Rupal Hollenbeck
BLACKBAUDAbout Rupal S. Hollenbeck
Independent director of Blackbaud, Inc. since December 2022; Age 53; Class A director with term expiring in 2026. She is President of Check Point Software Technologies and previously served on Check Point’s board (Jan 2021–Mar 2022). Education: BS in Finance and International Studies (Boston College) and MBA in International Management (Thunderbird/ASU). Core credentials span cybersecurity, AI hardware, and global enterprise leadership; she serves on Blackbaud’s Nominating & Corporate Governance Committee (NCGC) and has Risk Oversight Committee experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Check Point Software Technologies | President | Mar 2022–present | Leads global cybersecurity provider . |
| Cerebras Systems | VP & Chief Marketing Officer | Mar 2021–Mar 2022 | AI hardware go-to-market . |
| Check Point Software Technologies | Director | Jan 2021–Mar 2022 | Board experience in cybersecurity . |
| Oracle Corporation | SVP & Chief Marketing Officer | Sep 2018–Jan 2020 | Global enterprise software leadership . |
| Intel Corporation | Corporate VP; GM roles incl. Global Data Center Sales and Intel China | ~23 years | Senior leadership across data center and China ops . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Asian Pacific Fund (non-profit) | Director | Ongoing | Community impact governance . |
| Neythri (non-profit) | Founding member | Ongoing | Professional advancement of South Asian women . |
| Neythri Futures Fund (VC) | Founding limited partner | Ongoing | Early-stage investing network . |
Board Governance
- Independence: Determined independent under Nasdaq rules; Board is 88.9% independent; independent Chairman (Andrew M. Leitch) and 100% independent committees .
- Committee assignments: Member, Nominating & Corporate Governance Committee (NCGC); also listed on Risk Oversight Committee during 2024 .
- Attendance/engagement: All current directors attended at least 75% of Board and committee meetings in 2024; all directors attended the 2024 annual meeting; Board held 11 meetings in 2024 .
- Executive sessions: Independent directors meet in regular executive sessions without management .
- ESG and cybersecurity oversight: NCGC oversees governance and ESG; Risk Oversight Committee covers cybersecurity risk management and IT security .
Fixed Compensation
Director compensation is a mix of cash and equity; no meeting fees. For 2024, annual cash retainer was $60,000 plus committee fees; annual equity awards were RSAs (~$235,000 grant-date value) vesting over one year or at term end if not standing for re-election .
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $75,000 | $70,000 |
| Stock Awards ($) | $241,725 | $239,639 |
| Total ($) | $316,725 | $309,639 |
RSA grant detail:
- 8/1/2023: 3,220 RSAs; grant-date fair value $241,725 .
- 8/1/2024: 3,066 RSAs; grant-date fair value $239,639 .
Performance Compensation
- Directors do not receive performance-based equity or options; 2024 director awards were time-based RSAs; Blackbaud did not grant options to directors in 2023 or 2024 .
Other Directorships & Interlocks
| Company | Public Company Board? | Role | Potential Interlock |
|---|---|---|---|
| Check Point Software Technologies | No current board (prior director 2021–2022) | President | No Blackbaud-related party transactions disclosed . |
| Asian Pacific Fund | Non-profit | Director | None . |
- Proxy disclosures report no related-party transactions ≥$120,000 since Jan 1, 2024 (and since Jan 1, 2023 in prior year) involving directors or their affiliates, reducing conflict risk .
Expertise & Qualifications
- Cybersecurity and technology leadership; AI hardware knowledge; global business operations (Intel China; global data center) .
- Governance and ESG engagement via NCGC; community non-profit board roles .
Equity Ownership
Director stock ownership guidelines: accumulate $100,000 within 3 years of first annual RSA; $200,000 after 5 years; directors should not dispose of vested RSAs until targets met, except for tax .
| Metric | 12/31/2023 | 12/31/2024 |
|---|---|---|
| Shares/RSAs Owned | 5,530 | 6,796 |
| Value of Shares/RSAs Owned | $479,451 | $502,360 |
| Ownership Requirement Status | Not required (under 3 years); achieved ~5x three-year requirement | Not required (under 3 years); achieved ~5x three-year requirement |
| Beneficial Ownership (shares; % of outstanding) | 5,530; <1% | 6,796; <1% |
- Hedging/pledging: Company policy prohibits hedging and pledging by directors and Section 16 officers, supporting alignment and risk management .
- Insider trading policy: Formal policy governing director transactions .
Governance Assessment
- Alignment: Strong independence; no material related-party ties; meaningful RSA ownership well above early-stage guideline, signaling alignment without leverage/pledging .
- Committee effectiveness: NCGC membership places her at the center of board refresh, ESG oversight, and governance practices; ROC participation supports cybersecurity oversight congruent with her expertise .
- Engagement: Board held 11 meetings; directors met attendance thresholds; independent executive sessions occur regularly, reinforcing oversight .
