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<TITLE>sv8</TITLE>
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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">As filed with the Securities and Exchange Commission on October&nbsp;19, 2005
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.&nbsp;333-
</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>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

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


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>REGISTRATION STATEMENT UNDER THE<BR>
SECURITIES ACT OF 1933<BR>
______________________</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>STELLENT, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Minnesota</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>41-1652566</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>7500 Flying Cloud Drive, Suite&nbsp;500</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>55344</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Eden Prairie, Minnesota</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Stellent, Inc. 2005 Equity Incentive Plan</B><BR>
(Full title of the plan)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Gregg A. Waldon<BR>
Executive Vice President, Chief Executive Officer, Secretary and Treasurer<BR>
7500 Flying Cloud Drive, Suite&nbsp;500<BR>
Eden Prairie, Minnesota 55344</B><BR>
(Name and address of agent for service)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Telephone number, including area code, of agent for service: <B>(952)&nbsp;903-2000<BR>
______________________</B>
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Kris Sharpe<BR>
Gordon S. Weber</B><BR>
Faegre &#038; Benson LLP<BR>
2200 Wells Fargo Center<BR>
90 South Seventh Street<BR>
Minneapolis, Minnesota 55402-3901<BR>
(612)&nbsp;766-7000
</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%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&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="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="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="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="23" 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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px 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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px 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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Aggregate</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of</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="center">Title of Each Class of Securities to</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">To Be</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Offering</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Offering</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Registration</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="center">Be registered</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Registered (1)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price Per Share (2)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price (2)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fee</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS"><B>Common Stock, $.01 par value, issuable pursuant to:</B></FONT></DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:45px; text-indent:-15px"><B><I>Stellent Inc. 2005 Equity Incentive Plan</I></B></DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:60px; text-indent:-15px">Shares Reserved for Future Grants</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">3,096,000</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">8.79&nbsp;</TD>
    <TD nowrap style="border-top: 1px solid #000000">(3)</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">27,213,840</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">3,204</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:60px; text-indent:-15px">Shares Subject to Currently Outstanding Options (4)</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">6,173,867</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">8.79&nbsp;</TD>
    <TD nowrap style="border-top: 1px solid #000000">(3)</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">54,268,291</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">6,388</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:60px; text-indent:-15px">Shares Issuable Upon Exercise of Currently
Outstanding Options</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">104,000</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 1px solid #000000">$</TD>

<TD align="right" style="border-top: 1px solid #000000">8.253&nbsp;</TD>
    <TD nowrap style="border-top: 1px solid #000000">(5)</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">858,312</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">102</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Registration Statement will also cover any additional shares of common stock that
become issuable under the Stellent, Inc. 2005 Equity Incentive Plan by reason of any stock
dividend, stock split, recapitalization or other similar transaction effected without the
Registrant&#146;s receipt of consideration that results in an increase in the number of the
outstanding shares of the Registrant&#146;s common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of determining the registration fee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Computed in accordance with Rule 457(h) and 457(c) under the Securities Act of 1933. This
computation is based on the average of the high and low prices as reported on the Nasdaq
National Market on October&nbsp;11, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consists of shares of common stock currently issuable upon exercise of outstanding awards
under the Stellent, Inc. 1994-1997 Stock Option Plan, Stellent, Inc. 1997 Director Stock
Option Plan, Stellent, Inc. 1999 Employee Stock Option and Compensation Plan, Stellent, Inc.
2000 Stock Incentive Plan and Stellent, Inc. 2000 Employee Stock Incentive Plan. These plans
currently remain outstanding, and any shares of common stock issued under these awards will be
issued from the shares of common stock reserved for these plans. However, if any of the
outstanding awards relating to these plans terminate unexercised, then the shares of common
stock subject to those terminated awards will be available for issuance under the Stellent,
Inc. 2005 Equity Incentive Plan; therefore, those shares of common stock are included in this
registration statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Computed in accordance with Rule 457(h) under the Securities Act of 1933. This computation
is based on the weighted average per share exercise price of outstanding options granted under
the Stellent, Inc. 2005 Equity Incentive Plan.</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>

