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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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  "pageNumber": 59,
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  "notes": "The slide contrasts Legion's active advisory role with the Board's perceived inaction.",
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      "kind": "callout",
      "text": "While the Board appears unwilling and unable to perform its basic duties in advising OSPN management, one of Legion’s nominees has been actively advising management, who we believe can be even more impactful from within the boardroom",
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      "text": "Legion has sent seven letters, four presentations and investor materials from twelve modern software public peers to outline recommendations on disclosures and investor communications. OneSpan’s CFO has proactively reached out to Legion for advice on these topics. Legion introduced three of the four sellside firms that have most recently initiated research coverage. Two sellside firms have adopted a sum-of-the-parts valuation approach following Legion’s public letters – we believe this has led to significant price target increases. Management has begun disclosing key software-oriented metrics per Legion’s recommendations, though many of these disclosures arrived months, if not years, following our initial recommendation. Lastly, OneSpan’s financial disclosures remain arguably incomplete for public markets investors to fully understand, appreciate and value OneSpan’s assets – segment-level profitability is needed",
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      "text": "Note: B. Riley and Needham have since dropped coverage of OSPN. Source: SEC Filings, Company Earnings Presentations (Q2 2020, Q3 2020, Q4 2020), Legion Partners’ email exchanges with OSPN management",
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      "kind": "paragraph",
      "text": "In an effort to help OSPN management better highlight the Company’s value in the public markets, Legion has spent considerable time and effort advising management on how to communicate a modern software story to investors",
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      "kind": "title",
      "text": "Legion Has Counseled Management in Absence of Board Leadership",
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