BLACKBAUD INC — Director's Dealing 2011

Nov 14, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2011-11-09

Reporting Person: Cumbaa Charles T (Pres Enterprise Cust Bus. Unit)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-09	Common Stock	F	610	$29.71	Disposed	26371	Direct
2011-11-10	Common Stock	A	7390	$28.06	Acquired	33761	Direct
2011-11-14	Common Stock	F	636	$28.06	Disposed	33125	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-10	Stock Appreciation Right	$28.06	A	24648	Acquired	2018-11-09	Common Stock (24648)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1750	Indirect
Common Stock	1750	Indirect

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	2016-11-11	Common Stock (25500)	25500	Direct
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (26042)	26042	Direct

Footnotes

F1: Represents shares forfeited to the company in connection with the satisfaction of tax liabilities incurred upon the vesting of restricted stock granted November 8, 2010.

F2: Represents a restricted stock award which vests in four equal annual installments beginning on November 10, 2012, subject to continued employment.

F3: Represents shares forfeited to the company in connection with the satisfaction of tax liabilities incurred upon the vesting of restricted stock granted November 10, 2009.

F4: Represents a stock appreciation right which vests in four equal annual installments beginning on November 10, 2012, subject to continued employment, and shall be settled in stock at time of exercise.

F5: Represents a stock appreciation right which vested in four equal annual installments beginning on November 6, 2008 and shall be settled in stock at time of exercise.

F6: 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.

F7: 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.

F8: 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.