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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on August&nbsp;19, 2005</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Callidus Software Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Exact name of Registrant as specified in its charter)</I></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
<I>(State of other jurisdiction of<BR>
incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>77-0438629</B><BR>
<I>(I.R.S. Employer<BR>
Identification Number)</I></TD>
</TR>
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</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>160 West Santa Clara Street, Suite&nbsp;1500<BR>
San Jose, California 95113<BR>
(408)&nbsp;808-6400</B><BR>
<I>(Address, including zip code and telephone number, including area code, of registrant&#146;s principal executive offices)</I>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>2003 Stock Incentive Plan, as amended<BR>
2003 Employee Stock Purchase Plan, as amended<BR>
Non-Qualified Stock Option Agreement with Robert H. Youngjohns<BR>
Restricted Stock Agreement with Robert H. Youngjohns</B><BR>
<I>(Full Title of the Plans)</I>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Robert H. Youngjohns<BR>
President and Chief Executive Officer<BR>
160 West Santa Clara Street, Suite&nbsp;1500<BR>
San Jose, California 95113<BR>
(408)&nbsp;808-6400</B><BR>
<I>(Name, address, including zip code and telephone number, including area code, of agent for service)</I><BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>Copies to:</I></B><BR>
<B>Martin A. Wellington, Esq.<BR>
Davis Polk &#038; Wardwell<BR>
1600 El Camino Real<BR>
Menlo Park, CA 94025<BR>
(650)&nbsp;752-2000</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="54%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price Per</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of Each Class of Securities to be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registered(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registration Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Stock, par value $0.001 per share, to be
issued under the 2003 Stock Incentive Plan, as amended</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">1,310,502 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3.11</TD>
    <TD nowrap style="border-top: 2px solid #000000">(2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">4,075,661</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">480</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Stock, par value $0.001 per share, to be issued
under the 2003 Employee Stock Purchase Plan, as amended</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">524,201 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3.11</TD>
    <TD nowrap style="border-top: 2px solid #000000">(2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,630,265</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">192</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Stock, par value $0.001 per share, to be issued
under the Non-Qualified Stock Option Agreement with
Robert H. Youngjohns</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">1,000,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3.11</TD>
    <TD nowrap style="border-top: 2px solid #000000">(2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3,110,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">366</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Stock, par value $0.001 per share, to be issued
under the Restricted Stock Agreement with Robert H.
Youngjohns</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">28,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3.11</TD>
    <TD nowrap style="border-top: 2px solid #000000">(2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">87,080</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">10</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Total</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">2,862,703 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">8,903,006</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,048</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (&#147;Securities Act&#148;), this
Registration Statement shall also cover any additional shares of the Registrant&#146;s Common Stock that
become issuable under the plans by reason of any stock dividend, stock split, or other similar
transaction.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(a) and (h)&nbsp;solely for the purpose of calculating the
registration fee, based upon the estimated exercise price of $3.11 per share, which is the average
of the high and low prices of the Registrant&#146;s Common Stock on August&nbsp;17, 2005, as reported by the
Nasdaq National Market.</TD>
</TR>

</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>






<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1: Plan Information.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2: Registrant Information and Employee Plan Annual Information.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3: Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4: Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5: Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7: Exemption From Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8: Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9: Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="f11999exv5w1.htm">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f11999exv23w1.htm">EXHIBIT 23.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this Registration Statement on Form S-8, the term &#147;Registrant&#148; means Callidus
Software Inc. along with its subsidiaries.
</DIV>
<!-- link2 "Item&nbsp;1: Plan Information." -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1: Plan Information.*</B>
</DIV>

<!-- link2 "Item&nbsp;2: Registrant Information and Employee Plan Annual Information." -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2: Registrant Information and Employee Plan Annual Information.*</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>*</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by Part&nbsp;I of Form S-8 is omitted from this Registration Statement and
included in documents sent or given to participants in the plans covered by this Registration
Statement pursuant to Rule&nbsp;428(b)(1) of the Securities Act.
</DIV>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3: Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3: Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents and information previously filed with the United States Securities and
Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (&#147;Exchange Act&#148;)
are hereby incorporated by reference:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2004, which
contains audited financial statements for the Registrant&#146;s latest fiscal year for which such
statements have been filed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the
Exchange Act since the end of Registrant&#146;s 2004 fiscal year end.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The description of the Registrant&#146;s common stock contained in its Registration Statement
on Form 8-A, filed on November&nbsp;10, 2003, pursuant to Section 12(g) of the Exchange Act, including
any amendment or report filed for the purpose of updating such description.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
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 in this Registration Statement and to be part
hereof from the date of filing of such documents.
