SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SPRENG R DAVID

(Last)

(First)

(Middle)

480 COWPER STREET

SUITE 300

(Street)

PALO ALTO

94301

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CALLIDUS SOFTWARE INC [ CALD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/25/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/25/2003		C		399,643	A	$0	399,643	I	Crescendo World Fund, LLC⁽⁶⁾
Common Stock	11/25/2003		C		192,258	A	$0	591,901	I	Crescendo World Fund, LLC⁽⁶⁾
Common Stock	11/25/2003		C		202,563	A	$0	794,464	I	Crescendo World Fund, LLC⁽⁶⁾
Common Stock	11/25/2003		C		284,829	A	$0	1,079,293	I	Crescendo World Fund, LLC⁽⁶⁾
Common Stock	11/25/2003		C		298,468	A	$0	1,377,761	I	Crescendo World Fund, LLC⁽⁶⁾
Common Stock	11/25/2003		C		66,820	A	$0	1,444,581	I	Crescendo World Fund, LLC⁽⁶⁾
Common Stock	11/25/2003		C		698,547	A	$0	2,143,128	I	Crescendo World Fund, LLC⁽⁶⁾
Common Stock	11/25/2003		C		11,790	A	$0	2,154,918	I	Crescendo World Fund, LLC⁽⁶⁾
Common Stock	11/25/2003		C		6,177	A	$0	2,161,095	I	Crescendo World Fund, LLC⁽⁶⁾
Common Stock	11/25/2003		C		19,138	A	$0	2,180,233	I	Eagle Ventures WF, LLC⁽⁶⁾
Common Stock	11/25/2003		C		9,206	A	$0	2,189,439	I	Eagle Ventures WF, LLC⁽⁶⁾
Common Stock	11/25/2003		C		9,700	A	$0	2,199,139	I	Eagle Ventures WF, LLC⁽⁶⁾
Common Stock	11/25/2003		C		13,640	A	$0	2,212,779	I	Eagle Ventures WF, LLC⁽⁶⁾
Common Stock	11/25/2003		C		3,199	A	$0	2,215,978	I	Eagle Ventures WF, LLC⁽⁶⁾
Common Stock	11/25/2003		C		33,452	A	$0	2,249,430	I	Eagle Ventures WF, LLC⁽⁶⁾
Common Stock	11/25/2003		C		564	A	$0	2,249,994	I	Eagle Ventures WF, LLC⁽⁶⁾
Common Stock	11/25/2003		C		295	A	$0	2,250,289	I	Eagle Ventures WF, LLC⁽⁶⁾
Common Stock	11/25/2003		C		38,071	A	$0	2,288,360	I	Wessel German American Venture Partners, GbR⁽⁶⁾
Common Stock	11/25/2003		C		18,315	A	$0	2,306,675	I	Wessel German American Venture Partners, GbR⁽⁶⁾
Common Stock	11/25/2003		C		35,377	A	$0	2,342,052	I	Wessel German American Venture Partners, GbR⁽⁶⁾
Common Stock	11/25/2003		C		6,365	A	$0	2,348,417	I	Wessel German American Venture Partners, GbR⁽⁶⁾
Common Stock	11/25/2003		C		1,123	A	$0	2,349,540	I	Wessel German American Venture Partners, GbR⁽⁶⁾
Common Stock	11/25/2003		C		588	A	$0	2,350,128	I	Wessel German American Venture Partners, GbR⁽⁶⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series C Convertible Preferred	$0⁽³⁾	11/25/2003		C			399,643	⁽¹⁾	⁽¹⁾	Common Stock	399,643	$0⁽³⁾	0	I	Crescendo World Fund, LLC⁽⁶⁾
Series D Convertible Preferred	$0⁽⁴⁾	11/25/2003		C			192,258	⁽¹⁾	⁽¹⁾	Common Stock	192,258	$0⁽⁴⁾	0	I	Crescendo World Fund, LLC⁽⁶⁾
Series E Convertible Preferred	$0⁽⁵⁾	11/25/2003		C			202,563	⁽¹⁾	⁽¹⁾	Common Stock	202,563	$0⁽⁵⁾	0	I	Crescendo World Fund, LLC⁽⁶⁾
