BLACKBAUD INC — Director's Dealing 2016

May 4, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2016-05-02

Reporting Person: BOOR ANTHONY W (CFO & Exec VP of Fin. & Admin.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-02	Common Stock	M	23553	$28.78	Acquired	127705	Direct
2016-05-02	Common Stock	D	10902	$62.18	Disposed	116803	Direct
2016-05-02	Common Stock	F	5725	$62.18	Disposed	111078	Direct
2016-05-02	Common Stock	M	22870	$22.24	Acquired	133948	Direct
2016-05-02	Common Stock	D	8180	$62.18	Disposed	125768	Direct
2016-05-02	Common Stock	F	6648	$62.18	Disposed	119120	Direct
2016-05-02	Common Stock	S	14968	$62.18	Disposed	104152	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-02	Stock Appreciation Right	$28.78	M	23553	Disposed	2018-11-13	Common Stock (23553)	Direct
2016-05-02	Performance Stock Appreciation Right	$22.24	M	22870	Disposed	2019-11-06	Common Stock (22870)	Direct

Footnotes

F1: Represents shares forfeited to the issuer in connection with the satisfaction of tax liabilities incurred upon the exercise of stock appreciation rights.

F2: Represents shares forfeited to the issuer in connection with the satisfaction of tax liabilities incurred upon the exercise of performance stock appreciation rights.

F3: This transaction was executed in multiple trades at prices ranging from $62.00 to $62.38. 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.

F4: Represents a stock appreciation right which vests in four equal annual installments beginning on November 14, 2012, subject to continued employment, and shall be settled in stock at time of exercise.

F5: 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.