Document:

Form of Award Agreement for Deferred Stock

 Exhibit 4.9 
 AWARD AGREEMENT FOR DEFERRED STOCK 
 UNDER THE 
 VASCO
DATA SECURITY INTERNATIONAL, INC. 
 2009 EQUITY
INCENTIVE PLAN 
 THIS AWARD AGREEMENT FOR DEFERRED STOCK (this “Agreement”)
is made as of                      201_ (the “Effective Date”), between VASCO DATA SECURITY INTERNATIONAL, INC. (the
“Company”) and                      (the “Grantee”), a non-employee director of the Company. 
 WHEREAS, the Company maintains the VASCO Data Security International, Inc. 2009 Equity Incentive Plan (the “Plan”) for the
benefit of its employees, directors, consultants, and other individuals who provide services to the Company; and 
 WHEREAS, the
Plan permits the issuance of shares of the Company’s Common Stock under various forms of award, subject to certain terms, conditions and restrictions; and 
 WHEREAS, to compensate the Grantee for his or her service as a director of the Company, the Company wishes to award the Grantee the right to receive a number of shares of Common Stock, subject to the
restrictions and on the terms and conditions contained in the Plan and this Agreement. 
 NOW, THEREFORE, in consideration of
these premises and the agreements set forth herein, the parties, intending to be legally bound hereby, agree as follows: 
 1.
Grant of Deferred Shares. The Company hereby grants to the Grantee an award of                  shares (the “Deferred Shares”) of the
Company’s common stock, par value of $.001 per share (the “Common Stock”) subject to the terms and conditions set forth herein and in the Plan and subject further to adjustment as provided in Section 3.3 of the
Plan. The Deferred Shares granted hereunder represent the unfunded and unsecured right to require the Company to deliver to the Grantee one share of Common Stock for each Deferred Share. The terms of the Plan are hereby incorporated into this
Agreement by this reference, as though fully set forth herein. Capitalized terms used but not defined herein will have the same meaning as defined in the Plan. 
 2. Vesting of Deferred Shares. The Deferred Shares are subject to forfeiture to the Company until they become nonforfeitable in accordance with this Section 2. 
 (a) Vesting. The Deferred Shares will become nonforfeitable on the first anniversary of the Effective Date (the
“Vesting Date”), provided that the Grantee has, from the date hereof, continuously served as a director of the Company through the Vesting Date. 
 (b) All Unvested Shares Forfeited Upon Cessation of Service. Subject to the remainder of this Section 2,
upon cessation of Grantee’s service as a director of the Company for any reason or for no reason (and whether such cessation is initiated by the Company, the Grantee or otherwise): 

 (i) any Deferred Shares that have not, prior to the effective date of such
cessation, become nonforfeitable will immediately and automatically, without any action on the part of the Company, be forfeited; and 
 (ii) the Grantee will have no further rights with respect to those Deferred Shares. 
 (c) Acceleration on Death or Disability. If the Grantee ceases to be a director of the Company by reason of the Grantee’s death or physical disability, all outstanding but unvested Deferred
Shares shall become immediately vested. The term “disability” means a medically determinable mental or physical impairment that, in the opinion of the Board, causes the Grantee to be unable to perform his or her duties as a director of the
Company. 
 (d) Acceleration upon a Change in Control. Upon a Change in Control of the Company, all
outstanding but unvested Deferred Shares shall become immediately vested and nonforfeitable. 
 3. No Voting Rights; Dividend
Equivalents. The Grantee shall have no rights as a shareholder of the Company with respect to the Deferred Shares subject to this Agreement (including the right to vote or receive dividends) until the underlying Common Stock is issued to the
Grantee in accordance with Section 4. The Grantee will not be entitled to receive cash payments representing any dividend equivalents paid or payable with respect to the Common Stock underlying the Deferred Shares. 
 4. Delivery of Common Stock Underlying Deferred Shares. The Company will deliver shares of Common Stock with respect to the Deferred
Shares to the Grantee within 10 business days upon the earliest to occur of: (i) the Grantee’s cessation of service as a director of the Company, or (ii) a Change in Control (as defined in the Plan), but only if such Change in Control
also constitutes a “change in control” of the Company within the meaning of Section 409A of the Code (in each case, the date of delivery of such shares is referred to as a “Delivery Date”). The Grantee may not elect
to defer the receipt of the shares of Common Stock underlying the Deferred Shares beyond the Delivery Date provided for in this Section 4. 
 5. Restrictions on Transfer. The Grantee may not sell, transfer, assign, pledge or otherwise encumber or dispose of the Deferred Shares subject to this Agreement until such time as the shares of
Common Stock underlying the Deferred Shares are issued to the Grantee in accordance with Section 4. The Grantee may designate beneficiaries to receive the shares of Common Stock underlying the Deferred Shares subject to this Agreement if
the Grantee dies before delivery of the shares of Common Stock by so indicating on a form supplied by the Company. If the Grantee fails to designate a beneficiary, such Common Stock will be delivered to the Grantee’s estate. 
 6. Tax Consequences. The Grantee acknowledges that the Company has not advised the Grantee regarding the Grantee’s income tax
liability in connection with the grant or vesting of the Deferred Shares or the delivery of the Common Stock underlying the Deferred Shares. The Grantee has reviewed with the Grantee’s own tax advisors the federal, state, local and foreign tax
consequences of this investment and the transactions contemplated by this Agreement. The Grantee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Grantee understands that the
Grantee (and not the Company) shall be responsible for the Grantee’s own tax liability that may arise as a result of the transactions contemplated by this Agreement. 
  