- Compensation structure: Director pay is conservative (cash + time-based RSAs; no options), reducing pay-for-performance controversy risk at the board level .
- Shareholder signals: High Say-on-Pay support (approx. 95% in 2024) and strong approval again in 2025 suggest investor confidence in compensation governance and board oversight .
RED FLAGS
- None disclosed: No related-party transactions; no hedging/pledging; no meeting attendance issues; no option repricing; committees fully independent .
Additional Signals
- Compensation Committee uses an independent consultant (Compensia) and enforces clawback policies for executive incentive compensation; while not director-specific pay, these practices reflect board’s governance rigor .
Say-on-Pay & Shareholder Feedback
- 2024 Annual Meeting: 35,669,762 For; 1,952,037 Against; 24,139 Abstentions; robust approval (Company cites ~95%) .
- 2025 Annual Meeting: 33,452,935 For; 1,761,428 Against; 9,839,395 Abstentions; continued strong support .
Committee Assignments, Chair Roles, and Meetings
| Committee | Role | Chair | 2024 Meetings |
|---|---|---|---|
| Nominating & Corporate Governance | Member | Andrew M. Leitch | 4 . |
| Risk Oversight | Member (listed during 2024) | Deneen M. DeFiore | 4 . |
- Audit and Compensation Committees chaired by independent directors (Audit: Kristian P. Talvitie; Compensation: Sarah E. Nash) and fully independent membership .
Director Compensation Detail (Structure)
| Component | Description |
|---|---|
| Annual Cash Retainer | $60,000 (paid quarterly) . |
| Committee Member Fees | Audit $15,000; Compensation $10,000 ($15,000 effective 1/1/2025); NCGC $10,000; Risk Oversight $10,000 . |
| Committee Chair Fees | Audit $30,000; Compensation $25,000; NCGC $15,000 ($20,000 effective 1/1/2025); Risk Oversight $20,000 . |
| Equity | ~ $235,000 RSAs; vest in full on first anniversary if serving, or at term end if retiring/not standing; voting rights attached to RSAs . |
| Meeting Fees | None . |
Related Party Transactions & Conflicts
- Audit Committee reviews related-person transactions; standard that terms be no less favorable than arm’s length; none ≥$120,000 since Jan 1, 2024 reported .
- Prohibition on stock option exchanges/repricing without shareholder approval; prohibition on hedging and pledging by directors, further mitigating conflict and risk .
Citations:
- Independence, committees, board structure and meetings: **[1280058_0001280058-25-000017_blkb-20250421.htm:5]** **[1280058_0001280058-25-000017_blkb-20250421.htm:6]** **[1280058_0001280058-25-000017_blkb-20250421.htm:16]** **[1280058_0001280058-25-000017_blkb-20250421.htm:18]** **[1280058_0001280058-25-000017_blkb-20250421.htm:19]** **[1280058_0001280058-25-000017_blkb-20250421.htm:27]**
- Biography, age, tenure, education: **[1280058_0001280058-25-000017_blkb-20250421.htm:13]** **[1280058_0001280058-24-000032_blkb-20240423.htm:14]** **[1280058_0001280058-24-000032_blkb-20240423.htm:15]**
- Director compensation program and amounts: **[1280058_0001280058-25-000017_blkb-20250421.htm:22]** **[1280058_0001280058-24-000032_blkb-20240423.htm:26]**
- RSA grant counts/values: **[1280058_0001280058-25-000017_blkb-20250421.htm:22]** **[1280058_0001280058-24-000032_blkb-20240423.htm:26]**
- Ownership guidelines and compliance: **[1280058_0001280058-25-000017_blkb-20250421.htm:23]** **[1280058_0001280058-24-000032_blkb-20240423.htm:27]**
- Beneficial ownership totals: **[1280058_0001280058-25-000017_blkb-20250421.htm:30]** **[1280058_0001280058-24-000032_blkb-20240423.htm:33]**
- Prohibitions on hedging/pledging and insider trading policy: **[1280058_0001280058-25-000017_blkb-20250421.htm:6]** **[1280058_0001280058-25-000017_blkb-20250421.htm:28]**
- Related-party transaction policy/no transactions: **[1280058_0001280058-25-000017_blkb-20250421.htm:24]** **[1280058_0001280058-24-000032_blkb-20240423.htm:27]**
- Say-on-Pay results: **[1280058_0001280058-24-000046_blkb-20240612.htm:1]** **[1280058_0001280058-25-000035_blkb-20250611.htm:1]** and company summary **[1280058_0001280058-25-000017_blkb-20250421.htm:34]**
- Committee chairs: **[1280058_0001280058-25-000017_blkb-20250421.htm:12]** **[1280058_0001280058-25-000017_blkb-20250421.htm:14]** **[1280058_0001280058-25-000017_blkb-20250421.htm:19]**