BLACKBAUD INC — Director's Dealing 2011

Nov 15, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2011-11-14

Reporting Person: BOOR ANTHONY W (CFO and Senior VP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-14	Common Stock	A	14124	$28.78	Acquired	14124	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-14	Stock Appreciation Right	$28.78	A	47106	Acquired	2018-11-13	Common Stock (47106)	Direct

Footnotes

F1: Represents a restricted stock award which vests in four equal annual installments beginning on November 14, 2012, subject to continued employment.

F2: Represents a stock appreciation right which vests in four equal annual installments beginning on November 14, 2012, subject to continued employment, and shall be settled in stock at time of exercise.