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Prepared and filed by St Ives Burrups
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<p align="center"><font size=2 face="serif">As filed with the Securities and Exchange Commission on December 19, 2003<br>
  Registration No. 333-</font></p>
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<p align="center"><font size=3 face="serif"><b>SECURITIES AND EXCHANGE COMMISSION</b></font><br>
<font size=2 face="serif"><b>Washington, D.C. 20549</b></font></p>
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<font size=2 face="serif"><b>FORM S-8<br>
REGISTRATION STATEMENT<br>
UNDER<br>
THE SECURITIES ACT OF 1933</b></font></p>
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<font size=3 face="serif"><b>NET2PHONE, INC.</b></font><br>
<font size=2 face="serif">(Exact Name of Registrant as Specified in its Charter)</font></p>
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   <td align="center">&nbsp;&nbsp;&nbsp;<font size=2 face="serif">Delaware</font></td>
   <td width="50%" align="center"><font size=2 face="serif">22-3559037</font></td>
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   <td align="center"><font size=2 face="serif">(State of Incorporation)</font></td>
   <td align="center"><font size=2 face="serif">(I.R.S. Employer Identification No.)</font></td>
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<p align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">520 Broad Street<br>
Newark, New Jersey 07102<br>
(Address of Principal Executive Offices) (Zip Code)</font></p>
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<font size=4 face="serif"><b>Net2Phone, Inc. 1999 Amended and Restated Stock
Option and <br>
Incentive Plan</b></font><br>
<font size=2 face="serif">(Full Title of the Plan)</font></p>
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<p align="center">
<font size=2 face="serif">Stephen M. Greenberg<br>
 Net2Phone, Inc., Chief Executive Officer<br>
520 Broad Street, Newark, New Jersey 07102<br>
(973) 438-3111<br>
(Name, address and telephone number, including area code, of agent for service)</font></p>
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   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Proposed Maximum</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Amount of</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
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<tr>
   <td><font size=2 face="serif">Title of Securities</font></td>
   <td><font size=2 face="serif">Amount to be</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Offering Price</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Aggregate Offering</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Registration</font></td>
   <td>&nbsp;</td>
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   <td><font size=2 face="serif">to be Registered</font></td>
   <td><font size=2 face="serif">Registered (1)</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Per Share (2)</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Price (2)</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Fee (3)</font></td>
   <td>&nbsp;</td>
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   <td>&nbsp;</td>
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   <td><font size=2 face="serif">Common Stock ,</font></td>
   <td width="17%"><font size=2 face="serif">2,000,000</font></td>
   <td width="2%">&nbsp;</td>
   <td width="17%"><font size=2 face="serif">$5.82</font></td>
   <td width="2%">&nbsp;</td>
   <td width="17%"><font size=2 face="serif">$11,640,000</font></td>
   <td width="2%">&nbsp;</td>
   <td width="15%"><font size=2 face="serif">$942.00</font></td>
   <td width="2%">&nbsp;</td>
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   <td><font size=2 face="serif">$0.01 par value</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
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   <td colspan=8><hr noshade size=2></td>
   <td>&nbsp;</td>
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   <td colspan="2" valign="top"><font size=2 face="serif">(1)&nbsp;</font><font size=2 face="serif">In the event of a stock split, stock dividend, or similar transaction involving the Registrant&#146;s common
stock, in order to prevent dilution, the number of shares registered shall be automatically increased to cover
the additional shares in accordance with Rule 416(a) under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;).</font></td>
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   <td colspan="2" valign="top"><font size=2 face="serif">(2)</font><font size=2 face="serif">&nbsp;Estimated solely for the purpose of calculating the amount of the
   registration fee, pursuant to Rules 457(c) and 457(h) of the Securities Act, on the basis of the average high and low
   prices of the Registrant&#146;s common stock on December 16, 2003.</font></td>
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   <td colspan="2" valign="top"><font size=2 face="serif">(3)&nbsp;</font><font size=2 face="serif">Pursuant to Rule 429 of the Securities Act, a combined prospectus, relating to
   the 2,000,000 shares of common stock registered hereby, the 2,000,000 shares of common stock registered pursuant
   to the registration statement filed on December 3, 2001 (Registration No. 333-74354), the 5,370,218 shares of
   common stock registered pursuant to the registration statement filed on December 5, 2000 (Registration
   No. 333-51248), and the 9,569,782 shares of common stock registered pursuant to the registration
   statement filed on August 26, 1999 (Registration No. 333-85945), will be delivered to plan participants in
   accordance with Form S-8 and Rule 428 of the Securities Act. The previously-paid filing fees associated
   with the 2,000,000 shares registered under the registration statement filed on December 3, 2001, the
