Document:

Ex. 10.2 - Amended and Restated LoC

AMENDED AND RESTATED REVOLVING LINE OF CREDIT NOTE

$200,000,000.00                                               Monterey, California
March 9, 2015

FOR VALUE RECEIVED, the undersigned PLANTRONICS, INC., a Delaware corporation (“Borrower”) promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) at its office at 50 Ragsdale Drive, Suite 100, Monterey, California, or at such other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal sum of Two Hundred Million Dollars ($200,000,000.00), or so much thereof as may be advanced and be outstanding, with interest thereon, to be computed on each advance from the date of its disbursement as set forth herein.

DEFINITIONS:

As used herein, the following terms shall have the meanings set forth after each, and any other term defined in this Note shall have the meaning set forth at the place defined:

(a)  “Daily One Month LIBOR Rate” means, for any day, the rate of interest equal to LIBOR then in effect for delivery for a one (1) month period.

(b)  “LIBOR” means (i) for the purpose of calculating effective rates of interest for loans making reference to LIBOR Periods, the rate of interest per annum determined by Bank based on the rate for United States dollar deposits for delivery on the first day of each LIBOR Period for a period approximately equal to such LIBOR Period as reported on Reuters Screen LIBOR01 page (or any successor page) at approximately 11:00 a.m., London time, two London Business Days prior to the first day of such LIBOR Period (or if not so reported, then as determined by Bank from another recognized source or interbank quotation), or (ii) for the purpose of calculating effective rates of interest for loans making reference to the Daily One Month LIBOR Rate, the rate of interest per annum determined by Bank based on the rate for United States dollar deposits for delivery of funds for one (1) month as reported on Reuters Screen LIBOR01 page (or any successor page) at approximately 11:00 a.m., London time, or, for any day not a London Business Day, the immediately preceding London Business Day (or if not so reported, then as determined by Bank from another recognized source or interbank quotation).

(c)  “LIBOR Period” means a period commencing on a New York Business Day and continuing for 1, 3 or 6 months, as designated by Borrower, during which all or a portion of the outstanding principal balance of this Note bears interest determined in relation to LIBOR; provided however, that (i) no LIBOR Period may be selected for a principal amount less than Five Hundred Thousand Dollars ($500,000.00), (ii) if the day after the end of any LIBOR Period is not a New York Business Day (so that a new LIBOR Period could not be selected by Borrower to start on such day), then such LIBOR Period shall continue up to, but shall not include, the next New York Business Day after the end of such LIBOR Period, unless the result of such extension would be to cause any immediately following LIBOR Period to begin in the next calendar month in which event the LIBOR Period shall continue up to, but shall not include, the New York Business Day immediately preceding the last day of such LIBOR Period, and (iii) no LIBOR Period shall extend beyond the scheduled maturity date hereof.

(d)  “London Business Day” means any day that is a day for trading by and between banks in Dollar deposits in the London interbank market.

(e)  “New York Business Day” means any day except a Saturday, Sunday or any other day on which commercial banks in New York are authorized or required by law to close.

(f)  “Prime Rate” means at any time the rate of interest most recently announced within Bank at its principal office as its Prime Rate, with the understanding that the Prime Rate is one of Bank’s base rates and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto, and is evidenced by the recording thereof after its announcement in such internal publication or publications as Bank may designate.

(g)  “State Business Day” means any day except a Saturday, Sunday or any other day on which commercial banks in the jurisdiction described in “Governing Law” herein are authorized or required by law to close.

INTEREST:

(a)  Interest.  The outstanding principal balance of this Note shall bear interest (computed on the basis of a 365-day year, actual days elapsed, with respect to advances bearing interest determined in relation to the Prime Rate, and computed on the basis of a 360-day year, actual days elapsed, with respect to all other advances and amounts), as selected by Borrower in accordance with the terms hereof, (i) at a fluctuating rate per annum determined by Bank to be one and one-tenth percent (1.10%) above the Daily One Month LIBOR Rate in effect from time to time, (ii) at a fluctuating rate per annum determined by Bank to be one and one-half percent (1.50%) below the Prime Rate in effect from time to time, or (iii) at a fixed rate per annum determined by Bank to be one and one-tenth percent (1.10%) above LIBOR in effect on the first day of the applicable LIBOR Period.  When interest is determined in relation to the Prime Rate, each change in the rate of interest hereunder shall become effective on the date each Prime Rate change is announced within Bank.  Bank is hereby authorized to note the date, principal amount and interest rate applicable thereto and any payments made thereon on Bank’s books and records (either manually or by electronic entry) and/or on any schedule attached to this Note, which notations shall be prima facie evidence (absent manifest error) of the accuracy of the information noted.

