<SEC-DOCUMENT>0001387131-21-004928.txt : 20210426
<SEC-HEADER>0001387131-21-004928.hdr.sgml : 20210426
<ACCEPTANCE-DATETIME>20210426170616
ACCESSION NUMBER:		0001387131-21-004928
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210426
DATE AS OF CHANGE:		20210426

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:		21854862

	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-defa14a_042621.htm
<DESCRIPTION>ADDITIONAL DEFINITIVE PROXY
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of<BR>
the Securities Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Filed by the Registrant &#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Filed by a Party other than
the Registrant &#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&#9744;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&#9744;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&#9744;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&#9746;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&#9744;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-top: 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman PS Std,serif; font-size: 16pt"><B>ONESPAN INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&#9746;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&#9744;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&#9744;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&#9744;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 26, 2021, OneSpan Inc. (the &ldquo;Company&rdquo;)
distributed a letter to stockholders in connection with the Company&rsquo;s 2021 annual meeting of stockholders and issued a press
release containing a copy of the letter. A copy of the press release can be found below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OneSpan Files Definitive Proxy and Issues
Letter to Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>OneSpan&rsquo;s transformation from a hardware-centric
technology business to a software and solutions company is well underway</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Board refreshment has added significant
expertise relevant to the evolving business</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Legion Partners&rsquo; campaign to remove
highly qualified and experienced directors is unnecessary and unfortunate</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Board urges stockholders to vote the BLUE
card FOR OneSpan&rsquo;s nine qualified directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>CHICAGO, April 26, 2021 --</B> OneSpan Inc. (NASDAQ: OSPN),
the global leader in securing remote banking transactions, today filed definitive proxy materials with the Securities and Exchange
Commission in connection with its annual meeting of stockholders, which is scheduled to be held on June 9, 2021. Stockholders of
record as of close of business on April 19, 2021 will be entitled to vote at this meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The proxy statement and other important information relating to
the annual meeting of stockholders can be found at OneSpanValue.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">OneSpan today also sent a letter to stockholders. In the letter
the Company describes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">OneSpan&rsquo;s ongoing transformation from a hardware-centric
technology company into a modern, cloud-based software and solutions provider;</LI>

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">The evolution of the OneSpan Board of Directors over time to ensure
the skills and experience of the Board are matched with the business&rsquo; evolving risks and opportunities;</LI>

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">The Board&rsquo;s active consideration of certain divestitures
and strategic alternatives; and</LI>

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Why OneSpan believes Legion&rsquo;s campaign is both unfortunate
and unnecessary.</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The letter can be viewed <FONT STYLE="color: Blue"><U>here</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About OneSpan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">OneSpan helps protect the world from digital
fraud by establishing trust in people&rsquo;s identities, the devices they use and the transactions they execute. We make digital
banking accessible, secure, easy and valuable. OneSpan&rsquo;s Trusted Identity platform and security solutions significantly reduce
digital transaction fraud and enable regulatory compliance for more than half of the top 100 global banks and thousands of financial
institutions around the world. Whether automating agreements, detecting fraud or securing financial transactions, OneSpan helps
reduce costs and accelerate customer acquisition while improving the user experience. Learn more at OneSpan.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Copyright&copy; 2021 OneSpan North America
Inc., all rights reserved. OneSpan&trade; 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This communication contains forward-looking statements within the
meaning of applicable U.S. securities laws, including statements regarding the expected effects of our robust sales pipeline, the
amount of total revenue expected to be comprised of recurring revenue streams in 2021 and the anticipated effects of our plans
for our eSignature business. Forward-looking statements may be identified by words such as &ldquo;seek,&rdquo; &ldquo;believe,&rdquo;
&ldquo;plan,&rdquo; &ldquo;estimate,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;continue,&rdquo;
&ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;might&rdquo; and other similar expressions.
Forward-looking statements involve risks and uncertainties, as well as assumptions, that could cause our actual results or events
to differ materially from those expressed or implied by forward-looking statements including, without limitation: market acceptance
of our products and solutions and competitors&rsquo; offerings; the potential effects of technological changes; the impact of the
COVID-19 pandemic and actions taken to contain it; our ability to effectively identify, purchase and integrate acquisitions; the
execution of our transformative strategy on a global scale; the increasing frequency and sophistication of hacking attacks; claims
that we have infringed the intellectual property rights of others; changes in customer requirements; price competitive bidding;
changing laws, government regulations or policies; pressures on price levels; investments in new products or businesses that may
not achieve expected returns; impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;
exposure to increased economic and operational uncertainties from operating a global business as well as those factors set forth
in the Risk Factors section of our most recent Form 10-K filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;).
Our SEC filings and other important information can be found on the Investor Relations section of our website at investors.OneSpan.com.
We do not have any intent, and disclaim any obligation, to update forward-looking statements to reflect events that occur, circumstances
that exist or changes in our expectations after the date of this communication, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Important Additional Information and Where
to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">OneSpan has filed a definitive proxy statement
on Schedule 14A and accompanying&nbsp;<B><U>BLUE</U></B>&nbsp;proxy card and other relevant documents with the SEC in connection
with the solicitation of proxies from the Company&rsquo;s stockholders in connection with the Company&rsquo;s 2021 annual meeting
of stockholders (the &ldquo;<B><I>2021 Annual Meeting</I></B>&rdquo;). STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY&rsquo;S
PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), ACCOMPANYING&nbsp;<B><U>BLUE</U></B>&nbsp;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.
Investors and stockholders will be able to obtain a copy of OneSpan&rsquo;s definitive proxy statement and other documents filed
by OneSpan with the SEC free of charge from the SEC&rsquo;s website at www.sec.gov. In addition, copies will be available at no
charge at https://www.OneSpan.com/ as soon as reasonably practicable after such materials are electronically filed with, or furnished
to, the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">OneSpan, its directors and certain of its
executive officers are participants in the solicitation of proxies from the Company&rsquo;s stockholders in connection with the
2021 Annual Meeting. The names of these directors and executive officers and their respective direct and indirect interests, by
security holdings or otherwise, in the Company are set forth in OneSpan&rsquo;s definitive proxy statement filed with the SEC on
April 23, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Investor Contact</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Joe Maxa</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vice President of Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">+1-312-766-4009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">joe.maxa@onespan.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Media Contacts<BR>
</B>Sarah Hanel<BR>
Global Director of Corporate Communications<BR>
+1-312-871-1729<BR>
sarah.hanel@onespan.com<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Bryan Locke / Mike DeGraff / Danya Al-Qattan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sard Verbinnen &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">+1-312-895-4700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">OneSpan-SVC@sardverb.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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