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                                                                    Exhibit 4(d)

                              CHECKFREE CORPORATION

                           THIRD AMENDED AND RESTATED
                           --------------------------
                             1995 STOCK OPTION PLAN
                             ----------------------

     1. PURPOSE. This plan (the "Plan") is intended as an incentive and to
encourage stock ownership by certain Key Associates, officers, directors,
consultants and advisers who render services to CHECKFREE CORPORATION, a
Delaware corporation (the "Company"), and any current or future Subsidiary or
Parent thereof (together the "Company Group"), by the granting of stock options
(the "Options") as provided herein. By encouraging such stock ownership, the
Company seeks to attract, retain and motivate employees, officers, directors,
consultants and advisers of training, experience and ability. The Options
granted under the Plan may be either incentive stock options ("ISOs") which meet
the requirements of Section 422 of the Internal Revenue Code of 1986, as amended
(the "Code"), or options which do not meet such requirements ("Non-statutory
Options").

     2. EFFECTIVE DATE. The Plan shall become effective on August 8, 1995, the
date the Plan was adopted by the Board of Directors of the Company and approved
by a majority of the shares of common stock of the Company entitled to vote
thereon (the "Effective Date").

     3. ADMINISTRATION.

        (a) The Plan shall be administered by the Board of Directors of the
Company(the "Board"), which may, to the full extent permitted by law, delegate
all or any of its powers under the Plan to a committee (the "Committee") which
consists of not fewer than two members of the Board. If the Committee is so
appointed and to the extent such powers are delegated, all references to the
Board in the Plan shall mean and relate to the Committee. If any class of equity
securities of the Company is registered under section 12 of the Securities
Exchange Act of 1934, as amended (the "1934 Act"), all members of the Committee
will be "non-employee directors" as defined in Rule 16b-3(b)(2)(i) promulgated
under the 1934 Act (or any successor rule of like tenor and effect) and "outside
directors" as defined in section 162(m) of the Code and the regulations
promulgated thereunder.

       (b) Subject to the provisions of the Plan, the Board is authorized to
establish, amend and rescind such rules and regulations as it may deem
appropriate for its conduct and for the proper administration of the Plan, to
make all determinations under and interpretations of, and to take such actions
in connection with, the Plan or the Options granted thereunder as it may deem
necessary or advisable. All actions taken by the Board under the Plan shall be
final and binding on all persons. No member of the Board shall be liable for any
action taken or determination made relating to the Plan, except for gross
negligence or willful misconduct.

       (c) Each member of the Board shall be indemnified by the Company against
costs, expenses and liabilities (other than amounts paid in settlements to which
the Company does not consent, which consent shall not be unreasonably withheld)
reasonably incurred by such member in connection with any action taken in
relation to the Plan to which he or she may be a party by reason of service as a
member of the Board, except in relation to matters as to which he or she shall
be adjudged in such action to be personally guilty of gross negligence or
willful misconduct in the performance of his or her duties. The foregoing right
to indemnification shall be in addition to such other rights as the Board member
may enjoy as a matter of law, by reason of insurance coverage of any kind, or
otherwise.

     4. ELIGIBILITY.

        (a) ISOs and Non-statutory Options may be granted to such Key Associates
of the Company Group, and Non-statutory Options only may be granted to directors
who are not employees of and to consultants and advisers who render services to
the Company Group, as the Board shall select from time to time (the
"Optionees"). More than one Option may be granted to an individual under the
Plan.

        (b) No ISO may be granted to an individual who, at the time an ISO is
granted, is considered under Section 422(b)(6) of the Code to own stock
possessing more than 10 percent of the total combined voting power of all
classes of stock of the Company or of its Parent or any Subsidiary corporation;
PROVIDED, HOWEVER, this

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restriction shall not apply if at the time such ISO is granted the option price
per Share of such ISO shall be at least 110% of the Fair Market Value of such
Share, and such ISO by its terms is not exercisable after the expiration of five
years from the date it is granted. This subparagraph 4(b) has no application to
Options granted under the Plan as Non-statutory Options.

       (c) The aggregate Fair Market Value (determined as of the date the ISO is
granted) of Shares with respect to which ISOs are exercisable for the first time
by any Optionee during any calendar year under the Plan or any other ISO plan of
the Company or the Company Group may not exceed $100,000. If an ISO which
exceeds the $100,000 limitation of this subparagraph 4(c) is granted, the
portion of such Option which is exercisable for Shares in excess of the $100,000
limitation shall be treated as a Non-statutory Option pursuant to Section 422(d)
of the Code. Except as otherwise expressly provided in the immediately preceding
sentence, this subparagraph 4(c) has no application to Options granted under the
Plan as Non-statutory Options.

     5. STOCK SUBJECT TO PLAN. The stock subject to Options under the Plan shall
be shares of the common stock, $.01 par value, of CheckFree Corporation
("Shares"). The Shares issued pursuant to Options granted under the Plan may be
authorized and unissued Shares, Shares purchased on the open market or in a
private transaction, or Shares held as treasury stock. The aggregate number of
Shares for which Options may be granted under the Plan shall not exceed
12,000,000 Shares, subject to adjustment in accordance with the terms of
paragraph 12 hereof. The maximum number of shares for which Options may be
granted under the Plan during any calendar year to any one Key Associate may not
exceed 500,000 shares, subject to adjustment in accordance with the terms of
paragraph 12 hereof. Any Shares subject to an Option which for any reason
expires or is terminated unexercised as to such Shares and any Shares reacquired
by the Company pursuant to any forfeiture hereunder may again be the subject of
an Option under the Plan. The Board, in its sole discretion, may permit the
exercise of any Option as to full Shares or fractional Shares. Proceeds from the
sale of Shares under Options shall constitute general funds of the Company.

     6. TERMS AND CONDITIONS OF OPTIONS.

        (a) At the time of grant, the Board shall determine whether the Options
granted are to be ISOs or Non-statutory Options and shall enter into stock
option agreements with the recipients accordingly. All Options granted shall be
authorized by the Board and, within a reasonable time after the date of grant,
shall be evidenced by stock option agreements in writing ("Stock Option
Agreements"), in such form and containing such terms and conditions not
inconsistent with the provisions of this Plan as the Board shall from time to
time determine. Any action under paragraph 12 may be reflected in an amendment
to or restatement of such Stock Option Agreements.

        (b) The Board may grant Options having terms and provisions which vary
from those specified in the Plan if such Options are granted in substitution
for, or in connection with the assumption of, existing options granted by
another corporation and assumed or otherwise agreed to be provided for by the
Company pursuant to or by reason of a transaction involving a corporate merger,
consolidation, acquisition of property or stock, separation, reorganization or
liquidation to which the Company is a party.

     7. PRICE. The option price per Share (the "Option Price") of each Option
granted under the Plan shall be determined by the Board; PROVIDED, HOWEVER, the
Option Price of each ISO granted under the Plan shall not be less than the Fair
Market Value (determined without regard to any restrictions other than a
restriction which, by its terms, will never lapse) of a Share on the date of
grant of such Option. An Option shall be considered granted on the date the
Board acts to grant the Option or such later date as the Board shall specify.

     8. OPTION PERIOD. The period during which the Option may be exercised (the
"Option Period") shall be determined by the Board; PROVIDED, HOWEVER, any ISO
granted under the Plan shall have an Option Period which does not exceed 10
years from the date the ISO is granted.

     9. NON-TRANSFERABILITY OF OPTIONS. An Option shall not be transferable by
the Optionee otherwise than by will or the laws of descent and distribution and
may be exercised, during the lifetime of the Optionee, only by him or by his
guardian or legal representative. Notwithstanding the foregoing, an Optionee may
transfer a Non-Statutory Option to members of his or her immediate family (as
defined in Rule 16a-1 promulgated

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under the 1934 Act), to one or more trusts for the benefit of such family
members or to partnerships in which such family members are the only partners if
(a) the stock option agreement with respect to such Non-Statutory Option as
approved by the Committee expressly so provides and (b) the Optionee does not
receive any consideration for the transfer. Non-Statutory Options held by such
transferees are subject to the same terms and conditions that applied to such
Non-Statutory Options immediately prior to transfer.

