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  <tr>
    <td align="center"><B><FONT size=2 face="Times New Roman, Times, serif">As
      filed with the Securities and Exchange Commission on November 25, 2003</FONT></B> </td>
  </tr>
  <tr>
    <td align="right"><font size="2" face="Times New Roman, Times, serif"><B>Registration
      No. 333-____</B></font></td>
  </tr>
</table>
<HR size="4" noshade color="#000000" style="margin-top: -2px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
<P align="center"> <FONT size=3 face="Times New Roman, Times, serif"><strong>SECURITIES
  AND EXCHANGE COMMISSION</strong></FONT><FONT size=2 face="Times New Roman, Times, serif"><br>
  <strong>Washington, D.C. 20549</strong></FONT> </P>
<hr align=center width=15% size=1 noshade color="#000000">
<P align="center"> <FONT size=3 face="Times New Roman, Times, serif"><strong>FORM
  S-8</strong></FONT></P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif"><strong>REGISTRATION
  STATEMENT UNDER THE SECURITIES ACT OF 1933</strong></FONT></P>
<hr width="25%" size="1" noshade>
<P align="center"> <font size="2" face="Times New Roman, Times, serif"><B><font size="3">Callidus
  Software Inc.</font><br>
  </B></font><FONT size=1 face="Times New Roman, Times, serif">(Exact name of
  registrant as specified in its charter)</FONT></P>
<div align="center">
  <TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="50%" align="center"><div align="center"><font size="2" face="Times New Roman, Times, serif"><strong>Delaware</strong></font></div></TD>
      <TD align="center" width="50%"><div align="center"><font size="2" face="Times New Roman, Times, serif"><strong>77-0438629</strong></font></div></TD>
    </TR>
    <TR>
      <TD width="50%"><div align="center"><em><font size="1" face="Times New Roman, Times, serif">(State
          or other jurisdiction of</font></em></div></TD>
      <TD align="center" width="50%"><div align="center"><em><FONT size=1 face="Times New Roman, Times, serif">(I.R.S.
          Employer</FONT></em></div></TD>
    </TR>
    <TR>
      <TD width="50%"><div align="center"><em><FONT size=1 face="Times New Roman, Times, serif">incorporation
          or organization)</FONT></em></div></TD>
      <TD align="center" width="50%"><div align="center"><em><FONT size=1 face="Times New Roman, Times, serif">Identification
          No.)</FONT></em></div></TD>
    </TR>
  </TABLE>
</div>
<P align="center"> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>160
  West Santa Clara Street, Suite 1500<br>
  San Jose, California 95113<br>
  (408) 808-6400<br>
  </B></font><FONT size=1 face="Times New Roman, Times, serif">(Address of Principal
  Executive Offices) (Zip code)</FONT></P>
<P align="center"> <font size="2" face="Times New Roman, Times, serif"><B>1997
  Stock Option Plan<br>
  2003 Stock Incentive Plan<br>
  2003 Employee Stock Purchase Plan<br>
Non-Plan Stock Option Agreement with Reed Taussig<br>
  </B><font size="1">(Full title of the plans)<B> </B></font></font></P>
<hr align=center width=15% size=1 noshade color="#000000">
<P align="center">&nbsp;&nbsp;&nbsp;<font size="2"><strong>Reed D. Taussig <br>
  President, Chief Executive Officer <br>
  and Chairman of the Board of Directors<br>
  160 West Santa Clara Street, Suite 1500<br>
  San Jose, California 95113<br>
  (408) 808-6400</strong></font><B><FONT size=2 face="serif"><br>
  </FONT></B><FONT size=1 face="serif"><em>(Name, address including zip code and
  telephone number, including area code, of agent for service)</em></FONT>
<hr align=center width=15% size=1 noshade color="#000000">
<p></P>
<div align="center"><B><I><font size="2" face="serif"> Copies to:</font></I></B>
  <font size="2"><strong><br>
  Francis S. Currie, Esq.&nbsp;</strong></font>&nbsp;<B><FONT size=2 face="serif"><br>
  Davis Polk &amp; Wardwell<br>
  1600 El Camino Real<br>
  Menlo Park, California 94025<br>
  (650) 752-2000</FONT></B>
  <hr width="25%" size="1" noshade>
</div>
<div align="center"><b><font size=2 face="serif">CALCULATION OF REGISTRATION FEE</font></b>
</div>
<table width="100%" border="1" cellpadding="0" cellspacing="0" bordercolor="#000000">
  <tr align="center">
    <td width="40%" valign="bottom"><font size="1"><strong><font face="Times New Roman, Times, serif">Title
      of securities<br>
      to be registered</font></strong></font></td>
