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     <p><b><font face="Arial" size="2">As filed with the Securities and Exchange
     Commission on March 31,
     2003&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;Registration
     No. 333-<br />
     <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></b></p>
     <p align="center"><b><font face="Arial" size="2">SECURITIES AND EXCHANGE
     COMMISSION<br />
     Washington, D.C.&nbsp; 20549</font></b></p>
     <p align="center"><b><font face="Arial" size="2">FORM S-8<br />
     REGISTRATION STATEMENT<br />
     UNDER<br />
     THE SECURITIES ACT OF 1933</font></b></p>
     <p align="center"><b><font face="Arial" size="2"><u>F5 NETWORKS, INC.<br />
     </u>(Exact Name of Registrant as Specified in Its Charter)</font></b></p>
     <p align="center"><b><font face="Arial" size="2"><u>Washington<br />
     </u>(State or Other Jurisdiction<br />
     of Incorporation or Organization)</font></b></p>
     <p align="center"><b><font face="Arial" size="2"><u>91-1714307<br />
     </u>(I.R.S. Employer Identification No.)</font></b></p>
     <p align="center"><b><font face="Arial" size="2">&nbsp;&nbsp;&nbsp; <u>401
     Elliott Avenue West, Seattle, Washington</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <u>98119<br />
     </u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address
     of Principal Executive
     Offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip
     Code)</font></b></p>
     <p align="center"><b><u><font face="Arial" size="2">1998 EQUITY INCENTIVE
     PLAN</font></u></b></p>
     <p align="center"><b><font face="Arial" size="2">(Full Title of the Plan)</font></b></p>
     <p align="center"><b><font face="Arial" size="2"><br />
     Joann Reiter<br />
     F5 Networks, Inc.<br />
     401 Elliott Avenue West<br />
     <u>Seattle, WA&nbsp; 98119<br />
     </u>(Name and Address of Agent for Service)</font></b></p>
     <p align="center"><b><font face="Arial" size="2"><u>(206) 272-5555<br />
     </u>(Telephone Number, Including Area Code, of Agent for Service)</font></b></p>
     <p align="center"><b><font face="Arial" size="2">CALCULATION OF
     REGISTRATION FEE</font></b></p>
     <div align="center">
          <table border="0" cellspacing="0" cellpadding="0" width="643">
               <tr>
                    <td valign="bottom" width="166" align="center">
                         <p align="center">&nbsp;</p>
                         <p align="center"><b><font face="Arial" size="2">Title
                         of<br />
                         Securities<br />
                         To Be Registered</font></b></p>
                    </td>
                    <td valign="bottom" width="123" align="center">
                         <p align="center">&nbsp;</p>
                         <p align="center"><b><font face="Arial" size="2"><br />
                         Amount To<br>
                         Be Registered</font></b></p>
                    </td>
                    <td valign="bottom" width="144" align="center">
                         <p align="center">&nbsp;</p>
                         <p><font face="Arial" size="2"><b>Proposed Maximum<br>
                         Offering Price</b> <b>Per Share</b></font></p>
                    </td>
                    <td valign="bottom" width="92" align="center">
                         <p align="center">&nbsp;</p>
                         <p align="center"><b><font face="Arial" size="2">Proposed<br />
                         Maximum<br />
                         Aggregate<br />
                         Offering Price</font></b></p>
                    </td>
                    <td valign="bottom" width="108" align="center">
                         <p align="center">&nbsp;</p>
                         <p align="center"><b><font face="Arial" size="2"><br />
                         Amount of<br />
                         Registration<br />
                         Fee</font></b></p>
                    </td>
               </tr>
               <tr>
                    <td valign="bottom" width="166" align="center"></td>
                    <td valign="bottom" width="123" align="center"></td>
                    <td valign="bottom" width="144" align="center"></td>
                    <td valign="bottom" width="92" align="center"></td>
                    <td valign="bottom" width="108" align="center"></td>
               </tr>
               <tr>
                    <td valign="bottom" width="166" align="center">
                         <p align="center"><b><font face="Arial" size="2"><br>
                         common stock, no par value</font></b></p>
                    </td>
                    <td valign="bottom" width="123" align="center">
                         <p align="center"><b><font face="Arial" size="2">1,000,000
                         shares</font></b></p>
                    </td>
                    <td valign="bottom" width="144" align="center">
                         <p align="center"><b><font face="Arial" size="2">$13.12(1)</font></b></p>
                    </td>
                    <td valign="bottom" width="92" align="center">
                         <p align="center"><b><font face="Arial" size="2">$13,120,000
                         (1)</font></b></p>
                    </td>
                    <td valign="bottom" width="108" align="center">
                         <p align="center"><b><font face="Arial" size="2"><br />
                         $1,062.72</font></b></p>
                    </td>
               </tr>
          </table>
     </div>
     <blockquote>
          <p><font size="2" face="Arial">(1)&nbsp;&nbsp;&nbsp; Estimated solely