(b)  Selection of Interest Rate Options. Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBOR for a LIBOR Period, it may be continued by Borrower at the end of the LIBOR Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Daily One Month LIBOR Rate, to the Prime Rate or to LIBOR for a new LIBOR Period designated by Borrower, (ii) at any time any portion of this Note bears interest determined in relation to the Daily One Month LIBOR Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to the Prime Rate or in relation to LIBOR for a LIBOR Period designated by Borrower, (iii) at any time any portion of this Note bears interest determined in relation to the Prime Rate, Borrower may at any time convert all or a portion thereof so that it bears interest determined in relation to the Daily One Month LIBOR Rate or in relation to LIBOR for a LIBOR Period designated by Borrower, and (iv) at the time an advance is made hereunder, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Daily One Month LIBOR Rate, the Prime Rate or to LIBOR for a LIBOR Period designated by Borrower.

To select an interest rate option hereunder determined in relation to LIBOR for a LIBOR Period, Borrower shall give Bank notice thereof that is received by Bank prior to 11:00 a.m California time on a State Business Day at least two State Business Days prior to the first day of the LIBOR Period, or at a later time during such State Business Day if Bank, at its sole discretion, accepts Borrower’s notice and quotes a fixed rate to Borrower.  Such notice shall specify: (A) the interest rate option selected by Borrower, (B) the principal amount subject thereto, and (C) for each LIBOR selection, the length of the applicable LIBOR Period.  If Bank has not received such notice in accordance with the foregoing before an advance is made hereunder or before the end of any LIBOR Period, Borrower shall be deemed to have made a Daily One Month LIBOR Rate interest selection for such advance or the principal amount to which such LIBOR Period applied.  Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as it is given in accordance with the foregoing and, with respect to each LIBOR selection, if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three State Business Days after such notice is given.  Borrower shall reimburse Bank immediately upon demand for any loss or expense (including any loss or expense incurred by reason of the liquidation or redeployment of funds obtained to fund or maintain a LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to accept or complete a LIBOR borrowing hereunder after making a request therefor.  Any reasonable determination of such amounts by Bank shall be conclusive and binding upon Borrower.  Notwithstanding the foregoing, Borrower shall not maintain at the same time advances outstanding under this Note bearing interest in relation to the Prime Rate and separate advances outstanding under this Note bearing interest in relation to the Daily One Month LIBOR Rate.

(c)  Taxes and Regulatory Costs. Borrower shall pay to Bank immediately upon demand, in addition to any other amounts due or to become due hereunder, any and all (i) withholdings, interest equalization taxes, stamp taxes or other taxes (except income and franchise taxes) imposed by any domestic or foreign governmental authority and related in any manner to LIBOR, and (ii) costs, expenses and liabilities arising from or in connection with reserve percentages prescribed by the Board of Governors of the Federal Reserve System (or any successor) for “Eurocurrency Liabilities” (as defined in Regulation D of the Federal Reserve Board, as amended), assessment rates imposed by the Federal Deposit Insurance Corporation, or similar requirements or costs imposed by any domestic or foreign governmental authority or resulting from compliance by Bank with any request or directive (whether or not having the force of law) from any central bank or other governmental authority and related in any manner to LIBOR.  In determining which of the foregoing are attributable to any LIBOR option available to Borrower hereunder, any reasonable allocation made by Bank among its operations shall be conclusive and binding upon Borrower.

(d)  Payment of Interest.  Interest accrued on this Note shall be payable on the first day of each April, July, October and January, commencing April 1, 2015.

