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                                                                   EXHIBIT 10.3

                              EMPLOYMENT AGREEMENT

        THIS EMPLOYMENT AGREEMENT is entered into as of October 7, 2002 by and
between Corillian Corporation, an Oregon corporation, and its affiliates,
divisions and subsidiaries (collectively, "EMPLOYER"), and Ted Spooner
("EXECUTIVE").

                                   WITNESSETH:

        WHEREAS, Employer desires to obtain the benefit of service by Executive
through at least April 7, 2002, and Executive desires to render services to
Employer at least through such date;

        WHEREAS, the Board of Directors of Employer (the "BOARD") has determined
that because of Executive's substantial experience and business relationships in
connection with the business of Employer, it is in the Employer's best interest
and that of its shareholders to secure the services of Executive at least
through April 7, 2002 and to provide for the terms of Executive's termination of
employment; and

        WHEREAS, Employer and Executive desire to set forth in this Agreement
the terms and conditions of Executive's employment with Employer and termination
of employment with Employer.

        NOW, THEREFORE, in consideration of the mutual promises and covenants
herein contained, the parties agree as follows:

        1. EXECUTIVE REPRESENTATION. Executive represents and warrants that he
has the capacity to enter into this Agreement and that this Agreement will not
conflict with or result in a default under any other agreement binding on
Executive.

        2. TITLE; DUTIES AND RESPONSIBILITIES. Employer and Executive agree
that, subject to the provisions of this Agreement, Employer will employ
Executive and Executive will serve Employer as Chief Corporate Strategist (a
non-officer position) for the duration of this Agreement. As Chief Corporate
Strategist, Executive will perform such duties and tasks as reasonably requested
by Employer's Chief Executive Officer or the Board, including, without
limitation, attendance and speaking at industry trade shows, investor
conferences, strategic sales presentations and internal strategy meetings.
Employer will provide Executive with notice of the requirement of his services
within a reasonable period of time before his services are required, and
Executive will use his reasonable efforts to make himself available to provide
such services. Executive agrees to observe and comply with the rules and
regulations of Employer respecting the performance of Executive's duties. During
the Term, Executive will not, without the express consent of Employer's Chief
Executive Officer or the Board, (i) act on behalf of Employer, (ii) speak on
behalf of Employer or about Employer's business or operations, or (iii) speak to
Employer's employees about Employer's business affairs. Except as specifically
provided otherwise in this Agreement, Executive shall comply with all of the
policies and procedures adopted by Employer (as the same may be amended from
time to time by Employer). During the term of this Agreement, Executive will
also serve as Chairman of the Executive Committee of the Board.

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        3. TERM. Employer agrees to employ Executive and Executive agrees to
serve Employer, in accordance with the terms of this Agreement, commencing on
the date hereof and continuing until April 7, 2003 (the "TERM"), unless this
Agreement is earlier terminated in accordance with the provisions of this
Agreement. The Term will automatically extend for successive 30-day periods
unless either party gives the other party written notice within 15 days before
the expiration of the then-applicable term.

        4. SERVICES AND EXCLUSIVITY OF SERVICES; NONCOMPETITION. During the
Term, Executive shall (i) devote a significant (e.g. not immaterial) portion of
his business time, energy and ability to the business, affairs and interests of
Employer, and matters related thereto, (ii) use Executive's best efforts and
abilities to promote Employer's interests, and (iii) perform the services
contemplated by this Agreement in accordance with policies established by
Employer and under the direction of Employer's Chief Executive Officer and the
Board. Executive will be permitted to work from his residence.

           Without the prior express written authorization of the Board,
Executive shall not, directly or indirectly, during the Term or one year after
the Term: engage in any activity competitive with or adverse to Employer's
Business (as defined below), whether alone, as a partner, or as an officer,
director, employee or significant investor of or in any other entity. (An
investment of greater than 5% of the outstanding capital or equity securities of
an entity shall be deemed significant for these purposes.) "BUSINESS" shall mean
the development, marketing and sale of solutions to enable financial service
companies to offer electronic financial services (including, without limitation,
through the Internet, mobile phones, PDA's or interactive television) or to
enable financial service companies to track, manage and use customer data to
market and sell products to customers and manage customer relationships and the
provision of professional services to implement, install and customize such
solutions.

