BLACKBAUD INC — Director's Dealing 2012

Mar 2, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2012-02-29

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-29	Common Stock	A	2498	$0.00	Acquired	34623	Direct
2012-02-29	Common Stock	F	836	$31.55	Disposed	33787	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
Stock Appreciation Right	$28.06	2018-11-09	Common Stock (24648)	24648	Direct

Footnotes

F1: On February 29, 2012, the Compensation Committee determined that these performance-based restricted stock rights vested based on the company achieving financial performance goals for the period ending December 31, 2011.

F2: Represents shares forfeited to the company in connection with the satisfaction of tax liabilities incurred upon the vesting of the performance-based restricted stock rights.

F3: 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.

F4: 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.

F5: 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.

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, 2012, subject to continued employment, and shall be settled in stock at time of exercise.