    <td width="15%" valign="bottom"><font size="1"><strong><font face="Times New Roman, Times, serif">Amount
      to be<br>
      registered</font></strong></font></td>
    <td width="15%" valign="bottom"><font size="1"><strong><font face="Times New Roman, Times, serif">Proposed
      maximum<br>
      offering price<br>
      per share</font></strong></font></td>
    <td width="15%" valign="bottom"><font size="1"><strong><font face="Times New Roman, Times, serif">Proposed
      maximum<br>
      aggregate<br>
      offering price</font></strong></font></td>
    <td width="15%" valign="bottom"><font size="1"><strong><font face="Times New Roman, Times, serif">Amount
      of<br>
      registration<br>
      fee</font></strong></font></td>
  </tr>
  <tr>
    <td width="40%" valign="top"><font size="1">Common Stock, par value $0.001
      per share, to be issued under the 1997 Stock Option Plan</font></td>
    <td width="15%" align="center" valign="top"><font size="1" face="Times New Roman, Times, serif">5,165,211
      shares<br>
      <br>
      <br>
      </font></td>
    <td width="15%" align="center" valign="top"><font size="1" face="Times New Roman, Times, serif">$2.44
      <sup>(2)</sup></font></td>
    <td width="15%" align="center" valign="top"><font size="1" face="Times New Roman, Times, serif">$12,603,115</font></td>
    <td width="15%" align="center" valign="top"><font size="1" face="Times New Roman, Times, serif">$1,020</font></td>
  </tr>
  <tr>
    <td width="40%" valign="top"><font size="1">Common Stock, par value $0.001
      per share, to be issued under the 2003 Stock Incentive Plan</font></td>
    <td width="15%" align="center" valign="top"><font size="1" face="Times New Roman, Times, serif">2,382,222
      shares</font></td>
    <td width="15%" align="center" valign="top"><font size="1">$17.11 <sup>(3)</sup></font></td>
    <td width="15%" align="center" valign="top"><font size="1">$40,759,818</font></td>
    <td width="15%" align="center" valign="top"><font size="1">$3,297</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="1">Common Stock, par value $0.001 per share,
      to be issued under the 2003 Employee Stock Purchase Plan </font></td>
    <td align="center" valign="top"><font size="1" face="Times New Roman, Times, serif">1,200,000
      shares</font></td>
    <td align="center" valign="top"><font size="1">$17.11<sup>(3)</sup></font></td>
    <td align="center" valign="top"><font size="1">$20,532,000</font></td>
    <td align="center" valign="top"><font size="1">$1,661</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="1" face="Times New Roman, Times, serif">Common
      Stock, par value $0.001 per share, to be issued under the Non-Plan Stock
      Option Agreement with Reed Taussig</font></td>
    <td align="center" valign="top"><font size="1" face="Times New Roman, Times, serif">150,000<br>
      shares</font></td>
    <td align="center" valign="top"><font size="1" face="Times New Roman, Times, serif">$0.83</font></td>
    <td align="center" valign="top"><font size="1" face="Times New Roman, Times, serif">$124,500</font></td>
    <td align="center" valign="top"><font size="1" face="Times New Roman, Times, serif">$10</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">Total</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">8,897,433
      shares</font></td>
    <td align="center"><font size="1">&nbsp;</font></td>
    <td align="center"><font size="1">$74,019,433</font></td>
    <td align="center"><font size="1">$5,988</font></td>
  </tr>
</table>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
    <TD colspan="2" valign="top"><hr align=left width=25% size=1 noshade color="#000000"></TD>
  </tr>
  <TR>
    <TD valign="top" width="5%"><FONT size=1 face="Times New Roman, Times, serif">(1)</FONT></TD>
    <td valign="top"><font size="1">Pursuant to Rule 416(a) under the Securities
      Act of 1933, as amended (the &#8220;Securities Act&#8221;), this Registration
      Statement shall also cover any additional shares of the Registrant&#8217;s
      Common Stock that become issuable under the plans by reason of any stock
      dividend, stock split, or other similar transaction.</font></td>
  </tr>
  <TR>
    <TD valign="top"><font size="1">(2)</font></TD>
    <td valign="top"><font size="1">Calculated in accordance with Rule 457(h)