     10. EXERCISE OF OPTIONS.

         (a) Options granted hereunder will be exercisable upon the terms and
conditions and in accordance with the vesting percentages determined by the
Board in its sole discretion. Notwithstanding the foregoing or the terms and
conditions of any Stock Option Agreement to the contrary, (i) in the event of
the Optionee's termination of employment as specified in subparagraph 11(a), the
Options shall be exercisable to the extent and for the period specified in
subparagraph 11(a); (ii) in the event of the Optionee's termination of
employment by reason death or by the Company by reason of Disability as
specified in subparagraph 11(b), the Options shall be exercisable to the extent
and for the period specified in subparagraph 11(b); (iii) in the event of the
Optionee's termination of employment by reason of Retirement, the Options shall
be exercisable to the extent and for the period specified in subparagraph 11(d);
and (iv) in the event of a Change in Control, the Options shall become
exercisable as specified in subparagraph 12(c).

        (b) An Option shall be exercisable only upon delivery of a written
notice to the Company's Chief Financial Officer or any other officer of the
Company designated by the Board to accept such notices on its behalf, specifying
the number of Shares for which it is exercised.

        (c) Within five business days following the date of exercise of an
Option, the Optionee or other person exercising the Option shall make full
payment of the Option Price (i) in cash; (ii) with the consent of the Board, by
tendering previously acquired Shares which have been held by the Optionee for at
least six months (valued at their Fair Market Value as of the date of tender);
(iii) with the consent of the Board, and to the extent permitted by applicable
law, with a full recourse promissory note of the Optionee for the portion of the
Option Price in excess of the par value of Shares subject to the Option, under
terms and conditions determined by the Board and in cash for the par value of
the Shares; (iv) with the consent of the Board, any combination of (i), (ii), or
(iii); or (v) with the consent of the Board, if the Shares subject to the Option
have been registered under the Securities Act of 1933, as amended (the "1933
Act"), and there is a regular public market for the Shares, by delivering to the
Company on the date of exercise of the Option written notice of exercise
together with:

               (A) written instructions to forward a copy of such notice of
          exercise to a broker or dealer as defined in Section 3(a)(4) and
          3(a)(5) of the 1934 Act, and designated in such notice ("Broker"), and
          to deliver to the specified account maintained with the Broker by the
          person exercising the Option a certificate for the Shares purchased
          upon the exercise of the Option, and

               (B) a copy of irrevocable instructions to the Broker to deliver
          promptly to the Company a sum equal to the purchase price of the
          Shares purchased upon exercise of the Option.

     If previously acquired Shares are to be used to pay the exercise price of
an ISO, the Company prior to such payment must be furnished with evidence
satisfactory to it that the acquisition of such Shares and their transfer in
payment of the exercise price satisfy the requirements of Section 422 of the
Code and other applicable laws.

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     11. TERMINATION OF EMPLOYMENT.

         (a) Upon termination of an Optionee's employment with the Company
Group, other than by reason of death or Retirement or termination by the Company
by reason of Disability or For Cause, the Optionee shall have 30 days after the
date of termination of employment (but not later than the expiration date of the
Stock Option Agreement) to exercise all Options held by him to the extent the
same were exercisable on the date of termination. The Board may cancel an Option
during the 30-day period after termination of employment referred to in this
paragraph if the Optionee engages in employment or activities contrary, in the
sole opinion of the Board, to the best interests of the Company.

        (b) Upon termination of an Optionee's employment by death or by the
Company by reason of Disability ("Disability Related Termination"), the Optionee
or the Optionee's personal representative, or the person or persons to whom his
rights under the Options pass by will or the laws of descent or distribution,
shall have one year after the date of death or the date of the Disability
Related Termination (but not later than the expiration date of the Stock Option
Agreement) to exercise all Options held by the Optionee to the extent the same
were exercisable on the date of the Optionee's termination of employment, except
that the time elapsed from the date of death or a Disability Related Termination
to the date of exercise of such Option shall accrue toward any vesting
requirements in the Stock Option Agreement evidencing such Option as if the
Optionee had remained employed by the Company.

        (c) Upon termination of an Optionee's employment For Cause, all Options
held by such Optionee shall terminate effective on the date of termination of
employment.

        (d) With respect only to options granted after September 15, 1997, upon
termination of an Optionee's employment by reason of Retirement, the Optionee
shall have three years after the date of Retirement (but not later than the
expiration of the Stock Option Agreement) to exercise any Option held by
Optionee at the time of Retirement to the extent the same was exercisable on the
date of the Optionee's exercise of the Option, except that the time elapsed from
the date of Retirement to the date of exercise of such Option shall accrue
toward any vesting requirements in the Stock Option Agreement evidencing such
Option as if the Optionee had remained employed by the Company; PROVIDED,
HOWEVER, notwithstanding the foregoing, in the event of the Optionee's death
after Retirement, the Optionee or the Optionee's personal representative, or the
person or persons to whom his rights under the Options pass by will or the laws
of descent or distribution, shall have one year after the date of death (but not
later than the expiration date of the Stock Option Agreement) to exercise all
Options held by the Optionee to the extent the same were exercisable on the date
of the Optionee's death and the elapsed time from the date of death to the
exercise of the Option shall not accrue toward any vesting requirements in the
Stock Option Agreement evidencing such Option; PROVIDED FURTHER, at the time of
the exercise of an Option by an Optionee following termination of employment by
reason of Retirement, the Optionee shall represent and warrant to the Company
that he has been in material compliance with all terms and conditions of the
Retirement Agreement with the Company (as defined in Section 27(f) hereof); and
PROVIDED FURTHER, that in the event that the Optionee violates the Retirement
Agreement, all of the Optionee's unexercised Options shall immediately terminate
and the Optionee shall return to the Company the economic value of any Option
which was realized or obtained (measured at the date of exercise) by the
Optionee after the violation of the Retirement Agreement.

     12. STOCK SPLITS; MERGERS; REORGANIZATIONS; CHANGE IN CONTROL.

         (a) In the event of a stock split, stock dividend, combination or
exchange of shares, exchange for other securities, reclassification,
reorganization, redesignation or other change in the Company's capitalization,
the aggregate number of Shares for which Options may be granted under this Plan,
the number of Shares subject to outstanding Options and the Option Price of the
Shares subject to outstanding Options shall be proportionately adjusted or
substituted to reflect the same. The Board shall make such other adjustments to
the Options, the provisions of the Plan and the Stock Option Agreements as may
be appropriate and equitable, which adjustments may provide for the elimination
of fractional Shares.

        (b) In the event of a change of the Common Stock resulting from a
merger or similar reorganization as to which the Company is the surviving
corporation, the number and kind of Shares which thereafter may be purchased
pursuant to an Option under the Plan and the number and kind of Shares then
subject to

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Options granted hereunder and the price per Share thereof shall be appropriately
adjusted in such manner as the Board may deem equitable to prevent dilution or
enlargement of the rights available or granted hereunder.

        (c) In the event of a Change in Control, all outstanding options granted
under this Plan shall then be immediately exercisable to the extent of 100% of
the Shares subject thereto notwithstanding any contrary waiting or vesting
periods specified in this Plan or in any applicable Stock Option Agreement.

     13. SALE OF OPTION SHARES. If any class of equity securities of the Company
is registered pursuant to Section 12 of the 1934 Act, any Optionee or other
person exercising the Option who is subject to Section 16 of the 1934 Act by
virtue of his or her relationship to the Company shall not sell or otherwise
dispose of the Shares subject to Option unless at least six months have elapsed
from the date of grant of the Option.

     14. RIGHTS AS SHAREHOLDER. The Optionee shall have no rights as a
shareholder with respect to any Shares covered by an Option until the date of
issuance of a stock certificate to the Optionee for such Shares.

     15. NO CONTRACT OF EMPLOYMENT. Nothing in the Plan or in any Option or
Stock Option Agreement shall confer on any Optionee any right to continue in the
employ or service of the Company or any Parent or Subsidiary of the Company or
interfere with the right of the Company to terminate such Optionee's employment
or other services at any time. The establishment of the Plan shall in no way,
now or hereafter, reduce, enlarge or modify the employment relationship between
the Company or any Parent or Subsidiary of the Company and the Optionee. Options
granted under the Plan shall not be affected by any change of duties or position
of the Optionee with the Company.

     16. AGREEMENTS AND REPRESENTATIONS OF OPTIONEES. As a condition to the
exercise of an Option, the Board may, in its sole determination, require the
Optionee to represent in writing that the Shares being purchased are being
purchased only for investment and without any present intent at the time of the
acquisition of such Shares to sell or otherwise dispose of the same.

