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<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on September&nbsp;6, 2001  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B> Registration No.&nbsp;333-  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>FORM S-8<BR>  </B></FONT><FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>DIGITAL RIVER,&nbsp;INC.<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>

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<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware</B></FONT></TD>
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2><B>41-1901640</B></FONT></TD>
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<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>(State of Incorporation)</FONT></TD>
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>(I.R.S. Employer Identification No.)</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><B> 9625 West 76<SUP>th</SUP> Street, Suite 150<BR>
Eden Prairie, Minnesota 55344<BR>
(952)&nbsp;253-1234<BR>  </B></FONT><FONT SIZE=2>(Address of principal executive offices) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> 1998 Stock Option Plan<BR>
1999 Stock Option Plan<BR>
2000 Employee Stock Purchase Plan<BR>  </B></FONT><FONT SIZE=2>(Full title of the plan) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> Joel A. Ronning<BR>
Chief Executive Officer<BR>
9625 West 76<SUP>th</SUP> Street, Suite 150<BR>
Eden Prairie, Minnesota 55344<BR>
(952)&nbsp;253-1234<BR>  </B></FONT><FONT SIZE=2>(Name, address, including zip code, and telephone number, including area code, of agent for service) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2>Copies
to:<BR></FONT> <FONT SIZE=2><B>Michael J. Sullivan, Esq.<BR>
Virginia P. Edwards, Esq.<BR>
Cooley Godward </B></FONT><FONT SIZE=2><B>LLP<BR>  </B></FONT><FONT SIZE=2><B>One Maritime Plaza, 20<SUP>th</SUP> Floor<BR>
San Francisco, CA 94111<BR>
(415)&nbsp;693-2000  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B> CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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<TH WIDTH="36%" ALIGN="CENTER"><FONT SIZE=1><B>Title of Securities to be Registered<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Amount to be Registered<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum Offering Price per Share(1)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum Aggregate Offering Price(1)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of Registration Fee<BR> </B></FONT><BR></TH>
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<TD WIDTH="36%"><FONT SIZE=1>Stock Options and Common Stock (par value $.01)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1>2,600,000 shares</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>$4.55-$5.125</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>$11,970,793.25</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>$2,992.70</FONT></TD>
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<DT><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Estimated
solely for the purpose of calculating the amount of the registration fee pursuant to Rule&nbsp;457(c) and (h)(1) under the Securities Act of 1933, as amended (the
"Act"). The offering price per share and the aggregate offering price are based upon (a)&nbsp;the weighted average exercise price, for shares subject to outstanding options granted under the 1998
Stock Option Plan, as amended (the "1998 Plan") and the 1999 Stock Option Plan, as amended (the "1999 Plan") and (b)&nbsp;the average of the high and low prices of the Registrant's Common Stock as
reported on the Nasdaq National Market on August&nbsp;30, 2001, for shares issuable pursuant to the 1998 Plan, the 1999 Plan and the 2000 Employee Stock Purchase Plan (the "2000 Plan"). The
following chart illustrates the calculation of the registration fee: </FONT></DD></DL>
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<TH WIDTH="53%" ALIGN="CENTER"><FONT SIZE=1><B>Type of Shares<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Shares<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Offering Price Per Share<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Aggregate Offering Price<BR> </B></FONT><BR></TH>
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<TD WIDTH="53%"><FONT SIZE=1>Shares issuable pursuant to outstanding options under the 1998 Plan</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>103,559</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>(1)(a)$5.125</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>$530,739.88</FONT></TD>
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<TD WIDTH="53%"><FONT SIZE=1>Shares issuable pursuant to unissued stock options under the 1998 Plan</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>596,441</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>(1)(b) $4.55</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>$2,713,806.55</FONT></TD>
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<TD WIDTH="53%"><FONT SIZE=1>Shares issuable pursuant to outstanding options under the 1999 Plan</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>644,816</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>(1)(a) $4.676</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>$3,015,159.62</FONT></TD>
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<TD WIDTH="53%"><FONT SIZE=1>Shares issuable pursuant to unissued stock options under the 1999 Plan</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>855,184</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>(1)(b) $4.55</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>$3,891,087.20</FONT></TD>
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<TD WIDTH="53%"><FONT SIZE=1>Shares issuable pursuant to the 2000 Plan</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>400,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>(1)(b) $4.55</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>$1,820,000.00</FONT></TD>
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<TD WIDTH="53%"><FONT SIZE=1>Proposed Maximum Aggregate Offering Price</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>$11,970,793.25</FONT></TD>
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<TD WIDTH="53%"><FONT SIZE=1>Registration Fee</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>$2,992.70</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de2169_incorporation_by_reference_of___inc03089"> </A>
<A NAME="toc_de2169_1"> </A>
<BR></FONT><FONT SIZE=2><B>INCORPORATION BY REFERENCE OF CONTENTS OF<BR>  REGISTRATION STATEMENT ON FORMS S-8 NOS. 333-67085, 333-36680 and 333-53332    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The contents of Registration Statements on Forms S-8 Nos. 333-67085, 333-36680 and 333-53332 filed with the
Securities and Exchange Commission on November&nbsp;10, 1998, May&nbsp;10, 2000 and January&nbsp;8, 2001, respectively, are incorporated by reference herein with such modifications as are set
forth below. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de2169_exhibits"> </A>
<A NAME="toc_de2169_2"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBITS    <BR>  </B></FONT></P>

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<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="86%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>5.1</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Opinion of Cooley Godward </FONT><FONT SIZE=2>LLP</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.1</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
