Document:

Employment Agreement Amendment

 Exhibit 10.1 
 VASCO DATA SECURITY INTERNATIONAL, INC. 
 EMPLOYMENT AGREEMENT AMENDMENT 
 WHEREAS, VASCO Data Security International, Inc. a Delaware corporation (the “Company”) entered into an Employment Agreement (the
“Original Agreement”), dated January 1, 2005, with JAN VALCKE (“Executive”); and 
 WHEREAS, the Company and
Executive would like to amend the Original Agreement to mirror the employment agreements of similarly situated executives whose employment agreements were amended to comply with applicable provisions of Section 409A of the Internal Revenue Code
of 1986, as amended; 
 NOW, THEREFORE, Executive and the Company hereby agree to amend the Original Agreement, effective December 31, 2008 (the
“Effective Date”), as follows: 
  

	1.	Section 4(b) of the Original Agreement is revised by adding the following sentence at the end thereof: 

 Any such incentive compensation shall be paid to Executive in accordance with the terms of the governing incentive plan document. 
  

	2.	Section 6 of the Original Agreement is revised by adding the following new subsection (e) at the end thereof: 

 (e) Payments to Executive as a Specified Employee. In the event of any payments to Executive after a termination of employment, as described in sections
(a)(iii) and (b)(ii) above and in Section 7 while Executive is a “specified employee” (as defined in U.S. Internal Revenue Code Section 409A), no payments will be made to Executive during the first six months following his
separation from service date. 
  

	3.	Section 7(a) of the Original Agreement is revised by substituting the following therefor: 

 (a) For purposes hereof, a “Section 7 Termination” will have occurred if Executive’s employment is terminated by the Company other than for
Cause or by Executive for Good Reason (as defined in Section 6(b)(ii)) within two years following the occurrence of a Change in Control of VASCO Data Security International, Inc. (the “Parent Company”) or the Company. Any payments
made due to a Section 7 Termination must be on account of Executive’s termination of employment and shall be subject to Section 6(e). 
  

	4.	Section 7(b) of the Original Agreement is revised by substituting the following therefor: 

 (b) “Change in Control” has the meaning set forth in the VASCO Data Security International, Inc. 2009 Equity Incentive Plan. 
  

	5.	Section 7(c) of the Original Agreement is revised by substituting the following therefor: 

 (c) If a Section 7 Termination occurs, the Company shall pay Executive, as severance compensation, his Base Salary and Incentive Compensation at the
rate then in effect for the period set forth in Exhibit A, from the date of Executive’s termination from employment. Subject to Section 6(e), such payment will be made within 90 days following Executive’s termination of employment
date and will be made in a lump sum payment equal to the present value of the stream of monthly payments due. For purposes of this computation, present value will be calculated on the basis of the prime rate of interest announced by the
Company’s principal bank, or if it has no principal bank, as published in The Wall Street Journal on the business day immediately preceding the payment. 
  

	6.	Section 7(d) of the Original Agreement is deleted in its entirety. 

 All other terms, conditions and provisions of the Original Agreement not herein modified shall remain unchanged and in full force and effect. 
 This Employment Agreement Amendment may be executed in one or more counterparts, and each such counterpart shall be deemed an original, but all such
counterparts together shall constitute but one Employment Agreement Amendment. In the event that any signature to this Employment Agreement Amendment 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.

 SIGNATURE PAGE TO EMPLOYMENT AGREEMENT AMENDMENT 
 IN WITNESS WHEREOF, the Company and Executive have caused this Employment Agreement Amendment to be executed effective as of the Effective Date.

