OneSpan Inc. — Director's Dealing 2009

Jan 9, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VASCO DATA SECURITY INTERNATIONAL INC (VDSI)
CIK: 0001044777
Period of Report: 2009-01-08

Reporting Person: HUNT T KENDALL (Director, Chief Executive Officer, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-01-08	Common Stock, $0.001 Par Value	A	29779	—	Acquired	8012141	Direct
2009-01-08	Common Stock, $0.001 Par Value	M	30000	$3.125	Acquired	8042141	Direct
2008-12-08	Common Stock, $0.001 Par Value	G	6500	—	Disposed	8035641	Direct
2008-12-08	Common Stock, $0.001 Par Value	G	2500	—	Disposed	8033141	Direct
2008-12-11	Common Stock, $0.001 Par Value	G	1000	—	Disposed	8032141	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-01-08	Option to Purchase Common Stock, $0.001 Par Value	$3.125	M	30000	Disposed	2009-01-11	Common Stock, $0.001 Par Value (30000)	Direct

Footnotes

F1: All shares acquired are restricted common stock. Restricted stock vests 25% each year on anniversary of date of grant. Restricted stock also vests fully at death, disability and retirement.