      based on a weighted average exercise price per share at which the options
      may be exercised.</font></td>
  </tr>
  <TR>
    <TD valign="top"><font size="1">(3)</font></TD>
    <td valign="top"><font size="1">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 $17.11 per share, which is the average of
      the high and low prices of the Registrant&#146;s Common Stock on November
      21, 2003, as reported by the Nasdaq National Market.</font></td>
  </tr>
</TABLE>
<br>
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<br>
</font> <font size="2" face="Times New Roman, Times, serif">
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</font><font size="2"> </font>
<P align="center"> <font size="2"><B><FONT face="serif">PART II </FONT></B> </font></P>
<P align="center"> <font size="2"><B><FONT face="serif">INFORMATION REQUIRED IN
  THE REGISTRATION STATEMENT </FONT></B> </font></P>
<P> <font size="2"><B><FONT face="serif">Item 3: Incorporation of Documents by
  Reference. </FONT></B> </font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The following
  documents and information heretofore filed with the Securities and Exchange
  Commission are hereby incorporated by reference: </FONT></font> </P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a) The Registrant&#146;s
  Registration Statement on Form S-1 (Registration No. 333-109059), as amended,
  filed under the Securities Act, including the Prospectus dated November 19,
  2003, as filed by the Registrant pursuant to Rule 424 on November 20, 2003,
  which contains audited financial statements for the Registrant&#146;s latest
  fiscal year for which such statements have been filed. </FONT></font> </P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b) The description
  of the Registrant&#146;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. </FONT></font> </P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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. </FONT></font> </P>
<P> <font size="2"><B><FONT face="serif">Item 4: Description of Securities. </FONT></B>
  </font></P>
<P> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </FONT>
</P>
<P> <font size="2"><B><FONT face="serif">Item 5: Interests of Named Experts and
  Counsel. </FONT></B> </font></P>
<P> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </FONT>
</P>
<P> <font size="2"><B><FONT face="serif">Item 6. Indemnification of Directors
  and Officers.<I> </I></FONT></B> </font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 145
  of the Delaware General Corporation Law provides that a corporation may indemnify
  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 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. Section 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. </FONT></font> </P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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&#146;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&#146;s
  certificate of incorporation provides for such limitation of liability.</FONT></font>
</P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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 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 </FONT></font> </P>
<P align="center"> <FONT size=2 face="serif">2 </FONT> </P>
<hr width="100%" size=3 noshade>
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<P> <FONT size=2 face="serif">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) 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 &sect;16(b)
  of the Securities Exchange Act of 1934, and related laws; (5) 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) 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&#146;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.</FONT>
</P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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 of 1933.</FONT></font> </P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Registrant
  maintains standard policies of insurance under which coverage is provided (a)
  to its directors and officers 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 officers and directors
  pursuant to the above indemnification provision or otherwise as a matter of
  law.</FONT></font> </P>
<P> <font size="2"><B><FONT face="serif">Item 7: Exemption From Registration Claimed.
