<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 FINAL//EN">


<HTML>
<HEAD>
   <TITLE>c34218_s8</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<!--$$/page=-->
<A name="page_1"></A>

<P align="center">
<B><FONT size=2 face="serif">As filed with the Securities and Exchange Commission on December 6, 2004
</FONT></B></P>
<div align="right"><B><FONT size=2 face="serif">Registration No. 333-________</FONT></B>
</div><HR noshade size=3>
<P align="center">
<B><FONT face="serif">UNITED STATES SECURITIES AND EXCHANGE COMMISSION<br>
</FONT></B>
<B><FONT size=2 face="serif">Washington, D.C. 20549 </FONT></B>
<P align="center">
<B><FONT size=1 face="serif"><BR>______________________ <BR></FONT></B>
</P>
<P align="center">
<B><FONT face="serif">FORM S-8<br>
</FONT></B>
<B><FONT size=2 face="serif">REGISTRATION STATEMENT<br>
</FONT></B>
<B><FONT size=2 face="serif">UNDER <br>
</FONT></B>
<B><FONT size=2 face="serif">THE SECURITIES ACT OF 1933 </FONT></B>
</P>
<P align="center">
<B><FONT size=1 face="serif"><BR>______________________ <BR></FONT></B>
</P>
<P align="center">
<B><FONT face="serif">PowerDsine Ltd. </FONT></B>
<br>
<FONT size=1 face="serif">(Exact name of registrant as specified in its charter)</FONT><FONT face="serif"> </FONT>
</P>
<table width="100%" >
  <tr>
    <td width="40%"><div align="center"><font size=2 face="serif">Israel<br>
      (State or other jurisdiction of<br>
      Incorporation or organization) <br>
    </font></div></td>
    <td width="22%">&nbsp;</td>
    <td width="38%"><div align="center"><font size=2 face="serif">Not Applicable<br>
    (I.R.S. Employer<br>
    Identification No.) </font></div></td>
  </tr>
</table>
<P align="center">
<FONT face="serif">1 Hanagar Street <br>
Neve Ne&#146;eman Industrial Zone<br>
Hod Hasharon, Israel 45421<br>
(972-9) 775-5100<br>
</FONT>
<FONT size=2 face="serif">(Address of principal executive offices)</FONT><P align="center"><B><FONT size=2 face="serif">
Section 102 Stock Option Plan<br>
2003 Israeli Share Option Plan<br>
Stock Option Plan (Incentive and Restricted Stock Options)</FONT></B>
<br>
<FONT size=2 face="serif">(Full title of the Plan(s)) </FONT>
</P>
<P align="center">
<FONT size=2 face="serif">_______________________________ <BR></FONT>
</P>
<P align="center">
<FONT size=2 face="serif">David Goren <br>
c/o PowerDsine, Inc.<br>
1865 New Highway, Suite 2<br>
Farmingdale, New York 11735-1508<br>
(Name and address of agent for service) </FONT>
</P>
<P align="center">
<FONT size=2 face="serif">631-756-4680 <br>
(Telephone number, including area code, of agent for service) </FONT>
</P>
<P align="center">
<I><FONT size=2 face="serif">Copy to: </FONT></I>
<br>
<B><FONT size=2 face="serif">Anna T. Pinedo<br>
Morrison &amp; Foerster LLP <br>
1290 Avenue of the Americas <br>
New York, New York 10104<br>
212-468-8179 <BR>_______________________________</FONT><br><br>

</B><FONT size=2 face="serif"> </FONT><B><FONT size=2 face="serif">CALCULATION OF
REGISTRATION FEE </FONT></B>
</P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><B><FONT size=1 face="serif">Proposed maximum</FONT></B></TD>
   <TD align="center"><B><FONT size=1 face="serif">Proposed maximum</FONT></B></TD>
   <TD align="center"><B><FONT size=1 face="serif">Amount of</FONT></B></TD>
</TR>
<TR>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><B><FONT size=1 face="serif">Amount to</FONT></B></TD>
   <TD align="center"><B><FONT size=1 face="serif">offering price</FONT></B></TD>
   <TD align="center"><B><FONT size=1 face="serif">aggregate offering</FONT></B></TD>
   <TD align="center"><B><FONT size=1 face="serif">registration fee</FONT></B></TD>
</TR>
<TR>
   <TD align="center">&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif">Title of Securities to be Registered</FONT></B></TD>
   <TD align="center"><B><FONT size=1 face="serif">be registered (1)</FONT></B></TD>
   <TD align="center"><B><FONT size=1 face="serif">per share (5)</FONT></B></TD>
   <TD align="center"><B><FONT size=1 face="serif">price (5)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Ordinary shares, par value NIS 0.01</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">per share (2)</FONT></TD>
   <TD align="center"><FONT size=1 face="serif"> 771,075 shares</FONT></TD>
   <TD align="center"><FONT size=1 face="serif">$13.32</FONT></TD>
   <TD align="center"><FONT size=1 face="serif">$10,270,719.00</FONT></TD>
   <TD align="center"><FONT size=1 face="serif">$1,301.30</FONT></TD>
</TR>
<TR>
   <TD colspan=5><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Ordinary shares, par value NIS 0.01</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">per share (3)</FONT></TD>
   <TD align="center"><FONT size=1 face="serif"> 2,568,868 shares</FONT></TD>
   <TD align="center"><FONT size=1 face="serif">$13.32</FONT></TD>
   <TD align="center"><FONT size=1 face="serif">$34,217,321.76</FONT></TD>
   <TD align="center"><FONT size=1 face="serif">$4,335.34</FONT></TD>
</TR>
<TR>
   <TD colspan=5><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Ordinary shares, par value NIS 0.01</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">per share (4)</FONT></TD>
   <TD align="center"><FONT size=1 face="serif"> 958,866 shares</FONT></TD>
   <TD align="center"><FONT size=1 face="serif">$13.32</FONT></TD>
   <TD align="center"><FONT size=1 face="serif">$12,772,095.12</FONT></TD>
   <TD align="center"><FONT size=1 face="serif">$1,618.22</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
</TABLE>

