OneSpan Inc. — Director's Dealing 2012

Dec 5, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VASCO DATA SECURITY INTERNATIONAL INC (VDSI)
CIK: 0001044777
Period of Report: 2012-12-03

Reporting Person: CULLINANE MICHAEL P (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-03	Common Stock, $0.001 par value	M	20000	$0.72	Acquired	136694	Direct
2012-12-03	Common Stock, $0.001 par value	S	2900	$7.50	Disposed	133794	Direct
2012-12-03	Common Stock, $0.001 par value	S	1900	$7.51	Disposed	131894	Direct
2012-12-03	Common Stock, $0.001 par value	S	1300	$7.52	Disposed	130594	Direct
2012-12-03	Common Stock, $0.001 par value	S	589	$7.53	Disposed	130005	Direct
2012-12-03	Common Stock, $0.001 par value	S	711	$7.54	Disposed	129294	Direct
2012-12-03	Common Stock, $0.001 par value	S	600	$7.55	Disposed	128694	Direct
2012-12-03	Common Stock, $0.001 par value	S	700	$7.57	Disposed	127994	Direct
2012-12-03	Common Stock, $0.001 par value	S	800	$7.58	Disposed	127194	Direct
2012-12-03	Common Stock, $0.001 par value	S	900	$7.59	Disposed	126294	Direct
2012-12-04	Common Stock, $0.001 par value	S	1993	$7.50	Disposed	124301	Direct
2012-12-04	Common Stock, $0.001 par value	S	807	$7.51	Disposed	123494	Direct
2012-12-04	Common Stock, $0.001 par value	S	400	$7.52	Disposed	123094	Direct
2012-12-04	Common Stock, $0.001 par value	S	200	$7.53	Disposed	122894	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-03	Option to Purchase Common Stock, $0.001 par value	$0.72	M	20000	Disposed	2014-01-09	Common Stock, $0.001 par value (20000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to Purchase Common Stock, $0.001 par value	$2.55	2014-01-20	Common Stock, $0.001 par value (20000)	20000	Direct

Footnotes

F1: Option vests 25% at the first quarter end following grant date and each quarter thereafter.