Company: DMRC
Filing Date: 2025-04-17
Form Type: PX14A6G
Source: 0001193125-25-084288
Chunk: 4

Company: Digimarc CORP
Filing Date: 2025-04-17
Form: PX14A6G
Chunk 4
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4 compensation system, the same performance resulted in executives receiving a 71% payout 
 on this metric (109% of the target of a 65% payout for Gross New ARR Growth)                                    |

| • |     | Under the prior (more sensible) plan, this 71% payout would have been 0%, which would have reduced the                                                                         
 executives’ Annual Incentive Plan payout from 96% of target to 25% (i.e., the 2024 incentive payments were nearly 4x the level they would have been under the previous system) |

| • |     | Importantly, shareholders care far more about the prior metric (total ARR) than the new measure (Gross New ARR 
 Growth)                                                                                                        |

| • |     | In fact, from the day after Digimarc reported its 12/31/23 ARR to the day after reporting its 12/31/24 results,      
 the stock price plummeted 56% (compared to a 14% increase in the Nasdaq Composite Index during the same time period) |

| • |     | In other words, in 2024, the Company’s executives received a 109% payout on this metric (and a 96% payout        
 on its target incentive plan overall), despite the shareholders having suffered 70% stock price underperformance |

5

3. The timing was curious, at best

| • |     | The timing of this peculiar change in the incentive compensation framework was particularly detrimental as it was 
 implemented just months before the known, upcoming expiration of Digimarc’s largest commercial contract           |

| • |     | This two-year contract started in July 2022 and was scheduled to expire 
 in June 2024                                                            |

| • |     | The non-renewal of this contract was devastating for the                                                                                                     
 Company’s shareholders but, because the incentive plan was changed to ignore the loss of existing customers, the executives’ bonus payouts were not impacted |

We strongly urge you, as Digimarc shareholders, to Vote No on the Company’s say-on-pay(Proposal No. 3 on your proxy card),as the Company’s incentive compensation is severely misaligned with the value of your investment. As a result, the Company’s precious cash has been paid to executives to fund disappointing performance that has cost all of the shareholders, in aggregate, hundreds of millions of dollars in financial losses. WITHHOLD VOTES ON CHAIR KATHLEEN KOOL We are withholding our votes