<br>

<TABLE>
<TR>
  <TD valign="top"><font size=2 face="serif">(1)</font></TD>
  <TD valign="top"><font size=2 face="serif">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), this Registration Statement includes an indeterminate number of additional shares which may be offered and issued to prevent dilution from stock splits, stock dividends or similar transactions as provided in the above-referenced plans.</font></TD>
</TR>
<TR>
  <TD valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD valign="top"><font size=2 face="serif">(2) </font></TD>
  <TD valign="top"><font size=2 face="serif">This total represents the amount of shares authorized to be issued under the Registrant&#146;s Section 102 Stock Option Plan.
  </font></TD>
</TR>
<TR>
  <TD valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
</TR>
<TR>
   <TD valign="top" width="5%"><FONT size=2 face="serif">(3)</FONT></TD>
   <TD valign="top"><FONT size=2 face="serif">This total represents the amount of shares authorized to be issued under the Registrant&#146;s 2003 Israeli Share Option Plan.</FONT></TD>
</TR>
<TR>
  <TD valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
</TR>
<TR>
   <TD valign="top" width="5%"><FONT size=2 face="serif">(4)</FONT></TD>
   <TD valign="top"><FONT size=2 face="serif">This total represents the amount of shares authorized to be issued under the Registrant&#146;s Stock Option Plan (Incentive and Restricted Stock Options).</FONT></TD>
</TR>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="5%"><FONT size=2 face="serif">(5)</FONT></TD>
   <td valign="top"><FONT size=2 face="serif">Estimated solely for the purpose of calculating the registration fee. Pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, the proposed maximum offering price per share and the proposed
maximum aggregate offering price have been determined on the basis of the average of the high and low prices reported on the Nasdaq National Market on November 30, 2004.</FONT></td>
</tr>
</TABLE>
<br>
<br>
<br>
<br>
<br>
<br>
<HR noshade align="center" width="100%" size=3>

<P align="center">
<FONT size=2 face="serif">1</FONT>
</P>

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

<!--$$/page=-->
<A name="page_3"></A>

<P align="center">
<B><FONT face="serif">PART I <br>
INFORMATION REQUIRED IN THE <br>
SECTION 10(A) PROSPECTUS </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The documents containing the information specified in this Part I of Form S-8 (plan information and registrant information and employee plan annual information) will be sent or given to
employees as specified by Securities and Exchange Commission Rule 428(b)(1). Such documents need not be filed with the Securities and Exchange Commission (the &#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 in this Registration Statement pursuant to Item 3 of Part II of this Form S-8, taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act of 1933, as amended (the </FONT><FONT size=2 face="serif">&#147;<U>Securities Act</U></FONT><FONT size=2 face="serif">&#148;).</FONT>
</P>
<P align="center">
<B><FONT face="serif">PART II <br>
INFORMATION REQUIRED IN THE<br>
REGISTRATION STATEMENT </FONT></B>
</P>
<P>
<B><FONT face="serif">Item 3. Incorporation of Documents by Reference. </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following documents filed by the Registrant with the Commission are incorporated by reference herein: </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">a.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Registration Statement and all amendments thereto on Form F-1 (File No.: 333-115777), dated June 9, 2004, which includes audited financial statements for the
Registrant&#146;s latest fiscal year. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">b.&nbsp;&nbsp;&nbsp;&nbsp;All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the </FONT><U><FONT size=2 face="serif">&#147;Exchange
Act</FONT></U><FONT size=2 face="serif">&#148;), since the end of the fiscal year covered by the audited financial statements described in (a) above. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">c.&nbsp;&nbsp;&nbsp;&nbsp;The description of the Registrant&#146;s Ordinary Shares contained in the Registrant&#146;s Statement on Form 8-A (File No: 000-50787), filed June 3, 2004 under the Exchange Act, including
any amendment or report filed for the purpose of updating such description. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement, and prior to the filing of a
post-effective amendment which indicates that all securities offered hereby have been sold or which de-registers all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part
hereof from the date of filing of such documents. Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration Statement. </FONT>
</P>
<P>
<B><FONT face="serif">Item 4. Description of Securities. </FONT></B>
</P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</FONT><B><FONT face="serif"> </FONT></B>
</P>
<P align="center">
<FONT size=2 face="serif">2</FONT>
</P>