</DIV>
<!-- link2 "Item&nbsp;4: Description of Securities." -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4: Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "Item&nbsp;5: Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5: Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law provides that a Delaware corporation may
indemnify its directors and officers as well as other employees and individuals against expenses
(including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by such person in connection with any threatened, pending or completed actions,
suits or proceedings in which such person is made a party by reason of such person being or having
been a director, officer, employee or agent to the Registrant. The Delaware General Corporation Law
provides that Section&nbsp;145 is not exclusive of other rights to which those seeking indemnification
may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or
otherwise. Article&nbsp;10 of the Registrant&#146;s certificate of incorporation provides for indemnification
by the Registrant of its directors, officers and employees to the fullest extent permitted by the
Delaware General Corporation Law.
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;102(b)(7) of the Delaware General Corporation Law permits a corporation to provide in
its certificate of incorporation that a director of the corporation shall not be personally liable
to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a
director, except for liability (i)&nbsp;for any breach of the director&#146;s duty of loyalty to the
corporation or its stockholders, (ii)&nbsp;for acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law, (iii)&nbsp;for unlawful payments of dividends or
unlawful stock repurchases, redemptions or other distributions, or (iv)&nbsp;for any transaction from
which the director derived an improper personal benefit. The Registrant&#146;s certificate of
incorporation provides for such limitation of liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s policy is to enter into indemnification agreements with each of its
directors, executive officers and certain of its other key employees that provide the maximum
indemnity allowed to directors and executive officers by Section&nbsp;145 of the Delaware General
Corporation Law and the certificate of incorporation, as well as certain additional procedural
protections. In addition, the indemnification agreements provide that the Registrant&#146;s directors,
executive officers and specified key employees will be indemnified to the fullest possible extent
not prohibited by law against all expenses, including attorney&#146;s fees, and settlement amounts paid
or incurred by them in any action or proceeding, including any derivative action by or in the right
of the Registrant, on account of their services as directors, or executive officers or employees of
the Registrant or as directors or officers of any other company or enterprise when they are serving
in these capacities at the request of the Registrant. The Registrant will not be obligated pursuant
to the indemnification agreements to indemnify or advance expenses to an indemnified party with
respect to proceedings or claims initiated by the indemnified party and not by way of defense,
except with respect to proceedings specifically authorized by the Registrant&#146;s board of directors
or brought to enforce a right to indemnification under the indemnification agreement, the
Registrant&#146;s certificate of incorporation or any statute or law. Under the agreements, the
Registrant is not obligated to indemnify the indemnified party (1)&nbsp;for any expenses incurred by the
indemnified party with respect to any proceeding instituted by the indemnified party to enforce or
interpret the agreement, if a court of competent jurisdiction determines that each of the material
assertions made by the indemnified party in any proceeding was not made in good faith or was
frivolous; (2)&nbsp;for any amounts paid in settlement of a proceeding unless the Registrant consents to
such settlement; (3)&nbsp;with respect to any proceeding brought by the Registrant to enforce or
interpret an indemnification agreement if a court determines that each of the material defenses
asserted by the indemnitee was made in bad faith or was frivolous; (4)&nbsp;on account of any suit in
which judgment is rendered against the indemnified party for an accounting of profits made from the
purchase or sale by the indemnified party of securities of the Registrant pursuant to the
provisions of &#167;16(b) of the Exchange Act, and related laws; (5)&nbsp;on account of the indemnified
party&#146;s conduct which is finally adjudged to have been knowingly fraudulent or deliberately
dishonest, or to constitute willful misconduct or a knowing violation of the law; (6)&nbsp;on account of
any conduct from which the indemnified party derived an improper personal benefit; (7)&nbsp;on account
of conduct the indemnified party believed to be contrary to the best interests of the Registrant or
its stockholders; (8)&nbsp;on account of conduct that constituted a breach of the indemnified party&#146;s
duty of loyalty to the registrant or its stockholders; or (9)&nbsp;if a final decision by a court having
jurisdiction in the matter shall determine that such indemnification is not lawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification provisions in the certificate of incorporation and the indemnification
agreements entered into between the Registrant and its directors, executive officers and key
employees may be sufficiently broad to permit indemnification of the Registrant&#146;s officers,
directors and key employees for liabilities arising under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant maintains standard policies of insurance under which coverage is provided (a)
to its directors, officers and key employees against loss rising from claims made by reason of
breach of duty or other wrongful act, and (b)&nbsp;to the Registrant with respect to payments which may
be made by the Registrant to such directors, officers and key employees pursuant to the above
indemnification provision or otherwise as a matter of law.
