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  "documentTitle": "Legion One Span Presentation May 2021",
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  "notes": "The slide uses a three-part structure to frame the activist's thesis.",
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      "text": "Reactive Maneuvers Have Failed to Improve TSR",
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      "text": "OSPN Stock Has Been a Serial Underperformer",
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      "text": "Board Leadership and Culture Need to Change",
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      "text": "Our four nominees consist of technologists, operators, executives and investors who have overseen, led and invested in numerous successful modern public software and hardware companies - and can help close OSPN's persistent valuation gap",
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      "text": "OneSpan is transitioning from Hardware to a cloud-first, recurring revenue Software company, but the Board's skill sets do not appear to have appropriately evolved with this strategy",
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      "text": "We believe OSPN's TSR has not improved because the real power in the boardroom has not changed as longer-tenured and underqualified directors continue to hold key leadership positions",
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      "text": "Navigating this issue and OneSpan's next stage requires new independent directors with relevant skillsets to help improve the Company's strategic oversight, operations, and financial disclosures",
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      "text": "Despite our significant efforts to collaborate on refreshment, the Board has defensively added new directors with questionable qualifications and fit, as well as prior connections to existing directors",
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      "text": "OSPN currently trades at ~70% valuation discount to peers and its total shareholder returns (“TSR”) has severely underperformed across 1, 3, 5, 10, and 15-year periods",
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      "text": "Engagement with the Board has been almost non-existent - other than a brief, chance meeting with Chairman Fox at the Company's Investor Day, and three short phone calls in early 2020, no independent director has been willing to meet with Legion over the past 3 years",
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      "text": "We believe many of the Board's recent, incremental changes would not have occurred absent Legion's engagement, and have not gone far enough to improve OSPN's TSR",
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      "text": "We believe Hardware detracts from OSPN's true valuation by overshadowing Software",
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      "text": "In addition, we believe poor corporate governance, questionable capital allocation and confusing investor communications are weighing on OSPN's valuation",
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      "text": "Note: (1) as of 2/24/21 (the “Unaffected Date”) (one day following Q4 2020 earnings on 2/23/21 after market close, and one day prior to Legion’s public nomination on 2/25/21 before market open) Source: SEC Filings, Capital IQ (as of 5/14/21), Legion Partners’ Estimates",
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