EX-10.9



 Exhibit 10.9 

CHANGE OF CONTROL RETENTION AGREEMENT 

This Change of Control Retention Agreement (“this Agreement”) is made as of the
            day of                 , 2016, between Digimarc Corporation, an Oregon corporation, with its
principal offices at Beaverton, Oregon (hereinafter called the “Company”), and                     (hereinafter called
“Executive”). 
 It is made with reference to the following facts: 

A.     The Board of Directors of the Company (the “Board”) believes it imperative that the Company and the Board
be able to rely upon Executive to continue in Executive’s position, and that they be able to receive and rely upon Executive’s advice as to the best interests of the Company and its shareholders, without concern that Executive might be
distracted or his or her advice affected by the circumstances described in Section 1.2 below; 
 B.     The
existing Change of Control Retention Agreement (the “Existing Agreement”) between the Company and Executive expires by its terms on December 31, 2015; 

C.     Executive is willing to enter into this Agreement for the purposes and on the terms and conditions described
herein; 
 NOW, THEREFORE, the parties hereto agree as follows: 
  

	1.	Definitions 

 1.1     “Approved Group” shall mean any
employee benefit plan of the Company or of any subsidiary of the Company, or any person or entity organized, appointed or established by the Company for or pursuant to the terms of any such plan. 

1.2     “Cause,” when used in connection with the termination of Executive’s employment by the Company,
shall mean (a) the willful engaging by Executive in misconduct which is significantly injurious to the Company, monetarily or otherwise; (b) any act by the Executive of fraud, dishonesty, embezzlement, misrepresentation or theft of
property of the Company; (c) Executive’s conviction of or plea of no contest to a felony or any crime involving moral turpitude; (d) Executive’s breach of this Agreement or any other agreements with the Company;
(e) Executive’s unauthorized disclosure of the Company’s proprietary or confidential information or breach of any confidentiality/invention/proprietary information agreement(s) with the Company; (f) Executive’s violation of
the Company’s Code of Ethics (if applicable), Code of Business Conduct and Ethics or any other employment rule, code or policy, as such policies currently exist or may be amended or implemented during Executive’s employment with the
Company; (g) Executive’s failure or refusal to follow the lawful instructions of the Company, if such failure or refusal continues for a period of five (5) calendar days after the Company delivers to Executive a written notice stating
the instructions that Executive has failed or refused to follow; (h) the entry by a court of competent jurisdiction of an order, or the entering into by Executive of a consent decree, barring Executive from serving as an officer or director of
a public company; or (i) Executive’s failure to meet and sustain an acceptable level of performance 

  
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of Executive’s duties and obligations to the Company (other than by reason of Disability), which failure continues thirty (30) days after the Company has given written notice thereof to
Executive. For purposes of this definition, no act, or failure to act, on Executive’s part shall be considered “willful” unless done, or omitted to be done, by Executive in bad faith and without reasonable belief that the action or
omission was in the best interests of the Company. 
 1.3     “Contract Period” shall mean the period
commencing on the Effective Date and ending on the first (1st) anniversary of the Effective Date. 
 1.4    
“Current Compensation” shall mean one-twelfth (1/12th) of the Minimum Base Salary. 
 1.5    
“Disability” shall mean a physical or mental incapacity of Executive which entitles Executive to commence the receipt of benefits under the long-term disability plan maintained by the Company. 