Consent of Arthur Andersen LLP, Independent Public Accountants</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.2</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
Consent of Cooley Godward </FONT><FONT SIZE=2>LLP</FONT><FONT SIZE=2> is contained in Exhibit&nbsp;5.1 to this Registration Statement</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24.1</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
Power of Attorney is contained on the signature pages</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.1</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>*</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
1998 Stock Option Plan and forms of Stock Option Agreement and Grant Notice thereunder</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.2</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>**</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
1999 Stock Option Plan, formerly known as the 1999 Non-Officer Stock Option Plan, and form of Stock Option Agreement thereunder</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.3</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>***</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
2000 Employee Stock Purchase Plan and form of offering thereunder</FONT></TD>
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<DT><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Incorporated
by reference to the contents of Registration Statement on Form&nbsp;S-8 No.&nbsp;333-67085 filed with the Securities and Exchange Commission
on November&nbsp;10, 1998.
<BR><BR></FONT></DD><DT><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Incorporated
by reference to Exhibits 10.12 and 10.13 to the Annual Report on Form&nbsp;10-K filed with the Securities and Exchange Commission on March&nbsp;27,
2001.
<BR><BR></FONT></DD><DT><FONT SIZE=2>***</FONT></DT><DD><FONT SIZE=2>Incorporated
by reference to the contents of Registration Statement on Form&nbsp;S-8 No.&nbsp;333-53332 filed with the&nbsp;&nbsp;Securities and
Exchange Commission on January&nbsp;8, 2001. </FONT></DD></DL>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc2169_signatures"> </A>
<A NAME="toc_jc2169_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;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 Eden Prairie, State
of Minnesota, on September 6, 2001. </FONT></P>

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<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>DIGITAL RIVER, INC.</FONT></TD>
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<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>
By</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JOEL A. RONNING</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Joel A. Ronning</FONT></TD>
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<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><I>Chief Executive Officer, Member of the Office of the President and Director</I></FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc2169_power_of_attorney"> </A>
<A NAME="toc_jc2169_2"> </A>
<BR></FONT><FONT SIZE=2><B>POWER OF ATTORNEY    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>KNOW ALL PERSONS BY THESE PRESENTS</B></FONT><FONT SIZE=2>, that each person whose signature appears below constitutes and appoints
Joel A. Ronning and Robert E. Strawman and each or any one of them, his true and lawful attorney-in-fact and agent, with full power of substitution and
re-substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration
Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection
therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them,
or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated. </FONT></P>

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<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="37%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;</FONT><FONT SIZE=2>JOEL A. RONNING</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Joel A. Ronning</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2>Chief Executive Officer, Member of the Office of the President and Director (Principal Executive Officer)</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>September 6, 2001</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>ROBERT E. STRAWMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Robert E. Strawman</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Chief Financial Officer, Member of the Office of the President and Treasurer (Principal Financial Officer and Accounting Officer)</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 4, 2001</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>TIMOTHY C. CHOATE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Timothy C. Choate</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 4, 2001</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>WILLIAM LANSING</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> William Lansing</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 5, 2001</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Thomas F. Madison</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>FREDERICK M. SEEGAL</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Frederick M. Seegal</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 4, 2001</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>PERRY W. STEINER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Perry W. Steiner</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 5, 2001</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>J. PAUL THORIN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> J. Paul Thorin</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 5, 2001</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka2169_exhibit_index"> </A>
<A NAME="toc_ka2169_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="86%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>5.1</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Opinion of Cooley Godward </FONT><FONT SIZE=2>LLP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.1</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
Consent of Arthur Andersen </FONT><FONT SIZE=2>LLP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.2</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
Consent of Cooley Godward </FONT><FONT SIZE=2>LLP</FONT><FONT SIZE=2> is contained in Exhibit&nbsp;5 to this Registration Statement</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24.1</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
Power of Attorney is contained on the signature pages</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.1</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>*</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
1998 Stock Option Plan and forms of Stock Option Agreement and Grant Notice thereunder</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.2</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>**</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
1999 Stock Option Plan, formerly known as the 1999 Non-Officer Stock Option Plan, and form of Stock Option Agreement thereunder</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.3</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>***</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
2000 Employee Stock Purchase Plan and the form of offering thereunder</FONT></TD>
</TR>
</TABLE>
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<DL compact>
<DT><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Incorporated
by reference to the contents of Registration Statement on Form&nbsp;S-8 No.&nbsp;333-67085 filed with the Securities and Exchange Commission
on November&nbsp;10, 1998.
