Long-Term Compensation Plan and Stock Based Compensation

9 Months Ended

Sep. 30, 2019

Long-Term Compensation Plan and Stock Based Compensation

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

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

Under the 2019 Plan, we awarded 385 shares of restricted stock during the nine months ended September 30, 2019 consisting of 248 unissued shares subject to future performance criteria and 137 issued time-based shares. The market value of the 137 issued restricted shares was $2.0 million at the date of grant, and is being amortized over the vesting period of one to four years. The market value of the 248 unissued shares subject to performance criteria was $3.6 million at the date of grant, and is being amortized over the vesting period of three years.

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


	Three months ended				Nine months ended
	September 30,				September 30,
	2019		2018		2019		2018
in thousands	(in thousands)				(in thousands)
Restricted stock	$	549	$	1,107	$	1,778	$	2,916
Long-term compensation plan		280		526		1,538		1,467
Total compensation	$	829	$	1,633	$	3,316	$	4,383