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Long-Term Compensation Plan and Stock Based

3 Months Ended

Mar. 31, 2022

Long-Term Compensation Plan and Stock Based

Note 12 – Long-Term Compensation Plan and Stock Based Compensation (share counts in thousands)

Under the OneSpan Inc. 2019

Omnibus Incentive Plan, we award restricted stock units subject to time-based vesting, restricted stock units which are subject to the achievement of future performance criteria and restricted stock units that are subject to the achievement of market conditions. Other long-term incentive plan compensation expense includes cash incentives.

We awarded 183 restricted stock units during the three months ended March 31, 2022, subject to time-based vesting. The fair value of the unissued time-based restricted stock unit grants was $3.0 million at the dates of grant and the grants are being amortized over the vesting periods of one to four years.

We awarded restricted stock units subject to the achievement of service and future performance criteria during the three months ended March 31, 2022, which allow for up to 46 shares to be earned if the performance criteria are fully

achieved. The fair value of these awards was $0.8 million at the dates of grant and the awards are being amortized over the vesting period of three years. The Company currently believes that all of these shares are expected to be earned.

During the period ended March 31, 2022, other long-term incentive plan compensation accruals were reversed for certain employees who were severed from the Company. The reversal of the accrued long-term incentive plan compensation for the severed employees offset the expense for the period. The following table details long-term compensation plan and stock-based compensation expense for the three months ended March 31, 2022 and 2021:


	March 31,
	2022		2021

in thousands	(in thousands)
Stock-based compensation	$	1,360	$	1,342
Other long-term incentive plan compensation		(136)		200
Total compensation	$	1,224	$	1,542