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

<!--$$/page=-->
<A name="page_4"></A>

<P>
<B><FONT face="serif">Item 5. Interests of Named Experts and Counsel. </FONT></B>
</P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gene Kleinhendler and Amir Halevy, two senior partners of our Israeli counsel, Gross, Kleinhendler, Hodak, Halevy, Greenberg &amp; Co., hold a number of our Ordinary shares. Mr. Kleinhendler owns 16,005 Ordinary Shares and Mr. Halevy owns 15,990 Ordinary shares.</FONT><B><FONT face="serif"> </FONT></B>
</P>
<P>
<B><FONT face="serif">Item 6. Indemnification of Directors and Officers. </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Section 258 of the Companies Law, 5759 &#150; 1999 (the &#147;Companies Law&#148;) prohibits a company from exculpating an officer or director from liability for the breach of his duty of
loyalty. The company may exculpate an officer or director from liability for the breach of his duty of care, may insure his liability for a breach of the duty of loyalty and the duty of care, or indemnify him for such breach, but only in accordance
with the following sections: </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Section 259 of the Companies Law permits a company to provide in its articles of association that an officer or a director of the company may be exculpated, to the extent provided in the
articles of association, from liability for the breach of his duty of care. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Section 260(a) of the Companies Law permits a company to provide in its articles of association that the company may indemnify an officer or a director in such capacity, for: </FONT>
</P>
<UL>
<LI><FONT size=2 face="serif">monetary liability incurred pursuant to a judgment, including a settlement or arbitration decision approved by a court, in an action brought by a third party;</FONT><BR></LI>
<LI><FONT size=2 face="serif">reasonable legal expenses incurred in an action brought against the director or officer by or on behalf of the company or others; and</FONT><BR></LI>
<LI><FONT size=2 face="serif">reasonable legal expenses incurred in defending criminal charges of which the director or officer was acquitted, or as a result of a criminal charge that does not require proving criminal intent of which the director or
officer was convicted.</FONT><BR></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Section 260(b) of the Companies Law specifies that the indemnification provision in a company&#146;s articles of association may be an obligation to indemnify in advance, provided it is limited
to types of events the board of directors can foresee when providing the obligation and that it is limited to a sum the board of directors determines is reasonable in the circumstances, or a provision permitting the company to indemnify an officer
or a director or an ad hoc basis after the fact. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Section 261 of the Companies Law permits a company to provide in its articles of association that the company may insure an officer or a director. This insurance may cover: </FONT>
</P>
<TABLE>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="3%"><FONT size=2 face="serif">1.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD width="95%" valign="top"><FONT size=2 face="serif">liability for breach of the duty of care;</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="3%"><FONT size=2 face="serif">2.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">liability for breach of the duty of loyalty, provided that the officer or director acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;
or</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="3%"><FONT size=2 face="serif">3.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT size=2 face="serif">monetary liabilities imposed for the benefit of a third party as a result of an act or an omission committed in connection with his serving as an officer or director of the company.</FONT><BR>   </td>
</tr>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All of these provisions are specifically limited in their scope by the Companies Law, which provides that a company may not indemnify an officer or director nor enter into an insurance contract
that would provide coverage for any monetary liability incurred as a result of any of the following: </FONT>
</P>
<P align="center">
<FONT size=2 face="serif">3</FONT>
</P>

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

<!--$$/page=-->
<A name="page_5"></A>

<UL>
<LI><FONT size=2 face="serif">a breach by the officer or director of the duty of loyalty, unless the officer or director acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;</FONT><BR></LI>
<LI><FONT size=2 face="serif">an intentional or reckless breach by the officer or director of the duty of care;</FONT><BR></LI>
<LI><FONT size=2 face="serif">any act of omission done with the intent to derive an illegal personal benefit; or</FONT><BR></LI>
<LI><FONT size=2 face="serif">any fine levied against the director or officer.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Registrant&#146;s articles of association allow it to indemnify, exculpate and insure its officers and directors to the fullest extent permitted by the Companies Law, provided that
procuring this insurance or providing this indemnification or exculpation is approved by the audit committee and the board of directors, as well as by the shareholders where a director is concerned. The Registrant&#146;s articles of association also
allow it to insure or indemnify any person who is not an office holder, including any employee, agent, consultant or contractor. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Registrant&#146;s articles of association require a regular majority shareholder vote in order to alter its articles of association. Under Section 262(b) of the Companies Law, in a
&#147;public company&#148; in which an officer or a director is a controlling shareholder, a shareholders resolution to include a provision in the articles of association regarding an exemption, indemnity or insurance shall require the approval of
shareholders who do not have personal interests in the approval of the resolution, as required for an &#147;extraordinary transaction,&#148; in addition to the majority required for alteration of the articles of association. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Registrant&#146;s audit committee, board of director and shareholders have resolved to indemnify its directors and officers (up to an aggregate sum equal to 50% of the shareholders&#146;
equity following the initial public offering of the Registrant&#146;s shares) for liabilities that are not covered by insurance and that are the following types of events: </FONT>
</P>
<TABLE>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="3%"><FONT size=2 face="serif">1.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD width="95%" valign="top"><FONT size=2 face="serif">the issuance of securities including, but not limited to, the offering of securities to the public according to a prospectus, a private offering, the issuance of bonus shares or any other manner of
security offering;</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="3%"><FONT size=2 face="serif">2.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">a &#147;Transaction&#148; as defined according to Article 1 of the Companies Law, including the negotiation for, the signing and the performance of a transaction, transfer, sale, purchase or pledge of
assets or liabilities (including securities), or the receiving of any right in any one of the above, receiving credit, granting securities and any action connected directly or indirectly with such a Transaction;</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="3%"><FONT size=2 face="serif">3.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">any filing or announcement required by the Companies Law and/or securities laws and/or according to rules and/or regulations adopted by any stock exchange on which our securities are
traded;</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="3%"><FONT size=2 face="serif">4.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">any decision regarding a &#147;distribution&#148;, as defined in the Companies Law;</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="3%"><FONT size=2 face="serif">5.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">a change in our structure or a reorganization or any decision pertaining to these issues including, but not limited to, a merger, a de-merger, a settlement between us and our shareholders and/or
creditors, a change in our capital, the establishment of subsidiaries and their liquidation or sale, an allotment or distribution;</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="3%"><FONT size=2 face="serif">6.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">an announcement, a statement, including a position taken, or an opinion made in good faith by an officer in the course of his duties and in conjunction with his duties, including during a meeting of our
board of directors or one of the committees of the board of directors;</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="3%"><FONT size=2 face="serif">7.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT size=2 face="serif">an action taken in contradiction to our Memorandum of Association or articles of association;</FONT><BR>   </td>
</tr>
</TABLE>
<P align="center">
<FONT size=2 face="serif">4</FONT>
</P>