   5,370,218 shares registered under the registration statement filed on December 5, 2000, and the 9,569,782
   shares registered under the registration statement filed on August 26, 1999 totaled $2,682, $17,921 and
   $71,671, respectively.</font></td>
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  <td width="3%" valign="top">&nbsp;</td>
  <td align="left">&nbsp;</td>
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<div align="center"><br>
    <font size=2 face="serif">EXPLANATORY NOTE </font>
</div>
<div style="text-indent: 3%"><p><font size=2 face="serif">This Form S-8 Registration Statement incorporates by reference the Form S-8 registration statements filed by Net2Phone, Inc. on December 3, 2001, December 5, 2000 and August 26, 1999
(collectively, the &#147;Original Filings&#148;). Any items in the Original Filings not expressly changed hereby shall be as set forth in the Original Filings. </font></p></div>
<p align="center">
<font size=2 face="serif">PART I </font></p>
<p align="center">
<font size=2 face="serif">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS </font></p>
<p>
<font size=2 face="serif">Item 1. Plan Information </font></p>
<div style="text-indent: 3%"><p><font size=2 face="serif">The documents containing
      the information specified in Item 1 of Part I will be delivered to participants
      in the plan covered by this registration statement, in accordance with
      Form S-8 and Rule 428 under the Securities Act of 1933, as amended (the
      &#147;Securities Act&#148;). Such documents are not required to be, and are
      not, filed with the Securities and Exchange Commission (&#147;Commission&#148;)
      either as part of this registration statement or as prospectuses or prospectus
      supplements pursuant to Rule 424. These documents and the documents incorporated
      by reference into this registration statement pursuant to Item 3 of Part
      II of this registration statement, taken together, constitute a
prospectus that meets the requirements of Section 10(a) of the Securities Act. </font></p>
</div>
<p>
<font size=2 face="serif">Item 2. Registrant Information and Employee Plan Annual Information. </font></p>
<div style="text-indent: 3%"> <font size=2 face="serif">Upon written or oral
    request, any of the documents incorporated by reference in Item 3 of Part
    II of this registration statement (which documents are incorporated by reference
    in the Section 10(a) prospectus), other documents required to be delivered
    to eligible employees pursuant to Rule 428(b) or additional information about
    the Net2Phone, Inc. 1999 Amended and Restated Stock Option and Incentive
    Plan are available without charge by contacting: </font> </div>
<p>&nbsp;</p>
<p align="center">
<font size=2 face="serif">Human Resources Department<br>
Net2Phone, Inc.<br>
</font>&nbsp;<font size=2 face="serif">520 Broad Street<br>
Newark, New Jersey 07102<br>
(973) 438-3111 </font></p>
<p align="center">
<font size=2 face="serif">PART II </font>
<br>
<font size=2 face="serif">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </font></p>
<p>
<font size=2 face="serif">Item 3. Incorporation of Documents by Reference. </font></p>
<div style="text-indent: 3%">
  <p><font size=2 face="serif">The Commission allows
      us to incorporate by reference the information we file with them, which
      means that we can disclose important information to you by referring you
      to those
      documents. The information incorporated by reference is an important part
      of this registration statement, and information that we file later with
      the Commission will automatically update and supersede this information.
      We incorporate
      by reference the documents listed below and any future filings made with
      the Commission under Sections 13(a), 13(c), 14, or 15(d) of the Securities
      and Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) (other
      than current reports on Form 8-K furnished pursuant to Items 9 and 12 of
      Form 8-K), until such time as this registration statement is no longer
      in effect: </font></p>
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  <td width="3%">&nbsp;</td>
   <td width="3%"><font size=2 face="serif">(a) </font></td>
   <td><font size=2 face="serif">Our Annual Report on Form 10-K for
    the fiscal year ended July 31, 2003;</font></td>
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  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
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  <td>&nbsp;</td>
  <td><font size=2 face="serif">(b)</font></td>
  <td><font size=2 face="serif">Our Quarterly Report on Form 10-Q for the fiscal
    quarter ended October 31, 2003; and</font></td>
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   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
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  <td>&nbsp;</td>
  <td valign="top"><font size=2 face="serif">(c)</font></td>
  <td><font size=2 face="serif">The description of our common stock contained
    in our Registration Statement on Form 8-A filed with the Commission on July
    20,1999, including any amendment or report filed for the purpose of updating
    such description.</font></td>
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<font size=2 face="serif">Item 4.&nbsp;&nbsp;Description of Securities.</font></p>
<div style="margin-left: 6%; text-indent: -3%"><font size="2">Not applicable.</font></div>
<p>
<font size=2 face="serif">Item 5. Interests of Named Experts and Counsel.</font></p>
<div style="text-indent: 3%">
  <p><font size="2">Ernst &amp; Young LLP, independent auditors, have
    audited our consolidated financial statements and schedule included in our
    Annual Report on Form 10-K for the year ended July 31, 2003, as set forth in
    their report, which is incorporated by reference in the registration statement.
