BLACKBAUD INC — Director's Dealing 2011

Apr 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2011-04-01

Reporting Person: Attanasi Louis J (Senior VP of Product Dev)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-01	Common Stock	M	6774	$26.75	Acquired	77249	Direct
2011-04-01	Common Stock	D	6590	$27.50	Disposed	70659	Direct
2011-04-01	Common Stock	F	62	$27.50	Disposed	70597	Direct
2011-04-01	Common Stock	S	114	$27.50	Disposed	70483	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-01	Stock Appreciation Right	$26.75	M	6774	Disposed	2011-11-10	Common Stock (6774)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	20078	Indirect

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 (10834)	10834	Direct
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (24182)	24182	Direct
Stock Appreciation Right	$22.34	2019-11-10	Common Stock (23500)	23500	Direct

Footnotes

F1: Represents shares forfeited to the company in connection with the satisfaction of tax liabilities incurred upon the exercise of stock appreciation rights.

F2: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 21, 2011 and effective on February 24, 2011.

F3: Represents a stock appreciation right which vests in four equal annual installments beginning on November 6, 2008, subject to continued employment, 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 8, 2011, 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 10, 2010, subject to continued employment.