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

<!--$$/page=-->
<A name="page_6"></A>

<TABLE>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="2%"><FONT size=2 face="serif">8.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD width="96%" valign="top"><FONT size=2 face="serif">any action or decision in relation to employer-employee relations, including the negotiation for, signing and performance of individual or collective employment agreement and other employees benefits
(including allocation of securities to employees);</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="2%"><FONT size=2 face="serif">9.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">any action or decision relating to work safety and/or working conditions;</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="2%"><FONT size=2 face="serif">10.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">negotiation for, signing and performance of an insurance policy; and</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="2%">&nbsp;</TD>
   <TD valign="top" width="2%"><FONT size=2 face="serif">11.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT size=2 face="serif">any of the above events, pursuant to the officer&#146;s position in an affiliated corporation controlled by us.</FONT><BR>   </td>
</tr>
</TABLE>
<P>
<B><FONT face="serif">Item 7. Exemption From Registration Claimed.</FONT></B>
</P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</FONT><FONT face="serif"> </FONT>
</P>
<P>
<B><FONT face="serif">Item 8. Exhibits. </FONT></B>
</P>
<TABLE width=1041 border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width=39>&nbsp;</TD>
   <TD width=48><FONT size=2 face="serif">5.1</FONT></TD>
   <TD width=925><FONT size=2 face="serif">Opinion of Gross, Kleinhendler, Hodak, Halevy, Greenberg &amp; Co.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width=39>&nbsp;</TD>
   <TD width=48><FONT size=2 face="serif">23.1</FONT></TD>
   <TD width=925><FONT size=2 face="serif">Consent of Gross, Kleinhendler, Hodak, Halevy, Greenberg &amp; Co. (contained in Exhibit 5.1)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width=39>&nbsp;</TD>
   <TD width=48><FONT size=2 face="serif">23.2</FONT></TD>
   <TD width=925><FONT size=2 face="serif">Consent of Kesselman &amp; Kesselman</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width=39>&nbsp;</TD>
   <TD width=48><FONT size=2 face="serif">24.1</FONT></TD>
   <TD width=925><FONT size=2 face="serif">Power of Attorney (see Signature Page)</FONT></TD>
</TR>
</TABLE>
<P>
<B><FONT face="serif">Item 9. Undertakings.</FONT></B>
</P>
<TABLE width="94%">
<TR>
   <TD colspan="4" valign="top"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">(a)</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;</font><font size=2 face="serif">&nbsp;</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">The undersigned Registrant hereby undertakes:</font></TD>
  </tr>
<tr valign="bottom">
  <td colspan="4"><font size=2 face="serif">&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;&nbsp;(1)</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;</font><font size=2 face="serif">To file, during any period in which offers or sales are being made, a post-</font><font size=2 face="serif">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 colspan="4" valign="top"><font size=2 face="serif">&nbsp;
  </font></td>
  </tr>
<tr valign="bottom">
  <td colspan="4"><font size=2 face="serif">&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;&nbsp;(2)</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">That, for the purpose of determining any liability under the Securities Act, 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 </font><i><font size=2 face="serif">bona fide</font></i><font size=2 face="serif"> offering thereof. </font><font size=2 face="serif">
  </font></td>
  </tr>
<tr>
  <td colspan="4" valign="top"><font size=2 face="serif">&nbsp;  </font></td>
  </tr>
<tr>
  <td colspan="4" valign="top"><font size=2 face="serif">&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;&nbsp;(3)</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;</font><font size=2 face="serif">To remove from registration by means of a post-effective amendment any of the securities being registered which</font><font size=2 face="serif"> remain unsold at the termination of the offering.
  </font></td>
  </tr>
<tr>
  <td width="4%" valign="top">&nbsp;</td>
  <td width="4%" valign="top">&nbsp;</td>
  <td width="3%" valign="bottom">&nbsp;</td>
  <td width="89%" valign="bottom">&nbsp;</td>
</tr>
<tr>
  <td colspan="4" valign="top"><font size=2 face="serif">&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;&nbsp;(4)</font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file a post-effective amendment to the registration statement to include any financial statements required by </font>
  <FONT size=2 face="serif">Item 8.A. of Form 20-F at the start of any delayed offering or throughout any continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need to e furnished, <I>provided</I>, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.<br>
  </FONT></td>
  </tr>
<tr>
  <td colspan="4" valign="top">&nbsp;</td>
</tr>
<tr>
  <td colspan="4" valign="top"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;</font><font size=2 face="serif">(b)</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;</font><font size=2 face="serif">&nbsp;</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities </font><font size=2 face="serif">Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act and, where applicable, each filing of an employee benefit plan&#146;s annual report<br>
   </font> </td>
  </tr>
</TABLE>
<P align="center">
<FONT size=2 face="serif">5</FONT>
</P>