<!-- PAGEBREAK -->
<P><HR noshade><P>

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


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

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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009"> INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="c99039exv5.htm">Opinion of Faegre & Benson LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="c99039exv23w2.htm">Consent of Grant Thornton LLP</A></TD></TR>
</TABLE>
</CENTER>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>STELLENT, INC.</B></U>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 is being filed for the purpose of registering
9,373,867 shares of the common stock of Stellent, Inc. (the &#147;Company&#148;) to be issued pursuant to the
Company&#146;s 2005 Equity Incentive Plan. 6,173,867 of these shares of common stock consist of shares
of common stock currently issuable upon exercise of outstanding awards under the Stellent, Inc.
1994-1997 Stock Option Plan, Stellent, Inc. 1997 Director Stock Option Plan, Stellent, Inc. 1999
Employee Stock Option and Compensation Plan, Stellent, Inc. 2000 Stock Incentive Plan and Stellent,
Inc. 2000 Employee Stock Incentive Plan. These plans currently remain outstanding, and any shares
of common stock issued under these awards will be issued from the shares of common stock reserved
for these plans. However, if any of the outstanding awards relating to these plans terminate
unexercised, then the shares of common stock subject to those terminated awards will be available
for issuance under the Stellent, Inc. 2005 Equity Incentive Plan; therefore, those shares of common
stock are included in this registration statement.
</DIV>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="000"></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"><FONT style="font-variant: SMALL-CAPS"><U><B>Information Required in the Registration Statement</B></U></FONT>
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="001"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents of the Company filed with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934, are, as of their respective dates, incorporated
herein by reference and made a part hereof:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Annual Report on Form 10-K of the Company for the fiscal year ended
March&nbsp;31, 2005 (which incorporates by reference certain portions of the Company&#146;s
definitive proxy statement for its 2005 Annual Meeting of Shareholders) filed
pursuant to Section 15(d) of the Securities Exchange Act of 1934;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All other reports filed pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 since the end of the fiscal year covered by the
Annual Report referred to in (1)&nbsp;above; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The description of the Company&#146;s common stock that is contained in the
Registration Statement on Form 8-A (Registration No.&nbsp;033-36390-C) dated November&nbsp;12,
1999 under the Securities Exchange Act of 1934 and all amendments and reports filed
for the purpose of updating the description.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and other documents filed by the Company pursuant to Sections&nbsp;13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934 subsequent to the date of this Registration Statement
and prior to the filing of a post-effective amendment that indicates that all of the shares of
common stock offered have been sold or that deregisters all shares of the common stock then
remaining unsold shall be deemed to be incorporated by reference in and a part of this Registration
Statement from the date of filing of these documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated, or deemed to be incorporated, by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement contained herein or incorporated herein by reference or in any other
subsequently filed document that also is or is deemed to be incorporated by reference herein
modifies or supersedes this statement. Any statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><FONT style="font-variant: SMALL-CAPS">Item&nbsp;4. Description of Securities.</FONT></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="003"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>

<P align="center" style="font-size: 10pt">II-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="004"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is subject to Minnesota Statutes Chapter&nbsp;302A, the Minnesota Business Corporation
Act (the &#147;Corporation Act&#148;). Section&nbsp;302A.521 of the Corporation Act provides in substance that,
unless prohibited by its articles of incorporation or bylaws, a corporation must indemnify an
officer or director who is made or threatened to be made a party to a proceeding by reason of his
official capacity against judgments, penalties, fines, including, without limitation, excise taxes
assessed against the person with respect to an employee benefit plan, settlements and reasonable
expenses, including attorneys&#146; fees and disbursements, incurred by such person in connection with
the proceeding, if certain criteria are met. These criteria, all of which must be met by the
person complained of in the proceeding, are (a)&nbsp;that such person has not been indemnified by
another organization for the same judgments, penalties, fines, settlements and expenses; (b)&nbsp;that
such person must have acted in good faith; (c)&nbsp;that no improper personal benefit was obtained by
such person and such person satisfied certain statutory conflicts of interest provisions, if
applicable; (d)&nbsp;that in the case of a criminal proceeding, such person had no reasonable cause to
believe that the conduct was unlawful; and (e)&nbsp;that such person must have acted in a manner he
reasonably believed was in the best interests of the corporation or, in certain limited
circumstances, not opposed to the best interests of the corporation. The determination as to
eligibility for indemnification is made by the members of the corporation&#146;s board of directors or a
committee of the board who are at the time not parties to the proceedings under consideration, by
special legal counsel, by the shareholders who are not parties to the proceedings or by a court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers or persons controlling the Company pursuant to the foregoing
provisions, the Company has been informed 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company also maintains a director and officer insurance policy to cover the Company, its
directors and its officers against certain liabilities.
</DIV>
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><FONT style="font-variant: SMALL-CAPS">Item&nbsp;7. Exemption from Registration Claimed.</FONT></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="006"></A></DIV>