    Our financial statements and schedule are incorporated by reference in reliance
    on Ernst &amp; Young LLP&#146;s report, given on their authority as experts
    in accounting and auditing. </font></p>
  <p><font size="2">Bruce D. Shoulson, who has rendered an opinion
          as to the validity of the common stock being registered by this registration
          statement and other legal matters, is an executive officer of Net2Phone,
          Inc. </font></p>
  </div>
  <p><font size=2 face="serif">Item 6. Indemnification of Directors and Officers. </font></p>
  <div style="text-indent: 3%">
    <p><font size="2" face="serif">Our certificate of
        incorporation contains a provision that is designed to limit directors&#146; liability
        to the extent permitted by the Delaware General Corporation Law. Specifically,
        directors will not be held liable to us or our stockholders for monetary
        damages for any breach of fiduciary duty as a director, except for liability
        as a result of: </font></p>
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  <td width="3%">&nbsp;</td>
   <td width="3%"><b>&#149;</b></td>
   <td><font size=2 face="serif">any breach of the duty of loyalty to us or our stockholders;</font></td>
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  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
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  <td>&nbsp;</td>
   <td><b>&#149;</b></td>
   <td align="center"><div align="left"><font size=2 face="serif">actions or
         omissions not in good faith or which involve intentional misconduct
       or a knowing violation of law;</font></div></td>
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  <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
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  <td>&nbsp;</td>
   <td valign="top"><b>&#149;</b></td>
   <td><font size=2 face="serif">payment of an improper dividend or improper
       repurchase of our stock under Section 174 of the Delaware General Corporation
       Law; or</font></td>
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  <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
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  <td>&nbsp;</td>
   <td><font size=2 face="sans-serif"><b>&#149;</b></font></td>
   <td><font size=2 face="serif">actions or omissions pursuant to which the director received an improper personal benefit.</font></td>
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<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">The principal effect of the limitation of liability provision is that a stockholder is unable to prosecute an action for monetary damages against a director of ours unless the stockholder can
demonstrate one of the specified bases for liability. The provision, however, does not eliminate or limit director liability arising in connection with causes of action brought under the federal securities laws. The certificate of incorporation does
not eliminate a director&#146;s duty of care. The inclusion of this provision in the certificate of incorporation may discourage or deter stockholders or management from bringing a lawsuit against directors for a breach of their fiduciary duties,
even though such an action, if successful, might otherwise have benefited us and our stockholders. This provision should not affect the availability of equitable remedies such as injunction or rescission based upon a director&#146;s breach of the
duty of care. </font></p>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">The bylaws also provide that we will indemnify our directors and officers, and may indemnify any of our employees and agents, to the fullest extent permitted by Delaware law. We are generally
required to indemnify our directors and officers for all judgments, fines, penalties, settlements, legal fees and other expenses incurred in connection with pending, threatened or completed legal proceedings because of the director&#146;s or
officer&#146;s position with us or another entity that the director or officer serves at our request, subject to certain conditions, and to advance funds to its directors and officers to enable them to defend against such proceedings. </font></p>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">At present, there is no pending or threatened litigation or proceeding involving any director or officer, employee or agent of ours where such indemnification will be required or permitted.
