BLACKBAUD INC — Director's Dealing 2012

Nov 27, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2012-11-26

Reporting Person: Holman Brad John (Pres Int'l Business Unit)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-26	Common Stock	S	3278	$22.01	Disposed	18518	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Performance Stock Appreciation Right	$22.24	2019-11-06	Common Stock (80504)	80504	Direct
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (22321)	22321	Direct
Stock Appreciation Right	$28.06	2018-11-09	Common Stock (22887)	22887	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $21.92 to $22.07. 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.

F2: For full text of this footnote 2, see Remarks.

F3: Represents a stock appreciation right which vests in four equal annual installments beginning on November 8, 2011, subject to continued employment and an exercise price less than the closing price of the Issuer's common stock on each vesting date. The stock appreciation right shall be settled in stock at the time of exercise.

F4: Represents a stock appreciation right which vests in four equal annual installments beginning on November 10, 2012, subject to continued employment and an exercise price less than the closing price of the Issuer's common stock on each vesting date. The stock appreciation right shall be settled in stock at the time of exercise.