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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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  "notes": "The slide uses a 'before-after' style comparison to critique current governance and propose a new incentive structure.",
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      "kind": "callout",
      "text": "We believe the Board's reactive, incremental changes to executive compensation following Legion's public criticism remain insufficient in driving long-term value – our nominees will seek to redesign executive compensation to better align with performance",
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      "kind": "list",
      "text": "We would incorporate the Rule of 40 to drive efficient growth, not 'growth at all costs'; We recommend granting management equity awards with premium triggers at $40, $50 and $60 per share; We recommend performance-based awards be at least 75% of grants",
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      "text": "Management awarded ~100% payout as Hardware outperformance offset weak Software performance; Equal weighting despite transition well underway; GAAP revenue focus incentivizes legacy revenue streams as recurring revenue is recognized ratably; No emphasis on profitability or TSR; TSR underperformed during this period",
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      "kind": "other",
      "text": "Note: Performance-based portion of OSPN 2018-2020 plan shown (60% of total plan; 40% is time-based) Source: SEC Filings, Legion Partners' Estimates",
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      "kind": "paragraph",
      "text": "OSPN's executive compensation plan seems to incentivize Hardware and legacy perpetual licensing revenue over recurring Software revenue – inconsistent with the Company's transition. Chairman John Fox has been Chair of the Compensation Committee for 15 years",
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      "kind": "table",
      "text": "Legion's Recommended Long-Term Incentive Plan metrics table",
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      "kind": "title",
      "text": "Poorly Designed Executive Compensation Seems Like a Key Culprit",
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