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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": 79,
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  "notes": "This is an activist critique of a specific board member's qualifications.",
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      "kind": "callout",
      "text": "We believe Dr. Zenner and the Board have failed to make an impact on OSPN’s investor communications – without substantive change to the Board, we fear OSPN stockholders will continue to suffer long-term suboptimal valuation",
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      "text": "Marc Zenner",
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      "text": "Director Marc Zenner was appointed to the Board in June 2019, prior to the major debacles in 2019 and 2020 detailed on prior pages. The Board has touted his expertise in “capital markets,” “capital allocation” and “capital structures,” though we fail to see his impact to OSPN considering these disasters occurred during his tenure. Dr. Zenner appears to have never been a public company executive, public equities investor, or a public company director at a technology company – we do not believe his background and experience are relevant to addressing OneSpan’s challenges. Lastly, OneSpan’s balance sheet is not complicated as there is a sufficient cash balance and no debt – we are unsure as to how his “capital structure” expertise is particularly relevant to OneSpan’s situation. Despite Dr. Zenner’s lack of relevancy to OneSpan, the Board formed a “Finance & Strategy Committee” of which he is chair – a worrisome development considering his apparent lack of experience in the technology and software space",
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      "text": "The Board will tout the addition of Dr. Marc Zenner as a “capital markets expert,” though his expertise seems irrelevant to the issues facing OSPN",
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      "kind": "source-note",
      "text": "Source: SEC Filings, Legion Partners’ Estimates",
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      "text": "Marc Zenner is Not the Answer",
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