BLACKBAUD INC — Director's Dealing 2012

Feb 29, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2012-02-27

Reporting Person: Chardon Marc (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-27	Common Stock	M	36208	$16.10	Acquired	117937	Direct
2012-02-27	Common Stock	M	4750	$12.40	Acquired	122687	Direct
2012-02-27	Common Stock	D	1789	$32.94	Disposed	120898	Direct
2012-02-27	Common Stock	F	1334	$32.94	Disposed	119564	Direct
2012-02-27	Common Stock	S	54300	$32.61	Disposed	65264	Direct
2012-02-28	Common Stock	M	57545	$16.10	Acquired	122809	Direct
2012-02-28	Common Stock	S	57545	$32.17	Disposed	65264	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-27	Employee Stock Option (Right to Buy)	$16.10	M	36208	Disposed	2012-11-28	Common Stock (36208)	Direct
2012-02-27	Stock Appreciation Right	$12.40	M	4750	Disposed	2015-11-08	Common Stock (4750)	Direct
2012-02-28	Employee Stock Option (Right to Buy)	$16.10	M	57545	Disposed	2012-11-28	Common Stock (57545)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2800	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$26.17	2015-02-13	Common Stock (55380)	55380	Direct
Stock Appreciation Right	$22.34	2016-11-11	Common Stock (65299)	65299	Direct
Stock Appreciation Right	$21.44	2017-02-10	Common Stock (100000)	100000	Direct
Stock Appreciation Right	$22.58	2017-05-10	Common Stock (100000)	100000	Direct
Stock Appreciation Right	$24.00	2017-08-10	Common Stock (100000)	100000	Direct
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (104167)	104167	Direct

Footnotes

F1: Represents shares forfeited to the company in connection with the satisfaction of tax liabilities incurred upon the exercise of stock appreciation rights.

F2: This transaction was executed in multiple trades at prices ranging from $32.00 to $32.98. 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.

F3: This transaction was executed in multiple trades at prices ranging from $32.00 to $32.71. 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.

F4: The option vested 1/4 on November 28, 2006 and 1/12 every three months thereafter.

F5: Represents a stock appreciation right which vests in four equal annual installments beginning on November 7, 2009, 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 February 12, 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 vested 100% on November 10, 2010 and shall be settled in stock at time of exercise.

F9: Represents a stock appreciation right which vested 100% on November 10, 2011 and shall be settled in stock at time of exercise.

F10: Represents a stock appreciation right which will vest 100% on November 12, 2012, subject to continued employment, and shall be settled in stock at time of exercise.

F11: 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.