     17. WITHHOLDING TAXES. The Company's obligation to deliver Shares upon
exercise of an Option shall be subject to the Optionee's satisfaction of all
applicable federal, state or local tax withholding obligations. The Company
shall have the right to withhold from any salary, wages, or other compensation
for services payable by the Company to or with respect to an Optionee, amounts
sufficient to satisfy any federal, state or local withholding tax liability
attributable to such Optionee's (or any beneficiary's or personal
representative's) receipt or disposition of Shares purchased under any Option or
to take any such other action as it deems necessary to enable it to satisfy any
such tax withholding obligations. The Board, in its sole discretion, may permit
Optionees to elect to have Shares that would be acquired upon exercise of
Options (valued at their Fair Market Value as of the date of exercise) withheld
by the Company in satisfaction of such Optionees' withholding tax liabilities.

     18. EXCHANGES. The Board may permit the voluntary surrender of all or a
portion of any Option granted under the Plan to be conditioned upon the granting
to the Optionee of a new Option for the same or a different number of Shares as
the Option surrendered, or may require such voluntary surrender as a condition
precedent to a grant of a new Option to such Optionee. Subject to the provisions
of the Plan, such new Option shall be exercisable at such price, during such
period and on such other terms and conditions as are specified by the Board at
the time the new Option is granted. Upon surrender, the Options surrendered
shall be cancelled and the Shares previously subject to them shall be available
for the grant of other Options.

     19. REPURCHASE OF SHARES BY THE COMPANY. Any Shares purchased or acquired
upon exercise of an Option may, in the sole discretion of the Board, be subject
to repurchase by or forfeiture to the Company if and to the extent and at the
repurchase price, if any, specifically set forth in the Stock Option Agreement
pursuant to which the Shares were purchased or acquired. Certificates
representing Shares subject to such repurchase or forfeiture may be subject to
such escrow and stock legend provisions as may be set forth in the Stock Option
Agreement pursuant to which the Shares were purchased or acquired.

     20. CONFIDENTIALITY AGREEMENTS. Upon the Company's request, each Optionee
shall execute, prior to or contemporaneously with the grant of any Option
hereunder, the Company's then standard form of

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agreement relating to nondisclosure of confidential information, noncompetition
and/or assignment of inventions and related matters.

     21. COMPLIANCE WITH LAWS AND REGULATIONS. The Plan, the grant and exercise
of Options thereunder, and the obligation of the Company to sell and deliver the
Shares under such Options, shall be subject to all applicable federal and state
laws, rules and regulations and to such approvals by any government or
regulatory agency as may be required. Options issued under the Plan shall not be
exercisable prior to (i) the date upon which the Company shall have registered
the Shares for which Options may be issued hereunder under the 1933 Act, and
(ii) the completion of any registration or qualification of such Shares under
state law, or any ruling or regulation of any governmental body which the
Company shall, in its sole discretion, determine to be necessary or advisable in
connection therewith, or alternatively, unless the Company shall have received
an opinion from counsel to the Company stating that the exercise of such Options
may be effected without registering the Shares subject to such Options under the
1933 Act, or under state or other law.

     22. ASSUMPTION. The Plan may be assumed by the successors and assigns of
the Company.

     23. EXPENSES. All expenses and costs in connection with administration of
the Plan shall be borne by the Company.

     24. AMENDMENT, MODIFICATION AND TERMINATION OF THE PLAN. The Board may
terminate, amend or modify the Plan at any time without further action on the
part of the shareholders of the Company; PROVIDED, HOWEVER, that (a) in no event
shall any amendment be made to the Plan which would cause the ISOs granted
hereunder to fail to qualify as incentive stock options under the Code; (b) any
amendment to the Plan which requires the approval of the shareholders of the
Company under the Code or the regulations promulgated thereunder shall be
subject to approval by the shareholders of the Company in accordance with the
Code or such regulations; and (c) any amendment to the Plan which requires the
approval of the shareholders of the Company under any rules promulgated under
the 1934 Act shall be subject to the approval of the shareholders of the Company
in accordance with such rules. No amendment, modification or termination of the
Plan shall in any manner adversely affect any Option previously granted to an
Optionee under the Plan without the consent of the Optionee or the transferee of
such Option.

     With the consent of the Optionee affected, the Board may amend outstanding
Options or related agreements in a manner not inconsistent with the Plan. The
Board shall have the right to amend or modify the terms and provisions of the
Plan and of any outstanding ISO's granted under the Plan to the extent necessary
to qualify any or all such Options for such favorable federal income tax
treatment (including deferral of taxation upon exercise) as may be afforded
incentive stock options under Section 422 of the Code.

     25. TERM OF PLAN. The Plan shall become effective on the Effective Date,
subject to the approval of the Plan by the holders of a majority of the shares
of common stock of the Company entitled to vote on, or within twelve months of,
the date of the Plan's adoption by the Board, and all Options granted prior to
such approval shall be subject to such approval. The Plan shall terminate on the
tenth anniversary of the Effective Date, or such earlier date as may be
determined by the Board. Termination of the Plan, however, shall not affect the
rights of Optionees under Options previously granted to them, and all unexpired
Options shall continue in force and operation after termination of the Plan
except as they may lapse or be terminated by their own terms and conditions.

     26. LIMITATION OF LIABILITY. The liability of the Company Group under this
Plan or in connection with any exercise of an Option is limited to the
obligations expressly set forth in the Plan and in any Stock Option Agreements,
and no term or provision of this Plan or of any Stock Option Agreements shall be
construed to impose any further or additional duties, obligations or costs on
the Company Group not expressly set forth in the Plan or the Stock Option
Agreements.

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     27. DEFINITIONS.

     As used in this Plan, the following terms have the meanings indicated.

          (a) CHANGE IN CONTROL. "Change in Control" of the Company shall be
deemed to have occurred as of the first day that any one or more of the
following conditions shall have been satisfied:

               (i) Any Person (other than a Person in control of the Company as
of the Effective Date of the Plan, or other than a trustee or other fiduciary
holding securities under an employee benefit plan of the Company, or a company
owned directly or indirectly by the stockholders of the Company in substantially
the same proportions as their ownership of voting securities of the Company)
becomes the Beneficial Owner, directly or indirectly, of securities of the
Company representing a majority of the combined voting power of the Company's
then outstanding securities; or

               (ii) The stockholders of the Company approve: (x) a plan of
complete liquidation of the Company; or (y) an agreement for the sale or
disposition of all or substantially all the Company's assets; or (z) a merger,
consolidation, or reorganization of the Company with or involving any other
corporation, other than a merger, consolidation, or reorganization that would
result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) at least a majority of
the combined voting power of the voting securities of the Company (or such
surviving entity) outstanding immediately after such merger, consolidation, or
reorganization.

     However, in no event shall a "Change in Control" be deemed to have
occurred, with respect to an Optionee, if the Optionee is part of a purchasing
group which consummates the Change in Control transaction. An Optionee shall be
deemed "part of a purchasing group" for purposes of the preceding sentence if
the Optionee is an equity participant or has been identified as a potential
equity participant in the purchasing company or group except for: (i) passive
ownership of less than three percent (3%) of the stock of the purchasing
company; or (ii) ownership of equity participation in the purchasing company or
group which is otherwise not significant, as determined prior to the Change in
Control by a majority of the nonemployee continuing directors.

     For purposes of this definition of Change in Control, "Person" shall have
the meaning ascribed to such term in Section 3(a)(9) of the 1934 Act, and used
in Section 13(d) and 14(d) thereof, including a "group" as defined in Section
13(d) thereof, and "Beneficial Owner" shall have the meaning ascribed to such
term in Rule 13d-3 of the General Rules and Regulations under the 1934 Act.

        (b) DISABILITY. "Disability" means any injury of the body or any
disorder of the body or mind which renders the Optionee unable to perform the
material and substantial duties of his regular employment by the Company Group
at the time of the Optionee's termination of employment by the Company Group.
The Company's determination that a termination of employment was not a
Disability Related Termination may be disputed by the Optionee for purposes of
any Option held by the Optionee under this Plan upon written notice to the
Company's Chief Financial Officer within 30 days after termination of
employment. If so disputed, the Company will promptly select a physician, the
Optionee will promptly select a physician, and the physicians so selected will
select a third physician ("Independent Physician") who will make a binding
determination of Disability for purposes of this Plan. The Optionee will make
himself available for and submit to examinations by such physicians as may be
directed by the Company. Failure of the Optionee to submit to any examination or
failure of the Independent Physician to make his determination within 90 days
after the date of the notice that the Optionee disputed the Company's
determination shall constitute acceptance of the Company's determination as to
Disability. If the decision of the Independent Physician upholds the Company's
determination, any outstanding Option held by the Optionee shall be exercisable
for 30 days from the date of such decision (but not later than the expiration of
the date of the Stock Option Agreement) to the extent that the Option was
exercisable on the date of the Optionee's termination of employment and
thereafter the Option shall terminate.