1.6     “Effective Date” shall mean the day preceding the first to occur of the following events (the
“Change of Control Events”): 
 (a)     Any Person (as defined in Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), other than the Approved Group or a broker, bank, or trust company holding common stock of the Company for the account of customers who are not members of a “group” (within
the meaning of Section 13(d) of the Exchange Act), becoming the record or beneficial owner of 50% or more of any class of the Company’s voting equity securities, as disclosed by the Company’s stock records or in any other way,
including, without limitation, any filing with the Securities and Exchange Commission or otherwise; or 
 (b)     Upon
the purchase of 50% or more of any class of the Company’s voting equity securities pursuant to any tender offer or exchange offer for shares of the Company’s stock, other than one made by the Company or the Approved Group; or 

(c)     A transaction or series of related transactions in which assets to which more than 50% of the Company’s
revenues (as measured during the four completed fiscal quarters immediately preceding such transaction or the first in the series of such transactions) are attributable are sold or effectively sold (such as through an exclusive license or comparable
arrangement). 
 1.7     “Fiscal Year” shall mean the 12-month period ending on December 31. 

1.8     “Good Reason,” when used with reference to a voluntary termination by Executive of his or her employment
with the Company, shall mean: 
 (a)     a substantial reduction in Executive’s level of duties, authority or
responsibilities; provided, that (i) a change in title or (ii) a change in title or status resulting from the Company, or any affiliate of the Company by which Executive is then employed, being a direct or indirect subsidiary of a parent
company following a Change of Control Event, with no corresponding substantial reduction in Executive’s level of duties, authority or responsibilities, shall not, in and of itself, constitute Good Reason; 

  
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 (b)     a material reduction in Executive’s Minimum Base Salary,
employee benefits or incentive compensation opportunity (consisting of base salary and target bonus, if any), unless such reduction is part of an overall reduction for all employees at the same level as Executive; 

(c)     the Company’s mandatory transfer of Executive to another geographic location that is more than 35 miles from
the location where Executive was employed at the Effective Date, except for required travel on the Company’s business to an extent substantially consistent with Executive’s business travel obligations immediately prior to the Effective
Date hereof; 
 (d)     the failure by the Company to obtain an assumption of the obligations of the Company to perform
this Agreement by any successor to the Company, to the extent legally required; or 
 (e)     the repudiation or failure
by the Company or its successor to comply with any of its obligations under this Agreement. 
 1.9     “Minimum
Base Salary” shall mean salary at an annual rate equal to Executive’s annual rate of salary on the Termination Date (or, if Executive terminates for Good Reason, within the meaning of Section 1.4(b), immediately prior to the material
reduction thereof giving rise to Good Reason). 
 1.10   “Termination Date” shall mean the effective date as provided in
this Agreement for the termination of Executive’s employment. 
 1.11   “Without Cause,” when used in connection
with the termination of Executive’s employment by the company, shall mean any termination of employment of Executive by the Company which is not a termination of employment for Cause or for Disability. 

 

	2.	Scope of Agreement 

  

	 	2.1	General 

 This Agreement shall apply with respect to any termination of employment of
Executive which occurs during the Contract Period. It shall not apply to any termination of employment of Executive which occurs other than during the Contract Period. 
  

	 	2.2	Termination 

 This Agreement shall terminate on December 31, 2018, if Executive is
still in the employ of the Company and no Contract Period is in process. Except as otherwise provided herein, in respect of payments to beneficiaries, this Agreement shall terminate automatically upon the death of Executive. 

  
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	3.	Termination of Employment of Executive By the Company During the Contract Period 

  

	 	3.1	General 

 During the Contract Period, the Company shall have the right to terminate
Executive’s employment hereunder for Cause, for Disability or Without Cause upon following the procedures hereinafter specified. 
  

	 	3.2	For Disability 

 Termination of Executive’s employment for Disability shall become
effective on the date that disability benefits, payable to Executive in an amount equal to at least sixty-five (65%) percent of Executive’s then Minimum Base Salary commence under any long-term disability plan maintained by the Company or
on such later date as the Company may specify in a written notice to the Executive. 
  

	 	3.3	For Cause 

 Termination of Executive’s employment for Cause shall become effective
five (5) days after a written notice of intent to terminate Executive’s employment, specifying the particulars of the conduct of Executive forming the basis for such termination, is given to Executive by the Board. 

