Blackbaud, Inc. 8-K





Exhibit 10.91


  


PLEDGE
AGREEMENT


 


THIS
PLEDGE AGREEMENT, dated as of June 2, 2017 (as amended, restated, supplemented or otherwise modified from time to time, this “Pledge
Agreement”), is made by BLACKBAUD, INC., a Delaware corporation (the “Company”) and those additional
Subsidiaries of the Company which become parties to this Pledge Agreement by executing a supplement hereto (a “Pledge
Agreement Supplement”) in substantially the form attached hereto as Annex I (such additional Subsidiaries, together
with the Company, as pledgors, the “Pledgors” and, each individually, a “Pledgor”), in favor
of BANK OF AMERICA, N.A. (“Bank of America”), as Administrative Agent (in such capacity, the “Administrative
Agent”) for the ratable benefit of itself and the holders of the Obligations.


 


PRELIMINARY
STATEMENTS


 


WHEREAS,
pursuant to the terms of the Credit Agreement, dated as of June 2, 2017 (as amended, restated, supplemented or otherwise modified
from time to time, this “Credit Agreement”), by and among the Company, the other borrowers from time to time
party thereto (collectively with the Company, the “Borrowers”), the financial institutions (the “Lenders”)
from time to time party thereto and the Administrative Agent, the Lenders have agreed to make Extensions of Credit to the Borrowers
upon the terms and subject to the conditions set forth therein; and


 


WHEREAS,
it is a condition precedent to the obligation of the Lenders to make their respective Extensions of Credit to the Borrowers under
the Credit Agreement that the Pledgors shall have executed and delivered this Pledge Agreement to the Administrative Agent, for
the ratable benefit of itself and holders of the Obligations;


 


NOW,
THEREFORE, in consideration of the foregoing premises and to induce the Administrative Agent and the Secured Parties to enter
into and make available Extensions of Credit pursuant to the Credit Agreement, the Pledgors hereby agree with the Administrative
Agent, for the ratable benefit of itself and the holders of the Obligations, as follows:


 


SECTION
1. Defined Terms.


 


(a)          The
following terms shall have the following meanings:


 


“Code”
means the Uniform Commercial Code as in effect in the State of New York (as amended or otherwise modified from time to time);
provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection
of the Security Interests in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than
the State of New York, “Code” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes
of the provisions hereof relating to such perfection or effect of perfection or non-perfection.


 


“Collateral”
means the Stock Collateral and the Partnership/LLC Collateral; provided that notwithstanding the foregoing, “Collateral”
shall not include any Excluded Capital Stock.


 


“Excluded
Capital Stock” means (a) any Capital Stock in any Foreign Subsidiary that is not a First Tier Foreign Subsidiary, (b)
any Capital Stock in any Foreign Subsidiary (including for the avoidance of doubt any Excluded Domestic Subsidiary) in excess
of 65% of the total outstanding voting Capital Stock in such Foreign Subsidiary, (c) any Capital Stock in any Unrestricted Subsidiary,
(d) pledges of, and security interests in, certain assets, which are prohibited by Applicable Law; provided, that (i) any such
limitation described in this clause (d) on the security interests granted hereunder shall only apply to the extent that any such
prohibition would not be rendered ineffective pursuant to the Uniform Commercial Code (assuming a customary UCC financing statement
has been filed) or could not be rendered ineffective pursuant to any other Applicable Law and (ii) in the event of the termination
or elimination of any such prohibition contained in any Applicable Law, a security interest in such assets shall be automatically
and simultaneously granted hereunder and shall be included as Collateral and (e) any Capital Stock in any joint venture or any
non-wholly-owned Subsidiaries to the extent the articles or certificate of incorporation, bylaws or other governing documents
or other customary agreements with other equity holders do not permit the pledge of such Capital Stock or require the consent
of a Person other than the Company or any of its Subsidiaries.


 



     


     


    




 


“First
Tier Foreign Subsidiary” means each Foreign Subsidiary with respect to which any one or more of the Company, any other
Pledgor or their respective Domestic Subsidiaries directly owns or controls more than fifty percent (50%) of such Foreign Subsidiary’s
issued and outstanding shares of Capital Stock.


 


“Issuers”
means the corporations that have issued the shares of Pledged Stock as set forth in Schedule I hereto (as such schedule
may be amended, restated, supplemented or modified from time to time).


 


“Obligations”
means, collectively, “Obligations” as defined in the Credit Agreement and “Guaranteed Obligations” as
defined in the Guaranty Agreement.


 


“Partnership/LLC
Agreement” has the meaning set forth in Section 4(a).


 


“Partnership/LLC
Collateral” means the Partnership/LLC Interests and all Proceeds therefrom.


 


“Partnership/LLC
Interests” means the entire partnership or membership interest of the Pledgors in each Partnership/LLC (a) listed on
Schedule I hereto (as such schedule may be amended, restated, supplemented or modified from time to time) and (b) now owned
or existing or owned, acquired, or arising hereafter, in each case including, without limitation, the Pledgors’ capital
accounts, their interest as partners or members in the net cash flow, net profit and net loss, and items of income, gain, loss,
deduction and credit of the Partnerships/LLCs, their interests in all distributions made or to be made by the Partnerships/LLCs
to the Pledgors and all of the other economic rights, titles and interests of the Pledgors as partners or members of the Partnerships/LLCs,
whether set forth in the partnership agreement or membership agreement of the Partnerships/LLCs, by separate agreement or otherwise.


 


“Partnership/LLCs”
means the partnership and limited liability companies that have issued the Partnership/LLC Interests as set forth in Schedule
I hereto (as such schedule may be amended, restated, supplemented or modified from time to time).


 


“Pledged
Stock” means the shares of capital stock of each Issuer (a) listed on Schedule I hereto (as such schedule may
be amended, restated, supplemented or modified from time to time) and (b) now owned or existing or owned, acquired, or arising
hereafter, together with all stock certificates, options or rights of any nature whatsoever that may be issued or granted by such
Issuer to the Pledgors while this Pledge Agreement is in effect (including, without limitation, all of the other economic rights,
titles and interests of any Pledgor as a shareholder or owner of such Issuer, whether set forth in the articles, bylaws or other
governing document of such Issuer, by separate agreement or otherwise).


 


“Proceeds”
means all “Proceeds” as such term is defined in Section 9-102(64) of the Code on the date hereof and, in any event,
shall include, without limitation, all dividends or other income from the Pledged Stock and the Partnership/LLC Interests, collections
thereon, proceeds of sale thereof or distributions with respect thereto.


 






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“Secured
Parties” means the holders of the Obligations and “Secured Party” means any one of them.


 


“Security
Interests” means the security interests granted pursuant to Section 2, as well as all other security interests
created or assigned as additional security for the Obligations pursuant to the provisions of the Credit Agreement.


 


“Stock
Collateral” means the Pledged Stock and all Proceeds therefrom.


 


(b)          Capitalized
terms defined in the Credit Agreement and not otherwise defined herein shall have the meaning assigned thereto in the Credit Agreement.
Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Pledgor, shall refer
to such Pledgor’s Collateral or the relevant part thereof. Capitalized terms defined in the Code and not otherwise defined
herein shall have the meaning assigned thereto in the Code.


 


SECTION
2. Pledge and Grant of Security Interest.
The Pledgors hereby deliver to the Administrative Agent, for the ratable benefit of the Administrative Agent and the Secured Parties,
all certificates representing the Pledged Stock and Partnership/LLC Interests and hereby grant to the Administrative Agent, for
the ratable benefit of the Administrative Agent and the Secured Parties, a security interest in the Pledged Stock, Partnership/LLC
Interests and all other Collateral, as collateral security for the prompt and complete payment and performance when due (whether
at the stated maturity, by acceleration or otherwise) of the Obligations; provided, that any Security Interest in any Collateral
constituting Pledged Stock or Partnership/LLC Interests issued by any Issuer or Partnership/LLC that is (a) an Excluded Domestic
Subsidiary or (b) which is not organized under the laws of any political subdivision of the United States shall be limited to
sixty-five percent (65%) of all issued and outstanding shares of all classes of voting Capital Stock of such Issuer or Partnership/LLC
and one hundred percent (100%) of all issued and outstanding shares of all classes of non-voting Capital Stock of such Issuer
or Partnership/LLC; provided, further that notwithstanding the foregoing, such pledge and grant of Security Interest hereunder
shall not include any Excluded Capital Stock.


