BLACKBAUD INC — Director's Dealing 2015

Nov 16, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2015-11-11

Reporting Person: Cumbaa Charles T (EVP Corp. & Prod. Strategy)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-11-11	Common Stock	G	2000	$0.00	Disposed	37867	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2100	Indirect
Common Stock	2100	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$26.79	2017-11-07	Common Stock (16042)	16042	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 8, 2011, subject to continued employment, and shall be settled in stock at time of exercise.

F2: 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.

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.