 

	 	3.4	Without Cause 

 The Company shall have the absolute right to terminate Executive’s
employment Without Cause at any time. Termination of Executive’s employment Without Cause shall be effective five (5) business days after the date of the giving to Executive by the Board of a written notice of termination, specifying that
such termination is Without Cause. 
  

	 	3.5	Effect of Termination 

 Upon a termination of Executive’s employment for Cause, or
for Disability as provided in Section 3.2 hereof, Executive shall have no right to receive any compensation or benefits hereunder. Upon a termination of Executive’s employment Without Cause, Executive shall be entitled to receive the
compensation and benefits provided in Section 5 hereof. 
  

	4.	Termination of Employment by Executive During Contract Period 

 During the Contract
Period, the Executive shall be entitled to terminate his or her employment with the Company. The Executive shall give the Company written notice of voluntary termination of employment, which notice need specify only Executive’s desire to
terminate his or her employment and, if such termination is for Good Reason, set forth in reasonable detail the facts and circumstances claimed by Executive to constitute Good Reason. Any notice by Executive pursuant to this Section shall be
effective thirty-one (31) days after receipt by the Company of such notice; provided, that Executive’s termination of employment 

  
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shall not be for Good Reason, if (a) the Company has, within such thirty (30) days after receiving Executive’s notice, corrected the condition that would otherwise result in Good
Reason for termination, or (b) Executive fails to give the Company his/her written notice of voluntary termination of employment within ninety (90) days after the initial existence of such condition. If such termination is for Good Reason,
Executive shall be entitled to receive the compensation and benefits in Section 5 hereof. If such termination is for other than Good Reason, Executive shall have no right to receive any compensation and benefits hereunder other than
Executive’s Minimum Base Salary and accrued vacation through the Termination Date. 
  

	5.	Benefits Upon Termination by the Company Without Cause or by Executive for Good Reason 


Upon the termination of the employment of Executive by the Company pursuant to Section 3.4 or by Executive for Good Reason
pursuant to Section 4 hereof, and if Executive executes and does not revoke a general release of all claims in a form acceptable to the Company and substantially similar to Exhibit A attached hereto (the “General
Release”), which General Release becomes effective (i.e., the Executive has executed the General Release and any revocation period has expired without Executive revoking the General Release) within sixty (60) days, or such shorter period
as is specified in the General Release, after the Termination Date, Executive shall be entitled to receive the following compensation and benefits: 

5.1     The Company shall pay to Executive (a) Minimum Base Salary through the Termination Date, and
(b) for the period commencing on the Termination Date and continuing until the first anniversary of the Termination Date, a monthly amount equal to the Current Compensation; provided, however, that the Company’s obligation
hereunder shall be reduced by the amount of any compensation Executive receives from another source for services rendered during the period that payments are being made pursuant to this Section 5.1; and provided further that any amount due to
Executive under clause (b) during the period from the Termination Date to the effective date of the General Release shall be paid to Executive on the first regularly-scheduled pay date coinciding with or immediately following the effective date
of the General Release. Executive shall provide notice of all compensation referred to in the preceding sentence to the Company as soon as reasonably practicable and, in any event, within seven (7) days of receipt of such compensation.
Notwithstanding the foregoing, if the maximum period during which Executive can consider and revoke the General Release begins in one calendar year and ends in the subsequent calendar year, then no amounts due to Executive under clause
(b) above shall be paid to Executive until the first regularly scheduled pay date occurring after the later of (y) the last day of the calendar year containing the Termination Date, and (z) the date on which Executive’s General
Release becomes effective, regardless of when Executive’s General Release becomes effective; and the amount paid to Executive on such pay date shall include all amounts due to Executive for the period from the Termination Date to such pay
date. 
 5.2     The Company shall pay any premiums necessary to continue Executive’s health insurance
coverage under the Company’s group health plan pursuant to Section 4980B(f) of the Internal Revenue Code of 1986, as amended (“COBRA”) (provided that Executive is eligible for, and timely elects, COBRA continuation coverage under
the Company’s group health plan) until the earliest of (a) eighteen (18) months after the Termination Date, (b) the first date that 