 


Without
limiting the generality of the foregoing, it is hereby specifically understood and agreed that a Pledgor may from time to time
hereafter pledge and deliver additional shares of capital stock and/or partnership and membership interests to the Administrative
Agent as collateral security for the Obligations. Upon such pledge and delivery to the Administrative Agent, such additional shares
of capital stock and/or partnership and membership interests shall be deemed to be part of the Pledged Stock and/or Partnership/LLC
Interests, as applicable, of such Pledgor and shall be subject to the terms of this Pledge Agreement whether or not Schedule
I has been amended to refer to such additional shares as required by Section 7(i).


 


SECTION
3. Stock Powers; Register of Pledge. Concurrently
with the delivery to the Administrative Agent of each certificate representing one or more shares of Pledged Stock, the Pledgors
shall deliver an undated stock power covering such certificate, duly executed in blank by the applicable Pledgor.


 






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SECTION
4. Partnership/LLC Interests.


 


(a)          Notwithstanding
anything to the contrary contained in any limited liability agreement, operating agreement, membership agreement, partnership
agreement or similar agreement relating to any Partnership/LLC Interests (as amended, restated, supplemented or otherwise modified
from time to time, a “Partnership/LLC Agreement”), each member, manager and partner shall be entitled to pledge
its Partnership/LLC Interests to, and grant and collaterally assign to, the Administrative Agent, for the ratable benefit of itself
and the Secured Parties, a lien and security interest in its Partnership/LLC Interests without any further consent, approval or
action by any other party, including, without limitation, any other party to any Partnership/LLC Agreement or otherwise.


 


(b)          Upon
the occurrence and during the continuance of an Event of Default, the Administrative Agent or its designee shall have the right
(but not the obligation) to be substituted for the applicable Pledgor as a member, manager or partner under the applicable Partnership/LLC
Agreement and the Administrative Agent or its designee shall have all rights, powers and benefits as a member, manager or partner,
as applicable, under such Partnership/LLC Agreement. For avoidance of doubt, such rights, powers and benefits of a substituted
member shall include all voting and other rights and not merely the rights of an economic interest holder. So long as this Pledge
Agreement remains in effect, no further consent, approval or action by any other party including, without limitation, any other
party to the Partnership/LLC Agreement or otherwise shall be necessary to permit the Administrative Agent or its designee to be
substituted as a member, manager or partner pursuant to this paragraph. The rights, powers and benefits granted pursuant to this
paragraph shall inure to the benefit of the Administrative Agent and the Secured Parties and their respective successors, assigns
and designated agents, as intended third party beneficiaries.


 


SECTION
5. Pledgors Remain Liable.
Anything herein to the contrary notwithstanding: (a) each Pledgor shall remain liable under the contracts and agreements included
in the Collateral to the extent set forth therein to perform all of its duties and obligations thereunder (including, without
limitation, all of its obligations as a partner or member of any Partnership/LLC, if applicable) to the same extent as if this
Pledge Agreement had not been executed, (b) the exercise by the Administrative Agent or any Secured Party of any of their respective
rights hereunder shall not release any Pledgor from any of its duties or obligations under the contracts and agreements included
in the Collateral (including, without limitation, all of its obligations as a partner or member of any Partnership/LLC, if applicable),
(c) neither the Administrative Agent nor any Secured Party shall have any obligation or liability under the contracts and agreements
included in the Collateral by reason of this Pledge Agreement (including, without limitation, any obligations or liabilities as
a partner or member of any Partnership/LLC), nor shall the Administrative Agent or any Secured Party be obligated to perform any
of the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any claim for payment assigned
hereunder, and (d) neither the Administrative Agent nor any Secured Party shall have any liability in contract or tort for any
Pledgor’s acts or omissions.


 


SECTION
6. Representations and Warranties. To
induce the Administrative Agent and the Secured Parties to execute the Credit Agreement and make any Extensions of Credit and
to accept the security contemplated hereby, each Pledgor hereby represents and warrants that:


 


(a)          Such
Pledgor (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or
formation, as applicable; (ii) has the power and authority to own its properties and to carry on its business as now being and
hereafter proposed to be conducted and (iii) is duly qualified and is authorized to do business in each jurisdiction in which
the character of its properties or the nature of its business requires such qualification and authorization except where the failure
to be so qualified would not reasonably be expected to result in a Material Adverse Effect.


 






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(b)          The
execution, delivery and performance by such Pledgor of this Pledge Agreement (i) have all been duly authorized by all necessary
action; (ii) are within the power and authority of such Pledgor; (iii) do not and will not require any material Governmental Approval
except any approval previously or concurrently received or violate any material Applicable Law, in each case relating to such
Pledgor or any of its Subsidiaries; (iv) do not and will not conflict with, result in a breach of or constitute a default under
the articles of incorporation, bylaws or other organization documents of such Pledgor; (v) do not and will not conflict with,
result in breach of or constitute a default under any indenture, agreement or other instrument in an aggregate principal amount
of at least $40,000,000 or under which amounts payable or receivable are at least $40,000,000 to which such Pledgor or any of
its Subsidiaries is a party or by which any of its properties may be bound; (vi) do not and will not result in the creation or
imposition of any Lien upon or with respect to any property now owned or hereafter acquired by such Pledgor other than Liens arising
under the Loan Documents or (vi) do not and will not require any consent or authorization of, filing with, or other act in respect
of, any arbitrator or Governmental Authority, and no consent of any other Person is required in connection with the execution,
delivery, performance, validity or enforceability of this Pledge Agreement, other than (A) consents, authorizations, filings or
other acts or consents obtained or for which the failure to obtain or make would not individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, (B) consents, authorizations, filings or other actions taken on or before the date
hereof and (C) consents or filings, if any, under the UCC.


 


(c)          This
Pledge Agreement (i) has been duly executed and delivered by the duly authorized officers of each of the Pledgors party hereto
and (ii) is a legal, valid and binding obligation of such Pledgor, enforceable in accordance with its terms, except as may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time
in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies.


 


(d)          All
necessary and material permits, registrations and consents relating to such Pledgor for such making and performance of this Pledge
Agreement by the Pledgors have been obtained (including, without limitation, the consent of any stockholder or creditor of any
Pledgor or any Issuer or any general or limited partner or member of any Partnership/LLC).


 


(e)          [Intentionally
omitted]


 


(f)           Each
financing statement or financing statement amendment naming such Pledgor as a debtor and attached hereto as Addendum A
is in appropriate form for filing in the appropriate filing offices of the states specified on Schedule II and, upon the
filing of appropriate financing statements or financing statement amendments in such filing offices, the Security Interests will
constitute a valid, perfected first Lien (subject to Permitted Liens arising by operation of law) to the extent such Security
Interests can be perfected by the filing of financing statements.


 


(g)          As
of the Closing Date and upon each date a Pledgor becomes a party to this Pledge Agreement pursuant to a Pledge Agreement Supplement
(after giving effect to supplements to each of the Schedules hereto with respect to such subsequent Pledgor as attached to such
Pledge Agreement Supplement), (A) the shares of Pledged Stock listed on Schedule I constitute (i) all of the issued and
outstanding shares of all classes of the Capital Stock (other than Excluded Capital Stock) of each Issuer that is a Domestic Subsidiary
(other than an Excluded Domestic Subsidiary), (ii) sixty-five percent (65%) of all issued and outstanding shares of all classes
of voting Capital Stock (other than Excluded Capital Stock) of each Issuer that is a First Tier Foreign Subsidiary or an Excluded
Domestic Subsidiary and (iii) one hundred percent (100%) of all issued and outstanding shares of all classes of non-voting Capital
Stock (other than Excluded Capital Stock) of each Issuer that is a First Tier Foreign Subsidiary, in each case, that constitutes
Collateral; and (B) there are no outstanding stock purchase warrants, subscriptions, options, securities, instruments or other
rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide for or permit the issuance
of Capital Stock of the Issuers, except as described on Schedule I.


 






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(h)          As
of the Closing Date and upon each date a Pledgor becomes a party to this Pledge Agreement pursuant to a Pledge Agreement Supplement
(after giving effect to supplements to each of the Schedules hereto with respect to such subsequent Pledgor as attached to such
Pledge Agreement Supplement), (A) the Partnership/LLC Interests listed on Schedule I constitute (i) all of the outstanding
ownership interests (other than Excluded Capital Stock) in which each Pledgor has any right, title or interest in each Partnership/LLC
which is a Domestic Subsidiary (other than an Excluded Domestic Subsidiary), (ii) sixty-five percent (65%) of the outstanding
voting ownership interests (other than Excluded Capital Stock) in which each Pledgor has any right, title and interest in each
Partnership/LLC which is a First Tier Foreign Subsidiary or Excluded Domestic Subsidiary and (iii) one hundred percent (100%)
of all issued and outstanding shares of all classes of non-voting ownership interests (other than Excluded Capital Stock) of each
Partnership/LLC that is a First Tier Foreign Subsidiary or Excluded Domestic Subsidiary; and (B) there are no outstanding stock
purchase warrants, subscriptions, options, securities, instruments or other rights of any type or nature whatsoever, which are
convertible into, exchangeable for or otherwise provide for or permit the issuance of Capital Stock of the Partnerships/LLCs,
except as described on Schedule I.