(e)  Default Interest.  From and after the maturity date of this Note, or such earlier date as all principal owing hereunder becomes due and payable by acceleration or otherwise, or at Bank’s option upon the occurrence, and during the continuance of an Event of Default, the outstanding principal balance of this Note shall bear interest at an increased rate per annum (computed on the basis of a 360-day year, actual days elapsed) equal to four percent (4%) above the rate of interest from time to time applicable to this Note.

BORROWING AND REPAYMENT:

(a)  Borrowing and Repayment.  Borrower may from time to time during the term of this Note borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions of this Note and of any document executed in connection with or governing this Note; provided however, that the total outstanding borrowings under this Note shall not at any time exceed the principal amount stated above.  The unpaid principal balance of this obligation at any time shall be the total amounts advanced hereunder by the holder hereof less the amount of principal payments made hereon by or for Borrower, which balance may be endorsed hereon from time to time by the holder.  The outstanding principal balance of this Note shall be due and payable in full on May 9, 2018.

(b)  Advances.  Advances hereunder, to the total amount of the principal sum stated above, may be made by the holder at the oral or written request of (i) Borrower’s Senior Vice President & Chief Financial Officer or Borrower’s VP & Corporate Controller, any one acting alone, who are authorized to request advances and direct the disposition of any advances until written notice of the revocation of such authority is received by the holder at the office designated above, or (ii) any person, with respect to advances deposited to the credit of any deposit account of Borrower, which advances, when so deposited, shall be conclusively presumed to have been made to or for the benefit of Borrower regardless of the fact that persons other than those authorized to request advances may have authority to draw against such account.  The holder shall have no obligation to determine whether any person requesting an advance is or has been authorized by Borrower.

(c)  Application of Payments.  Each payment made on this Note shall be credited first, to any interest then due and second, to the outstanding principal balance hereof.  All payments credited to principal shall be applied first, to the outstanding principal balance of this Note which bears interest determined in relation to the Daily One Month LIBOR Rate or the Prime Rate, if any, and second, to the outstanding principal balance of this Note which bears interest determined in relation to LIBOR, with such payments applied to the oldest LIBOR Period first.

PREPAYMENT:

(a)  Daily One Month LIBOR Rate and Prime Rate.  Borrower may prepay principal on any portion of this Note which bears interest determined in relation to the Daily One Month LIBOR Rate or the Prime Rate at any time, in any amount and without penalty.

(b)  LIBOR.  Borrower may prepay principal on any portion of this Note which bears interest determined in relation to LIBOR at any time and in the minimum amount of One Hundred Thousand Dollars ($100,000.00); provided however, that if the outstanding principal balance of such portion of this Note is less than said amount, the minimum prepayment amount shall be the entire outstanding principal balance thereof.  In consideration of Bank providing this prepayment option to Borrower, or if any such portion of this Note shall become due and payable at any time prior to the last day of the LIBOR Period applicable thereto by acceleration or otherwise, Borrower shall pay to Bank immediately upon demand a fee which is the sum of the discounted monthly differences for each month from the month of prepayment through the month in which such LIBOR Period matures, calculated as follows for each such month:

		
	(i)
	Determine the amount of interest which would have accrued each month on the amount prepaid at the interest rate applicable to such amount had it remained outstanding until the last day of the LIBOR Period applicable thereto.

		
	(ii)
	Subtract from the amount determined in (i) above the amount of interest which would have accrued for the same month on the amount prepaid for the remaining term of such LIBOR Period at LIBOR in effect on the date of prepayment for new loans made for such term and in a principal amount equal to the amount prepaid.

		
	(iii)
	If the result obtained in (ii) for any month is greater than zero, discount that difference by LIBOR used in (ii) above.

Borrower acknowledges that prepayment of such amount may result in Bank incurring additional costs, expenses and/or liabilities, and that it is difficult to ascertain the full extent of such costs, expenses and/or liabilities.  Borrower, therefore, agrees to pay the above-described prepayment fee and agrees that said amount represents a reasonable estimate of the prepayment costs, expenses and/or liabilities of Bank.  If Borrower fails to pay any prepayment fee when due, the amount of such prepayment fee shall thereafter bear interest until paid at a rate per annum two percent (2.00%) above the Daily One Month LIBOR Rate in effect from time to time (computed on the basis of a 360-day year, actual days elapsed).

