Company: DMRC
Filing Date: 2025-04-17
Form Type: PX14A6G
Source: 0001193125-25-084288
Chunk: 5

Company: Digimarc CORP
Filing Date: 2025-04-17
Form: PX14A6G
Chunk 5
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 from Ms. Kool for several reasons: 1. Ms. Kool was Chair of the Compensation Committee for the 2024 incentive plan

| • |     | As Chair of the Compensation Committee, she oversaw the redesign and implementation of the disastrous 
 compensation plan outlined above                                                                      |

| • |     | This allowed Digimarc’s executives to be well compensated in 2024, despite failing to renew the 
 Company’s largest commercial contract and destroying significant shareholder value              |

| • |     | This was a dereliction of fiduciary duty, as this change to executive compensation clearly benefited management 
 at the expense of Digimarc shareholders                                                                         |

2. Lackadaisical and indifferent approach to the Company’s loss of value and shareholders’ interests

| • |     | Ms. Kool, as Chair of the Board, appears to have taken no action to address the Company’s dramatic loss 
 of value and the CEO’s poor performance                                                                 |

| • |     | “As the Chair of the Board, Ms. Kool works ... to engage with and represent the 
 shareholder community.” – Digimarc’s proxy statement, 3/25/25                   |

6

| • |     | Despite that claim, Ms. Kool’s actions in this role have been counterproductive for both the Company 
 and its shareholders:                                                                                |

| • |     | When Ocho requested a private meeting shortly before crossing the 5% ownership threshold, Ms. Kool promptly 
 agreed                                                                                                      |

| • |     | However, she inexplicably canceled the meeting one business day later |

| • |     | She then refused to reschedule the meeting, claiming she was “not able to have the conversation” |

| • |     | This forced Ocho to publish a public letter (the first its principal has written in over 30 years of public 
 equity investing)                                                                                           |

| • |     | Large shareholders should not be required to communicate publicly in order to have their voices heard by 
 the person claiming to serve as the Company’s representative of the shareholder community                |

| • |     | While Digimarc is in crisis, as Chair of the Board, Ms. Kool was unable to schedule a meeting with Ocho for       
 25 days after our public letter and has taken no other discernable action on behalf of the Company’s shareholders |

3. As the only director to choose to receive her retainer entirely in cash (instead of stock), Ms. Kool continues to cast