  

					
	VASCO DATA SECURITY INTERNATIONAL, INC.	  	EXECUTIVE
			
	 By:
	 	 /s/ T. Kendall Hunt
	  	 /s/ Jan Valcke

		 		  	JAN VALCKE
	 Its:
	 	 Chief Executive Officer and ChairmanBristol-Myers Squibb Company 1987 Deferred Compensation Plan

 Exhibit 10.1 
 BRISTOL-MYERS SQUIBB COMPANY 
 1987 DEFERRED COMPENSATION PLAN 
 FOR NON-EMPLOYEE DIRECTORS 
 AMENDED EFFECTIVE JUNE 10, 2008 
  

	 	Section 1.	Effective Date. 

 The effective date of this
Bristol-Myers Squibb Company 1987 Deferred Compensation Plan for Non-Employee Directors (the “Plan”) is January 20, 1987, except the provisions of Section 12 are effective as of January 1, 2005. 
  

	 	Section 2.	Eligibility. 

 Any Director of Bristol-Myers Squibb
Company (the “Company”) who is not an officer or employee of the Company or a subsidiary thereof is eligible to participate in the Plan. 
  

	 	Section 3.	Deferred Compensation Account. 

 There shall be
established on the books of the Company for each participant a deferred compensation account in the participant’s name. At the time a participant commences participation in the Plan, he or she shall elect to have the amounts deferred under
Section 4 credited to his or her account among the notional investments described below. In accordance with the procedures set forth by the Corporate Secretary’s Office of the Company, (i) a participant may elect to change the
allocation of future deferrals among the notional investments, and (ii) during the deferral period, a participant may reallocate amounts previously deferred among the notional investments. 
  

	 	(a)	Treasury Units. The amount credited to a participant’s deferred compensation account as Treasury Units shall be credited with interest at a rate equal to six-month
United States Treasury bill yield for the end of the calendar quarter. 

	 	(b)	Dollar Units. The amount credited to a participant’s deferred compensation account as Dollar Units shall be credited with interest at a rate that is equal to the
Company’s weighted average return on cash investment during the current calendar quarter. 

	 	(c)	Share Units. 

	 	i.	The amount credited to a participant’s deferred compensation account as Share Units shall be credited in shares of the Company’s common stock equal to the number of shares
of the Company’s common stock which could have been purchased with the amounts deferred determined by dividing the dollar value of the amounts deferred by the Fair Market Value of a share of the Company’s common stock on the effective date
of such deferral. 

	 	ii.	Upon payment by the Company of dividends on its common stock, additional Share Units shall be credited to a participant’s deferred compensation account equal to the number of
Share Units in the participant’s account as of the record date multiplied by the amount paid per share in such dividend or distribution divided by the Fair Market Value of a share of common stock at the payment date of such dividend. For
purposes of this Plan, “Fair Market Value” shall mean the average of the high and low sale prices of a share of the company’s common stock on the New York Stock Exchange composite tape on the date of measurement or, if there were no
trades on such date, on the day on which a trade occurred last preceding such date. 

  

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	 	iii.	The amount of Share Units in a participant’s deferred compensation account shall be adjusted to take into account a merger, consolidation, reorganization, recapitalization,
stock split or other change in corporate structure or capitalization affecting the Company’s common stock, with such adjustment to preserve without enlarging the rights of a participant with respect to such Share Units. The manner of such
adjustment shall be in the discretion of the Corporate Secretary’s Office of the Company. 

  

	 	Section 4.	Participant Deferrals. 

  

	 	(a)	Mandatory Deferrals. The Board of Directors shall determine the number of Share Units payable, as of February 1 of each year, to the participant for membership on the
Board of Directors. A new member of the Board of Directors who is eligible to participate in the Plan shall receive, on the date the Director joins the Board, a pro-rata number of Share Units based on the number of Share Units payable to
participants as of the prior February 1. For this purpose, the prorata portion shall be determined in accordance with the procedures set forth by the Corporate Secretary’s Office of the Company. Such Share Units shall be deferred and
credited to such participant’s deferred compensation account pursuant to Section 3. In addition, twenty-five (25) percent of the retainer fee payable to the participant for membership on the Board of Directors shall be deferred and
credited to such participant’s deferred compensation account as Share Units until the end of the earliest calendar year at which the participant has met a guideline level of Share Unit or Company common stock ownership as determined by the
Board of Directors and then in effect. 