        (c) FAIR MARKET VALUE. If the Shares are publicly traded, the term "Fair
Market Value," as used in this Plan, shall mean (i) the closing price quoted in
the NASDAQ National Market System, if the Shares are so quoted, (ii) the last
quote reported by NASDAQ for small-cap issues, if the Shares are so quoted,
(iii) the mean

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between the bid and asked prices as reported by NASDAQ, if the Shares are so
quoted, or (iv) if the Shares are listed on a securities exchange, the closing
price at which the Shares are quoted on such exchange, in each case at the close
of the date immediately before the Option is granted or, if there be no
quotation or sale on that date, the next previous date on which the Shares were
quoted or traded. In all other cases, Fair Market Value of the Shares shall be
determined by and in accordance with procedures established in good faith by the
Board and with respect to ISOs, conforming to regulations issued by the Internal
Revenue Service regarding incentive stock options.

       (d) KEY ASSOCIATES. "Key Associates" means all executive, administrative,
operational and managerial employees of the Company Group who
are determined by the Board to be eligible for Options under the Plan.

       (e) PARENT AND SUBSIDIARY. The terms "Parent" and "Subsidiary" shall have
the respective meanings set forth in sections 424(e) and (f) of the Code.

       (f) RETIREMENT. "Retirement" means the termination of employment by an
Optionee who has attained the age of at least 59 1/2, who has been continuously
employed by the Company Group for at least five years, and who has entered into
a written confidentiality and non-competition agreement with the Company
("Retirement Agreement") in a form acceptable to the Board at the time of such
termination of employment.

       (g) TERMINATION OF EMPLOYMENT FOR CAUSE. Termination of employment "For
Cause" means termination of employment for (i) the commission of an act of
dishonesty, including but not limited to misappropriation of funds or property
of the Company; (ii) the engagement in activities or conduct injurious to the
reputation of the Company; (iii) the conviction or entry of a guilty or no
contest plea to a misdemeanor involving an act of moral turpitude or a felony;
(iv) the violation of any of the terms and conditions of any written agreement
the Optionee may have from time to time with the Company (following 30 days'
written notice from the Company specifying the violation and the employee's
failure to cure such violation within such 30-day period); or (v) any refusal to
comply with the written directives, policies or regulations established from
time to time by the Board.

                                     CHECKFREE CORPORATION

                                     By:  /s/ Peter J. Kight
                                          ------------------------------
                                          Peter J. Kight
                                          Chairman and Chief Executive Officer

                                       8

<PAGE>   9

                                                          [ISO /or/ NSO] No. 95-

                              CHECKFREE CORPORATION
                          [INCENTIVE /OR/ NONSTATUTORY]
                             STOCK OPTION AGREEMENT
                                    UNDER THE
                           THIRD AMENDED AND RESTATED
                             1995 STOCK OPTION PLAN
                             ----------------------

     CheckFree Corporation (the "Company") hereby grants, effective this __ day
of ___________________, 19 (the "Effective Date") to ________________ (the
"Optionee") an option to purchase _____ shares of its common stock, without par
value (the "Option Shares"), at a price of __________________ Dollars
($____________) per share pursuant to the Company's Third Amended and Restated
1995 Stock Option Plan (the "Plan"), subject to the following:

     1. RELATIONSHIP TO THE PLAN. This option is granted pursuant to the Plan,
and is in all respects subject to the terms, provisions and definitions of the
Plan and any amendments thereto. The Optionee acknowledges receipt of a copy of
the Plan and represents that he or she is familiar with the terms and conditions
thereof. The Optionee accepts this option subject to all the terms and
provisions of the Plan (including without limitation provisions relating to
nontransferability, exercise of the option, sale of the option shares,
termination of the option, adjustment of the number of shares subject to the
option, and the exercise price of the option). The Optionee further agrees that
all decisions and interpretations made by the Stock Option Committee (the
"Committee"), as established under the Plan, and as from time to time
constituted, are final, binding, and conclusive upon the Optionee and his or her
heirs. This option [IS/IS NOT] an Incentive Stock Option under the Plan.

     2. TIME OF EXERCISE. This option may be exercised, from time to time, in
full or in part, by the Optionee to the extent the option is vested based upon
the number of full years the Optionee is an employee of the Company after the
Effective Date (the "Vested Percentage") and remains exercisable (subject to the
provisions herein and the Plan) until it has been exercised as to all of the
Shares or the anniversary of the Effective Date, whichever occurs first. The
Optionee is entitled to exercise this option to the extent of the percentage of,
and not to exceed in the aggregate, the maximum number of the Shares, based upon
the Vested Percentage, from time to time, as determined in accordance with the
following schedule:

                       Years of Employment                    Total
                     After the Effective Date           Vested Percentage
                     ------------------------           -----------------

Notwithstanding the foregoing, this option may not be exercised unless (i) the
Option Shares are registered under the Securities Act of 1933, as amended, and
are registered or qualified under applicable state securities or "blue sky"
laws, or (ii) the Company has received an opinion of counsel to the Company to
the effect that the option may be exercised and Option Shares may be issued by
the Company pursuant thereto without such registration or qualification. If this
option is not otherwise exercisable by reason of the foregoing sentence, the
Company will take reasonable steps to comply with applicable state and federal
securities laws in connection with such issuance.

     3. METHODS OF EXERCISE. This option is exercisable by delivery to the
Company of written notice of exercise which specifies the number of shares to be
purchased and the election of the method of payment therefor, which will be one
of the methods of payment specified in subparagraph 10(c) of the Plan. If
payment is otherwise than payment in full in cash, the method of payment is
subject to the consent of the Committee. Upon receipt of payment for the shares
to be purchased pursuant to the option or, if applicable, the shares to be
delivered pursuant to the election of an alternative payment method, the Company
will deliver or cause to be delivered to the

                                      A-1

<PAGE>   10

Optionee, to any other person exercising this option, or to a broker or dealer
if the method of payment specified in clause (iv) of subparagraph 10(c) of the
Plan is elected, a certificate or certificates for the number of shares with
respect to which this option is being exercised, registered in the name of the
Optionee or other person exercising the option, or if appropriate, in the name
of such broker or dealer; provided, however, that if any law or regulation or
order of the Securities and Exchange Commission or other body having
jurisdiction over the exercise of this option will require the Company or
Optionee (or other person exercising this option) to take any action in
connection with the shares then being purchased, the delivery of the certificate
or certificates for such shares may be delayed for the period necessary to take
and complete such action.

     4. ACQUISITION FOR INVESTMENT. This option is granted on the condition that
the acquisition of the Option Shares hereunder will be for the account of the
Optionee (or other person exercising this option) for investment purposes and
not with a view to resale or distribution, except that such condition will be
inoperative if the Option Shares are registered under the Securities Act of
1933, as amended, or if in the opinion of counsel for the Company such shares
may be resold without registration. At the time of any exercise of the option,
the Optionee (or other person exercising this option) will execute such further
agreements as the Company may require to implement the foregoing condition and
to acknowledge the Optionee's (or such other person's) familiarity with
restrictions on the resale of the Option Shares under applicable securities
laws.

     5. DISPOSITION OF SHARES. The Optionee or any other person who may exercise
this option will notify the Company within seven (7) days of any sale or other
transfer of any Option Shares. If any class of equity securities of the Company
is registered pursuant to section 12 of the Securities Exchange Act of 1934, as
amended, and the Optionee or any other person who may exercise this option is
subject to section 16 of that Act by virtue of such Optionee's or person's
relationship to the Company, the Optionee or other person exercising this Option
agrees not to sell or otherwise dispose of any Option Shares unless at least six
(6) months have elapsed from the Effective Date.

     6. WITHHOLDING. As a condition to the issuance of any of the Shares under
this Option, Optionee or any person who may exercise this Option authorizes the
Company to withhold in accordance with applicable law from any salary, wages or
other compensation for services payable by the Company to or with respect to
Optionee any and all taxes required to be withheld by the Company under federal,
state or local law as a result of such Optionee's or such person's receipt or
disposition of Shares purchased under this Option. If, for any reason, the
Company is unable to withhold all or any portion of the amount required to be
withheld, Optionee (or any person who may exercise this Option) agrees to pay to
the Company upon exercise of this Option an amount equal to the withholding
required to be made less the amount actually withheld by the Company.

