performance  thereof).  The  Company  acknowledges  that a  breach  by it of its
obligations  hereunder  will  cause  irreparable  harm  to  the  Holders  of the
Preferred  Stock and that the remedy at law in the event of any such  breach may
be  inadequate.  The Company  therefore  agrees  that,  in the event of any such
breach or  threatened  breach,  the  Holders  of the  Preferred  Stock  shall be
entitled,  in  addition  to  all  other  available  remedies,  to  an  injection
restraining  any breach,  without the  necessity  of showing  economic  loss and
without any bond or other security being required.

                                       11
<PAGE>

          12. Specific Shall Not Limit General.  No specific provision contained
in this  Certificate  of  Designation  shall  limit or modify  any more  general
provision contained herein.

          13. Failure or Indulgence Not Waiver.  No failure or delay on the part
of a Holder of Preferred Stock in the exercise of any power,  right or privilege
hereunder  shall  operate as a waiver  thereof,  nor shall any single or partial
exercise  of any  such  power,  right or  privilege  preclude  other or  further
exercise thereof or of any other right, power or privilege.

          14. Fractional Shares. Upon a conversion hereunder,  the Company shall
not be required to issue stock certificates  representing fractions of shares of
Common Stock, but may if otherwise permitted,  make a cash payment in respect of
any final  fraction of a share based on the Per Share Market Value at such time.
If the Company elects not, or is unable, to make such a cash payment, the Holder
of a share of Preferred Stock shall be entitled to receive, in lieu of the final
fraction of a share, one whole share of Common Stock.

          15.   Payment  of  Tax  Upon  Issue  of  Transfer.   The  issuance  of
certificates  for shares of the Common Stock upon  conversion  of the  Preferred
Shares shall be made without charge to the Holders  thereof for any  documentary
stamp or similar  taxes that may be payable in respect of the issue or  delivery
of such certificate,  provided that the Company shall not be required to pay any
tax that may be payable in respect of any transfer  involved in the issuance and
delivery of any such  certificate  upon  conversion in a name other than that of
the  Holders so  converted  and the  Company  shall not be  required to issue or
deliver such certificates  unless or until the person or persons  requesting the
issuance  thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

          16.  Effect  of  Headings.   The  section   headings  herein  are  for
convenience only and shall not affect the construction hereof.

                            [Signature page follows]

                                       12
<PAGE>

         IN WITNESS WHEREOF Digital Courier  Technologies,  Inc. has caused this
Certificate to be signed by its Executive Vice President and Assistant Secretary
respectively, on this 21st day of January, 2002.

                         Name: /s/ John Hanlon
                               ---------------------------
                                   John Hanlon
                         Title:    President and Secretary

                                       13
<PAGE>

                            CERTIFICATE OF AMENDMENT
                                       OF
                AMENDED AND RESTATED CERTIFICATE OF INCORPORATION
                                       OF
                       DIGITAL COURIER TECHNOLOGIES, INC.

                   [MAKING REVISIONS TO CHANGE NAME AND TO SET
                          FORTH TERMS OF REVERSE SPLIT]

         Digital Courier Technologies, Inc. a corporation organized and existing
under and by virtue of the General Corporation Law of the State of Delaware,

         DOES HEREBY CERTIFY:

         FIRST: That pursuant to the recommendation of the Board of Directors of
the  Company,  the  following  resolution  amending  the  Amended  and  Restated
Certificate of  Incorporation of the Company has been adopted by written consent
of  stockholders  of the  Company  holding a majority of the  outstanding  stock
entitled to vote  thereon.  The  resolution  setting  forth the  amendment is as
follows:

         RESOLVED, that the Company's Certificate of Incorporation be amended to
         revise Article I and Article IV as attached hereto on Exhibit A.

         SECOND: That this resolution has been adopted by the written consent of
the majority of shares pursuant to Section 228 of the General Corporation Law of
the State of Delaware.

         THIRD:  That said  amendments  were duly adopted in accordance with the
provisions  of  Section  242 of the  General  Corporation  Law of the  State  of
Delaware.

         FOURTH: That the effective date and time of said amendments shall be at
12:01 a.m., EDT, May 8, 2003.