	 	(b)	Elective Deferrals. A participant may elect, by filing the appropriate form pursuant to Section 8, to defer receipt for any calendar year of either (1) all of the
compensation payable to the participant for serving on the Board of Directors and any committee thereof, (2) only the retainer fee payable to the participant for service on the board of directors, or (3) any percentage, equal to or
exceeding twenty-five percent of the compensation payable to the participant specified in clause (1) hereof. 

	 	(c)	Discretionary Deferrals. The Board of Directors may, in its sole discretion, provide additional compensation to eligible directors in the form of Share Units, with such Share
Units being deferred and credited to the participant’s deferred compensation account pursuant to Section 3. 

  

	 	Section 5.	Period of Deferral. 

 A participant may elect to
defer receipt of compensation either (1) until a specified year in the future, but in no event more than five years after termination of service, (2) until the cessation of the participant’s service as a Director or (3) until the
end of the calendar year in which the cessation of the participant’s service as a Director occurs. If alternative (1) is elected, payment will be made or will commence on February 1 of the year specified; if alternative (2) is
elected, payment will be made or will commence on the date that is sixty days after the cessation of the participant’s service as a director; and if alternative (3) is elected, payment will be made or will commence on February 1 after
the end of the calendar year in which the cessation of the participant’s service as a Director occurs. Installment payments under the Plan will be made on the anniversary of the applicable commencement date. If any payment date specified under
the Plan is not a business day, the payment will be made on the first business day thereafter. For purposes of this Plan, cessation of service as a Director means a “separation from service” as defined in Treasury Regulation §
1.409A-1(h). 
  

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	 	Section 6.	Form of Payment. 

 A participant may elect to
receive the compensation deferred under the Plan in either (1) a lump sum in cash or (2) a number of installments in cash, not more than ten, as specified by the participant. If installment payments are elected, the amount of each
installment shall be equal to the balance in the participant’s deferred compensation account divided by the number of installments remaining to be paid (including the installment in question). For purposes of this Section 6, the dollar
value of Share Units shall be determined by multiplying the number of Share Units credited to a participant’s deferred compensation account on the date of such payment by the Fair Market Value on such date. Elections under this Section 6
shall be made by the applicable deadline under Section 8, except as otherwise permitted under Section 12. 
  

	 	Section 7.	Death of Participant. 

 A participant may elect that, in the event he or she dies prior to receipt of any or all of the amounts payable pursuant to this Plan, any amounts remaining in the participant’s deferred compensation account
shall be paid to the participant’s estate in cash in either (1) a lump sum paid on the 60th day following the participant’s death or
(2) a number of annual installments, not more than ten, as specified by the participant. If alternative (2) is elected and payment to the participant pursuant to clause (2) of Section 6 has not commenced prior to death, the
initial installment payment hereunder shall be made sixty days after the participant’s death, with subsequent installment payments on the anniversary of the commencement date, and the amount of each such installment shall be determined as
provided in the last sentence of Section 6. If alternative (2) is elected and payment to the participant pursuant to clause (2) of Section 6 had commenced prior to death, the installment payments to the participant’s estate
shall be made at the same time and in the same amount as such payments would have been made to the participant had he or she survived. For purposes of this Section 7, the dollar value of Share Units shall be determined by multiplying the number
of Share Units credited to a participant’s deferred compensation account on the date of his death by the Fair Market Value on such date. Any election permitted under this Section 7 must be made prior to the year of deferral, except that an
election may be made not later than December 31, 2008 to the extent permitted under applicable rules under Section 409A of the Internal Revenue Code of 1986 (the “Code”). 
  

	 	Section 8.	Time of Election of Deferral. 