     7. GENERAL. This Agreement will be construed as a contract under the laws
of the State of Delaware without reference to Delaware's choice of law rules. It
may be executed in several counterparts, all of which will constitute one
Agreement. It will bind and, subject to the terms of the Plan, benefit the
parties and their respective successors, assigns, and legal representatives.

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

OPTIONEE:                              CHECKFREE CORPORATION

                                       By:
-------------------------                   -----------------------------
                                       Its:
                                            -----------------------------

                                      A-2<PAGE>   1

                                                                    Exhibit 4(e)

                AMENDED AND RESTATED CERTIFICATE OF INCORPORATION
                                       OF
                              CHECKFREE CORPORATION

                       * * * * * * * * * * * * * * * * * *

     The above corporation, CheckFree Corporation (the "Corporation"), existing
pursuant to the General Corporation Law of the State of Delaware, desiring to
give notice of corporate action effectuating the restatement and amendment of
its Certificate of Incorporation, sets forth the following facts:

     (i) The date of filing of the Corporation's original Certificate of
Incorporation was December 15, 1997 under the name of CheckFree Holdings
Corporation;

     (ii) The Corporation's present name is CheckFree Corporation;

     (iii) This Amended and Restated Certificate of Incorporation was duly
adopted in accordance with the provisions of Sections 242 and 245 of the General
Corporation Law of the State of Delaware; and

     (iv) The exact text of the Amended and Restated Certificate of
Incorporation is amended to read as follows:

FIRST: The name of the Corporation is CheckFree Corporation.

SECOND: The address of its registered office in the State of Delaware is No.
1209 Orange Street, in the City of Wilmington, County of New Castle. The name of
its registered agent at such address is The Corporation Trust Company.

THIRD: The nature of the business or purposes to be conducted or promoted is to
engage in any lawful act or activity for which corporations may be organized
under the General Corporation Law of the State of Delaware.

FOURTH: (A) AGGREGATE NUMBER OF SHARES. The aggregate number of shares of stock
which the Corporation shall have authority to issue is 550,000,000 shares,
consisting of 500,000,000 shares of common stock, $.01 par value (the "Common
Stock"), 48,500,000 shares of preferred stock, $.01 par value (the "Preferred
Stock"), and 1,500,000 shares of Series A Junior Participating Cumulative
Preferred Stock, $.01 par value ("Series A Preferred Stock").

<PAGE>   2

     (B) COMMON SHARES. Each holder of Common Stock shall be entitled to one
vote for each share of Common Stock held of record on all matters presented for
vote of the stockholders. Subject to the provisions of the General Corporation
Law of the State of Delaware, dividends may be paid on the Common Stock at such
times and in such amounts as the Board of Directors shall determine. Upon the
dissolution, liquidation, or winding up of the Corporation, after any
preferential amounts to be distributed to the holders of the Preferred Stock
then outstanding have been paid or declared set apart for payment, the holders
of Common Stock shall be entitled to receive all remaining assets of the
Corporation available for distribution to its stockholders ratably and
proportioned to the number of shares held by them.

     (C) PREFERRED STOCK. The shares of Preferred Stock may be issued from time
to time in one or more series. The Board of Directors of the Corporation is
hereby authorized to establish from time to time by resolution or resolutions
the number of shares to be included in each such series and to fix the
designation, powers, preferences, and relative participating, optional,
conversion, and other special rights of the shares of each such series and the
qualifications, limitations, or restrictions thereof, including but not limited
to the fixing of dividend rights, rates, preferences, and other terms;
redemption rights, prices, and other terms (including any sinking fund
provisions); conversion rights, prices or rates of exchange, and other terms;
liquidation preferences and other terms; and voting rights in addition to any
voting rights provided by law, and other terms, which may be general or limited;
all to the fullest extent now or hereafter permitted by the General Corporation
Law of the State of Delaware; and to increase or decrease the number of shares
of any series subsequent to the issue of shares of that series, but not below
the number of shares of such series then outstanding. In the event the number of
shares of any series shall be so decreased, the shares constituting such
decrease shall resume the status which they had prior to the adoption of the
resolution originally fixing the number of shares of such series.

     (D) SERIES A JUNIOR PARTICIPATING CUMULATIVE PREFERRED STOCK.

     Section 1. Designation and Amount. The shares of such series shall be
designated as Series A Junior Participating Cumulative Preferred Stock, par
value $.01 per share (the "Series A Preferred Stock"), and the number of shares
constituting such series shall be 1,500,000 (one million five hundred thousand).

     Section 2. Dividends and Distributions.

     (a) The holders of shares of Series A Preferred Stock, in preference to the
     holders of shares of Common Stock, par value $.01 per share, of the
     Corporation (the "Common Stock") and of any other junior stock of the
     Corporation that may be outstanding, shall be entitled to receive, when, as
     and if declared by the Board of Directors out of funds legally available
     for the purpose, quarterly dividends payable in cash on the tenth day of
     January, April, July and October in each year (each such date being
     referred to herein as a "Quarterly Dividend Payment Date"), commencing on
     the first Quarterly Dividend Payment Date after the first issuance of a
     share or fraction of a share of Series A Preferred Stock, in an amount per
     share (rounded to the nearest cent) equal to the greater of (i) $.25 per
     share ($1.00

                                       2

<PAGE>   3

     per annum), or (ii) subject to the provision for adjustment hereinafter set
     forth, 100 times the aggregate per share amount of all cash dividends, and
     100 times the aggregate per share amount (payable in kind) of all non-cash
     dividends or other distributions, other than a dividend payable in shares
     of Common Stock, or a subdivision of the outstanding shares of Common Stock
     (by reclassification or otherwise), declared on the Common Stock since the
     immediately preceding Quarterly Dividend Payment Date or, with respect to
     the first Quarterly Dividend Payment Date, since the first issuance of any
     share or fraction of a share of Series A Preferred Stock. In the event that
     the Corporation shall at any time declare or pay any dividend on Common
     Stock payable in shares of Common Stock, or effect a subdivision or
     combination or consolidation of the outstanding shares of Common Stock (by
     reclassification or otherwise) into a greater or lesser number of shares of
     Common Stock, then and in each such event, the amount to which the holder
     of each share of Series A Preferred Stock was entitled immediately prior to
     such event under clause (ii) of the preceding sentence shall be adjusted by
     multiplying such amount by a fraction, the numerator of which is the number
     of shares of Common Stock outstanding immediately after such event, and the
     denominator of which is the number of shares of Common Stock that were
     outstanding immediately prior to such event.

     (b) The Corporation shall declare a dividend or distribution on the Series
     A Preferred Stock as provided in paragraph (a) of this Section 2
     immediately after it declares a dividend or distribution on the Common
     Stock (other than a dividend payable in shares of Common Stock); provided,
     however, that in the event no dividend or distribution shall have been
     declared on the Common Stock during the period between any Quarterly
     Dividend Payment Date and the next subsequent Quarterly Dividend Payment
     Date, a dividend of $.25 per share ($1.00 per annum) on the Series A
     Preferred Stock shall nevertheless be payable on such subsequent Quarterly
     Dividend Payment Date.

     (c) Dividends shall begin to accrue and be cumulative on outstanding shares
     of Series A Preferred Stock from the Quarterly Dividend Payment Date next
     preceding the date of issue of such shares of Series A Preferred Stock,
     unless the date of issue of such shares is prior to the record date for the
     first Quarterly Dividend Payment Date, in which case dividends on such
     shares shall begin to accrue from the date of issue of such shares, or
     unless the date of issue is a Quarterly Dividend Payment Date or is a date
     after the record date for the determination of holders of shares of Series
     A Preferred Stock entitled to receive a quarterly dividend and before such
     Quarterly Dividend Payment Date, in either of which cases such dividends
     shall begin to accrue and be cumulative from such Quarterly Dividend
     Payment Date. Accrued but unpaid dividends shall cumulate but shall not
     bear interest. Dividends paid on the shares of Series A Preferred Stock in
     an amount less than the total amount of such dividends at the time accrued
     and payable on such shares shall be allocated pro rata on a share-by-share
     basis among all such shares at the time outstanding. The Board of Directors
     may fix a record date for the determination of holders of shares of Series
     A Preferred

                                       3

<PAGE>   4

     Stock entitled to receive payment of a dividend or distribution declared
     thereon, which record date shall be not more than 60 days prior to the date
     fixed for the payment thereof.

