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: 2010-11-10

Reporting Person: Holman Brad John (Pres Int'l Business Unit)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-10	Common Stock	A	6862	$28.06	Acquired	13112	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-10	Stock Appreciation Right	$28.06	A	22887	Acquired	2018-11-09	Common Stock (22887)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (22321)	22321	Direct

Footnotes

F1: Represents a restricted stock award which vests in four equal annual installments beginning on November 10, 2012, subject to continued employment.

F2: Represents a stock appreciation right which vests in four equal annual installments beginning on November 10, 2012, subject to continued employment and an exercise price less than the closing price of the company's common stock on each vesting date. The stock appreciation right shall be settled in stock at the time of exercise.

F3: Represents a stock appreciation right which vests in four equal annual installments beginning on November 8, 2011, subject to continued employment and an exercise price less than the closing price of the company's common stock on each vesting date. The stock appreciation right shall be settled in stock at the time of exercise.