BLACKBAUD INC — Director's Dealing 2014

Nov 12, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2014-11-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-10	Common Stock	M	20126	$22.24	Acquired	47367	Direct
2014-11-10	Common Stock	D	10048	$44.55	Disposed	37319	Direct
2014-11-10	Common Stock	S	14214	$44.35	Disposed	23105	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-10	Performance Stock Appreciation Right	$22.24	M	20126	Disposed	2019-11-05	Common Stock (20126)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (5581)	5581	Direct
Stock Appreciation Right	$28.06	2018-11-09	Common Stock (11444)	11444	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $44.30 to $44.55. 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 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.

F3: Represents a stock appreciation right which vested 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.