EVENTS OF DEFAULT:

This Note is made pursuant to and is subject to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated as of May 9, 2011, as amended from time to time (“Credit Agreement”).  Any defined event of default under the Credit Agreement, shall constitute an “Event of Default” under this Note.

MISCELLANEOUS:

(a)  Remedies.  Upon the occurrence and during the continuance of any Event of Default, the holder of this Note, at the holder’s option, may declare all sums of principal and interest outstanding hereunder to be immediately due and payable without presentment, demand, notice of nonperformance, notice of protest, protest or notice of dishonor, all of which are expressly waived by Borrower, and the obligation, if any, of the holder to extend any further credit hereunder shall immediately cease and terminate.  Borrower shall pay to the holder immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of the holder’s in-house counsel), expended or incurred by the holder in connection with the enforcement of the holder’s rights and/or the collection of any amounts which become due to the holder under this Note, and the prosecution or defense of any action in any way related to this Note, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity.

(b)  Governing Law.  This Note shall be governed by and construed in accordance with the laws of the State of California.

(c)  Prior Note.  This Note amends, restates and supersedes in its entirety that certain Revolving Line of Credit Note in the maximum principal amount of One Hundred Million Dollars ($100,000,000.00), executed by Borrower in favor of Bank and dated January 22, 2015, as such may have been amended or modified from time to time prior to the date hereof (the “Prior Note”), but shall not constitute a novation of any indebtedness or other obligations owing to Bank based on facts or events occurring or existing prior to the execution and delivery of this Note hereof.  All amounts outstanding, if any, under the Prior Note are deemed to be outstanding under this Note.

[Signatures On Next Page]

IN WITNESS WHEREOF, the undersigned has executed this Note as of the date first written above.

	
		
	PLANTRONICS, INC.

	By:
	/s/ Pamela Strayer

	 
	Pamela Strayer
Senior Vice President & Chief Financial OfficerEX-4.16

 Exhibit 4.16 

FISCAL YEAR 2015 FORM OF 

AWARD AGREEMENT FOR PERFORMANCE SHARES 

UNDER THE 
 VASCO DATA
SECURITY INTERNATIONAL, INC. 
 2009 EQUITY INCENTIVE PLAN 

THIS AWARD AGREEMENT FOR RESTRICTED SHARES (this “Agreement”) is made as of January 5, 2015 (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, 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 the shares set forth on
Exhibit A hereto (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) Performance Periods. The number of Awarded Shares that are earned and
thereafter subject to vesting (the “Earned Shares”) shall be determined by the Compensation Committee, in its sole and absolute discretion, in accordance with Exhibit A, based upon the Company’s achievement relative to
the applicable Performance Targets (i) for fifty percent of the Awarded Shares (the “One Year Awarded Shares”) during the period commencing on January 1, 2015 and ending on December 31, 2015, and (ii) for fifty
percent of the Awarded Shares (the “Three Year Awarded Shares”) during the period commencing on January 1, 2015 and ending on December 31, 2017 (each a “Performance Period”, and together the
“Performance Periods”). Upon the determination that some number of the One Year Awarded Shares are Earned Shares, subject to Section 11, 25% of the Earned Shares that are One Year Awarded Shares shall be vested, and upon
the determination that some number of the Three Year Awarded Shares are Earned Shares, subject to Section 11, all of the Earned Shares that are Three Year Awarded Shares shall be vested. For the avoidance of doubt, the One Year Awarded
Shares and Three Year Awarded shall be automatically forfeited in their entirety if their respective Performance Target is not achieved at least at the minimum threshold level. 

(b) Time Vesting Period. Subject to Section 11, the Earned Shares which are One Year Awarded Shares will be subject to
additional vesting, in accordance with the following schedule (the “Time Vesting Period”), provided that on each vesting date, the Grantee has, from the Effective Date, continuously provided services to the Company or a subsidiary:

 (A) An additional 25% of the Earned Shares which are One Year Awarded Shares will vest on the second anniversary of the Effective Date;

 (B) An additional 25% of the Earned Shares which are One Year Awarded Shares will vest on the third anniversary of the Effective Date; and