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 7. Securities Laws. The Company may from time to time impose any conditions on the
Deferred Shares or the shares of Common Stock underlying the Deferred Shares as it deems necessary or advisable to ensure that the Plan satisfies the conditions of Rule 16b-3 or other applicable laws. 
 8. General Provisions. 
 (a) This Agreement, together with the Plan, represent the entire agreement between the parties with respect to the purchase of the Deferred Shares and may only be modified or amended in a writing signed
by both parties. 
 (b) Any notice, demand or request required or permitted to be given by either the Company or
the Grantee pursuant to the terms of this Agreement shall be in writing and shall be deemed given on the date and at the time delivered via personal, courier or recognized overnight delivery service or, if sent via telecopier, on the date and at the
time telecopied with confirmation of delivery or, if mailed, on the date five days after the date of the mailing (which shall be by regular, registered or certified mail). Delivery of a notice by telecopy (with confirmation) shall be permitted and
shall be considered delivery of a notice notwithstanding that it is not an original that is received. Any notice to Grantee under this Agreement shall be made to Grantee at the address listed in the Company’s personnel files. If directed to the
Company, any such notice, demand or request shall be sent to the Company’s principal executive office, c/o the Company’s Secretary, or to such other address or person as the Company may hereafter specify in writing. 
 (c) The Company may condition delivery of certificates for the shares of Common Stock underlying the Deferred Shares upon the
prior receipt from Grantee of any undertakings which it may determine are required to assure that the certificates are being issued in compliance with federal and state securities laws. 
 (d) The Grantee has received a copy of the Plan, has read the Plan and is familiar with its terms, and hereby accepts the
Deferred Shares subject to all of the terms and provisions of the Plan, as amended from time to time. Pursuant to the Plan, the Board and the Committee are authorized to interpret the Plan and to adopt rules and regulations not inconsistent with the
Plan as they deem appropriate. The Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board and the Committee upon any questions arising under the Plan. 
 (e) The award of Deferred Shares granted hereunder is intended to comply with the requirements of Section 409A of the
Code (“Section 409A”). Notwithstanding the foregoing, the Grantee hereby agrees that the Board and/or the Company may, without the prior consent of the Grantee, modify or amend the terms of the this Agreement in any manner it deems
reasonably necessary in its discretion, in order to ensure that the award of Deferred Shares granted hereunder is not subject to any additional taxes or penalties for failing to comply with the requirements of Section 409A of the Code and any
regulations or other authority issued thereunder by the appropriate government authority. 
  

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 (f) If any payment, compensation or other benefit provided to the Grantee in
connection with his termination of employment or services is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Grantee is a specified employee as defined in
Section 409A(2)(B)(i), no part of such payments shall be paid before the day that is six months plus one day after the termination date (the “New Payment Date”). The aggregate of any payments that otherwise would have been paid
to the Grantee during the period between the termination date and the New Payment Date shall be paid to the Grantee in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New
Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement. 
 (g) Neither this Agreement nor any rights or interest hereunder shall be assignable by the Grantee, his beneficiaries or legal representatives, and any purported assignment in violation hereof shall be
null and void. 
 (h) Either party’s failure to enforce any provision or provisions of this Agreement shall
not in any way be construed as a waiver of any such provision or provisions, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted both parties herein are cumulative and shall not
constitute a waiver of either party’s right to assert all other legal remedies available to it under the circumstances. 
 (i) The grant of Deferred Shares hereunder will not confer upon the Grantee any right to continue in service with the Company or any of its subsidiaries. 
 (j) This Agreement shall be governed by, and enforced in accordance with, the laws of the State of Delaware, without regard
to the application of the principles of conflicts or choice of laws. 
 (k) This Agreement may be executed,
including execution by facsimile signature, in one or more counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument. 
 [Signature Page Follows] 
  

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 SIGNATURE PAGE TO 
 AWARD AGREEMENT FOR DEFERRED STOCK 
 IN WITNESS
WHEREOF, the parties have duly executed this Award Agreement intending it to be effective as of the first date written above. 
  

