<SEC-DOCUMENT>0001558370-21-004190.txt : 20210412
<SEC-HEADER>0001558370-21-004190.hdr.sgml : 20210412
<ACCEPTANCE-DATETIME>20210412172207
ACCESSION NUMBER:		0001558370-21-004190
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20210412
DATE AS OF CHANGE:		20210412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OneSpan Inc.
		CENTRAL INDEX KEY:			0001044777
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		IRS NUMBER:				364169320
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24389
		FILM NUMBER:		21821447

	BUSINESS ADDRESS:	
		STREET 1:		121 W WACKER DR.
		STREET 2:		STE 2050
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		3127664001

	MAIL ADDRESS:	
		STREET 1:		121 W WACKER DR.
		STREET 2:		STE 2050
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	One Span Inc.
		DATE OF NAME CHANGE:	20180706

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VASCO DATA SECURITY INTERNATIONAL INC
		DATE OF NAME CHANGE:	19970821
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>ospn-20210412xdefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 4/12/2021 09:21:59 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></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;font-weight:bold;padding-top:1pt;text-align:center;border-top:4.5pt double #000000;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt;">WASHINGTON, D.C. 20549</p><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;text-align:center;border-bottom:1px solid #000000;margin:0pt 216pt 6pt 216pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">FORM&#160;8-K</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">CURRENT REPORT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PURSUANT TO SECTION 13 OR 15(d) OF</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">THE&#160;SECURITIES EXCHANGE ACT OF 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Date of Report (Date of earliest event reported): April 6, 2021</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">OneSpan Inc.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Exact name of registrant as specified in charter)</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;padding:0.75pt;"><tr style="height:1pt;"><td style="vertical-align:top;width:30.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:31.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:33.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:30.62%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:31.41%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:33.91%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:top;width:30.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Delaware</b></p></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:top;width:31.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">000-24389</b></p></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:top;width:33.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">36-4169320</b></p></td></tr><tr style="height:23.5pt;"><td style="vertical-align:top;width:30.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(State or other jurisdiction<br>of incorporation)</b></p></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:31.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Commission<br>File Number)</b></p></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:33.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(IRS Employer<br>Identification No.)</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">121 West Wacker Drive, Suite 2050</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Chicago,&#160;Illinois&#160;60601</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">(Address of principal executive offices) (Zip Code)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Registrant&#8217;s telephone number, including area code: (312)&#160;766-4001</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N/A</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">(Former name or former address, if changed since last report)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><font style="color:#444444;">Securities registered pursuant to Section 12(b) of the Act:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;padding:0.75pt;"><tr style="height:1pt;"><td style="vertical-align:top;width:33.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:33.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:33.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:33.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:33.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:33.51%;margin:0pt;padding:0pt;"></td></tr><tr style="height:8.15pt;"><td style="vertical-align:top;width:33.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Title of each class</b></p></td><td style="vertical-align:top;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trading Symbol(s)</b></p></td><td style="vertical-align:top;width:33.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of each exchange on which registered</b></p></td></tr><tr style="height:6.35pt;"><td style="vertical-align:top;width:33.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Common Shares</p></td><td style="vertical-align:top;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">OSPN</p></td><td style="vertical-align:top;width:33.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">NASDAQ</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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: </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Segoe UI Emoji';">&#9744;</font><font style="font-family:'Segoe UI Emoji';">&#160;&#160;&#160;&#160;</font>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Segoe UI Symbol';">&#9746;</font><font style="font-family:'Segoe UI Symbol';">&#160;</font><font style="font-family:'Segoe UI Symbol';">&#160;</font><font style="font-family:'Segoe UI Symbol';">&#160;</font><font style="font-family:'Segoe UI Symbol';">&#160;</font>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Segoe UI Emoji';">&#9744;</font><font style="font-family:'Segoe UI Emoji';">&#160;&#160;&#160;&#160;</font>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) &#160;</p><p style="border-bottom-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:6pt;text-align:justify;margin:0pt;"><font style="font-family:'Segoe UI Symbol';">&#9744;</font><font style="font-family:'Segoe UI Symbol';">&#160;</font><font style="font-family:'Segoe UI Symbol';">&#160;</font><font style="font-family:'Segoe UI Symbol';">&#160;</font><font style="font-family:'Segoe UI Symbol';">&#160;</font>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) &#160;</p><p style="border-bottom-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:6pt;text-align:justify;margin:0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405&#160;of the&#160;Securities Act of 1933&#160;(&#167;230.405&#160;of this chapter) or Rule&#160;12b-2&#160;of the&#160;Securities Exchange Act of 1934&#160;(&#167;240.12b-2&#160;of this chapter).</p><p style="border-bottom-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:6pt;text-align:justify;margin:0pt;">Emerging growth company&#160;<font style="font-family:'Segoe UI Emoji';">&#9744;</font></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;<font style="font-family:'Segoe UI Emoji';">&#9744;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-size:12pt;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><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;"><font style="visibility:hidden;">&#8203;</font></p><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;"><font style="font-size:11pt;font-style:italic;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:normal;">On April 6, 2021, the board of directors (the &#8220;</font><font style="font-style:italic;">Board</font><font style="font-weight:normal;">&#8221;) of OneSpan Inc. (the &#8220;</font><font style="font-style:italic;">Company</font><font 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.</font></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;"><font 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.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></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;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></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;<font style="font-style:italic;font-weight:bold;">Amended and Restated By-laws</font>&#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;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></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;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></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;"><font style="visibility:hidden;">&#8203;</font></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><div align="left"><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;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></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;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></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-20210412xex3d1.htm"><font 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</font></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-20210412xex99d1.htm"><font 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</font></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></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:normal;white-space:pre-wrap;">      </font><font style="font-weight:normal;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><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;"><font 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. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><div align="left"><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;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></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;"><font style="font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</font></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;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></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;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></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></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></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><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ospn-20210412xex3d1.htm
