BLACKBAUD INC — Director's Dealing 2012

Mar 13, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2012-03-09

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-09	Common Stock	M	7500	$12.40	Acquired	41287	Direct
2012-03-09	Common Stock	D	2907	$32.00	Disposed	38380	Direct
2012-03-09	Common Stock	F	1537	$32.00	Disposed	36843	Direct
2012-03-09	Common Stock	S	3056	$32.00	Disposed	33787	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-09	Stock Appreciation Right	$12.40	M	7500	Disposed	2015-11-08	Common Stock (7500)	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	$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: Represents shares forfeited to the company in connection with the satisfaction of tax liabilities incurred upon the exercise of stock appreciation rights.

F2: This exercise and sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 27, 2012 and effective on March 1, 2012.

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 vested in four equal annual installments beginning on November 6, 2008 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.