           Executive may serve as a director or in any other capacity of any
business enterprise or any nonprofit or governmental entity or trade
association, whose activities involve or relate to the Business, provided in
each case that such service is expressly approved by the Board and does not
interfere with Executive's duties hereunder.

           During the Term and for a period of 2 years after the termination of
Executive's employment, Executive agrees to treat all information (whether
communicated in writing or communicated orally) delivered or furnished to
Executive by Employer or its Representatives (as defined below), including,
without limitation, information about Employer's strategies, pricing, plans,
customers, employees, or technology, (such information collectively being herein
referred to as "Confidential Information") in strictest confidence and to not
use such information other than as expressly permitted by this Agreement.
Executive agrees that, unless required by law, without Employer's prior written
consent he will not provide copies of or otherwise disclose the Confidential
Information to any person or entity other than those of his Representatives to
whom he needs to disclose such information to evaluate or further the parties'
business relationship. Executive agrees to inform his Representatives of the
confidential nature of the Confidential Information and to require them to treat
such information in accordance with the terms of this Agreement as if they were
parties hereto. As used in this Agreement, the term "Representatives" shall
include a party's affiliates, directors, officers, managers, members,
shareholders, employees, advisors, or agents. The term "Confidential
Information" does not include any

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information which (i) at the time of disclosure or thereafter is generally known
by the public (other than as a result of its disclosure by Executive or his
Representatives), (ii) was or becomes available to Executive on a
nonconfidential basis from a person not otherwise bound by a confidentiality
agreement with, or otherwise subject to a duty of confidentiality to, Employer,
or (iii) was independently developed by Employer or his Representatives without
reference to the Confidential Information. As used in this Agreement, the term
"person" shall be broadly interpreted to include without limitation, any
corporation, limited liability company, joint venture, partnership, entity or
individual.

        5. COMPENSATION.

           5.1 BASE COMPENSATION. During the Term, Employer agrees to pay
Executive, in accordance with Employer's applicable payroll policies in effect
from time to time during the Term, a base salary at the rate of $300,000 per
year (the "BASE SALARY").

           5.2 ADDITIONAL BENEFITS. Executive shall also be entitled to all
rights and benefits for which Executive is otherwise eligible under pension
plan, life, medical, dental, disability, or insurance plan or policy, as from
time to time in effect, during the term of this Agreement that Employer may
provide for Executive or (provided Executive is eligible to participate therein)
for other employees of Employer with comparable positions and responsibilities
generally (collectively, the "ADDITIONAL BENEFITS"). The Additional Benefits
will include, without limitation, Employer's maintenance of Executive's existing
life insurance policy through the end of the Term.

           5.3 PERQUISITES. Executive shall be entitled to up to 240 hours of
Paid Time Off ("PTO") per annum, which shall accrue on a daily basis from the
date of this Agreement, except that Executive will be given credit for any time
employed by Employer before the date of this Agreement. PTO includes vacation,
sick leave, and personal leave. Holidays have been excluded from the PTO. PTO
may be taken at such time during each year as may be mutually agreed upon by
Executive and Employer. At no time may Executive accrue more than 240 hours of
PTO. Promptly following execution of this Agreement, Employer will pay to
Executive a cash payment equal to Executive's accrued PTO as of the date of this
Agreement, and Executive will begin the Term with 0 hours of accrued PTO.

           During the Term, Executive will be entitled to retain his existing
laptop computer, email account, Blackberry personal digital assistant, and cell
phone for use in providing the services contemplated by this Agreement.

           5.4 OVERALL QUALIFICATION. Subject to the terms of any written
benefit plans, Employer reserves the right to modify, suspend or discontinue any
and all of the above referenced benefit plans, practices, policies and programs
at any time (whether before or after termination of employment) without notice
to or recourse by Executive so long as such action is taken generally with
respect to other similarly situated persons and does not single out Executive.