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


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Exhibit</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended and Restated Articles of Incorporation of the Company (incorporated
herein by reference to Exhibit&nbsp;3.1 to the Company&#146;s Current Report on Form 8-K, filed
on August&nbsp;29, 2001).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bylaws of the Company (incorporated herein by reference to Exhibit&nbsp;4.2 to the
Company&#146;s Registration Statement on Form S-8, File No.&nbsp;333-75828, filed on December&nbsp;21,
2001).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Share Rights Agreement between the Company and Wells Fargo Bank Minnesota,
N.A., as Rights Agent, dated as of May&nbsp;29, 2002 (incorporated by reference to Exhibit
99.1 of the Company&#146;s Registration Statement on Form 8-A 12G, File No.&nbsp;000-19817, filed
June&nbsp;3, 2002).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Faegre &#038; Benson LLP, counsel for the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stellent, Inc. 2005 Equity Incentive Plan (incorporated herein by reference to
Exhibit&nbsp;A of the Company&#146;s Definitive Proxy Statement on Schedule&nbsp;14A, filed on July&nbsp;5,
2005).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Non-Statutory Stock Option Agreement &#150; Employee under the Stellent,
Inc. 2005 Equity Incentive Plan (incorporated herein by reference to Exhibit&nbsp;10.1 to
the Company&#146;s Current Report on Form 8-K, filed on October&nbsp;14, 2005).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Non-Statutory Stock Option Agreement &#150; Executive Employee under the
Stellent, Inc. 2005 Equity Incentive Plan (incorporated herein by reference to Exhibit
10.2 to the Company&#146;s Current Report on Form 8-K, filed on October&nbsp;14, 2005).</TD>
</TR>

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

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Non-Statutory Stock Option Agreement &#150; Director under the Stellent,
Inc. 2005 Equity Incentive Plan (incorporated herein by reference to Exhibit&nbsp;10.3 to
the Company&#146;s Current Report on Form 8-K, filed on October&nbsp;14, 2005).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Incentive Stock Option Agreement &#151; Employee under the Stellent, Inc.
2005 Equity Incentive Plan (incorporated herein by reference to Exhibit&nbsp;10.4 to the
Company&#146;s Current Report on Form 8-K, filed on October&nbsp;14, 2005).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Incentive Stock Option Agreement &#150; Executive Employee under the
Stellent, Inc. 2005 Equity Incentive Plan (incorporated herein by reference to Exhibit
10.5 to the Company&#146;s Current Report on Form 8-K, filed on October&nbsp;14, 2005).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Faegre &#038; Benson LLP (included in Exhibit&nbsp;5 to this Registration Statement).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Grant Thornton LLP, Independent Registered Public Accounting Firm.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Powers of Attorney (included with signatures to this Registration Statement).</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>

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


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act of 1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Securities and Exchange
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20&nbsp;percent change in the maximum aggregate offering
price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
Registration Statement; and
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><I>provided</I>, <I>however</I>, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the Registration
Statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included
in a post-effective amendment by those paragraphs is contained in periodic reports filed
with or furnished to the Securities and Exchange Commission by the Company pursuant to
Section&nbsp;13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in the Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><I>provided further, however, </I>that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the
Registration Statement is for an offering of asset-backed securities on Form S-1 or Form
S-3, and the information to be included in a post-effective amendment is provided pursuant
to Item 1100(c) of Regulation&nbsp;AB;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of
1933, each 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 <I>bona fide </I>offering thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.
</DIV>