Series F Convertible Preferred	$0⁽²⁾	11/25/2003		C			284,829	⁽¹⁾	⁽¹⁾	Common Stock	284,829	$0⁽²⁾	0	I	Crescendo World Fund, LLC⁽⁶⁾
Series F Convertible Preferred	$0⁽²⁾	11/25/2003		C			298,468	⁽¹⁾	⁽¹⁾	Common Stock	298,468	$0⁽²⁾	0	I	Crescendo World Fund, LLC⁽⁶⁾
Series F Convertible Preferred	$0⁽²⁾	11/25/2003		C			66,820	⁽¹⁾	⁽¹⁾	Common Stock	66,820	$0⁽²⁾	0	I	Crescendo World Fund, LLC⁽⁶⁾
Series G Convertible Preferred	$0⁽²⁾	11/25/2003		C			698,547	⁽¹⁾	⁽¹⁾	Common Stock	698,547	$0⁽²⁾	0	I	Crescendo World Fund, LLC⁽⁶⁾
Warrant (right to purchase)	$0⁽²⁾	11/25/2003		C			11,790	⁽¹⁾	⁽¹⁾	Common Stock	11,790	$0⁽²⁾	0	I	Crescendo World Fund, LLC⁽⁶⁾
Warrant (right to purchase)	$0⁽²⁾	11/25/2003		C			6,177	⁽¹⁾	⁽¹⁾	Common Stock	6,177	$0⁽²⁾	0	I	Crescendo World Fund, LLC⁽⁶⁾
Series C Convertible Preferred	$0⁽³⁾	11/25/2003		C			19,138	⁽¹⁾	⁽¹⁾	Common Stock	19,138	$0⁽³⁾	0	I	Eagle Ventures WF, LLC⁽⁶⁾
Series D Convertible Preferred	$0⁽⁴⁾	11/25/2003		C			9,206	⁽¹⁾	⁽¹⁾	Common Stock	9,206	$0⁽⁴⁾	0	I	Eagle Ventures WF, LLC⁽⁶⁾
Series E Convertible Preferred	$0⁽⁵⁾	11/25/2003		C			9,700	⁽¹⁾	⁽¹⁾	Common Stock	9,700	$0⁽⁵⁾	0	I	Eagle Ventures WF, LLC⁽⁶⁾
Series F Convertible Preferred	$0⁽²⁾	11/25/2003		C			13,640	⁽¹⁾	⁽¹⁾	Common Stock	13,640	$0⁽²⁾	0	I	Eagle Ventures WF, LLC⁽⁶⁾
Series F Convertible Preferred	$0⁽²⁾	11/25/2003		C			3,199	⁽¹⁾	⁽¹⁾	Common Stock	3,199	$0⁽²⁾	0	I	Eagle Ventures WF, LLC⁽⁶⁾
Series G Convertible Preferred	$0⁽²⁾	11/25/2003		C			33,452	⁽¹⁾	⁽¹⁾	Common Stock	33,452	$0⁽²⁾	0	I	Eagle Ventures WF, LLC⁽⁶⁾
Warrant (right to purchase)	$0⁽²⁾	11/25/2003		C			564	⁽¹⁾	⁽¹⁾	Common Stock	564	$0⁽²⁾	0	I	Eagle Ventures WF, LLC⁽⁶⁾
Warrant (right to purchase)	$0⁽²⁾	11/25/2003		C			295	⁽¹⁾	⁽¹⁾	Common Stock	295	$0⁽²⁾	0	I	Eagle Ventures WF, LLC⁽⁶⁾
Series C Convertible Preferred	$0⁽³⁾	11/25/2003		C			38,071	⁽¹⁾	⁽¹⁾	Common Stock	38,071	$0⁽³⁾	0	I	Wessel German American Venture Partners, GbR⁽⁶⁾
Series D Convertible Preferred	$0⁽⁴⁾	11/25/2003		C			18,315	⁽¹⁾	⁽¹⁾	Common Stock	18,315	$0⁽⁴⁾	0	I	Wessel German American Venture Partners, GbR⁽⁶⁾
Series E Convertible Preferred	$0⁽⁵⁾	11/25/2003		C			35,377	⁽¹⁾	⁽¹⁾	Common Stock	35,377	$0⁽⁵⁾	0	I	Wessel German American Venture Partners, GbR⁽⁶⁾
Series F Convertible Preferred	$0⁽³⁾	11/25/2003		C			6,365	⁽¹⁾	⁽¹⁾	Common Stock	6,365	$0⁽²⁾	0	I	Wessel German American Venture Partners, GbR⁽⁶⁾
Warrant (right to purchase)	$0⁽²⁾	11/25/2003		C			1,123	⁽¹⁾	⁽¹⁾	Common Stock	1,123	$0⁽²⁾	0	I	Wessel German American Venture Partners, GbR⁽⁶⁾
Warrant (right to purchase)	$0⁽²⁾	11/25/2003		C			588	⁽¹⁾	⁽¹⁾	Common Stock	588	$0⁽²⁾	0	I	Wessel German American Venture Partners, GbR⁽⁶⁾
Employee Stock Option (right to buy)	$4.17	08/26/2003		A		48,000		⁽⁷⁾	08/26/2013	Common Stock	48,000	$0	0	D