</font></p>

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<font size=2 face="serif">Item 7.&nbsp; &nbsp;Exemption from Registration Claimed.</font></p>
<div style="margin-left: 6%; text-indent: -3%"><font size="2">Not applicable</font>.</div>
<p>
<font size=2 face="serif">Item 8.&nbsp;&nbsp;Exhibits. </font></p>
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   <td width="6%"><font size=2 face="serif">Exhibit</font></td>
   <td width="4%">&nbsp;</td>
   <td>&nbsp;</td>
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   <td><font size=2 face="serif">Number</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Description</font></td>
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   <td>&nbsp;</td>
   <td><hr align="left" width="10%" size=1 noshade></td>
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   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
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   <td><font size=2 face="serif">5.1</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Opinion of Bruce D. Shoulson, General Counsel of Net2Phone, Inc.</font></td>
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   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
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   <td><font size=2 face="serif">10.1</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Net2Phone, Inc. 1999 Amended and Restated Stock Option and Incentive Plan</font></td>
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   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
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   <td><font size=2 face="serif">23.1</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Consent of Bruce D. Shoulson (included in Exhibit 5.1)</font></td>
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   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
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   <td><font size=2 face="serif">23.2</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Consent of Ernst &amp; Young LLP, Independent Auditors</font></td>
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   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
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   <td><font size=2 face="serif">24.1</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Power of Attorney (included in signature page)</font></td>
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<p><font size=2 face="serif">Item 9. Undertakings.</font></p>
  <div style="text-indent: 3%">
    <p><font size="2">The undersigned Registrant hereby undertakes:</font></p>
  </div>
    <div style="margin-left: 6%">
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        <tr>
          <td><font size="2">(1) to file, during any period in which offers or
              sales are being made, a post-effective amendment to
              this registration statement to include any material information
              with respect to the plan of distribution
              not previously disclosed in the registration statement or any material
              change to such information in the registration statement;</font></td>
        </tr>
        <tr>
          <td>&nbsp;</td>
        </tr>
        <tr>
          <td><font size=2 face="serif">(2) that, for the purpose of determining
              any liability under the Securities Act of 1933, each such post-effective
              amendment shall be deemed to be a new registration statement relating
              to the securities offered therein, and the offering of such securities
              at that time shall be deemed to be the initial bona fide offering
              thereof;</font></td>
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          <td>&nbsp;</td>
        </tr>
        <tr>
          <td><font size=2 face="serif">(3) to remove from registration by means
              of a post-effective amendment any of the securities being registered
              which remain unsold at the termination of the offering.</font></td>
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          <td>&nbsp;</td>
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      </div>
  <div style="text-indent: 3%">
    <p><font size="2">The undersigned Registrant hereby
        undertakes that, for purposes of determining any liability under the
        Securities Act of 1933 and, where applicable, each filing of an employee
        benefit plan&#146;s annual
      report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange
      Act of 1934) that is incorporated by reference in the registration statement
      shall be deemed to be a new registration statement relating to the securities
      offered therein, and the offering of such securities at that time shall
        be deemed to be the initial bona fide offering thereof. </font></p>
    <p><font size="2">Insofar as the
          indemnification for liabilities
          arising under the Securities Act may be permitted to directors, officers
          and controlling persons of the Registrant pursuant to the foregoing
        provisions, or otherwise, the Registrant has been advised that in the
        opinion of
          the Commission such indemnification is against public policy as expressed
          in
          the Securities Act and is, therefore, unenforceable. In the event that
          a claim for indemnification against such liabilities (other than the
          payment by the Registrant of expenses incurred or paid by a director,
          officer or
          controlling person of the Registrant in a successful defense of any
        action, suit or proceeding) is asserted by such director, officer or
        controlling
          person in connection with the securities being registered hereunder,
          the Registrant will, unless in the opinion of its counsel the question
          has
          already been settled by controlling precedent, submit to a court of
        appropriate jurisdiction the question of whether such indemnification
        by it is against
          public policy as expressed in the Securities Act and will be governed
          by the final adjudication of such issue. </font></p>
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<font size=2 face="serif">SIGNATURES</font></p>
<div style="text-indent: 3%"><font size="2">Pursuant to the requirements of the Securities Act
  of 1933, the registrant certifies that it has reasonable grounds to believe
  that it meets all of the requirements for filing on Form S-8 and has duly caused
  this registration statement to be signed on its behalf by the undersigned,
  thereunto duly authorized, in the City of Newark, State of New Jersey, on this
  18th day of December, 2003. </font></div>
<p><font size=2 face="serif"></font></p>
<div style="margin-left: 60%">
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    <tr>
      <td><font size=2 face="serif">NET2PHONE, INC.</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><font size=2 face="serif"><u>/s/ Stephen M. Greenberg</u></font></td>
    </tr>
    <tr>
      <td><font size=2 face="serif">Stephen M. Greenberg</font></td>
    </tr>
    <tr>
      <td><font size=2 face="serif">Chief Executive Officer</font></td>
    </tr>
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</div>
<p align="center">
<font size=2 face="serif">POWER OF ATTORNEY </font></p>
<div style="text-indent: 3%">
  <p><font size=2 face="serif">KNOW ALL PERSONS BY THESE