        6. TERMINATION. The Base Salary and Additional Benefits provided to
Executive pursuant to this Agreement, and the employment of Executive by
Employer, shall be terminated

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prior to expiration of the Term only as provided in this Section 6. Upon the
expiration of the Term other than as a result of an early termination, Employer
will pay to Executive (i) any Base Salary through the last date of the Term,
(ii) the Severance Amount and (iii) any accrued Additional Benefits that do not
by their terms end at the termination of employment of Executive. As used
herein, "Severance Amount" means (A) (i) a lump sum payment upon the date of
termination equal to $300,000 plus (ii) 4 equal quarterly installments of
$75,000, the first of which is payable 90 days after the date of termination,
except that if Employer raises more than $5 million in net proceeds from the
sale of equity or equity-linked securities before the date of termination, such
4 installments will be paid in one lump sum upon termination, or (B) if
Executive is terminated for Cause, a lump sum payment upon the date of
termination equal to $300,000.

           6.1 DISABILITY. If a physical or mental illness renders Executive
unable to perform his normal duties in connection with Employer for a period of
180 days (whether or not consecutive) out of any consecutive 365 days and that
the Board reasonably determines is reasonably expected to continue to render
Executive unable to perform such duties (a "DISABILITY"), Executive's employment
hereunder may be terminated by written notice of termination from Employer to
Executive. Executive agrees to submit to examinations from time to time by a
duly licensed physician, who shall be selected by Employer's Chief Executive
Officer, in connection with any actual or alleged Disability; provided, that
such physician shall be independent as to Employer and its affiliates (other
than Executive) and shall be a specialist in the area of Executive's alleged
Disability. If Executive's employment is terminated by Employer because of a
Disability, this Agreement will terminate in all respects, provided that
Employer shall pay to Executive or the personal representative of Executive (the
"BENEFICIARY"), as applicable, (i) any Base Salary through the date of
termination, (ii) the Severance Amount and (iii) any accrued Additional Benefits
that do not by their terms end at the Disability of Executive.

           6.2 DEATH. If Executive dies during the Term, this Agreement will
terminate in all respects, provided that Employer shall pay to the Beneficiary
(i) any Base Salary through the date of death, (ii) the Severance Amount and
(iii) any accrued Additional Benefits that do not by their terms end at the
death of Executive.

           6.3 FOR CAUSE. Executive's employment hereunder shall be terminated
and all of his rights to receive Base Salary and (subject to the terms of any
plans relating thereto) Additional Benefits hereunder in respect of any period
after such termination (other than the Severance Amount), shall terminate upon a
determination by the Board, acting in good faith based upon actual knowledge at
such time, that Executive (i) has engaged in unauthorized conduct that has or
will (in the reasonable judgment of the Board) result in significant harm to
Employer's business, financial condition or results of operations, or (ii) is
engaging or has engaged in willful or grossly negligent misconduct or a breach
of fiduciary duty involving personal profit, or (iii) has intentionally or
materially breached any of the provisions of this Agreement or any other
agreement with Employer (each of the above being a termination for "CAUSE").

                (A) Employer shall effect a termination for Cause by written
        notice to Executive specifying in reasonable detail the circumstances
        alleged by Employer that constitute a basis for termination for Cause
        and the specific provisions of Section 6.3

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        relied upon in effecting such termination. The date of such termination
        shall be the date ten (10) days after Employer gives such notice of
        termination to Executive. If the grounds for such termination are solely
        the grounds set forth in Section 6.3, then during such ten (10) day
        period, Executive shall be afforded an opportunity to discuss the basis
        for such termination with the Board, and Executive shall, at his
        election exercised in writing prior to the expiration of such ten (10)
        day period, be entitled to a period of not less than thirty (30) days
        after the date of such discussion to attempt to remedy or cure the
        conduct alleged to constitute such grounds and the harm caused thereby
        if in the good faith and reasonable judgment of the Board, such conduct
        and harm is capable of being remedied or cured within said thirty (30)
        day period. If, after the expiration of such cure period, the Executive
        has not in the good faith and reasonable judgment of the Board, remedied
        or cured the conduct alleged to constitute such grounds and the harm
        caused thereby, the termination for Cause shall be effective upon notice
        to Executive of such adverse Board judgment.

                (B) Such termination shall be without prejudice to any other
        remedy to which Employer may be entitled either at law, in equity, or
        under this Agreement.

           6.4 WITHOUT CAUSE. Employer may terminate Executive's employment
hereunder at any time upon 15 days prior written notice without cause. If
Employer exercises its right to terminate Employee without cause, Employer shall
only be obligated under this Agreement and its policies to pay to Executive (i)
any Additional Benefits accrued through the date of termination, (ii)
Executive's Base Salary through the end of the Term, and (iii) the Severance
Amount.