         IN WITNESS WHEREOF, the undersigned hereby affirms,  under penalties of
perjury,  that the  foregoing  instrument is the act and deed of the Company and
that the facts stated therein are true. Dated this 6th day of May, 2003.

Digital Courier Technologies, Inc..
By:  /s/ Lynn J. Langford
     --------------------
         Lynn J. Langford
         Secretary

                                       14Exhibit 4.3

NOKIA LETTERHEAD                                                           1 (5)

NOKIA STOCK OPTION PLAN 2003

I TERMS AND CONDITIONS OF STOCK OPTIONS

1. Stock Options to be Issued
Nokia Corporation ("Company") will issue the maximum of 94 600 000 stock options
entitling to the subscription for the maximum of 94 600 000 of the Company's
newly issued shares (the "Shares" or "Share" as the case may be) with a par
value of EUR 0.06 each.

The stock options will be offered to selected key persons of Nokia Group and to
a wholly owned subsidiary of the Company (the "Subsidiary") to be offered to
selected key persons of Nokia Group. It is proposed that shareholders'
pre-emptive rights to the share subscription be disapplied since the stock
options are intended to incite the selected key persons of Nokia Group.

The subscription period for the stock options to be issued as defined above will
expire as of February 28, 2005 or any earlier date as determined by the Board of
Directors of the Company (the "Board of Directors").

2. Stock Option Categories and Lots
Of the 94 600 000 stock options to be issued by the Company 47 300 000 will be
denoted as "2003" stock options and 47 300 000 will be denoted as "2004" stock
options.

The 2003 and 2004 stock options will be divided into sub-categories so that the
stock options that have equal share subscription price as well as expiry date of
the share subscription period (as defined in Section II.3 below) form one
sub-category. The Board of Directors will determine how the 2003 and 2004 stock
options will be divided within the sub-categories. The sub-categories will be
denoted with a title that indicates the category and the basis for the pricing
of the stock option, for example "2003 2Q" or "2004 1Q" regarding quarterly
priced stock options and "2003 9M" or "2004 12M" regarding monthly priced stock
options.

Each sub-category of the 2003 stock options will be further divided into 13 lots
in accordance with their respective share subscription periods so that the first
lot forms 25 % of the number of stock options under each stock option
sub-category. The remaining 12 lots are of equal size each consisting of
approximately 6,25 % of the number of stock options within the relevant stock
option sub-category. The Board of Directors will resolve later how the 2004
stock options will be divided into lots according to their respective share
subscription periods.

3. Distribution of Stock Options
The Board of Directors will resolve on the distribution of the stock options to
the selected key persons of Nokia Group (the "Participants") and the Subsidiary.
The stock options held by the Subsidiary may be allocated to the Participants in
accordance with the resolution of the Board of Directors.

The Company will notify each Participant of the allocation of stock options to
the Participant.

The Company will retain the stock option certificates until the share
subscription.

4. Price of the Stock Options
The stock options will be issued free of charge.

<PAGE>

NOKIA Letterhead                                                           2 (5)

5. Non-Transferability
The stock options are non-transferable to a third party by the Participant and
may be exercised for share subscription only.

Should the stock options be redeemed pursuant to Section I.6 below, the Company
may reallocate the redeemed and priced stock options to other Participants in
accordance with the resolution of the Board of Directors.

6. Other Restrictions in the Rights Pertaining to the Stock Options
Should a Participant cease to be employed by Nokia Group for any reason other
than retirement or permanent disability, as defined by the Company, or death,
the Company is entitled to redeem free of charge those stock options of such
Participant for which the share subscription period referred to in Section II.2
has not yet commenced as at the last day of such Participant's employment. In
addition, the Company is entitled to redeem free of charge from such Participant
those stock options, for which as at the last day of the Participant's
employment, the share subscription period has already commenced, but which
remain unexercised at such date.

The Company may resolve that in cases of voluntary and/or statutory leave of
absence of the Participant and in other corresponding circumstances the Company
has the right to defer the commencement of the share subscription period of the
stock options and/or redeem the stock options free of charge from the
Participant.

The offer by the Company to some Participants to receive stock options may be
limited and/or subject to additional terms due to laws and other regulations
outside Finland.