			
	VASCO DATA SECURITY INTERNATIONAL, INC.
		
	By:	 	 
		
	Its:	 	 
	
	 
	[Grantee]

  

 -5-Form of Award Agreement for Restricted Shares

 Exhibit 4.10 
 AWARD AGREEMENT FOR RESTRICTED SHARES 
 UNDER THE

 VASCO DATA SECURITY INTERNATIONAL, INC. 
 2009 EQUITY INCENTIVE PLAN 
 THIS AWARD AGREEMENT FOR RESTRICTED
SHARES (this “Agreement”) is made as of                      201_ (the “Effective Date”), between VASCO
DATA SECURITY INTERNATIONAL, INC. (the “Company”) and                      (the “Grantee”). 
 WHEREAS, the Company maintains the VASCO Data Security International, Inc. 2009 Equity Incentive Plan (as amended, the
“Plan”) for the benefit of its employees, directors, consultants, and other individuals who provide services to the Company; and 
 WHEREAS, to compensate the Grantee for his service to the Company and to further align the Grantee’s personal financial interests with those of the Company’s shareholders, the Company
wishes to award the Grantee a number of shares of Common Stock (as defined below), subject to the restrictions and on the terms and conditions contained in the Plan and this Agreement. 
 NOW, THEREFORE, in consideration of these premises and the agreements set forth herein, the parties, intending to be legally bound
hereby, agree as follows: 
 1. Grant of Restricted Shares. The Company hereby grants to the Grantee an award of
                     shares (the “Awarded Shares”) of the Company’s common stock, par value of $0.001 per share (the
“Common Stock”), subject to the terms and conditions set forth in this Agreement and in the Plan. The terms of the Plan are hereby incorporated into this Agreement by this reference, as though fully set forth herein. Capitalized
terms used but not defined in this Agreement have the meanings set forth in the Plan. 
 2. Vesting of Awarded Shares. Subject to
Section 11, the Awarded Shares are subject to forfeiture to the Company until they become vested in accordance with this Section 2. 
 (a) Subject to Section 11, Awarded Shares will become vested in accordance with the following schedule, provided that on each vesting date, the Grantee has, from the date hereof, continuously
provided services to the Company or a subsidiary: 
 (i) 25% of the Awarded Shares will vest on the first anniversary date of the
Effective Date; 
 (ii) An additional 25% of the Awarded Shares will vest on the second anniversary date of the Effective Date;

 (iii) An additional 25% of the Awarded Shares will vest on the third anniversary date of the Effective Date; and 

(iv) The final 25% of the Awarded Shares will vest on the fourth anniversary date of the Effective Date. 

 (b) In the event of the Grantee’s termination of employment for reasons other than
(i) quit without Good Reason or (ii) Cause, during the one-year following a Change in Control, 100% of the Awarded Shares will become vested immediately prior to (and contingent on) such termination of employment. 
 (c) If the Grantee’s service with the Company ceases by reason of the Grantee’s death or Disability, 100% of the Awarded Shares
will become vested immediately prior to (and contingent on) the occurrence of such death or Disability. Notwithstanding the foregoing, a Disability will not qualify if it is the result of (A) a willfully self-inflicted injury or willfully
self-induced sickness; or (B) an injury or disease contracted, suffered, or incurred while participating in a criminal offense. The determination of Disability will be made by the Committee. The determination of Disability for purposes of this
Agreement shall not be construed to be an admission of disability for any other purpose. 
 (d) Except as provided in Sections
2(b) and 2(c), upon cessation of the Grantee’s service with the Company for any reason or for no reason (and whether such cessation is initiated by the Company, the Grantee or otherwise): (i) any Awarded Shares that have not,
prior to such cessation, become vested will immediately and automatically, without any action on the part of the Company, be forfeited, and (ii) the Grantee shall have no further rights with respect to those Awarded Shares. 
 (e) Solely for purposes of this Agreement, service with the Company shall be deemed to include service with any subsidiary of the Company
(for only so long as such entity remains a subsidiary). 
 3. Escrow of Shares. 
 (a) Certificates evidencing the Awarded Shares issued under this Agreement shall be held in escrow by the Secretary of the Company or his or
her designee (the “Escrow Holder”) (or, if the Awarded Shares are not certificated, shall be entered in the stock record books of the Company as held in escrow by the Escrow Holder) until such Awarded Shares are vested in accordance
with Section 2, at which time, the Escrow Holder shall deliver such certificates representing the Awarded Shares to the Grantee (or, if the Awarded Shares are not certificated, the Awarded Shares shall be entered in the stock record
books of the Company as held and owned by the Grantee); provided, however, that no certificates for Awarded Shares will be delivered to the Grantee (or, if the Awarded Shares are not certificated, no transfer of the Awarded Shares will
be entered in the stock record books of the Company) until appropriate arrangements have been made with the Company for the withholding or payment of any taxes that may be due with respect to such Awarded Shares. 
 (b) If any of the Awarded Shares are forfeited by the Grantee under Section 2, upon request by the Company, the Escrow Holder
will deliver any stock certificate(s) evidencing those Awarded Shares to the Company (or, if the Awarded Shares are not certificated, such forfeiture will be entered in the stock record books of the Company), and the Company will then have the right
to retain and transfer those Awarded Shares to its own name free and clear of any rights of the Grantee under this Agreement or otherwise. 
  

