Company: DMRC
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001437749-25-009135
Chunk: 18

Company: Digimarc CORP
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 18
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| ● | the duration of any phase-in period for new officers and directors to come into compliance with the guidelines;                     |
| ● | the nature and extent of any hardship provisions;                                                                                   |
| ● | the frequency of compliance reporting; and                                                                                          |
| ● | any remedial actions for non-compliance.                                                                                            |

Succession Planning

Succession planning for the executive leadership team (excluding the Chief Executive Officer) is expressly delegated to the Compensation and Talent Management Committee for regular consideration. The Chief Executive Officer and the Board discuss succession planning in executive session on at least an annual basis. In addition, every year, a more formal submission and report is provided by the management team, including the internal candidates to fill positions, and what is required to prepare them to succeed to more senior positions, or whether an outside candidate would be required.

Board Performance Evaluations

The Chair of the Governance, Nominating, and Sustainability Committee leads a board assessment process annually. The assessments include an evaluation of the performance of the Board, its committees, and its individual members. The performance assessment and feedback for each director is shared with the director individually by the Chair of the Board. The overall review of the Board is shared with the entire Board, as is the feedback for each respective committee. Results from the assessment process help inform the Chair, committee Chairs, and directors of potential areas for improvement. The Board does not believe that directors should expect to be re-nominated as a matter of course. The board assessment process is a determinative factor in decisions related to individual director tenure, committee leadership, and leadership of the Board.

Resignation Requirement on Change of Employment

The Board also has adopted a policy that requires any director who experiences a substantial change in principal employment responsibility to tender the director’s resignation from the Board, unless the change was anticipated by the Governance, Nominating, and Sustainability Committee at the time of the director’s nomination or election to the Board. Upon receipt of a resignation offered under these circumstances, the Governance, Nominating, and Sustainability Committee will review the director’s change in employment responsibilities to evaluate whether the director’s continued service is appropriate.

Resignation Requirement on Failure to Achieve a Majority Vote

In 2022, the Board adopted amendments to its Corporate Governance Guidelines to require the resignation of any director who does not receive a majority vote in an uncontested election of directors (defined as an election where the number of persons properly nominated for election as directors at a meeting of shareholders does not exceed the number of