          for the purpose of calculating the amount of the registration fee
          pursuant to Rule 457(h) promulgated under the Securities Act 1933, as
          amended (the &quot;Securities Act&quot;). The price per share and
          aggregate offering price are based upon the closing sale price of the
          Company's common stock as reported on the Nasdaq Stock Market National
          Market System for March 28, 2003 for 1,000,000 shares reserved for
          future issuance pursuant to the 1998 Equity Incentive Plan (pursuant
          to Rule 457(c) under the Securities Act).</font></p>
          <p>&nbsp;</p>
     </blockquote>
</div>
<div>
     <hr>
     <p align="center">&nbsp;</p>
     <p align="center"><font size="2" face="Arial">PART II<br>
     INFORMATION REQUIRED IN THE REGISTRATION<br>
     STATEMENT</font></p>
     <p><b><font size="2" face="Arial">Item 3.&nbsp; Incorporation of Documents
     by Reference.</font></b></p>
     <p><font size="2" face="Arial">The following documents filed by F5
     Networks, Inc. (the &quot;Company&quot;) with the Securities and Exchange
     Commission are incorporated by reference into this Registration Statement:</font></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;
     Annual Report on Form 10-K for the year ended September 30, 2002;</font></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;
     Quarterly Report on Form 10-Q for the three months ended December 31, 2002,
     and</font></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp; the
     description of the Company's common stock contained in the Company's
     Registration Statement Form 8-A, filed May 11, 1999 under the Securities
     Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;) including
     any amendments or reports filed for the purposes of updating such
     description.</font></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; All documents
     subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 or
     15(d) of the Exchange Act, prior to the filing of a post-effective
     amendment which indicates that all securities offered have been sold or
     which deregisters all securities then remaining unsold, shall be deemed to
     be incorporated by reference herein and to be part hereof from the date of
     filing of such documents.</font></p>
     <p><b><font size="2" face="Arial">Item 4.&nbsp; Description of Securities.</font></b></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; Not Applicable</font></p>
     <p><b><font size="2" face="Arial">Item 5.&nbsp; Interests of Named Experts
     and Counsel.</font></b></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; Not Applicable&nbsp;</font></p>
     <p><b><font size="2" face="Arial">Item 6.&nbsp; Indemnification of
     Directors and Officers.</font></b></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; Sections 23B.08.500
     through 23.B.08.600 of the Washington Business Corporation Act (the &quot;WBCA&quot;)
     authorize a court to award, or a corporation's board of directors to grant,
     indemnification to directors and officers on terms sufficiently broad to
     permit indemnification under certain circumstances for liabilities arising
     under the Securities Act of 1933, as amended (the &quot;Securities
     Act&quot;).&nbsp; Section 23B.08.320 of the WBCA authorizes a corporation
     to limit a director's liability to the corporation or its shareholders for
     monetary damages for acts or omissions as a director, except in certain
     circumstances involving intentional misconduct, knowing violations of law
     or illegal corporate loans or distributions, or any transaction from which
     the director personally receives a benefit in money, property or services
     to which the director is not legally entitled.</font></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; The Company's Second
     Amended and Restated Articles of Incorporation and Amended and Restated
     Bylaws contain provisions permitting the Company to indemnify its directors
     and officers to the full extent permitted by Washington law.&nbsp; In
     addition, the Company's Second Amended and Restated Articles of
     Incorporation contain a provision implementing, to the fullest extent
     permitted by Washington law, the above limitations on a director's
     liability to the Company and its shareholders. The Company has entered into
     certain indemnification agreements with its directors and certain of its
     officers, the form of which is attached as Exhibit 10.1 to its Registration
     Statement on Form S-1 (File No. 333-75817).&nbsp; The indemnification
     agreements provide the Company's directors and certain of its officers with
     indemnification to the maximum extent permitted by the WBCA.&nbsp; The
     directors and officers of the Company also may be indemnified against
     liability they may incur for serving in that capacity pursuant to a
     liability insurance policy maintained by the Company for this purpose.</font></p>
     <p align="center"><font size="2" face="Arial">II-1</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><b><font size="2" face="Arial">Item 7.&nbsp; Exemption from Registration
     Claimed.</font></b></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; Not Applicable</font></p>
     <p><b><font size="2" face="Arial">Item 8.&nbsp; Exhibits.</font></b></p>
     <table border="0" cellspacing="0" cellpadding="0" width="754">
          <tr>
               <td valign="bottom" width="80">
                    <p><font size="2" face="Arial">Exhibit<u><br>
                    Number</u></font></p>
               </td>
               <td valign="bottom" width="662">
