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OneSpan’s CFO has proactively reached out to Legion for advice on these topics. Legion introduced three of the four sellside firms that have most recently initiated research coverage. Two sellside firms have adopted a sum-of-the-parts valuation approach following Legion’s public letters – we believe this has led to significant price target increases. Management has begun disclosing key software-oriented metrics per Legion’s recommendations, though many of these disclosures arrived months, if not years, following our initial recommendation. 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"bbox": { "h": 0.45, "w": 0.82, "x": 0.09, "y": 0.28 }, "kind": "list", "text": "97% of capital allocated from 2005-2020 went to M&A; 13 acquisitions since 1998; lack of post-merger integration disclosures; lack of pertinent expertise; recent $300mm shelf registration.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:19.85+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c71d6b86-955a-4838-8195-7d1cd279e280", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, 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"bbox": { "h": 0.04, "w": 0.6, "x": 0.09, "y": 0.12 }, "kind": "title", "text": "Direct Comparison to Select Recurring Revenue Peers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:24.449+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56f1939f-74e2-4b66-99a6-12ebc2e09197", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.09, "y": 0.18 }, "kind": "title", "text": "Diving deeper into the operating performance and valuation of OneSpan's most comparable peers further reveals a disconnected valuation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:24.449+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "641d0641-58ee-4c4a-890e-31db9a387a83", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f56f8692-b2ca-4509-b001-7b0543092a68", "evidence": "Table comparing OneSpan to peers across financial metrics", "framework": null, "confidence": 1, "extraction": { "at": 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The declining Hardware segment is a substantial drag on consolidated financials, experiences high volatility quarter-to-quarter, and overshadows the high-growth, high-margin Software segment. Financial reporting remains confusing as Hardware and Software revenue and margins are mixed together in the GAAP income statement, making it difficult for analysts to value them separately. OneSpan Sign (\"OSS\") performance is not clearly disclosed, making it difficult to compare to public eSignature peers and precedent transactions. Few sellside analysts cover the stock and many appear unwilling to initiate coverage given the issues described above. A self-driven refresh, ignoring the input of a large stockholder, has led to insufficient modern software public company experience on the Board which we believe has manifested in poor oversight of investor communications and financial disclosures.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:26.06+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "838afe31-7c10-400c-bbac-090119ee485f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.11, "y": 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Revenue valuation multiple", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:33.341+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48987754-1373-435d-babc-af1a30f9b032", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.82, "x": 0.09, "y": 0.57 }, "kind": "list", "text": "Providing only segment revenue, but not segment profitability, may limit OneSpan’s ability to achieve a full valuation multiple in line with peers for its Software segment", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:33.341+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "547bd897-1810-405a-a174-e35e19124f4e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.82, "x": 0.09, "y": 0.19 }, "kind": "paragraph", "text": "In the Board's 4/26/21 letter to stockholders, the Company claims that its “investors and sellside analysts can fairly value OneSpan using a sum-of-the-parts approach or other methodologies”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:33.341+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c55c13e-f6da-4452-b393-81cda2394eee", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.82, "x": 0.09, "y": 0.88 }, "kind": "source-note", "text": "Source: SEC Filings, Legion Partners’ Estimates and meetings with OSPN Management; OSPN Letter to Stockholders (4/26/21); Colliers Research, BTIG Research, D.A. 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"frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 5, "textChars": 1413, "nDataPoints": 1, "notes": "The slide uses an SOTP (Sum-of-the-Parts) valuation argument to pressure management for better disclosure.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:20:32.873+00", "seconds": 3.455, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/77", "deck": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4", "deckAnchor": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4#slide-77", "deckJson": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.82, "x": 0.09, "y": 0.73 }, "kind": "callout", "text": "With enhanced financial disclosures, public markets investors may be better able to value OSPN’s Software segment in an SOTP framework, which in turn could help avert the need for any strategic action on the legacy Hardware segment", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:32.873+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d160817-0bd4-4c50-be15-3ae21149715b", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.82, "x": 0.09, "y": 0.3 }, "kind": "list", "text": "We believe an SOTP valuation approach can work in the public markets – if investors are provided with sufficient financial disclosures. Given Hardware’s ongoing and negative optical impact to consolidated growth and margins, we believe the lack of segment-level profitability disclosures may be preventing investors from utilizing a full and fair valuation multiple, and instead assigning a discounted multiple, for OneSpan’s Software business (in an SOTP analysis) as its long-term economics are unclear. Software is not only growing significantly faster than Hardware (which is declining), it carries ~30-40 points higher gross margins per our estimates. The Company has not provided gross and operating margin disclosures for Software, previously citing the burden of a $500,000 audit expense for goodwill analysis – this is truly unacceptable", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:32.873+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3269a30b-cc67-4c62-94f4-17aa43048c3c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.82, "x": 0.09, "y": 0.19 }, "kind": "paragraph", "text": "We