BLACKBAUD INC — Director's Dealing 2012

May 10, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2012-05-08

Reporting Person: Austin Eugene (SVP & President, ECBU)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-08	Common Stock	A	6184	$0.00	Acquired	6184	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-08	Stock Appreciation Right	$28.44	A	20614	Acquired	2019-05-09	Common Stock (20614)	Direct

Footnotes

F1: Represents a restricted stock award which vests in four equal annual installments beginning on May 8, 2013, subject to continued employment.

F2: Represents a stock appreciation right which vests in four equal annual installments beginning on May 8, 2013, subject to continued employment, and shall be settled in stock at time of exercise.