BLACKBAUD INC — Director's Dealing 2011

May 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2011-05-12

Reporting Person: Chardon Marc (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-12	Common Stock	M	70000	$16.10	Acquired	141165	Direct
2011-05-12	Common Stock	S	70000	$29.55	Disposed	71165	Direct
2011-05-13	Common Stock	S	1200	$29.39	Disposed	2800	Indirect
2011-05-13	Common Stock	M	18565	$16.10	Acquired	89730	Direct
2011-05-13	Common Stock	S	19100	$29.07	Disposed	70630	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-12	Employee Stock Option (Right to Buy)	$16.10	M	70000	Disposed	2012-11-28	Common Stock (70000)	Direct
2011-05-13	Employee Stock Option (Right to Buy)	$16.10	M	18565	Disposed	2012-11-28	Common Stock (18565)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$26.17	2015-02-13	Common Stock (55380)	55380	Direct
Stock Appreciation Right	$12.40	2015-11-08	Common Stock (9500)	9500	Direct
Stock Appreciation Right	$22.34	2016-11-11	Common Stock (65299)	65299	Direct
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (104167)	104167	Direct
Stock Appreciation Right	$21.44	2020-02-10	Common Stock (100000)	100000	Direct
Stock Appreciation Right	$22.58	2020-05-10	Common Stock (100000)	100000	Direct
Stock Appreciation Right	$24.00	2020-08-10	Common Stock (100000)	100000	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $29.30 to $29.68. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected.

F2: This transaction was executed in multiple trades at prices ranging from $29.00 to $29.51. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected.

F3: The option vested 1/4 on November 28, 2006 and 1/12 every three months thereafter.

F4: Represents a stock appreciation right which vests in four equal annual installments beginning on February 12, 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 7, 2009, 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, and shall be settled in stock at time of exercise.

F7: 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.

F8: Represents a stock appreciation right which vested 100% on November 10, 2010, and shall be settled in stock at time of exercise.

F9: Represents a stock appreciation right which will vest 100% on November 10, 2011, subject to continued employment, and shall be settled in stock at time of exercise.

F10: Represents a stock appreciation right which will vest 100% on November 12, 2012, subject to continued employment, and shall be settled in stock at time of exercise.