 (C) The final 25% of the Earned Shares which are One Year Awarded Shares will vest on the fourth
anniversary of the Effective Date. 
 Any Awarded Shares which are One Year Awarded Shares that have not vested pursuant to this
Section 2 will be automatically forfeited. 
 (c) In the event of the occurrence of a Change in Control that is a Company
Transaction prior to the expiration of the Performance Period, any remaining Awarded Shares outstanding as of the date of the Change in Control shall be prorated (based on the ratio of (x) the number of days that have elapsed in the Performance
Period to (y) the total number of days in the Performance Period) at the target (100%) performance level up to and including the date of such Change in Control (the “Prorated Shares”) and the Grantee shall be vested in the
Prorated Shares immediately prior to (and contingent on) the Change in Control; provided, however, that if the Company Transaction is a sale of assets or otherwise does not result in direct receipt of consideration by the holders of
Common Stock, the Grantee shall receive, in exchange for and in lieu of the Prorated Shares, a cash payment equal to the product of (1) the value of the deemed per share consideration received by the Company in the Company Transaction, in each
case as determined by the Compensation Committee, multiplied by (2) the number of Prorated Shares. 
 (d) In the event of (i) the
occurrence of a Change in Control that is a Company Transaction during the Time Vesting Period and (ii) the Grantee’s termination of employment for reasons other than (A) quit without Good Reason or (B) Cause, during the one-year
period following the Change in Control, 100% of any Earned Shares that are then subject to the Time Vesting Period will become vested immediately prior to (and contingent upon) such termination of employment. 

(e) If the Grantee’s service with the Company ceases by reason of the Grantee’s death or Disability prior to the expiration of the
Performance Period, 100% of the Awarded Shares based upon the target (100%) performance level will become vested immediately prior to (and contingent on) the occurrence of such death or Disability. If the Grantee’s service with the Company
ceases by reason of the Grantee’s death or Disability during the Time Vesting Period, 100% of the Earned Shares that are then subject to the Time Vesting Period, 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. 
 (f) Except as provided in Sections 2(c), 2(d) and 2(e), 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. 

(g) 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). 
  

	(h)	For purposes of this Agreement, “Cause” and “Wrongful Act” mean: 

(i) Grantee materially breaches Grantee’s obligations under any employment, consulting, or other agreement between the Grantee (or any
entity of which Grantee is an affiliate) and the Company (each, a “Company Agreement”); 
 (ii) Grantee materially breaches
Grantee’s obligations under the Company’s Code of Ethics and Conduct (or any successor thereto) or an established policy of the Company; 

(iii) Grantee engages in conduct prohibited by law (other than minor violations), commits an act of dishonesty, fraud, or serious or willful
misconduct in connection with Grantee’s job duties, or engages in unethical or immoral conduct that, in the reasonable judgment of the Committee, could injure the integrity, character or reputation of Company; 

 (iv) Grantee fails or refuses to perform, or habitually neglects, Grantee’s duties and
responsibilities under any Company Agreement (other than on account of Disability), and continues such failure, refusal or neglect after having been given written notice by the Company that specifies what duties Grantee failed to perform and an
opportunity to cure of 30 days; 
 (v) Use or disclosure by Grantee of confidential information or trade secrets other than in the
furtherance of the Company’s (or its subsidiaries’) business interests, or other violation of a fiduciary duty to the Company (including, without limitation, entering into any transaction or contractual relationship causing diversion of
business opportunity from the Company (other than with the prior written consent of the Board)); or 
 (vi) Grantee fails to reasonably
cooperate with any audit or investigation involving the Company or its business practices after having been given written notice by the Company that specifies Grantee’s failure to cooperate and an opportunity to cure of 10 days. 

 

	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 earned and vested in accordance with Section 2, at which time, the Escrow Holder shall deliver such certificates representing the vested and earned 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. 

