secwatch.observer — SEC 8-K summary
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Issuer:     OneSpan Inc. (OSPN)
CIK:        0001044777
Form:       8-K
Filed at:   2023-03-13T23:59:59+00:00
Accession:  0001628280-23-007726
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 7.01, 5.02
LLM model:  deepseek-v4-flash:cloud@v2

OneSpan grants CEO 300K PSUs with revenue targets; no SVB/Signature exposure
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- Company has no cash or cash equivalents with SVB or Signature Bank; both closed by regulators March 10 and 12, 2023.
- SVB and Signature are customers; company expects no material impact from receiverships on results or finances.
- Compensation Committee approved special 300,000 PSU award to CEO Matthew Moynahan tied to 2023-2025 revenue targets.
- 2023: 75,000 PSUs if 2023 revenue target met; 2024: sliding scale (50% at 95% target, 100% at 100%); 2025: up to 150,000.
- PSUs vest after 2025 performance period; accelerated vesting on termination without cause, good reason, death, or change in control.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1044777/000162828023007726/0001628280-23-007726-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1044777/000162828023007726/ospn-20230311.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-007726

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer