Form 4: Blackbaud CFO Anthony Boor Reports Changes in Beneficial Ownership Following PSU Vesting
SEC Form 4 Filing
Anthony Boor, CFO of Blackbaud Inc., reports changes in beneficial ownership of common stock due to the vesting of performance-restricted stock units (PRSUs) and subsequent forfeiture of shares to cover tax liabilities.
Summary
- On February 21, 2025, Anthony Boor, CFO of Blackbaud Inc., acquired 11,222 shares of common stock through the vesting of performance-restricted stock units (PRSUs) granted on February 21, 2024.
- An additional 3,860 shares vested on the same day based on the achievement of performance goals for the period ended December 31, 2024.
- On February 22, 2025, 2,402 PRSUs granted on February 22, 2024, vested in full.
- On February 24, 2025, a total of 7,563 shares were forfeited to the issuer to cover tax liabilities associated with the vesting of PRSUs and restricted stock.
- Following these transactions, Boor's direct ownership of Blackbaud common stock is 167,611 shares.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive. The vesting of PRSUs suggests the company met certain performance goals, which is a positive indicator. However, the subsequent forfeiture of shares to cover tax liabilities is a neutral event.
Positives
- The vesting of PRSUs indicates that Blackbaud achieved certain performance goals, which is a positive sign for the company's performance.
Future Outlook
The remaining PRSUs granted in 2024 will vest dependent on the achievement of performance goals for the periods ended December 31, 2025 and 2026, subject to continued employment.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into the holdings of company insiders. The vesting of PRSUs is tied to company performance, which is a common practice in the industry.
Comparison to Industry Standards
- Executive compensation packages often include performance-based equity awards like PRSUs to align management's interests with those of shareholders.
- The vesting schedules and performance metrics associated with these awards vary across companies and industries.
- Companies like Salesforce and Workday also utilize similar equity-based compensation strategies for their executives.
Stakeholder Impact
- Shareholders may view the vesting of PRSUs as a positive sign, indicating that the company is achieving its performance goals.
- Employees who hold similar equity awards may also be positively impacted by the company's performance.
Key Dates
| Date | Description |
|---|---|
| 02/21/2024 | Date of original grant of performance restricted stock units (PRSUs). |
| 02/21/2025 | Vesting date of 11,222 PRSUs based on performance goals. |
| 02/21/2025 | Vesting date of 3,860 PRSUs based on performance goals. |
| 02/22/2025 | Vesting date of 2,402 PRSUs. |
| 02/24/2025 | Forfeiture of 7,563 shares to cover tax liabilities. |
| 02/25/2025 | Date of signature on the Form 4 filing. |
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