SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Attanasi Louis J
(Last) (First) (Middle)
2000 DANIEL ISLAND DRIVE
(Street)
CHARLESTON SC 29492
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
BLACKBAUD INC [ BLKB ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Senior VP of Product Dev
3. Date of Earliest Transaction (Month/Day/Year)
05/10/2011
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/10/2011 M 6,000 A $26.75 76,483 D
Common Stock 05/10/2011 D 5,733 D $28 70,750 D
Common Stock 05/10/2011 F(1) 90 D $28 70,660 D
Common Stock 05/10/2011 S(2) 166 D $28 70,494 D
Common Stock 05/10/2011 M 12,000 A $26.75 82,494 D
Common Stock 05/10/2011 D 11,167 D $28.77(3) 71,327 D
Common Stock 05/10/2011 F(1) 280 D $28.77(3) 71,047 D
Common Stock 05/10/2011 S(2) 518 D $28.77(3) 70,529 D
Common Stock 20,078 I GRAT
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Appreciation Right $26.75 05/10/2011 M(2) 18,000 11/09/2009 11/10/2011 Common Stock 18,000 $0.00 0 D
Stock Appreciation Right $26.11 (4) 11/07/2014 Common Stock 43,333 43,333 D
Stock Appreciation Right $12.4 (5) 11/08/2015 Common Stock 10,834 10,834 D
Stock Appreciation Right $26.79 (6) 11/07/2017 Common Stock 24,182 24,182 D
Stock Appreciation Right $22.34 (7) 11/10/2019 Common Stock 23,500 23,500 D
Explanation of Responses:
1. Represents shares forfeited to the company in connection with the satisfaction of tax liabilities incurred upon the exercise of stock appreciation rights.
2. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 21, 2011 and effective on February 24, 2011.
3. This transaction was executed in multiple trades at prices ranging from $28.50 to $29.00. 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.
4. Represents a stock appreciation right which vests in four equal annual installments beginning on November 6, 2008, subject to continued employment, and shall be settled in stock at time of exercise.
5. Represents a stock appreciation right which vests in four equal installments beginning on November 7, 2009, subject to continued employment, and shall be settled in stock at time of exercise.
6. 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.
7. Represents a stock appreciation right which vests in four equal annual installments beginning on November 10, 2010, subject to continued employment.
Remarks:
/s/ Donald R. Reynolds, Attorney-in-Fact 05/12/2011
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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