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contextRef="Duration_4_6_2021_To_4_6_2021_4yP2wubZ3EiI0bwvoxEQpA" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_kpozGT21B0euFIi0ENUA9Q"><span style="font-family:'Segoe UI Emoji';font-size:10pt;">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:3pt;text-align:justify;border-bottom:4.5pt double #000000;margin:0pt 0pt 6pt 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;<span style="font-family:'Segoe UI Emoji';">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="display:none;font-size:12pt;line-height:0pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:88.24%;border:0;margin:30pt 5.88% 30pt 5.88%;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_5fbbf381_9ffa_4dc2_848b_ccea7ff787cb"></a><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><b style="background-color:#ffffff;font-weight:bold;">Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">On April 6, 2021, the board of directors (the &#8220;</span><span style="font-style:italic;">Board</span><span style="font-weight:normal;">&#8221;) of OneSpan Inc. (the &#8220;</span><span style="font-style:italic;">Company</span><span style="font-weight:normal;white-space:pre-wrap;">&#8221;) appointed Garry L. Capers to fill the vacancy on the Board recently created by the departure of Naureen Hassan. Mr. Capers will stand for re-election at the Company&#8217;s 2021 annual meeting of stockholders.  On April 6, 2021, he was appointed to the Board&#8217;s Corporate Governance and Nominating Committee and Finance and Strategy Committee.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-indent:36pt;margin:0pt;">There is no agreement or understanding between Mr. Capers and any other person pursuant to which he was appointed to the Board. Mr. Capers is not a party to any transaction, or series of transactions, required to be disclosed pursuant to Item&#160;404(a)&#160;of&#160;Regulation S-K. As of the date of this Current Report on Form 8-K, Mr. Capers holds no direct or indirect beneficial ownership in the Company&#8217;s stock or rights to acquire such stock.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-indent:36pt;margin:0pt;"><span style="white-space:pre-wrap;">As a non-employee director, in accordance with the Company&#8217;s Director Compensation Policy, Mr. Capers will receive a pro rata portion of a $125,000 equity grant, a $40,000 annual cash retainer and a cash committee retainer of $9,000 in the aggregate.  Such compensation will be based on nine months out of 12 months of service.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><b style="font-weight:bold;">Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-indent:36pt;margin:0pt;">On April 6, 2021, the Board adopted amended and restated by-laws of the Company (the by-laws, as so amended and restated, the &#8220;<span style="font-style:italic;font-weight:bold;">Amended and Restated By-laws</span>&#8221;), effective immediately. The Amended and Restated By-laws(i) contemplate virtual stockholder meetings; (ii) provide for notice, waiver of notice and director consent by electronic transmission; (iii) add mechanics for the resignation of directors and officers and (iv) contemplate gender neutrality.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-indent:36pt;margin:0pt;">The foregoing summary of the Amended and Restated By-laws does not purport to be complete and is qualified in its entirety by reference to the complete text of the Amended and Restated By-laws, a copy of which is attached hereto as Exhibit 3.1 and is incorporated herein by reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Item 8.01 Other Events.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-indent:36pt;margin:0pt;">The Company issued a press release on April 12, 2021 announcing the appointment of Mr. Capers to the Board, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Item 9.01. Financial Statements and Exhibits. </p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:17.43%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:82.56%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:17.43%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Exhibit Number</b></p></td><td style="vertical-align:bottom;width:82.56%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Description</b></p></td></tr><tr><td style="vertical-align:top;width:17.43%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 6pt -0.9pt;">3.1</p></td><td style="vertical-align:top;width:82.56%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt -0.9pt;"><a style="-sec-extract:exhibit;" href="ospn-20210406xex3d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:left;">OneSpan Inc. By-laws, as amended and restated on April 6, 2021</span></a></p></td></tr><tr><td style="vertical-align:top;width:17.43%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 6pt -0.9pt;">99.1</p></td><td style="vertical-align:top;width:82.56%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt -0.9pt;"><a style="-sec-extract:exhibit;" href="ospn-20210406xex99d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:left;">Press Release of OneSpan Inc. issued on April 12, 2021</span></a></p></td></tr><tr><td style="vertical-align:top;width:17.43%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 6pt -0.9pt;">104</p></td><td style="vertical-align:top;width:82.56%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt 0pt 6pt -0.9pt;">Cover Page Interactive Data File (embedded within the inline XBRL document)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;white-space:pre-wrap;">      </span><span style="font-weight:normal;visibility:hidden;">&#8203;</span></p><a id="_8e528cc2_c621_47dc_89c7_1a0b96b07cf6"></a></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:88.24%;border:0;margin:30pt 5.88% 30pt 5.88%;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;text-align:center;margin:0pt 0pt 12pt 0pt;">SIGNATURES </p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:42.35%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt 0pt 24pt 0pt;">Date: April 12, 2021</p></td><td colspan="3" style="vertical-align:top;width:57.64%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt 0pt 24pt 0pt;"><b style="font-weight:bold;">ONESPAN INC.