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BLACKBAUD INC·4

Feb 20, 5:55 PM ET

McDearis Kevin 4

Research Summary

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Blackbaud (BLKB) EVP/CTO Kevin McDearis: Awards & Share Forfeitures

What Happened

  • Kevin McDearis, EVP & Chief Technology Officer of Blackbaud, had performance restricted stock units (PRSUs) vest in mid‑February 2026 and subsequently forfeited (withheld) shares to satisfy tax liabilities. The filing shows 7,491 shares issued as vested awards (4,759 on 2026-02-18 and 2,732 on 2026-02-19) and 6,946 shares forfeited/withheld across 2026-02-19 and 2026-02-20.
  • Withheld shares were recorded as disposals (code F) at reported prices: 2,159 @ $49.51 ($106,892) on 2026-02-19, and on 2026-02-20: 1,239 @ $49.32 ($61,107), 1,183 @ $49.32 ($58,346), and 2,365 @ $49.32 ($116,642). Total value of shares withheld ≈ $342,987. Net shares retained from these vesting events = 545 shares (7,491 granted − 6,946 withheld).
  • These transactions are award vesting and tax-withholding events (routine), not open-market sales.

Key Details

  • Transaction dates/prices: Awards vested 2026-02-18 (4,759 shares) and 2026-02-19 (2,732 shares). Withholdings (disposals) occurred 2026-02-19 (2,159 shares @ $49.51) and 2026-02-20 (1,239; 1,183; 2,365 shares @ $49.32).
  • Shares owned after transaction: Not reported on this Form 4.
  • Footnotes summary:
    • F1/F3: PRSUs were grants from Feb 18/19, 2025 that vested on Feb 18/19, 2026 (one tranche vested based on performance).
    • F2/F4/F5: The listed disposals represent shares forfeited/withheld to Blackbaud to satisfy tax liabilities on vesting (including PRSUs and restricted stock).
  • Filing timeliness: Form filed 2026-02-20 reporting transactions from 2026-02-18 to 2026-02-20 — appears timely (filed within the typical two-business-day window).

Context

  • These were vesting PRSUs and restricted stock with share withholding for taxes (transaction code F). Withholding/forfeiture to cover tax obligations is a common, administrative outcome of equity vesting and differs from an open-market sale by the insider.
  • No indications here of option exercises or 10% owner transactions. The activity is routine compensation settlement rather than a clear buy or sell signal.