      PRESENTS, that each person whose signature appears below constitutes and
      appoints Stephen M. Greenberg and Arthur Dubroff, jointly and severally,
      his attorneys-in-fact and agents, each with the power of substitution and
      resubstitution, for him or her and in his name, place or stead, in any and
      all capacities, to sign any amendments to this Registration Statement on
      Form S-8, and to file such amendments, together with exhibits and other documents
      in connection therewith, with the Securities and Exchange Commission, granting
      to each attorney-in-fact and agent, full power and authority to do and perform
      each and every act and thing requisite and necessary to be done in and about
      the premises, as fully as he or she might or could do in person, and ratifying
      and confirming all that the attorney-in-facts and agents, or his substitute
      or substitutes, may do or cause to be done by virtue hereof. </font></p>
</div>
<div style="text-indent: 3%">
  <p><font size=2 face="serif">Pursuant to the requirements
      of the Securities Act of 1933, this registration statement has been signed
      by the following persons in the capacities and on the dates indicated. </font></p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
<tr>
   <td><font size=2 face="serif">Signature</font></td>
   <td width="38%"><font size=2 face="serif">Title</font></td>
   <td width="26%"><font size=2 face="serif">Date</font></td>
</tr>
<tr>
   <td colspan=3><hr noshade size=1></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ Stephen M. Greenberg</u></font></td>
   <td><font size=2 face="serif">Chief Executive Officer</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Stephen M. Greenberg</font></td>
   <td><font size=2 face="serif">(Principal Executive</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
  <td>&nbsp;</td>
  <td><font size=2 face="serif">Officer) and Director</font></td>
  <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ Arthur Dubroff</u></font></td>
   <td><font size=2 face="serif">Chief Financial Officer</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Arthur Dubroff</font></td>
   <td><font size=2 face="serif">(Principal Accounting and</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Financial Officer)</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ Howard S. Jonas</u></font></td>
   <td><font size=2 face="serif">Chairman of the Board</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Howard S. Jonas</font></td>
   <td><font size=2 face="serif">and Director</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ James A. Courter</u></font></td>
   <td><font size=2 face="serif">Director</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">James A. Courter</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ Marc J. Oppenheimer</u></font></td>
   <td><font size=2 face="serif">Director</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Marc J. Oppenheimer</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
</table>

<hr noshade align="center" width="100%" size=2>

<div style="page-break-before:always"></div>
<page>
<p><a name="page_6"></a>
</p>
<p>&nbsp; </p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td><font size=2 face="serif">Signature</font></td>
    <td><font size=2 face="serif">Title</font></td>
    <td><font size=2 face="serif">Date</font></td>
  </tr>
  <tr>
    <td colspan=3><hr noshade size=1>
    </td>
  </tr>
<tr>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ Harry C.
       McPherson</u></font></td>
   <td width="38%"><font size=2 face="serif">Director</font></td>
   <td width="26%"><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Harry C. McPherson, Jr.</font> </td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ James
       R. Mellor</u></font></td>
   <td><font size=2 face="serif">Director</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">James R. Mellor</font> </td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ Stephen
       Goldsmith</u></font></td>
   <td><font size=2 face="serif">Director</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Stephen Goldsmith</font> </td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ Daniel
       H. Schulman</u></font></td>
   <td><font size=2 face="serif">Director</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Daniel H. Schulman</font> </td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ Joyce J. Mason</u></font></td>
   <td><font size=2 face="serif">Director</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Joyce J. Mason</font> </td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ Stephen R. Brown</u></font></td>
   <td><font size=2 face="serif">Director</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Stephen R. Brown</font> </td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
   <td><font size=2 face="serif">Director</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Anthony G. Werner</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ Jesse P. King</u></font><u> </u></td>
   <td><font size=2 face="serif">Director</font></td>
   <td><font size=2 face="serif">December 18, 2003</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Jesse P. King</font> </td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>/s/ Michael
       J. Weiss</u></font></td>
   <td><font size=2 face="serif">Director</font></td>
   <td><font size=2 face="serif">December 18, 2002</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Michael J. Weiss</font> </td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
</table>

<hr noshade align="center" width="100%" size=2>

<div style="page-break-before:always"></div>
<page>
<p><a name="page_7"></a>
</p>
<p align="center"><font size=2 face="serif">INDEX TO EXHIBITS</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
<tr>
   <td width="6%"><font size=2 face="serif">Exhibit</font></td>
   <td width="4%">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif">Number</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Description</font></td>
</tr>
<tr>
   <td><hr width="100%" size=1 noshade></td>
   <td>&nbsp;</td>
   <td><hr align="left" width="10%" size=1 noshade></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif">5.1</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Opinion of Bruce D. Shoulson, General Counsel of Net2Phone, Inc.</font></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif">10.1</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Net2Phone, Inc. 1999 Amended and Restated Stock Option and Incentive Plan</font></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif">23.1</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Consent of Bruce D. Shoulson (included in Exhibit 5.1)</font></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif">23.2</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Consent of Ernst &amp; Young LLP, Independent Auditors</font></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif">24.1</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Power of Attorney (included in signature page)</font></td>
</tr>
</table>
<hr noshade align="center" width="100%" size=2>
</body>
</html>
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Prepared and filed by St Ives Burrups
As filed with the Securities and Exchange Commission on December 19, 2003
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
NET2PHONE, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
22-3559037
(State of Incorporation)
(I.R.S. Employer Identification No.)