           6.5 NO LIMITATION. Employer's exercise of its right to terminate
shall be without prejudice to any other right or remedy to which it or any of
its affiliates may be entitled at law, in equity or under this Agreement.

           6.6 EXCLUSIVE REMEDY; RELEASE. Executive agrees that the payments
expressly provided and contemplated by this Agreement shall constitute the sole
and exclusive obligation of Employer in respect of Executive's employment with
and relationship to Employer and that the payment thereof shall be the sole and
exclusive remedy for any termination of Executive's employment. Executive
covenants not to assert or pursue any other remedies, at law or in equity, with
respect to any termination of employment. In connection with this Agreement and
in consideration hereof, Executive has executed the Release Agreement attached
hereto as Exhibit A (the "Release"). If Executive revokes the Release in
accordance with the terms thereof, this Agreement will automatically terminate
and be of no force or effect.

           6.7 MITIGATION. Executive shall not be required to mitigate or
attempt to mitigate damages under this Agreement.

        7. BUSINESS EXPENSES. During the Term, Employer shall, in accordance
with Employer's policy in effect from time to time, reimburse Executive promptly
for all reasonable and adequately documented business expenses which Executive
incurs in his reasonable judgment in connection with the services to be rendered
to Employer hereunder, including

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entertainment, travel, and transportation expenses incurred in pursuit and
furtherance of Employer's business and goodwill.

        8. NO SOLICITATION OF EMPLOYEES OR CLIENTS. Executive agrees that he
will not, directly or indirectly, for a period of 1 year from the termination of
this Agreement, solicit, entice, persuade, or induce any employee of Employer or
any client under contract with Employer to terminate his or her employment by,
or contract with, Employer or its subsidiaries, if any, or to refrain from
extending or renewing the same (upon the same or new terms) or to become
employed by or to enter into any agency contract with a person or business other
than Employer.

        9. DISPUTE RESOLUTION.

           9.1 GOVERNING LAW. This Agreement is to be interpreted in accordance
with the laws of the State of Oregon. Executive and Employer hereby expressly
consent to the personal jurisdiction of the state and federal courts located in
Oregon for any action or proceeding arising from or relating to this Agreement.

           9.2 ATTORNEYS' FEES AND COURT COSTS. If any suit or action arising
out of or related to this Agreement is brought by any party, the prevailing
party shall be entitled to recover the costs and fees (including without
limitation reasonable attorney fees, the fees and costs of experts and
consultants, copying, courier and telecommunication costs, and deposition costs
and all other costs of discovery) incurred by such party in such suit or action,
including without limitation any post-trial or appellate proceeding.

           9.3 EQUITABLE RELIEF. Executive acknowledges that Employer may not
have an adequate remedy at law in the event of any breach or threatened breach
by Executive of this Agreement pertaining to confidentiality or intellectual
property, and that Employer or its customers or suppliers may suffer irreparable
injury as a result. In the event of any such breach or threatened breach,
Executive hereby consents to the granting of injunctive relief without the
posting by Employer of any bond or other security.

        10. MISCELLANEOUS.

            10.1 SUCCESSION; SURVIVAL. This Agreement shall inure to the benefit
of and shall be binding upon Employer, its successors and assigns. The
obligations and duties of Executive hereunder are personal and otherwise not
assignable. Executive's obligations and representations under this Agreement
will survive the termination of Executive's employment, regardless of the manner
of such termination.

            10.2 NOTICES. Any notice or other communication provided for in this
Agreement shall be in writing and sent if to Employer to its principal office
at:

                 Corillian Corporation
                 3400 NW John Olsen Place
                 Hillsboro, OR 97124
                 Attention:  Erich J. Litch

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or at such other address as Employer may from time to time in writing designate,
and if to Executive at such address as Executive may from time to time in
writing designate (or Executive's business address of record in the absence of
such designation). Each such notice or other communication shall be effective
(i) if given by telecommunication, when transmitted to the applicable number so
specified in (or pursuant to) this Section 10.2 and an appropriate answerback is
received, (ii) if given by mail, three days after such communication is
deposited in the mails with first class postage prepaid, addressed as aforesaid
or (iii) if given by any other means, when actually delivered at such address.