                    <p><u><font size="2" face="Arial">Exhibit</font></u></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">&nbsp;4.1</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Second Amended and Restated
                    Articles of Incorporation (Incorporated by reference to
                    Exhibit 3.2 to the Registrant's Registration Statement on
                    Form S-1, File No. 333-75817).</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">&nbsp;4.2</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Amended and Restated Bylaws
                    (Incorporated by reference to Exhibit 3.4 to the
                    Registrant's Registration Statement on Form S-1, File No.
                    333-75817).</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">&nbsp;4.3</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Specimen Stock Certificate
                    (Incorporated by reference to Exhibit 4.1 to the
                    Registrant's Registration Statement on Form S-1, File No.
                    333-75817).</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">&nbsp;5.1</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Opinion of Heller Ehrman
                    White&nbsp;&amp; McAuliffe LLP.</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">10.1</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">F5 Networks, Inc. 1998 Equity
                    Incentive Plan, as amended and restated.</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">23.1</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Consent of
                    PricewaterhouseCoopers LLP, Independent Accountants.</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p><font size="2" face="Arial">23.2</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Consent of Heller Ehrman
                    White&nbsp;&amp; McAuliffe LLP (Included in its opinion
                    filed as Exhibit 5.1).</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p><font size="2" face="Arial">24.1</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Power of Attorney (Included
                    on the signature page of this Registration Statement).</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
     </table>
     <p><b><font size="2" face="Arial">Item 9.&nbsp; Undertakings.</font></b></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
     undersigned Registrant hereby undertakes:</font></p>
     <p><font size="2" face="Arial">&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;&nbsp;&nbsp;&nbsp;
     (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To file,
     during any period in which offers or sales are being made, a post&#8209;effective
     amendment to this Registration Statement:</font></p>
     <p><font size="2" face="Arial">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
     include any prospectus required by section 10(a)(3) of the Securities Act
     of 1933;</font></p>
     <p><font size="2" face="Arial">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To reflect
     in the prospectus any facts or events arising after the effective date of
     the Registration Statement (or the most recent post&#8209;effective
     amendment thereof) which, individually or in the aggregate, represent a
     fundamental change in the information set forth in the Registration
     Statement;</font></p>
     <p><font size="2" face="Arial">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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></p>
     <p><font face="Arial" size="2"><i>&nbsp;&nbsp;&nbsp; Provided, however,</i>
     that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
     required to be included in a post&#8209;effective amendment by those
     paragraphs is contained in periodic reports filed by the Registrant
     pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities
     Exchange Act of 1934 that are incorporated by reference in this
     Registration Statement.</font></p>
     <p align="center"><font face="Arial" size="2">II-2</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font size="2" face="Arial">&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;&nbsp;&nbsp;&nbsp;
     (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for
     the purpose of determining any liability under the Securities Act of 1933,
     each such post&#8209;effective amendment shall be deemed to be a new
     registration statement relating to the securities offered therein, and the
     offering of such securities at that time shall be deemed to be the initial
     bona fide offering thereof.</font></p>
     <p><font size="2" face="Arial">&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;&nbsp;&nbsp;&nbsp;
     (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To remove
     from registration by means of a post-effective amendment any of the
     securities being registered which remain unsold at the termination of the
     offering.</font></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
     undersigned Registrant hereby undertakes that, for purposes of determining
     any liability under the Securities Act of 1933, each filing of the
     Registrant's annual report pursuant to Section 13(a) or Section&nbsp;15(d)
     of the Securities Exchange Act of 1934 that is incorporated by reference in
     the Registration Statement shall be deemed to be a new registration
     statement relating to the securities offered therein, and the offering of
     such securities at that time shall be deemed to be the initial bona fide
     offering thereof.</font></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insofar as
