BLACKBAUD INC — Director's Dealing 2014

Aug 29, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2014-08-27

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-27	Common Stock	M	5000	$12.40	Acquired	41281	Direct
2014-08-27	Common Stock	D	1611	$38.50	Disposed	39670	Direct
2014-08-27	Common Stock	F	1165	$38.50	Disposed	38505	Direct
2014-08-27	Common Stock	S	2224	$38.50	Disposed	36281	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-27	Stock Appreciation Right	$12.40	M	5000	Disposed	2015-11-08	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1750	Indirect
Common Stock	1750	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 shares forfeited to the company in connection with the satisfaction of tax liabilities incurred upon the exercise of stock appreciation rights.

F2: This exercise and sale was effected pursuant to a Rule 10b5-1 trading plan executed by the reporting person on May 8, 2014 and effective on May 12, 2014.

F3: Represents a stock appreciation right which vested in four equal installments beginning on November 7, 2009, subject to continued employment, and shall be settled in stock at time of exercise.

F4: 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.

F5: Represents a stock appreciation right which vests in four equal annual installments beginning on November 8, 2011, subject to continued employment, and shall be settled in stock at time of exercise.

F6: 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.

F7: For full text of this footnote 7, see Remarks.