BLACKBAUD INC — Director's Dealing 2011

Oct 31, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2011-10-27

Reporting Person: WILLIAMS TIMOTHY V (CFO and Senior VP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-27	Common Stock	M	24774	$26.75	Acquired	58938	Direct
2011-10-27	Common Stock	D	23253	$28.50	Disposed	35685	Direct
2011-10-27	Common Stock	F	509	$28.50	Disposed	35176	Direct
2011-10-27	Common Stock	S	1012	$28.50	Disposed	34164	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-27	Stock Appreciation Right	$26.75	M	24774	Disposed	2011-11-10	Common Stock (24774)	Direct

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	2019-11-10	Common Stock (25500)	25500	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 and effective on August 30, 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.