(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 Performance Period. The Grantee will have no rights to dividends or Dividend Equivalents with respect to
any of the Awarded Shares until, and then only to the extent of, the determination under Section 2(a) that they are Earned Shares; provided, however, that any cash dividends or distributions paid in respect of the Earned
Shares during the Time Vesting Period and while those shares remain subject to forfeiture will become vested and delivered to the Grantee only if and when the Earned 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; provided,
however, that the restrictions of this Section 7 shall not apply to any transfer i) pursuant to applicable laws of descent and distribution or (ii) among Grantee’s family group; provided that such restrictions will
continue to be applicable to the Awarded Shares after any such transfer and the transferees of such Awarded Shares have agreed in writing to be bound by the provisions of this Agreement. Grantee’s “family group” means Grantee’s
spouse and descendants (whether natural or adopted) and any trust solely for the benefit of Grantee and/or Grantee’s spouse and/or descendants during Grantee’s lifetime. 

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): 

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. Grantee shall have no voting rights or any other rights of a
shareholder of the Company in any Awarded Shares until, and then only to the extent of, the determination under Section 2(a) that they are Earned Shares. During the Time Vesting Period, Grantee will have all of the rights of a
shareholder of the Company with respect to the Earned Shares, including the right to vote such shares and, subject to Section 4 and Section 5 and the provisions of the Plan, the right to receive any distributions or dividends
payable on such shares. 
 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 e-mail 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 e-mail 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. 

(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. 
 [Signature Page Follows] 

 [SIGNATURE PAGE TO AWARD AGREEMENT FOR PERFORMANCE 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]

 Exhibit A 

Performance Targets  
 The number of Earned Shares,
if any, will be dependent on the Company’s achievement of the Performance Targets as defined below: 
 The “Performance Target” for
the One Year Awarded Shares is $                                 of total
revenue during 2015 excluding revenue during 2015 from all acquisitions closed after the Effective Date. Total revenue is reported in the Company’s audited financial statements. Revenue from new acquisitions shall be determined by the Company
in accordance with U.S. Generally Accepted Accounting Principles. 
 The “Performance Target” for the Three Year Awarded Shares is
$                                 of total revenue during 2017 less revenue during
2017 from all acquisitions closed after the Effective Date. Total revenue is reported in the Company’s audited financial statements. Revenue from new acquisitions shall be determined by the Company in accordance with U.S. Generally Accepted
Accounting Principles. 
 One Year Awarded Shares: 
 The
target number of Awarded Shares for 100% achievement of the Performance Target for the One Year Awarded Shares is:
[                        ] 

The following table shows the number of One Year Awarded Shares that will be earned (i.e. become Earned Shares) and will be payable to the Grantee (subject to
vesting as provided in Section 2 of the Award Agreement) based on achievement of the Performance Target at various levels: 
  

							
	 Actual Performance (millions)
	  	Percentage of One Year
Awarded Shares earned
(as a percentage of the
target number of
Awarded Shares)	 	 	Number of Earned
Shares
	 (minimum threshold) $xxx
	  	 	50	% 	 	
	 (target) $yyy
	  	 	100	% 	 	
	 (maximum) $zzz or higher
	  	 	150	% 	 	

  

	 	•	 	No shares are earned if actual performance is less than the minimum threshold level. 

  

	 	•	 	The maximum number of Earned Shares is 150% of the target number of Award Shares. 

  

	 	•	 	The number of Earned Shares that will be earned and payable for achievement of performance levels between the stated Performance Target achievement percentages shall be interpolated. 

 Three Year Awarded Shares: 

The target number of Awarded Shares for 100% achievement of the Performance Target for the Three Year Awarded Shares is:
[                        ] 

The following table shows the number of Three Year Awarded Shares that will be earned (i.e. become Earned Shares) and will be payable to the Grantee (subject
to vesting as provided in Section 2 of the Award Agreement) based on achievement of the Performance Target at various levels: 
  

							
	 Actual Performance (millions)
	  	Percentage of Awarded
Shares earned (as a
percentage of the
target number of
Awarded Shares)	 	 	Number of Earned
Shares
	 (minimum threshold) $xxx
	  	 	50	% 	 	
	 (target) $yyy
	  	 	100	% 	 	
	 (maximum) $zzz or higher
	  	 	150	% 	 	

  

	 	•	 	No shares are earned if actual performance is less than the minimum threshold level. 

  

	 	•	 	The maximum number of Earned Shares is 150% of the target number of Award Shares. 

  

	 	•	 	The number of Earned Shares that will be earned and payable for achievement of performance levels between the stated Performance Target achievement percentages shall be interpolated.

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