BLACKBAUD INC — Director's Dealing 2011

Jul 5, 2011

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2011-06-22

Reporting Person: Olson Jon W (General Counsel)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11991	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$22.34	2016-11-11	Common Stock (14000)		Direct
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (16369)		Direct

Footnotes

F1: Represents restricted stock grants which vest in four equal annual installments on the first anniversary of the date of grant, subject to continued employment. 8,065 shares were granted on November 7, 2008 of which 4,033 remain outstanding. 4,500 shares were granted on November 10, 2009 of which 3,375 remain outstanding. 4,583 shares were granted on November 8, 2010 all which remain outstanding.

F2: 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.

F3: 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.