Form 4: Blackbaud COO's Equity Vesting & Tax Forfeitures

Blackbaud's Chief Operating Officer, Kevin P. Gregoire, reported the vesting of performance-based equity awards and subsequent forfeiture of shares to cover tax liabilities.

Summary

• Kevin P. Gregoire, Executive Vice President and Chief Operating Officer of Blackbaud Inc. (BLKB), reported equity transactions on August 5, 2025.
• A total of 2,036 shares of common stock were acquired due to the vesting of performance restricted stock units (PRSUs) granted on August 5, 2022.
• The vesting occurred because Blackbaud achieved performance goals for the period ended December 31, 2024, contingent on continued employment.
• Concurrently, 3,950 shares were forfeited at a price of $63.12 per share to satisfy tax liabilities incurred upon the vesting of PRSUs and restricted stock, both granted on August 5, 2022.
• Following these reported transactions, Kevin P. Gregoire directly beneficially owns 109,242 shares of Blackbaud common stock.

Sentiment

Score: 6

Explanation: The filing indicates the achievement of performance goals, leading to the vesting of executive equity awards, which is a positive sign for company performance. However, the net decrease in beneficial ownership due to tax-related forfeitures is a neutral, expected event for this type of transaction.

Positives

• The vesting of 2,036 performance restricted stock units indicates that Blackbaud achieved its pre-defined performance goals for the period ended December 31, 2024.

Negatives

• A net decrease of 1,914 shares in beneficial ownership resulted from the forfeiture of 3,950 shares to cover tax liabilities, exceeding the 2,036 shares acquired through vesting.

Future Outlook

NA

Industry Context

This filing details routine insider equity transactions, specifically the vesting of performance-based awards and subsequent tax-related share forfeitures for a technology company executive. Such transactions are common in the software and technology industry as part of executive compensation packages designed to align management incentives with company performance.

Related Party Transactions

• The filing details the vesting of performance-based equity awards and subsequent forfeiture of shares to cover tax liabilities for a key executive, which are standard related-party transactions in the context of executive compensation.

Stakeholder Impact

• Shareholders: The vesting of performance-based awards suggests the company met its performance targets, which is generally positive for shareholder value. The forfeiture of shares for tax purposes is a routine event and does not indicate a negative impact.
• Employees: The executive's equity vesting could signal a healthy compensation structure tied to performance, potentially boosting morale for other employees with similar equity plans.

Key Dates

Recommendation

This Form 4 filing details routine executive equity compensation events, specifically the vesting of performance-based awards and subsequent share forfeitures for tax purposes. While the vesting indicates the company met performance goals, the net change in beneficial ownership is minor and primarily driven by tax obligations, not a discretionary sale or purchase. There is no new information to suggest a change in the company's fundamental outlook or valuation, thus a 'hold' recommendation is appropriate as this filing does not provide a strong catalyst for a buy or sell decision.

Keywords

Blackbaud, BLKB, SEC Form 4, Insider Trading, Equity Compensation, Restricted Stock Units, Performance Awards, Executive Compensation, Stock Vesting, Tax Forfeiture