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   <TD align="center"><B><FONT size=2 face="serif">As filed with the Securities and Exchange Commission on July 21, 2004</FONT></B></TD>
</TR>
<TR>
   <TD align="right">&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
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<P align="center">
<B><FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION <br>
</FONT></B>
<B><FONT size=2 face="serif">Washington, D.C. 20549 <br>
Form S-8 <br>
</FONT></B>
<B><FONT size=2 face="serif">REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933 <br>
Callidus Software Inc. <br>
</FONT></B>
<I><FONT size=2 face="serif">(Exact name of Registrant as specified in its charter) </FONT></I>
</P>
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   <TD width="50%"><B><FONT size=2 face="serif">Delaware</FONT></B></TD>
   <TD width="50%"><B><FONT size=2 face="serif">77-0438629</FONT></B></TD>
</TR>
<TR align="center">
   <TD width="50%"><I><FONT size=2 face="serif">(State of other jurisdiction of</FONT></I></TD>
   <TD width="50%"><I><FONT size=2 face="serif">(I.R.S. Employer</FONT></I></TD>
</TR>
<TR align="center">
   <TD width="50%"><I><FONT size=2 face="serif">incorporation or organization)</FONT></I></TD>
   <TD width="50%"><I><FONT size=2 face="serif">Identification Number)</FONT></I></TD>
</TR>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">160 West Santa Clara Street, Suite 1500 <br>
San Jose, California 95113 <br>
(408) 808-6400 <br>
</FONT></B>
<I><FONT size=2 face="serif">(Address, including zip code and telephone number,
including area code, of registrant&#146;s principal executive offices)</FONT></I>
</P>
<P align="center"><B><FONT size=2 face="serif">2003 Stock Incentive Plan <br>
  2003 Employee Stock Purchase Plan <br>
</FONT></B>
<I><FONT size=2 face="serif">(Full Title of the Plans) </FONT></I>
</P>
<P align="center">
<B><FONT size=2 face="serif">David Pratt <br>
</FONT></B>
<B><FONT size=2 face="serif">Interim President, Chief Executive Officer <br>
160 West
Santa Clara Street, Suite 1500 <br>
San Jose, California 95113 <br>
(408) 808-6400 <br>
</FONT></B>
<I><FONT size=2 face="serif"> (Name, address, including zip code and telephone
number, including area code, of agent for service) </FONT></I></P>
<hr align="center" width="20%" size="1">
<P align="center">
<B><I><FONT size=2 face="serif">Copies to: <br>
</FONT></I></B>
<B><FONT size=2 face="serif">Martin A. Wellington, Esq.<br>
</FONT></B>
<B><FONT size=2 face="serif">Davis Polk &amp; Wardwell <br>
1600 El Camino Real <br>
Menlo
Park, CA 94025 <br>
(650) 752-2000 <br>
</FONT></B>
<B><FONT size=2 face="serif">CALCULATION OF REGISTRATION FEE</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD><b><font size=2 face="serif">Title of Each Class of Securities to be Registered</font></b></TD>
  <TD align="center"><b><font size=2 face="serif">Amount to be<br>
  </font></b><b><font size=2 face="serif">Registered(1)</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><b><font size=2 face="serif">Proposed<br>
  </font></b><b><font size=2 face="serif">Maximum Offering<br>
  </font></b><b><font size=2 face="serif">Price Per Share</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align="center"><b><font size=2 face="serif">Proposed<br>
  </font></b><b><font size=2 face="serif">Maximum<br>
  </font></b><b><font size=2 face="serif">Aggregate<br>
  </font></b><b><font size=2 face="serif">Offering Price</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align="center"><b><font size=2 face="serif">Amount of<br>
  </font></b><b><font size=2 face="serif">Registration Fee</font></b></TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
  <TD><HR align="left" width="99%" size=2 noshade></TD>
  <TD align="center"><HR align="center" width="99%" size=2 noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="center"><HR align="center" width="99%" size=2 noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="2" align="right"><HR align="center" width="99%" size=2 noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="2" align="right"><HR align="center" width="99%" size=2 noshade></TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Common Stock, par value $0.001 per share, to be issued</FONT></TD>
   <TD width="15%" align="center"><FONT size=2 face="serif">1,220,097 shares</FONT></TD>
   <TD align="left" width="3%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="serif">$ 4.30 (2)</FONT></TD>
   <TD align="left" width="3%">&nbsp;</TD>
   <TD align="right" width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="center" width="10%"><FONT size=2 face="serif">5,246,417.10</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="center" width="10%"><FONT size=2 face="serif">664.72</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">under the 2003 Stock Incentive Plan</FONT></TD>
   <TD width="15%" align="center">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="2%" align="right">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="2%" align="right">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="99%" size=2 noshade></TD>