 


(i)           The
Pledged Stock has been duly authorized and validly issued and is fully paid and nonassessable (to the extent such concept is applicable)
and all of the Partnership/LLC Interests have been duly authorized and validly issued.


 


(j)           As
of the Closing Date and upon each date a Pledgor becomes a party to this Pledge Agreement pursuant to a Pledge Agreement Supplement
(after giving effect to supplements to each of the Schedules hereto with respect to such subsequent Pledgor as attached to such
Pledge Agreement Supplement), such Pledgor is the record and beneficial owner of, and has good and marketable title to, the Pledged
Stock and Partnership/LLC Interests listed on Schedule I free of any and all Liens or options in favor of, or claims of,
any other Person, except the Lien created by this Pledge Agreement and Permitted Liens.


 


(k)          As
of the Closing Date and upon each date a Pledgor becomes a party to this Pledge Agreement pursuant to a Pledge Agreement Supplement
(after giving effect to supplements to each of the Schedules hereto with respect to such subsequent Pledgor as attached to such
Pledge Agreement Supplement), (i) such Pledgor is organized under the laws of the jurisdiction identified on Schedule II;
(ii) the taxpayer identification number and Registered Organization number of such Pledgor is set forth on Schedule II;
(iii) the chief place of business or chief executive office of such Pledgor is set forth on Schedule II; and (iv) such
Pledgor does no material business nor has done any material business during the past five years under any trade name or fictitious
business name except as disclosed on Schedule II.


 


(l)           Upon
delivery to the Administrative Agent of the (i) stock certificates evidencing the Pledged Stock and (ii) the Certificated Securities
representing Partnership/LLC Interests that are Securities governed by Article 8 of the Code, the Lien granted pursuant to this
Pledge Agreement will constitute a valid, perfected first priority Lien on the Collateral (subject to Permitted Liens arising
by operation of law).


 


(m)         None
of the Partnership/LLC Interests (i) are traded on a Securities exchange or in Securities markets, (ii) are Securities governed
by Article 8 of the Code (except to the extent the applicable Pledgor has complied with Section 7(c) hereto and delivered,
or has made arrangements for the delivery of, the certificate representing such Partnership/LLC Interests), whether by their terms
expressly or pursuant to a Partnership/LLC Agreement that provides that such Partnership/LLC Interests are Securities, (iii) are
Investment Company Securities (as defined in the Code) or (iv) are held or maintained in the form of a Securities Entitlement
or credited to any Securities Account.


 






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(n)          Upon
the written request of the Administrative Agent, the Pledgors shall deliver or make available to the Administrative Agent true
and complete copies of the partnership agreements and operating agreements, as applicable, for each of the Partnerships/LLCs,
which partnership agreements and operating agreements shall be in full force and effect.


 


SECTION
7. Certain Covenants. The Pledgors
covenant and agree with the Administrative Agent, for the ratable benefit of the Administrative Agent and the Secured Parties,
that, from and after the date of this Pledge Agreement until the Obligations (other than contingent indemnification obligations
not yet due and Bank Product Debt) are paid in full (or, in the case of Letters of Credit, Cash Collateralized or other arrangements
made in accordance with the terms of the Credit Agreement) and the Commitments are terminated:


 


(a)          Each
Pledgor shall promptly notify the Administrative Agent, in writing, upon obtaining knowledge of (i) any Lien (other than the Lien
created by this Pledge Agreement or Permitted Liens) on any of the Collateral which would adversely affect the ability of the
Administrative Agent to exercise any of its remedies hereunder or (b) the acquisition or ownership by such Pledgor of any Collateral
after the date hereof. At the request of the Administrative Agent or the Required Lenders, each Pledgor shall promptly (and in
any event within ten (10) Business Days after such request or such later date as agreed to by the Administrative Agent) deliver
to the Administrative Agent updated Schedules to this Pledge Agreement.


 


(b)          The
Pledgors agree that as partners or members in the Partnerships/LLCs they will abide by, perform and discharge each and every material
obligation, material covenant and material agreement to be abided by, performed or discharged by the Pledgors under the terms
of the partnership agreements and operating agreements, as applicable, of the Partnerships/LLCs to the extent such failure would
reasonably be expected to result in a Material Adverse Effect, at no cost or expense to the Administrative Agent and the Secured
Parties.


 


(c)          If
any Pledgor shall, as a result of its ownership of the Collateral, become entitled to receive or shall receive any Certificated
Securities (including, without limitation, any certificate representing a stock dividend or a distribution in connection with
any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option
or rights, whether in addition to, in substitution of, as a conversion of, or in exchange for any of the Collateral, or otherwise
in respect thereof, such Pledgor shall, to the extent constituting Collateral, accept the same as the agent of the Administrative
Agent, hold the same in trust for the Administrative Agent and deliver the same forthwith to the Administrative Agent in the exact
form received, duly indorsed by such Pledgor to the Administrative Agent, if required, together with an undated stock power covering
such certificate duly executed in blank by such Pledgor, to be held by the Administrative Agent, subject to the terms hereof,
as additional collateral security for the Obligations; provided, that at no time shall the Pledged Stock or Partnership/LLC
Interests of any Issuer or Partnership/LLC that is a First Tier Foreign Subsidiary or an Excluded Domestic Subsidiary exceed sixty-five
percent (65%) of the voting Pledged Stock or voting Partnership/LLC Interests of such Subsidiary and one hundred percent (100%)
of the non-voting Pledged Stock or non-voting Partnership/LLC Interests of such Subsidiary.


 






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(d)          Without
the prior written consent of the Administrative Agent, no Pledgor will (i) vote to enable, or take any other action to permit,
any Issuer or Partnership/LLC to issue any stock, partnership interests, limited liability company interests or other equity securities
of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any stock, partnership
interests, limited liability company interests or other equity securities of any nature of such Issuer or Partnership/LLC except
for additional Pledged Stock or Partnership/LLC Interests that will be subject to the Security Interest granted herein, (ii) consent
to any modification, extension or alteration of the terms of any partnership agreement or operating agreement of the Partnerships/LLCs
that is materially adverse to the interests of the Administrative Agent under the Loan Documents, (iii) except as expressly provided
to the contrary herein or in the Credit Agreement, (A) accept a surrender of any partnership agreement or operating agreement
of any of the Partnerships/LLCs or (B) to the extent such action is materially adverse to the interests of the Administrative
Agent under the Loan Documents, waive any breach of or default under any partnership agreement or operating agreement of any of
the Partnerships/LLCs by any other party thereto, (iv) except as expressly permitted pursuant to the terms of the Credit Agreement,
sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Collateral, or (v) create,
incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Collateral, or
any interest therein, except the Lien created by this Pledge Agreement or Permitted Liens. The Pledgors will defend the right,
title and interest of the Administrative Agent in and to the Collateral against the claims and demands of all Persons whomsoever
other than with respect to Permitted Liens.


 


(e)          Each
Pledgor shall maintain the Security Interest created by this Pledge Agreement as a perfected first priority Security Interest
(to the extent required to do so hereunder) (subject to Permitted Liens) and shall defend such Security Interest against the claims
and demands of all Persons whomsoever (in each case, other than with respect to Permitted Liens arising under operation of law).


 


(f)           No
Pledgor will, except upon prior written notice to the Administrative Agent and delivery to the Administrative Agent of all additional
financing statements (executed if necessary for any particular filing jurisdiction) and other instruments and documents reasonably
requested by the Administrative Agent to maintain the validity, perfection and priority of the Security Interests and, if applicable,
a written supplement to the Schedules to this Pledge Agreement:


 


(i)            change
its jurisdiction of organization or the location of its chief executive office from that identified on Schedule II;


 


(ii)           change
its name, identity or corporate or organizational structure to such an extent that any financing statement filed by the Administrative
Agent in connection with this Pledge Agreement would become misleading; or


 


(iii)          permit
any Collateral (other than Certificated Securities delivered to the Administrative Agent pursuant to Section 2) to be held
by any Securities Intermediary, held or maintained in the form of a Securities Entitlement or credited to any Securities Account.


