BLACKBAUD INC — Director's Dealing 2014

Dec 1, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2014-11-18

Reporting Person: Cumbaa Charles T (SVP of Business Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-18	Common Stock	G	1250	$0.00	Disposed	31737	Direct
2014-11-26	Common Stock	G	400	$0.00	Disposed	31337	Direct
2014-11-26	Common Stock	G	200	$0.00	Acquired	1950	Indirect
2014-11-26	Common Stock	G	200	$0.00	Acquired	1950	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$22.34	2016-11-11	Common Stock (6375)	6375	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
Performance Stock Appreciation Right	$22.24	2019-11-05	Common Stock (86358)	86358	Direct

Footnotes

F1: Represents a stock appreciation right which vested in four equal annual installments beginning on November 10, 2010, subject to continued employment, and shall be settled in stock at time of exercise.

F2: Represents a stock appreciation right which vested in four equal annual installments beginning on November 8, 2011, subject to continued employment, and shall be settled in stock at time of exercise.

F3: 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.

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.