     indemnification for liabilities arising under the Securities Act of 1933
     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 Securities and
     Exchange Commission such indemnification is against public policy as
     expressed in the Securities Act of 1933 and is, therefore,
     unenforceable.&nbsp; In the event that a claim for indemnification against
     such liabilities (other than the payment by the Registrant of expenses
     incurred or paid by a director, officer or controlling person of the
     Registrant in 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 of whether such
     indemnification by it is against public policy as expressed in the
     Securities Act of 1933 and will be governed by the final adjudication of
     such issue.</font></p>
     <p align="center"><font size="2" face="Arial"><br clear="all" />
     II-3</font>
     <hr>
     <p align="center"><b><font size="2" face="Arial">Signatures</font></b></p>
     <p>&nbsp;&nbsp; <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; <u>The
     Registrant</u>.&nbsp; Pursuant to the requirements of the Securities Act of
     1933, the Registrant certifies that it has reasonable grounds to believe
     that it meets all of the requirements for filing on Form S&#8209;8 and has
     duly caused this Registration Statement to be signed on its behalf by the
     undersigned, thereunto duly authorized, in the City of Seattle, State of
     Washington, on March 26, 2003.</font></p>
     <p><b><font size="2" face="Arial">&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     F5 NETWORKS, INC.</font></b></p>
     <p><font size="2" face="Arial">&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;&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;&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;
     By:&nbsp; <u>/s/ John McAdam&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     </u>&nbsp;&nbsp;&nbsp;<br>
     &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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     John McAdam, President and<br />
     &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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Chief Executive Officer</font></p>
     <p align="center"><b><font size="2" face="Arial">Power of Attorney</font></b></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; Each person whose
     signature appears below constitutes and appoints John McAdams or Joann
     Reiter, or either of them, his true and lawful attorney-in-fact, with the
     power of substitution and resubstitution, for him in his name, place or
     stead, in any and all capacities, to sign any or all amendments to this
     Registration Statement, and to file the same, with exhibits thereto and
     other documents in connection therewith, with the Securities and Exchange
     Commission, hereby ratifying and confirming all that said attorneys-in-fact
     and their agents or substitutes, may lawfully do or lawfully cause to be
     done by virtue hereof.</font></p>
     <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; Pursuant to the
     requirements of the Securities Act of 1933, this Registration Statement has
     been signed by the following persons in the capacities and on the dates
     indicated.</font></p>
     <div align="center">
          <table border="0" cellspacing="0" cellpadding="0" width="100%">
               <tr>
                    <td valign="top">
                         <p><u><font size="2" face="Arial">Signature</font></u></p>
                    </td>
                    <td valign="top"></td>
                    <td valign="top">
                         <p align="center"><u><font size="2" face="Arial">Title</font></u></p>
                    </td>
                    <td valign="top">
                         <p><u><font size="2" face="Arial">Date</font></u></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top">
                         <p><font size="2" face="Arial"><br>
                         <u><br>
                         /s/ John McAdam</u><br />
                         John McAdam</font></p>
                    </td>
                    <td valign="top"></td>
                    <td valign="top">
                         <p align="center"><font size="2" face="Arial"><br>
                         President, Chief Executive Officer<br>
                         and Director<br>
                         (Principal Executive Officer)</font></p>
                    </td>
                    <td valign="top">
                         <p><font size="2" face="Arial"><br>
                         <br>
                         March 26, 2003</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top">
                         <p><font size="2" face="Arial"><br>
                         <u><br>
                         /s/ Steven B. Coburn</u><br />
                         Steven B. Coburn</font></p>
                    </td>
                    <td valign="top"></td>
                    <td valign="top">
                         <p align="center"><font size="2" face="Arial"><br>
                         Senior Vice President and<br>
                         Chief Financial Officer<br>
                         (Principal Financial and Accounting Officer)</font></p>
                    </td>
                    <td valign="top">
                         <p><font size="2" face="Arial"><br>
                         <br>
                         March 26, 2003</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top">
                         <p><font size="2" face="Arial"><br>
                         <u><br>
                         /s/ Jeffrey S. Hussey</u><br />
                         Jeffrey S. Hussey</font></p>