 


(g)          Pursuant
to Section 9-509 of the Code and any other Applicable Law, each Pledgor authorizes the Administrative Agent to file or record
financing statements, financing statement amendments and other filing or recording documents or instruments with respect to the
Collateral without the signature of such Pledgor in such form and in such offices as the Administrative Agent determines appropriate
to perfect the Security Interests of the Administrative Agent under this Pledge Agreement. Such financing statements may describe
the Collateral in the same manner as described herein or may contain an indication or description of Collateral that describes
such property in any other manner as the Administrative Agent may reasonably determine, in its sole discretion, is necessary,
advisable or prudent to ensure the perfection of the Security Interest.


 


(h)          At
any time and from time to time, upon the written request of the Administrative Agent, and at the sole expense of the Pledgors,
the Pledgors will promptly and duly execute and deliver such further instruments and documents and take such further actions as
the Administrative Agent may reasonably request for the purposes of obtaining or preserving the full benefits of this Pledge Agreement
and of the rights and powers herein granted. If any amount payable under or in connection with any of the Collateral shall be
or become evidenced by any promissory note, other instrument or chattel paper, such note, instrument or chattel paper shall be
promptly delivered to the Administrative Agent, duly endorsed in a manner satisfactory to the Administrative Agent, to be held
as Collateral pursuant to this Pledge Agreement.


 






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(i)           Each
Pledgor shall, promptly (but in any event within thirty (30) days or such later date as agreed to by the Administrative Agent)
after the acquisition of additional shares of capital stock of any Issuers or partnership and membership interests of any partnership
or limited liability company since the Closing Date or since Schedule I was last updated, amend and supplement Schedule
I to refer to such additional shares.


 


SECTION
8. Cash Dividends and Distributions;
Voting Rights. Unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall have given
notice to the Pledgors of the Administrative Agent’s intent to exercise its rights pursuant to Section 9 of this
Pledge Agreement, the Pledgors shall be permitted to receive all cash dividends and shareholder, partnership and membership distributions
paid in accordance with the terms of the Credit Agreement in respect of the Collateral and to exercise all voting and corporate,
partnership or membership rights, as applicable, with respect to the Collateral; provided, that no vote shall be cast or
corporate, partnership or membership right exercised or other action taken which, in the Administrative Agent’s reasonable
judgment, would impair the Collateral or which would be inconsistent in any material respect with or result in any violation of
any provision of the Credit Agreement, any other Loan Documents or this Pledge Agreement.


 


SECTION
9. Rights of the Administrative Agent.


 


(a)          If
an Event of Default shall occur and be continuing and the Administrative Agent shall give notice of its intent to exercise such
rights to the Pledgors, (i) the Administrative Agent shall have the right to receive any and all cash dividends paid in respect
of the Pledged Stock and partnership or membership distributions, as applicable, in respect of the Partnership/LLC Interests and
make application thereof to the Obligations in the order set forth in Section 11.4 of the Credit Agreement and (ii) all shares
of the Pledged Stock and the Partnership/LLC Interests shall be registered in the name of the Administrative Agent or its nominee,
and the Administrative Agent or its nominee may thereafter exercise (A) all voting, corporate, partnership, membership and other
rights pertaining to such shares of the Pledged Stock or Partnership/LLC Interests at any meeting of shareholders, partners or
members of the applicable Issuer or Partnership/LLC or otherwise and (B) any and all rights of conversion, exchange, subscription
and any other rights, privileges or options pertaining to such shares of the Pledged Stock or Partnership/LLC Interests as if
it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the
Pledged Stock or Partnership/LLC Interests upon the merger, consolidation, reorganization, recapitalization or other fundamental
change in the corporate structure of the applicable Issuer or Partnership/LLC, or upon the exercise by the Pledgors or the Administrative
Agent of any right, privilege or option pertaining to such shares of the Pledged Stock or the Partnership/LLC Interests, and in
connection therewith, the right to deposit and deliver any and all of the Pledged Stock or the Partnership/LLC Interests with
any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine),
all without liability except to account for property actually received by it, but the Administrative Agent shall have no duty
to the Pledgors to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay
in so doing. In furtherance thereof, each Pledgor hereby authorizes and instructs each Issuer or Partnership/LLC with respect
to any Collateral consisting of Pledged Stock or Partnership/LLC Interests to (i) comply with any instruction received by it from
the Administrative Agent in writing that (A) states that an Event of Default has occurred and is continuing and (B) is otherwise
in accordance with the terms of this Pledge Agreement, without any other or further instructions from such Pledgor, and each Pledgor
agrees that each Issuer or Partnership/LLC shall be fully protected in so complying, and (ii) upon and during the continuance
of an Event of Default, if requested by the Administrative Agent, pay any dividends, distributions or other payments with respect
to any Pledged Stock or Partnership/LLC Interests directly to the Administrative Agent.


 






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(b)          The
rights of the Administrative Agent and the Secured Parties hereunder shall not be conditioned or contingent upon the pursuit by
the Administrative Agent or any Secured Party of any right or remedy against the Pledgors or against any other Person which may
be or become liable in respect of all or any part of the Obligations or against any collateral security therefor, guarantee thereof
or right of offset with respect thereto. Neither the Administrative Agent nor any Secured Party shall be liable for any failure
to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, nor shall the Administrative
Agent be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Pledgors or any other Person
or to take any other action whatsoever with regard to the Collateral or any part thereof.


 


SECTION
10. Remedies. If an Event of Default shall
occur and be continuing, the Administrative Agent, on behalf of the Secured Parties, may exercise, in addition to all other rights
and remedies granted to them in this Pledge Agreement and in any other instrument or agreement securing, evidencing or relating
to the Obligations, all rights and remedies of a secured party under the Code or any other Applicable Law. Without limiting the
generality of the foregoing with regard to the scope of the Administrative Agent’s remedies, the Administrative Agent, without
demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by
any Applicable Law referred to below) to or upon the Pledgors, any Issuer, any Partnership/LLC or any other Person (all and each
of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive,
appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, assign, give option or options to
purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one
or more parcels at public or private sale or sales, in the over-the-counter market, at any exchange, broker’s board or office
of the Administrative Agent or any Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such
prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative
Agent or any Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by any Applicable
Law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity
of redemption in the Pledgors, which right or equity is hereby waived or released. To the extent permitted by any Applicable Law,
the Pledgors waive all claims, damages and demands they may acquire against the Administrative Agent or any Secured Party arising
out of the exercise by them of any rights hereunder, other than claims arising out of gross negligence or willful misconduct of
the Administrative Agent or any Secured Party as determined by a court of competent jurisdiction by final and nonappealable judgment.
If any notice of a proposed sale or other disposition of Collateral shall be required by any Applicable Law, such notice shall
be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition.


 


SECTION
11. Administrative Agent’s Appointment
as Attorney-In-Fact. (a) Each Pledgor hereby irrevocably constitutes and appoints the Administrative Agent and any officer
or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority
in the place and stead of such Pledgor and in the name of such Pledgor or in its own name, for the purpose of carrying out the
terms of this Pledge Agreement, to take any and all appropriate action and to execute any and all documents and instruments which
may be necessary or desirable to accomplish the purposes of this Pledge Agreement, and, without limiting the generality of the
foregoing, each Pledgor hereby gives the Administrative Agent the power and right, on behalf of such Pledgor, without notice to
or assent by such Pledgor, to do any or all of the following upon the occurrence and continuation of an Event of Default:


 


(i)            pay
or discharge taxes and Liens levied or placed on or threatened against the Collateral;


 






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(ii)           execute,
in connection with any sale provided for in this Pledge Agreement, any endorsements, assignments or other instruments of conveyance
or transfer with respect to the Collateral; and


 


(iii)          (A)
commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect
the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (B) defend any suit, action
or proceeding brought against such Pledgor with respect to any Collateral; (C) settle, compromise or adjust any such suit, action
or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate;
and (D) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral
as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative
Agent’s option and such Pledgor’s expense, at any time, or from time to time, all acts and things which the Administrative
Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative Agent’s and the Secured
Parties’ Security Interests therein and to effect the intent of this Pledge Agreement, all as fully and effectively as such
Pledgor might do.


 


(b)          If
any Pledgor fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but
without any obligation so to do, upon prior written notice to the Pledgors, may perform or comply, or otherwise cause performance
or compliance, with such agreement in accordance with the provisions of Section 11(a).


 


(c)          The
documented and out-of-pocket expenses of the Administrative Agent incurred in connection with actions taken pursuant to the terms
of this Pledge Agreement, to the extent the Company would be required to do so pursuant to Section 13.4 of the Credit Agreement,
shall be payable by the Pledgors to the Administrative Agent on demand.


 


(d)          Each
Pledgor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof in accordance with Section
11(a). All powers, authorizations and agencies contained in this Pledge Agreement are coupled with an interest and are irrevocable
until this Pledge Agreement is terminated and the Security Interests created hereby are released.