   <TD width="15%" align="center"><HR align="center" width="99%" size=2 noshade></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="10%" align="center"><HR align="center" width="99%" size=2 noshade></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD colspan="2" align="right"><HR align="center" width="99%" size=2 noshade></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD colspan="2" align="right"><HR align="center" width="99%" size=2 noshade></TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Common Stock, par value $0.001 per share, to be issued</FONT></TD>
   <TD width="15%" align="center"><FONT size=2 face="serif">488,039 shares</FONT></TD>
   <TD align="left" width="3%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="serif">$ 4.30 (2)</FONT></TD>
   <TD align="left" width="3%">&nbsp;</TD>
   <TD align="right" width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="center" width="10%"><FONT size=2 face="serif">2,098,567.70</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="center" width="10%"><FONT size=2 face="serif">265.88</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">under the 2003 Employee Stock Purchase Plan</FONT></TD>
   <TD width="15%" align="center">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="2%" align="right">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="2%" align="right">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD><HR align="left" width="99%" size=2 noshade></TD>
  <TD align="center"><HR align="center" width="99%" size=2 noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="center"><HR align="center" width="99%" size=2 noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="2" align="right"><HR align="center" width="99%" size=2 noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="2" align="right"><HR align="center" width="99%" size=2 noshade></TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Total</FONT></TD>
   <TD align="center" width="15%"><FONT size=2 face="serif">1,708,136 shares</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD align="left" width="3%">&nbsp;</TD>
   <TD align="right" width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="center" width="10%"><FONT size=2 face="serif">7,344,984.80</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="center" width="10%"><FONT size=2 face="serif">930.61</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD><HR align="left" width="99%" size=1 noshade></TD>
  <TD align="center"><HR align="center" width="99%" size=1 noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="center"><HR align="center" width="99%" size=1 noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="2" align="right"><HR align="center" width="99%" size=1 noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="2" align="right"><HR align="center" width="99%" size=1 noshade></TD>
  <TD align="left">&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), this Registration Statement shall also cover any additional shares of the Registrant&#146;s Common Stock that become
issuable under the plans by reason of any stock dividend, stock split, or other similar transaction. </FONT>
</P>
<P>
<FONT size=2 face="serif">(2) Estimated in accordance with Rule 457(a) and (h) solely for the purpose of calculating the registration fee, based upon the estimated exercise price of $4.30 per share, which is the average of the high and low prices of
the Registrant&#146;s Common Stock on July 20, 2004, as reported by the Nasdaq National Market. </FONT>
</P>
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<P align="center">
<B><FONT size=2 face="serif">PART II </FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">Item 3: Incorporation of Documents by Reference. </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following documents and information heretofore filed with the Securities and Exchange Commission are hereby incorporated by reference: </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) The Registrant&#146;s Annual Report on Form 10-K for the year ended December 31, 2003, which contains audited financial statements for the Registrant&#146;s latest fiscal year for which
such statements have been filed. </FONT>
</P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2004.</FONT>
</P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant&#146;s current report on Form 8-K dated June 24, 2004. </FONT>
</P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The description
of the Registrant&#146;s common stock contained in its Registration Statement
on Form 8-A,</FONT>
<FONT size=2 face="serif">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>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 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>
</P>
<P>
<B><FONT size=2 face="serif">Item 4: Description of Securities. </FONT></B>
</P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </FONT>
</P>
<P>
<B><FONT size=2 face="serif">Item 5: Interests of Named Experts and Counsel. </FONT></B>
</P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </FONT>
</P>
<P>