                    </td>
                    <td valign="top"></td>
                    <td valign="top">
                         <p align="center"><font size="2" face="Arial"><br>
                         <br>
                         Director</font></p>
                    </td>
                    <td valign="top">
                         <p><font size="2" face="Arial"><br>
                         <br>
                         March 27, 2003</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top">
                         <p><font size="2" face="Arial"><br>
                         <u><br>
                         /s/ Kenny J. Frerichs</u><br />
                         Kenny J. Frerichs</font></p>
                    </td>
                    <td valign="top"></td>
                    <td valign="top">
                         <p align="center"><font size="2" face="Arial"><br>
                         <br>
                         Director</font></p>
                    </td>
                    <td valign="top">
                         <p><font size="2" face="Arial"><br>
                         <br>
                         March 28, 2002</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top">
                         <p><font size="2" face="Arial"><br>
                         <u><br>
                         /s/ Keith D. Grinstein</u><br />
                         Keith D. Grinstein</font></p>
                    </td>
                    <td valign="top"></td>
                    <td valign="top">
                         <p align="center"><font size="2" face="Arial"><br>
                         <br>
                         Director</font></p>
                    </td>
                    <td valign="top">
                         <p><font size="2" face="Arial"><br>
                         <br>
                         March 25, 2003</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top"></td>
                    <td valign="top"></td>
                    <td valign="top"></td>
                    <td valign="top"></td>
               </tr>
          </table>
     </div>
     <p align="center"><font face="Arial" size="2">II-4</font></p>
     <hr>
     <table border="0" cellspacing="0" cellpadding="0" width="754">
          <tr>
               <td valign="top" width="194">
                    <p><u><font size="2" face="Arial">Signature</font></u></p>
               </td>
               <td valign="top" width="10"></td>
               <td valign="top" width="396">
                    <p align="center"><u><font size="2" face="Arial">Title</font></u></p>
               </td>
               <td valign="top" width="146">
                    <p><u><font size="2" face="Arial">Date</font></u></p>
               </td>
          </tr>
          <tr>
               <td valign="top" width="194">
                    <p><font size="2" face="Arial"><br>
                    <u><br>
                    /s/ Karl D. Geulich</u><br />
                    Karl D. Geulich</font></p>
               </td>
               <td valign="top" width="10"></td>
               <td valign="top" width="396">
                    <p align="center"><font size="2" face="Arial"><br>
                    <br>
                    Director</font></p>
               </td>
               <td valign="top" width="146">
                    <p><font size="2" face="Arial"><br>
                    <br>
                    March 24, 2003</font></p>
               </td>
          </tr>
          <tr>
               <td valign="top" width="194">
                    <p><font size="2" face="Arial"><br>
                    <u><br>
                    /s/ Alan Higginson</u><br />
                    Alan Higginson</font></p>
               </td>
               <td valign="top" width="10"></td>
               <td valign="top" width="396">
                    <p align="center"><font size="2" face="Arial"><br>
                    <br>
                    Director</font></p>
               </td>
               <td valign="top" width="146">
                    <p><font size="2" face="Arial"><br>
                    <br>
                    March 24, 2003</font></p>
               </td>
          </tr>
          <tr>
               <td valign="top" width="194"></td>
               <td valign="top" width="10"></td>
               <td valign="top" width="396"></td>
               <td valign="top" width="146"></td>
          </tr>
     </table>
     <p>&nbsp;</p>
     <p>&nbsp;</p>
     <p>&nbsp;</p>
     <p>&nbsp;</p>
     <p align="center"><font face="Arial" size="2">II-5</font></p>
     <hr>
     <p align="center"><u><b>Exhibit Index</b></u></p>
     <table border="0" cellspacing="0" cellpadding="0" width="754">
          <tr>
               <td valign="bottom" width="80">
                    <p><font size="2" face="Arial">Exhibit<u><br>
                    Number</u></font></p>
               </td>
               <td valign="bottom" width="662">
                    <p><u><font size="2" face="Arial">Exhibit</font></u></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">&nbsp;4.1</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Second Amended and Restated
                    Articles of Incorporation (Incorporated by reference to
                    Exhibit 3.2 to the Registrant's Registration Statement on
                    Form S-1, File No. 333-75817).</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">&nbsp;4.2</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Amended and Restated Bylaws
                    (Incorporated by reference to Exhibit 3.4 to the
                    Registrant's Registration Statement on Form S-1, File No.