520 Broad Street
Newark, New Jersey 07102
(Address of Principal Executive Offices) (Zip Code)
Net2Phone, Inc. 1999 Amended and Restated Stock
Option and
Incentive Plan
(Full Title of the Plan)
Stephen M. Greenberg
Net2Phone, Inc., Chief Executive Officer
520 Broad Street, Newark, New Jersey 07102
(973) 438-3111
(Name, address and telephone number, including area code, of agent for service)
Proposed Maximum
Amount of
Title of Securities
Amount to be
Offering Price
Aggregate Offering
Registration
to be Registered
Registered (1)
Per Share (2)
Price (2)
Fee (3)
Common Stock ,
2,000,000
$5.82
$11,640,000
$942.00
$0.01 par value
(1)
In the event of a stock split, stock dividend, or similar transaction involving the Registrant's common
stock, in order to prevent dilution, the number of shares registered shall be automatically increased to cover
the additional shares in accordance with Rule 416(a) under the Securities Act of 1933, as amended (the
"Securities Act").
(2)
Estimated solely for the purpose of calculating the amount of the
   registration fee, pursuant to Rules 457(c) and 457(h) of the Securities Act, on the basis of the average high and low
   prices of the Registrant's common stock on December 16, 2003.
(3)
Pursuant to Rule 429 of the Securities Act, a combined prospectus, relating to
   the 2,000,000 shares of common stock registered hereby, the 2,000,000 shares of common stock registered pursuant
   to the registration statement filed on December 3, 2001 (Registration No. 333-74354), the 5,370,218 shares of
   common stock registered pursuant to the registration statement filed on December 5, 2000 (Registration
   No. 333-51248), and the 9,569,782 shares of common stock registered pursuant to the registration
   statement filed on August 26, 1999 (Registration No. 333-85945), will be delivered to plan participants in
   accordance with Form S-8 and Rule 428 of the Securities Act. The previously-paid filing fees associated
   with the 2,000,000 shares registered under the registration statement filed on December 3, 2001, the
   5,370,218 shares registered under the registration statement filed on December 5, 2000, and the 9,569,782
   shares registered under the registration statement filed on August 26, 1999 totaled $2,682, $17,921 and
   $71,671, respectively.
EXPLANATORY NOTE
This Form S-8 Registration Statement incorporates by reference the Form S-8 registration statements filed by Net2Phone, Inc. on December 3, 2001, December 5, 2000 and August 26, 1999
(collectively, the "Original Filings"). Any items in the Original Filings not expressly changed hereby shall be as set forth in the Original Filings.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information
The documents containing
      the information specified in Item 1 of Part I will be delivered to participants
      in the plan covered by this registration statement, in accordance with
      Form S-8 and Rule 428 under the Securities Act of 1933, as amended (the
      "Securities Act"). Such documents are not required to be, and are
      not, filed with the Securities and Exchange Commission ("Commission")
      either as part of this registration statement or as prospectuses or prospectus
      supplements pursuant to Rule 424. These documents and the documents incorporated
      by reference into this registration statement pursuant to Item 3 of Part
      II of this registration statement, taken together, constitute a
prospectus that meets the requirements of Section 10(a) of the Securities Act.
Item 2. Registrant Information and Employee Plan Annual Information.
Upon written or oral
    request, any of the documents incorporated by reference in Item 3 of Part
    II of this registration statement (which documents are incorporated by reference
    in the Section 10(a) prospectus), other documents required to be delivered
    to eligible employees pursuant to Rule 428(b) or additional information about
    the Net2Phone, Inc. 1999 Amended and Restated Stock Option and Incentive
    Plan are available without charge by contacting:
Human Resources Department
Net2Phone, Inc.
