BLACKBAUD INC — Director's Dealing 2014

Dec 29, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2014-12-24

Reporting Person: Moye Joseph D (Pres.,Enterprise Cust Bus.Unit)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-24	Common Stock	M	10978	$22.24	Acquired	24817	Direct
2014-12-24	Common Stock	D	5426	$45.00	Disposed	19391	Direct
2014-12-24	Common Stock	F	1519	$45.00	Disposed	17872	Direct
2014-12-24	Common Stock	S	300	$45.00	Disposed	17572	Direct
2014-12-26	Common Stock	S	200	$45.00	Disposed	17372	Direct
2014-12-29	Common Stock	S	3533	$45.00	Disposed	13839	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-24	Stock Appreciation Right	$22.24	M	10978	Disposed	2019-11-06	Common Stock (10978)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Performance Stock Appreciation Right	$22.24	2019-11-06	Common Stock (18307)	18307	Direct

Footnotes

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

F2: This exerise and the sales were effected pursuant to a 10b5-1 trading plan executed by the reporting person on November 24, 2014 and effective on December 1, 2014.

F3: Represents a stock appreciation right which vests in four equal installments beginning on November 6, 2013, subject to continued employment, and shall be settled in stock at time of exercise.

F4: Represents a performance stock appreciation right ("PSAR") which vests in four equal annual installments beginning on November 6, 2013 since the Issuer maintained a 25% increase in its stock price over $22.24 for 30 consecutive days prior to November 6, 2013. The PSARs shall only vest subject to continued employment and shall be settled in stock at the time of exercise.