  </FONT></B> </font></P>
<P> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </FONT>
</P>
<P align="center"> <FONT size=2 face="serif">3</FONT> </P>
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<P> <font size="2"><B><FONT face="serif">Item 8: Exhibits. </FONT></B> </font></P>
<P> <FONT size=2 face="serif">The following exhibits are filed as part of this
  Registration Statement:</FONT> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="center" width="20%"><font size="2"><B><FONT face="serif">Exhibit
      Number</FONT></B></font></TD>
    <TD align="center" width="81%"><font size="2"><B><FONT face="serif">Description</FONT></B></font></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD align="center" width="20%"><FONT size=2 face="serif">5.1</FONT></TD>
    <TD width="81%"><FONT size=2 face="serif">Opinion of Davis Polk &amp; Wardwell</FONT></TD>
  </TR>
  <TR>
    <TD align="center" width="20%"><FONT size=2 face="serif">23.1</FONT></TD>
    <TD width="81%"><FONT size=2 face="serif">Consent of KPMG LLP, independent
      auditors</FONT></TD>
  </TR>
  <TR>
    <TD align="center" width="20%"><FONT size=2 face="serif">23.2</FONT></TD>
    <TD width="81%"><FONT size=2 face="serif">Consent of Davis Polk &amp; Wardwell
      (included in Exhibit 5.1)</FONT></TD>
  </TR>
  <TR>
    <TD align="center" width="20%"><FONT size=2 face="serif">24</FONT></TD>
    <TD width="81%"><FONT size=2 face="serif">Power of Attorney (included on signature
      page)</FONT></TD>
  </TR>
  <TR>
    <TD align="center" width="20%"><FONT size=2 face="serif">99.1</FONT></TD>
    <TD width="81%"><FONT size=2 face="serif">1997 Stock Option Plan*</FONT></TD>
  </TR>
  <TR>
    <TD align="center" width="20%"><FONT size=2 face="serif">99.2</FONT></TD>
    <TD width="81%"><FONT size=2 face="serif">2003 Stock Incentive Plan*</FONT></TD>
  </TR>
  <TR>
    <TD align="center" width="20%"><FONT size=2 face="serif">99.3</FONT></TD>
    <TD width="81%"><FONT size=2 face="serif">2003 Employee Stock Purchase Plan*</FONT></TD>
  </TR>
  <TR>
    <TD align="center"><FONT size=2 face="serif">99.4</FONT></TD>
    <TD><FONT size=2 face="serif">Non-Plan Stock Option Agreement with Reed Taussig*</FONT></TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="serif">__________
  </FONT> </P>
<table width="100%" border="0">
  <tr align="left" valign="top">
    <td width="5%"><font face="Times New Roman, serif" size="2">&nbsp;*</font></td>
    <td><font face="Times New Roman, serif" size="2">&nbsp;</font><font size=2 face="serif">Incorporated
      by reference to Registrant&#146;s Registration Statement on Form S-1, as
      amended (333-109059), originally filed with the Securities and Exchange
      Commission on September 23, 2003.</font><font size="2"><br>
      </font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%"><font face="Times New Roman, serif" size="2">&nbsp;</font></td>
    <td><font face="Times New Roman, serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<P> <font size="2"><B><FONT face="serif">Item 9: Undertakings. </FONT></B> </font></P>
<P> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned
  Registrant hereby undertakes: </FONT> </P>
<P> <font size="2">&nbsp;&nbsp;</font><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">
  (1) </FONT><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="serif">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 the Registration
  Statement or any material change to such information in the Registration Statement.</FONT></font>
</P>
<P> <font size="2">&nbsp;</font><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
  (2)</FONT><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="serif">
  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.</FONT></font> </P>
<P> <font size="2">&nbsp;&nbsp;</font><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
  (3) </FONT><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="serif">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.</FONT></font>
</P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;</FONT><FONT face="serif">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.</FONT></font>
</P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT size=2 face="serif">&nbsp;&nbsp;</FONT><FONT face="serif">
  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 6 -- 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. </FONT></font> </P>
<P align="center"> <FONT size=2 face="serif">4</FONT> </P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P align="center"> <font size="2"><B><FONT face="serif">SIGNATURES </FONT></B>
  </font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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 November 25, 2003. </FONT></font> </P>
<DIV ALIGN="RIGHT">
<table width="45%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><p><font size=2 face="serif">CALLIDUS SOFTWARE INC. </font> </p>
        <p> <font size=2 face="serif">By: </font><font size="2"><u><font face="serif">&nbsp;/s/
          Ronald J. Fior</font></u><font face="serif"><br>
          Name: Ronald J. Fior </font></font> <br>
          <font size=2 face="serif">Title: &nbsp;&nbsp;Vice President, Finance
          and Chief Financial Officer </font></p>
</td>
  </tr>
</table></DIV>
<P>&nbsp; </P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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.