           10.3 ENTIRE AGREEMENT; AMENDMENTS. This Agreement and the Release
contain the entire agreement of the parties relating to the subject matter
hereof and thereof and supersede any prior agreements, undertakings, commitments
and practices relating to Executive's employment by Employer and termination of
employment by Employer. No amendment or modification of the terms of this
Agreement or such other documents shall be valid unless made in writing and
signed by Executive and, on behalf of Employer, by an officer expressly so
authorized by the Board. It is expressly acknowledged by Employer that this
Agreement and the Release do not supersede, modify or affect in any manner the
Indemnification Agreement between Employer and Executive as it relates to
Executive's actions as a director or officer of Employer.

           10.4 WAIVER. No failure on the part of any party to exercise or delay
in exercising any right hereunder shall be deemed a waiver thereof or of any
other right, nor shall any single or partial exercise preclude any further or
other exercise of such right or any other right.

           10.5 EMPLOYER INFORMATION. Executive agrees that he will not, during
his employment with Employer, improperly use or disclose any proprietary
information or trade secrets of any former or concurrent employer or other
person or entity and that he will not bring onto the premises of Employer or its
affiliates any unpublished document or proprietary information belonging to any
such employer, person or entity, unless consented to in writing by such
employer, person or entity.

           10.6 PLACE OF EMPLOYMENT. Until the end of the Term, Executive's
residence and principal place for performing his obligations hereunder shall be
Portland, Oregon and vicinity (including Beaverton and Hillsboro); provided,
however, that Executive will be expected to engage in travel throughout the
United States and the world as Employer may reasonably request or as may be
required for the proper performance of services hereunder.

           10.7 SEVERABILITY. If this Agreement shall for any reason be or
become unenforceable in any material respect by any party, this Agreement shall
thereupon terminate and become unenforceable by the other party as well. In all
other respects, if any provision of this Agreement is held invalid or
unenforceable, the remainder of this Agreement shall nevertheless remain in full
force and effect. If any provision is held invalid or unenforceable with respect
to particular circumstances, it shall nevertheless remain in full force and
effect in all other circumstances to the fullest extent permitted by law and may
be modified by a court to make the provision consistent with applicable laws.

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           10.8 SECTION HEADINGS. Section and other headings contained in this
Agreement are for convenience of reference only and shall not affect in any way
the meaning or interpretation of this Agreement.

           10.9 COUNTERPARTS. This Agreement and any amendment hereto may be
executed in one or more counterparts. All of such counterparts shall constitute
one and the same agreement and shall become effective when a copy signed by each
party has been delivered to the other party.

           10.10 CONSTRUCTION. The parties hereto acknowledge that each party to
this Agreement is sophisticated and has been represented by counsel in
connection with this Agreement and the transactions contemplated by this
Agreement. Accordingly, no provision of this Agreement shall be construed
against any party on the ground that such party or its counsel drafted the
provision, and the parties hereby waive any statute or rule to the contrary.

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

                                        "EMPLOYER"

                                        CORILLIAN CORPORATION

                                        BY:
                                           ------------------------------------

                                        ITS:
                                            -----------------------------------

                                        "EXECUTIVE"

                                        TED SPOONER

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

                           Address:
                                        ---------------------------------------
                                        ---------------------------------------
                                        ---------------------------------------

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                                    EXHIBIT A

                                RELEASE AGREEMENT

        This Release Agreement (this "Agreement") is entered into this 7th day
of October, 2002, by and between Corillian Corporation, an Oregon corporation
(the "Company"), and Ted Spooner ("Employee").

                                    RECITALS

        A. The Company and the Employee have agreed upon the terms of the
termination of their employment relationship and as a condition to the Company's
entering into an employment agreement with Employee (the "Employment Agreement")
on the date hereof, Employee agreed to execute this Agreement.

