BLACKBAUD INC — Director's Dealing 2011

Aug 26, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2011-08-24

Reporting Person: MOONEY KEVIN W (Pres Gen Markets Business Unit)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-24	Common Stock	S	3244	$23.38	Disposed	21298	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$21.40	2015-08-09	Common Stock (65009)	65009	Direct
Stock Appreciation Right	$12.40	2015-11-08	Common Stock (10000)	10000	Direct
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (33482)	33482	Direct
Stock Appreciation Right	$22.34	2019-11-10	Common Stock (55265)	55265	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $23.33 to $23.43. 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: Represents a stock appreciation right which vests in four equal installments beginning on August 8, 2009, 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 installments beginning on November 7, 2009, 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 annual installments beginning on November 8, 2011, 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 10, 2010, subject to continued employment, and shall be settled in stock at time of exercise.