believe the high-growth and high-margin profile of OneSpan’s Software business remains underappreciated given the lack of profit disclosures, thus contributing to OSPN’s discounted valuation", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:32.873+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68e5f1ee-281a-43c0-8170-04ec2d209c34", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "Source: SEC Filings, Legion Partners’ Estimates and Meetings with OSPN Management", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"callout", "text": "An SOTP approach has seemingly worked for PAR's public stockholders – we believe our nominees can help to better communicate a similar story for OSPN stock", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:32.822+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b20c663-1a2e-4874-af06-f9851f69ed62", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.82, "x": 0.09, "y": 0.42 }, "kind": "chart", "text": "PAR 2-Year Stock Price Chart", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:32.822+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd513f5f-7bce-47e4-b0e2-734fa7b0860e", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.11, "y": 0.29 }, "kind": "list", "text": "As PAR provides adequate segment-level disclosures, investors can feel confident in not only valuing the non-core segment separately based on its standalone profitability, but also utilizing a full and fair EV / ARR multiple to the company's fast-growing recurring revenue, knowing the long-term economics of that business are healthy", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:32.822+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c296345c-7d74-441c-a7bc-b3ccff7f49ce", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.09, "y": 0.89 }, "kind": "other", "text": "Source: SEC Filings, Capital IQ, Legion Partners' Estimates, Jefferies Research, Craig-Hallum Research, William Blair Research, BTIG Research", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:32.822+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac9e7f01-8dd8-40c3-b78f-225ff238114f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.82, "x": 0.09, "y": 0.18 }, "kind": "paragraph", "text": "The majority of sellside analysts covering PAR utilize an SOTP approach to value PAR shares by applying (1) an EV / EBITDA multiple to the non-core government segment's profits, (2) an EV / Revenue multiple to the legacy software segment, and (3) an EV / ARR multiple to PAR's 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"nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 6, "textChars": 1471, "nDataPoints": 0, "notes": "This is an activist critique of a specific board member's qualifications.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:20:33.175+00", "seconds": 3.699, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/79", "deck": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4", "deckAnchor": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4#slide-79", "deckJson": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.81, "x": 0.096, "y": 0.76 }, "kind": "callout", "text": "We believe Dr. Zenner and the Board have failed to make an impact on OSPN’s investor communications – without substantive change to the Board, we fear OSPN stockholders will continue to suffer long-term suboptimal valuation", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:33.175+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4507b8b-4ce5-4db0-ac51-bfa3532e9861", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.21, "x": 0.725, "y": 0.295 }, "kind": "image", "text": "Marc Zenner", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:33.175+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f11f135-b1a7-4920-849c-cbe8c178a409", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.55, "x": 0.135, "y": 0.25 }, "kind": "list", "text": "Director Marc Zenner was appointed to the Board in June 2019, prior to the major debacles in 2019 and 2020 detailed on prior pages. The Board has touted his expertise in “capital markets,” “capital allocation” and “capital structures,” though we fail to see his impact to OSPN considering these disasters occurred during his tenure. Dr. Zenner appears to have never been a public company executive, public equities investor, or a public company director at a technology company – we do not believe his background and experience are relevant to addressing OneSpan’s challenges. Lastly, OneSpan’s balance sheet is not complicated as there is a sufficient cash balance and no debt – we are unsure as to how his “capital structure” expertise is particularly relevant to OneSpan’s situation. Despite Dr. Zenner’s lack of relevancy to OneSpan, the Board formed a “Finance & Strategy Committee” of which he is chair – a worrisome development considering his apparent lack of experience in the technology and software space", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:33.175+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a76e3e04-e0ec-4c96-850b-34c9d6b4aaa7", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.75, "x": 0.096, "y": 0.185 }, "kind": "paragraph", "text": "The Board will tout the addition of Dr. Marc Zenner as a “capital markets expert,” though his expertise seems irrelevant to the issues facing OSPN", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:33.175+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b4aeb12-fa6f-449c-8be5-73d874e97333", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "Source: SEC Filings, Legion Partners’ Estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Executive Summary\n2. TSR Performance and Relative Valuation\n3. Poor Investor Communications and Financial Disclosures\n4. Ineffective Strategic Oversight and Capital Allocation\n5. Inadequate Self-Refreshment and Governance Concerns\n6. Misaligned Executive Compensation Program\n7. Legion's Nominees and the Path Forward\n8. 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"slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:35.938+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97a1badf-08e4-470a-9b72-30e1999a0d74", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.28 }, "kind": "list", "text": "No share repurchases for 22 years – instead, the Board focused almost exclusively on M&A despite a $100mm+ cash balance sitting idly for some time with plenty of opportunity to repurchase shares below the average cost basis incurred for the $5mm repurchased in Q4 2020 ($20.10/share)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:35.938+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eeadabcb-258e-4ab2-bfaa-e4337994ef78", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.09, "y": 0.18 }, "kind": "paragraph", "text": "Only until after the Q2 2020 earnings debacle did OSPN heed our years-long recommendation to utilize excess cash towards share repurchases given its persistently low valuation", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:35.938+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e95ddfdc-1718-4d00-9e81-fedae123b37e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.09, "y": 0.89 }, "kind": "source-note", "text": "Source: SEC Filings, Capital IQ, Legion Partners' Estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"text": "Note: Chief Information Officer (“CIO”); tenure calculation as of June 2021. 