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;7: Exemption From Registration Claimed." -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7: Exemption From Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "Item&nbsp;8: Exhibits." -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8: Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed as part of this Registration Statement:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Davis Polk &#038; Wardwell</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG, LLP Independent Registered Public
Accounting Firm</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Davis Polk &#038; Wardwell (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2003 Stock Incentive Plan, as amended (1)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2003 Employee Stock Purchase Plan, as amended (2)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Qualified Stock Option Agreement with Robert H.
Youngjohns (3)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restricted Stock Agreement with Robert H. Youngjohns (4)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV align="left"><DIV style="font-size: 3pt; margin-top: 13pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.7.1 to Registrant&#146;s Form 10-Q, filed with the
Securities and Exchange Commission on November&nbsp;15, 2004.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.8.1 to Registrant&#146;s Form 10-Q, filed with the
Securities and Exchange Commission on November&nbsp;15, 2004.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.35 to Registrant&#146;s Form 10-Q, filed with the
Securities and Exchange Commission on August&nbsp;11, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.36 to Registrant&#146;s Form 10-Q, filed with the
Securities and Exchange Commission on August&nbsp;11, 2005.</TD>
</TR>

</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9: Undertakings." -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9: Undertakings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned Registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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-effective
amendment to this Registration Statement to include any material information with respect to the
plan of distribution not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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
provisions described under &#147;Item&nbsp;6 &#151; Indemnification of Directors and Officers&#148; above, 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 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 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.
</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, Callidus Software Inc. 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 San Jose, State of California, on August&nbsp;19, 2005.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CALLIDUS SOFTWARE INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Ronald J. Fior
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ronald J. Fior&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer
Vice President, Finance&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">POWER OF ATTORNEY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below appoints Robert
Youngjohns and Ronald J. Fior, and each of them, his/her true and lawful attorneys-in-fact and
agents, with full power of substitution and resubstitution, for him/her and in his/her name, place
and stead, in any and all capacities, to sign any or all amendments (including post-effective
amendments) to this Registration Statement and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents and each of them, full power and authority to do and perform each
and every act and thing requisite and necessary to be done in and about the premises, as fully to
all intents and purposes as he/she might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents or any of them, or their or his/her substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">/s/ Robert H. Youngjohns
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Robert H. Youngjohns</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
President, Chief Executive Officer, and
Director (Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 19, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Ronald J. Fior
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ronald J. Fior</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chief Financial Officer, Vice President
Finance (Principal Accounting and
Financial Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 19, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Michael A. Braun
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Michael A. Braun</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chairman of the Board
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 19, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ William B. Binch
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
William B. Binch</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 19, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ John R. Eickhoff
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
John R. Eickhoff</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 19, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ George B. James
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
George B. James</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 19, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Terry L. Opdendyk
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Terry L. Opdendyk</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 19, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ David B. Pratt
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
David B. Pratt</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 19, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="012"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit Number </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Davis Polk &#038; Wardwell</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG, LLP Independent Registered Public
Accounting Firm</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Davis Polk &#038; Wardwell (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2003 Stock Incentive Plan, as amended (1)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2003 Employee Stock Purchase Plan, as amended (2)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Qualified Stock Option Agreement with Robert H.
Youngjohns (3)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restricted Stock Agreement with Robert H. Youngjohns (4)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
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    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.7.1 to Registrant&#146;s Form 10-Q, filed with the
Securities and Exchange Commission on November&nbsp;15, 2004.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.8.1 to Registrant&#146;s Form 10-Q, filed with the
Securities and Exchange Commission on November&nbsp;15, 2004.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.35 to Registrant&#146;s Form 10-Q, filed with the
Securities and Exchange Commission on August&nbsp;11, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.36 to Registrant&#146;s Form 10-Q, filed with the
Securities and Exchange Commission on August&nbsp;11, 2005.</TD>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on August 19, 2005
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Callidus Software Inc.
