BLACKBAUD INC — Director's Dealing 2011

Jul 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Cumbaa Charles T (Pres Enterprise Cust Bus. Unit)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-07-07	Common Stock	M	8000	$26.75	Acquired	36647	Direct
2011-07-07	Common Stock	D	7380	$29.00	Disposed	29267	Direct
2011-07-07	Common Stock	F	208	$29.00	Disposed	29059	Direct
2011-07-07	Common Stock	S	412	$29.00	Disposed	28647	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-07-07	Stock Appreciation Right	$26.75	M	8000	Disposed	2011-11-10	Common Stock (8000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1750	Indirect
Common Stock	1750	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$26.11	2014-11-07	Common Stock (53333)	53333	Direct
Stock Appreciation Right	$12.40	2015-11-08	Common Stock (26667)	26667	Direct
Stock Appreciation Right	$22.34	2016-11-11	Common Stock (25500)	25500	Direct
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (26042)	26042	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: This exercise and sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 19, 2011 and effective on May 23, 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 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.