Edgar Filing: SABA SOFTWARE INC

Ownership Submission

FORM 4

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

FirstMark Capital, L.L.C.

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

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

_____ Director	_____ 10% Owner
_____ Officer (give title below)	__X__ Other (specify below)
See Footnote 1

(Last)

(First)

(Middle)

1221 SIXTH AVENUE

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2009

(Street)

NEW YORK, NY 10020

4. If Amendment, Date 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

(City)

(State)

(Zip)

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)
			Code	V	Amount	(A) or (D)	Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (Right to Buy)

$ 4.2

03/10/2009

5,000 ⁽²⁾

⁽³⁾⁽⁴⁾

12/14/2010

Common Stock

5,000 ⁽²⁾

⁽⁴⁾

I ⁽²⁾

Investment Advisor ⁽¹⁾

Stock Option (Right to Buy)

$ 4.2

03/10/2009

5,000 ⁽²⁾

⁽³⁾⁽⁴⁾

12/14/2014

Common Stock

5,000 ⁽²⁾

⁽⁴⁾

5,000 ⁽²⁾

I ⁽²⁾

Investment Advisor ⁽¹⁾

Stock Option (Right to Buy)

$ 4.16

03/10/2009

5,000 ⁽²⁾

⁽³⁾⁽⁵⁾

12/15/2011

Common Stock

5,000 ⁽²⁾

⁽⁵⁾

I ⁽²⁾

Investment Advisor ⁽¹⁾

Stock Option (Right to Buy)

$ 4.16

03/10/2009

5,000 ⁽²⁾

⁽³⁾⁽⁵⁾

12/15/2015

Common Stock

5,000 ⁽²⁾

⁽⁵⁾

5,000 ⁽²⁾

I ⁽²⁾

Investment Advisor ⁽¹⁾

Stock Option (Right to Buy)

$ 6.3

03/10/2009

10,000 ⁽²⁾

⁽⁶⁾⁽⁷⁾

03/28/2013

Common Stock

10,000 ⁽²⁾

⁽⁷⁾

I ⁽²⁾

Investment Advisor ⁽¹⁾

Stock Option (Right to Buy)

$ 6.3

03/10/2009

10,000 ⁽²⁾

⁽⁶⁾⁽⁷⁾

03/28/2017

Common Stock

10,000 ⁽²⁾

⁽⁷⁾

10,000 ⁽²⁾

I ⁽²⁾

Investment Advisor ⁽¹⁾

Stock Option (Right to Buy)

$ 4.53

03/10/2009

10,000 ⁽²⁾

⁽⁸⁾⁽⁹⁾

01/11/2014

Common Stock

10,000 ⁽²⁾

⁽⁹⁾

I ⁽²⁾

Investment Advisor ⁽¹⁾

Stock Option (Right to Buy)

$ 4.53

03/10/2009

10,000 ⁽²⁾

⁽⁸⁾⁽⁹⁾

01/11/2018

Common Stock

10,000 ⁽²⁾

⁽⁹⁾

10,000 ⁽²⁾

I ⁽²⁾

Investment Advisor ⁽¹⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
FirstMark Capital, L.L.C. 1221 SIXTH AVENUE NEW YORK, NY 10020				See Footnote 1
LENIHAN LAWRENCE D JR 1221 SIXTH AVENUE NEW YORK, NY 10020	X

Signatures

/s/ Brian Kempner, Chief Operating Officer & General Counsel		03/12/2009
^**Signature of Reporting Person		Date
/s/ Lawrence D. Lenihan, Jr., Director (1)		03/12/2009
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	FirstMark Capital, L.L.C., a Delaware limited liability company ("FirstMark"), is an investment advisor acting on behalf of its clients' accounts. Mr. Lenihan is the Chief Executive Officer, Managing Director, and a member of FirstMark. Mr. Lenihan also serves on the Board of Directors of the Issuer and disclaims beneficial ownership of these securities except to the extent of his pecuniary interest. FirstMark disclaims any obligation to file this report, and this report shall not be deemed an admission that FirstMark is subject to Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with respect to the Issuer of such securities.
(2)	FirstMark disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that FirstMark is, for the purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of such securities.
(3)	This option is fully vested.
(4)	The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the deemed grant of a replacement option. The option was originally granted on 12/14/2004 to Lawrence D. Lenihan as compensation for his service as a member of the Board of Directors of the Issuer. The amendment consists solely of changing the term of the option from six years to ten years.
(5)	The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the deemed grant of a replacement option. The option was originally granted on 12/15/2005 to Lawrence D. Lenihan as compensation for his service as a member of the Board of Directors of the Issuer. The amendment consists solely of changing the term of the option from six years to ten years.
(6)	This option vests monthly over the course of four years beginning on December 28, 2006.
(7)	The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the deemed grant of a replacement option. The option was originally granted on 3/28/2007 to Lawrence D. Lenihan as compensation for his service as a member of the Board of Directors of the Issuer. The amendment consists solely of changing the term of the option from six years to ten years.
(8)	This option vests monthly over the course of four years beginning November 15, 2007.
(9)	The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the deemed grant of a replacement option. The option was originally granted on 1/18/2008 to Lawrence D. Lenihan as compensation for his service as a member of the Board of Directors of the Issuer. The amendment consists solely of changing the term of the option from six years to ten years.

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