  </FONT></font> </P>
<P align="center"> <FONT size=2 face="serif">POWER OF ATTORNEY </FONT> </P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">KNOW ALL MEN
  BY THESE PRESENTS, that each person whose signature appears below constitutes
  and appoints Reed D. Taussig 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.
  </FONT></font> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="32%" align="center"><font size="2"><B><FONT face="serif">Signature</FONT></B></font></TD>
    <TD align="center" width="40%"><font size="2"><B><FONT face="serif">Title</FONT></B></font></TD>
    <TD align="center" width="22%"><font size="2"><B><FONT face="serif">Date</FONT></B></font></TD>
    <TD align="center" width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">/s/
      Reed D. Taussig</FONT></font></TD>
    <TD width="40%" align="center"><FONT size=2 face="serif">President, Chief
      Executive Officer,</FONT></TD>
    <TD width="22%"><FONT size=2 face="serif">November 25, 2003</FONT></TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"> <HR noshade size=1></TD>
    <TD align="center"><font size=2 face="serif">and Chairman of the Board of
      Directors</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">Reed D. Taussig</FONT></font></TD>
    <TD width="40%" align="center"><font size=2 face="serif">(Principal Executive
      Officer)</font></TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD width="40%" align="center">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">/s/ Ronald J. Fior</FONT></font></TD>
    <TD width="40%" align="center"><FONT size=2 face="serif">Chief Financial Officer,
      Vice President</FONT></TD>
    <TD width="22%"><FONT size=2 face="serif">November 25, 2003</FONT></TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"> <HR noshade size=1></TD>
    <TD align="center"><font size=2 face="serif">Finance (Principal Accounting
      and</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">Ronald J. Fior</FONT></font></TD>
    <TD width="40%" align="center"><font size=2 face="serif">Financial Officer)</font></TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD width="40%" align="center">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">/s/ Michael A. Braun</FONT></font></TD>
    <TD width="40%" align="center"><FONT size=2 face="serif">Director</FONT></TD>
    <TD width="22%"><FONT size=2 face="serif">November 25, 2003</FONT></TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"> <HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">Michael A. Braun</FONT></font></TD>
    <TD width="40%" align="center">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">/s/ John R. Eickhoff</FONT></font></TD>
    <TD width="40%" align="center"><FONT size=2 face="serif">Director</FONT></TD>
    <TD width="22%"><FONT size=2 face="serif">November 19, 2003</FONT></TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"> <HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">John R. Eickhoff</FONT></font></TD>
    <TD width="40%" align="center">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">/s/ George James</FONT></font></TD>
    <TD width="40%" align="center"><FONT size=2 face="serif">Director</FONT></TD>
    <TD width="22%"><FONT size=2 face="serif">November 25, 2003</FONT></TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"> <HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">George James</FONT></font></TD>
    <TD width="40%" align="center">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><FONT size=2 face="serif">/s/ Terry L. Opdendyk</FONT></TD>
    <TD width="40%" align="center"><FONT size=2 face="serif">Director</FONT></TD>
    <TD width="22%"><FONT size=2 face="serif">November 25, 2003</FONT></TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"> <HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">Terry L. Opdendyk</FONT></font></TD>
    <TD width="40%" align="center">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">/s/ R. David Spreng</FONT></font></TD>
    <TD width="40%" align="center"><FONT size=2 face="serif">Director</FONT></TD>
    <TD width="22%"><FONT size=2 face="serif">November 25, 2003</FONT></TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"> <HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><FONT face="serif">R. David Spreng</FONT></font></TD>
    <TD width="40%" align="center">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="serif">5</FONT> </P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<TABLE width="80%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center"><font size="2"><B><FONT face="serif">EXHIBIT INDEX</FONT></B></font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center"><font size="2"><B><FONT face="serif">Exhibit Number</FONT></B></font></TD>
