BLACKBAUD INC — Director's Dealing 2011

Nov 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2011-11-07

Reporting Person: MISTRETTA JOHN J (Senior VP of Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-07	Common Stock	F	1088	$29.10	Disposed	38318	Direct
2011-11-08	Common Stock	F	544	$28.78	Disposed	37774	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$26.11	2014-11-07	Common Stock (43333)	43333	Direct
Stock Appreciation Right	$12.40	2015-11-08	Common Stock (21667)	21667	Direct
Stock Appreciation Right	$22.34	2016-11-11	Common Stock (22000)	22000	Direct
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (22321)	22321	Direct

Footnotes

F1: Represents shares forfeited to the company in connection with the satisfaction of tax liabilities incurred upon the vesting of restricted stock granted November 6, 2007.

F2: Represents shares forfeited to the company in connection with the satisfaction of tax liabilities incurred upon the vesting of restricted stock granted November 7, 2008.

F3: Represents a stock appreciation right which vested in four equal annual installments beginning on November 6, 2008 and shall be settled in stock at time of exercise.

F4: Represents a stock appreciation right which vests in four equal installments beginning on November 7, 2009, subject to continued employment, and shall be settled in stock at time of exercise.

F5: Represents a stock appreciation right which vests in four equal annual installments beginning on November 10, 2010, subject to continued employment, and shall be settled in stock at time of exercise.

F6: Represents a stock appreciation right which vests in four equal annual installments beginning on November 8, 2011, subject to continued employment, and shall be settled in stock at time of exercise.