Form 4: Blackbaud Executive Kevin P. Gregoire Reports Stock Transactions

EVP and Chief Operating Officer of Blackbaud, Kevin P. Gregoire, reports acquisition and disposal of company stock related to vesting of performance restricted stock units and a restricted stock award.

Summary

• Kevin P. Gregoire, EVP and Chief Operating Officer of Blackbaud Inc., filed a Form 4 detailing changes in beneficial ownership.
• On February 18, 2025, 4,981 shares of common stock were acquired due to the vesting of performance restricted stock units (PRSUs) granted on February 13, 2023, at a price of $0.
• On February 19, 2025, 21,179 shares of common stock were acquired as part of a restricted stock award, also at a price of $0.
• Also on February 19, 2025, 2,269 shares were forfeited to cover tax liabilities related to the vesting of the PRSUs at a price of $70.96.
• Following these transactions, Gregoire beneficially owns 112,219 shares of Blackbaud common stock.

Sentiment

Score: 6

Explanation: The document reflects standard executive compensation practices. The vesting of PRSUs is a positive sign, but the tax-related forfeiture is a minor negative. Overall, the sentiment is neutral to slightly positive.

Positives

• The vesting of PRSUs indicates that the company achieved certain performance goals for the period ended December 31, 2024.
• The granting of a restricted stock award suggests continued investment in the executive's role within the company.

Negatives

• The forfeiture of 2,269 shares to cover tax liabilities represents a reduction in the total number of shares held by the executive.

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 vests in three equal annual installments beginning on February 19, 2026, subject to continued employment, creating a risk of forfeiture if employment is terminated.

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 a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors to gauge management's sentiment and confidence in the company's prospects.

Comparison to Industry Standards

• Stock-based compensation is a common practice in the tech industry to align executive incentives with shareholder value.
• Companies like Salesforce, Adobe, and Oracle also utilize restricted stock units and performance-based equity awards as part of their compensation packages.
• The vesting schedules and performance metrics associated with these awards vary depending on the company's specific goals and industry benchmarks.

Stakeholder Impact

• Shareholders may view the vesting of PRSUs as a positive indicator of company performance.
• Employees may be motivated by the executive's continued investment in the company's stock.

Next Steps

• Continued monitoring of executive stock transactions.
• Tracking the achievement of performance goals for the remaining PRSUs.

Key Dates