{
  "docId": "019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "docSlug": "jarvis-legion-one-span-presentation-may-2021",
  "documentTitle": "Legion One Span Presentation May 2021",
  "authorId": "legion-one-span-presentation-may-2021",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 103,
  "pageCount": 154,
  "prevPage": 102,
  "nextPage": 104,
  "slideType": "villain_critique",
  "function": "diagnose_problem",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a 'villain critique' approach to frame the current board as the primary obstacle to value creation.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/103",
  "deckHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "deckJsonHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4.json",
  "deckAnchorHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4#slide-103",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.82,
        "x": 0.09,
        "y": 0.76
      },
      "kind": "callout",
      "text": "OneSpan’s reactive self-refreshment has not improved OSPN’s TSR or valuation – we believe a transformation of the Company requires a transformation of the Board",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ff28171-993a-4be4-9b62-0f2fbf41f642",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74f52556-c462-4d29-b47a-2cc474054395",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.18,
        "x": 0.11,
        "y": 0.89
      },
      "kind": "other",
      "text": "Source: SEC Filings, Legion Partners",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c7d4367-3a12-433a-8a41-c7c08a5e1b59",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.82,
        "x": 0.09,
        "y": 0.18
      },
      "kind": "title",
      "text": "The Board has largely dismissed high-quality candidates while reactively adding directors with tangential software experience",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d6474f4-5099-44c7-b204-0e3714cdf9ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.09,
        "y": 0.12
      },
      "kind": "title",
      "text": "Problematic Board Refreshment Process",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb7a890a-0ffe-47f0-9cbe-4e6656fcf961",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance-board",
      "slug": null,
      "matchId": "385859bf-0812-4d5d-ad88-3c080d9c8d2f",
      "evidence": "Critique of board composition and refreshment process",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}