FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * NetSuite Restricted Holdings LLC   2. Issuer Name and Ticker or Trading Symbol NETSUITE INC [N] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O BILL WRIGHT & ASSOCIATES, LLC, THREE EMBARCADERO CENTER, SUITE 2360 3. Date of Earliest Transaction (Month/Day/Year) 12/24/2007 (Street) SAN FRANCISCO, CA 94111 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 12/24/2007   C   31,964,894 A (1) 31,964,894 D (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series B Preferred Stock	(1)	12/24/2007		C			120,000	(1)	(1)	Common Stock	603,069	$ 0	0	D (2)
Series C Preferred Stock	(1)	12/24/2007		C			21,774	(1)	(1)	Common Stock	126,967	$ 0	0	D (2)
Series D Preferred Stock	(1)	12/24/2007		C			1,396,193	(1)	(1)	Common Stock	5,391,429	$ 0	0	D (2)
Series E Preferred Stock	(1)	12/24/2007		C			4,577,028	(1)	(1)	Common Stock	7,152,470	$ 0	0	D (2)
Series F Preferred Stock	(1)	12/24/2007		C			2,997,578	(1)	(1)	Common Stock	3,533,181	$ 0	0	D (2)
Series G Preferred Stock	(1)	12/24/2007		C			9,945,428	(1)	(1)	Common Stock	9,945,428	$ 0	0	D (2)
Series H Preferred Stock	(1)	12/24/2007		C			5,144,850	(1)	(1)	Common Stock	5,144,850	$ 0	0	D (2)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
NetSuite Restricted Holdings LLC C/O BILL WRIGHT & ASSOCIATES, LLC THREE EMBARCADERO CENTER, SUITE 2360 SAN FRANCISCO, CA 94111		X
ELLISON LAWRENCE JOSEPH 101 YGNACIO VALLEY ROAD, SUITE 310 WALNUT CREEK, CA 94596		X

Signatures

Bill Wright & Associates, LLC, a California limited liability company, Manager, By: Bill Wright, Member		12/27/2007
**Signature of Reporting Person		Date
The Lawrence J. Ellison Revocable Trust U/D/D 12/8/95, By: Philip B. Simon, Co-Trustee (2)		12/27/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Each series of Preferred Stock converted into Common Stock automatically upon the closing of the issuer's public offering. The conversion ratio for each series of Preferred Stock is as provided in the issuer's certificate of incorporation and has no expiration date.
(2)	The form of beneficial ownership of shares of NetSuite Inc. for the Lawrence J. Ellison Revocable Trust U/D/D 12/8/95 is indirect, through ownership of 100% of the membership interest in NetSuite Restricted Holdings LLC. The Lawrence J. Ellison Revocable Trust U/D/D 12/8/95 disclaims beneficial ownership of these shares of NetSuite, Inc. except to the extent of its pecuniary interest.

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