 


(e)          Each
Pledgor acknowledges that the rights and responsibilities of the Administrative Agent under this Pledge Agreement with respect
to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting
right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Pledge Agreement shall,
as between the Administrative Agent and the Secured Parties , be governed by the Credit Agreement and by such other agreements
with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Pledgors, the
Administrative Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority
so to act or refrain from acting, and no Pledgor shall be under any obligation, or entitlement to make any inquiry respecting
such authority.


 






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SECTION
12. Registration Rights; Private Sales.


 


(a)          The
Pledgors recognize that the Administrative Agent may be unable to effect a public sale of any or all the Collateral, by reason
of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled
to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other
things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof.
The Pledgors acknowledge and agree that any such private sale may result in prices and other terms less favorable than if such
sale were a public sale and, notwithstanding such circumstances, agree that any such private sale shall be deemed to have been
made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to delay a sale of any of the
Collateral for the period of time necessary to permit the applicable Issuer or Partnership/LLC to register such securities for
public sale under the Securities Act, or under applicable state securities laws, even if the applicable Issuer or Partnership/LLC
would agree to do so.


 


(b)          The
Pledgors further agree to use their commercially reasonable efforts to do or cause to be done all such other acts as may be necessary
to make such sale or sales of all or any portion of the Collateral pursuant to this Section 12 valid and binding and in
compliance with any and all other Applicable Law. The Pledgors further agree that a breach of any of the covenants contained in
this Section 12 will cause irreparable injury to the Administrative Agent and the Secured Parties not compensable in damages,
that the Administrative Agent and the Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence,
that each and every covenant contained in this Section 12 shall be specifically enforceable against the Pledgors, and the
Pledgors hereby waive and agree not to assert any defenses against an action for specific performance of such covenants except
for a defense that no Event of Default has occurred under the Credit Agreement.


 


SECTION
13. Amendments, etc. With Respect to the Obligations.
The Pledgors shall remain obligated hereunder, and the Collateral shall remain subject to the Lien granted hereby, notwithstanding
that, without any reservation of rights against the Pledgors, and without notice to or further assent by the Pledgors, any demand
for payment of any of the Obligations made by the Administrative Agent or any Secured Party may be rescinded by the Administrative
Agent or such Lender, and any of the Obligations continued, and the Obligations, or the liability of the Pledgors or any other
Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto,
may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered,
or released by the Administrative Agent or any Lender, and the Credit Agreement, any other Loan Documents and any other documents
executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or part, as the
Lenders (or the Required Lenders, as the case may be) may deem advisable from time to time, and any guarantee, right of offset
or other collateral security at any time held by the Administrative Agent or any Secured Party for the payment of the Obligations
may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Secured Party shall have any
obligation to protect, secure, perfect or insure any other Lien at any time held by it as security for the Obligations or any
property subject thereto. The Pledgors waive any and all notice of the creation, renewal, extension or accrual of any of the Obligations
and notice of or proof of reliance by the Administrative Agent or any Secured Party upon this Pledge Agreement; the Obligations,
and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Pledge Agreement;
and all dealings between the Pledgors, on the one hand, and the Administrative Agent and the Secured Parties, on the other, shall
likewise be conclusively presumed to have been had or consummated in reliance upon this Pledge Agreement. The Pledgors waive diligence,
presentment, protest, demand for payment and notice of default or nonpayment to or upon the Pledgors with respect to the Obligations.


 






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SECTION
14. No Subrogation. Notwithstanding any
payment or payments made by the Pledgors hereunder, or any setoff or application of funds of the Pledgors by the Administrative
Agent, or the receipt of any amounts by the Administrative Agent with respect to any of the Collateral, the Pledgors shall not
be entitled to be subrogated to any of the rights of the Administrative Agent against any Borrower or any guarantor or against
any other collateral security held by the Administrative Agent for the payment of the Obligations, nor shall the Pledgors seek
any reimbursement from any Borrower or any guarantor in respect of payments made by the Pledgors in connection with the Collateral,
or amounts realized by the Administrative Agent in connection with the Collateral, until all amounts owing to the Administrative
Agent and the Secured Parties on account of the Obligations are paid in full and the Commitments terminated. If any amount shall
be paid to the Pledgors on account of such subrogation rights at any time when all of the Obligations shall not have been paid
in full, such amount shall be held by the Pledgors in trust for the Administrative Agent, segregated from other funds of the Pledgors,
and shall, forthwith upon receipt by the Pledgors, be turned over to the Administrative Agent in the exact form received by the
Pledgors (duly indorsed by the Administrative Agent, if required) to be applied against the Obligations, whether matured or unmatured,
in such order as set forth in the Credit Agreement.


 


SECTION
15. Limitation on Duties Regarding Collateral.
The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral
in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same manner as the Administrative
Agent deals with similar securities and property for its own account. Neither the Administrative Agent, any Secured Party nor
any of their respective directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon
any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral
upon the request of the Pledgors or otherwise. The powers conferred on the Administrative Agent and the Secured Parties hereunder
are solely to protect the Administrative Agent and the Secured Parties’ interests in the Collateral and shall not impose
any duty on the Administrative Agent or any Secured Party to exercise any such powers. Each of the Administrative Agent and each
Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and
neither it nor any of its officers, directors, employees or agents shall be responsible to any Pledgor for any act or failure
to act hereunder, except for its gross negligence or willful misconduct as determined by a court of competent jurisdiction by
final and nonappealable judgment.


 


SECTION
16. Application of Proceeds. Upon the
occurrence and during the continuance of an Event of Default, the proceeds of any sale of, or other realization upon, all or any
part of the Collateral shall be applied by the Administrative Agent in accordance with the terms of Section 11.4 of the Credit
Agreement. Any balance of such Proceeds remaining shall be paid over to the Company, on behalf of the Pledgors, or to whomsoever
(if such Person is not a Pledgor) may be lawfully entitled to receive the same. Only after (a) payment by the Administrative Agent
of any other amount required by any provision of law, including, without limitation, Section 9-608 and Section 9-615 of the Code
and (b) the payment in full (or, in the case of Letters of Credit, Cash Collateralized or other arrangements made in accordance
with the terms of the Credit Agreement) of the Obligations (other than contingent indemnification obligations not yet due and
Bank Product Debt) and termination of the Commitments, shall the Administrative Agent account for the surplus, if any, to any
Pledgor, or to whomever may be lawfully entitled to receive the same (if such Person is not a Pledgor). The Administrative Agent
may make distribution hereunder in cash or in kind or, on a ratable basis, in any combination thereof.


 


SECTION
17. Waiver, Deficiency. Each Pledgor hereby
waives, to the extent permitted by Applicable Law, all rights of redemption, appraisement, valuation, stay, extension or moratorium
now or hereafter in force under any Applicable Law in order to prevent or delay the enforcement of this Pledge Agreement or the
absolute sale of the Collateral or any portion thereof. Each Pledgor shall remain liable for any deficiency if the proceeds of
any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any
attorneys employed by the Administrative Agent or any Secured Party to collect such deficiency.


 






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SECTION
18. Right of Set-off. Upon the occurrence
and during the continuance of any Event of Default, subject to Section 13.5 of the Credit Agreement, the Administrative Agent
and each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, without notice
to any Pledgor (any such notice being expressly waived by each Pledgor), to setoff and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency), other than deposits in Blackbaud Payment Services Accounts,
at any time held, and other obligations (in whatever currency) at any time owing by such Lender or such Affiliate to or for the
credit or the account of such Pledgor or any other Credit Party against any and all obligations of such Pledgor or such other
Credit Party now or hereafter existing under the Credit Agreement or any other Loan Document to such Lender or such Affiliate,
irrespective of whether or not such Lender or Affiliate shall have made any demand under the Credit Agreement or any other Loan
Document and although such obligations of the Pledgor or such Credit Party may be contingent or unmatured or are owed to a branch
or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights
of the Administrative Agent and the Secured Parties and their respective Affiliates under this Section are in addition to other
rights and remedies (including, without limitation, other rights of setoff) that the Administrative Agent or such Lender or their
respective Affiliates may have. Each Lender agrees to notify the Company and the Administrative Agent promptly after any such
setoff and application; provided, that the failure to give such notice shall not affect the validity of such setoff and
application.


 


SECTION
19. All Powers Coupled with Interest.
All powers of attorney and other authorizations granted to the Secured Parties, the Administrative Agent and any Persons designated
by the Administrative Agent or any Secured Party pursuant to any provisions of this Pledge Agreement shall be deemed coupled with
an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied, any of the Commitments remain
in effect or the Credit Facility has not been terminated.