  
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Executive is covered under another health insurance plan or program, or (c) the date on which Executive is no longer entitled to COBRA continuation coverage under the Company’s group
health plan. Executive shall provide notice of Executive’s coverage under another health insurance plan or program as soon as reasonably practicable and, in any event, within seven (7) days after such coverage begins. Notwithstanding the
foregoing, the Company may unilaterally amend this Section 5.2 or eliminate the benefit provided hereunder to the extent it deems necessary to avoid the imposition of excise taxes, penalties or similar charges on the Company, including, without
limitation, under Code Section 4980D. 
 5.3     Notwithstanding any other provision of this Agreement, if the
Company receives confirmation from the Company’s independent tax counsel or its certified public accounting firm (the “Tax Advisor”) that any portion of any payment by the Company or a related entity to Executive, or any benefit
received by Executive, under this Agreement or otherwise (each a “Payment”) would be considered to be an “excess parachute payment” within the meaning of Code Section 280G, then the Payments (under this Agreement or
otherwise) shall be reduced (the “Reduction”) to the highest amount that, in the opinion of the Tax Advisor, may be paid to Executive by the Company without having any portion of any Payment treated as an “excess parachute
payment”; provided that the Reduction shall not apply if, in the opinion of the Tax Advisor, the after-tax value to Executive of the total Payments prior to the Reduction is greater than the after-tax value to Executive if the total Payments
are determined taking into account the Reduction. For purposes of determining the after-tax value of the Payments, (i) Executive shall be deemed to pay income taxes at the highest rate of federal income tax and the highest rate or rates of
state and local income taxes in the state and locality of Executive’s domicile for income tax purposes for the taxable year in which the Total Payments will be made, provided that the state and local income tax rate shall be determined assuming
that such taxes are fully deductible for federal income tax purposes, and provided further that any phase-out of itemized deductions or other items shall be ignored; and (ii) Executive shall be deemed to pay employment taxes at the applicable
rate under Code Section 3101(b). The Reduction, if any, shall be applied to the Payments by the Company in its reasonable discretion in the following order: (a) reduction of any Payments that are subject to Code Section 409A on a
pro-rata basis or such other manner that complies with Code Section 409A, as determined by the Company, and (b) reduction of any Payments that are exempt under Code Section 409A. If the Tax Advisor requests, Executive and the Company
shall obtain, at the Company’s expense, and the Tax Advisor may rely on, the advice of a firm of recognized executive compensation consultants as to the reasonableness of any item of compensation to be received by Executive. All determinations
made by the Tax Advisor shall be binding upon the parties hereto and all fees and expenses of the Tax Advisor shall be borne by the Company. 

5.4     Except as specifically provided herein, the amount of any compensation or benefits provided for in this
Section 5 shall not be subject to mitigation by Executive being required to seek other employment or otherwise. 

5.5     The parties intend that this Agreement and the payments and other benefits provided hereunder be exempt from the
requirements of Code Section 409A to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in


  
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Treasury Regulation Section 1.409A-1(b)(9)(iii), or otherwise. To the extent Code Section 409A is applicable to this Agreement (and such payments and benefits), the parties intend that
this Agreement (and such payments and benefits) comply with the deferral, payout and other limitations and restrictions imposed under Code Section 409A. Notwithstanding any other provision of this Agreement to the contrary, this Agreement shall
be interpreted, operated and administered in a manner consistent with such intentions; provided, however that in no event shall the Company or its agents, parents, subsidiaries, affiliates or successors be liable for any additional tax, interest or
penalty that may be imposed on Executive pursuant to Code Section 409A or for any damages incurred by Executive as a result of this Agreement (or the payments or benefits hereunder) failing to comply with, or be exempt from, Code
Section 409A. Without limiting the generality of the foregoing, and notwithstanding any other provision of this Agreement to the contrary: 

