Document:

sep0304_ex1028

Exhibit 10.28

  [FORM OF PERFORMANCE-BASED STOCK OPTION AGREEMENT] 

  CALLIDUS SOFTWARE, INC.

2003
STOCK INCENTIVE PLAN

STOCK OPTION AGREEMENT 

     
  Unless
  otherwise defined herein, the terms defined in the Plan shall have the same
  defined meanings in this Option Agreement. 

  I.     	NOTICE OF STOCK OPTION GRANT  

     
  [Name] 

     
  [Address] 

     
  The
  undersigned Optionee has been granted an Option to purchase Common Stock of
  the Company, subject to the terms and conditions of the Plan and this Option
  Agreement, as follows: 

  	Grant
      Number	

	Date
      of Grant	

	Vesting
      Commencement Date	

	Exercise
      Price per Share	

	Total
      Number of Shares Granted	

	Total
      Exercise Price	

	Type
      of Option	

	Term
      Expiration Date	

	Vesting Schedule:	

     
  This
  Option shall be exercisable, in whole or in part, according to the following
  vesting schedule: 

     
  Grants
  will vest 100% three years from the date of grant. Vesting will accelerate
  in accordance with the table below at the end of any 22 consecutive trading
  periods (i.e. on the 23rd day) in which: 

     
  (i) The average closing price during that 22 consecutive day period is equal to or exceeds the Target Stock Price listed below: and 

     
  (ii)
  The closing stock price for at least 15 trading days within the 22-day consecutive
  period is equal to or exceeds the Target Stock Price. 

  
    
       Target Stock Price $5/share
      - 20% cumulatively vested

    Target Stock Price $8/share
        - 40% cumulatively vested

    Target Stock Price $11/share
        - 60% cumulatively vested

    Target Stock Price $13/share
        - 80% cumulatively vested

    Target Stock price $16/share – 100% cumulatively
                  vested 
    

  

     
  Termination
  Period: 
      

     
  This Option
  shall be exercisable for 90 days after Optionee ceases to be a Service Provider.
  Upon Optionee’s death or disability, this Option may be exercised for
  such longer period as provided in the Plan. In no event may Optionee exercise
  this Option after the Term/Expiration Date as provided above. 

  II.    AGREEMENT  

     
  1.  	Grant of Option. The Plan Administrator of the Company hereby grants to the Optionee
  named in the Notice of Grant (the “Optionee”), an option (the “Option”) to purchase the number of Shares set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of
Grant (the “Exercise Price”), and subject to the terms and conditions
of the Plan, which is incorporated herein by reference. Subject to Section 15(c)
of the Plan, in the event of a conflict between the terms and conditions of the
Plan and this Option Agreement, the terms and conditions of the Plan shall prevail. 

     
  2.  	Exercise of Option. 

          
  (a) 	Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting
Schedule set out in the Notice of Grant and with the applicable provisions of the Plan and this Option Agreement. 

          
  (b) 	Method of Exercise.
  This Option shall be exercisable by delivery of an exercise notice in the form
  attached as Exhibit A (the “Exercise Notice”) which shall state the
  election to exercise the Option, the number of Shares with respect to which
  the Option is being exercised, and such other representations and agreements
  as may be required by the Company. The Exercise Notice shall be accompanied
  by payment of the aggregate Exercise Price as to all Exercised Shares. This
  Option shall be deemed to be exercised upon receipt by the Company of such
  fully executed Exercise Notice accompanied by the aggregate Exercise Price.
  The Administrator shall require payment of any amount the Company may determine
  to be necessary to withhold for taxes as a result of the exercise of an award.
  In the absence of any other 

  arrangement, Optionee agrees that the Company shall be entitled to withhold from any payments to be made by the Company to Optionee an amount equal to such withholding obligations. 

     
  No
  Shares shall be issued pursuant to the exercise of an Option unless such issuance
  and such exercise complies with Applicable laws. Assuming such compliance,
  for income tax purposes the Shares shall be considered transferred to the Optionee
  on the date on which the Option is exercised with respect to such Shares. 

     
  3. 	Lock-Up Period.
  Optionee hereby agrees that, if so requested by the Company or any representative
  of the underwriters (the “Managing Underwriter”) in connection with any registration of the offering of any securities of the Company under the Securities Act, Optionee shall not sell or otherwise transfer any Shares or other securities of the
Company during the 180-day period (or such other period as may be requested in writing by the Managing Underwriter and agreed to in writing by the Company) (the “Market Standoff Period”)
following the effective date of a registration statement of the Company filed
under the Securities Act. Such restriction shall apply only to the first registration
statement of the Company to become effective under the Securities Act that includes
securities to be sold on behalf of the Company to the public in an underwritten
public offering under the Securities Act. The Company may impose stop-transfer
instructions with respect to securities subject to the foregoing restrictions
until the end of such Market Standoff Period. 

     
  4. 	Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a
combination thereof, at the election of the Optionee: 

          
  (a) 	cash or check; 

          
  (b) 	consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or
  

          
  (c) 	surrender of other Shares which, (i) in the case of Shares acquired upon exercise of an option, have been owned by the Optionee for more
than six months on the date of surrender, and (ii) have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares. 