The Participants are not entitled to enter into any derivative agreement or any
other corresponding hedging arrangement relating to the stock options or the
Shares prior to the commencement of the share subscription period of the
respective stock option sub-category.

II TERMS AND CONDITIONS OF SHARE SUBSCRIPTION

1. Right to Subscribe for Shares
Each stock option will entitle the Participant to subscribe for one Share with a
par value of EUR 0.06. Pursuant to the share subscriptions the number of shares
may increase by a maximum of 94 600 000 Shares and the share capital of the
Company may increase by a maximum of EUR 5 676 000.

The share subscription with the stock options may take place only after the
share subscription period of each respective stock option has commenced.

The Subsidiary may not exercise the stock options for share subscription.

2. Share Subscription Period and Payment of Shares
The share subscription period for the 2003 and 2004 stock options will be
determined by the Board of Directors and will begin not earlier than July 1,
2004 and end not later than December 31, 2009.

Shares can be subscribed for at the Company's head office or at another place
determined by the Company. Payment of the Shares subscribed for shall be made to
the Company pursuant to the instructions given by the Company, however, always
prior to the release of the Shares by the

<PAGE>

NOKIA Letterhead                                                           3 (5)

Company. The Company will resolve on all procedural matters applicable to the
share subscription and on the payment of the Shares.

3. Subscription Price
The share subscription prices for the different sub-categories of stock options
to be allocated to Participants under the Nokia Stock Option Plan 2003 will
regularly be determined and the subcategories denoted on a quarterly basis. The
share subscription price for such sub-categories of stock options will equal to
the trade volume weighted average price of the Nokia share on the Helsinki
Exchanges during the trading days of the first whole week of the second month
(i.e. February, May, August or November) of the respective calendar quarter,
based on which the sub-category has been denoted.

Subject to the resolution of the Board of Directors, the sub-categories may also
be priced and denoted on a monthly basis. The share subscription price for such
stock option sub-categories will equal to the trade volume weighted average
price of the Nokia share on the Helsinki Exchanges during the trading days of
the first whole week of the respective month, based on which the sub-category
has been denoted.

Should the General Meeting in accordance with the proposal of the Board of
Directors decide to distribute a special dividend constituting a deviation to
the dividend policy of the Company, the amount of this special dividend will be
deducted from the share subscription price, which has previously been
determined. The Board of Directors will specify in its proposal for the dividend
whether the dividend, or a part of it, is such a special dividend, and will
determine the new share subscription price.

4. Shareholder Rights
Shares will be eligible for dividend with respect to the financial year in which
the share subscription takes place. Other shareholder rights will commence on
the date on which the share subscription is entered in the Trade Register.

5. Issue of Shares, Convertible Bonds and Stock Options before Share
Subscription
Should the Company, prior to the share subscription, increase its share capital
through an issue of new shares, or issue new convertible bonds or stock options,
the Participants will have the same or equal right as the shareholders to
participate in such share capital increase. Equality will be implemented in the
manner resolved by the Board of Directors so that the number of Shares, which
may be subscribed for, the share subscription prices or both will be amended.

Should the Company, prior to the share subscription, increase the share capital
through a bonus issue, the share subscription ratio will be amended so that the
ratio of the share capital to Shares to be subscribed for by virtue of the stock
options remains unchanged. Should the new number of Shares, which may be
subscribed for by virtue of one stock option, be a share fraction, the fraction
will be taken into account by lowering the share subscription price.

6. Rights of Holders of Stock Options in certain Cases
a) Should the Company, before the share subscription, reduce its share capital,
the right to the share subscription of the Participants will be amended in the
manner specified in the resolution to reduce the share capital.

