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Long-Term Compensation Plan and Stock Based Compensation

6 Months Ended

Jun. 30, 2019

Long-Term Compensation Plan and Stock Based Compensation

Stock Compensation Plans

Note 10 – Long-Term Compensation Plan and Stock Based Compensation (share counts in thousands)

The OneSpan Inc. 2019 Omnibus Incentive Plan (“2019 Plan”) was adopted by the Board of Directors on February 1, 2019, and was approved by the stockholders on June 12, 2019. Awards were previously granted under the OneSpan Inc. 2009 Equity Incentive Plan (“2009 Plan”).  The 2009 Plan terminated on December 19, 2018, and no additional securities remained for issuance.

Under the 2019 Plan, we awarded 277 shares of restricted stock in the second quarter consisting of 140 unissued shares subject to future performance criteria and 137 issued time-based shares. The market value of the 137 issued restricted shares was $2.0 million at the date of grant, and is being amortized over the vesting period of one to four years. The market value of the 140 unissued shares subject performance criteria was $2.0 million at the date of grant and is being amortized over the vesting period of three years. No shares were issued during the second quarter of 2018 and the first quarter of 2019.

The following table details long-term compensation plan and stock-based compensation expense for the three and six months ended June 30, 2019 and 2018:

		Three months ended						Six months ended
		June 30,						June 30,
		2019			2018			2019			2018
in thousands		(in thousands)						(in thousands)
Restricted stock		$	677		$	1,009		$	1,229		$	1,809
Long-term compensation plan			755			389			1,258			941
Total compensation		$	1,432		$	1,398		$	2,487		$	2,750

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- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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