    <TD align="center"><font size="2"><B><FONT face="serif">Description</FONT></B></font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD align="center"><FONT size=2 face="serif">5.1</FONT></TD>
    <TD><FONT size=2 face="serif">Opinion of Davis Polk &amp; Wardwell</FONT></TD>
  </TR>
  <TR>
    <TD align="center"><FONT size=2 face="serif">23.1</FONT></TD>
    <TD><FONT size=2 face="serif">Consent of KPMG LLP, independent auditors</FONT></TD>
  </TR>
  <TR>
    <TD align="center"><FONT size=2 face="serif">23.2</FONT></TD>
    <TD><FONT size=2 face="serif">Consent of Davis Polk &amp; Wardwell (including
      in Exhibit 5.1)</FONT></TD>
  </TR>
  <TR>
    <TD align="center"><FONT size=2 face="serif">24</FONT></TD>
    <TD><FONT size=2 face="serif">Power of Attorney (included on signature page)</FONT></TD>
  </TR>
  <TR>
    <TD align="center"><FONT size=2 face="serif">99.1</FONT></TD>
    <TD><FONT size=2 face="serif">1997 Stock Option Plan*</FONT></TD>
  </TR>
  <TR>
    <TD align="center"><FONT size=2 face="serif">99.2</FONT></TD>
    <TD><FONT size=2 face="serif">2003 Stock Incentive Plan*</FONT></TD>
  </TR>
  <TR>
    <TD align="center"><FONT size=2 face="serif">99.3</FONT></TD>
    <TD><FONT size=2 face="serif">2003 Employee Stock Purchase Plan*</FONT></TD>
  </TR>
  <TR>
    <TD align="center"><FONT size=2 face="serif">99.4</FONT></TD>
    <TD><FONT size=2 face="serif">Non-Plan Stock Option Agreement with Reed Taussig*</FONT></TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<hr width="25%" size="1" noshade align="left">
<table width="80%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="5%"><font size="2">*</font></td>
    <td><font size=2 face="serif">Incorporated by reference to Registrant&#146;s
      Registration Statement on Form S-1, as amended (333-109059), originally
      filed with the Securities and Exchange Commission on September 23, 2003.</font><font size="2">&nbsp;</font></td>
  </tr>
</table>
<p><font size="2"><BR>
  </font></p>
<P align="center"> <FONT size=2 face="serif">6</FONT> </P>
<hr width="100%" size=3 noshade>
<P>&nbsp; </P>
</BODY>

</HTML>
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{"company-data": {"conformed-name": "CALLIDUS SOFTWARE INC", "cik": "0001035748", "assigned-sic": "7371"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-110757", "film-number": "031023852"}, "business-address": {"street1": "160 WEST SANTA CLARA STREET", "street2": "15TH FLOOR", "city": "SAN JOSE", "state": "CA", "zip": "95113"}, "former-company": {"former-conformed-name": "TALLYUP SOFTWARE INC", "date-changed": "19980807"}}
nov1903_forms8
As
      filed with the Securities and Exchange Commission on November 25, 2003
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
77-0438629
(State
          or other jurisdiction of
(I.R.S.
          Employer
incorporation
          or organization)
Identification
          No.)
160
  West Santa Clara Street, Suite 1500
San Jose, California 95113
(408) 808-6400
(Address of Principal
  Executive Offices) (Zip code)
1997
  Stock Option Plan
2003 Stock Incentive Plan
2003 Employee Stock Purchase Plan
Non-Plan Stock Option Agreement with Reed Taussig
(Full title of the plans)
Reed D. Taussig
President, Chief Executive Officer
and Chairman of the Board of Directors
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:
Francis S. Currie, Esq.
Davis Polk & Wardwell
1600 El Camino Real
Menlo Park, California 94025
(650) 752-2000
CALCULATION OF REGISTRATION FEE
Title
      of securities
to be registered
Amount
      to be
registered
Proposed
      maximum
offering price
per share
Proposed
      maximum
aggregate
offering price
Amount
      of
registration
fee
Common Stock, par value $0.001
      per share, to be issued under the 1997 Stock Option Plan
5,165,211
      shares
$2.44
(2)
$12,603,115
$1,020
Common Stock, par value $0.001
      per share, to be issued under the 2003 Stock Incentive Plan
2,382,222
      shares
$17.11
(3)
$40,759,818
$3,297
Common Stock, par value $0.001 per share,
      to be issued under the 2003 Employee Stock Purchase Plan
1,200,000
      shares
$17.11
(3)
$20,532,000
$1,661
Common
      Stock, par value $0.001 per share, to be issued under the Non-Plan Stock
      Option Agreement with Reed Taussig
150,000
shares
$0.83
$124,500
$10
Total
8,897,433
      shares
$74,019,433
$5,988
(1)
Pursuant to Rule 416(a) under the Securities
      Act of 1933, as amended (the "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)
Calculated in accordance with Rule 457(h)
      based on a weighted average exercise price per share at which the options
      may be exercised.
