Form 4: Blackbaud EVP Kevin McDearis Reports Changes in Beneficial Ownership Following Vesting of Performance Restricted Stock Units
SEC Form 4
Kevin McDearis, EVP & Chief Technology Officer of Blackbaud Inc., reports changes in beneficial ownership of common stock due to the vesting of performance-based restricted stock units (PRSUs) and subsequent forfeiture of shares to cover tax liabilities.
Summary
- Kevin McDearis, EVP & Chief Technology Officer of Blackbaud Inc., filed a Form 4 detailing changes in his beneficial ownership of Blackbaud common stock.
- On February 21, 2025, PRSUs granted on February 21, 2024, vested based on the company achieving performance goals for the period ending December 31, 2024, resulting in the acquisition of 6,735 shares.
- An additional portion of PRSUs granted on February 21, 2024, also vested on February 21, 2025, resulting in the acquisition of 2,316 shares.
- PRSUs granted on February 22, 2024, vested in full on February 22, 2025, resulting in the acquisition of 3,520 shares.
- Between February 24, 2025, a total of 5,922 shares were forfeited to the issuer to cover tax liabilities associated with the vesting of the PRSUs and restricted stock.
- Following these transactions, McDearis directly owns 78,169 shares of Blackbaud common stock.
Sentiment
Score: 6
Explanation: The document is neutral, reporting routine transactions related to executive compensation. The vesting of PRSUs suggests positive performance, but the subsequent tax-related forfeitures offset some of that positive sentiment.
Positives
- The vesting of PRSUs indicates that Blackbaud achieved certain performance goals set by the Compensation Committee.
Negatives
- The forfeiture of shares to cover tax liabilities reduces the number of shares ultimately retained by the reporting person.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into the holdings of company insiders. Vesting of performance-based equity is a common practice to align executive incentives with company performance.
Stakeholder Impact
- The vesting of PRSUs aligns executive compensation with company performance, which is generally viewed positively by shareholders.
Key Dates
| Date | Description |
|---|---|
| 02/21/2024 | Date of initial PRSU grants that vested on February 21, 2025 |
| 02/22/2024 | Date of initial PRSU grants that vested on February 22, 2025 |
| 12/31/2024 | End of performance period for PRSU vesting |
| 02/21/2025 | Date of PRSU vesting and acquisition of shares |
| 02/22/2025 | Date of PRSU vesting and acquisition of shares |
| 02/24/2025 | Date of share forfeiture for tax liabilities |
| 02/25/2025 | Date of Form 4 filing |
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