     Section 3. Voting Rights. The holders of shares of Series A Preferred Stock
shall have the following voting rights:

     (a) Each share of Series A Preferred Stock shall entitle the holder thereof
     to 100 votes (and each one one-hundredth of a share of Series A Preferred
     Stock shall entitle the holder thereof to one vote) on all matters
     submitted to a vote of the stockholders of the Corporation. In the event
     that the Corporation shall at any time declare or pay any dividend on
     Common Stock payable in shares of Common Stock or effect a subdivision or
     combination or consolidation of the outstanding shares of Common Stock (by
     reclassification or otherwise than by payment of a dividend in shares of
     Common Stock) into a greater or lesser number of shares of Common Stock,
     then and in each such event, the number of votes per share to which holders
     of shares of Series A Preferred Stock were entitled immediately prior to
     such event shall be adjusted by multiplying such number by a fraction, the
     numerator of which is the number of shares of Common Stock outstanding
     immediately after such event, and the denominator of which is the number of
     shares of Common Stock that were outstanding immediately prior to such
     event.

     (b) Except as otherwise provided in the Restated Certificate of
     Incorporation of the Corporation or herein or by law, the holders of shares
     of Series A Preferred Stock and the holders of shares of Common Stock shall
     vote together as one class on all matters submitted to a vote of
     stockholders of the Corporation.

     (c) In addition, the holders of shares of Series A Preferred Stock shall
     have the following special voting rights:

          (i) In the event that at any time dividends on Series A Preferred
          Stock, whenever accrued and whether or not consecutive, shall not have
          been paid or declared and a sum sufficient for the payment thereof set
          aside, in an amount equivalent to six quarterly dividends on all
          shares of Series A Preferred Stock at the time outstanding, then and
          in each such event, the holders of shares of Series A Preferred Stock
          and each other series of preferred stock now or hereafter issued that
          shall be accorded such class voting right by the Board of Directors
          and that shall have the right to elect one director (or, in the event
          any such other series is entitled to a greater number of directors,
          such number of directors, which shall be cumulative with and not in
          addition to the director provided for herein, such director or
          directors being hereinafter referred to as "Special Directors") as the
          result of a prior or subsequent default in payment of dividends on
          such series (each such other series being

                                       4

<PAGE>   5

          hereinafter called "Other Series of Preferred Stock"), voting
          separately as a class without regard to series, shall be entitled to
          elect the Special Director at the next annual meeting of stockholders
          of the Corporation, in addition to the directors to be elected by the
          holders of all shares of the Corporation entitled to vote for the
          election of directors, and the holders of all shares (including the
          Series A Preferred Stock) otherwise entitled to vote for directors,
          voting separately as a class, shall be entitled to elect the remaining
          members of the Board of Directors, provided that the Series A
          Preferred Stock and each Other Series of Preferred Stock, voting as a
          class, shall not have the right to elect more than one Special
          Director (in addition to any Special Director to which the holders of
          any Other Series of Preferred Stock are then entitled). Such special
          voting right of the holders of shares of Series A Preferred Stock may
          be exercised until all dividends in default on the Series A Preferred
          Stock shall have been paid in full or declared and funds sufficient
          therefor set aside, and when so paid or provided for, such special
          voting right of the holders of shares of Series A Preferred Stock
          shall cease, but subject always to the same provisions for the vesting
          of such special voting rights in the event of any such future dividend
          default or defaults.

          (ii) At any time after such special voting rights shall have so vested
          in the holders of shares of Series A Preferred Stock, the President or
          the Secretary of the Corporation may, and upon the written request of
          the holders of record of 10% or more in number of the shares of Series
          A Preferred Stock and each Other Series of Preferred Stock then
          outstanding addressed to the Secretary at the principal executive
          office of the Corporation shall, call a special meeting of the holders
          of shares of Preferred Stock so entitled to vote, for the election of
          the Special Directors to be elected by them as herein provided, to be
          held within 60 days after such call and at the place and upon the
          notice provided by law and in the By-laws for the holding of meetings
          of stockholders; provided, however, that the President or the
          Secretary shall not be required to call such special meeting in the
          case of any such request received less than 90 days before the date
          fixed for any annual meeting of stockholders, and if in such case such
          special meeting is not called or held, the holders of shares of
          Preferred Stock so entitled to vote shall be entitled to exercise the
          special voting rights provided in this paragraph at such annual
          meeting. If any such special meeting required to be called as above
          provided shall not be called by the President or the Secretary within
          30 days after receipt of any such request, then the holders of record
          of 10% or more in number of the shares of Series A Preferred Stock and
          each Other Series of Preferred Stock then outstanding may designate in
          writing one of

                                       5

<PAGE>   6

          their number to call such meeting, and the person so designated may,
          at the expense of the Corporation, call such meeting to be held at the
          place and upon the notice given by such person, and for that sole
          purpose shall have access to the stock books of the Corporation. No
          such special meeting and no adjournment thereof shall be held on a
          date later than 60 days before the annual meeting of stockholders. If,
          at any meeting so called or at any annual meeting held while the
          holders of shares of Series A Preferred Stock have the special voting
          rights provided for in this paragraph, the holders of not less than
          40% of the aggregate voting power of Series A Preferred Stock and each
          Other Series of Preferred Stock then outstanding are present in person
          or by proxy, which percentage shall be sufficient to constitute a
          quorum for the election of additional directors as herein provided,
          the then authorized number of directors of the Corporation shall be
          increased by the number of Special Directors to be elected, as of the
          time of such special meeting or the time of the first such annual
          meeting held while such holders have special voting rights and such
          quorum is present, and the holders of shares of Series A Preferred
          Stock and each Other Series of Preferred Stock, voting as a class,
          shall be entitled to elect the Special Director or Directors so
          provided for. If the directors of the Corporation are then divided
          into classes under provisions of the Restated Certificate of
          Incorporation of the Corporation or the By-laws, the Special Director
          or Directors shall belong to each class of directors in which a
          vacancy is created as a result of such increase in the authorized
          number of directors. If the foregoing expansion of the size of the
          Board of Directors shall not be valid under applicable law, then the
          holders of shares of Series A Preferred Stock and of each Other Series
          of Preferred Stock, voting as a class, shall be entitled, at the
          meeting of stockholders at which they would otherwise have voted, to
          elect a Special Director or Directors to fill any then existing
          vacancies on the Board of Directors, and shall additionally be
          entitled, at such meeting and each subsequent meeting of stockholders
          at which directors are elected, to elect all of the directors then
          being elected until by such class vote the appropriate number of
          Special Directors has been so elected.

          (iii) Upon the election at such meeting by the holders of shares of
          Series A Preferred Stock and each Other Series of Preferred Stock,
          voting as a class, of the Special Director or Directors they are
          entitled so to elect, the persons so elected, together with such
          persons as may be directors or as may have been elected as directors
          by the holders of all shares (including Series A Preferred Stock)
          otherwise entitled to vote for directors, shall constitute the duly
          elected directors of the Corporation. Each Special Director so

                                       6

<PAGE>   7

          elected by holders of shares of Series A Preferred Stock and each
          Other Series of Preferred Stock, voting as a class, shall serve until
          the next annual meeting or until their respective successors shall be
          elected and qualified, or if any such Special Director is a member of
          a class of directors under provisions dividing the directors into
          classes, each such Special Director shall serve until the annual
          meeting at which the term of office of such Special Director's class
          shall expire or until such Special Director's successor shall be
          elected and shall qualify, and at each subsequent meeting of
          stockholders at which the directorship of any Special Director is up
          for election, said special class voting rights shall apply in the
          reelection of such Special Director or in the election of such Special
          Director's successor; provided, however, that whenever the holders of
          shares of Series A Preferred Stock and each Other Series of Preferred
          Stock shall be divested of the special rights to elect one or more
          Special Directors as above provided, the terms of office of all
          persons elected as Special Directors, or elected to fill any vacancies
          resulting from the death, resignation, or removal of Special Directors
          shall forthwith terminate (and the number of directors shall be
          reduced accordingly).