        NOW, THEREFORE, for in consideration of the mutual promises contained
herein and the Employment Agreement, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties agree
as follows:

                                    AGREEMENT

           1. RELEASE. In consideration of payments to be made to Employee under
the Employment Agreement, Employee, on Employee's own behalf and on behalf of
Employee's descendants, dependents, heirs, executors, successors, assigns and
administrators hereby (1) covenants not to sue, (2) fully releases and
discharges, and (3) agrees to hold harmless the Company and each of its related
companies or entities, and each of its and their executors, administrators,
partners, predecessors, successors, assigns, officers, directors, shareholders,
representatives, attorneys, employees and agents, past and present, with respect
to and from and against any and all claims, demands, obligations, causes of
action, debts, expenses, damages, judgments, orders and liabilities of whatever
kind or nature, in law, equity or otherwise, whether now known or unknown,
suspected or unsuspected, matured or unmatured, and whether or not concealed or
hidden (collectively, the "Claims"), which Employee now owns or holds or has at
any time heretofore owned or held or had, or may at any time own or hold or
have, against the Company, including without limiting the generality of the
foregoing, any Claims arising out of or in any way connected with any
transactions, occurrences, acts or omissions regarding or relating to Employee's
employment with the Company or any of its affiliates, or the termination of
Employee's employment, including without limitation any claims arising from any
alleged violation by the Company of any federal, state or local statutes,
ordinances or common laws, including, but not limited to, the Age Discrimination
in Employment Act, Title VII of the Civil Rights Act of 1964 and/or the Civil
Rights Act of 1991, the Americans with Disabilities Act, and the Family and
Medical Leave Act of 1993, or any claim for severance pay, bonus, sick leave,
holiday pay, vacation pay, life insurance, health or medical insurance or any
other fringe benefit, workers' compensation or disability. The foregoing release
of Claims does not apply to any Claims based on a breach of the Company's
contractual obligations under the Employment Agreement. Employee further agrees
to indemnify and hold the Company and each of its related companies or entities,
and each of its predecessors, successors, assigns, officers,

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directors, shareholders, representatives, attorneys, employees and agents, past
and present, harmless from any claims, demands, deficiencies, levies,
assessments, executions, judgments or recoveries by any governmental entity
against the Company, or any of the foregoing persons or entities, pursuant to
claims made under any federal or state tax laws, and any costs, expenses or
damages sustained by them by reason of any such claims, including any amounts
paid by the Company, its predecessors, officers, directors, employees,
attorneys, representatives, successors and assigns as taxes, attorneys' fees,
deficiencies, levies, assessments, fines, penalties, interest or otherwise. The
foregoing does not preclude Employee from seeking indemnification from the
Company or its insurers (including without limitation insurers for Directors and
Officers Liability Insurance) if a claim is brought against Employee by any
third party based on actions of Employee within the course and scope of his
employment or position as an officer or Board of Directors member.

           2. ADEA WAIVER. Employee expressly acknowledges and agrees that, by
entering into this Agreement, Employee is waiving any and all rights or claims
that Employee may have arising under the Age Discrimination in Employment Act of
1967, as amended, which have arisen on or before the date of execution of this
Agreement. Employee further expressly acknowledges and agrees to the following:

           2.1. CONSIDERATION. In return for this Agreement, Employee will
           receive consideration beyond that which Employee was already entitled
           to receive before entering into this Agreement.

           2.2. COUNSEL. Employee was orally advised by Company and was advised
           in writing to consult with an attorney before signing this Agreement.

           2.3. PERIOD TO CONSIDER AND REVOCATION. Employee has the right to
           take up to 21 days to consider and accept the terms of this Release.
           Employee may accept in less time by signing and delivering the
           Agreement to Employer. Employee has the right to revoke this
           Agreement within seven (7) days of the date of execution of the
           Release. To be effective, Employee must deliver a timely and written
           revocation notice to Employer.

           3. WAIVER OF KNOWN AND UNKNOWN CLAIMS. In executing this Agreement,
Employee intends to bar each and every claim, demand and cause of action
specified above; in furtherance of this intention Employee hereby expressly
waives any and all rights and benefits conferred upon Employee by any statutory
provision and expressly agrees that this Agreement will be given full force and
effect according to each and all of its express terms and provisions. This
Agreement extends to unknown and unsuspected claims, demands and causes of
action, if any, as well as to those relating to any other claims, demands and
causes of action hereinabove specified. Employee makes this waiver with full
knowledge of Employee's rights, after adequate opportunity to consult with legal
counsel.