                    333-75817).</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">&nbsp;4.3</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Specimen Stock Certificate
                    (Incorporated by reference to Exhibit 4.1 to the
                    Registrant's Registration Statement on Form S-1, File No.
                    333-75817).</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">&nbsp;5.1</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Opinion of Heller Ehrman
                    White&nbsp;&amp; McAuliffe LLP.</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">10.1</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">F5 Networks, Inc. 1998 Equity
                    Incentive Plan, as amended and restated.</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p align="left"><font size="2" face="Arial">23.1</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Consent of
                    PricewaterhouseCoopers LLP, Independent Accountants.</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p><font size="2" face="Arial">23.2</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Consent of Heller Ehrman
                    White&nbsp;&amp; McAuliffe LLP (Included in its opinion
                    filed as Exhibit 5.1).</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
          <tr>
               <td valign="top" width="80">
                    <p><font size="2" face="Arial">24.1</font></p>
               </td>
               <td valign="top" width="662">
                    <p><font size="2" face="Arial">Power of Attorney (Included
                    on the signature page of this Registration Statement).</font></p>
               </td>
               <td valign="top" width="6"></td>
          </tr>
     </table>
</div>

</body>

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{"company-data": {"conformed-name": "F5 NETWORKS INC", "cik": "0001048695", "assigned-sic": "7373", "irs-number": "911714307", "state-of-incorporation": "WA", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-104169", "film-number": "03631163"}, "business-address": {"street1": "401 ELLIOT AVE WEST", "street2": "STE 500", "city": "SEATTLE", "state": "WA", "zip": "98119", "phone": "2062725555"}, "mail-address": {"street1": "401 ELLIOT AVE WEST", "street2": "STE 500", "city": "SEATTLE", "state": "WA", "zip": "98119"}, "former-company": {"former-conformed-name": "F5 LABS INC", "date-changed": "19990305"}}
S-8 1998 Plan 3-24-03.DOC
As filed with the Securities and Exchange
     Commission on March 31,
     2003                          Registration
     No. 333-
SECURITIES AND EXCHANGE
     COMMISSION
Washington, D.C.  20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
F5 NETWORKS, INC.
(Exact Name of Registrant as Specified in Its Charter)
Washington
(State or Other Jurisdiction
of Incorporation or Organization)
91-1714307
(I.R.S. Employer Identification No.)
401
     Elliott Avenue West, Seattle, Washington
98119
(Address
     of Principal Executive
     Offices)              (Zip
     Code)
1998 EQUITY INCENTIVE
     PLAN
(Full Title of the Plan)
Joann Reiter
F5 Networks, Inc.
401 Elliott Avenue West
Seattle, WA  98119
(Name and Address of Agent for Service)
(206) 272-5555
(Telephone Number, Including Area Code, of Agent for Service)
CALCULATION OF
     REGISTRATION FEE
Title
                         of
Securities
To Be Registered
Amount To
Be Registered
Proposed Maximum
Offering Price
Per Share
Proposed
Maximum
Aggregate
Offering Price
Amount of
Registration
Fee
common stock, no par value
1,000,000
                         shares
$13.12(1)
$13,120,000
                         (1)
$1,062.72
(1)    Estimated solely
          for the purpose of calculating the amount of the registration fee
          pursuant to Rule 457(h) promulgated under the Securities Act 1933, as
          amended (the "Securities Act"). The price per share and
          aggregate offering price are based upon the closing sale price of the
          Company's common stock as reported on the Nasdaq Stock Market National
          Market System for March 28, 2003 for 1,000,000 shares reserved for
          future issuance pursuant to the 1998 Equity Incentive Plan (pursuant
          to Rule 457(c) under the Securities Act).
PART II
INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT
Item 3.  Incorporation of Documents
     by Reference.
The following documents filed by F5
     Networks, Inc. (the "Company") with the Securities and Exchange
     Commission are incorporated by reference into this Registration Statement:
(a)   
     Annual Report on Form 10-K for the year ended September 30, 2002;
(b)   
     Quarterly Report on Form 10-Q for the three months ended December 31, 2002,
     and
(c)    the
     description of the Company's common stock contained in the Company's
     Registration Statement Form 8-A, filed May 11, 1999 under the Securities
     Exchange Act of 1934, as amended (the "Exchange Act") including
     any amendments or reports filed for the purposes of updating such
     description.
