BLACKBAUD INC — Director's Dealing 2012

Mar 27, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2012-03-23

Reporting Person: Strenck Heidi (Senior VP and Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-23	Common Stock	S	2863	$32.99	Disposed	17360	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$8.60	2014-07-30	Common Stock (6000)	6000	Direct
Stock Appreciation Right	$12.40	2015-11-08	Common Stock (5417)	5417	Direct
Stock Appreciation Right	$22.34	2016-11-11	Common Stock (11000)	11000	Direct
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (16741)	16741	Direct
Stock Appreciation Right	$28.06	2018-11-09	Common Stock (21479)	21479	Direct

Footnotes

F1: This sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 29, 2012 and effective on March 2, 2012.

F2: The option vested in four equal installments beginning on July 30, 2005.

F3: 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.

F4: 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.

F5: 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.

F6: 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.