 


SECTION
20. Severability of Provisions. Any provision
of this Pledge Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining
provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction.


 


SECTION
21. Titles and Captions. Titles and captions
of Articles, Sections and subsections in, and the table of contents of, this Pledge Agreement are for convenience only, and neither
limit nor amplify the provisions of this Pledge Agreement.


 


SECTION
22. No Waiver by Course of Conduct, Cumulative
Remedies. No waiver of any Default or Event of Default shall be a waiver of any other Default or Event of Default. No failure
on the part of Administrative Agent or any Secured Party to exercise and no delay in exercising, and no course of dealing with
respect to, any right, power or privilege under this Pledge Agreement shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. No remedy, right or power conferred upon the Administrative Agent or any Secured Party
is intended to be exclusive of any other remedy, right or power given hereunder or now or hereafter existing at law, in equity,
or otherwise, and all such remedies, rights and powers shall be cumulative.


 


SECTION
23. Amendments, Waivers and Consents.
No term, covenant, agreement or condition of this Pledge Agreement may be amended or waived, nor may any consent be given, except
in the manner set forth in Section 13.2 of the Credit Agreement.


 






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SECTION
24. Expenses and Indemnification.


 


(a)          The
Pledgors shall, jointly and severally, pay all reasonable out-of-pocket expenses (including, without limitation, attorney’s
fees and expenses) incurred by the Administrative Agent and each Secured Party to the extent the Company would be required to
do so pursuant to Section 13.4 of the Credit Agreement.


 


(b)          The
Pledgors shall, jointly and severally, pay and indemnify each indemnified party (which for purposes of this Pledge Agreement shall
include, without limitation, all Lenders) against Indemnified Taxes and Other Taxes to the extent the Company would be required
to do so pursuant to Section 4.11 of the Credit Agreement.


 


(c)          The
Pledgors shall, jointly and severally, indemnify each indemnified party to the extent the Company would be required to do so pursuant
to Section 13.4 of the Credit Agreement.


 


(d)          All
amounts due under this Section shall be payable promptly after demand therefor.


 


SECTION
25. Injunctive Relief; Punitive or Indirect
Damages.


 


(a)          Each
Pledgor recognizes that, in the event such Pledgor fails to perform, observe or discharge any of its obligations or liabilities
under this Pledge Agreement, any remedy of law may prove to be inadequate relief to the Administrative Agent and the Secured Parties.
Therefore, each Pledgor agrees that the Administrative Agent and the Secured Parties, at the Required Lenders’ option, shall
be entitled to seek temporary and permanent injunctive relief in any such case without the necessity of proving actual damages.


 


(b)          The
Administrative Agent and the Company (on behalf of itself and the other Credit Parties) hereby agree that no such Person shall
have a remedy of punitive or exemplary damages against any other party to a Loan Document and each such Person hereby waives any
right or claim to punitive or exemplary damages that it may now have or may arise in the future in connection with any dispute,
claim or controversy arising out of, connected with or relating to this Pledge Agreement or any Loan Document.


 


(c)          Without
limiting the generality of any provisions set forth herein relating to indemnification or reimbursement by the Company or any
other Credit Party, the Administrative Agent and the Company (on behalf of itself and the other Credit Parties) hereby agree that
no such Person shall have a remedy of any consequential or indirect damages against any other party to a Loan Document, and each
such Person hereby waives any right or claim to consequential or indirect damages that it may now have or may arise in the future
in connection with any dispute, claim or controversy arising out of, connected with or relating to this Pledge Agreement or any
Loan Document.


 


SECTION
26. Successor and Assigns. This Pledge
Agreement shall be binding upon the successors and assigns of each Pledgor and shall inure to the benefit of each Pledgor (and
shall bind all Persons who become bound as a Pledgor under this Pledge Agreement), the Administrative Agent and the Secured Parties
and their successors and assigns; provided that no Pledgor may assign, transfer or delegate any of its rights or obligations
under this Pledge Agreement (other than an assignment by operation of law that is otherwise permitted under the Loan Documents)
without the prior written consent of the Administrative Agent and the Required Lenders.


 






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SECTION
27. Governing Law; Submission to Jurisdiction;
Venue. The terms of Section 13.6 of the Credit Agreement with respect to governing law, submission to jurisdiction and venue
are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.


 


SECTION
28. Waiver of Jury Trial.


 


(a)          Jury
Trial. The terms of Section 13.7 of the Credit Agreement with respect to waiver of jury trial are incorporated herein by reference,
mutatis mutandis, and the parties hereto agree to such terms.


 


(b)          Preservation
of Certain Remedies. The parties hereto and the other Loan Documents preserve, without diminution, certain remedies that such
Persons may employ or exercise freely, either alone, in conjunction with or during any dispute, claim or controversy arising out
of, connected with or relating to this Pledge Agreement or any Loan Document. Each such Person shall have and hereby reserves
the right to proceed in any court of proper jurisdiction or by self help to exercise or prosecute the following remedies, as applicable:
(i) all rights to foreclose against any real or personal property or other security by exercising a power of sale granted in the
Loan Documents or under Applicable Law or by judicial foreclosure and sale, including a proceeding to confirm the sale, (ii) all
rights of self help including peaceful occupation of property and collection of rents, set off, and peaceful possession of property
and (iii) obtaining provisional or ancillary remedies including injunctive relief, sequestration, garnishment, attachment, appointment
of receiver and in filing an involuntary bankruptcy proceeding.


 


SECTION
29. Notices. All notices and communications
hereunder shall be given to the addresses and otherwise in accordance with Section 13.1 of the Credit Agreement.


 


SECTION
30. Control Agreement. The Pledgors hereby
authorize and instruct each Issuer and Partnership/LLC to comply, and each Issuer and Partnership/LLC hereby agrees to so comply,
with any instruction received thereby from the Administrative Agent in accordance with the terms of this Pledge Agreement with
respect to the Collateral, without any consent or further instructions from the Pledgors (or other registered owner), and the
Pledgors agree that such Issuer and such Partnership/LLC shall be fully protected in so complying. Each Issuer and Partnership/LLC
agrees that its agreement set forth in the preceding sentence shall be sufficient to create in favor of the Administrative Agent,
for the benefit of the Secured Parties, “control” of the Partnership/LLC Interests within the meaning of such term
under Sections 8-106(c) and 9-106 of the Code. Notwithstanding the foregoing, nothing in this Pledge Agreement is intended or
shall be construed to mean or imply that the Partnership/LLC Interests constitute “securities” within the meaning
of such term under Section 8-102(a)(15) of the Code or otherwise to limit or modify the application of Section 8-103(c) of the
Code. Rather, the Administrative Agent has requested that this provision be included in this Pledge Agreement solely out of an
abundance of caution in the event the Partnership/LLC Interests are, nevertheless, deemed to constitute “securities”
under the Code.


 


SECTION
31. Concerning the Administrative Agent.
The provisions of Article XII of the Credit Agreement shall inure to the benefit of the Administrative Agent in respect
of this Pledge Agreement and shall be binding upon the Pledgors and the Secured Parties. In furtherance and not in derogation
of the rights, privileges and immunities of the Administrative Agent therein set forth:


 


(a)          The
Administrative Agent is authorized to take all such action as is provided to be taken by it as Administrative Agent hereunder
and all other action incidental thereto. As to any matters not expressly provided for herein, the Administrative Agent may request
instructions from the Secured Parties and shall act or refrain from acting in accordance with written instructions from the Required
Lenders (or, when expressly required by this Pledge Agreement or the Credit Agreement, all the Lenders) or, in the absence of
such instructions, in accordance with its discretion.


 






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(b)          The
Administrative Agent shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity,
perfection, priority or enforceability of the security interests therein purported to be granted by this Pledge Agreement, whether
impaired by operation of law or by reason of any action or omission to act on its part (other than any such action or inaction
constituting gross negligence or willful misconduct). The Administrative Agent shall have no duty to ascertain or inquire as to
the performance or observance of any of the terms of this Pledge Agreement by the Pledgors.


 


SECTION
32. Counterparts; Integration; Effectiveness.
This Pledge Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and shall be binding upon all parties, their successors and assigns,
and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature
page of this Pledge Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective
as delivery of a manually executed counterpart of this Pledge Agreement. This Pledge Agreement, together with the other Loan Documents,
comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior
agreements, written or oral, on such subject matter.


 


SECTION
33. Survival of Indemnities. Notwithstanding
any termination of this Pledge Agreement, the indemnities to which the Administrative Agent and the Secured Parties are entitled
under the provisions of Section 24 and any other provision of this Pledge Agreement and the other Loan Documents shall
continue in full force and effect and shall protect the Administrative Agent and the Secured Parties against events arising after
such termination as well as before.


