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|4Feb 20, 5:52 PM ET

Benjamin David J 4

Research Summary

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Blackbaud (BLKB) EVP Benjamin David J Sells Shares

What Happened

  • Benjamin David J, EVP & Chief Commercial Officer of Blackbaud (BLKB), had performance- and time-based equity vest in mid-February 2026 and completed related share dispositions. On Feb 18–20, 2026 he acquired 7,608 shares from vested awards (PRSUs) and disposed of 15,425 shares via an open-market sale and forfeitures to satisfy tax withholding. The recorded proceeds from the disposals total approximately $761,874 (largest open-market sale: 7,990 shares at a weighted average $49.41, $394,771).

Key Details

  • Transaction dates and amounts:
    • 2026-02-18: Received 4,649 shares (PRSU vest) at $0.00 (F1). Same day sold 7,990 shares open-market @ weighted avg $49.41 for $394,771 (F2).
    • 2026-02-19: Forfeited/surrendered 2,149 shares to satisfy tax liabilities @ $49.51 for $106,397 (F3). Also received 2,959 shares (PRSU vest) @ $0.00 (F4).
    • 2026-02-20: Forfeited/surrendered 1,368; 1,306; and 2,612 shares to satisfy tax liabilities @ $49.32 (total $260,706) (F5, F6).
  • Total shares acquired (vested awards): 7,608 shares. Total shares disposed: 15,425 shares. Total proceeds ≈ $761,874.
  • Shares owned after transaction: Not disclosed in the provided filing.
  • Notable footnotes:
    • F1/F4: PRSUs granted in Feb 2025 vested in full on Feb 18 & Feb 19, 2026 (performance/time-based).
    • F2: Open-market sale executed in multiple trades at $49.30–$49.50; reported price is a weighted average.
    • F3/F5/F6: Several disposals represent shares forfeited to the issuer to satisfy tax withholding upon vesting.
  • Filing timeliness: Form 4 filed on 2026-02-20 covering transactions from 2026-02-18 to 02-20; filing appears timely per standard Form 4 reporting windows.

Context

  • These transactions are primarily the result of equity awards vesting (PRSUs) and the routine surrender/forfeiture of shares to cover required tax withholdings — common for executive compensation. One open-market sale (7,990 shares) generated cash proceeds (~$395K); the remaining disposals were tax-related forfeitures, not necessarily indicative of a trade decision about company prospects. PRSUs that vested were tied to performance criteria and continued employment per the footnotes.