<B><FONT size=2 face="serif">Item 6. Indemnification of Directors and Officers.</FONT></B><B><I><FONT size=2 face="serif"> </FONT></I></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 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>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 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>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 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 </FONT>
</P>
<P align="center">
<FONT size=2 face="serif">2 </FONT>
</P>

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<P>
<FONT size=2 face="serif">services as directors, or executive officers or employees of the Registrant or as directors or officers of any other company or enterprise when they are serving in these capacities at the request of the Registrant. The
Registrant will not be obligated pursuant to the indemnification agreements to indemnify or advance expenses to an indemnified party with respect to proceedings or claims initiated by the indemnified party and not by way of defense, except with
respect to proceedings specifically authorized by the Registrant&#146;s board of directors or brought to enforce a right to indemnification under the indemnification agreement, the Registrant&#146;s certificate of incorporation or any statute or
law. Under the agreements, the Registrant is not obligated to indemnify the indemnified party (1) 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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 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>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 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>
</P>
<P>
<B><FONT size=2 face="serif">Item 7: Exemption From Registration Claimed. </FONT></B>
</P>
<P>
<FONT size=2 face="serif">&nbsp;&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>
<B><FONT size=2 face="serif">Item 8: Exhibits. </FONT></B>
</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 valign="bottom">
  <TD width="15%" align="left">&nbsp;</TD>
   <TD width="8%" align="left"><B><FONT size=2 face="serif">Exhibit<br>
   </FONT></B><B><FONT size=2 face="serif">Number</FONT></B></TD>
   <TD width="8%" align="center">&nbsp;</TD>
   <TD width="69%" align="center"><B><FONT size=2 face="serif">Description</FONT></B></TD>
</TR>
<TR>
  <TD width="15%" align="left">&nbsp;</TD>
   <TD width="8%" align="right"><HR noshade size=1></TD>
   <TD width="8%" align="center">&nbsp;</TD>
   <TD width="69%" align="left"><HR noshade size=1></TD>
</TR>
<TR>
  <TD align="left" width="15%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">4.1</FONT></TD>
   <TD width="8%" align="center">&nbsp;</TD>
   <TD width="69%" align="left"><FONT size=2 face="serif">2003 Stock Incentive Plan*</FONT></TD>
</TR>
<TR>
  <TD align="left" width="15%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">4.2</FONT></TD>
   <TD width="8%" align="center">&nbsp;</TD>
   <TD width="69%" align="left"><FONT size=2 face="serif">2003 Employee Stock Purchase Plan*</FONT></TD>
</TR>
<TR>
  <TD align="left" width="15%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">5.1</FONT></TD>
   <TD width="8%" align="center">&nbsp;</TD>
   <TD width="69%" align="left"><FONT size=2 face="serif">Opinion of Davis Polk &amp; Wardwell</FONT></TD>
</TR>
<TR>
  <TD align="left" width="15%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">23.1</FONT></TD>
   <TD width="8%" align="center">&nbsp;</TD>
   <TD width="69%" align="left"><FONT size=2 face="serif">Consent of KPMG LLP, independent auditors</FONT></TD>
</TR>
<TR>
  <TD align="left" width="15%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">23.2</FONT></TD>
   <TD width="8%" align="center">&nbsp;</TD>
   <TD width="69%" align="left"><FONT size=2 face="serif">Consent of Davis Polk &amp; Wardwell (included in Exhibit 5.1)</FONT></TD>
</TR>
<TR>
  <TD align="left" width="15%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">24</FONT></TD>
   <TD width="8%" align="center">&nbsp;</TD>
   <TD width="69%" align="left"><FONT size=2 face="serif">Power of Attorney (included on signature page)</FONT></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif"><BR>__________ <BR></FONT>
<FONT size=2 face="serif">*</FONT>&nbsp;<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>
</P>
<P>
<B><FONT size=2 face="serif">Item 9: Undertakings. </FONT></B>
</P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes: </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(1)
To file, during any period in which offers or sales are being made, a post-effective
amendment to</FONT>
<FONT size=2 face="serif">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>
</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(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.</FONT>
</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(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.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b) 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>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(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 &#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>
</P>
<P align="center">
<FONT size=2 face="serif">4</FONT>
</P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>


<P align="center">
