Form 4: Rupal S. Hollenbeck Receives 3,670 Restricted BLKB Shares

Rhea-AI Filing Summary

What happened: Blackbaud director Rupal S. Hollenbeck acquired 3,670 restricted shares of common stock, recorded as an acquisition with an effective transaction date of 08/01/2025.

Why it matters: The award vests on August 1, 2026 (or earlier immediately prior to the 2026 annual election of directors) only if she remains a director. The shares were issued at no cash price and bring her direct ownership to 10,466 shares.

Positive

• Acquisition of 3,670 restricted common shares recorded on 08/01/2025.
• Vesting schedule disclosed: vests on August 1, 2026 or earlier immediately prior to the 2026 annual election if serving as a director.
• Direct ownership increased to 10,466 shares following the award.
• Reported price $0, indicating a restricted stock award rather than a purchased position.

Negative

• None.

Insights

Financial Analyst

TL;DR Routine director equity grant; modest ownership increase with limited apparent market impact.

The Form 4 reports a non-cash acquisition of 3,670 common shares recorded as a restricted stock award. The grant is priced at $0 and increases the reporting person’s direct holdings to 10,466 shares. Absent additional disclosure about company-wide equity programs or material size relative to outstanding shares, this appears to be a standard compensation-related grant rather than a market-moving event.

Corporate Governance Expert

TL;DR Vesting is conditional on continued board service, a common governance mechanism to align directors with shareholders.

The explanatory note states the restricted shares vest on August 1, 2026 or earlier immediately prior to the 2026 annual election of directors, provided the reporting person is then serving as a director. This ties equity realization to continued board service, which is consistent with standard governance practices for director compensation. The disclosure is clear about the contingency and direct ownership status.

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

OMB APPROVAL

OMB Number:			3235-0287
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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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hollenbeck Rupal S

(Last) (First) (Middle)

65 FAIRCHILD STREET

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

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	08/01/2025		A		3,670(1)	A	$0	10,466	D

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

Explanation of Responses:

1. Represents a restricted stock award, all of which shall vest on August 1, 2026 or, if earlier, immediately prior to the 2026 annual election of directors of the Company, provided that the reporting person is then serving as a director of the Company.

Remarks:

	/s/ S. Halle Vakani, Attorney-in-Fact	08/05/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed the Form 4 for BLKB?

Rupal S. Hollenbeck, identified in the filing as a director of Blackbaud, Inc.

What transaction was reported on the BLKB Form 4?

Acquisition of 3,670 shares of Blackbaud common stock reported as a restricted stock award.

How many BLKB shares does the reporting person own after the transaction?

10,466 shares of common stock, held directly.

When do the restricted BLKB shares vest?

August 1, 2026, or earlier immediately prior to the 2026 annual election of directors, provided the reporting person is then serving as a director.

What price was recorded for the shares on the BLKB Form 4?

$0, consistent with a restricted stock award rather than a cash purchase.

What is the reporting person’s relationship to Blackbaud (BLKB)?

Director.