All documents
     subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 or
     15(d) of the Exchange Act, prior to the filing of a post-effective
     amendment which indicates that all securities offered have been sold or
     which deregisters all securities then remaining unsold, shall be deemed to
     be incorporated by reference herein and to be part hereof from the date of
     filing of such documents.
Item 4.  Description of Securities.
Not Applicable
Item 5.  Interests of Named Experts
     and Counsel.
Not Applicable
Item 6.  Indemnification of
     Directors and Officers.
Sections 23B.08.500
     through 23.B.08.600 of the Washington Business Corporation Act (the "WBCA")
     authorize a court to award, or a corporation's board of directors to grant,
     indemnification to directors and officers on terms sufficiently broad to
     permit indemnification under certain circumstances for liabilities arising
     under the Securities Act of 1933, as amended (the "Securities
     Act").  Section 23B.08.320 of the WBCA authorizes a corporation
     to limit a director's liability to the corporation or its shareholders for
     monetary damages for acts or omissions as a director, except in certain
     circumstances involving intentional misconduct, knowing violations of law
     or illegal corporate loans or distributions, or any transaction from which
     the director personally receives a benefit in money, property or services
     to which the director is not legally entitled.
The Company's Second
     Amended and Restated Articles of Incorporation and Amended and Restated
     Bylaws contain provisions permitting the Company to indemnify its directors
     and officers to the full extent permitted by Washington law.  In
     addition, the Company's Second Amended and Restated Articles of
     Incorporation contain a provision implementing, to the fullest extent
     permitted by Washington law, the above limitations on a director's
     liability to the Company and its shareholders. The Company has entered into
     certain indemnification agreements with its directors and certain of its
     officers, the form of which is attached as Exhibit 10.1 to its Registration
     Statement on Form S-1 (File No. 333-75817).  The indemnification
     agreements provide the Company's directors and certain of its officers with
     indemnification to the maximum extent permitted by the WBCA.  The
     directors and officers of the Company also may be indemnified against
     liability they may incur for serving in that capacity pursuant to a
     liability insurance policy maintained by the Company for this purpose.
II-1
Item 7.  Exemption from Registration
     Claimed.
Not Applicable
Item 8.  Exhibits.
Exhibit
Number
Exhibit
4.1
Second Amended and Restated
                    Articles of Incorporation (Incorporated by reference to
                    Exhibit 3.2 to the Registrant's Registration Statement on
                    Form S-1, File No. 333-75817).
4.2
Amended and Restated Bylaws
                    (Incorporated by reference to Exhibit 3.4 to the
                    Registrant's Registration Statement on Form S-1, File No.
                    333-75817).
4.3
Specimen Stock Certificate
                    (Incorporated by reference to Exhibit 4.1 to the
                    Registrant's Registration Statement on Form S-1, File No.
                    333-75817).
5.1
Opinion of Heller Ehrman
                    White & McAuliffe LLP.
10.1
F5 Networks, Inc. 1998 Equity
                    Incentive Plan, as amended and restated.
23.1
Consent of
                    PricewaterhouseCoopers LLP, Independent Accountants.
23.2
Consent of Heller Ehrman
                    White & McAuliffe LLP (Included in its opinion
                    filed as Exhibit 5.1).
24.1
Power of Attorney (Included
                    on the signature page of this Registration Statement).
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:
(i)            To
     include any prospectus required by section 10(a)(3) of the Securities Act
     of 1933;
(ii)           To reflect
     in the prospectus any facts or events arising after the effective date of
     the Registration Statement (or the most recent post‑effective
     amendment thereof) which, individually or in the aggregate, represent a
     fundamental change in the information set forth in the Registration
     Statement;
(iii)          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;
Provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
     required to be included in a post‑effective amendment by those
     paragraphs is contained in periodic reports filed by the Registrant
     pursuant to Section 13 or Section 15(d) of the Securities
     Exchange Act of 1934 that are incorporated by reference in this
     Registration Statement.
II-2
(2)           That, for
     the purpose of determining any liability under the Securities Act of 1933,
     each such post‑effective amendment shall be deemed to be a new
     registration statement relating to the securities offered therein, and the
     offering of such securities at that time shall be deemed to be the initial
     bona fide offering thereof.