<BR><BR></FONT></DD><DT><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Incorporated
by reference to Exhibits 10.12 and 10.13 to the Annual Report on Form&nbsp;10-K filed with the Securities and Exchange Commission on March&nbsp;27,
2001.
<BR><BR></FONT></DD><DT><FONT SIZE=2>***</FONT></DT><DD><FONT SIZE=2>Incorporated
by reference to the contents of Registration Statement on Form&nbsp;S-8 No.&nbsp;333-53332 filed with the Securities and Exchange Commission
on January&nbsp;8, 2001. </FONT></DD></DL>
<HR NOSHADE>
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<BR>
<P><br><A NAME="01SFO2169_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de2169_1">INCORPORATION BY REFERENCE OF CONTENTS OF REGISTRATION STATEMENT ON FORMS S-8 NOS. 333-67085, 333-36680 and 333-53332</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de2169_2">EXHIBITS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_jc2169_1">SIGNATURES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_jc2169_2">POWER OF ATTORNEY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ka2169_1">EXHIBIT INDEX</A></FONT><BR>
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[{"type": "S-8", "sequence": "1", "filename": "a2058593zs-8.htm", "description": "FORM S-8", "secsgml_size_bytes": 27799}]
{"company-data": {"conformed-name": "DIGITAL RIVER INC /DE", "cik": "0001062530", "assigned-sic": "5045", "irs-number": "411901640", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-69036", "film-number": "1732396"}, "business-address": {"street1": "9625 W 76TH STREET SUITE 150", "city": "EDEN PRAIRIE", "state": "MN", "zip": "55344", "phone": "9522531234"}, "mail-address": {"street1": "9625 W 76TH STREET SUITE 150", "city": "EDEN PRAIRIE", "state": "MN", "zip": "55344"}}
Prepared by MERRILL CORPORATION
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As filed with the Securities and Exchange Commission on September 6, 2001
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
DIGITAL RIVER, INC.
(Exact name of registrant as specified in its charter)
Delaware
41-1901640
(State of Incorporation)
(I.R.S. Employer Identification No.)
9625 West 76
th
Street, Suite 150
Eden Prairie, Minnesota 55344
(952) 253-1234
(Address of principal executive offices)
1998 Stock Option Plan
1999 Stock Option Plan
2000 Employee Stock Purchase Plan
(Full title of the plan)
Joel A. Ronning
Chief Executive Officer
9625 West 76
th
Street, Suite 150
Eden Prairie, Minnesota 55344
(952) 253-1234
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Michael J. Sullivan, Esq.
Virginia P. Edwards, Esq.
Cooley Godward
LLP
One Maritime Plaza, 20
th
Floor
San Francisco, CA 94111
(415) 693-2000
CALCULATION OF REGISTRATION FEE
Title of Securities to be Registered
Amount to be Registered
Proposed Maximum Offering Price per Share(1)
Proposed Maximum Aggregate Offering Price(1)
Amount of Registration Fee
Stock Options and Common Stock (par value $.01)
2,600,000 shares
$4.55-$5.125
$11,970,793.25
$2,992.70
(1)
Estimated
solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(c) and (h)(1) under the Securities Act of 1933, as amended (the
"Act"). The offering price per share and the aggregate offering price are based upon (a) the weighted average exercise price, for shares subject to outstanding options granted under the 1998
Stock Option Plan, as amended (the "1998 Plan") and the 1999 Stock Option Plan, as amended (the "1999 Plan") and (b) the average of the high and low prices of the Registrant's Common Stock as
reported on the Nasdaq National Market on August 30, 2001, for shares issuable pursuant to the 1998 Plan, the 1999 Plan and the 2000 Employee Stock Purchase Plan (the "2000 Plan"). The
following chart illustrates the calculation of the registration fee:
Type of Shares
Number of Shares
Offering Price Per Share
Aggregate Offering Price
Shares issuable pursuant to outstanding options under the 1998 Plan
103,559
(1)(a)$5.125
$530,739.88
Shares issuable pursuant to unissued stock options under the 1998 Plan
596,441
(1)(b) $4.55
$2,713,806.55
Shares issuable pursuant to outstanding options under the 1999 Plan
644,816
(1)(a) $4.676
$3,015,159.62
Shares issuable pursuant to unissued stock options under the 1999 Plan
855,184
(1)(b) $4.55
$3,891,087.20
Shares issuable pursuant to the 2000 Plan
400,000
(1)(b) $4.55
$1,820,000.00
Proposed Maximum Aggregate Offering Price
$11,970,793.25
Registration Fee
$2,992.70
INCORPORATION BY REFERENCE OF CONTENTS OF
REGISTRATION STATEMENT ON FORMS S-8 NOS. 333-67085, 333-36680 and 333-53332
The contents of Registration Statements on Forms S-8 Nos. 333-67085, 333-36680 and 333-53332 filed with the
Securities and Exchange Commission on November 10, 1998, May 10, 2000 and January 8, 2001, respectively, are incorporated by reference herein with such modifications as are set
forth below.
