Ownership Submission
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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(Print or Type Responses)
1. Name and Address of Reporting Person *
KRAMLICH C RICHARD
  2. Issuer Name and Ticker or Trading Symbol
VONAGE HOLDINGS CORP [VG]
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)
1119 ST. PAUL STREET
3. Date of Earliest Transaction (Month/Day/Year)
05/30/2006
(Street)

BALTIMORE, MD 21202
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ 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 05/30/2006   C   8,500,000 A (1) 8,500,000 I See Note 2 (2)
Common Stock 05/30/2006   C   4,000,000 A (3) 12,500,000 I See Note 2 (2)
Common Stock 05/30/2006   C   4,750,820 A (4) 17,250,000 I See Note 2 (2)
Common Stock 05/30/2006   C   3,841,551 A (5) 21,092,371 I See Note 2 (2)
Common Stock 05/30/2006   C   5,557,534 A (4) 5,557,534 I See Note 6 (6)
Common Stock 05/30/2006   C   1,280,517 A (5) 6,838,051 I See Note 6 (6)

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) 05/30/2006   C     2,975,000   (1)   (7) Common Stock 8,500,000 (1) 0 I See Note 2 (2)
Series C Preferred Stock (3) 05/30/2006   C     1,400,000   (3)   (7) Common Stock 4,000,000 (3) 0 I See Note 2 (2)
Series D Preferred Stock (4) 05/30/2006   C     1,662,787   (4)   (7) Common Stock 4,750,820 (4) 0 I See Note 2 (2)
Series E Preferred Stock (5) 05/30/2006   C     1,344,543   (5)   (7) Common Stock 3,841,551 (5) 0 I See Note 2 (2)
Series D Preferred Stock (4) 05/30/2006   C     1,945,137   (4)   (7) Common Stock 5,557,534 (4) 0 I See Note 6 (6)
Series E Preferred Stock (5) 05/30/2006   C     448,181   (5)   (7) Common Stock 1,280,517 (5) 0 I See Note 6 (6)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
KRAMLICH C RICHARD
1119 ST. PAUL STREET
BALTIMORE, MD 21202
    X    

Signatures

 Louis S. Citron, attorney-in-fact   06/01/2006
**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 share of Series B Preferred Stock automatically converted into shares of Common Stock on an approximately 2.86 for 1 basis upon the closing of the Issuer's initial public offering.
(2) The Reporting Person is a general partner of NEA Partners 10, Limited Partnership, which is the sole general partner of New Enterprise Associates 10, Limited Partnership ("NEA 10"), the beneficial owner of the securities. The Reporting Person disclaims ownership, within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, of the securities held by NEA 10, except to the extent of his pecuniary interest therein.
(3) Each share of Series C Preferred Stock automatically converted into shares of Common Stock on an approximately 2.86 for 1 basis upon the closing of the Issuer's initial public offering.
(4) Each share of Series D Preferred Stock automatically converted into shares of Common Stock on an approximately 2.86 for 1 basis upon the closing of the Issuer's initial public offering.
(5) Each share of Series E Preferred Stock automatically converted into shares of Common Stock on an approximately 2.86 for 1 basis upon the closing of the Issuer's initial public offering.
(6) The Reporting Person is a manager of NEA 11 GP, LLC, which is the sole general partner of NEA Partners 11, Limited Partnership ("NEA Partners 11"). NEA Partners 11 is the sole general partner of New Enterprise Associates 11, Limited Partnership ("New Enterprise Associates 11"), the beneficial owner of the securities. The Reporting Person disclaims ownership within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, of the securities held by New Enterprise Associates 11, except to the extent of his pecuniary interest therein.
(7) The expiration date is not relevant to the conversion of these securities.
 
Remarks:
In addition to the shares reported herein, (i) New Enterprise Associates 10, Limited Partnership owns a convertible note for $11,416,250 convertible at a rate of $14.22 per share of Common Stock and (ii) New Enterprise Associates 11, L.P. owns a convertible note for $3,805,416.67 convertible at a rate of $14.22 per share of Common Stock.  These holdings have been previously reported.  Also, NEA Ventures 2003, L.P. owns 21, 428 shares of Common Stock of the Issuer as a result of the conversion of the Series B Preferred Stock.  The Reporting Person does not have voting nor dispositive powers over the holdings of NEA Ventures 2003, L.P.  The Reporting Person disclaims beneficial ownership, within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, of such portion of those shares in which the Reporting Person has no actual pecuniary interest therein.

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