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FORM 4                                                    OMB Approval
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                                                 OMB Number            3235-0287
                                                 Expires:     September 30, 1998
                                                 Estimated average burden
                                                 hours per response ........ 0.5
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                                 U.S. SECURITIES AND EXCHANGE COMMISSION
                                        WASHINGTON, D.C. 20549
                                       
                               STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
/ / Check box if no                                                     
    longer subject to         Filed pursuant to Section 16(a) of the Securities 
    Section 16. Form 4            Exchange Act of 1934, Section 17(a) of the 
    or Form 5 obligations         Public Utility Holding Company Act of 1935
    may continue. See              or Section 30(f) of the Investment Company
    Instruction 1(b).                           Act of 1940               

(Print or Type Responses)
                                                                                                          
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 1. Name and Address of Reporting Person*      2. Issuer Name AND Ticker or Trading Symbol   6. Relationship of Reporting Person to
   Peters          Christopher                         8x8, Inc.-EGHT                           Issuer (Check all applicable)
- ---------------------------------------------  ----------------------------------------------       Director         10% Owner
  (Last)          (First)          (Middle)    3. IRS or Social Security  4. Statement for      ----              ---
         2445 Mission College Blvd.               Number of Reporting        Month/Year          X  Officer (give    Other (Specify
- ---------------------------------------------     Person (Voluntary)          January 1998      ----        title ---       below)
                 (Street)                                                 ------------------                below)
Santa Clara          CA              95054                                5. If Amendment,          Vice President, Sales
- ---------------------------------------------                                Date of Original       --------------------------------
  (City)           (State)           (Zip)                                   (Month/Year)              
                                                                                             7. Individual or Joint/Group Filing
                                                                          ------------------    (Check Applicable Line)
                                                                                                  X   Form filed by One 
                                                                                                ----  Reporting Person
                                                                                                      Form filed by More than
                                                                                                ----  One Reporting Person
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                                       TABLE 1 -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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 1. Title of Security           2. Trans-   3. Transac-  4. Securities Acquired (A)  5.  Amount of Se-    6. Owner-      7. Nature  
  (Instr. 3)                       action      tion         or Disposed of (D)           curities Benefi-    ship           of In-  
                                   Date        Code         (Instr. 3, 4 and 5)          cially Owned at     Form:          direct  
                                  (Month/      (Instr. 8)                                End of Month        Direct         Benefi-
                                   Day/                                                  (Instr. 3 and 4)    (D) or         cial
                                   Year)  ---------------------------------------                            Indirect       Owner- 
                                          Code    V      Amount   (A) or    Price                            (I)            ship   
                                                                  (D)                                        (Instr. 4)     (Instr.
                                                                                                                            4)     
Common Stock                     1/22/98    M            1,833      A        $0.50                                 D
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Common Stock                     9/3/97     M           11,728      A        $0.50                                 D
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Common Stock                                                                  TOTAL:         13,561                
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.                   (Over)
*If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v).

                                                                                                                     SEC 1474(7/96)
 
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FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES) - ------------------------------------------------------------------------------------------------------------------------------------ 1. Title of Derivative 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date Exer- 7. Title and Amount 8. Price Security sion or action action Derivative cisable and of Underlying of (Instr. 4) Exercise Date Code Securities Ac- Expiration Securities Deriv- Price of (Month/ (Instr. 8) quired (A) or Date (Instr. 3 and 4) ative Deriv- Day/ Disposed of (D) (Month/Day/ Secur- ative Year) (Instr. 3, 4, Year) ity Security and 5) (Instr. 5) ----------------------------------- Date Expira- Amount or -------------------------- Exer- tion Title Number of Code V (A) (D) cisable Date Shares - ------------------------------------------------------------------------------------------------------------------------------------ Employee Stock Option Common (right to buy) $0.50 01/22/98 M 1,250 (1) 01/27/05 Stock 1,250 - ------------------------------------------------------------------------------------------------------------------------------------ Employee Stock Option Common (right to buy) $0.50 01/22/98 M 583 (2) 06/24/06 Stock 583 - ------------------------------------------------------------------------------------------------------------------------------------ Common Options to Buy Common Stock $0.50 (1) 01/27/05 Stock 4,063 - ------------------------------------------------------------------------------------------------------------------------------------ Common Options to Buy Common Stock $0.50 (2) 06/24/06 Stock 4,376 - ------------------------------------------------------------------------------------------------------------------------------------ Common Options to Buy Common Stock $6.80 (3) 06/23/07 Stock 70,000 - ------------------------------------------------------------------------------------------------------------------------------------ Common Options to Buy Common Stock $11.25 (4) 07/28/07 Stock 33,000 - ------------------------------------------------------------------------------------------------------------------------------------ Options to Buy Common Stock TOTAL: - ------------------------------------------------------------------------------------------------------------------------------------ 9. Number of 10. Ownership 11. Nature of Derivative Form of Indirect Securities Derivative Beneficial Beneficially Security: Ownership Owned at End Direct (D) (Instr. 4) of Month or Indirect (I) (Instr. 4) (Instr. 4) - ------------------------------------------------------------------------------------------------------- -0- D - ------------------------------------------------------------------------------------------------------- -0- D - ------------------------------------------------------------------------------------------------------- 4,063 D - ------------------------------------------------------------------------------------------------------- 4,376 D - ------------------------------------------------------------------------------------------------------- 70,000 D - ------------------------------------------------------------------------------------------------------- 33,000 D - ------------------------------------------------------------------------------------------------------- 111,439 - ------------------------------------------------------------------------------------------------------- Explanation of Responses: (1) 1/4th of the shares vested on January 29, 1996; 1/36th of the remaining shares shall vest on the last of each full month thereafter, until all of the shares have vested. (2) 1/48th of the shares shall vest on the last day of each full month after the vesting commencement date of June 24, 1996, until all of the shares have vested. (3) 1/48th of the shares shall vest on the last day of each full month after the vesting commencement date of June 23, 1997, until all of the shares have vested. (4) 1/48th of the shares shall vest on the last day of each full month after the vesting commencement date of July 28, 1997, until all of the shares have vested. **Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------- ------- **Signature of Reporting Person Date Note. File three copies of this Form, one of which must be manually signed. Page 2 If space provided is insufficient, see Instruction 6 for procedure. SEC 1474 (7/96) Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.