EXHIBITS
Exhibit
Number
5.1
Opinion of Cooley Godward
LLP
23.1
Consent of Arthur Andersen LLP, Independent Public Accountants
23.2
Consent of Cooley Godward
LLP
is contained in Exhibit 5.1 to this Registration Statement
24.1
Power of Attorney is contained on the signature pages
99.1
*
1998 Stock Option Plan and forms of Stock Option Agreement and Grant Notice thereunder
99.2
**
1999 Stock Option Plan, formerly known as the 1999 Non-Officer Stock Option Plan, and form of Stock Option Agreement thereunder
99.3
***
2000 Employee Stock Purchase Plan and form of offering thereunder
*
Incorporated
by reference to the contents of Registration Statement on Form S-8 No. 333-67085 filed with the Securities and Exchange Commission
on November 10, 1998.
**
Incorporated
by reference to Exhibits 10.12 and 10.13 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 27,
2001.
***
Incorporated
by reference to the contents of Registration Statement on Form S-8 No. 333-53332 filed with the  Securities and
Exchange Commission on January 8, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Act, 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 Eden Prairie, State
of Minnesota, on September 6, 2001.
DIGITAL RIVER, INC.
By
/s/
JOEL A. RONNING
Joel A. Ronning
Title:
Chief Executive Officer, Member of the Office of the President and Director
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS
, that each person whose signature appears below constitutes and appoints
Joel A. Ronning and Robert E. Strawman and each or any one of them, his true and lawful attorney-in-fact and agent, with full power of substitution and
re-substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration
Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection
therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them,
or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/
JOEL A. RONNING
Joel A. Ronning
Chief Executive Officer, Member of the Office of the President and Director (Principal Executive Officer)
September 6, 2001
/s/
ROBERT E. STRAWMAN
Robert E. Strawman
Chief Financial Officer, Member of the Office of the President and Treasurer (Principal Financial Officer and Accounting Officer)
September 4, 2001
/s/
TIMOTHY C. CHOATE
Timothy C. Choate
Director
September 4, 2001
/s/
WILLIAM LANSING
William Lansing
Director
September 5, 2001
Thomas F. Madison
Director
/s/
FREDERICK M. SEEGAL
Frederick M. Seegal
Director
September 4, 2001
/s/
PERRY W. STEINER
Perry W. Steiner
Director
September 5, 2001
/s/
J. PAUL THORIN
J. Paul Thorin
Director
September 5, 2001
EXHIBIT INDEX
Exhibit
Number
Description
5.1
Opinion of Cooley Godward
LLP
23.1
Consent of Arthur Andersen
LLP
23.2
Consent of Cooley Godward
LLP
is contained in Exhibit 5 to this Registration Statement
24.1
Power of Attorney is contained on the signature pages
99.1
*
1998 Stock Option Plan and forms of Stock Option Agreement and Grant Notice thereunder
99.2
**
1999 Stock Option Plan, formerly known as the 1999 Non-Officer Stock Option Plan, and form of Stock Option Agreement thereunder
99.3
***
2000 Employee Stock Purchase Plan and the form of offering thereunder
*
Incorporated
by reference to the contents of Registration Statement on Form S-8 No. 333-67085 filed with the Securities and Exchange Commission
on November 10, 1998.
**
Incorporated
by reference to Exhibits 10.12 and 10.13 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 27,
2001.
***
Incorporated
by reference to the contents of Registration Statement on Form S-8 No. 333-53332 filed with the Securities and Exchange Commission
on January 8, 2001.
QuickLinks
INCORPORATION BY REFERENCE OF CONTENTS OF REGISTRATION STATEMENT ON FORMS S-8 NOS. 333-67085, 333-36680 and 333-53332
EXHIBITS
SIGNATURES
POWER OF ATTORNEY
EXHIBIT INDEX