<PAGE>

NOKIA Letterhead                                                           4 (5)

b) Should the Company, before the commencement of the share subscription period,
be placed into liquidation, the Participants will be given the right to
subscribe for Shares with the stock options, the share subscription period of
which has commenced, within a period prior to the commencement of the
liquidation as prescribed by the Board of Directors.

c) Should the Company resolve to merge with another existing company or with a
company to be formed or should the Company resolve to be divided, the
Participants will be given the right to subscribe for all the Shares pertaining
to their stock options or to convert their stock options into stock options
issued by another company or, where a new company will be formed, by the formed
company, on such terms and within such a time period prior to the merger or
division, as prescribed by the Board of Directors. Following the closing of the
merger or division, any rights to subscribe for Shares or to convert the stock
options will lapse. This provision constitutes an agreement referred to in
Chapter 14, Section 3 of the Companies Act.

d) Should the Company, before the end of the share subscription period, make a
resolution to acquire its own shares with an offer to all the shareholders, the
Company will be obliged to make an equal offer to the Participants in respect of
stock options, the share subscription period of which has commenced. If the
Company acquires its own shares in any other manner, no measures will need to be
taken in relation to the stock options.

e) Should a tender offer regarding all shares or stock options issued by the
Company be made or should a shareholder under the articles of association of the
Company or the Securities Markets Act have the obligation to redeem the shares
from the Company's other shareholders, or to redeem the stock options, or should
a shareholder have under the Companies Act the right and obligation to redeem
the shares from the Company's other shareholders the Participants may,
notwithstanding the transfer restriction prescribed under section I.5 above,
transfer all of the stock options in their possession to the offeror, or the
party under the obligation or right of redemption, as applicable.

Should a shareholder have under the Companies Act the right to redeem the shares
from the other shareholders of the Company, the Participants will have a
corresponding obligation to that of the shareholders to offer all of their stock
options for redemption to the redeeming shareholder.

The Board of Directors may, however, in any of the situations prescribed above
in paragraph 1 and 2, also give the Participants an opportunity to exercise all
of the stock options in their possession for share subscription or to convert
them into stock options issued by another company on such terms and within such
time period prior to the completion of the tender offer or redemption, as
prescribed by the Board of Directors. At the close of this period set by the
Board of Directors, all rights to a share subscription or to a conversion of
stock options shall lapse.

f) Should the par value of the Company's share be changed so that the share
capital remains unchanged, the number of issued stock options will be amended
accordingly so that each stock option will still entitle to subscribe for one
Share, and the terms and conditions of the stock options concerning the share
subscription will be amended so that the aggregate par value of the Shares to be
subscribed for and the aggregate share subscription price remain unchanged.

g) Should the Company be changed from a public limited company into a private
limited company, the terms and conditions of the stock options will not be
amended.

<PAGE>

NOKIA Letterhead                                                           5 (5)

III OTHER TERMS AND CONDITIONS

1. Governing Law and Settlement of Disputes
These terms and conditions are governed by the laws of Finland. Disputes arising
out of the stock options will be settled by arbitration in accordance with the
Arbitration Rules of the Finnish Central Chamber of Commerce.

In the event of conflict, the Finnish language version of the terms and
conditions shall prevail.

2. Instructions, Amendments and Notices
The Board of Directors is authorized to make other than material amendments to
these terms and conditions. The Board of Directors shall resolve on other
matters relating to the stock options as well as the Shares. It may also give
binding instructions regarding the Participants. The Company has the sole power
to interpret these terms and conditions.

Any notices to the Participants relating to this stock option plan shall be made
in writing, electronically or any other manner as determined by the Company.

3. Other Provisions
The Board of Directors may resolve on the transfer of the stock options or part
thereof to the book-entry system at a later date and on any possible technical
amendments resulted thereby to these terms and conditions of the stock options.

The receipt of stock options does not constitute a term or condition of the
Participant's employment nor of the Participant's employment contract. The
Participants will not be entitled to compensation on any grounds in respect of
the stock option grant from any company belonging to Nokia Group with respect to
the employment with Nokia Group or anytime thereafter. No benefit derived from
the stock options under this Plan will be pensionable.

The Company will have the right to take any measures as it deems necessary to
meet any legal payment or other liability in respect of stock options, or to
manage the administration of the stock option plan. The Company has the right
e.g. to deduct a necessary amount from the proceeds resulting from the exercise
of the stock options of a participant to meet withholding liabilities.

If a Participant breaches these terms and conditions, any instructions given by
the Board of Directors or by the Company and/or any applicable laws and
regulations, the Company has the right to redeem from the Participants all of
the stock options, which have not yet been exercised for share subscription.

The documentation for the stock options may be viewed at the Company's head
office in Espoo, Finland.

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