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

<!--$$/page=-->
<A name="page_7"></A>
<P>
<FONT size=2 face="serif">pursuant to Section 15(d) of the Exchange Act that is incorporated by reference in this 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 </FONT><I><FONT size=2 face="serif">bona fide</FONT></I><FONT size=2 face="serif"> offering thereof. </FONT>
</P>
<P>
  <font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;</font><font size=2 face="serif">(c)</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif">&nbsp;</font><font size=2 face="serif">&nbsp;</font><font size=2 face="serif">&nbsp;&nbsp;</font><font size=2 face="serif"></font><FONT size=2 face="serif">Insofar as 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 the expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question 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>
<P align="center">
<FONT size=2 face="serif">6</FONT>
</P>

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

<!--$$/page=-->
<A name="page_8"></A>

<P align="center">
<B><FONT face="serif">SIGNATURES </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Act, the Registrant, PowerDsine Ltd., 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 Hod Hasharon, in the State of Israel, on December 6, 2004.</FONT>
</P>
<table width="100%" >
  <tr>
    <td width="72%">&nbsp;</td>
    <td colspan="2"><font face="serif">POWERDSINE LTD. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="2%"><font face="serif">By: </font></td>
    <td width="26%"><font face="serif">/s/ Igal Rotem </font> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif">Igal Rotem </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif">Chief Executive Officer </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<P>
</P>
<div align="center"><B><FONT face="serif">POWER OF ATTORNEY </FONT></B>
</div>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We, the undersigned officers and directors of PowerDsine Ltd., hereby severally constitute Igal Rotem or Gershon Katz our true and lawful attorneys with full power to them to sign for us and in
our names in the capacities indicated below, any and all amendments and post-effective amendments, to this registration statement, and including any registration statements for the same offering that is to be effective upon filing pursuant to Rule
462(b) under the Securities Act, with exhibits thereto and other documents in connection therewith, and generally do all such things in our name and on our behalf in such capacities to enable PowerDsine Ltd. to comply with the applicable provisions
of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange Commission and we hereby ratify and confirm our signatures as they may be said attorneys to any and all such amendments. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons for PowerDsine Ltd. in the capacities indicated, on the 6th day of December 2004. </FONT>
</P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD width="25%" align="center"><div align="left"><FONT size=2 face="serif"><U>Signature</U></FONT></div></TD>
   <TD width=6% align="center">&nbsp;</TD>
   <TD width=26% align="center"><div align="left"><font size=2 face="serif"><U>Title</U></font></div></TD>
   <TD width=43% align="center"><div align="left"><FONT size=2 face="serif"><U>Date</U></FONT></div></TD>
</TR>
<TR>
  <TD><FONT size=2 face="serif">&nbsp;<font size=2 face="serif">/s/ Igal Rotem</font> </FONT></TD>
  <TD>&nbsp;</TD>
  <TD><div align="left"></div></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD height="21"><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><div align="left"><font size=2 face="serif">Chief Executive Officer</font></div></TD>
   <TD><font size=2 face="serif">December 6, 2004</font></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><FONT size=2 face="serif">&nbsp;<font size=2 face="serif">Igal Rotem</font> </FONT></div></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><div align="left"><font size=2 face="serif">and Director</font></div></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD align="center" colspan=3>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD align="center" colspan=3><div align="left"><font size=2 face="serif">/s/ Ilan Atias</font></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center"><HR noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"><font size=2 face="serif">Chief Operating Officer</font></div></TD>
  <TD align="center"><div align="left"><font size=2 face="serif">December 6, 2004</font></div></TD>
</TR>
<TR>
  <TD align="center"><div align="left"><font size=2 face="serif">Ilan Atias</font></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"><font size=2 face="serif">and President</font></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD align="center"><div align="left"><font size=2 face="serif">/s/ Gershon Katz</font></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center"><HR noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"><font size=2 face="serif">Chief Financial Officer</font></div></TD>
  <TD align="center"><div align="left"><font size=2 face="serif">December 6, 2004</font></div></TD>
</TR>
<TR>
  <TD align="center">
    <div align="left"><font size=2 face="serif">Gershon Katz</font></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD align="center"><div align="left"><FONT size=2 face="serif">/s/ Kenneth Levy</FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center"><HR align="left" size=2 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"><FONT size=2 face="serif">Chairman of the Board</FONT></div></TD>
  <TD align="center"><div align="left"><font size=2 face="serif">December 6, 2004</font></div></TD>
</TR>
<TR>
  <TD align="center"><div align="left"><FONT size=2 face="serif">Kenneth Levy</FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"><FONT size=2 face="serif">and U.S. Representative</FONT></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD align="center"><div align="left"><FONT size=2 face="serif">/s/ R. William Burgess, Jr.</FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center"><HR align="left" size=2 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"><FONT size=2 face="serif">Director</FONT></div></TD>
  <TD align="center"><div align="left"><font size=2 face="serif">December 6, 2004</font></div></TD>
</TR>
<TR>
  <TD align="center">
    <div align="left"><FONT size=2 face="serif">R. William Burgess, Jr.</FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD align="center"><div align="left"><FONT size=2 face="serif">/s/ Glen I. A. Schwaber</FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center"><HR align="left" size=2 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"><FONT size=2 face="serif">Director</FONT></div></TD>
  <TD align="center"><div align="left"><font size=2 face="serif">December 6, 2004</font></div></TD>
</TR>
<TR>
  <TD align="center"><div align="left"><FONT size=2 face="serif">Glen I. A. Schwaber</FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD align="center"><div align="left"><FONT size=2 face="serif">/s/ Philip P. Trahanas</FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center"><HR align="left" size=2 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"><FONT size=2 face="serif">Director</FONT></div></TD>
  <TD align="center"><div align="left"><font size=2 face="serif">December 6, 2004</font></div></TD>
</TR>
<TR>
  <TD align="center">
    <div align="left"><FONT size=2 face="serif">Philip P. Trahanas</FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD align="center"><div align="left"><FONT size=2 face="serif">/s/ Michael Anghel</FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center"><HR align="left" size=2 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"><FONT size=2 face="serif">Director</FONT></div></TD>
  <TD align="center"><div align="left"><font size=2 face="serif">December 6, 2004</font></div></TD>
</TR>
<TR>
  <TD align="center">
    <div align="left"><FONT size=2 face="serif">Michael Anghel</FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD align="center"><div align="left"><FONT size=2 face="serif">/s/ Dana Gross </FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center"><HR align="left" size=2 noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"><FONT size=2 face="serif">Director</FONT></div></TD>
  <TD align="center"><div align="left"><font size=2 face="serif">December 6, 2004</font></div></TD>
</TR>
<TR>
  <TD align="center">
    <div align="left"><FONT size=2 face="serif">Dana Gross </FONT></div></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><div align="left"></div></TD>
  <TD align="center"><div align="left"></div></TD>
</TR>
</TABLE>

