BLACKBAUD INC — Director's Dealing 2014

Nov 14, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2014-11-12

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-12	Common Stock	S	4435	$43.94	Disposed	9404	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$22.24	2019-11-06	Common Stock (23786)	23786	Direct
Performance Stock Appreciation Right	$22.24	2019-11-06	Common Stock (27455)	27455	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $43.90 to $44.01. 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: 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.

F3: 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.