<P align="center" style="font-size: 10pt">II-3
</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;B.&nbsp;The Company hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Company&#146;s annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to 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 herein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Company pursuant to the foregoing
provisions, or otherwise, the Company has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Company of expenses incurred or paid by a director, officer or
controlling person of the Company 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 Company 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 Act and will be governed by the
final adjudication of such issue.
</DIV>


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

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


<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="008"></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 of 1933, the Company 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 Eden Prairie, State of Minnesota, on October&nbsp;19, 2005.
</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="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>STELLENT, INC.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Gregg A. Waldon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;Gregg A. Waldon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>&nbsp;&nbsp;<I>Executive Vice
President, Chief Financial Officer,</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;<I>Treasurer and Secretary</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the undersigned hereby appoints Robert F. Olson and Gregg A. Waldon, and each of them
(with full power to act alone), as attorneys and agents for the undersigned, with full power of
substitution, for and in the name, place and stead of the undersigned, to sign and file with the
Securities and Exchange Commission under the Securities Act of 1933, as amended, any and all
amendments and exhibits to this Registration Statement and any and all applications, instruments
and other documents to be filed with the Securities and Exchange Commission pertaining to the
registration of the securities covered hereby, with full power and authority to do and perform any
and all acts and things whatsoever requisite and necessary or desirable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons, representing a majority of the Board of Directors, in
the capacities indicated on October&nbsp;19, 2005.
</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="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert F. Olson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert F. Olson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<BR>Chairman
of the Board, President and Chief Executive
Officer (Principal Executive Officer and Director)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Gregg A. Waldon
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Gregg A. Waldon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<BR>Executive
Vice President, Chief Financial Officer,
Treasurer and Secretary (Principal Financial Officer
and Principal Accounting Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kenneth H. Holec
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kenneth H. Holec
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Alan B. Menkes
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Alan B. Menkes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Philip E. Soran
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Philip E. Soran
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Raymond A. Tucker
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Raymond A. Tucker
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steven C. Waldron
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Steven C. Waldron
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<BR>Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<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 " INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="009"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Exhibit</U>
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Articles of
Incorporation of the Company
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated herein by
reference to Exhibit
3.1 to the Company&#146;s
Current Report on Form
8-K, filed on August
29, 2001</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of the Company
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated herein by
reference to Exhibit
4.2 to the Company&#146;s
Registration Statement
on Form&nbsp;S-8, File No.
333-75828, filed on
December&nbsp;21, 2001</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Share Rights Agreement between the Company
and Wells Fargo Bank Minnesota, N.A., as Rights
Agent, dated as of May&nbsp;29, 2002
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to Exhibit
99.1 of the Company&#146;s
Registration Statement
on Form&nbsp;8-A 12G, File
No.&nbsp;000-19817, filed
June&nbsp;3, 2002.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Faegre &#038; Benson LLP, counsel for
the Company
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Electronically Filed</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stellent, Inc. 2005 Equity Incentive Plan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated herein by
reference to Exhibit&nbsp;A
of the Company&#146;s
Definitive Proxy
Statement on Schedule
14A, filed on July&nbsp;5,
2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Non-Statutory Stock Option
Agreement &#150; Employee under the Stellent, Inc.
2005 Equity Incentive Plan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated herein by
reference to Exhibit
10.1 to the Company&#146;s
Current Report on Form
8-K, filed on October
14, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Non-Statutory Stock Option
Agreement &#150; Executive Employee under the
Stellent, Inc. 2005 Equity Incentive Plan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated herein by
reference to Exhibit
10.2 to the Company&#146;s
Current Report on Form
8-K, filed on October
14, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Non-Statutory Stock Option
Agreement &#150; Director under the Stellent, Inc.
2005 Equity Incentive Plan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated herein by
reference to Exhibit
10.3 to the Company&#146;s
Current Report on Form
8-K, filed on October
14, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Incentive Stock Option Agreement &#150;
Employee under the Stellent, Inc. 2005 Equity
Incentive Plan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated herein by
reference to Exhibit
10.4 to the Company&#146;s
Current Report on Form
8-K, filed on October
14, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Incentive Stock Option Agreement &#150;
Executive Employee under the Stellent, Inc. 2005
Equity Incentive Plan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated herein by
reference to Exhibit
10.5 to the Company&#146;s
Current Report on Form
8-K, filed on October
14, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-6
</DIV>