<B><FONT size=2 face="serif">SIGNATURES </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 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 July 20, 2004. </FONT>
</P>
<P>
<FONT size=2 face="serif">CALLIDUS SOFTWARE INC. </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="50%" align="left">&nbsp;</TD>
   <TD width="6%" align="left"><FONT size=2 face="serif">By:</FONT></TD>
   <TD width="44%" align="left"><FONT size=2 face="serif">/s/ Ronald J. Fior</FONT></TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD width="44%" align="left"><HR align="left" width="50%" size=1 noshade></TD>
</TR>
<TR>
  <TD width="50%" align="left">&nbsp;</TD>
   <TD width="6%" align="left"><FONT size=2 face="serif">Name:</FONT></TD>
   <TD width="44%" align="left"><FONT size=2 face="serif">Ronald J. Fior</FONT></TD>
</TR>
<TR>
  <TD width="50%" align="left">&nbsp;</TD>
   <TD width="6%" align="left"><FONT size=2 face="serif">Title:</FONT></TD>
   <TD width="44%" align="left"><FONT size=2 face="serif">Chief Financial Officer</FONT></TD>
</TR>
<TR>
  <TD width="50%" align="left">&nbsp;</TD>
   <TD width="6%" align="left">&nbsp;</TD>
   <TD width="44%" align="left"><FONT size=2 face="serif">Vice President, Finance</FONT></TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 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>
</P>
<P align="center">
<FONT size=2 face="serif">POWER OF ATTORNEY </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints David B. Pratt 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>
</P>
<div align="center">
  <TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="20%" align="center"><B><FONT size=2 face="serif">Signature</FONT></B></TD>
      <TD align="left" width="3%"></TD>
      <TD align="center" width="50%"><B><FONT size=2 face="serif">Title</FONT></B></TD>
      <TD align="left" width="7%"></TD>
      <TD align="center" width="20%"><B><FONT size=2 face="serif">Date</FONT></B></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><HR noshade size=1></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"><HR noshade size=1></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"><HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">/s/ David B. Pratt</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"><FONT size=2 face="serif">President, Chief Executive Officer,</FONT></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"><FONT size=2 face="serif">July 20, 2004</FONT></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><HR noshade size=1></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">David Pratt</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"><font size=2 face="serif">(Principal Executive
      Officer)</font></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD align="center">&nbsp;</TD>
      <TD align="left"></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="left"></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">/s/ Ronald J. Fior</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"><FONT size=2 face="serif">Chief Financial Officer, Vice President</FONT></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"><FONT size=2 face="serif">July 20, 2004</FONT></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><HR noshade size=1></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"><font size=2 face="serif">Finance (Principal
      Accounting and</font></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">Ronald J. Fior</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"><font size=2 face="serif">Financial Officer)</font></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center">&nbsp;</TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">/s/ Michael A. Braun</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"><FONT size=2 face="serif">Chairman of the Board</FONT></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"><FONT size=2 face="serif">July 20, 2004</FONT></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><HR noshade size=1></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">Michael A. Braun</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD align="center">&nbsp;</TD>
      <TD align="left"></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="left"></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">/s/ John R. Eickhoff</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"><FONT size=2 face="serif">Director</FONT></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"><FONT size=2 face="serif">July 20, 2004</FONT></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><HR noshade size=1></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">John R. Eickhoff</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD align="center">&nbsp;</TD>
      <TD align="left"></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="left"></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">/s/ George B. James</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"><FONT size=2 face="serif">Director</FONT></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"><FONT size=2 face="serif">July 20, 2004</FONT></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><HR noshade size=1></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">George James</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD align="center">&nbsp;</TD>