(Exact name of Registrant as specified in its charter)
Delaware
(State of other jurisdiction of
incorporation or organization)
77-0438629
(I.R.S. Employer
Identification Number)
160 West Santa Clara Street, Suite 1500
San Jose, California 95113
(408) 808-6400
(Address, including zip code and telephone number, including area code, of registrant's principal executive offices)
2003 Stock Incentive Plan, as amended
2003 Employee Stock Purchase Plan, as amended
Non-Qualified Stock Option Agreement with Robert H. Youngjohns
Restricted Stock Agreement with Robert H. Youngjohns
(Full Title of the Plans)
Robert H. Youngjohns
President and Chief Executive Officer
160 West Santa Clara Street, Suite 1500
San Jose, California 95113
(408) 808-6400
(Name, address, including zip code and telephone number, including area code, of agent for service)
Copies to:
Martin A. Wellington, Esq.
Davis Polk & Wardwell
1600 El Camino Real
Menlo Park, CA 94025
(650) 752-2000
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Amount to be
Offering Price Per
Aggregate Offering
Amount of
Title of Each Class of Securities to be Registered
Registered(1)
Share
Price
Registration Fee
Common Stock, par value $0.001 per share, to be
issued under the 2003 Stock Incentive Plan, as amended
1,310,502 shares
$
3.11
(2)
$
4,075,661
$
480
Common Stock, par value $0.001 per share, to be issued
under the 2003 Employee Stock Purchase Plan, as amended
524,201 shares
$
3.11
(2)
$
1,630,265
$
192
Common Stock, par value $0.001 per share, to be issued
under the Non-Qualified Stock Option Agreement with
Robert H. Youngjohns
1,000,000 shares
$
3.11
(2)
$
3,110,000
$
366
Common Stock, par value $0.001 per share, to be issued
under the Restricted Stock Agreement with Robert H.
Youngjohns
28,000 shares
$
3.11
(2)
$
87,080
$
10
Total
2,862,703 shares
$
8,903,006
$
1,048
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended ("Securities Act"), this
Registration Statement shall also cover any additional shares of the Registrant's Common Stock that
become issuable under the plans by reason of any stock dividend, stock split, or other similar
transaction.
(2)
Estimated in accordance with Rule 457(a) and (h) solely for the purpose of calculating the
registration fee, based upon the estimated exercise price of $3.11 per share, which is the average
of the high and low prices of the Registrant's Common Stock on August 17, 2005, as reported by the
Nasdaq National Market.
TABLE OF CONTENTS
PART I
Item 1: Plan Information.
Item 2: Registrant Information and Employee Plan Annual Information.
PART II
Item 3: Incorporation of Documents by Reference.
Item 4: Description of Securities.
Item 5: Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7: Exemption From Registration Claimed.
Item 8: Exhibits.
Item 9: Undertakings.
SIGNATURES
EXHIBIT INDEX
EXHIBIT 5.1
EXHIBIT 23.1
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
As used in this Registration Statement on Form S-8, the term "Registrant" means Callidus
Software Inc. along with its subsidiaries.
Item 1: Plan Information.*
Item 2: Registrant Information and Employee Plan Annual Information.*
*
The information required by Part I of Form S-8 is omitted from this Registration Statement and
included in documents sent or given to participants in the plans covered by this Registration
Statement pursuant to Rule 428(b)(1) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3: Incorporation of Documents by Reference.
The following documents and information previously filed with the United States Securities and
Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended ("Exchange Act")
are hereby incorporated by reference:
(a)      The Registrant's Annual Report on Form 10-K for the year ended December 31, 2004, which
contains audited financial statements for the Registrant's latest fiscal year for which such
statements have been filed.
(b)      All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the
Exchange Act since the end of Registrant's 2004 fiscal year end.
(c)      The description of the Registrant's common stock contained in its Registration Statement
on Form 8-A, filed on November 10, 2003, pursuant to Section 12(g) of the Exchange Act, including
any amendment or report filed for the purpose of updating such description.
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
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 in this Registration Statement 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.
