BLACKBAUD INC — Director's Dealing 2016

Feb 16, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2016-02-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-02-11	Common Stock	A	8240	$0.00	Acquired	46107	Direct
2016-02-13	Common Stock	A	17112	$0.00	Acquired	63219	Direct
2016-02-14	Common Stock	A	9145	$0.00	Acquired	72364	Direct
2016-02-16	Common Stock	F	1526	$52.70	Disposed	70838	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 restricted stock award which vests in full on February 11, 2017, subject to continued employment.

F2: On February 11, 2016, the Compensation Committee determined that performance based restricted stock units ("PRSUs") granted in 2015 would vest in three equal annual installments beginning on February 13, 2016 based on the Issuer achieving performance goals for the period ended December 31, 2015.

F3: On February 13, 2015, the Compensation Committee determined that PRSUs granted in 2014 (the "2014 PRSUs") would vest in three equal annual installments beginning on February 14, 2015 based on the Issuer achieving performance goals for the period ended December 31, 2014. The remaining 2014 PRSUs as reported in this Form 4 vest one half immediately and one half on February 14, 2017.

F4: Represents shares forfeited to the Issuer in connection with the satisfaction of tax liabilities incurred upon the vesting of restricted stock granted February 13, 2015.

F5: 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.

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: 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.