[Form 4] Blackbaud, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Director Deneen DeFiore reported a sale of 4,000 shares of Blackbaud, Inc. (BLKB) on 08/29/2025 at a price of $66.6114 per share, reducing her direct holdings to 10,069 shares. The Form 4 was signed by an attorney-in-fact on 09/03/2025. The filing discloses the transaction details required under Section 16 and shows the director disposed of roughly 28.4% of her previously held shares.

Positive

• Full Section 16 disclosure provided with transaction date, price, and post-transaction holdings
• Sale properly reported by the reporting person and signed by attorney-in-fact, indicating compliance

Negative

• Director disposed of 4,000 shares, reducing holdings to 10,069 shares
• Sale represented approximately 28.4% of the director's pre-transaction stake and the filing gives no explanation or indication of a 10b5-1 plan

Insights

Securities Analyst

TL;DR A director sold a material portion of her stake; the filing documents compliance but may prompt investor questions about timing.

The Form 4 shows a single open-market sale of 4,000 shares at $66.6114, leaving 10,069 shares beneficially owned. This is a routine Section 16 disclosure that ensures transparency of insider trading activity. The sale represented approximately 28.4% of the director's pre-transaction holdings (14,069 shares), which is sizeable for an individual insider and may attract attention from investors and analysts who track insider activity. There is no additional context in the filing (no 10b5-1 plan checkbox marked), so the filing contains only the transaction data without explanation.

Corporate Governance Expert

TL;DR Disclosure is complete for this transaction; absence of plan indication leaves the motive unclear.

The Form 4 provides the required disclosure of a director's disposition of company stock. It records the transaction date, price, and post-transaction ownership, and is signed by an attorney-in-fact. The filing does not indicate that the sale was made pursuant to a Rule 10b5-1 trading plan (the plan checkbox is not marked), and it contains no explanatory remarks. From a governance perspective, compliance is satisfied, but stakeholders seeking rationale must look to other communications for context.

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
Estimated average burden
hours per response:			0.5

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^*

DeFiore Deneen

(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)
08/29/2025

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	08/29/2025		S		4,000	D	$66.6114	10,069	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:

Remarks:

	/s/ S. Halle Vakani, Attorney-in-Fact	09/03/2025
	** 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

What did BLKB director Deneen DeFiore report on Form 4?

The director reported a sale of 4,000 Blackbaud (BLKB) shares on 08/29/2025 at $66.6114, leaving 10,069 shares owned.

How much of her stake did Deneen DeFiore sell in the BLKB transaction?

The sale reduced her holdings from 14,069 shares to 10,069, a disposition of approximately 28.4% of her pre-sale holdings.

Was the BLKB sale reported as part of a 10b5-1 plan?

No indication of a Rule 10b5-1 trading plan is marked on the Form 4; the filing contains no remarks explaining the sale.

When was the Form 4 for the BLKB transaction signed?

The Form 4 was signed by an attorney-in-fact on 09/03/2025.

What price per share was reported for the BLKB sale?

The reported sale price was $66.6114 per share.