Section 145 of the Delaware General Corporation Law provides that a Delaware corporation may
indemnify its directors and officers as well as other employees and individuals against expenses
(including attorneys' fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by such person in connection with any threatened, pending or completed actions,
suits or proceedings in which such person is made a party by reason of such person being or having
been a director, officer, employee or agent to the Registrant. The Delaware General Corporation Law
provides that Section 145 is not exclusive of other rights to which those seeking indemnification
may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or
otherwise. Article 10 of the Registrant's certificate of incorporation provides for indemnification
by the Registrant of its directors, officers and employees to the fullest extent permitted by the
Delaware General Corporation Law.
2
Table of Contents
Section 102(b)(7) of the Delaware General Corporation Law permits a corporation to provide in
its certificate of incorporation that a director of the corporation shall not be personally liable
to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a
director, except for liability (i) for any breach of the director's duty of loyalty to the
corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law, (iii) for unlawful payments of dividends or
unlawful stock repurchases, redemptions or other distributions, or (iv) for any transaction from
which the director derived an improper personal benefit. The Registrant's certificate of
incorporation provides for such limitation of liability.
The Registrant's policy is to enter into indemnification agreements with each of its
directors, executive officers and certain of its other key employees that provide the maximum
indemnity allowed to directors and executive officers by Section 145 of the Delaware General
Corporation Law and the certificate of incorporation, as well as certain additional procedural
protections. In addition, the indemnification agreements provide that the Registrant's directors,
executive officers and specified key employees will be indemnified to the fullest possible extent
not prohibited by law against all expenses, including attorney's fees, and settlement amounts paid
or incurred by them in any action or proceeding, including any derivative action by or in the right
of the Registrant, on account of their services as directors, or executive officers or employees of
the Registrant or as directors or officers of any other company or enterprise when they are serving
in these capacities at the request of the Registrant. The Registrant will not be obligated pursuant
to the indemnification agreements to indemnify or advance expenses to an indemnified party with
respect to proceedings or claims initiated by the indemnified party and not by way of defense,
except with respect to proceedings specifically authorized by the Registrant's board of directors
or brought to enforce a right to indemnification under the indemnification agreement, the
Registrant's certificate of incorporation or any statute or law. Under the agreements, the
Registrant is not obligated to indemnify the indemnified party (1) for any expenses incurred by the
indemnified party with respect to any proceeding instituted by the indemnified party to enforce or
interpret the agreement, if a court of competent jurisdiction determines that each of the material
assertions made by the indemnified party in any proceeding was not made in good faith or was
frivolous; (2) for any amounts paid in settlement of a proceeding unless the Registrant consents to
such settlement; (3) with respect to any proceeding brought by the Registrant to enforce or
interpret an indemnification agreement if a court determines that each of the material defenses
asserted by the indemnitee was made in bad faith or was frivolous; (4) on account of any suit in
which judgment is rendered against the indemnified party for an accounting of profits made from the
purchase or sale by the indemnified party of securities of the Registrant pursuant to the
provisions of §16(b) of the Exchange Act, and related laws; (5) on account of the indemnified
party's conduct which is finally adjudged to have been knowingly fraudulent or deliberately
dishonest, or to constitute willful misconduct or a knowing violation of the law; (6) on account of
any conduct from which the indemnified party derived an improper personal benefit; (7) on account
of conduct the indemnified party believed to be contrary to the best interests of the Registrant or
its stockholders; (8) on account of conduct that constituted a breach of the indemnified party's
duty of loyalty to the registrant or its stockholders; or (9) if a final decision by a court having
jurisdiction in the matter shall determine that such indemnification is not lawful.
The indemnification provisions in the certificate of incorporation and the indemnification
agreements entered into between the Registrant and its directors, executive officers and key
employees may be sufficiently broad to permit indemnification of the Registrant's officers,
directors and key employees for liabilities arising under the Securities Act.
The Registrant maintains standard policies of insurance under which coverage is provided (a)
to its directors, officers and key employees against loss rising from claims made by reason of
breach of duty or other wrongful act, and (b) to the Registrant with respect to payments which may
be made by the Registrant to such directors, officers and key employees pursuant to the above
indemnification provision or otherwise as a matter of law.
3
Table of Contents
Item 7: Exemption From Registration Claimed.
Not Applicable.
Item 8: Exhibits.