      <TD align="left"></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="left"></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">/s/ Terry L. Opdendyk</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"><FONT size=2 face="serif">Director</FONT></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"><FONT size=2 face="serif">July 20, 2004</FONT></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><HR noshade size=1></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">Terry L. Opdendyk</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD align="center">&nbsp;</TD>
      <TD align="left"></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="left"></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">/s/ R. David Spreng</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"><FONT size=2 face="serif">Director</FONT></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"><FONT size=2 face="serif">July 20, 2004</FONT></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><HR noshade size=1></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
    <TR>
      <TD width="20%" align="center"><FONT size=2 face="serif">R. David Spreng</FONT></TD>
      <TD width="3%" align="left"></TD>
      <TD width="50%" align="center"></TD>
      <TD width="7%" align="left"></TD>
      <TD width="20%" align="center"></TD>
    </TR>
  </TABLE>
</div>
<P align="center">
<FONT size=2 face="serif">5</FONT>
</P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>


<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="90%"><B><FONT size=2 face="serif">EXHIBIT INDEX</FONT></B></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="15%" align="left">&nbsp;</TD>
    <TD width="8%" align="center"><B><FONT size=2 face="serif"><u>Exhibit<br>
    </u></FONT></B><u><B><FONT size=2 face="serif">Number</FONT></B></u></TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="69%" align="center"><B><FONT size=2 face="serif"><u>Description</u></FONT></B></TD>
  </TR>
  <TR>
    <TD align="left" width="15%">&nbsp;</TD>
    <TD align="center" width="8%"><FONT size=2 face="serif">4.1</FONT></TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="69%" align="left"><FONT size=2 face="serif">2003 Stock Incentive
        Plan*</FONT></TD>
  </TR>
  <TR>
    <TD align="left" width="15%">&nbsp;</TD>
    <TD align="center" width="8%"><FONT size=2 face="serif">4.2</FONT></TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="69%" align="left"><FONT size=2 face="serif">2003 Employee Stock
        Purchase Plan*</FONT></TD>
  </TR>
  <TR>
    <TD align="left" width="15%">&nbsp;</TD>
    <TD align="center" width="8%"><FONT size=2 face="serif">5.1</FONT></TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="69%" align="left"><FONT size=2 face="serif">Opinion of Davis Polk &amp; Wardwell</FONT></TD>
  </TR>
  <TR>
    <TD align="left" width="15%">&nbsp;</TD>
    <TD align="center" width="8%"><FONT size=2 face="serif">23.1</FONT></TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="69%" align="left"><FONT size=2 face="serif">Consent of KPMG LLP,
        independent auditors</FONT></TD>
  </TR>
  <TR>
    <TD align="left" width="15%">&nbsp;</TD>
    <TD align="center" width="8%"><FONT size=2 face="serif">23.2</FONT></TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="69%" align="left"><FONT size=2 face="serif">Consent of Davis Polk &amp; Wardwell
        (included in Exhibit 5.1)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" width="15%">&nbsp;</TD>
    <TD align="center" width="8%"><FONT size=2 face="serif">24</FONT></TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="69%" align="left"><FONT size=2 face="serif">Power of Attorney
        (included on signature page)</FONT></TD>
  </TR>
</TABLE>
<P><FONT size=2 face="serif">__________ </FONT>
  <FONT size=2 face="serif"><br>
*</FONT>&nbsp;<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>
</P>
<P align="center">
<FONT size=2 face="serif">6</FONT>
</P>

<br>
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</HTML>
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{"company-data": {"conformed-name": "CALLIDUS SOFTWARE INC", "cik": "0001035748", "assigned-sic": "7371", "irs-number": "770438629"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-117542", "film-number": "04924553"}, "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"}}
jul2104_s8
As filed with the Securities and Exchange Commission on July 21, 2004
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 of other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification Number)
160 West Santa Clara Street, Suite 1500
San Jose, California 95113
(408) 808-6400
(Address, including zip code and telephone number,
including area code, of registrant's principal executive offices)
2003 Stock Incentive Plan
2003 Employee Stock Purchase Plan
(Full Title of the Plans)
David Pratt
Interim President, Chief Executive Officer
160 West
Santa Clara Street, Suite 1500
San Jose, California 95113
(408) 808-6400
(Name, address, including zip code and telephone
number, including area code, of agent for service)
Copies to:
Martin A. Wellington, Esq.