<!-- PAGEBREAK -->
<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">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Faegre &#038; Benson LLP
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Included in Exhibit&nbsp;5
to this Registration
Statement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Grant Thornton LLP, Independent
Registered Public Accounting Firm
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Electronically Filed</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Included with
signatures to this
Registration Statement</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-7
</DIV>

</BODY>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on October 19, 2005
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
______________________
FORM S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
______________________
STELLENT, INC.
(Exact name of Registrant as specified in its charter)
Minnesota
41-1652566
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
7500 Flying Cloud Drive, Suite 500
55344
Eden Prairie, Minnesota
(Zip Code)
(Address of principal executive offices)
Stellent, Inc. 2005 Equity Incentive Plan
(Full title of the plan)
Gregg A. Waldon
Executive Vice President, Chief Executive Officer, Secretary and Treasurer
7500 Flying Cloud Drive, Suite 500
Eden Prairie, Minnesota 55344
(Name and address of agent for service)
Telephone number, including area code, of agent for service:
(952) 903-2000
______________________
Copy to:
Kris Sharpe
Gordon S. Weber
Faegre & Benson LLP
2200 Wells Fargo Center
90 South Seventh Street
Minneapolis, Minnesota 55402-3901
(612) 766-7000
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Maximum
Amount
Maximum
Aggregate
Amount of
Title of Each Class of Securities to
To Be
Offering
Offering
Registration
Be registered
Registered (1)
Price Per Share (2)
Price (2)
Fee
Common Stock, $.01 par value, issuable pursuant to:
Stellent Inc. 2005 Equity Incentive Plan
Shares Reserved for Future Grants
3,096,000
$
8.79
(3)
$
27,213,840
$
3,204
Shares Subject to Currently Outstanding Options (4)
6,173,867
$
8.79
(3)
$
54,268,291
$
6,388
Shares Issuable Upon Exercise of Currently
Outstanding Options
104,000
$
8.253
(5)
$
858,312
$
102
(1)
This Registration Statement will also cover any additional shares of common stock that
become issuable under the Stellent, Inc. 2005 Equity Incentive Plan by reason of any stock
dividend, stock split, recapitalization or other similar transaction effected without the
Registrant's receipt of consideration that results in an increase in the number of the
outstanding shares of the Registrant's common stock.
(2)
Estimated solely for the purpose of determining the registration fee.
(3)
Computed in accordance with Rule 457(h) and 457(c) under the Securities Act of 1933. This
computation is based on the average of the high and low prices as reported on the Nasdaq
National Market on October 11, 2005.
(4)
Consists of shares of common stock currently issuable upon exercise of outstanding awards
under the Stellent, Inc. 1994-1997 Stock Option Plan, Stellent, Inc. 1997 Director Stock
Option Plan, Stellent, Inc. 1999 Employee Stock Option and Compensation Plan, Stellent, Inc.
2000 Stock Incentive Plan and Stellent, Inc. 2000 Employee Stock Incentive Plan. These plans
currently remain outstanding, and any shares of common stock issued under these awards will be
issued from the shares of common stock reserved for these plans. However, if any of the
outstanding awards relating to these plans terminate unexercised, then the shares of common
stock subject to those terminated awards will be available for issuance under the Stellent,
Inc. 2005 Equity Incentive Plan; therefore, those shares of common stock are included in this
registration statement.
(5)
Computed in accordance with Rule 457(h) under the Securities Act of 1933. This computation
is based on the weighted average per share exercise price of outstanding options granted under
the Stellent, Inc. 2005 Equity Incentive Plan.
TABLE OF CONTENTS
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
INDEX TO EXHIBITS
Opinion of Faegre & Benson LLP
Consent of Grant Thornton LLP
Table of Contents
STELLENT, INC.
EXPLANATORY NOTE
This Registration Statement on Form S-8 is being filed for the purpose of registering
9,373,867 shares of the common stock of Stellent, Inc. (the "Company") to be issued pursuant to the
Company's 2005 Equity Incentive Plan. 6,173,867 of these shares of common stock consist of shares