          (iv) If, at any time after a special meeting of stockholders or an
          annual meeting of stockholders at which the holders of shares of
          Series A Preferred Stock and each Other Series of Preferred Stock,
          voting as a class, have elected one or more Special Directors as
          provided above, and while the holders of shares of Series A Preferred
          Stock and each Other Series of Preferred Stock shall be entitled so to
          elect one or more Special Directors, the number of Special Directors
          who have been so elected (or who by reason of one or more
          resignations, deaths or removals have succeeded any Special Directors
          so elected) shall by reason of resignation, death or removal be
          reduced the vacancy in the Special Directors may be filled by any one
          or more remaining Special Director or Special Directors. In the event
          that such election shall not occur within 30 days after such vacancy
          arises, or in the event that there shall not be incumbent at least one
          Special Director, the President or the Secretary of the Corporation
          may, and upon the written request of the holders of record of 10% or
          more in number of the shares of Series A Preferred Stock and each
          Other Series of Preferred Stock then outstanding addressed to the
          Secretary at the principal office of the Corporation shall, call a
          special meeting of the holders of shares of Series A Preferred Stock
          and each Other Series of Preferred Stock so entitled to vote, for an
          election to fill such vacancy or vacancies, to be held within 60 days
          after such call and at the place and upon the notice provided by law
          and in the By-laws for the holding of meetings of stockholders;
          provided,

                                       7

<PAGE>   8

          however, that the President or the Secretary shall not be required to
          call such special meeting in the case of any such request received
          less than 90 days before the date fixed for any annual meeting of
          stockholders, and if in such case such special meeting is not called,
          the holders of shares of Preferred Stock so entitled to vote shall be
          entitled to fill such vacancy or vacancies at such annual meeting. If
          any such special meeting required to be called as above provided shall
          not be called by the President or the Secretary within 30 days after
          receipt of any such request, then the holders of record of 10% or more
          in number of the shares of Series A Preferred Stock and each Other
          Series of Preferred Stock then outstanding may designate in writing
          one of their number to call such meeting, and the person so designated
          may, at the expense of the Corporation, call such meeting to be held
          at the place and upon the notice above provided, and for that purpose
          shall have access to the stock books of the Corporation; no such
          special meeting and no adjournment thereof shall be held on a date
          later than 60 days before the annual meeting of stockholders.

     (d) Nothing herein shall prevent the directors or stockholders from taking
     any action to increase the number of authorized shares of Series A
     Preferred Stock, or increasing the number of authorized shares of Preferred
     Stock of the same class as the Series A Preferred Stock or the number of
     authorized shares of Common Stock, or changing the par value of the Common
     Stock or Preferred Stock, or issuing options, warrants or rights to any
     class of stock of the Corporation as authorized by the Restated Certificate
     of Incorporation of the Corporation, as it may hereafter be amended.

     (e) Except as set forth herein, holders of shares of Series A Preferred
     Stock shall have no special voting rights and their consent shall not be
     required (except to the extent they are entitled to vote as set forth in
     the Restated Certificate of Incorporation of the Corporation or herein or
     by law) for taking any corporate action.

     Section 4. Certain Restrictions.

     (a) Whenever any dividends or other distributions payable on the Series A
     Preferred Stock as provided in Section 2 hereof are in arrears, thereafter
     and until all accrued and unpaid dividends and distributions, whether or
     not declared, on shares of Series A Preferred Stock outstanding shall have
     been paid in full, the Corporation shall not, directly or indirectly:

          (i) declare or pay dividends on, or make any other distributions with
          respect to, any shares of stock ranking junior (either as to dividends
          or upon liquidation, dissolution or winding up) to the Series A
          Preferred Stock;

                                       8

<PAGE>   9

          (ii) declare or pay dividends on, or make any other distributions with
          respect to, any shares of stock ranking on a parity (either as to
          dividends or upon liquidation, dissolution or winding up) with the
          Series A Preferred Stock, except dividends paid ratably on shares of
          the Series A Preferred Stock and all such parity stock on which
          dividends are payable or in arrears in proportion to the total amounts
          to which the holders of all such shares are then entitled;

          (iii) redeem or purchase or otherwise acquire for consideration shares
          of any stock ranking junior (either as to dividends or upon
          liquidation, dissolution or winding up) with the Series A Preferred
          Stock, provided that the Corporation may at any time redeem, purchase
          or otherwise acquire shares of any such junior stock in exchange for
          shares of any stock of the Corporation ranking junior (either as to
          dividends or upon dissolution, liquidation or winding up) to the
          Series A Preferred Stock; or

          (iv) purchase or otherwise acquire for consideration any shares of
          Series A Preferred Stock, or any shares of stock ranking on a parity
          with the Series A Preferred Stock, except in accordance with a
          purchase offer made in writing or by publication (as determined by the
          Board of Directors) to all holders of such shares upon such terms as
          the Board of Directors, after consideration of the respective annual
          dividend rates and other relative rights and preferences of the
          respective series and classes, shall determine in good faith will
          result in fair and equitable treatment among the respective series or
          classes.

     (b) The Corporation shall not permit any subsidiary of the Corporation to
purchase or otherwise acquire for consideration, directly or indirectly, any
shares of stock of the Corporation unless the Corporation could, under paragraph
(a) of this Section 4, purchase or otherwise acquire such shares at such time
and in such manner.

     Section 5. Reacquired Shares. Any shares of Series A Preferred Stock
purchased or otherwise acquired by the Corporation in any manner whatsoever
shall be retired and cancelled promptly after the acquisition thereof. All such
shares shall upon their cancellation become authorized but unissued shares of
preferred stock, without designation as to series, and may be reissued as part
of any series of preferred stock created by resolution or resolutions of the
Board of Directors (including Series A Preferred Stock), subject to the
conditions and restrictions on issuance set forth herein.

     Section 6. Liquidation, Dissolution or Winding Up. Upon any liquidation,
dissolution or winding up of the Corporation, no distribution shall be made to:

          (a) the holders of shares of stock ranking junior (either as to
     dividends or upon liquidation, dissolution or winding up) to the Series A
     Preferred Stock

                                        9

<PAGE>   10
     unless, prior thereto, the holders of shares of Series A Preferred Stock
     shall have received the greater of (i) $1.00 per share ($.001 per one
     one-hundredth of a share), plus an amount equal to accrued and unpaid
     dividends and distributions thereon, whether or not declared, to the date
     of such payment, or (ii) an aggregate amount per share, subject to the
     provision for adjustment hereinafter set forth, equal to 100 times the
     aggregate amount to be distributed per share to holders of shares of Common
     Stock; or

          (b) the holders of shares of stock ranking on a parity (either as to
     dividends or upon liquidation, dissolution or winding up) with the Series A
     Preferred Stock, except distributions made ratably on the Series A
     Preferred Stock and all other such parity stock in proportion to the total
     amounts to which the holders of all such shares are entitled upon such
     liquidation, dissolution or winding up.

     In the event that the Corporation shall at any time declare or pay any
dividend on Common Stock payable in shares of Common Stock, or effect a
subdivision or combination or consolidation of the outstanding shares of Common
Stock (by reclassification or otherwise) into a greater or lesser number of
shares of Common Stock, then and in each such event, the aggregate amount to
which the holder of each share of Series A Preferred Stock was entitled
immediately prior to such event under the proviso in clause (a) of the preceding
sentence shall be adjusted by multiplying such amount by a fraction, the
numerator of which is the number of shares of Common Stock outstanding
immediately after such event, and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

     Section 7. Consolidation, Merger, etc. In the event that the Corporation
shall enter into any consolidation, merger, combination or other transaction in
which the shares of Common Stock are exchanged for or changed into other stock
or securities, cash and/or any other property, or otherwise changed, then and in
each such event, the shares of Series A Preferred Stock shall at the same time
be similarly exchanged or changed in an amount per share (subject to the
provision for adjustment hereinafter set forth) equal to 100 times the aggregate
amount of stock, securities, cash and/or any other property (payable in kind),
as the case may be, into which or for which each share of Common Stock is
changed or exchanged. In the event that the Corporation shall at any time
declare or pay any dividend on Common Stock payable in shares of Common Stock,
or effect a subdivision or combination or consolidation of the outstanding
shares of Common Stock (by reclassification or otherwise) into a greater or
lesser number of shares of Common Stock, then and in each such event, the amount
set forth in the preceding sentence with respect to the exchange or change of
shares of Series A Preferred Stock shall be adjusted by multiplying such amount
by a fraction, the numerator of which is the number of shares of Common Stock
outstanding immediately after such event, and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such
event.

     Section 8. No Redemption. The shares of Series A Preferred Stock shall not
be redeemable. Notwithstanding the foregoing, the Corporation may acquire shares
of Series A

                                       10

<PAGE>   11

Preferred Stock in any other manner permitted by law, the Restated Certificate
of Incorporation of the Corporation or herein.

     Section 9. Rank. Unless otherwise provided in the Restated Certificate of
Incorporation of the Corporation or a Certificate of Designations relating to a
subsequent series of preferred stock of the Corporation, the Series A Preferred
Stock shall rank junior to all other series of the Corporation's preferred stock
as to the payment of dividends and the distribution of assets on liquidation,
dissolution or winding up, and senior to the Common Stock of the Corporation.