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maintain synergies between Software and Hardware", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:38.104+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "527e20af-bb54-44f0-ad26-40595afcb238", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.82, "x": 0.09, "y": 0.32 }, "kind": "list", "text": "Improve Financial Disclosures – the Company should immediately begin providing segment-level gross and operating margins between Hardware and Software – this would better enable public markets investors to conduct an SOTP valuation analysis, which in turn may avoid the need for any strategic action on Hardware\nExplore Strategic Partnerships – we believe that there are a range of strategic partnership ideas that could potentially maximize Hardware’s value and revenue opportunity\nExplore Alternative Paths Toward Monetizing Hardware – while an outright asset sale could be considered, another alternative could be the sale of the economic rights of Hardware, where nothing “on the ground” would change, merely the cash flows generated from the Hardware segment would be remitted to the new owner (less any management fee or profit share paid to OneSpan)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": 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"Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:39.624+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c383aa5-708c-4b00-9bda-bcface40e6d8", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.82, "x": 0.09, "y": 0.29 }, "kind": "list", "text": "In light of CFO Mark Hoyt's pending departure, we believe it is more important than ever to have strong technology leaders on the Board that can ensure an appropriate successor is named. We believe the Board's lack of modern technology experience has led to a failure in accountability for Hardware's operational underperformance, as well as the high profile, expensive failures in M&A. Hardware is a far simpler business than Software – if the Board cannot manage the former, whether operationally or strategically, how can stockholders trust them with the latter? We believe the Board's attempt to associate its longer-tenured directors with the Hardware segment is a disingenuous effort to justify their continued presence on the Board – this could also explain why the Board ignored credible inbound interest in the Hardware asset during late 2020. Simply put, this Board has failed to capitalize on key strategic opportunities in a timely manner – the time has come for a refreshed Board elected by stockholders with the right skill sets to close the persistent valuation gap that has plagued OSPN's stock", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:39.624+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9491c5dc-fcb4-4f83-8541-95434348f6df", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.82, "x": 0.09, "y": 0.19 }, "kind": "paragraph", "text": "Until key long-tenured and underqualified directors are replaced, we do not believe the Board has the right mix of skillsets to oversee OneSpan's long-term strategy, operations and capital allocation", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:39.624+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "079258b9-727d-4efd-a5d2-91af70fa0348", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "Source: SEC Filings, Legion Partners' Estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Executive Summary\n2. TSR Performance and Relative Valuation\n3. Poor Investor Communications and Financial Disclosures\n4. Ineffective Strategic Oversight and Capital Allocation\n5. Inadequate Self-Refreshment and Governance Concerns\n6. Misaligned Executive Compensation Program\n7. Legion’s Nominees and the Path Forward\n8. Appendix", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:38.499+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b4c2dd6-ed8b-418a-8f28-167787c942c5", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.235, "x": 0.096, "y": 0.125 }, "kind": "title", "text": "Table of Contents", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide 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"parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.8, "x": 0.11, "y": 0.28 }, "kind": "list", "text": "High-quality, cloud-first software talent does not seem to be a top priority for the Board\nConnections with existing directors and “cultural fit” seemed to be highly desirable traits\nResistance to stockholder input despite Legion’s numerous attempts to bring highly qualified candidates to the Board and multiple offers to reach a settlement agreement\nUnderqualified directors with decades-long tenures and poor TSR records only resigned after Legion’s public pressure\nPower remains concentrated amongst longest-tenured and least qualified directors despite irrelevant backgrounds and poor historical strategic oversight", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": 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It's a fundamentally different business model, and it requires a fundamentally different Board. However, the Board has seemed reactive and appears to favor directors with personal connections over adding the needed skills, experience and leadership. 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Source: SEC Filings, Legion Partners’ Estimates", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:20:44.782+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21dca5b9-9bc3-4fba-8862-181d80f99b61", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.82, "x": 0.09, "y": 0.18 }, "kind": "paragraph", "text": "OneSpan’s long-term executive compensation program contains many duplicative measures (within the program and vs. annual program), lack performance metrics specific to recurring software revenue, and for years lacked TSR, ROIC and profitability performance metrics", "attrs": null, 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Executive Summary\n2. TSR Performance and Relative Valuation\n3. Poor Investor Communications and Financial Disclosures\n4. Ineffective Strategic Oversight and Capital Allocation\n5. Inadequate Self-Refreshment and Governance Concerns\n6. Misaligned Executive Compensation Program\n7. Legion’s Nominees and the Path Forward\n8. 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