The following exhibits are filed as part of this Registration Statement:
Exhibit Number
Description
5.1
Opinion of Davis Polk & Wardwell
23.1
Consent of KPMG, LLP Independent Registered Public
Accounting Firm
23.2
Consent of Davis Polk & Wardwell (included in Exhibit 5.1)
24
Power of Attorney (included on signature page)
99.1
2003 Stock Incentive Plan, as amended (1)
99.2
2003 Employee Stock Purchase Plan, as amended (2)
99.3
Non-Qualified Stock Option Agreement with Robert H.
Youngjohns (3)
99.4
Restricted Stock Agreement with Robert H. Youngjohns (4)
(1)
Incorporated by reference to Exhibit 10.7.1 to Registrant's Form 10-Q, filed with the
Securities and Exchange Commission on November 15, 2004.
(2)
Incorporated by reference to Exhibit 10.8.1 to Registrant's Form 10-Q, filed with the
Securities and Exchange Commission on November 15, 2004.
(3)
Incorporated by reference to Exhibit 10.35 to Registrant's Form 10-Q, filed with the
Securities and Exchange Commission on August 11, 2005.
(4)
Incorporated by reference to Exhibit 10.36 to Registrant's Form 10-Q, filed with the
Securities and Exchange Commission on August 11, 2005.
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 this Registration Statement or any material change
to such information in this 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.
(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 Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) 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 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
provisions described under "Item 6 — Indemnification of Directors and Officers" above, 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 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 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.
4
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act, Callidus Software Inc. 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 San Jose, State of California, on August 19, 2005.
CALLIDUS SOFTWARE INC.
By:
/s/ Ronald J. Fior
Name:
Ronald J. Fior
Title:
Chief Financial Officer
Vice President, Finance
Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated.
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below appoints Robert
Youngjohns and Ronald J. Fior, and each of them, his/her true and lawful attorneys-in-fact and
agents, with full power of substitution and resubstitution, for him/her and in his/her name, place
and stead, in any and all capacities, to sign any or all amendments (including post-effective
amendments) to this Registration Statement and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents and each of them, full power and authority to do and perform each
and every act and thing requisite and necessary to be done in and about the premises, as fully to
all intents and purposes as he/she might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents or any of them, or their or his/her substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
Signature
Title
Date
/s/ Robert H. Youngjohns
Robert H. Youngjohns
President, Chief Executive Officer, and
Director (Principal Executive Officer)
August 19, 2005
/s/ Ronald J. Fior
Ronald J. Fior
Chief Financial Officer, Vice President
Finance (Principal Accounting and
Financial Officer)
August 19, 2005
/s/ Michael A. Braun
Michael A. Braun
Chairman of the Board
August 19, 2005
/s/ William B. Binch
William B. Binch
Director
August 19, 2005
/s/ John R. Eickhoff
John R. Eickhoff
Director
August 19, 2005
/s/ George B. James
George B. James
Director
August 19, 2005
/s/ Terry L. Opdendyk
Terry L. Opdendyk
Director
August 19, 2005
/s/ David B. Pratt
David B. Pratt
Director
August 19, 2005
5
Table of Contents
EXHIBIT INDEX
Exhibit Number
Description
5.1
Opinion of Davis Polk & Wardwell
23.1
Consent of KPMG, LLP Independent Registered Public
Accounting Firm
23.2
Consent of Davis Polk & Wardwell (included in Exhibit 5.1)
24
Power of Attorney (included on signature page)
99.1
2003 Stock Incentive Plan, as amended (1)
99.2
2003 Employee Stock Purchase Plan, as amended (2)
99.3
Non-Qualified Stock Option Agreement with Robert H.
Youngjohns (3)
99.4
Restricted Stock Agreement with Robert H. Youngjohns (4)
(1)
Incorporated by reference to Exhibit 10.7.1 to Registrant's Form 10-Q, filed with the
Securities and Exchange Commission on November 15, 2004.
(2)
Incorporated by reference to Exhibit 10.8.1 to Registrant's Form 10-Q, filed with the
Securities and Exchange Commission on November 15, 2004.
(3)
Incorporated by reference to Exhibit 10.35 to Registrant's Form 10-Q, filed with the
Securities and Exchange Commission on August 11, 2005.
(4)
Incorporated by reference to Exhibit 10.36 to Registrant's Form 10-Q, filed with the
Securities and Exchange Commission on August 11, 2005.