of common stock currently issuable upon exercise of outstanding awards under the Stellent, Inc.
1994-1997 Stock Option Plan, Stellent, Inc. 1997 Director Stock Option Plan, Stellent, Inc. 1999
Employee Stock Option and Compensation Plan, Stellent, Inc. 2000 Stock Incentive Plan and Stellent,
Inc. 2000 Employee Stock Incentive Plan. These plans currently remain outstanding, and any shares
of common stock issued under these awards will be issued from the shares of common stock reserved
for these plans. However, if any of the outstanding awards relating to these plans terminate
unexercised, then the shares of common stock subject to those terminated awards will be available
for issuance under the Stellent, Inc. 2005 Equity Incentive Plan; therefore, those shares of common
stock are included in this registration statement.
PART II
Information Required in the Registration Statement
Item 3. Incorporation of Documents by Reference.
The following documents of the Company filed with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934, are, as of their respective dates, incorporated
herein by reference and made a part hereof:
(1) The Annual Report on Form 10-K of the Company for the fiscal year ended
March 31, 2005 (which incorporates by reference certain portions of the Company's
definitive proxy statement for its 2005 Annual Meeting of Shareholders) filed
pursuant to Section 15(d) of the Securities Exchange Act of 1934;
(2) All other reports filed pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 since the end of the fiscal year covered by the
Annual Report referred to in (1) above; and
(3) The description of the Company's common stock that is contained in the
Registration Statement on Form 8-A (Registration No. 033-36390-C) dated November 12,
1999 under the Securities Exchange Act of 1934 and all amendments and reports filed
for the purpose of updating the description.
All reports and other documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934 subsequent to the date of this Registration Statement
and prior to the filing of a post-effective amendment that indicates that all of the shares of
common stock offered have been sold or that deregisters all shares of the common stock then
remaining unsold shall be deemed to be incorporated by reference in and a part of this Registration
Statement from the date of filing of these documents.
Any statement contained in a document incorporated, or deemed to be incorporated, by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement contained herein or incorporated herein by reference or in any other
subsequently filed document that also is or is deemed to be incorporated by reference herein
modifies or supersedes this statement. Any statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not Applicable.
Item 5. Interests of Named Experts and Counsel.
Not Applicable.
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Item 6. Indemnification of Directors and Officers.
The Company is subject to Minnesota Statutes Chapter 302A, the Minnesota Business Corporation
Act (the "Corporation Act"). Section 302A.521 of the Corporation Act provides in substance that,
unless prohibited by its articles of incorporation or bylaws, a corporation must indemnify an
officer or director who is made or threatened to be made a party to a proceeding by reason of his
official capacity against judgments, penalties, fines, including, without limitation, excise taxes
assessed against the person with respect to an employee benefit plan, settlements and reasonable
expenses, including attorneys' fees and disbursements, incurred by such person in connection with
the proceeding, if certain criteria are met. These criteria, all of which must be met by the
person complained of in the proceeding, are (a) that such person has not been indemnified by
another organization for the same judgments, penalties, fines, settlements and expenses; (b) that
such person must have acted in good faith; (c) that no improper personal benefit was obtained by
such person and such person satisfied certain statutory conflicts of interest provisions, if
applicable; (d) that in the case of a criminal proceeding, such person had no reasonable cause to
believe that the conduct was unlawful; and (e) that such person must have acted in a manner he
reasonably believed was in the best interests of the corporation or, in certain limited
circumstances, not opposed to the best interests of the corporation. The determination as to
eligibility for indemnification is made by the members of the corporation's board of directors or a