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 (c) The Escrow Holder is hereby directed to permit transfer of the Awarded Shares only in
accordance with this Agreement or in accordance with instructions signed by both parties hereto. In the event further instructions are reasonably desired by the Escrow Holder, he or she will be entitled to conclusively rely upon directions executed
by a majority of the members of the Board. The Escrow Holder will have no liability for any act or omissions hereunder while acting in good faith in the exercise of his or her own judgment. 
 4. Stock Splits, etc. If, while any of the Awarded Shares remain subject to vesting under Section 2, there occurs any merger,
consolidation, reorganization, reclassification, recapitalization, stock split, stock dividend, or other similar change in the Common Stock, then any and all new, substituted or additional securities or other consideration to which the Grantee is
entitled by reason of the Grantee’s ownership of the Awarded Shares will be immediately subject to the escrow contemplated by Section 3, deposited with the Escrow Holder and will thereafter be included in the term “Awarded
Shares” for all purposes of the Plan and this Agreement. 
 5. Dividends and Distributions During Restricted Period. The
Grantee will have the right to receive dividends and distributions with respect to the Awarded Shares; provided, however, that any cash dividends or distributions paid in respect of the Awarded Shares while those Shares remain subject
to forfeiture will become vested and delivered to the Grantee only if and when the Awarded Shares giving rise to such dividends or distributions become vested under Section 2. 
 6. Tax Consequences. The Grantee acknowledges that the Company has not advised the Grantee regarding the Grantee’s income tax liability
in connection with the grant, receipt or vesting of the Awarded Shares. The Grantee has reviewed with the Grantee’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by
this Agreement. The Grantee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Grantee understands that the Grantee (and not the Company) will be responsible for the
Grantee’s own tax liability that may arise as a result of the transactions contemplated by this Agreement. 
 7. Restrictions on
Unvested Awarded Shares. Except for the escrow described in Section 3 or the forfeiture of Awarded Shares to the Company described in Section 2, the Grantee may not sell, pledge, assign, encumber, hypothecate, gift,
transfer, bequeath, devise, donate or otherwise dispose of, in any way or manner whatsoever, whether voluntary or involuntary, any legal or beneficial interest in any of the Awarded Shares until the Awarded Shares become vested in accordance with
Section 2. 
 8. Legend. Share certificates evidencing Awarded Shares will bear the following legend to be placed on
all certificates evidencing any Awarded Shares (in addition to any other legends that may be required to be placed on such certificates pursuant to the Plan, applicable law or otherwise): 
  