(3)           To remove
     from registration by means of a post-effective amendment any of the
     securities being registered which remain unsold at the termination of the
     offering.
(b)           The
     undersigned Registrant hereby undertakes that, for purposes of determining
     any liability under the Securities Act of 1933, each filing of the
     Registrant's annual report pursuant to Section 13(a) or Section 15(d)
     of the Securities Exchange Act of 1934 that is incorporated by reference in
     the Registration Statement shall be deemed to be a new registration
     statement relating to the securities offered therein, and the offering of
     such securities at that time shall be deemed to be the initial bona fide
     offering thereof.
(c)           Insofar as
     indemnification for liabilities arising under the Securities Act of 1933
     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 Securities and
     Exchange Commission such indemnification is against public policy as
     expressed in the Securities Act of 1933 and is, therefore,
     unenforceable.  In the event that a claim for indemnification against
     such liabilities (other than the payment by the Registrant of expenses
     incurred or paid by a director, officer or controlling person of the
     Registrant in 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 of whether such
     indemnification by it is against public policy as expressed in the
     Securities Act of 1933 and will be governed by the final adjudication of
     such issue.
II-3
Signatures
The
     Registrant
.  Pursuant to the requirements of the Securities Act of
     1933, the Registrant certifies that it has reasonable grounds to believe
     that it meets all of the requirements for filing on Form S‑8 and has
     duly caused this Registration Statement to be signed on its behalf by the
     undersigned, thereunto duly authorized, in the City of Seattle, State of
     Washington, on March 26, 2003.
F5 NETWORKS, INC.
By:
/s/ John McAdam
John McAdam, President and
Chief Executive Officer
Power of Attorney
Each person whose
     signature appears below constitutes and appoints John McAdams or Joann
     Reiter, or either of them, his true and lawful attorney-in-fact, with the
     power of substitution and resubstitution, for him in his name, place or
     stead, in any and all capacities, to sign any or all amendments to this
     Registration Statement, and to file the same, with exhibits thereto and
     other documents in connection therewith, with the Securities and Exchange
     Commission, hereby ratifying and confirming all that said attorneys-in-fact
     and their agents or substitutes, may lawfully do or lawfully cause to be
     done by virtue hereof.
Pursuant to the
     requirements of the Securities Act of 1933, this Registration Statement has
     been signed by the following persons in the capacities and on the dates
     indicated.
Signature
Title
Date
/s/ John McAdam
John McAdam
President, Chief Executive Officer
and Director
(Principal Executive Officer)
March 26, 2003
/s/ Steven B. Coburn
Steven B. Coburn
Senior Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
March 26, 2003
/s/ Jeffrey S. Hussey
Jeffrey S. Hussey
Director
March 27, 2003
/s/ Kenny J. Frerichs
Kenny J. Frerichs
Director
March 28, 2002
/s/ Keith D. Grinstein
Keith D. Grinstein
Director
March 25, 2003
II-4
Signature
Title
Date
/s/ Karl D. Geulich
Karl D. Geulich
Director
March 24, 2003
/s/ Alan Higginson
Alan Higginson
Director
March 24, 2003
II-5
Exhibit Index
Exhibit
Number
Exhibit
4.1
Second Amended and Restated
                    Articles of Incorporation (Incorporated by reference to
                    Exhibit 3.2 to the Registrant's Registration Statement on
                    Form S-1, File No. 333-75817).
4.2
Amended and Restated Bylaws
                    (Incorporated by reference to Exhibit 3.4 to the
                    Registrant's Registration Statement on Form S-1, File No.
                    333-75817).
4.3
Specimen Stock Certificate
                    (Incorporated by reference to Exhibit 4.1 to the
                    Registrant's Registration Statement on Form S-1, File No.
                    333-75817).
5.1
Opinion of Heller Ehrman
                    White & McAuliffe LLP.
10.1
F5 Networks, Inc. 1998 Equity
                    Incentive Plan, as amended and restated.
23.1
Consent of
                    PricewaterhouseCoopers LLP, Independent Accountants.
23.2
Consent of Heller Ehrman
                    White & McAuliffe LLP (Included in its opinion
                    filed as Exhibit 5.1).
24.1
Power of Attorney (Included
                    on the signature page of this Registration Statement).