     
  5.  	Restrictions on Exercise. This Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Law. 

     
  6. 	Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or
by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the
Optionee. 

     
  7.  	Term of Option. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option. 

     
  8.  	Entire Agreement Governing Law. The Plan is incorporated herein by reference.
  The Plan and this Option
  Agreement constitute the entire agreement of the parties with respect to the
  subject matter hereof and supersede in their entirety all prior undertakings
  and agreements of the Company and Optionee with respect to the subject matter
  hereof, and may not be modified adversely to the Optionee’s interest except
  by means of a writing signed by the Company and Optionee. This agreement is
  governed by the internal substantive laws but not the choice of law rules of
  the State of California. 

     
  9.  	No Guarantee of Continued Service. OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING
SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE
AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR
THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY
WAY WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONEE’S
  RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

     
  Optionee
  acknowledges receipt of a copy of the Plan and represents that he or she is
  familiar with the terms and provisions thereof, and hereby accepts this Option
  subject to all of the terms and provisions thereof Optionee has reviewed the
  Plan and this Option in their entirety, has had an opportunity to obtain the
  advice of counsel prior to executing this Option and fully understands all
  provisions of the Option. Optionee hereby agrees to accept as binding, conclusive
  and final all decisions or interpretations of the Administrator upon any questions
  arising under the Plan or this Option. Optionee further agrees to notify the
  Company upon any change in the residence address indicated below. 

	OPTIONEE:	CALLIDUS SOFTWARE, INC.
	 	 
	 	 
	
	

	Signature	By
	 	 
	
	

	 	Title
	
	 
	Residence Addresssep0304_ex1028

Exhibit 10.29

CALLIDUS SOFTWARE, INC.

2003 STOCK INCENTIVE PLAN

STOCK
    OPTION AGREEMENT 

     
  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Option Agreement. 

  I. 	NOTICE OF STOCK OPTION GRANT
 

     
  Richard D. Furino 

     
  [Address1] [Address2] 

     
  The undersigned Optionee has been granted an Option to purchase Common Stock of the Company, subject to the terms and conditions of the Plan and this Option Agreement, as follows: 

  	Grant Number	1469
	 	

	Date of Grant	September 1, 2004
	 	

	Vesting Commencement Date	September 1, 2004
	 	

	Exercise Price per Share	$3.92
	 	

	Total Number of Shares Granted	100,000
	 	

	Total Exercise Price	$392,000.00
	 	

	Type of Option	Nonstatutory Stock Option
	 	

	Term Expiration Date	September 1, 2014
	 	

     Vesting Schedule:

     
  This Option shall be exercisable, in whole or in part, according to the following vesting schedule: 

     
  Grants will vest 100% three years from the date of grant. Vesting will accelerate in accordance with the table below at the end of any 22 consecutive trading periods (i.e. on the 23rd day) in which: 

     
  (i) The average closing price during that 22 consecutive day period is equal to or exceeds the Target Stock Price listed below: and 

     
  (ii) The closing stock price for at least 15 trading days within the 22-day consecutive period is equal to or exceeds the Target Stock Price. 

  
    Target Stock Price $5/share - 20% cumulatively
        vested 

    Target Stock Price $8/share - 40% cumulatively
        vested 

    Target Stock Price $11/share - 60% cumulatively
        vested 

    Target Stock Price $13/share - 80% cumulatively
        vested 

    Target Stock price $16/share – 100% cumulatively vested 
    

  

     
  Change of Control 

     
  In the event
  of any “Change of Control” of the Company, the Optionee shall receive 100% vesting of this Option as of the effective time of the Change of Control. For purposes of the above,
“Change of Control” means: 

     
  (i) The acquisition
  by any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) of “beneficial ownership” (as defined in Rule 13d-3 under said Act),
directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s
then outstanding voting securities (it being understood that securities owned
by any person on the date hereof shall not be counted against such limit with
respect to such person); or 

     
  (ii) A change
  in the composition of the Board of Directors of the Company (the “Board”) occurring within a rolling two-year period, as a result of which fewer than a majority of the
directors are Incumbent Directors. “Incumbent Directors” shall mean
directors who either (A) are members of the Board as of the date hereof, or (B)
are elected, or nominated for election, to the Board with the affirmative votes
of at least a majority of the Incumbent Directors at the time of such election
or nomination (but shall not include an individual not otherwise an Incumbent
Director whose election or nomination is in connection with an actual or threatened
proxy contest relating to the election of directors to the Board); or 

     
   (iii) A merger
  or consolidation involving the Company other than a merger or consolidation
  which would result in the voting securities of the Company outstanding immediately
  prior thereto continuing to represent (either by remaining outstanding or by
  being converted into voting securities of the Surviving Entity (including the
  parent corporation of such Surviving Entity)) at least fifty percent (50%)
  of the total voting power represented by the voting securities of the Company
  or such Surviving Entity outstanding immediately after such merger or consolidation,
  or a sale or disposition by the Company of all or substantially all the Company’s
  assets. 

