Insider Trades - CULLINANE MICHAEL P

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CULLINANE MICHAEL P: Declared Holdings
Company/Relationship	Reported	Shares	Ownership
VASCO Data Security Internation Director NasdaqCM:VDSI (historical quotes, profile, SEC, other insiders)	7-Jan-10	64,124	Direct

Insider & restricted shareholder transactions reported over the last two years
Date Shares Stock Transaction
7-Jan-10 13,677 VDSI Acquisition (Non Open Market) at $0 per share.
9-Jan-09 8,000 VDSI Option Exercise at $3.13 per share.
(Cost of $25,040)
8-Jan-09 10,408 VDSI Acquisition (Non Open Market) at $0 per share.
24-Mar-08 8,000 VDSI Option Exercise at $5.56 per share.
(Cost of $44,480)
29-Feb-08 10,000 VDSI Purchase at $11.21 - $11.28 per share.
(Cost of about $112,000)

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Insider & restricted shareholder transactions reported over the last two years
Date	Shares	Stock	Transaction
7-Jan-10	13,677	VDSI	Acquisition (Non Open Market) at $0 per share.
9-Jan-09	8,000	VDSI	Option Exercise at $3.13 per share. (Cost of $25,040)
8-Jan-09	10,408	VDSI	Acquisition (Non Open Market) at $0 per share.
24-Mar-08	8,000	VDSI	Option Exercise at $5.56 per share. (Cost of $44,480)
29-Feb-08	10,000	VDSI	Purchase at $11.21 - $11.28 per share. (Cost of about $112,000)