committee of the board who are at the time not parties to the proceedings under consideration, by
special legal counsel, by the shareholders who are not parties to the proceedings or by a court.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers or persons controlling the Company pursuant to the foregoing
provisions, the Company has been informed 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.
The Company also maintains a director and officer insurance policy to cover the Company, its
directors and its officers against certain liabilities.
Item 7. Exemption from Registration Claimed.
Not Applicable.
Item 8. Exhibits.
Exhibit
4.1
Amended and Restated Articles of Incorporation of the Company (incorporated
herein by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed
on August 29, 2001).
4.2
Bylaws of the Company (incorporated herein by reference to Exhibit 4.2 to the
Company's Registration Statement on Form S-8, File No. 333-75828, filed on December 21,
2001).
4.3
Share Rights Agreement between the Company and Wells Fargo Bank Minnesota,
N.A., as Rights Agent, dated as of May 29, 2002 (incorporated by reference to Exhibit
99.1 of the Company's Registration Statement on Form 8-A 12G, File No. 000-19817, filed
June 3, 2002).
5
Opinion of Faegre & Benson LLP, counsel for the Company.
10.1
Stellent, Inc. 2005 Equity Incentive Plan (incorporated herein by reference to
Exhibit A of the Company's Definitive Proxy Statement on Schedule 14A, filed on July 5,
2005).
10.2
Form of Non-Statutory Stock Option Agreement – Employee under the Stellent,
Inc. 2005 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.1 to
the Company's Current Report on Form 8-K, filed on October 14, 2005).
10.3
Form of Non-Statutory Stock Option Agreement – Executive Employee under the
Stellent, Inc. 2005 Equity Incentive Plan (incorporated herein by reference to Exhibit
10.2 to the Company's Current Report on Form 8-K, filed on October 14, 2005).
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10.4
Form of Non-Statutory Stock Option Agreement – Director under the Stellent,
Inc. 2005 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.3 to
the Company's Current Report on Form 8-K, filed on October 14, 2005).
10.5
Form of Incentive Stock Option Agreement — Employee under the Stellent, Inc.
2005 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.4 to the
Company's Current Report on Form 8-K, filed on October 14, 2005).
10.6
Form of Incentive Stock Option Agreement – Executive Employee under the
Stellent, Inc. 2005 Equity Incentive Plan (incorporated herein by reference to Exhibit
10.5 to the Company's Current Report on Form 8-K, filed on October 14, 2005).
23.1
Consent of Faegre & Benson LLP (included in Exhibit 5 to this Registration Statement).
23.2
Consent of Grant Thornton LLP, Independent Registered Public Accounting Firm.
24
Powers of Attorney (included with signatures to this Registration Statement).
Item 9. Undertakings.
A.
The Company 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. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Securities and Exchange
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20 percent change in the maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table in the effective
Registration Statement; and
(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 Registration
Statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included
in a post-effective amendment by those paragraphs is contained in periodic reports filed
with or furnished to the Securities and Exchange Commission by the Company pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in the Registration Statement;
provided further, however,
that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the
Registration Statement is for an offering of asset-backed securities on Form S-1 or Form
S-3, and the information to be included in a post-effective amendment is provided pursuant
to Item 1100(c) of Regulation AB;
(2) That, for the purpose of determining any liability under the Securities Act of
1933, each 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.
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B. The Company hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Company's annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to 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 herein, 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 Company pursuant to the foregoing