     
  The term “Surviving Entity” shall
  refer to the entity surviving the merger, consolidation or sale of substantially
  all of the assets and continuing with the assets or business of the Company
  in the case of a Change of Control event describe in clause (iii) above. 

     
  Termination Period: 

     
  This Option
  shall be exercisable for 90 days after Optionee ceases to be a Service Provider.
  Upon Optionee’s death or disability, this Option may be exercised for
  such longer period as provided in the Plan. In no event may Optionee exercise
  this Option after the Term/Expiration Date as provided above. 

  II.    	AGREEMENT
 

     
  1.  	Grant of Option. The Plan Administrator of the Company hereby grants to the Optionee named in the Notice of Grant (the “Optionee”), an option (the “Option”) to purchase the number of Shares set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of
Grant (the “Exercise Price”), and subject to the terms and conditions
of the Plan, which is incorporated herein by reference. Subject to Section 15(c)
of the Plan, in the event of a conflict between the terms and conditions of the
Plan and this Option Agreement, the terms and conditions of the Plan shall prevail. 

     
  2.  	Exercise of Option. 

          
  (a) 	Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting
Schedule set out in the Notice of Grant and with the applicable provisions of the Plan and this Option Agreement. 

          
  (b) 	Method of Exercise.
  This Option shall be exercisable by delivery of an exercise notice in the form
  attached as Exhibit A (the “Exercise Notice”) which shall state the
  election to exercise the Option, the number of Shares with respect to which
  the Option is being exercised, and such other representations and agreements
  as may be required by the Company. The Exercise Notice shall be accompanied
  by payment of the aggregate Exercise Price as to all Exercised Shares. This
  Option shall be deemed to be exercised upon receipt by the Company of such
  fully executed Exercise Notice accompanied by the aggregate Exercise Price.
  The Administrator shall require payment of any amount the Company may determine
  to be necessary to withhold for taxes as a result of the exercise of an award.
  In the absence of any other arrangement, Optionee agrees that the Company shall
  be entitled to withhold from any payments to be made by the Company to Optionee
  an amount equal to such withholding obligations. 

     
  No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise complies with Applicable laws. Assuming such compliance, for income tax purposes the Shares shall
be considered transferred to the Optionee on the date on which the Option is exercised with respect to such Shares. 

     
  3. 	Lock-Up Period.
  Optionee hereby agrees that, if so requested by the Company or any representative
  of the underwriters (the “Managing Underwriter”) in connection with
  any registration of the offering of any securities of the Company under the
  Securities Act, Optionee shall not sell or otherwise transfer any Shares or
  other securities of the Company during the 180-day period (or such other period
  as may be requested in writing by the Managing Underwriter 

and agreed to in writing by the Company) (the “Market Standoff Period”)
  following the effective date of a registration statement of the Company filed
  under the Securities Act. Such restriction shall apply only to the first registration
  statement of the Company to become effective under the Securities Act that
  includes securities to be sold on behalf of the Company to the public in an
  underwritten public offering under the Securities Act. The Company may impose
  stop-transfer instructions with respect to securities subject to the foregoing
  restrictions until the end of such Market Standoff Period. 

     
  4. 	Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a
combination thereof, at the election of the Optionee: 

          
  (a) 	cash or check; 

          
  (b) 	consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or
  

          
  (c) 	surrender of other Shares which, (i) in the case of Shares acquired upon exercise of an option, have been owned by the Optionee for more
than six months on the date of surrender, and (ii) have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares. 

     
  5. 	Restrictions on Exercise. This Option may not be exercised until such time as the Plan has been approved
by the stockholders of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Law. 

     
  6. 	Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or
by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the
Optionee. 

     
  7. 	Term of Option. This Option may be exercised only within the term set out in the Notice of Grant, and may
be exercised during such term only in accordance with the Plan and the terms of this Option. 

     
  8.  	Entire Agreement Governing Law. The Plan is incorporated herein by reference.

     
  The Plan and this Option Agreement constitute the
  entire agreement of the parties with respect to the subject matter hereof and
  supersede in their entirety all prior undertakings and agreements of the Company
  and Optionee with respect to the subject matter hereof, and may not be modified
  adversely to the Optionee’s interest except by means of a writing signed
  by the Company and Optionee. This agreement is governed by the internal substantive
  laws but not the choice of law rules of the State of California. 

     
  9.  	No
  Guarantee of Continued Service. OPTIONEE ACKNOWLEDGES
  AND 
  AGREES THAT THE VESTING OF SHARES PURSUANT TO THE
  VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER
  AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED
  THIS OPTION OR ACQUIRING  SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES
  AND AGREES THAT THIS AGREEMENT, THE 

TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING
  SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF
  CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY
  PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONEE’S
  RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

     
  Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and
provisions thereof Optionee has reviewed the Plan and this Option in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the Option. Optionee hereby agrees to
accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Option. Optionee further agrees to notify the Company upon any change in the residence address indicated
below. 

	OPTIONEE:	CALLIDUS SOFTWARE, INC.
	 	 
	 	 
	
	

	Signature	By
	 	 
	Richard D. Furino	 
	
	

	 	Title
	[Address1]	 
	[Address2]	 
	 	 
	
	 
	Residence Address

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]