 


SECTION
34. Advice of Counsel, No Strict Construction.
Each of the parties represents to each other party hereto that it has discussed this Pledge Agreement with its counsel. The parties
hereto have participated jointly in the negotiation and drafting of this Pledge Agreement. In the event an ambiguity or question
of intent or interpretation arises, this Pledge Agreement shall be construed as if drafted jointly by the parties hereto and no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of
this Pledge Agreement.


 


SECTION
35. Acknowledgements. Each Pledgor hereby
acknowledges that:


 


(a)          neither
the Administrative Agent nor any Secured Party has any fiduciary relationship with or duty to any Pledgor arising out of or in
connection with this Pledge Agreement or any of the other Loan Documents, and the relationship between the Pledgors, on the one
hand, and the Administrative Agent and Secured Parties, on the other hand, in connection herewith or therewith is solely that
of debtor and creditor; and


 


(b)          no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Secured Parties or among the Pledgors and the Secured Parties.


 


SECTION
36. Releases. At such time as the Obligations
(other than contingent indemnification obligations not yet due and Bank Product Debt) shall have been paid in full (or, in the
case of Letters of Credit, Cash Collateralized or other arrangements made in accordance with the terms of the Credit Agreement)
and the Commitments have been terminated, this Pledge Agreement and all obligations (other than those expressly stated to survive
such termination) of the Administrative Agent and each Pledgor hereunder shall terminate, all without delivery of any instrument
or performance of any act by any party. Upon any such termination, the Administrative Agent shall execute and deliver to each
Pledgor, at such Pledgor’s expense, such documents as such Pledgor shall reasonably request to evidence such termination,
and such Pledgor shall be entitled to the return, upon its reasonable request, of such of the Collateral as shall not have been
sold or otherwise applied pursuant to the terms hereof.


 






    17 


     


    

 


SECTION
37. Additional Pledgors. Each Subsidiary
of the Company that is required to become a party to this Pledge Agreement pursuant to Section 8.11 of the Credit Agreement shall
become a Pledgor for all purposes of this Pledge Agreement upon execution and delivery by such Subsidiary of a Pledge Agreement
Supplement.


 


SECTION
38. Release of Portions of Collateral.


 


(a)          So
long as no Default or Event of Default is in existence or would exist after the application of proceeds as provided below, the
Administrative Agent shall, at the request of a Pledgor, release any or all of the Collateral of such Pledgor, provided that (i)
such release is permitted by the terms of the Credit Agreement (it being agreed for such purposes that a release will be deemed
“permitted by the terms of the Credit Agreement” if the proposed transaction constitutes an exception contained in
Section 10.5 or Section 10.6 of the Credit Agreement or if such assets would no longer be required to be pledged hereunder or
under the Credit Agreement) or otherwise has been approved in writing by the Required Lenders (or, to the extent required by Section
13.2 of the Credit Agreement, all of the applicable Lenders) and (ii) if applicable, the proceeds of such Collateral are to be
applied as required pursuant to the Credit Agreement or any consent or waiver entered into with respect thereto.


 


(b)          At
any time that a Pledgor desires that the Administrative Agent take any action to give effect to any release of Collateral pursuant
to the foregoing Section 38(a), the Administrative Agent, at the request and expense of a Pledgor, will duly release such
Collateral and assign, transfer and deliver to such Pledgor such of the Collateral as is then being (or has been) so sold and
as may be in the possession of the Administrative Agent and has not theretofore been released pursuant to this Pledge Agreement.


 


[Signatures
Page To Follow]


 




    18 


     


    

 


IN
WITNESS WHEREOF, the undersigned has caused this Pledge Agreement to be duly executed and delivered as of the date first above
written.


 











	 	PLEDGORS:
	 	 	 
	 	BLACKBAUD, INC.
	 	 	 
	 	By:	/s/ Anthony W. Boor
	 	Name:	Anthony W. Boor
	 	Title:	Chief Financial Officer and Executive Vice President



  


PLEDGE
Agreement


 Blackbaud,
Inc.



 




     


     


    

 







	 	ADMINISTRATIVE AGENT:
	 	 	 
	 	BANK OF AMERICA, N.A., as Administrative Agent
	 	 	 
	 	By:	/s/ Liliana Claar
	 	Name:	Liliana Claar
	 	Title: 	Vice President









 


PLEDGE
Agreement


 Blackbaud,
Inc.



 




     


     


    

 


SCHEDULE
I

To Pledge

Agreement


 


DESCRIPTION
OF PLEDGED STOCK


 


Issuers


 


	Issuer	Pledgor
	Class
    of Stock	Certificate
    No.	No.
    of Shares Pledged/No. of Shares Issued and Outstanding	Percentage
    of all Outstanding Issued Capital Stock
	VFF
    I AIV I Corp.	Blackbaud,
    Inc.	Common	N/A	10,000/10,000	100%
	Blackbaud
    Canada, Inc.	Blackbaud,
    Inc.	Common	2017-2	65/100	65%
	AcademicWorks,
    Inc.	Blackbaud,
    Inc.	Common	CS-10	1,051,915/1,051,915	100%
	Series
    A Convertible Preferred	PA-4	700,000/700,000
	Series
    B Convertible Preferred	PB-5	69,914/69,914
	MyCharity
    Ltd.	Blackbaud,
    Inc.	Common	N/A	763/1,174	65%
	Blackbaud
    Global Ltd.	Blackbaud,
    Inc.	Common	3	65/1000	65%
	5	585/1000


 


DESCRIPTION
OF PARTNERSHIP/LLC INTEREST


 


Partnerships/LLCs


 


	Partnership/LLC	Partnership/LLC
    Interest
	 	 
	Convio,
    LLC	100%
	Smart,
                                         LLC

        

        Good+Geek,
LLC 

        NPO
        Account Services, LLC

        
	100% 

        100%

        

        100% 



 


    Schedule I


     


    

 


SCHEDULE
II

To Pledge

Agreement


 


FILING
OFFICES; JURISDICTION OF ORGANIZATION; TAXPAYER IDENTIFICATION NUMBER; REGISTERED ORGANIZATION NUMBER; CHIEF EXECUTIVE OFFICE
AND DBAS OR FICTITIOUS NAMES


 


	Entity	Filing
                                         Office

        
	Jurisdiction
    of Organization	Taxpayer
    Identification Number	Registered
    Organization Number	Chief
    Executive Office	DBAs
or Fictitious Names

	Blackbaud,
    Inc.	Delaware
    Secretary of State	Delaware	04-3212465	3761397	2000
    Daniel Island Drive Charleston, SC 29492-7541	Target
                                         Software, Inc.

         

        Target
        Analysis Group, Inc.

         

        eTapestry.com

         

        eTapestry

         

        Kintera

         

        American
        Fundware

          



 


    Schedule II


     


    

 


ANNEX
I


 to


 PLEDGE
AGREEMENT


 


Reference
is hereby made to the Pledge Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”),
dated as of June 2, 2017, made by each of BLACKBAUD, INC., a Delaware corporation (the “Company” and any Domestic
Credit Party, including the undersigned, which become parties thereto by executing a Supplement in substantially the form hereof,
the “Pledgors”), in favor of the Administrative Agent. Capitalized terms used herein and not defined herein
shall have the meanings given to them in the Agreement. By its execution below, the undersigned, [NAME OF NEW PLEDGOR], a [__________________________]
[corporation/limited liability company] agrees to become, and does hereby become, a [Pledgor] under the Agreement and agrees to
be bound by such Agreement as if originally a party thereto. By its execution below, the undersigned Pledgor represents and warrants
as to itself that, after giving effect to this supplement and the Schedules attached hereto, all of the representations and warranties
contained in the Agreement are true and correct in all material respects (without duplication with respect to any materiality
qualifications set forth in any individual representation and warranty) as of the date hereof. [NAME OF NEW PLEDGOR] represents
and warrants that, as of the date hereof, the supplements to the Schedules to the Agreement attached hereto are true and correct
in all material respects and such supplements set forth all information required to be scheduled under the Agreement. [NAME OF
NEW PLEDGOR] shall take all steps necessary to perfect, in favor of the Administrative Agent, a first-priority security interest
in and Lien against [NAME OF NEW PLEDGOR]’s Collateral (subject to Permitted Liens), including, without limitation, delivering
all Certificated Securities together with an undated stock power covering such certificate duly executed in blank by such Pledgor
to the Administrative Agent, and taking all steps necessary to properly perfect the Administrative Agent’s interest in any
uncertificated equity or membership interests.


 


IN
WITNESS WHEREOF, the undersigned has caused this Annex I counterpart to the Agreement to be duly executed and delivered
as of this ___________ day of ____________, ____.





