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  "documentTitle": "Legion One Span Presentation May 2021",
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  "presentationDate": "2021-05-01 00:00:00",
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      "kind": "callout",
      "text": "Despite OneSpan's continued valuation discount to peers, the Board has taken action only when continually pressured by a large stockholder",
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      "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",
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      "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",
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      "text": "Source: SEC Filings, Legion Partners' Estimates",
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      "kind": "title",
      "text": "We Believe our Nominees Will Help Drive Better Accountability",
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