<DESCRIPTION>EX-3.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 4/12/2021 09:21:51 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:right;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">EXHIBIT 3.1</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:9pt 0pt 0pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">ONESPAN INC. </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:9pt 0pt 0pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">BY-LAWS </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">as amended and restated on April 6, 2021 </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:9pt 0pt 0pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">ARTICLE I - STOCKHOLDERS </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 1. Annual Meeting </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">To the extent required by applicable law, an annual meeting of the stockholders, for the election of directors to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting, shall be held at such place, if any, on such date, and at such time as the Board of Directors shall each year fix, which date shall be within thirteen months subsequent to the later of the date of incorporation or the last annual meeting of stockholders. The Board of Directors may, in its sole discretion, determine that an annual meeting shall not be held at any place, but may instead be held solely by means of remote communication in accordance with Section 211(a) of the General Corporation Law of the State of Delaware, as amended (the &#8220;DGCL&#8221;).  </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 2. Special Meetings </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">Special meetings of the stockholders, for any purpose or purposes prescribed in the notice of the meeting, may be called by the Board of Directors or the Chief Executive Officer and shall be held at such place, if any, on such date, and at such time as the Board of Directors or the Chief Executive officer shall fix. The Board of Directors may, in its sole discretion, determine that a special meeting shall not be held at any place, but may instead be held solely by means of remote communication in accordance with Section 211(a) of the DGCL.   </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 3. Notice of Meetings </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">Written notice of the place, if any, date, and time of all meetings of the stockholders and the means of remote communications, if any, by which stockholders and proxy holders may be deemed present in person and vote at such meetings, shall be given, not less than ten nor more than sixty days before the date on which the meeting is to be held, to each stockholder entitled to vote at such meeting, except as otherwise provided herein or required by law (meaning, here and hereinafter, as required from time to time by the DGCL or the Certificate of Incorporation). Unless otherwise required by law or the  Certificate of Incorporation, written notice of any meeting shall be given either personally, by mail or by electronic transmission (as defined below), if permitted under the circumstances by the DGCL.  For the purposes of these By-laws, &#8220;electronic transmission&#8221; means any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">When a meeting is adjourned to another place, if any, date, or time, written notice need not be given of the adjourned meeting if the place, if any, date, and time thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed </font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">present in person and vote at such adjourned meeting, are announced at the meeting at which the adjournment is taken; provided, however, that, if the date of any adjourned meeting is more than thirty days after the date for which the meeting was originally noticed, or if a new record date is fixed for the adjourned meeting, written notice of the place, if any, date, and time of the adjourned meeting shall be given in conformity herewith. At any adjourned meeting, any business may be transacted which might have been transacted at the original meeting. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 4. Quorum </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 6pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Except as otherwise provided by law or these by-laws, at each meeting of stockholders the presence in person, by means of remote communication, if any, or by proxy of the holders of a majority in voting power of the outstanding shares of stock entitled to vote at the meeting shall be necessary and sufficient to constitute a quorum. In the absence of a quorum the chair of the meeting or the stockholders so present (by a majority in voting power thereof) may adjourn the meeting from time to time in the manner provided in Section 3 of Article I of these by-laws until a quorum shall attend. Shares of its own stock belonging to the corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the corporation, shall neither be entitled to vote nor be counted for quorum purposes; provided, however, that the foregoing shall not limit the right of the corporation or any subsidiary of the corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 5. Organization </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The Chair of the Board, or, in the absence of the Chair, such person as the Board of Directors may have designated or, in the absence of such a person, the highest ranking officer of the corporation who is present, shall call to order any meeting of the stockholders and act as chair of the meeting. In the absence of the Secretary of the corporation, the secretary of the meeting shall be such person as the chair appoints. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 6. Conduct of Business </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">The chair of any meeting of stockholders shall determine the order of business and the procedure at the meeting, including such regulation of the manner of voting and the conduct of discussion as seem, to the chair of such meeting, in order.  </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 7. Proxies and Voting </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">At any meeting of the stockholders, every stockholder entitled to vote may vote, in person, by means of remote communication, if any, or by proxy. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Each stockholder shall have one vote for every share of stock entitled to vote which is registered in such stockholder&#8217;s name on the record date for the meeting, except as otherwise provided herein or required by law. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">All voting, except on the election of directors and where otherwise required by law, may be by a voice vote; provided, however, that upon demand therefor by a stockholder entitled to vote or such stockholder&#8217;s proxy, a stock vote shall be taken. Every stock vote shall be taken by ballots, each of which shall state the name of the stockholder or proxy voting and such other information as may be required under the procedure established for the meeting. Every vote taken by ballots </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">2</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">shall be counted by an inspector or inspectors appointed by the chair of the meeting. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">Except for the election of directors and where otherwise required by law, all matters shall be determined by a majority of the votes cast.  Each director shall be elected by the vote of the majority of the votes cast with respect to that director&#8217;s election at any meeting for the election of directors at which a quorum is present; provided that in a contested election (as defined below), the directors shall be elected by the vote of a plurality of the votes cast.  </font><font style="font-family:'Times New Roman','Times','serif';">A &#8220;contested election&#8221; is one in which as of the 10th day preceding the date the corporation first mails its notice of meeting for such meeting to the stockholders of the corporation, a stockholder of the corporation has provided to the corporation, and not withdrawn, a notice of an intention to nominate one or more candidates for election</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;"> </b><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">to the Board of Directors.  </font><font style="font-family:'Times New Roman','Times','serif';">For purposes of this Section 7, a majority of votes cast shall mean that the number of votes cast &#8220;for&#8221; a director&#8217;s election exceeds the number of votes cast &#8220;against&#8221; that director&#8217;s election (with &#8220;abstentions&#8221; and &#8220;broker nonvotes&#8221; not counted as a vote cast either &#8220;for&#8221; or &#8220;against&#8221; that director&#8217;s election).</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 8. Stock List </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">A complete list of stockholders entitled to vote at any meeting of stockholders, arranged in alphabetical order for each class of stock and showing the address of each such stockholder and the number of shares registered in each such stockholder&#8217;s name, shall be open to the examination of any such stockholder, for any purpose germane to the meeting, during ordinary business hours for a period of at least ten (10) days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. Nothing in this Section 8 shall require the corporation to include electronic mail addresses or other electronic contact information on such list.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The stock list shall also be kept at the place, if any, of the meeting during the whole time thereof and shall be open to the examination of any such stockholder who is present. This list shall presumptively determine the identity of the stockholders entitled to vote at the meeting and the number of shares held by each of them. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">In the event the corporation determines to make the list available on an electronic network, the corporation may take reasonable steps to ensure that such information is available only to stockholders of the corporation.  If the meeting is to be held solely by means of remote communication, then the stockholder list shall also be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 9. Nomination of Directors. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Any stockholder nominating a person for election as a director must comply with the procedures set forth herein. Nominations of persons for election to the Board of Directors of the corporation may be made at a meeting of stockholders (a) by or at the direction of the Board of Directors or (b) by any stockholder of the corporation who is a stockholder of record at the time of giving of notice provided for in this Section 9, who shall be entitled to vote for the election of directors at the meeting and who complies with the notice procedures set forth in this Section 9. Such nominations, other than those made by or at the direction of the Board of Directors, shall be </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">3</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">made pursuant to timely notice in writing to the Secretary of the corporation. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">To be timely, (x) with respect to an annual meeting, a stockholder&#8217;s notice shall be received by the Secretary at the principal executive offices of the corporation not later than 5:00 p.m. Central Time on the 90th day, nor earlier than 5:00 p.m. Central Time on the 120th day, prior to the first anniversary of the preceding year&#8217;s annual meeting of stockholders; provided, however, that in the event that no annual meeting of stockholders was held in the previous year or if the date of the annual meeting of stockholders is more than 30 days before or more than 70 days after such anniversary date, notice by the stockholder must be received not later than 5:00 p.m. Central Time on the later of the 90th day prior to such annual meeting or the 10th day following the day on which public announcement of the date of such meeting is first made by the corporation and (y) with respect to a special meeting of stockholders at which directors are to be elected pursuant to the corporation&#8217;s notice of meeting, a stockholder&#8217;s notice shall be received by the Secretary at the principal executive offices of the corporation not earlier than 5:00 p.m. Central Time on the 120th day prior to such special meeting and not later than 5:00 p.m. Central Time on the later of the 90th day prior to such special meeting or the 10th day following the day on which public announcement of the date of such special meeting is first made by the corporation. In no event shall an adjournment or postponement of an annual or special meeting of stockholders (or the public announcement thereof) commence a new time period (or extend any time period) for the giving of a stockholder&#8217;s notice as described in this Section 9.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Such stockholder&#8217;s notice shall set forth (a) as to each person whom the stockholder proposes to nominate for election or reelection as a director (the &#8220;Proposed Nominee&#8221;) all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (including such person&#8217;s written consent to being named in the proxy statement as a nominee and to serving as a director if elected); and (b) as to the stockholder giving the notice (i) the name and address, as they appear on the corporation&#8217;s books, of such stockholder and (ii) the class and number of shares of the corporation which are beneficially owned by such stockholder or any of its affiliates. In addition, such stockholder&#8217;s notice shall be accompanied by a written questionnaire with respect to the background and qualifications of each Proposed Nominee completed by the Proposed Nominee in the form required by the corporation (which form the stockholder giving the notice shall request in writing from the Secretary of the corporation and which the Secretary shall provide to such stockholder within 10 days of receiving such request). </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">At the request of the Board of Directors, any person nominated by the Board of Directors for election as a director shall furnish to the Secretary of the corporation that information required to be set forth in a stockholder&#8217;s notice of nomination which pertains to the nominee and a written questionnaire with respect to the background and qualifications of the nominee in the form required by the corporation. No Proposed Nominee shall be eligible to serve as a director of the corporation unless nominated in accordance with the procedures set forth in this By-Law. The chair of the meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the procedures prescribed by the By-Laws, and if the chair should so determine and declare to the meeting, the defective nomination shall be disregarded. Notwithstanding the foregoing provisions of this Section 9, a stockholder shall also comply with all applicable requirements of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder with respect to the matters set forth in this Section 9. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">4</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Nothing herein shall limit or restrict the right of the Board of Directors to nominate persons for election as directors or to elect directors in accordance with these By-Laws.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 10. Notice of Business. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">At any meeting of the stockholders, only such business shall be conducted as shall have been brought before the meeting (a) by or at the direction of the Board of Directors or (b) by any stockholder of the corporation who is a stockholder of record at the time of giving of the notice provided for in this Section 10, who shall be entitled to vote at such meeting and who complies with the notice procedures set forth in this Section 10. For business to be properly brought before a stockholder meeting by a stockholder, the stockholder must have given timely notice thereof in writing to the Secretary of the corporation. