X0202 4 2007-09-18 0 0001106942 BLACKBOARD INC BBBB 0001291814 Beach Michael J 1899 L STREET NW 5TH FLOOR WASHINGTON DC 20036 0 1 0 0 CFO Common Stock 2007-09-18 4 M 0 148 9.66 A 148 D Common Stock 2007-09-18 4 S 0 148 42.68 D 0 D Common Stock 2007-09-18 4 M 0 590 9.98 A 590 D Common Stock 2007-09-18 4 S 0 590 42.68 D 0 D Common Stock 2007-09-18 4 M 0 4793 14.00 A 4793 D Common Stock 2007-09-18 4 S 0 4793 42.68 D 0 D Common Stock 2007-09-18 4 M 0 6243 17.00 A 6243 D Common Stock 2007-09-18 4 S 0 6243 42.68 D 0 D Common Stock 2007-09-18 4 M 0 13226 26.84 A 13226 D Common Stock 2007-09-18 4 S 0 13226 42.68 D 0 D Stock Option (right to buy) 9.66 2007-09-18 4 M 0 148 0.00 D 2013-09-10 Common Stock 148 0 D Stock Option (right to buy) 9.98 2007-09-18 4 M 0 590 0.00 D 2014-02-18 Common Stock 590 492 D Stock Option (right to buy) 14.00 2007-09-18 4 M 0 1475 0.00 D 2014-02-10 Common Stock 1475 1229 D Stock Option (right to buy) 14.00 2007-09-18 4 M 0 3318 0.00 D 2014-04-01 Common Stock 3318 1377 D Stock Option (right to buy) 17.00 2007-09-18 4 M 0 6243 0.00 D 2013-03-01 Common Stock 6243 1257 D Stock Option (right to buy) 26.84 2007-09-18 4 M 0 13226 0.00 D 2014-09-15 Common Stock 13226 86774 D The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 15, 2007. The option vested as to 25% of the shares on 04/01/2004 and as to an additional 2.08% of the shares thereafter. The option vested as to 25% of the shares on 2/18/2005 and as to an additional 2.08% of the shares monthly thereafter. The option vested as to 25% of the shares on 2/10/2005 and as to an additional 2.08% of the shares monthly thereafter. The option vested as to 25% of the shares on 04/01/2005 and as to an additional 2.08% of the shares monthly thereafter. The option vested as to 33% of the shares on 3/1/2006 and as to an additional 2.79% of the shares monthly thereafter. The option vested as to 33% of the shares on 9/15/2007 and as to an additional 2.79% of the shares monthly thereafter. /S/ Justin Tan, Attorney-in-Fact for Michael Beach 2007-09-20