Employee acknowledges that Employee may hereafter discover claims or facts in
addition to or different from those which Employee now knows or believes to
exist with respect to the subject matter of this Agreement, and which, if known
or suspected at the time of executing this Agreement may have materially
affected this settlement. Nevertheless, Employee hereby waives

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any right, claim or cause of action that might arise as a result of such
different or additional claims or facts. Employee hereby understands and
acknowledges the significance and consequence of such release and waiver.

Notwithstanding such provision, this Agreement constitutes a full release in
accordance with its terms. Employee knowingly and voluntarily waives the
provisions of any statute, law, or rule that would operate to limit the waiver
and release provided for by this Agreement, and acknowledges and agrees that
this waiver is an essential and material term of this Agreement, and without
such waiver the severance payments to Employee would not have been paid.

           4. INDEMNIFICATION. Employee warrants and represents that Employee
has not previously assigned or transferred to any person not a party to this
Agreement, any released matter or any part or portion thereof and Employee will
defend, indemnify and hold harmless the Company from and against any claim
(including the payment of attorneys' fees and costs actually incurred whether or
not litigation is commenced) based on or in connection with or arising out of
any such assignment or transfer made, purported or claimed.

           5. GENERAL PROVISIONS.

           5.1. DISCLAIMER OF LIABILITY. While this Agreement resolves all
           issues between the parties, as well as any future effects and
           consequences of any acts or omissions, it does not constitute an
           admission by any of the parties of any liability or wrongdoing.
           Nothing in this Agreement or any related document will be construed
           or admissible in any proceeding as evidence of liability or
           wrongdoing by the Company or Employee.

           5.2. ADDITIONAL DOCUMENTATION AND COOPERATION WITH FURTHER
           PROCEEDINGS. From time to time and without charge or other
           consideration, the parties will execute such additional
           documentation, take any actions and cooperate in further proceedings
           in connection with carrying out and effectuating the intent and
           purpose of this Agreement and all transactions and things
           contemplated by this Agreement.

           5.3. ASSIGNMENT. This Agreement is a personal contract, and the
           rights, interests and obligations of Employee under this Agreement
           may not be sold, transferred, assigned, pledged or hypothecated,
           except that this Agreement may be assigned by the Company to any
           corporation or other business entity that succeeds to all or
           substantially all of the business of the Company through merger,
           consolidation, corporate reorganization or by acquisition of all or
           substantially all of the assets of the Company and that assumes the
           Company's obligations under this Agreement. The terms and conditions
           of this Agreement will inure to the benefit of and be binding upon
           any successor to the business of the Company and Employee's heirs and
           legal representatives.

           5.4. AMENDMENTS; WAIVERS. Amendments, waivers, demands, consents and
           approvals under this Agreement must be in writing and designated as
           such. No failure or delay in exercising any right will be deemed a
           waiver of such right.

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           5.5. INTEGRATION. This Agreement is the entire agreement between the
           parties pertaining to its subject matter, and supersedes all prior
           agreements and understandings of the parties in connection with such
           subject matter.

           5.6. GOVERNING LAW. This Agreement is to be interpreted in accordance
           with the laws of the State of Oregon.

           5.7. HEADINGS. Headings of sections are for convenience only and are
           not a part of this Agreement.

           5.8. COUNTERPARTS. This Agreement may be executed in one or more
           counterparts, all of which constitute one agreement.

           5.9. SUCCESSORS AND ASSIGNS. This Agreement is binding upon and
           inures to the benefit of each party and such party's respective
           heirs, personal representatives, successors and assigns. Nothing in
           this Agreement, express or implied, is intended to confer any rights
           or remedies upon any other person.

           5.10. INTERPRETATION. This Agreement is to be construed as a whole
           and in accordance with its fair meaning. Any rule of law or any legal
           decision that would require interpretation of any claimed ambiguities
           in this Agreement against the party that drafted it, has no
           application and is expressly waived.

           5.11. TIME IS OF THE ESSENCE. Time is of the essence in the
           performance of each and every term, provision and covenant in this
           Agreement.

