Form 4: Blackbaud Executive Reports Stock Transactions Following Vesting of Performance Restricted Stock Units
SEC Form 4 Filing
EVP and Chief Commercial Officer of Blackbaud, David J. Benjamin, reports acquisition and disposal of common stock related to vesting of performance restricted stock units and satisfaction of tax liabilities.
Summary
- On August 5, 2024, David J. Benjamin, EVP and Chief Commercial Officer of Blackbaud, acquired 4,320 shares of common stock due to the vesting of performance restricted stock units (PRSUs).
- These PRSUs were granted on August 5, 2022, and vested based on the company achieving performance goals for the period ending December 31, 2023.
- On August 6, 2024, Benjamin disposed of 2,115 shares to cover tax liabilities related to the vesting of PRSUs granted on August 5, 2022, at a price of $74.5 per share.
- An additional 1,131 shares were forfeited on August 6, 2024, to cover tax liabilities related to the vesting of separate PRSUs granted August 5, 2022, at a price of $74.5 per share.
- Another 2,115 shares were forfeited on August 6, 2024, to cover tax liabilities incurred upon the vesting of restricted stock granted August 5, 2022, at a price of $74.5 per share.
- Following these transactions, Benjamin directly owns 56,698 shares of Blackbaud common stock.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It's a standard disclosure of stock transactions related to compensation. The vesting of PRSUs suggests the company met some performance goals, which is mildly positive.
Positives
- The vesting of PRSUs indicates that the company achieved certain performance goals for the period ended December 31, 2023.
Future Outlook
The remaining PRSUs granted on August 5, 2022, will vest dependent on the achievement of performance goals for the period ended December 31, 2024, subject to continued employment.
Industry Context
This filing is a routine disclosure of stock transactions by a company executive, common in publicly traded companies. It provides transparency into the executive's holdings and aligns their interests with those of the shareholders.
Stakeholder Impact
- The vesting of PRSUs aligns the executive's interests with shareholders by rewarding performance.
Key Dates
| Date | Description |
|---|---|
| 08/05/2022 | Date of original PRSU grant |
| 12/31/2023 | Performance period end date for initial PRSU vesting |
| 08/05/2024 | Vesting date of PRSUs and acquisition of 4,320 shares |
| 08/06/2024 | Disposal of shares to cover tax liabilities |
| 08/07/2024 | Date of Form 4 filing |
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