BLACKBAUD INC — Director's Dealing 2017

May 8, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2017-05-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-04	Common Stock	M	22870	$22.24	Acquired	130120	Direct
2017-05-04	Common Stock	D	6386	$79.65	Disposed	123734	Direct
2017-05-04	Common Stock	F	7460	$79.65	Disposed	116274	Direct
2017-05-04	Common Stock	S	9024	$79.06	Disposed	107250	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-04	Performance Stock Appreciation Right	$22.24	M	22870	Disposed	2019-11-06	Common Stock (22870)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $79.00 to $79.36. 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 vested 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 be settled in stock at the time of exercise.