	 	 	 	 
	 	[NAME OF NEW PLEDGOR]	 
	 	 	 
	 	By:	 	 
	 	Title:	 	 




 




    Annex I


     


    

 


Addendum
A


 


Financing
Statements


 


[Attached]


 






    Addendum A



    

 


 


 






    


     


    

 





Exhibit A to UCC
Financing Statement


	 	 
	 	 
	Debtor:	Secured Party:
	Blackbaud, Inc.	Bank of America, N.A., as Administrative Agent
	2000 Daniel Island Drive	c/o MAC Legal (NC1-001-05-45)
	Charleston, SC 29492-7541	101 N Tryon Street
	 	Charlotte, NC 28255-0001303


 


Description of
Collateral:


 


All of the Debtor’s
Pledged Stock, Partnership/LLC Interests and all other Collateral; provided, that any Security Interest in any Collateral
constituting Pledged Stock or Partnership/LLC Interests issued by any Issuer or Partnership/LLC that is (a) an Excluded Domestic
Subsidiary or (b) which is not organized under the laws of any political subdivision of the United States shall be limited to
sixty-five percent (65%) of all issued and outstanding shares of all classes of voting Capital Stock of such Issuer or Partnership/LLC
and one hundred percent (100%) of all issued and outstanding shares of all classes of non-voting Capital Stock of such Issuer
or Partnership/LLC; provided, further that notwithstanding the foregoing, “Collateral” shall not include any
Excluded Capital Stock.


 


As used herein, the following terms shall have the
respective meanings set forth below: 


 


“Capital
Stock” means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity,
any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case
of a partnership, partnership interests (whether general or limited), (d) in the case of a limited liability company, membership
interests and (e) any other interest or participation that confers on a person the right to receive a share of the profits and
losses of, or distributions of assets of, the issuing person.


 


“Code”
means the Uniform Commercial Code as in effect in the State of New York (as amended or otherwise modified from time to time);
provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection
of the Security Interests in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than
the State of New York, “Code” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes
of the provisions hereof relating to such perfection or effect of perfection or non-perfection.


 


“Collateral” means the
Stock Collateral and the Partnership/LLC Collateral; provided that notwithstanding the foregoing, “Collateral”
shall not include any Excluded Capital Stock.


 


“Credit Agreement”
means the Credit Agreement dated as of June 2, 2017 (as amended, restated, supplemented or otherwise modified from time to time)
by and among the Debtor, as a borrower, the other borrowers who may become party thereto, as borrowers, the lenders who are or
may become party thereto, as lenders and the Secured Party, as administrative agent.


 


“Domestic Subsidiary”
means any Subsidiary that is a U.S. Person other than an Excluded Domestic Subsidiary.


 


“Excluded
Capital Stock” means (a) any Capital Stock in any Foreign Subsidiary that is not a First Tier Foreign Subsidiary, (b)
any Capital Stock in any Foreign Subsidiary (including for the avoidance of doubt any Excluded Domestic Subsidiary) in excess
of 65% of the total outstanding voting Capital Stock in such Foreign Subsidiary, (c) any Capital Stock in any Unrestricted Subsidiary,
(d) pledges of, and security interests in, certain assets, which are prohibited by applicable law; provided, that (i) any such
limitation described in this clause (d) on the security interests granted hereunder shall only apply to the extent that any such
prohibition would not be rendered ineffective pursuant to the Code (assuming a customary UCC financing statement has been filed)
or could not be rendered ineffective pursuant to any other applicable law and (ii) in the event of the termination or elimination
of any such prohibition contained in any applicable law, a security interest in such assets shall be automatically and simultaneously
granted hereunder and shall be included as Collateral and (e) any Capital Stock in any joint venture or any non-wholly-owned Subsidiaries
to the extent the articles or certificate of incorporation, bylaws or other governing documents or other customary agreements
with other equity holders do not permit the pledge of such Capital Stock or require the consent of a person other than the Debtor
or any of its Subsidiaries.


 






    


     


    

 


“Excluded
Domestic Subsidiary” means any Subsidiary that is a U.S. Person and (a) is a Subsidiary of a “controlled foreign
corporation” under Section 957 of the IRS Code (a “CFC”) or (b) substantially all of the assets of such
Subsidiary consists of Capital Stock of one or more CFCs or of other U.S. Persons substantially all of the assets of which consist
of Capital Stock of one or more CFCs.


 


“First Tier
Foreign Subsidiary” means each Foreign Subsidiary with respect to which any one or more of the Debtor or its Domestic
Subsidiaries directly owns or controls more than 50% of such Foreign Subsidiary’s issued and outstanding shares of Capital
Stock.


 


“Foreign Subsidiary”
means any Subsidiary that is not a Domestic Subsidiary and any Excluded Domestic Subsidiary.


 


“IRS Code” means the
Internal Revenue Code of 1986, as amended or modified from time to time.


 


“Issuers” means the issuers of
the shares of Pledged Stock.


 


“Obligations” means
“Obligations”, as defined in the Credit Agreement and “Guaranteed Obligations”, as defined in the Guaranty
Agreement.


 


“Partnership/LLC Collateral”
means the Partnership/LLC Interests and all Proceeds therefrom.


 


“Partnership/LLC
Interests” means the entire partnership or membership interest of the Debtor in each Partnership/LLC now owned or existing
or owned, acquired, or arising hereafter, in each case including, without limitation, the Debtor’s capital accounts, its
interest as partners or members in the net cash flow, net profit and net loss, and items of income, gain, loss, deduction and
credit of the Partnerships/LLCs, their interests in all distributions made or to be made by the Partnerships/LLCs to the Debtor
and all of the other economic rights, titles and interests of the Debtor as partner or member of the Partnerships/LLCs, whether
set forth in the partnership agreement or membership agreement of the Partnerships/LLCs, by separate agreement or otherwise.


 


“Partnership/LLCs” means
the partnership and limited liability companies that have issued the Partnership/LLC Interests.


 


“Pledge Agreement”
means the Pledge Agreement, dated as of June 2, 2017 (as amended, restated, supplemented or otherwise modified from time to time),
by and among the Debtor and certain of the Subsidiaries of the Debtor who are or may become party thereto, as pledgors, in favor
of the Secured Party, for the ratable benefit of itself and the holders of the Obligations.


 


“Pledged
Stock” means the shares of capital stock of each Issuer, now owned or existing or owned, acquired, or arising hereafter,
together with all stock certificates, options or rights of any nature whatsoever that may be issued or granted by such Issuer
to the Debtor while the Pledge Agreement is in effect (including, without limitation, all of the other economic rights, titles
and interests of the Debtor as a shareholder or owner of such Issuer; whether set forth in the articles, bylaws or other governing
document of such Issuer, by separate agreement or otherwise).


 






    


     


    

 


“Proceeds”
means all “Proceeds” as such term is defined in Section 9-102(64) of the Code on the date hereof and, in any event,
shall include, without limitation, all dividends or other income from the Pledged Stock and the Partnership/LLC Interests, collections
thereon, proceeds of sale thereof or distributions with respect thereto.


 


“Security
Interests” means the security interests granted pursuant to Section 2 of the Pledge Agreement, as well as all other
security interests created or assigned as additional security for the obligations pursuant to the provisions of the Credit Agreement.


 


“Stock Collateral” means the Pledged
Stock and all Proceeds therefrom.


 


“Subsidiary”
means as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent
(50%) of the outstanding Capital Stock having ordinary voting power to elect a majority of the board of directors or other managers
of such corporation, partnership, limited liability company or other entity is at the time owned by or the management is otherwise
controlled by such Person (irrespective of whether, at the time, Capital Stock of any other class or classes of such corporation,
partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any
contingency). Unless otherwise qualified, references to “Subsidiary” or “Subsidiaries” herein shall refer
to those of the Debtor.


 


“Unrestricted
Subsidiary” means (a) any Subsidiary of the Debtor designated by the Debtor as an “Unrestricted Subsidiary”
pursuant to Section 8.14 of the Credit Agreement and (b) any direct or indirect Subsidiary of a Subsidiary described in the foregoing
clause (a).


 


“U.S. Person” means
any Person that is a “United States person” as defined in Section 7701(a)(30) of the IRS Code.


 


Capitalized terms
not otherwise defined herein shall have the meaning assigned thereto in the Credit Agreement. Where the context requires, terms
relating to the Collateral or any part thereof, when used in relation to the Debtor, shall refer to such Debtor’s Collateral
or the relevant part thereof. Capitalized terms defined in the Code and not otherwise defined herein shall have the meaning assigned
thereto in the Code.