<P align="center">
<FONT size=2 face="serif">7</FONT>
</P>
<HR noshade align="center" width="100%" size=2><PAGE>

<!--$$/page=-->
<A name="page_9"></A>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD width=5%>&nbsp;</TD>
   <TD width=4%>&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT face="serif">INDEX TO EXHIBITS</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="2" align="center">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT face="serif">Exhibit</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2" align="center">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT face="serif">Number</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD width=13% align="center"><div align="left"><B><FONT face="serif">Document</FONT></B></div></TD>
   <TD width=78% align="center">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="2" align="center">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">5.1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><FONT size=2 face="serif">Opinion of Gross, Kleinhendler, Hodak, Halevy, Greenberg &amp; Co.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">23.1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><FONT size=2 face="serif">Consent of Gross Kleinhendler, Hodak, Halevy, Greenberg &amp; Co.</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><FONT size=2 face="serif">(contained in Exhibit 5.1)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">23.2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><FONT size=2 face="serif">Consent of Kesselman &amp; Kesselman</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">24.1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><FONT size=2 face="serif">Power of Attorney (see Signature Page)</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">8</FONT>
</P>

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

</BODY>

</HTML>
[{"type": "S-8", "sequence": "1", "filename": "c34218_s8.htm", "secsgml_size_bytes": 46590}]
{"company-data": {"conformed-name": "POWERDSINE LTD", "cik": "0001275816", "assigned-sic": "3669", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-121025", "film-number": "041186864"}, "mail-address": {"street1": "1 HANAGAR ST.", "street2": "NEVE NEEMAN INDUSTRIAL ZONE", "city": "HOD HASHARON", "state": "L3", "zip": "45421"}}
c34218_s8
As filed with the Securities and Exchange Commission on December 6, 2004
Registration No. 333-________
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
______________________
PowerDsine Ltd.
(Exact name of registrant as specified in its charter)
Israel
(State or other jurisdiction of
Incorporation or organization)
Not Applicable
(I.R.S. Employer
Identification No.)
1 Hanagar Street
Neve Ne'eman Industrial Zone
Hod Hasharon, Israel 45421
(972-9) 775-5100
(Address of principal executive offices)
Section 102 Stock Option Plan
2003 Israeli Share Option Plan
Stock Option Plan (Incentive and Restricted Stock Options)
(Full title of the Plan(s))
_______________________________
David Goren
c/o PowerDsine, Inc.
1865 New Highway, Suite 2
Farmingdale, New York 11735-1508
(Name and address of agent for service)
631-756-4680
(Telephone number, including area code, of agent for service)
Copy to:
Anna T. Pinedo
Morrison & Foerster LLP
1290 Avenue of the Americas
New York, New York 10104
212-468-8179
_______________________________
CALCULATION OF
REGISTRATION FEE
Proposed maximum
Proposed maximum
Amount of
Amount to
offering price
aggregate offering
registration fee
Title of Securities to be Registered
be registered (1)
per share (5)
price (5)
Ordinary shares, par value NIS 0.01
per share (2)
771,075 shares
$13.32
$10,270,719.00
$1,301.30
Ordinary shares, par value NIS 0.01
per share (3)
2,568,868 shares
$13.32
$34,217,321.76
$4,335.34
Ordinary shares, par value NIS 0.01
per share (4)
958,866 shares
$13.32
$12,772,095.12
$1,618.22
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement includes an indeterminate number of additional shares which may be offered and issued to prevent dilution from stock splits, stock dividends or similar transactions as provided in the above-referenced plans.
(2)
This total represents the amount of shares authorized to be issued under the Registrant's Section 102 Stock Option Plan.
(3)
This total represents the amount of shares authorized to be issued under the Registrant's 2003 Israeli Share Option Plan.
(4)
This total represents the amount of shares authorized to be issued under the Registrant's Stock Option Plan (Incentive and Restricted Stock Options).
(5)
Estimated solely for the purpose of calculating the registration fee. Pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, the proposed maximum offering price per share and the proposed
maximum aggregate offering price have been determined on the basis of the average of the high and low prices reported on the Nasdaq National Market on November 30, 2004.
1
PART I
INFORMATION REQUIRED IN THE
SECTION 10(A) PROSPECTUS
The documents containing the information specified in this Part I of Form S-8 (plan information and registrant information and employee plan annual information) will be sent or given to
employees as specified by Securities and Exchange Commission Rule 428(b)(1). Such documents need not be filed with the Securities and Exchange Commission (the "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 in this Registration Statement pursuant to Item 3 of Part II of this Form S-8, taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act of 1933, as amended (the
"
Securities Act
").
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by the Registrant with the Commission are incorporated by reference herein:
a.    The Registrant's Registration Statement and all amendments thereto on Form F-1 (File No.: 333-115777), dated June 9, 2004, which includes audited financial statements for the
