Form 4: Blackbaud EVP David J. Benjamin Reports Stock Transactions
SEC Form 4 Filing
David J. Benjamin, EVP and Chief Commercial Officer of Blackbaud Inc., reports acquisition and disposal of common stock related to vesting of performance restricted stock units and satisfaction of tax liabilities.
Summary
- David J. Benjamin, an EVP and Chief Commercial Officer at Blackbaud Inc. (BLKB), filed a Form 4 detailing changes in beneficial ownership.
- On February 24, 2025, Mr. Benjamin acquired 4,204 shares of common stock as a result of performance restricted stock units (PRSUs) vesting.
- These PRSUs were granted on February 24, 2022, and vested based on the company achieving performance goals for the period ending December 31, 2024.
- On February 25, 2025, Mr. Benjamin disposed of 2,057 shares at $68.9 to cover tax liabilities related to the vesting of PRSUs granted on February 24, 2022.
- An additional 1,397 shares were disposed of at $68.9 to cover tax liabilities related to the vesting of PRSUs granted on February 24, 2022.
- Another 2,612 shares were disposed of at $68.9 to cover tax liabilities related to the vesting of restricted stock granted on February 24, 2022.
- Following these transactions, Mr. Benjamin beneficially owns 70,637 shares of Blackbaud common stock.
Sentiment
Score: 6
Explanation: Neutral sentiment as the filing reflects routine stock transactions related to compensation and tax obligations. The vesting of PRSUs is a positive sign, but the subsequent sale of shares is a neutral event.
Positives
- The vesting of PRSUs indicates that Blackbaud achieved its performance goals for the period ending December 31, 2024.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Stakeholder Impact
- Shareholders may view the vesting of PRSUs as a positive indicator of company performance.
- The sale of shares by an executive could be perceived neutrally as it is related to tax obligations.
Key Dates
| Date | Description |
|---|---|
| February 24, 2022 | Date of original PRSU grant. |
| December 31, 2024 | End of performance period for PRSU vesting. |
| February 24, 2025 | Date of PRSU vesting and acquisition of 4,204 shares. |
| February 25, 2025 | Date of disposal of 6,066 shares to cover tax liabilities. |
| February 26, 2025 | Date of Form 4 filing. |
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