Form 4: Blackbaud CFO Anthony Boor Reports Stock Transactions Following Vesting of Performance-Based Units

Blackbaud's CFO, Anthony Boor, reports acquisition and disposal of company stock related to vesting of performance-based restricted stock units and a restricted stock award.

Summary

• Anthony Boor, CFO of Blackbaud Inc., filed a Form 4 detailing changes in beneficial ownership of company stock.
• On February 18, 2025, 5,904 shares of common stock were acquired due to the vesting of performance-restricted stock units (PRSUs) granted on February 13, 2023, based on the company achieving performance goals for the period ended December 31, 2024.
• On February 19, 2025, an additional 19,550 shares were acquired representing a restricted stock award which vests in three equal annual installments beginning on February 19, 2026.
• Also on February 19, 2025, 2,470 shares were disposed of at a price of $70.96 to cover tax liabilities incurred upon the vesting of the PRSUs.
• Following these transactions, Boor beneficially owns 157,740 shares of Blackbaud common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The vesting of PRSUs suggests the company met performance goals, but the disposal of shares for tax liabilities is a minor negative.

Positives

• The vesting of PRSUs indicates that Blackbaud achieved certain performance goals, which is a positive sign for the company's performance.
• The restricted stock award suggests continued confidence in the company's future performance.

Negatives

• The disposal of 2,470 shares to cover tax liabilities, while a normal occurrence, represents a slight reduction in Boor's holdings.

Risks

• Future vesting of the remaining PRSUs granted in 2023 is contingent on achieving performance goals for the period ending December 31, 2025.
• The restricted stock award is subject to continued employment, meaning Boor's departure would affect the vesting schedule.

Future Outlook

The remaining PRSUs granted in 2023 will vest dependent on the achievement of performance goals for the period ended December 31, 2025, subject to continued employment; the restricted stock award vests in three equal annual installments beginning on February 19, 2026, subject to continued employment.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. These filings are closely watched by investors as they can provide insights into management's confidence in the company's prospects.

Stakeholder Impact

• Shareholders may view the vesting of PRSUs as a positive sign, indicating the company is achieving its performance targets.
• Employees may be motivated by the company's achievement of performance goals, which led to the vesting of PRSUs.

Next Steps

• Monitor future Form 4 filings by Blackbaud insiders for further insights into their trading activity.
• Track Blackbaud's performance against the goals set for the remaining PRSUs to vest in the future.

Key Dates