520 Broad Street
Newark, New Jersey 07102
(973) 438-3111
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The Commission allows
      us to incorporate by reference the information we file with them, which
      means that we can disclose important information to you by referring you
      to those
      documents. The information incorporated by reference is an important part
      of this registration statement, and information that we file later with
      the Commission will automatically update and supersede this information.
      We incorporate
      by reference the documents listed below and any future filings made with
      the Commission under Sections 13(a), 13(c), 14, or 15(d) of the Securities
      and Exchange Act of 1934, as amended (the "Exchange Act") (other
      than current reports on Form 8-K furnished pursuant to Items 9 and 12 of
      Form 8-K), until such time as this registration statement is no longer
      in effect:
(a)
Our Annual Report on Form 10-K for
    the fiscal year ended July 31, 2003;
(b)
Our Quarterly Report on Form 10-Q for the fiscal
    quarter ended October 31, 2003; and
(c)
The description of our common stock contained
    in our Registration Statement on Form 8-A filed with the Commission on July
    20,1999, including any amendment or report filed for the purpose of updating
    such description.
Item 4.  Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Ernst & Young LLP, independent auditors, have
    audited our consolidated financial statements and schedule included in our
    Annual Report on Form 10-K for the year ended July 31, 2003, as set forth in
    their report, which is incorporated by reference in the registration statement.
    Our financial statements and schedule are incorporated by reference in reliance
    on Ernst & Young LLP's report, given on their authority as experts
    in accounting and auditing.
Bruce D. Shoulson, who has rendered an opinion
          as to the validity of the common stock being registered by this registration
          statement and other legal matters, is an executive officer of Net2Phone,
          Inc.
Item 6. Indemnification of Directors and Officers.
Our certificate of
        incorporation contains a provision that is designed to limit directors' liability
        to the extent permitted by the Delaware General Corporation Law. Specifically,
        directors will not be held liable to us or our stockholders for monetary
        damages for any breach of fiduciary duty as a director, except for liability
        as a result of:
•
any breach of the duty of loyalty to us or our stockholders;
•
actions or
         omissions not in good faith or which involve intentional misconduct
       or a knowing violation of law;
•
payment of an improper dividend or improper
       repurchase of our stock under Section 174 of the Delaware General Corporation
       Law; or
•
actions or omissions pursuant to which the director received an improper personal benefit.
The principal effect of the limitation of liability provision is that a stockholder is unable to prosecute an action for monetary damages against a director of ours unless the stockholder can
demonstrate one of the specified bases for liability. The provision, however, does not eliminate or limit director liability arising in connection with causes of action brought under the federal securities laws. The certificate of incorporation does
not eliminate a director's duty of care. The inclusion of this provision in the certificate of incorporation may discourage or deter stockholders or management from bringing a lawsuit against directors for a breach of their fiduciary duties,
even though such an action, if successful, might otherwise have benefited us and our stockholders. This provision should not affect the availability of equitable remedies such as injunction or rescission based upon a director's breach of the
duty of care.
The bylaws also provide that we will indemnify our directors and officers, and may indemnify any of our employees and agents, to the fullest extent permitted by Delaware law. We are generally
required to indemnify our directors and officers for all judgments, fines, penalties, settlements, legal fees and other expenses incurred in connection with pending, threatened or completed legal proceedings because of the director's or
officer's position with us or another entity that the director or officer serves at our request, subject to certain conditions, and to advance funds to its directors and officers to enable them to defend against such proceedings.
At present, there is no pending or threatened litigation or proceeding involving any director or officer, employee or agent of ours where such indemnification will be required or permitted.
Item 7.   Exemption from Registration Claimed.
Not applicable
.
Item 8.  Exhibits.
Exhibit
Number
Description
5.1
Opinion of Bruce D. Shoulson, General Counsel of Net2Phone, Inc.
10.1
Net2Phone, Inc. 1999 Amended and Restated Stock Option and Incentive Plan
23.1
Consent of Bruce D. Shoulson (included in Exhibit 5.1)
23.2
Consent of Ernst & Young LLP, Independent Auditors
24.1
Power of Attorney (included in signature page)
Item 9. Undertakings.
The undersigned Registrant hereby undertakes:
(1) to file, during any period in which offers or
              sales are being made, a post-effective amendment to
              this registration statement to include any material information
              with respect to the plan of distribution
              not previously disclosed in the registration statement or any material
              change to such information in the registration statement;
(2) that, for the purpose of determining
              any liability under the Securities Act of 1933, each such post-effective
              amendment shall be deemed to be a new registration statement relating
              to the securities offered therein, and the offering of such securities
              at that time shall be deemed to be the initial bona fide offering
              thereof;
(3) to remove from registration by means
              of a post-effective amendment any of the securities being registered
              which remain unsold at the termination of the offering.