(3)
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 $17.11 per share, which is the average of
      the high and low prices of the Registrant's Common Stock on November
      21, 2003, as reported by the Nasdaq National Market.
PART II
INFORMATION REQUIRED IN
  THE REGISTRATION STATEMENT
Item 3: Incorporation of Documents by
  Reference.
The following
  documents and information heretofore filed with the Securities and Exchange
  Commission are hereby incorporated by reference:
(a) The Registrant's
  Registration Statement on Form S-1 (Registration No. 333-109059), as amended,
  filed under the Securities Act, including the Prospectus dated November 19,
  2003, as filed by the Registrant pursuant to Rule 424 on November 20, 2003,
  which contains audited financial statements for the Registrant's latest
  fiscal year for which such statements have been filed.
(b) 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 corporation may indemnify
  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. Section 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.
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
2
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 Securities Exchange Act of 1934, 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 of 1933.
The Registrant
  maintains standard policies of insurance under which coverage is provided (a)
  to its directors and officers 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 officers and directors
  pursuant to the above indemnification provision or otherwise as a matter of
  law.
Item 7: Exemption From Registration Claimed.
Not Applicable.
3
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
      auditors
23.2
Consent of Davis Polk & Wardwell
      (included in Exhibit 5.1)
24
Power of Attorney (included on signature
      page)
99.1
1997 Stock Option Plan*
99.2
2003 Stock Incentive Plan*
99.3
2003 Employee Stock Purchase Plan*
99.4
Non-Plan Stock Option Agreement with Reed Taussig*
__________
*
Incorporated
      by reference to Registrant's Registration Statement on Form S-1, as
      amended (333-109059), originally filed with the Securities and Exchange
      Commission on September 23, 2003.
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 the Registration
  Statement or any material change to such information in the 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
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 November 25, 2003.
CALLIDUS SOFTWARE INC.
By:
/s/
          Ronald J. Fior
Name: Ronald J. Fior
Title:   Vice President, Finance
          and Chief Financial Officer
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 constitutes
  and appoints Reed D. Taussig 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/
      Reed D. Taussig
President, Chief
      Executive Officer,
November 25, 2003
and Chairman of the Board of
      Directors
Reed D. Taussig
(Principal Executive
      Officer)
/s/ Ronald J. Fior
Chief Financial Officer,
      Vice President
November 25, 2003
Finance (Principal Accounting
      and
Ronald J. Fior
Financial Officer)
/s/ Michael A. Braun
Director
November 25, 2003
Michael A. Braun
/s/ John R. Eickhoff
Director
November 19, 2003
John R. Eickhoff
/s/ George James
Director
November 25, 2003
George James
/s/ Terry L. Opdendyk
Director
November 25, 2003
Terry L. Opdendyk
/s/ R. David Spreng
Director
November 25, 2003
R. David Spreng
5
EXHIBIT INDEX
Exhibit Number
Description
5.1
Opinion of Davis Polk & Wardwell
23.1
Consent of KPMG LLP, independent auditors
23.2
Consent of Davis Polk & Wardwell (including
      in Exhibit 5.1)
24
Power of Attorney (included on signature page)
99.1
1997 Stock Option Plan*
99.2
2003 Stock Incentive Plan*
99.3
2003 Employee Stock Purchase Plan*
99.4
Non-Plan Stock Option Agreement with Reed Taussig*
*
Incorporated by reference to Registrant's
      Registration Statement on Form S-1, as amended (333-109059), originally
      filed with the Securities and Exchange Commission on September 23, 2003.
6