 An election to
defer compensation may be made by (i) a first-time nominee for election as a Director prior to his/her election for the remainder of the calendar year in which he/she is being elected (except that a person newly elected a Director by the Board
of Directors may make an election to defer compensation within 30 days after his/her election as a Director, in which event such election to defer compensation shall be effective only with respect to compensation paid for services performed after
the election to defer compensation is made) and (ii) a person then currently serving as a Director for the next succeeding calendar year no later than the preceding December 31. This election will be deemed to be an election to defer
compensation under this Plan for each succeeding calendar year, unless (1) the participant elects, in accordance with Section 11, to discontinue the deferral, (2) the Board of Directors discontinues the Plan in accordance with Code
Section 409A, or (3) the election is stated, in writing, to apply only to the first calendar year applicable under (i) or (ii) above. 
  

	 	Section 9.	Status of Previous Deferrals. 

 Any deferral
election made under the Bristol-Myers Squibb Company Amended and Restated Deferred Compensation Plan for Non-Employee Directors (the “Prior Plan”), and the resulting deferrals, shall be subject to and governed by the terms of the Prior
Plan. 
  

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	 	Section 10.	Manner of Electing Deferral. 

 A participant may
elect to defer compensation by giving written notice to the Corporate Secretary’s Office of the Company on a form provided by the Company, which notice shall include the amount to be deferred, the form in which the amount deferred is to be
credited, the period of deferral, and the form of payment (including the number of installments, if any). 
  

	 	Section 11.	Effect of Election. 

 An election to defer compensation, including the form of deferral, shall be irrevocable by the participant once the calendar year to which it applies has commenced. An election may be discontinued or modified by the
participant with respect to calendar years not yet begun by notifying the Corporate Secretary’s Office of the Company in writing no later than December 31st of the preceding year. The following default rules will apply if no valid election is on file specifying the matter or the intent of the participant with respect to the matter is not clearly indicated in the
applicable election that is on file; 
  

	 	(i)	The default allocation of deferred amounts will be as Dollar Units under Section 3(b); 

	 	(ii)	The default period of deferral under Section 5 will be until the cessation of the participant’s service as a Director; 

	 	(iii)	The default form of payment under Section 6 will be a lump sum in cash; and 

	 	 (iv)
	 The default distribution payable upon the death of participant will be as a lump sum in cash paid on the 60th day following the participant’s death. 

  

	 	Section 12.	Further Election. 

 The participant shall have the
one-time right with regard to funds previously deferred to elect a further deferral of the payment of such funds by delivering to the Corporate Secretary’s Office a written statement in a form provided by the Company specifying the further
period of deferral and the form of payment, including the number of installments, if any, subject to the following rules: 
  

	 	(i)	Any such election may not take effect until at least 12 months after the date on which the election is made; 

	 	(ii)	If any such election relates to payments that are subject to alternatives under Section 5, the first payment with respect to such election shall be made not earlier than five
years after the date payment would have been made absent the further deferral election under this Section 12; and 

	 	(iii)	Any such election relating to a payment subject to alternative (1) under Section 5 shall not be effective if made fewer than 12 months before the date of the first
scheduled payment (including the earliest of a series of installment payments). 

 The foregoing notwithstanding, and subject
to any rules or limitations that may be imposed by the Corporate Secretary’s Office of the Company, (a) deferrals and redeferrals may be permitted by the Corporate Secretary’s Office of the Company in accordance with the rules set
forth on Exhibit A, and (b) a participant may make an election in the period 2005 through 2008 to change the timing of any payment previously elected by the participant (except that such election may not apply to a payment scheduled to be made
in the year of the election and may not result in a distribution scheduled for a later year to be made in the year of election), and subject to the rules under Code Section 409A (including Proposed Treasury Regulation §1.409A, Preamble
§XI.C., and Question and Answer 19(c) of IRS Notice 2005-1). 
  