Davis Polk & Wardwell
1600 El Camino Real
Menlo
Park, CA 94025
(650) 752-2000
CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities to be Registered
Amount to be
Registered(1)
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
1,220,097 shares
$ 4.30 (2)
$
5,246,417.10
$
664.72
under the 2003 Stock Incentive Plan
Common Stock, par value $0.001 per share, to be issued
488,039 shares
$ 4.30 (2)
$
2,098,567.70
$
265.88
under the 2003 Employee Stock Purchase Plan
Total
1,708,136 shares
$
7,344,984.80
$
930.61
(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) 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 $4.30 per share, which is the average of the high and low prices of
the Registrant's Common Stock on July 20, 2004, 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 Annual Report on Form 10-K for the year ended December 31, 2003, which contains audited financial statements for the Registrant's latest fiscal year for which
such statements have been filed.
(b) The Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004.
(c) The Registrant's current report on Form 8-K dated June 24, 2004.
(d) 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
2
services as directors, or executive officers or employees of the Registrant or as directors or officers of any other company or enterprise when they are serving in these capacities at the request of the Registrant. The
Registrant will not be obligated pursuant to the indemnification agreements to indemnify or advance expenses to an indemnified party with respect to proceedings or claims initiated by the indemnified party and not by way of defense, except with
respect to proceedings specifically authorized by the Registrant's board of directors or brought to enforce a right to indemnification under the indemnification agreement, the Registrant's certificate of incorporation or any statute or
law. Under the agreements, the Registrant is not obligated to indemnify the indemnified party (1) for any expenses incurred by the indemnified party with respect to any proceeding instituted by the indemnified party to enforce or interpret the
agreement, if a court of competent jurisdiction determines that each of the material assertions made by the indemnified party in any proceeding was not made in good faith or was frivolous; (2) for any amounts paid in settlement of a proceeding
unless the Registrant consents to such settlement; (3) with respect to any proceeding brought by the Registrant to enforce or interpret an indemnification agreement if a court determines that each of the material defenses asserted by the indemnitee
was made in bad faith or was frivolous; (4) on account of any suit in which judgment is rendered against the indemnified party for an accounting of profits made from the purchase or sale by the indemnified party of securities of the Registrant
pursuant to the provisions of §16(b) of the 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.
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Item 8: Exhibits.
The following exhibits are filed as part of this Registration Statement:
Exhibit
Number
Description
4.1
2003 Stock Incentive Plan*
4.2
2003 Employee Stock Purchase Plan*
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)
__________
*
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 July 20, 2004.
CALLIDUS SOFTWARE INC.
By:
/s/ Ronald J. Fior
Name:
Ronald J. Fior
Title:
Chief Financial Officer
Vice President, Finance
Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints David B. Pratt 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/ David B. Pratt
President, Chief Executive Officer,
July 20, 2004
David Pratt
(Principal Executive
      Officer)
/s/ Ronald J. Fior
Chief Financial Officer, Vice President
July 20, 2004
Finance (Principal
      Accounting and
Ronald J. Fior
Financial Officer)
/s/ Michael A. Braun
Chairman of the Board
July 20, 2004
Michael A. Braun
/s/ John R. Eickhoff
Director
July 20, 2004
John R. Eickhoff
/s/ George B. James
Director
July 20, 2004
George James
/s/ Terry L. Opdendyk
Director
July 20, 2004
Terry L. Opdendyk
/s/ R. David Spreng
Director
July 20, 2004
R. David Spreng
5
EXHIBIT INDEX
Exhibit
Number
Description
4.1
2003 Stock Incentive
        Plan*
4.2
2003 Employee Stock
        Purchase Plan*
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)
__________
*
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