1. Name and Address of Reporting Person^*

SPRENG R DAVID

(Last)

(First)

(Middle)

480 COWPER STREET

SUITE 300

(Street)

PALO ALTO

94301

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

CRESCENDO WORLD FUND LLC

(Last)

(First)

(Middle)

C/O ROBINS KAPLAN MILLER

2800 LASALLE PLAZA 800 LASALLE AVE

(Street)

MINNEAPOLIS

55402-2015

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

EAGLE VENTURES WF LLC

(Last)

(First)

(Middle)

C/O ROBINS KAPLAN MILLER

2800 LASALLE PLAZA 800 LASALLE AVE

(Street)

MINNEAPOLIS

55402-2015

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

WESSEL GERMAN AMERICAN VENTURE PARTNERS GBR

(Last)

(First)

(Middle)

C/O ROBINS KAPLAN MILLER

2800 LASALLE PLAZA 800 LASALLE AVE

(Street)

MINNEAPOLIS

55402-2015

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

Explanation of Responses:

1. These securities were immediately exercisable and automatically converted into shares of Common Stock upon the effectiveness of Callidus' initial public offering.

2. These securities automatically converted into shares of Common Stock on a 1-for-1 basis upon the effectiveness of Callidus' initial public offering.

3. These securities automatically converted into shares of Common Stock at a ratio of .5 shares of Common Stock for each share of Series C Convertible Preferred Stock upon the effectiveness of Callidus' initial public offering.

4. These securities automatically converted into shares of Common Stock at a ratio of .56593407 shares of Common Stock for each share of Series D Convertible Preferred Stock upon the effectiveness of Callidus' initial public offering.

5. These securities automatically converted into shares of Common Stock at a ratio of .70754594 shares of Common Stock for each share of Series E Convertible Preferred Stock upon the effectiveness of Callidus' initial public offering.

6. R. David Spreng, in his capacity as a managing general partner of Crescendo Venture Management, LLC, may be deemed to have shared voting or dispositive power over these shares. Mr. Spreng disclaims beneficial ownership, except to the extent of his pecuniary interest therein.

7. 25% of the shares of Common Stock subject to the option vest on August 26, 2004 and 1/48th of the shares vest each month thereafter.

	/s/ R. David Spreng, as General Partner of Crescendo World Fund, LLC	11/25/2003
	/s/ R. David Spreng, as General Partner of Eagle Ventures WF, LLC	11/25/2003
	/s/ R. David Spreng, as General Partner of Wessel German American Venture Partners, GbR	11/25/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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