provisions, or otherwise, the Company has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Company of expenses incurred or paid by a director, officer or
controlling person of the Company 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 Company 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 Act and will be governed by the
final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Company 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 Eden Prairie, State of Minnesota, on October 19, 2005.
STELLENT, INC.
By
/s/ Gregg A. Waldon
Gregg A. Waldon
Executive Vice
President, Chief Financial Officer,
Treasurer and Secretary
POWERS OF ATTORNEY
Each of the undersigned hereby appoints Robert F. Olson and Gregg A. Waldon, and each of them
(with full power to act alone), as attorneys and agents for the undersigned, with full power of
substitution, for and in the name, place and stead of the undersigned, to sign and file with the
Securities and Exchange Commission under the Securities Act of 1933, as amended, any and all
amendments and exhibits to this Registration Statement and any and all applications, instruments
and other documents to be filed with the Securities and Exchange Commission pertaining to the
registration of the securities covered hereby, with full power and authority to do and perform any
and all acts and things whatsoever requisite and necessary or desirable.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons, representing a majority of the Board of Directors, in
the capacities indicated on October 19, 2005.
Signature
Title
/s/ Robert F. Olson
Robert F. Olson
Chairman
of the Board, President and Chief Executive
Officer (Principal Executive Officer and Director)
/s/ Gregg A. Waldon
Gregg A. Waldon
Executive
Vice President, Chief Financial Officer,
Treasurer and Secretary (Principal Financial Officer
and Principal Accounting Officer)
/s/ Kenneth H. Holec
Kenneth H. Holec
Director
/s/ Alan B. Menkes
Alan B. Menkes
Director
/s/ Philip E. Soran
Philip E. Soran
Director
/s/ Raymond A. Tucker
Raymond A. Tucker
Director
/s/ Steven C. Waldron
Steven C. Waldron
Director
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INDEX TO EXHIBITS
Exhibit
4.1
Amended and Restated Articles of
Incorporation of the Company
Incorporated herein by
reference to Exhibit
3.1 to the Company's
Current Report on Form
8-K, filed on August
29, 2001
4.2
Bylaws of the Company
Incorporated herein by
reference to Exhibit
4.2 to the Company's
Registration Statement
on Form S-8, File No.
333-75828, filed on
December 21, 2001
4.3
Share Rights Agreement between the Company
and Wells Fargo Bank Minnesota, N.A., as Rights
Agent, dated as of May 29, 2002
Incorporated by
reference to Exhibit
99.1 of the Company's
Registration Statement
on Form 8-A 12G, File
No. 000-19817, filed
June 3, 2002.
5
Opinion of Faegre & Benson LLP, counsel for
the Company
Electronically Filed
10.1
Stellent, Inc. 2005 Equity Incentive Plan
Incorporated herein by
reference to Exhibit A
of the Company's
Definitive Proxy
Statement on Schedule
14A, filed on July 5,
2005
10.2
Form of Non-Statutory Stock Option
Agreement – Employee under the Stellent, Inc.
2005 Equity Incentive Plan
Incorporated herein by
reference to Exhibit
10.1 to the Company's
Current Report on Form
8-K, filed on October
14, 2005
10.3
Form of Non-Statutory Stock Option
Agreement – Executive Employee under the
Stellent, Inc. 2005 Equity Incentive Plan
Incorporated herein by
reference to Exhibit
10.2 to the Company's
Current Report on Form
8-K, filed on October
14, 2005
10.4
Form of Non-Statutory Stock Option
Agreement – Director under the Stellent, Inc.
2005 Equity Incentive Plan
Incorporated herein by
reference to Exhibit
10.3 to the Company's
Current Report on Form
8-K, filed on October
14, 2005
10.5
Form of Incentive Stock Option Agreement –
Employee under the Stellent, Inc. 2005 Equity
Incentive Plan
Incorporated herein by
reference to Exhibit
10.4 to the Company's
Current Report on Form
8-K, filed on October
14, 2005
10.6
Form of Incentive Stock Option Agreement –
Executive Employee under the Stellent, Inc. 2005
Equity Incentive Plan
Incorporated herein by
reference to Exhibit
10.5 to the Company's
Current Report on Form
8-K, filed on October
14, 2005
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23.1
Consent of Faegre & Benson LLP
Included in Exhibit 5
to this Registration
Statement
23.2
Consent of Grant Thornton LLP, Independent
Registered Public Accounting Firm
Electronically Filed
24
Powers of Attorney
Included with
signatures to this
Registration Statement
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