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  "documentTitle": "Legion One Span Presentation May 2021",
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  "notes": "The slide uses a 'villain' framing by specifically calling out the Chairman's tenure and lack of relevant experience as the root cause of the compensation issues.",
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      "text": "Given Chairman John Fox’s lack of modern software public company experience, it is unsurprising that as Chair of the Compensation Committee for 15 years, OneSpan’s executive compensation programs remain antiquated",
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      "text": "Following Legion’s involvement in 2018, the Compensation Committee finally began to adopt some profitability and software-oriented metrics for 2020, but the programs overall continue to weigh too heavily towards consolidated metrics that incentivize legacy solutions like Hardware and perpetual licenses",
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      "text": "The executive compensation program has only changed reactively to our pressure but remains inadequate in aligning management with long-term value creation",
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      "text": "Annual and long-term compensation programs were effectively unchanged for multiple years (2017, 2018, 2019) and failed to include basic measures for profitability, efficient growth, TSR, and incentives to drive Software recurring revenue",
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      "text": "Source: SEC Filings, Legion Partners’ Estimates",
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