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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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      "kind": "callout",
      "text": "We believe the Board’s claim of longer-tenured directors possessing “hardware-centric experience” while touting the strategic importance of Hardware is a mere ploy to defend their unnecessarily prolonged and poor track records",
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      "text": "In the Board’s 4/26/21 letter to stockholders, the Company claims that its “longer-serving directors...have critical experience with our hardware-centric business”\nHowever, none of the four directors we are targeting to replace appear to have any experience in the hardware technology / cybersecurity space (other than serving on OneSpan’s Board)\nIn fact, the only independent director who possesses such experience, Marc Boroditsky, was only added to the Board in 2019 – well after Hardware entered “secular decline”\nWe believe the Board’s lack of sufficient hardware technology/cybersecurity experience is a key reason for Hardware’s lack of innovation, operational underperformance, and “secular decline”\nWe do not believe that a Board, particularly its long-tenured directors, that has overseen such poor Hardware performance has the credibility to make a strategic judgment on the fate of the business",
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      "text": "While the Board claims its longer-tenured directors have critical hardware-centric experience, we believe Hardware’s “secular decline” is a result of a lack of sufficient hardware technology / cybersecurity experience",
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      "kind": "source-note",
      "text": "Source: SEC Filings, OSPN Letter to Stockholders (4/26/21), Legion Partners’ Estimates",
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      "kind": "title",
      "text": "Long-Tenured Directors Lack Hardware Technology Expertise",
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