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">To be timely, (x) with respect to an annual meeting, a stockholder&#8217;s notice shall be received by the Secretary at the principal executive offices of the corporation not later than 5:00 p.m. Central Time on the 90th day, nor earlier than 5:00 p.m. Central Time on the 120th day, prior to the first anniversary of the preceding year&#8217;s annual meeting of stockholders; provided, however, that in the event that no annual meeting of stockholders was held in the previous year or if the date of the annual meeting of stockholders is more than 30 days before or more than 70 days after such anniversary date, notice by the stockholder must be received not later than 5:00 p.m. Central Time on the later of the 90th day prior to such annual meeting or the 10th day following the day on which public announcement of the date of such meeting is first made by the corporation and (y) with respect to a special meeting of stockholders, a stockholder&#8217;s notice shall be received by the Secretary at the principal executive offices of the corporation not earlier than 5:00 p.m. Central Time on the 120th day prior to such special meeting and not later than 5:00 p.m. Central Time on the later of the 90th day prior to such special meeting or the 10th day following the day on which public announcement of the date of such special meeting is first made by the corporation. In no event shall an adjournment or postponement of an annual or special meeting of stockholders (or the public announcement thereof) commence a new time period (or extend any time period) for the giving of a stockholder&#8217;s notice as described in this Section 10.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:18pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">A stockholder&#8217;s notice to the Secretary shall set forth as to each matter the stockholder proposes to bring before the meeting (a) a brief description of the business desired to be brought before the meeting and the reasons for conducting such business at the meeting, (b) the name and address, as they appear on the corporation&#8217;s books, of the stockholder proposing such business, (c) the class and number of shares of the corporation which are beneficially owned by the stockholder and (d) any material interest of the stockholder in such business. Notwithstanding anything in the By-Laws to the contrary, no business shall be conducted at a stockholder meeting except in accordance with the procedures set forth in this Section 10. The chair of the meeting shall, if the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting and in accordance with the provisions of the By-Laws, and if the chair should so determine and declare to the meeting, any such business not properly brought before the meeting shall not be transacted. Notwithstanding the foregoing provision of this Section 10, a stockholder shall also comply with all applicable requirements of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder with respect to the matters set forth in this Section and in the event of any conflict with any such applicable requirements and the foregoing provisions of this Section 10, such applicable requirements shall prevail.  Nothing in this Section 10 shall be deemed to affect any rights of stockholders to request inclusion of </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">5</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">proposals in the corporation&#8217;s proxy statement pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:18pt 0pt 0pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">ARTICLE II - BOARD OF DIRECTORS </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 1. Number and Term of Office </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The number of directors who shall constitute the whole board shall be such number not less than four nor more than twenty as the Board of Directors shall at the time have designated. Each director shall be elected for a term of one year and until such director&#8217;s successor is elected and qualified, except as otherwise provided herein or required by law. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Whenever the authorized number of directors is increased between annual meetings of the stockholders, a majority of the directors then in office shall have the power to elect such new directors for the balance of a term and until their successors are elected and qualified. Any decrease in the authorized number of directors shall not become effective until the expiration of the term of the directors then in office unless, at the time of such decrease, there shall be vacancies on the board which are being eliminated by the decrease. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 2. Vacancies </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">If the office of any director becomes vacant by reason of death, resignation, disqualification, removal, or other cause, a majority of the directors remaining in office, although less than a quorum, may elect a successor for the unexpired term and until his or her successor is elected and qualified. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 3. Regular Meetings </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Regular meetings of the Board of Directors shall be held at such place or places, on such date or dates, and at such time or times as shall have been established by the Board of Directors and publicized among all directors. A notice of each regular meeting shall not be required. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 4. Special Meetings </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Special meetings of the Board of Directors may be called by one-third of the directors then in office or by the Chief Executive Officer and shall be held at such place, on such date, and at such time as they or the Chief Executive Officer shall fix. Notice of the place, date, and time of each such special meeting shall be given to each director by whom it is not waived by mail posted not less than five days before the meeting, by nationally recognized overnight courier deposited not less than two business days before the date of the meeting or by email, facsimile or other means of electronic transmission delivered or sent not less than 24 hours before the special meeting; provided, however, that if the Chair of the Board or the Chief Executive Officer determines that it is otherwise necessary or advisable to hold the meeting sooner, the Chair of the Board or the Chief Executive Officer, as the case may be, may prescribe a shorter notice period, with notice to be given personally or by email, telephone, facsimile or other means of electronic transmission. Unless otherwise indicated in the notice thereof, any and all business may be transacted at a special meeting. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">6</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 5. Quorum </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">At any meeting of the Board of Directors, a majority of directors constituting the Board of Directors shall constitute a quorum for all purposes. In the event that one or more of the directors shall be disqualified to vote at any meeting, the quorum shall be reduced by one for each disqualified director; provided, however, that in no event shall less than two directors constitute a quorum. If a quorum shall fail to attend any meeting, a majority of those present may adjourn the meeting to another place, date, or time without further notice or waiver thereof. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 6. Participation in Meetings by Conference Telephone </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Members of the Board of Directors, or of any committee thereof, may participate in a meeting of such board or committee by means of conference telephone or similar communications equipment that enables all persons participating in the meeting to hear each other. Such participation shall constitute presence in person at such meeting. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 7. Conduct of Business </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">At any meeting of the Board of Directors, business shall be transacted in such order and manner as the board may from time to time determine, and all matters shall be determined by the vote of a majority of the directors present, except as otherwise provided herein or required by law. Action may be taken by the Board of Directors without a meeting if all members thereof consent thereto in writing or by electronic transmission, and the writing(s) or electronic transmission(s) are filed with the minutes of proceedings of the Board of Directors. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 8. Powers </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The Board of Directors may, except as otherwise required by law, exercise all such powers and do all such acts and things as may be exercised or done by the corporation, including, without limiting the generality of the foregoing, the unqualified power: </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">(1) To declare dividends from time to time in accordance with law; </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">(2) To purchase or otherwise acquire any property, rights or privileges on such terms as it shall determine; </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">(3) To authorize the creation, making and issuance, in such form as it may determine, of written obligations of every kind, negotiable or non-negotiable, secured or unsecured, and to do all things necessary in connection therewith; </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">(4) To remove any officer of the corporation with or without cause and, from time to time, to devolve the powers and duties of any officer upon any other person for the time being; </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">(5) To confer upon any officer of the corporation the power to appoint, remove and suspend subordinate officers and agents; </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">(6) To adopt from time to time such stock option, stock purchase, bonus, or other compensation plans for directors, officers and agents of the corporation and its subsidiaries as it may determine; </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">(7) To adopt from time to time such insurance, retirement, and other benefit plans for directors, officers and agents of the corporation and its subsidiaries as it may determine; and </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">7</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">(8) To adopt from time to time regulations, not inconsistent with these by-laws, for the management of the corporation&#8217;s business and affairs. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 9. Compensation of Directors </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 12pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Directors, as such, may receive, pursuant to resolution of the Board of Directors, fixed fees and other compensation for their services as directors, including, without limitation, their services as members of committees of the directors. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 10. Chair of the Board</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The Chair of the Board shall be chosen by the Board of Directors from among the directors and may, but need not, be the Chief Executive Officer. Except as otherwise provided in these by-laws, the Chair of the Board shall preside at all meetings of stockholders and the Board of Directors. The Chair of the Board shall have such other powers and duties as may from time to time be assigned by the Board of Directors. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 11. Resignation</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Any director may resign upon notice given in writing or electronic transmission to the Chair of the Board or the Secretary. Such resignation shall be effective upon receipt unless it is specified to be effective at some other time or upon the occurrence of some other event.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:18pt 0pt 0pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">ARTICLE III - COMMITTEES </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 1. Committees of the Board of Directors </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The Board of Directors, by a vote of a majority of the whole board, may from time to time designate committees of the board, with such lawfully-delegable powers and duties as it thereby confers, to serve at the pleasure of the board and shall, for those committees and any others provided for herein, elect a director or directors to serve as the member or members, designating, if it desires, other directors as alternative members who may replace any absent or disqualified member at any meeting of the committee. Any committee so designated may exercise the power and authority of the Board of Directors to declare a dividend or to authorize the issuance of stock if the resolution which designates the committee or a supplemental resolution of the Board of Directors shall so provide. In the absence or disqualification of any member of any committee and any alternate member in such member&#8217;s place, the member or members of the committee present at the meeting and not disqualified from voting, whether or not he, she, or they constitute a quorum, may by unanimous vote appoint another member of the Board of Directors to act at the meeting in the place of the absent or disqualified member. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 2. Conduct of Business </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Each committee may determine the procedural rules for meeting and conducting its business and shall act in accordance therewith, except as otherwise provided herein or required by law. Adequate provision shall be made for notice to members of all meetings; a majority of the members shall constitute a quorum unless the committee shall consist of one or two members, in which event one member shall constitute a quorum; and all matters shall be determined by a majority vote of the members present. Action may be taken by any committee without a meeting </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">8</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">if all members thereof consent thereto in writing or by electronic transmission, and the writing(s) or electronic transmission(s) are filed with the minutes of the proceedings of such committee. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:18pt 0pt 0pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">ARTICLE IV - OFFICERS </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 1. Generally </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The officers of the corporation: (i) shall consist of a President, a Secretary and a Treasurer, and (ii) may also consist of a Chief Executive Officer, a Chief Operating Officer, one or more Executive Vice Presidents and one or more Vice Presidents, as may from time to time be appointed by the Board of Directors. Officers shall be elected by the Board of Directors, which shall consider that subject at its first meeting after every annual meeting of stockholders. Each officer shall hold office until such officer&#8217;s successor is elected and qualified or until such officer&#8217;s earlier resignation or removal. Any number of offices may be held by the same person. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 2. Chief Executive Officer </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Subject to the provisions of these by-laws and to the direction of the Board of Directors, the Chief Executive Officer shall have the responsibility for the general management and control of the affairs and business of the corporation and shall perform all duties and have all powers which are commonly incident to the office of chief executive or which are delegated to him or her by the Board of Directors. The Chief Executive Officer shall have power to sign all stock certificates, contracts and other instruments of the corporation which are authorized. The Chief Executive Officer shall have general supervision and direction of all of the other officers and agents of the corporation. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 3. President </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The President shall perform such duties as the Board of Directors or the Chief Executive Officer shall prescribe. In the absence or disability, or a vacancy in the office, of the Chief Executive Officer or the Chief Operating Officer, the President shall perform the duties and exercise the powers of the Chief Executive Officer or the Chief Operating Officer, as the case may be. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 4. Chief Operating Officer </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The Chief Operating Officer shall be the chief administrative officer of the corporation, in charge of the operations of the corporation. The Chief Operating Officer shall perform such duties as the Board of Directors or the Chief Executive Officer shall prescribe. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 5. Executive Vice Presidents </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Each Executive Vice President shall be senior to each Vice President. Each Executive Vice President shall perform such duties as the Board of Directors or the Chief Executive Officer shall prescribe. In the absence or disability, or a vacancy in the office, of the President, the Executive Vice President who has served in such capacity for the longest time shall perform the duties and exercise the powers of the President. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 6. Vice Presidents </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Each Vice President shall perform such duties as the Board of Directors or the Chief Executive Officer shall prescribe. In the absence or disability, or a vacancy in the office, of the President, if </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">9</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">there are then no Executive Vice Presidents, the Vice President who has served in such capacity for the longest time shall perform the duties and exercise the powers of the President. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 7. Treasurer </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The Treasurer shall have the custody of all monies and securities of the corporation and shall keep regular books of account. The Treasurer shall make such disbursements of the funds of the corporation as are proper and shall render from time to time an account of all such transactions and of the financial condition of the corporation. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 8. Secretary </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The Secretary shall issue all authorized notices for, and shall keep minutes of, all meetings of the stockholders and the Board of Directors. The Secretary shall have charge of the corporate books. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 9. Delegation of Authority </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The Board of Directors may from time to time delegate the powers or duties of any officer to any other officers or agents, notwithstanding any provision hereof. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 10. Resignation; Removal </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Any officer may resign upon notice given in writing or electronic transmission to the Chief Executive Officer or the Secretary. Such resignation shall be effective upon receipt unless it is specified to be effective at some other time or upon the occurrence of some other event. Any officer of the corporation may be removed at any time, with or without cause, by the Board of Directors. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 11. Action with Respect to Securities of Other Corporations </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Unless otherwise directed by the Board of Directors, the President shall have power to vote and otherwise act on behalf of the corporation, in person or by proxy, at any meeting of stockholders of or with respect to any action of stockholders of any other corporation in which this corporation may hold securities, and otherwise to exercise any and all rights and powers which this corporation may possess by reason of its ownership of securities in such other corporation. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:18pt 0pt 0pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">ARTICLE V - RIGHT OF INDEMNIFICATION OF DIRECTORS, <br>OFFICERS AND OTHERS </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 1. Right to Indemnification </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person (an &#8220;Indemnitee&#8221;) who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a &#8220;proceeding&#8221;), by reason of the fact that such person, or a person for whom such person is the legal representative, is or was a director or officer of the corporation or, while a director or officer of the corporation, is or was serving at the written request of the corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys&#8217; fees) reasonably incurred by such Indemnitee. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">10</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Notwithstanding the preceding sentence, except as otherwise provided in Section 3 of this Article V, the corporation shall be required to indemnify an Indemnitee in connection with a proceeding (or part thereof) commenced by such Indemnitee only if the commencement of such proceeding (or part thereof) by the Indemnitee was authorized by the Board of Directors. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 2. Prepayment of Expenses </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The corporation shall pay the expenses (including attorneys&#8217; fees) incurred by an Indemnitee in defending any proceeding in advance of its final disposition, provided, however, that such payment of expenses in advance of the final disposition of the proceeding shall be made only upon receipt of an undertaking by the Indemnitee to repay all amounts advanced if it should be ultimately determined that the Indemnitee is not entitled to be indemnified under this Article V or otherwise. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 3. Claims </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">If a claim for indemnification or advancement of expenses under this Article V is not paid in full within sixty (60) days after a written claim therefore by the Indemnitee has been received by the corporation, the Indemnitee may file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the corporation shall have the burden of proving that the Indemnitee is not entitled to the requested indemnification or advancement of expenses under applicable law. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 4. Nonexclusivity of Rights </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The rights conferred on any Indemnitee by this Article V shall not be exclusive of any other rights which such Indemnitee may have or hereafter acquire under any statute, provision of the certificate of incorporation, these by-laws, agreement, vote of stockholders or disinterested directors or otherwise. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 5. Other Sources </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The corporation&#8217;s obligation, if any, to indemnify or to advance expenses to any Indemnitee who was or is serving at its request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, enterprise or nonprofit entity shall be reduced by any amount such Indemnitee may collect as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, enterprise or non-profit enterprise. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 6. Amendment or Repeal </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Any repeal or modification of the foregoing provisions of this Article V shall not adversely affect any right or protection hereunder of any Indemnitee in respect of any act or omission occurring prior to the time of such repeal or modification. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 7. Other Indemnification and Prepayment of Expenses </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">This Article V shall not limit the right of the corporation, to the extent and in the manner permitted by law, to indemnify and to advance expenses to persons other than Indemnitees when and as authorized by appropriate corporate action. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">11</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">ARTICLE VI - STOCK </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 1. Certificates of Stock </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The shares of stock of the corporation shall be represented by certificates, or by uncertificated shares that may be evidenced by a book-entry system maintained by the registrar of such stock, or a combination of both. If shares are represented by certificates (if any), such certificates shall be in the form approved by the Board of Directors and shall be signed by, or in the name of the corporation by, (i) the Chair of the Board, President or any Executive Vice President or Vice President, and (ii) the Secretary or an assistant secretary or the Treasurer or an assistant treasurer. Any of or all the signatures on the certificate may be facsimile. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 2. Transfers of Stock </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">No transfer of stock shall be valid as against the corporation for any purpose until such transfer has been entered on the stock transfer books of the corporation by an entry showing from and to whom such stock is transferred. Transfers of stock shall be made only upon the stock transfer books of the corporation and (i) with respect to stock represented by a certificate (except to the extent Section 4 of Article VI of these by-laws applies), upon surrender of the certificate previously issued therefore which is outstanding and not canceled, duly endorsed or accompanied by appropriate evidence of succession, assignment or authority to transfer, and (ii) with respect to uncertificated shares, upon receipt of proper transfer instructions from the record holder thereof. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 3. Record Date </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Subject to applicable law, the Board of Directors may fix a record date, which shall not be more than 60 nor less than 10 days before the date of any meeting of stockholders, nor more than 60 days prior to the time for the other action hereinafter described, as of which there shall be determined the stockholders who are entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof; to express consent to corporate action in writing without a meeting; to receive payment of any dividend or other distribution or allotment of any rights; or to exercise any rights with respect to any change, conversion or exchange of stock or with respect to any other lawful action. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 4. Lost, Stolen or Destroyed Certificates </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The corporation may issue a new certificate or certificates of stock or uncertificated shares in place of any certificate or certificates theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates or uncertificated shares, the corporation or its transfer agent may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or such owner&#8217;s legal representative, to advertise the same in such manner as the corporation shall require and/or give the corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the corporation or its transfer agent or registrar with respect to the certificate alleged to have been lost, stolen or destroyed or the issuance of any such new certificate or certificates or uncertificated shares. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">12</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 5. Regulations </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The issue transfer, conversion, and registration of certificates of stock shall be governed by such other regulations and procedures as the Board of Directors may determine. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 6. Registered Stockholders. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The corporation shall be entitled to recognize the exclusive right of a person registered on the stock records of the corporation as the owner of shares to receive dividends and to vote as such owner and to hold liable for calls and assessments a person registered on the stock records of the corporation as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the DGCL. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:6pt 0pt 0pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">ARTICLE VII - NOTICES </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 1. Notices </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">Whenever notice is required to be given to any stockholder, such requirement shall not be construed to mean personal notice. Such notice may in every instance be effectively given in writing (a) by mail, addressed to such stockholder at such stockholder&#8217;s address as it appears on the books of the corporation or (b) by any other method permitted by law (including overnight courier service, facsimile, electronic mail or other means of electronic transmission) directed to the stockholder at  the stockholder&#8217;s address most recently provided to the corporation. </font><font style="font-family:'Times New Roman','Times','serif';">If mailed, such notice shall be deemed to be given when deposited in the United States mail with postage thereon prepaid, addressed to the stockholder at the stockholder&#8217;s address as it appears on the books of the corporation. If notice is given by other means (including by electronic transmission), such notice shall be deemed to be given at the times provided in the DGCL. Any stockholder may waive notice of any meeting before or after the meeting.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 2. Waivers </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">A written waiver, or a waiver by electronic transmission, of any notice, signed by a stockholder, director, officer or agent, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to the notice required to be given to such stockholder, director, officer or agent. Neither the business nor the purpose of any meeting need be specified in such a waiver. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:18pt 0pt 0pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">ARTICLE VIII - MISCELLANEOUS </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 1. Facsimile Signature </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">In addition to the provisions for the use of facsimile signatures elsewhere specifically authorized in these by-laws, facsimile signatures of any officer or officers of the corporation may be used whenever and as authorized by the Board of Directors or a committee thereof. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 2. Corporate Seal </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The Board of Directors may provide a suitable seal containing the name of the corporation, which seal shall be in charge of the Secretary. Duplicates of the seal may be kept and used by the Treasurer or by the assistant secretary or assistant treasurer. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">13</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 3. Reliance Upon Books, Reports, and Records </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Each director, each member of any committee designated by the Board of Directors, and each officer of the corporation shall, in the performance of his or her duties, be fully protected in relying in good faith upon the books of account or other records of the corporation, including reports made to the corporation by any of its officers, by an independent certified public accountant, or by an appraiser selected with reasonable care. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 4. Fiscal Year </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The fiscal year of the corporation shall be as fixed by the Board of Directors. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:13.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 5. Time Periods </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">In applying any provision of these by-laws which requires that an act be done or not done a specified number of days prior to an event or that an act be done during a period of a specified number of days prior to an event, calendar days shall be used, the day of the doing of the act shall be excluded, and the day of the event shall be included. </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">ARTICLE IX - AMENDMENTS </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:9pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Section 1. Amendments </font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;margin:4.5pt 0pt 0pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">These by-laws may be amended or repealed by the Board of Directors or by the stockholders. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;line-height:1.19;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">14</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ospn-20210412xex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.9.1.77--><!--Created on: 4/12/2021 09:21:54 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:right;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">EXHIBIT 99.1</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-size:14pt;font-weight:bold;">OneSpan Appoints Garry Capers, Cloud Solutions Executive at Deluxe Corporation, to Board of Directors</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><i style="font-style:italic;">FinTech and management consultant veteran brings additional SaaS experience to OneSpan board</i></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;">CHICAGO, April 12, 2021</b> &#8211; OneSpan&#8482; Inc. (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced its Board of Directors has appointed Garry Capers as a new independent director, effective April 6, 2021. Mr. Capers has also been named as a member of the Board&#8217;s Corporate Governance and Nominating Committee and Finance and Strategy Committee.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="display:inline-block;width:136.8pt;"></font><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><div style="clear:both;"></div><div style="clear:left;float:left;height:180pt;margin-right:9pt;width:136.8pt;z-index:-9223372036603117568;"><div style="height:180pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:136.8pt;"><img src="ospn-20210412xex99d1001.jpg" alt="Graphic" style="height:180pt;width:136.8pt;"></div></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;">Mr. Capers is Division President, Cloud Solutions at Deluxe Corporation where he has full financial and operational responsibility for the company&#8217;s software as a service, or SaaS, solutions primarily targeted at end markets in the financial services industry. In his role, Mr. Capers has reorganized a portfolio of more than three dozen acquired companies into four product lines and positioned the business for growth by divesting underperforming assets and expanding growth products into new markets. Prior to joining Deluxe Corporation, Mr. Capers held executive leadership roles with Automatic Data Processing, Inc. and Equifax Inc. and was a management consultant at Bain &amp; Company. While at Equifax Inc., Mr. Capers led the formation of a new business unit within the fraud and identity management space.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:6pt 0pt 8pt 0pt;">OneSpan has been active in Board refreshment in recent years. Mr. Capers joins four other independent directors who have been added to the Board since June 2019. Combined, the new directors have deep skills and experience in the areas of SaaS software, recurring revenue business models, capital allocation, innovation, product management, financial services, and mergers and acquisitions.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;">&#8220;OneSpan&#8217;s Board of Directors continues to expand its expertise in cloud-centric, recurring revenue business models. The appointment of Mr. Capers and other recent additions demonstrate the Board&#8217;s commitment to proactive Board refreshment and furthering OneSpan&#8217;s strategic objectives,&#8221; said OneSpan Board Chair, John N. Fox, Jr.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;">&#8220;Garry Capers brings a wealth of strategic and operational experience in the markets we serve that complements the strengths of our existing board members,&#8221; stated OneSpan CEO, Scott Clements. &#8220;We look forward to his contributions to the continued development of OneSpan&#8217;s growth driven value creation strategy.