Registrant's latest fiscal year.
b.    All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange
Act
"), since the end of the fiscal year covered by the audited financial statements described in (a) above.
c.    The description of the Registrant's Ordinary Shares contained in the Registrant's Statement on Form 8-A (File No: 000-50787), filed June 3, 2004 under the Exchange Act, including
any amendment or report filed for the purpose of updating such description.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement, and prior to the filing of a
post-effective amendment which indicates that all securities offered hereby have been sold or which de-registers all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part
hereof from the date of filing of such documents. Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
2
Item 5. Interests of Named Experts and Counsel.
Gene Kleinhendler and Amir Halevy, two senior partners of our Israeli counsel, Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co., hold a number of our Ordinary shares. Mr. Kleinhendler owns 16,005 Ordinary Shares and Mr. Halevy owns 15,990 Ordinary shares.
Item 6. Indemnification of Directors and Officers.
Section 258 of the Companies Law, 5759 – 1999 (the "Companies Law") prohibits a company from exculpating an officer or director from liability for the breach of his duty of
loyalty. The company may exculpate an officer or director from liability for the breach of his duty of care, may insure his liability for a breach of the duty of loyalty and the duty of care, or indemnify him for such breach, but only in accordance
with the following sections:
Section 259 of the Companies Law permits a company to provide in its articles of association that an officer or a director of the company may be exculpated, to the extent provided in the
articles of association, from liability for the breach of his duty of care.
Section 260(a) of the Companies Law permits a company to provide in its articles of association that the company may indemnify an officer or a director in such capacity, for:
monetary liability incurred pursuant to a judgment, including a settlement or arbitration decision approved by a court, in an action brought by a third party;
reasonable legal expenses incurred in an action brought against the director or officer by or on behalf of the company or others; and
reasonable legal expenses incurred in defending criminal charges of which the director or officer was acquitted, or as a result of a criminal charge that does not require proving criminal intent of which the director or
officer was convicted.
Section 260(b) of the Companies Law specifies that the indemnification provision in a company's articles of association may be an obligation to indemnify in advance, provided it is limited
to types of events the board of directors can foresee when providing the obligation and that it is limited to a sum the board of directors determines is reasonable in the circumstances, or a provision permitting the company to indemnify an officer
or a director or an ad hoc basis after the fact.
Section 261 of the Companies Law permits a company to provide in its articles of association that the company may insure an officer or a director. This insurance may cover:
1.
liability for breach of the duty of care;
2.
liability for breach of the duty of loyalty, provided that the officer or director acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;
or
3.
monetary liabilities imposed for the benefit of a third party as a result of an act or an omission committed in connection with his serving as an officer or director of the company.
All of these provisions are specifically limited in their scope by the Companies Law, which provides that a company may not indemnify an officer or director nor enter into an insurance contract
that would provide coverage for any monetary liability incurred as a result of any of the following:
3
a breach by the officer or director of the duty of loyalty, unless the officer or director acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;
an intentional or reckless breach by the officer or director of the duty of care;
any act of omission done with the intent to derive an illegal personal benefit; or
any fine levied against the director or officer.
The Registrant's articles of association allow it to indemnify, exculpate and insure its officers and directors to the fullest extent permitted by the Companies Law, provided that
procuring this insurance or providing this indemnification or exculpation is approved by the audit committee and the board of directors, as well as by the shareholders where a director is concerned. The Registrant's articles of association also
allow it to insure or indemnify any person who is not an office holder, including any employee, agent, consultant or contractor.
The Registrant's articles of association require a regular majority shareholder vote in order to alter its articles of association. Under Section 262(b) of the Companies Law, in a
"public company" in which an officer or a director is a controlling shareholder, a shareholders resolution to include a provision in the articles of association regarding an exemption, indemnity or insurance shall require the approval of
shareholders who do not have personal interests in the approval of the resolution, as required for an "extraordinary transaction," in addition to the majority required for alteration of the articles of association.
The Registrant's audit committee, board of director and shareholders have resolved to indemnify its directors and officers (up to an aggregate sum equal to 50% of the shareholders'
