OneSpan Inc. — Director's Dealing 2011

Oct 27, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VASCO DATA SECURITY INTERNATIONAL INC (VDSI)
CIK: 0001044777
Period of Report: 2011-10-25

Reporting Person: CULLINANE MICHAEL P (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-25	Common Stock, $0.001 par value	M	10000	$1.25	Acquired	84884	Direct
2011-10-25	Common Stock, $0.001 par value	M	18000	$2.27	Acquired	102884	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-25	Option to Purchase Common Stock, $0.001 par value	$1.25	M	10000	Disposed	2011-10-30	Common Stock, $0.001 par value (10000)	Direct
2011-10-25	Option to Purchase Common Stock, $0.001 par value	$2.27	M	18000	Disposed	2012-01-09	Common Stock, $0.001 par value (18000)	Direct