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 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO
THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE VASCO DATA SECURITY INTERNATIONAL, INC. 2009 EQUITY INCENTIVE PLAN AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND VASCO DATA SECURITY INTERNATIONAL, INC. COPIES OF SUCH PLAN AND
AGREEMENT ARE ON FILE IN THE PRINCIPAL OFFICES OF VASCO DATA SECURITY INTERNATIONAL, INC. AND WILL BE MADE AVAILABLE TO ANY SHAREHOLDER WITHOUT CHARGE UPON REQUEST TO THE SECRETARY OF THE COMPANY. 
 Upon request by the Grantee, following vesting of the Awarded Shares pursuant to Section 2, the Company will remove the legend from the
certificates evidencing such vested Awarded Shares. 
 9. Rights of Grantee. Prior to the Awarded Shares becoming vested in
accordance with Section 2, with respect to the Awarded Shares, Grantee will have all of the rights of a shareholder of the Company, including the right to vote the Awarded Shares and the right to receive any distributions or dividends
payable on Shares, subject to the reinvestment and forfeiture provisions of the Plan and to Sections 4 and 5. 
 10.
Securities Laws. The Company may from time to time impose any conditions on the Awarded Shares as it deems necessary or advisable to ensure that the Plan satisfies the conditions of Rule 16b-3 adopted under the Securities and Exchange Act
of 1934 and otherwise complies with applicable rules and laws. 
 11. Recoupment of Awarded Shares. Notwithstanding anything in
this Agreement to the contrary, if the Company determines that the Grantee’s Wrongful Act was a significant contributing factor to the Company or a subsidiary having to restate all or a portion of its financial statements, all outstanding
Awarded Shares will immediately and automatically be forfeited and the Grantee shall promptly repay to the Company any Common Stock, cash or other property paid in respect of any Awarded Share during the Recoupment Period. 
 12. General Provisions 
 (a) This Agreement, together with the Plan, represent the entire agreement between the parties with respect to the purchase of the Awarded Shares and may only be modified or amended in a writing signed by both parties. 
 (b) Any notice, demand or request required or permitted to be given by either the Company or the Grantee pursuant to the terms of this
Agreement must be in writing and will be deemed given (i) on the date and at the time delivered via personal, courier or recognized overnight delivery service, (ii) if sent via telecopier on the date and at the time telecopied with
confirmation of delivery, (iii) if sent via email or other electronic delivery and receipt is confirmed, on the date and at the time received, or (iv) if mailed, on the date five days after the date of the mailing (which must be by
registered or certified mail). Delivery of a notice by telecopy (with confirmation) or by email or other electronic delivery (with confirmation or receipt) will be permitted and will be considered delivery of a notice notwithstanding that it is not
an original that is received. Any notice to Grantee under this Agreement will be made to Grantee at the address (or telecopy number, email or other electronic address, as the case may be) listed in the Company’s personnel files. If directed to
the Company, any such notice, demand or request will be sent to the Chairman of the Committee at the Company’s principal executive office, or to such other address or person as the Company may hereafter specify in writing. Any notice to the
Escrow Holder will be sent to the Company’s address, with a copy to the other party not sending the notice. 
  

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 (c) The Company may condition delivery of certificates for Awarded Shares (or, if the
Awarded Shares are not certificated, the entry in the stock record books of the Company of the transfer to the Grantee of the Awarded Shares) upon the prior receipt from Grantee of any undertakings which it may determine are required to assure that
the certificates are being issued in compliance with federal and state securities laws. 
 (d) The Grantee has received a copy of
the Plan, has read the Plan and is familiar with its terms, and hereby accepts the Awarded Shares subject to all of the terms and provisions of the Plan, as amended from time to time. Pursuant to the Plan, the Board and the Committee are authorized
to interpret the Plan and to adopt rules and regulations not inconsistent with the Plan as they deem appropriate. The Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board or the Committee
upon any questions arising under the Plan. 
 (e) Neither this Agreement nor any rights or interest hereunder will be assignable
by the Grantee, the Grantee’s beneficiaries or legal representatives, and any purported assignment in violation hereof will be null and void. 
 (f) Either party’s failure to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions, nor prevent that party thereafter
from enforcing each and every other provision of this Agreement. The rights granted both parties herein are cumulative and will not constitute a waiver of either party’s right to assert all other legal remedies available to it under the
circumstances. 
 (g) The grant of Awarded Shares hereunder does not confer upon the Grantee any right to continue in service
with the Company or any of its subsidiaries. 
 (h) The Awarded Shares and any related dividends or distributions are intended to
be exempt from the requirements of Internal Revenue Code Section 409A. 
 (i) This Agreement shall be governed by, and
enforced in accordance with, the laws of the State of Delaware, without regard to the application of the principles of conflicts or choice of laws. 
 (j) This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument. In the event that
any signature to this Agreement is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 
  

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 [Signature Page Follows] 
  

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 [SIGNATURE PAGE TO AWARD AGREEMENT FOR RESTRICTED SHARES] 
 IN WITNESS WHEREOF, the parties have duly executed this Award Agreement intending it to be effective as of the first date written
above. 
  

			
	VASCO DATA SECURITY INTERNATIONAL, INC.
		
	By:	 	 
		
	Its:	 	 
	
	 
	[Grantee]

  

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