equity following the initial public offering of the Registrant's shares) for liabilities that are not covered by insurance and that are the following types of events:
1.
the issuance of securities including, but not limited to, the offering of securities to the public according to a prospectus, a private offering, the issuance of bonus shares or any other manner of
security offering;
2.
a "Transaction" as defined according to Article 1 of the Companies Law, including the negotiation for, the signing and the performance of a transaction, transfer, sale, purchase or pledge of
assets or liabilities (including securities), or the receiving of any right in any one of the above, receiving credit, granting securities and any action connected directly or indirectly with such a Transaction;
3.
any filing or announcement required by the Companies Law and/or securities laws and/or according to rules and/or regulations adopted by any stock exchange on which our securities are
traded;
4.
any decision regarding a "distribution", as defined in the Companies Law;
5.
a change in our structure or a reorganization or any decision pertaining to these issues including, but not limited to, a merger, a de-merger, a settlement between us and our shareholders and/or
creditors, a change in our capital, the establishment of subsidiaries and their liquidation or sale, an allotment or distribution;
6.
an announcement, a statement, including a position taken, or an opinion made in good faith by an officer in the course of his duties and in conjunction with his duties, including during a meeting of our
board of directors or one of the committees of the board of directors;
7.
an action taken in contradiction to our Memorandum of Association or articles of association;
4
8.
any action or decision in relation to employer-employee relations, including the negotiation for, signing and performance of individual or collective employment agreement and other employees benefits
(including allocation of securities to employees);
9.
any action or decision relating to work safety and/or working conditions;
10.
negotiation for, signing and performance of an insurance policy; and
11.
any of the above events, pursuant to the officer's position in an affiliated corporation controlled by us.
Item 7. Exemption From Registration Claimed.
Not applicable.
Item 8. Exhibits.
5.1
Opinion of Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co.
23.1
Consent of Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co. (contained in Exhibit 5.1)
23.2
Consent of Kesselman & Kesselman
24.1
Power of Attorney (see Signature Page)
Item 9. Undertakings.
(a)
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, 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.
(4)
To file a post-effective amendment to the registration statement to include any financial statements required by
Item 8.A. of Form 20-F at the start of any delayed offering or throughout any continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need to e furnished,
provided
, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.
(b)
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities
Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act and, where applicable, each filing of an employee benefit plan's annual report
5
pursuant to Section 15(d) of the Exchange Act that is incorporated by reference in this 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.
(c)
Insofar as 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 the expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question 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.
6
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant, PowerDsine Ltd., 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 Hod Hasharon, in the State of Israel, on December 6, 2004.
POWERDSINE LTD.
By:
/s/ Igal Rotem
Igal Rotem
Chief Executive Officer
POWER OF ATTORNEY
We, the undersigned officers and directors of PowerDsine Ltd., hereby severally constitute Igal Rotem or Gershon Katz our true and lawful attorneys with full power to them to sign for us and in
our names in the capacities indicated below, any and all amendments and post-effective amendments, to this registration statement, and including any registration statements for the same offering that is to be effective upon filing pursuant to Rule
462(b) under the Securities Act, with exhibits thereto and other documents in connection therewith, and generally do all such things in our name and on our behalf in such capacities to enable PowerDsine Ltd. to comply with the applicable provisions
of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange Commission and we hereby ratify and confirm our signatures as they may be said attorneys to any and all such amendments.
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons for PowerDsine Ltd. in the capacities indicated, on the 6th day of December 2004.
Signature
Title
Date
/s/ Igal Rotem
Chief Executive Officer
December 6, 2004
Igal Rotem
and Director
/s/ Ilan Atias
Chief Operating Officer
December 6, 2004
Ilan Atias
and President
/s/ Gershon Katz
Chief Financial Officer
December 6, 2004
Gershon Katz
/s/ Kenneth Levy
Chairman of the Board
December 6, 2004
Kenneth Levy
and U.S. Representative
/s/ R. William Burgess, Jr.
Director
December 6, 2004
R. William Burgess, Jr.
/s/ Glen I. A. Schwaber
Director
December 6, 2004
Glen I. A. Schwaber
/s/ Philip P. Trahanas
Director
December 6, 2004
Philip P. Trahanas
/s/ Michael Anghel
Director
December 6, 2004
Michael Anghel
/s/ Dana Gross
Director
December 6, 2004
Dana Gross
7
INDEX TO EXHIBITS
Exhibit
Number
Document
5.1
Opinion of Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co.
23.1
Consent of Gross Kleinhendler, Hodak, Halevy, Greenberg & Co.
(contained in Exhibit 5.1)
23.2
Consent of Kesselman & Kesselman
24.1
Power of Attorney (see Signature Page)
8