AWARE INC /MA/ — Director's Dealing 2006

Feb 24, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AWARE INC /MA/ (awre)
CIK: 0001015739
Period of Report: 2006-02-22

Reporting Person: KRUSE ADRIAN F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-02-22	Stock option (right to buy)	$5.58	A	12500	Acquired	2010-02-22	Common stock (12500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common stock	10000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock option (right to buy)	$6.18	2015-02-16	common stock (20000)	20000	Direct
Stock option (right to buy)	$2.95	2014-09-08	Common stock (10000)	10000	Direct
Stock option (right to buy)	$3.27	2013-10-14	Common stock (25000)	25000	Direct

Footnotes

F1: Vests in 16 equal installments on the last day of each quarter from March 31, 2006 through December 31, 2009

F2: Vests in full on February 16, 2005

F3: 50% vests on September 8, 2004, the remaining 50% vests in 8 equal installments of 6.25% beginning as of December 31, 2004 until fully vested

F4: Vests in 16 equal quarterly installments of 6.25% beginning as of December 31, 2003 until fully vested