Company: DMRC
Filing Date: 2025-04-17
Form Type: PX14A6G
Source: 0001193125-25-084288
Chunk: 3

Company: Digimarc CORP
Filing Date: 2025-04-17
Form: PX14A6G
Chunk 3
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 McCormack’s credibility has been destroyed, and investors’ distrust will 
 strand the stock price “in the penalty box” until the Company hires a new CEO             |

| • |     | Digimarc shareholders deserve a CEO who communicates with clarity and transparency rather than one who 
 withholds critical information                                                                         |

Mr. McCormack consistently speaks with great optimism about the future. Unfortunately, while he has often said “it is results that matter,” on that front, he has delivered four years of poor performance. We strongly urge you, as Digimarc shareholders, to Withhold your votes from Mr. McCormack. 4

VOTE NO ON SAY-ON-PAY There were several significant issues with Digimarc’s 2024 executive compensation: 1. The incentive plan rewards executives for their performance on a metric that misaligns the interests of management versus shareholders

| • |     | This misalignment was caused by a significant change in the Company’s incentive plan for 2024 |

| • |     | Previously, Digimarc used total annual recurring revenue (ARR) as the largest weighting (65%) in its incentive                       
 compensation, which was aligned with shareholder interests, as total ARR was inclusive of both new customer wins and contract losses |

| • |     | Beginning in 2024, Digimarc changed the largest weighting (still 65%) in its incentive compensation calculation 
 to “Gross New ARR Growth”, which is based on only the additions to Ending ARR (but ignores any customer losses) |

| • |     | In other words, even if the Company were to lose all of its existing customers, there would be no impact on 
 management’s compensation in what is by far the largest weighting of their Annual Incentive Plan            |

2. Digimarc’s financial performance in 2024 destroyed enormous value, yet its executives received nearly their full bonus payout

| • |     | Digimarc reported a 10% decline in total ARR in 2024 (due to the loss of its largest commercial contract, 
 among others)                                                                                             |

| • |     | However, the Company reported 23% Gross New ARR Growth in 2024 (which exceeded its 22.5% target for this 
 deficient metric)                                                                                        |

| • |     | Under the 2023 compensation system, this performance would have resulted in executives receiving 0% of the 65% 
 payout (based on total ARR)                                                                                    |

| • |     | However, under the 202