X0303 4 2011-01-03 0 0001106942 BLACKBOARD INC BBBB 0001484561 Henderson Raymond P. III 650 MASSACHUSETTS AVE, NW 6TH FLOOR WASHINGTON DC 20001 0 1 0 0 President, Blackboard Learn Common Stock 2011-01-03 4 S 0 1019 41.293 D 93252 D Common Stock 2011-01-03 4 S 0 333 41.637 D 92919 D The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 15, 2010. Reflects the weighted average sale price with the range of sale price from $40.57 to $41.56. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price within the range. Reflects the weighted average sale price with the range of sale price from $41.57 to $41.82. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price within the range. /s/ Matthew Small, Attorney-in-Fact for Raymond P. Henderson III 2011-01-05