&#8221;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;">About Garry Capers</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;">Mr. Capers has been Division President, Cloud Solutions at Deluxe Corporation since September 2019. Prior to Deluxe Corporation, Mr. Capers was with Automatic Data Processing, Inc., most recently serving as Senior Vice President, NA Comprehensive Outsourcing Services. Prior to Automatic Data Processing, Inc., Mr. Capers was with Equifax Inc., most recently serving as General Manager &#8211; Equifax Marketing Services. Prior to Equifax, Mr. Capers was a management consultant with Bain &amp; Company. Mr. Capers holds a Bachelor of Arts in Business Administration from Morehouse College and a Master of Business Administration in Marketing from The Wharton School at the University of Pennsylvania.</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;">About OneSpan</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;">OneSpan helps protect the world from digital fraud by establishing trust in people&#8217;s identities, the devices they use and the transactions they carry out. We do this by making digital banking accessible, secure, easy and valuable. OneSpan&#8217;s Trusted Identity platform and security solutions significantly reduce digital transaction fraud and enable regulatory compliance for more than 10,000 customers including over half of the top 100 global banks. Whether through automating agreements, detecting fraud or securing financial transactions, OneSpan helps reduce costs and accelerate customer acquisition while improving the user experience. Learn more at&#160;OneSpan.com.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;">Copyright<sup style="font-size:8.25pt;vertical-align:top;">&#169;</sup>&#160;2021 OneSpan North America Inc., all rights reserved. OneSpan&#8482; is a registered or unregistered trademark of OneSpan North America Inc. or its affiliates in the U.S. and other countries.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;">Investor contact:</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;">Joe Maxa<br>Vice President of Investor Relations<br>+1-312-766-4009<br>joe.maxa@onespan.com<b style="color:#0563c1;font-weight:bold;text-decoration:underline;text-decoration-color:#0563c1;"> </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;text-decoration:none;">Media contact:</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="text-decoration:none;">Sarah Hanel</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="text-decoration:none;">Global Director of Corporate Communications</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="text-decoration:none;">+1-312-871-1729</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;">sarah.hanel@onespan.com<font style="text-decoration:none;"> </font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;">Important Additional Information</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;">OneSpan Inc. (the &#8220;<font style="font-style:italic;font-weight:bold;">Company</font>&#8221;) intends to file a definitive proxy statement on Schedule 14A and accompanying <b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">BLUE</b> proxy card and other relevant documents with the U.S. Securities and Exchange Commission (the &#8220;<font style="font-style:italic;font-weight:bold;">SEC</font>&#8221;) in connection with the solicitation of proxies from the Company&#8217;s stockholders in connection with the Company&#8217;s 2021 annual meeting of stockholders (the &#8220;<font style="font-style:italic;font-weight:bold;">2021 Annual Meeting</font>&#8221;). STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY&#8217;S PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), ACCOMPANYING <b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">BLUE</b> PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;">The Company, its directors and certain of its executive officers are participants in the solicitation of proxies from the Company&#8217;s stockholders in connection with the 2021 Annual Meeting. Information regarding the direct and indirect interests, by security holdings or otherwise, of the Company&#8217;s directors and executive officers is set forth in the Company&#8217;s definitive proxy statement for the Company&#8217;s 2020 annual meeting of stockholders filed with the SEC on April 24, 2020. To the extent that such participants&#8217; holdings in the Company&#8217;s securities have changed since the filing of such proxy statement, such changes have been set forth in Initial Statements of Beneficial Ownership of Securities on Form 3, Statements of Changes in Beneficial Ownership on Form 4 or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5, or amendments thereto. Updated information regarding the identities of potential participants, and their direct or indirect interests, by security holdings or </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;">otherwise, will also be set forth in the Company&#8217;s definitive proxy statement in connection with the 2021 Annual Meeting and other relevant documents to be filed with the SEC. Stockholders may obtain a free copy of any proxy statement, any amendments or supplements to any proxy statement and any other documents that the Company files with, or furnishes to, the SEC at the SEC&#8217;s website at www.sec.gov or the Company&#8217;s website at https://www.OneSpan.com/ as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>ospn-20210412xex99d1001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ospn-20210412xex99d1001.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" %H 1(# 2(  A$! Q$!_\0
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MS_OA*4?"G30/^0E>?]\)6%_PE'B13N.HR$GL47'\JWM&^(9$JV^M1*B]!<Q
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M_9:[,5XM?^)(8H%/ I!3@*R 44X4F*<* *FJ70L=)O+H_P#+&%W_ !QQ^M>
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M(,I;Q-)CUP.!^)XKYQOI9;NY>>9BTTKF1V/<DYKV;XO:@MIHMII4; O<R[Y
M#SM7^F2/RKQDK\V>WK6<W<J*L)%--;.DUO*\4B'(="017>Z!\6-1L<0ZO%]M
MB _UBX60?7L:X%RH&,]>U1D9%9EGTAHGBC2?$$ DL;I6?O$YVNOU%:^:^68I
M9;:9989&CD5LJRG!'XUW6A?%75+'$6IH+Z+^_P#=D'X]#0.Y[433#6/H7BK2
MO$4(>SG E_B@<X=?P_PK7)I -:JMY_QYS_\ 7)__ $$U8-5KS_CTG_ZY/_Z"
M:8'S-8_<3Z"M91Q638_=3Z"M=1\M>OA_A&Q"*3%/HQ6]B2/%+BG8HQ2L,;BB
MG8HIV =1115""DQ2T4AABDI:*!'K?PW_ .14_P"WF7_V6NAUG5H=$T>YU&?E
M($SM_O'H!^)Q7.?#@X\*?]O,G]*H?%B^$/AFWM0X#7%P"5[E5!/\\5XE?^)(
M9Y1J.JW>L7\M[>RF6:0\D]AV ] *JY)J)3P*D%9B \$'TJ,]:>W)IN 6H [7
MX9:8;WQ5'.RYCM8FE)_VCP/YUZSJ7A^WU%UDG#.%Y5,_*#Z_6N5^$>F^7I=]
M?,#F:58U^BC_ !/Z5M>//$[Z%8I:63A;ZX ;S",B&/< 7QW/H/KZ5K&7*C-J
M[///%D$=KXF@2Q+PRQQ2;9XE+8(!W  #G ZGM78?#_P78KI5IJLJ+)/<)YD8
M7D1@]AZ].IKSB*(SWZ,+UHHUN)8C>.[ !6!.[;U ;G/KNKV7X6W!N?"4:L%4
M6\C1(@;)1.H!_7\,4E+5L=M+&W<>&[&^7RKF!9$/4&M*WL9+&.**TEQ$HV[)
M27X]<]:NHH!SZU@^-=9_L+PCJ%VK[9G0PPG/)=N 1].3^%)S;#E1X=XYU@ZQ
MXKNY4??;V[&W@/\ LJ3D_BQ8US?;]!2MDD#--((^[T]#4L9&$ )(')IO4?A4
MK<D+Z]?I3,<#Z4#&LN2:C*<BI\9_2C;\WXT6 A@N)[699H)'CD3E74X(^AKT
M/P_\5+NW40:O ;E .)H\!_;(Z&N"V +D]@:@D8JGN>M(#Z'T3Q+IGB&%GL+@
M,Z_?B;AU_"KMX?\ 1)_^N3_^@FOG?P[JTVBZ_9WL)^[(%<?WD)PP-?0][Q:W
M _Z9O_Z":$4?--C]U/H*V%^Z*Q['[J?05KK]T5Z^'^$&.HHHKI$)1BEHI &*
M*** "BBBF 44"EH 2D)I:3%(9ZQ\.3_Q2O\ V\R?TKAOBQ=F7Q-';YR+>T7C
MW8D_X5VWP\./"V/^GF3^E>5>-;B2X\9:P9#DB8H,]E7 %>)7_B2 PE.%I\9R
M:A)XQ4D7:LA$K?>HC&6.>@&::222:T-"LCJ6L6EECB>=(S]">?TIH3/H'P?9
M?V=X4TZ @*WDJ[_5OF/\Z\@UW4CKOB2_OIE1H7=K19)@5CMDSA&)'?&37KWB
MR]71_"%_*DGD[(/+C8#.TGY1C\Z\%$[2VZV@4)$ZK'+ K,H#J JR/^))JY,E
M(OI+YDDEQ>2&X7FV:-92&8(I$<G3[HR,>N*]4^%Y>*YUFUN9F>]21#<\@IN&
M54J1U^4#\J\TM"X-R[2NR1YM]3N ROO1I  8P>O"UZ)\,/,2YO4: 11)%&(&
M\O8TD99V5F]20:2&>HIWKQOXRZTMSJEEHT396T4S3#_;8?*/R_G7KTUS':6L
MMQ*VV*)"[GT &37S#K.IOK.LWFIRYW7,S2;3V!^Z/P&*0RB>A)^IIGN?QI6/
M;\Z ,D _PD$_6@!HSG)ZD\TWJ!]*>W'YTV/D?A0 X#^E*< G_>I&; X]J86R
MQ_WJ %DY 7MW^E4Y?WASG%3$Y5VSGC JO)[4AC8SLF3=T# Y_&OI:XE6:PEE
M0@H\+,I'<%2:^9P<\&O<O!FHC4/ <!+9D@ADMWY[J#C],4(9XI8_=3Z"M=/N
MBLBQ^ZOT%:Z?=KU\/\(V.HHHKI)"BEHI )1110 4444P 4M(*6@ HQ110!ZC
M\/S_ ,4SC_IYD_I7D/BF7SO%NKR=C=2#]<?TKUKP$V/#8'_3Q)_2O(?$A'_"
M3ZK[W<G_ *$:\/$?Q&-&8>:EC-18IRG K(&2]J[CX6V1N?%]O-M!2V1Y6SV^
M7:/U:N&)KUGX.VASJ=X>GR0C_P!"/]*J.Y,C7^+5\(O#MI8$@&\N!N9NB*O.
M3^)%>3VTBI;O+(S"!B(;G:X+RYRP(![<"NV^+UZ)/$-E:,VZ*"V^>)6P278G
M\OE6N(&\,P?YY(E,-PY4,L:<*"/?K1+<%L7H7D@*RSVZS7-JFTV[1?((MG#$
MCN"P_2O5_A? (].NV6;[0OVG8LV3AE5!C&>PR:\A,J11<$+'#\KX8I)=QLV>
MGT%>\>";9K+PMIT; #,6\#.<!B6 SWP"*<1,I_%763IGA%K2,CS=0;R,=]G5
MC_(?C7A&<?A_.NX^*VL_VCXM%DCAH=/C$8 [2-RW_LH_"N%8X&._3\:0QN[&
M3Z=/K3QP,?2HQRWL ?SIV<#\* %E.,_6F*^R+/J.*28Y_.J\['Y5]!2 FW[L
MYZ\4UFV\^YJ(-@U$\FY@.PH&3,2L:J/>H=W]*<S$C\:B)P/RH 2O4_A?.3X?
MUB#^Z^_\XR/Z5Y7GBNX^&=WY>HZG;%L":S9@/=?_ *Q-"W&<C8_=7Z"M=/NU
MDV/W5^@K63[M>OA_A!CJ***Z1"T444 %%%% "4449H&+129HS1<!:*3-&:+B
M/2O K8\/#_KX?^E>/Z]N77=0#\L+J3)_X$:]9\%2!/#_ %'$[G^5>.WTTES=
MW$[$%Y)&<GW)KP\1_$92(S2 TO49I*Q!DV?FKVWX1PE/#UU(>DMV<?@H%>(
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MGX)\/:I'JML-5N[FVRT,4JA5W] 2?;FB524I/E;V5K 1:)X,L7L_$D^N7<\
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M] M*=,@'AH:MA]S)Y2Q9YWYYD/\ L8X'^UQ5,:K?+;F 7#",[N !QNR2 <9
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
'"BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