     Section 10. Amendment. The Restated Certificate of Incorporation of the
Corporation shall not be amended in any manner that would materially and
adversely alter or change the powers, preferences or special rights of the
Series A Preferred Stock without the affirmative vote of the holders of at least
two-thirds of the outstanding shares of Series A Preferred Stock, voting
together as a single series.

     Section 11. Fractional Shares. Series A Preferred Stock may be issued in
fractions of a share (in one one-hundredths (1/100) of a share and integral
multiples thereof) that shall entitle the holder thereof, in proportion to such
holder's fractional shares, to exercise voting rights, receive dividends,
participate in distributions and have the benefit of all other rights of holders
of shares of Series A Preferred Stock.

FIFTH: (A) Nominations for election of directors shall be made in the manner
provided by the By-Laws of the Corporation. The number of directors of the
Corporation shall be fixed by or pursuant to the By-Laws of the Corporation.

       (B) The directors shall be divided into three classes, Class I, Class II,
and Class III. Each such class shall consist, as nearly as possible, of
one-third of the total number of directors and any remaining directors shall be
included within each such class or classes as the Board of Directors shall
designate. Class I directors shall hold office initially for a term expiring at
the 1999 annual meeting of stockholders, Class II directors shall hold office
initially for a term expiring at the 2000 annual meeting of stockholders; and
Class III directors shall hold office initially for a term expiring at the 1998
annual meeting of stockholders. At each annual meeting of stockholders,
successors to the class of directors whose term expires at that annual meeting
shall be elected to hold office for a three-year term. If the number of
directors is changed, any increase or decrease shall be apportioned among the
classes so as to maintain the number of directors in each class as nearly equal
as possible. A director shall hold office, subject to any removal, death,
resignation, or retirement until the annual meeting for the year in which his
term expires and until his successor shall be elected and qualify.

       (C) Notwithstanding any other provision of this Certificate of
Incorporation or the By-Laws of the Corporation (and notwithstanding the fact
that some lesser percentage may be specified by the General Corporation Law of
the State of Delaware, this Certificate of Incorporation or the By-Laws of the
Corporation), any director or the entire board of directors of the Corporation
may be removed from office at any time, but only for cause and only by the
affirmative vote of the holders of at least eighty (80%) of all of the
outstanding shares of capital

                                       11

<PAGE>   12

stock of the Corporation entitled to vote on the election of directors at a
meeting of stockholders called for that purpose, except that if the Board of
Directors, by an affirmative vote of at least sixty-six and two-thirds (66-2/3%)
of the entire Board of Directors, recommends removal of a director to the
stockholders, such removal may be effected by the affirmative vote of the
holders of at least a majority of the outstanding shares of capital stock of the
Corporation present in person or represented by proxy and entitled to vote on
the election of directors at a meeting of stockholders called for that purpose.

       (D) Vacancies and newly-created directorships resulting from any increase
in the authorized number of directors may be filled by a majority of the
directors then in office, although less than a quorum, or by a sole remaining
director, and the directors so chosen shall hold office for a term expiring at
the annual meeting of stockholders at which the term of the class to which they
have been elected expires and until their successors are duly elected and
qualified. If there are no directors in office, then an election of directors
may be held in the manner provided by the General Corporation Law of the State
of Delaware.

       (E) Notwithstanding the foregoing, whenever the holders of any one or
more classes or series of Preferred Stock issued by this Corporation shall have
the right, voting separately by class or series, to elect directors at an annual
or special meeting of stockholders, the election, term of office, filling of
vacancies, terms of removal, and other features of such directorships shall be
governed by the terms of Article FOURTH and the resolution or resolutions
establishing such class or series adopted pursuant thereto and such directors so
elected shall not be divided into classes pursuant to this Article FIFTH unless
expressly provided by such terms.

       (F) Elections of directors need not be by written ballot unless the
By-Laws of the Corporation shall so provide.

SIXTH: In furtherance and not in limitation of the powers conferred by statute,
the Board of Directors is expressly authorized to make, alter, or repeal the
By-Laws of the Corporation.

SEVENTH: The Board of Directors shall base the response of the Corporation to
any "Acquisition Proposal" on the Board of Directors' evaluation of what is in
the best interest of the Corporation. In evaluating what is in the best interest
of the Corporation, the Board of Directors shall consider all relevant factors
including, without limitation:

          (1) The best interest of the stockholders which, for this purpose,
     requires the Board of Directors to consider, among other factors, not only
     the consideration offered in the Acquisition Proposal in relation to the
     then current market price of the Corporation's stock, but also in relation
     to the current value of the Corporation in a freely negotiated transaction
     and in relation to the Board of Directors' then estimate of the future
     value of the Corporation as an independent entity or as the subject of a
     future Acquisition Proposal;

          (2) Such other factors as the Board of Directors determines to be
     relevant, including, among other factors, the long-term and short-term
     interests of the Corporation

                                       12

<PAGE>   13

     and its subsidiaries and their businesses and properties and the social,
     legal, and economic effects upon the employees, suppliers, customers,
     creditors, and other affected persons, firms, and corporations and on the
     communities and geographical areas in which the Corporation and its
     subsidiaries operate or are located.

     "Acquisition Proposal" means any proposal for the consolidation or merger
of the Corporation with another corporation, any share exchange involving the
Corporation's outstanding capital stock, any liquidation or dissolution of the
Corporation, any transfer of all or a material portion of the assets of the
Corporation, and any tender offer or exchange offer for any of the Corporation's
outstanding stock.

EIGHTH: No director of the Corporation shall be personally liable to the
Corporation or to its stockholders for monetary damages for breach of fiduciary
duty as a director; provided, however, that such provision shall not eliminate
or limit the liability of a director (i) for any breach of the director's duty
of loyalty to the Corporation or to its stockholders, (ii) for acts or omissions
not in good faith or which involve intentional misconduct or a knowing violation
of law; (iii) for the payment of a dividend or the payment for the purchase or
redemption of the Corporation's stock in violation of Section 174 of the General
Corporation Law of the State of Delaware; or (iv) for any transaction from which
the director derived an improper personal benefit.

NINTH: The Corporation is to have perpetual existence.

TENTH: (A) Any action required to be taken at any annual or special meeting of
stockholders of the Corporation, or any action which may be taken at any annual
or special meeting of such stockholders, may be taken without a meeting, without
prior notice and without a vote, if a consent in writing, setting forth the
action so taken, shall be signed by all of the holders of outstanding stock who
would be entitled to notice of such meeting.

       (B) Meetings of stockholders may be held within or without the State of
Delaware, as the By-Laws may provide. The books of the Corporation may be kept
(subject to any provision contained in the General Corporation Law of the State
of Delaware) outside the State of Delaware at such place or places as may be
designated from time to time by the Board of Directors or in the By-Laws of the
Corporation.

ELEVENTH: (A) The Corporation reserves the right to amend, alter, change or
repeal any provision contained in this Certificate of Incorporation, in the
manner now or hereafter prescribed by the General Corporation Law of the State
of Delaware, and all rights conferred upon stockholders herein are granted
subject to this reservation and subject to paragraph (B) below.

       (B) The provisions set forth in this Article ELEVENTH and in Article
FIFTH, SIXTH, SEVENTH, EIGHTH, and TENTH (A) of this Certificate of
Incorporation may not be altered, amended or repealed in any respect, and new
provisions inconsistent therewith may not be adopted unless such action is
approved by the affirmative vote of the holders of at least eighty (80%) of all
of the outstanding shares of capital stock of the Corporation entitled to vote
on such

                                       13
<PAGE>   14

matter at a meeting of stockholders called for that purpose, except that if the
Board of Directors, by an affirmative vote of at least sixty-six and two-thirds
(66-2/3%) of the entire Board of Directors, recommends approval of such
amendment to this Certificate of Incorporation to the stockholders, such
approval may be effected by the affirmative vote of the holders of at least a
majority of the outstanding shares of capital stock of the Corporation present
in person or represented by proxy and entitled to vote on such matter at a
meeting of stockholders called for that purpose.

                                       14

<PAGE>   15

     IN WITNESS WHEREOF, CheckFree Corporation has caused this Amended and
Restated Certificate of Incorporation to be signed by Peter J. Kight, its
Chairman and Chief Executive Officer, and attested by Curtis A. Loveland, its
Secretary, this 2nd day of November, 2000.

                                    /s/ Peter J. Kight
                                    ----------------------------------------
                                        Peter J. Kight,
                                        Chairman and Chief Executive Officer

Attest:

 /s/ Curtis A. Loveland
-----------------------------------------
Curtis A. Loveland, Secretary

                                       15

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