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	 	Section 13.	Participant’s Rights Unsecured. 

 The right of
any Participant to receive future payments under the provisions of the Plan shall be an unsecured claim against the general assets of the Company. 
  

	 	Section 14.	Statement of Account. 

 A statement will be sent to
each participant each year as to the value of his/her deferred compensation account as of the end of the preceding year. 
  

	 	Section 15.	Assignability. 

 No right to receive payments
hereunder shall be transferable or assignable by a participant, except by will or under the laws of descent and distribution, or subject to anticipation, alienation, sale, pledge, encumbrance, attachment, or garnishment by creditors of the
participant or the participant’s beneficiary. 
  

	 	Section 16.	Administration. 

 This Plan will be administered by
the Corporate Secretary’s Office of the Company, which shall have the authority to adopt rules and regulations to carry out the Plan and to interpret, construe and implement the provisions of the Plan; to resolve questions arising in the
administration of the Plan; and to adopt such rules and procedures as it may deem advisable for the administration of the Plan. 
  

	 	Section 17.	Amendment. 

 This Plan may at any time or from time
to time be amended, modified or terminated by the Board of Directors. No amendment, modification or termination shall, without the consent of the participant, adversely affect such participant’s accruals in his/her deferred compensation account
as of the date of amendment, modification or termination. 
  

	 	Section 18.	Compliance with Code Section 409A. 

 Other
provisions of this Plan notwithstanding, deferrals under this Plan shall comply with the requirements under the Code, including without limitation Code Section 409A, and Treasury Regulations (including any applicable guidance thereunder) as
presently in effect or hereafter implemented: (i) If the timing of any payment under this Plan would result in a participant’s constructive receipt of income prior to such payment, the payment will be the earliest date after the specified
payment date that distribution can be effected without resulting in such constructive receipt; (ii) the Company shall have no authority to accelerate any payment hereunder except as permitted under Section 409A and regulations thereunder;
and (iii) any rights of the participant or retained authority of the Company with respect to deferrals hereunder shall be automatically modified and limited to the extent necessary so that a participant will not be deemed to be in constructive
receipt of income relating to the deferrals prior to the payment to ensure that the participant shall not be subject to any penalty under Code Section 409A. In the event that a participant has become “key employee” (as defined in Code
Section 416(i) without regard to paragraph (5) thereof) and any of the Company’s stock is publicly traded on an established securities market or otherwise, a distribution under the Plan triggered by a separation from service (within
the meaning of Treasury Regulation § 1.409A-1(h)) and which would be within six months after such separation shall instead occur at the expiration of the six-month period under Section 409A(a)(2)(B)(i). In the case of installments,
this delay shall not affect the timing of any installment otherwise payable after the six-month delay period. 
  

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 Exhibit A         
 Deferral Election Rules 
 If a participant in
a plan, program or other compensatory arrangement (a “plan”) of Bristol-Myers Squibb Company (the “Company”) is permitted to elect to defer awards or other compensation, any such election relating to compensation deferred under
the applicable plan must be received by the Company prior to the date specified by or at the direction of the administrator of such plan (the “Administrator”). For purposes of compliance with Section 409A of the Internal Revenue Code
(the “Code”), any such election to defer shall be subject to the rules set forth below, subject to any additional restrictions as may be specified by the Administrator. Under no circumstances may a participant elect to defer compensation
to which he or she has attained, at the time of deferral, a legally enforceable right to current receipt of such compensation. 
  

