BLACKBAUD INC — Director's Dealing 2011

May 12, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2011-05-10

Reporting Person: Attanasi Louis J (Senior VP of Product Dev)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-10	Common Stock	M	6000	$26.75	Acquired	76483	Direct
2011-05-10	Common Stock	D	5733	$28.00	Disposed	70750	Direct
2011-05-10	Common Stock	F	90	$28.00	Disposed	70660	Direct
2011-05-10	Common Stock	S	166	$28.00	Disposed	70494	Direct
2011-05-10	Common Stock	M	12000	$26.75	Acquired	82494	Direct
2011-05-10	Common Stock	D	11167	$28.77	Disposed	71327	Direct
2011-05-10	Common Stock	F	280	$28.77	Disposed	71047	Direct
2011-05-10	Common Stock	S	518	$28.77	Disposed	70529	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-10	Stock Appreciation Right	$26.75	M	18000	Disposed	2011-11-10	Common Stock (18000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	20078	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$26.11	2014-11-07	Common Stock (43333)	43333	Direct
Stock Appreciation Right	$12.40	2015-11-08	Common Stock (10834)	10834	Direct
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (24182)	24182	Direct
Stock Appreciation Right	$22.34	2019-11-10	Common Stock (23500)	23500	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: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 21, 2011 and effective on February 24, 2011.

F3: This transaction was executed in multiple trades at prices ranging from $28.50 to $29.00. 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.

F4: 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.

F5: 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.

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.

F7: Represents a stock appreciation right which vests in four equal annual installments beginning on November 10, 2010, subject to continued employment.