BLACKBAUD INC — Director's Dealing 2011

Feb 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2011-02-14

Reporting Person: Eggers Jana (Sen VP Product Mgmt & Mktg)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-14	Stock Appreciation Right	$26.82	A	10120	Acquired	2018-02-14	Common Stock (10120)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6250	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$25.43	2017-11-15	Common Stock (22321)	22321	Direct

Footnotes

F1: Represents a stock appreciation right which vests in four equal annual installments beginning on February 14, 2012, subject to continued employment, and shall be settled in stock at time of exercise.

F2: Represents a stock appreciation right which vests in four equal annual installments beginning on November 16, 2011, subject to continued employment, and shall be settled in stock at time of exercise.