</b></p></td></tr><tr><td style="vertical-align:top;width:42.35%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:7.69%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:31.71%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">/s/ Steven R. Worth</p></td><td style="vertical-align:top;width:18.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr style="height:0pt;visibility:hidden;"><td colspan="4" style="padding:0pt;"></td></tr><tr><td style="vertical-align:top;width:42.35%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:7.69%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Name:</p></td><td colspan="2" style="vertical-align:top;width:49.95%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Steven R. Worth</p></td></tr><tr><td style="vertical-align:top;width:42.35%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:7.69%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Title:</p></td><td colspan="2" style="vertical-align:top;width:49.95%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Corporate Secretary</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border:0;"></div></body></html>
[{"type": "8-K", "sequence": "1", "filename": "ospn-20210406x8k.htm", "description": "8-K", "secsgml_size_bytes": 36117}]
{"company-data": {"conformed-name": "OneSpan Inc.", "cik": "0001044777", "assigned-sic": "7373", "irs-number": "364169320", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24389", "film-number": "21821434"}, "business-address": {"street1": "121 W WACKER DR.", "street2": "STE 2050", "city": "CHICAGO", "state": "IL", "zip": "60601", "phone": "3127664001"}, "mail-address": {"street1": "121 W WACKER DR.", "street2": "STE 2050", "city": "CHICAGO", "state": "IL", "zip": "60601"}, "former-company": [{"former-conformed-name": "One Span Inc.", "date-changed": "20180706"}, {"former-conformed-name": "VASCO DATA SECURITY INTERNATIONAL INC", "date-changed": "19970821"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
​
​
FORM
8-K
​
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
​
Date of Report (Date of earliest event reported):
April 6, 2021
​
OneSpan Inc.
(Exact name of registrant as specified in charter)
Delaware
000-24389
36-4169320
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
​
121 West Wacker Drive
,
Suite 2050
Chicago
,
Illinois
60601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (
312
)
766-4001
N/A
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares
OSPN
NASDAQ
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☒
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
​
​
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
​
On April 6, 2021, the board of directors (the "
Board
") of OneSpan Inc. (the "
Company
") appointed Garry L. Capers to fill the vacancy on the Board recently created by the departure of Naureen Hassan. Mr. Capers will stand for re-election at the Company's 2021 annual meeting of stockholders.  On April 6, 2021, he was appointed to the Board's Corporate Governance and Nominating Committee and Finance and Strategy Committee.
There is no agreement or understanding between Mr. Capers and any other person pursuant to which he was appointed to the Board. Mr. Capers is not a party to any transaction, or series of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K. As of the date of this Current Report on Form 8-K, Mr. Capers holds no direct or indirect beneficial ownership in the Company's stock or rights to acquire such stock.
As a non-employee director, in accordance with the Company's Director Compensation Policy, Mr. Capers will receive a pro rata portion of a $125,000 equity grant, a $40,000 annual cash retainer and a cash committee retainer of $9,000 in the aggregate.  Such compensation will be based on nine months out of 12 months of service.
​
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
​
On April 6, 2021, the Board adopted amended and restated by-laws of the Company (the by-laws, as so amended and restated, the "
Amended and Restated By-laws
"), effective immediately. The Amended and Restated By-laws(i) contemplate virtual stockholder meetings; (ii) provide for notice, waiver of notice and director consent by electronic transmission; (iii) add mechanics for the resignation of directors and officers and (iv) contemplate gender neutrality.
​
The foregoing summary of the Amended and Restated By-laws does not purport to be complete and is qualified in its entirety by reference to the complete text of the Amended and Restated By-laws, a copy of which is attached hereto as Exhibit 3.1 and is incorporated herein by reference.
​
Item 8.01 Other Events.
The Company issued a press release on April 12, 2021 announcing the appointment of Mr. Capers to the Board, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
​
Item 9.01. Financial Statements and Exhibits.
​
​
Exhibit Number
Description
3.1
OneSpan Inc. By-laws, as amended and restated on April 6, 2021
99.1
Press Release of OneSpan Inc. issued on April 12, 2021
104
Cover Page Interactive Data File (embedded within the inline XBRL document)
​
​
​
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
​
Date: April 12, 2021
ONESPAN INC.
​
By:
/s/ Steven R. Worth
​
​
Name:
Steven R. Worth
​
Title:
Corporate Secretary
​
​
​
3