	 	(1)	Initial Deferral Elections. Any initial election to defer compensation (including the election as to the type and amount of compensation to be deferred and the time and
manner of settlement of the deferral) must be made (and shall be irrevocable) no later than December 31 of the year before the participant’s services are performed which will result in the earning of the compensation, except as follows:

  

	 	•	 	 Initial deferral elections with respect to compensation that, absent the election, constitutes a short-term deferral may be made in accordance with Treasury
Regulation § 1.409A-2(a)(4) and (b); 

	 	 •
	 	 Initial deferral elections with respect to compensation that remains subject to a requirement that the participant
provide services for at least 12 months (a “forfeitable right” under Treasury Regulation § 1.409A-2(a)(5)) may be made on or before the 30th day after the participant obtains the legally binding right to the compensation, provided that the election is made at least 12 months before the earliest date at which the forfeiture condition could lapse and
otherwise in compliance with Treasury Regulation § 1.409A-2(a)(5); 

	 	•	 	 Initial deferral elections by a participant in his or her first year of eligibility may be made within 30 days after the date the participant becomes eligible to
participate in the applicable plan, with respect to compensation paid for services to be performed after the election and in compliance with Treasury Regulation § 1.409A-2(a)((7); 

	 	•	 	 Initial deferral elections by a participant with respect to performance-based compensation (as defined under Treasury Regulation § 1.409A-1(e)) may be
made on or before the date that is six months before the end of the performance period, provided that (i) the participant continuously served as a director from either the beginning of the performance period or the later date on which the
performance goal was established, (ii) the election to defer is made before such compensation has become readily ascertainable (i.e., substantially certain to be paid), (iii) the performance period is at least 12 months in length and the
performance goal was established no later than 90 days after the commencement of the service period to which the performance goal relates, (iv) the performance-based compensation is not payable in the absence of performance except due to death,
disability, a 409A Ownership/Control Change (as defined in Section 11(k) of the 2007 Stock Award and Incentive Plan) or as otherwise permitted under Treasury Regulation § 1.409A-1(e), and (v) this initial deferral election must
in any event comply with Treasury Regulation § 1.409A-2(a)(8); 

	 	•	 	 Initial deferral elections resulting in Company matching contributions may be made in compliance with Treasury Regulation § 1.409A-2(a)(9);

	 	•	 	 Initial deferral elections may be made to the fullest permitted under other applicable provisions of Treasury Regulation § 1.409A-2(a); and

  

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	 	(2)	Further Deferral Elections. The foregoing notwithstanding, for any election to further defer an amount that is deemed to be a deferral of compensation subject to Code
Section 409A (to the extent permitted under Company plans, programs and arrangements), any further deferral election made under the plan shall be subject to the following, provided that deferral elections in 2007 and 2008 may be made under
applicable transition rules under Section 409A: 

  

	 	•	 	 The further deferral election will not take effect until at least 12 months after the date on which the election is made; 

	 	•	 	 If the election relates to a distribution event other than a Disability (as defined in Treasury Regulation § 1.409A-3(i)(4)), death, or Unforeseeable
Emergency (as defined in Treasury Regulation § 1.409A-3(i)(3)), the payment with respect to which such election is made must be deferred for a period of not less than five years from the date such payment would otherwise have been paid (or
in the case of a life annuity or installment payments treated as a single payment, five years from the date the first amount was scheduled to be paid), to the extent required under Treasury Regulation § 1.409A-2(b);

	 	•	 	 The requirement that the further deferral election be made at least 12 months before the original deferral amount would be first payable may not be waived by the
Administrator, and shall apply to a payment at a specified time or pursuant to a fixed schedule (and in the case of a life annuity or installment payments treated as a single payment, 12 months before the date that the first amount was scheduled to
be paid); 

	 	•	 	 The further deferral election shall be irrevocable when filed with the Company; and 

	 	•	 	 The further deferral election otherwise shall comply with the applicable requirements of Treasury Regulation § 1.409A-2(b). 

 

	 	(3)	Transition Rules. Initial deferral elections and elections to change any existing deferred date for distribution of compensation in any transition period designated under
Department of the Treasury and IRS regulations may be permitted by the Company to the fullest extent authorized under transition rules and other applicable guidance under Code Section 409A (including transition rules in effect in the period
2005 – 2008). 

  

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