                                       13
<PAGE>

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

                                      "Company"

                                      CORILLIAN CORPORATION

                                      By
                                         --------------------------------------

                                      Its
                                         --------------------------------------

                                      "Employee"

                                      -----------------------------------------
                                      Ted Spooner

                                       14<PAGE>

                                                                   EXHIBIT 10.4

                               FIRST AMENDMENT TO
                              EMPLOYMENT AGREEMENT

           THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment") is
entered into as of October 7, 2002, by and between Corillian Corporation, an
Oregon corporation ("EMPLOYER"), and Alex Hart ("EXECUTIVE") and amends the
Employment Agreement between Employer and Executive, dated as of January 23,
2000 (the "Agreement").

                                   WITNESSETH:

           WHEREAS, Employer and Executive desire to amend the Agreement on the
terms set forth below.

           NOW, THEREFORE, in consideration of the mutual promises and covenants
herein contained, the parties agree as follows:

        1. AMENDMENTS.

           Section 2 of the Agreement is amended in its entirety to read as
           follows:

           "Employer and Executive agree that, subject to the provisions of this
           Agreement, Employer will employ Executive and Executive will serve
           Employer as President of Employer for the Term (as hereinafter
           defined). Executive shall also serve Employer as interim Chief
           Executive Officer until Employer appoints another Chief Executive
           Officer, which may or may not be Executive. Executive will report to
           the Board and, if Employer appoints a Chief Executive Officer other
           than Executive, then Executive shall thereafter report to Employer's
           Chief Executive Officer. Executive agrees to observe and comply with
           the reasonable rules and regulations of Employer respecting the
           performance of Executive's duties and agrees to carry out and perform
           the reasonable orders, directions and policies of Employer and its
           Board as they may be, from time to time, stated either orally or in
           writing. Except as specifically provided otherwise in this Agreement,
           Executive shall comply with all of the reasonable policies and
           procedures adopted by Employer (as the same may be amended from time
           to time by Employer). Executive shall also retain his position as a
           member of the Board of Directors of Employer."

           Section 6.4(B) of the Agreement is hereby amended in its entirety as
           follows:

           "Employer may terminate Executive's employment hereunder at any time
           without cause. Upon a termination of Executive's employment by
           Employer without cause hereunder, 50% of the then-unvested portion of
           any and all stock options then held by Executive shall vest
           immediately (all stock option agreements with Executive are hereby
           amended to reflect the foregoing to the extent necessary) and
           Employer shall pay to Executive any Additional Benefits and Base
           Salary accrued through the date of termination plus one year's Base
           Salary."

           Section 7 of the Agreement is amended in its entirety as follows:

                                       1
<PAGE>

           "Executive will be entitled to terminate his employment hereunder at
           any time upon a Change in Management. "CHANGE IN MANAGEMENT" means
           Employer removes Executive as acting Chief Executive Officer of
           Employer (whether by removal of the title "Chief Executive Officer"
           or a material change in job duties, status or authority) (or its
           Successor Corporation after a Corporate Transaction [each as defined
           in Employer's 2000 Stock Incentive Compensation Plan]). If Executive
           terminates his employment within 90 days of a Change in Management,
           or if Employer terminates Executive's employment within 90 days of a
           Change in Management, then 50% of the then-unvested portion of any
           and all stock options will vest immediately (all stock option
           agreements with Executive are hereby amended to reflect the foregoing
           to the extent necessary) and Employer will pay Executive as severance
           any Additional Benefits and Base Salary accrued through the date of
           termination plus one year's Base Salary. In such event and at
           Employer's election (in its sole discretion), Executive's receipt of
           severance and accelerated vesting will be conditioned upon Executive
           continuing in his role with Employer (or its Successor Corporation)
           for a transition period not to exceed 90 days after termination.
           Executive's compensation and benefits during such period will remain
           the same as immediately before such period. After the conclusion of
           such period, if any, Executive will be free to pursue alternative
           employment."

        2. GENERAL.

           Except as expressly set forth above, all other terms and conditions
of the Agreement remain in full force and effect and are not modified in any
manner by this Amendment. This Amendment is incorporated into and made a part of
the Agreement.

                 [THE REST OF THIS PAGE IS INTENTIONALLY BLANK]

                                       2
<PAGE>

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

                                     "EMPLOYER"

                                     CORILLIAN CORPORATION

                                     BY:
                                        ---------------------------------------

                                     ITS:
                                         --------------------------------------

                                     "EXECUTIVE"

                                     ALEX HART

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

                                        3

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