X0303 4 2011-01-03 0 0001106942 BLACKBOARD INC BBBB 0001291653 Chasen Michael L 650 MASSACHUSETTS AVE, NW 6TH FLOOR WASHINGTON DC 20001 1 1 0 0 CEO, President Common Stock 2011-01-03 4 S 0 13944 41.29 D 130743 D Common Stock 2011-01-03 4 S 0 4556 41.638 D 126187 D The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 5, 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 Michael Chasen 2011-01-05