The undersigned Registrant hereby
        undertakes that, for purposes of determining any liability under the
        Securities Act of 1933 and, where applicable, each filing of an employee
        benefit plan's annual
      report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange
      Act of 1934) that is incorporated by reference in the registration statement
      shall be deemed to be a new registration statement relating to the securities
      offered therein, and the offering of such securities at that time shall
        be deemed to be the initial bona fide offering thereof.
Insofar as the
          indemnification for liabilities
          arising under the Securities Act may be permitted to directors, officers
          and controlling persons of the Registrant pursuant to the foregoing
        provisions, or otherwise, the Registrant has been advised that in the
        opinion of
          the Commission such indemnification is against public policy as expressed
          in
          the Securities Act and is, therefore, unenforceable. In the event that
          a claim for indemnification against such liabilities (other than the
          payment by the Registrant of expenses incurred or paid by a director,
          officer or
          controlling person of the Registrant in a successful defense of any
        action, suit or proceeding) is asserted by such director, officer or
        controlling
          person in connection with the securities being registered hereunder,
          the Registrant will, unless in the opinion of its counsel the question
          has
          already been settled by controlling precedent, submit to a court of
        appropriate jurisdiction the question of whether such indemnification
        by it is against
          public policy as expressed in the Securities Act and will be governed
          by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act
  of 1933, the registrant certifies that it has reasonable grounds to believe
  that it meets all of the requirements for filing on Form S-8 and has duly caused
  this registration statement to be signed on its behalf by the undersigned,
  thereunto duly authorized, in the City of Newark, State of New Jersey, on this
  18th day of December, 2003.
NET2PHONE, INC.
/s/ Stephen M. Greenberg
Stephen M. Greenberg
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE
      PRESENTS, that each person whose signature appears below constitutes and
      appoints Stephen M. Greenberg and Arthur Dubroff, jointly and severally,
      his attorneys-in-fact and agents, each with the power of substitution and
      resubstitution, for him or her and in his name, place or stead, in any and
      all capacities, to sign any amendments to this Registration Statement on
      Form S-8, and to file such amendments, together with exhibits and other documents
      in connection therewith, with the Securities and Exchange Commission, granting
      to each attorney-in-fact and agent, full power and authority to do and perform
      each and every act and thing requisite and necessary to be done in and about
      the premises, as fully as he or she might or could do in person, and ratifying
      and confirming all that the attorney-in-facts and agents, or his substitute
      or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements
      of the Securities Act of 1933, this registration statement has been signed
      by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Stephen M. Greenberg
Chief Executive Officer
December 18, 2003
Stephen M. Greenberg
(Principal Executive
Officer) and Director
/s/ Arthur Dubroff
Chief Financial Officer
December 18, 2003
Arthur Dubroff
(Principal Accounting and
Financial Officer)
/s/ Howard S. Jonas
Chairman of the Board
December 18, 2003
Howard S. Jonas
and Director
/s/ James A. Courter
Director
December 18, 2003
James A. Courter
/s/ Marc J. Oppenheimer
Director
December 18, 2003
Marc J. Oppenheimer
Signature
Title
Date
/s/ Harry C.
       McPherson
Director
December 18, 2003
Harry C. McPherson, Jr.
/s/ James
       R. Mellor
Director
December 18, 2003
James R. Mellor
/s/ Stephen
       Goldsmith
Director
December 18, 2003
Stephen Goldsmith
/s/ Daniel
       H. Schulman
Director
December 18, 2003
Daniel H. Schulman
/s/ Joyce J. Mason
Director
December 18, 2003
Joyce J. Mason
/s/ Stephen R. Brown
Director
December 18, 2003
Stephen R. Brown
Director
December 18, 2003
Anthony G. Werner
/s/ Jesse P. King
Director
December 18, 2003
Jesse P. King
/s/ Michael
       J. Weiss
Director
December 18, 2002
Michael J. Weiss
INDEX TO EXHIBITS
Exhibit
Number
Description
5.1
Opinion of Bruce D. Shoulson, General Counsel of Net2Phone, Inc.
10.1
Net2Phone, Inc. 1999 Amended and Restated Stock Option and Incentive Plan
23.1
Consent of Bruce D. Shoulson (included in Exhibit 5.1)
23.2
Consent of Ernst & Young LLP, Independent Auditors
24.1
Power of Attorney (included in signature page)