(a)     to the extent Code Section 409A is applicable to this Agreement, a termination of employment
shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or following a termination of employment unless such termination is also a “separation from
service,” as defined in Treas. Reg. Section 1.409A-1(h), after giving effect to the presumptions contained therein (and without regard to the optional alternative definitions available therein), and, for purposes of any such provision of
this Agreement, references to “terminate,” “termination,” “termination of employment” and like terms shall mean separation from service; 

(b)     if, at the time Executive’s employment hereunder terminates, Executive is a “specified
employee” within the meaning of Code Section 409A, then to the extent necessary to avoid subjecting Executive to the imposition of any additional tax or interest under Code Section 409A, amounts that would (but for this provision) be
payable within six (6) months following the date of Executive’s separation from service shall not be paid to Executive during such period, but shall instead be paid in a lump sum on the first business day of the seventh month following the
date on which Executive separates from service or, if earlier, upon Executive’s death; and 

(c)     each payment made under this Agreement shall be treated as a separate and distinct payment and the
right to a series of installment payments under this Agreement, including, without limitation, under Section 5.1 hereof, shall be treated as a right to a series of separate and distinct payments 

5.6     If Executive does not properly execute the General Release or if Executive revokes or attempts to revoke the
General Release or if the General Release is not effective within sixty (60) days, or within such shorter period specified in the General Release, after the Termination Date, Executive will not be entitled to any of the benefits provided under
this Section 5, except those which may be otherwise required by law. 
  

	6.	Successors; Binding Agreement 

 6.1     As used in this Agreement,
“Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 

  
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 6.2     This Agreement is personal to Executive and Executive may not assign
or transfer any part of his or her rights or duties hereunder, or any compensation due to Executive hereunder, to any other person, except that this Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal
representatives, executors, administrators, heirs, distributees, devisees, legatees or beneficiaries. 
  

	7.	Modification; Waiver 

 No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing signed by Executive and by the Chief Executive Officer of the Company or such other director or officer as may be specifically designated by the Board. Waiver by any
party of any breach of or failure to comply with any provision of this Agreement by the other party shall not be construed as, or constitute, a continuing waiver of such provision, or a waiver of any other breach of, or failure to comply with, any
other provision of this Agreement. 
  

	8.	Arbitration of Disputes 

 8.1     Any disagreement, dispute,
controversy or claim arising out of or relating to this Agreement or the interpretation or validity hereof shall be settled exclusively and finally by arbitration. It is specifically understood and agreed that any disagreement, dispute or
controversy which cannot be resolved between the parties, including, without limitation, any matter relating to the interpretation of this Agreement, may be submitted to arbitration irrespective of the magnitude thereof, the amount in controversy or
whether such disagreement, dispute or controversy would otherwise be considered justiciable or ripe for resolution by a court or arbitral tribunal. 

8.2     The arbitration shall be conducted in accordance with the Commercial Arbitration Rules (the “Arbitration
Rules”) of the American Arbitration Association (the “AAA”). 
 8.3     The arbitral tribunal shall
consist of one arbitrator. The parties to the arbitration jointly shall directly appoint such arbitrator within thirty (30) days of initiation of the arbitration. If the parties shall fail to appoint such arbitrator as provided above, such
arbitrator shall be appointed by the AAA as provided in the Arbitration Rules and shall be a person who (a) maintains his or her principal place of business in the State of Oregon; and (b) has had substantial experience in business
transactions. The Company shall pay all of the fees, if any, and expenses of such arbitrator. 
 8.4     The arbitration
shall be conducted in Portland, Oregon, or in such other city in the United States of America as the parties to the dispute may designate by mutual written consent. 

8.5     At any oral hearing of evidence in connection with the arbitration, each party thereto or its legal counsel shall
have the right to examine its witnesses and to cross-examine the witnesses of any opposing party. No evidence of any witness shall be presented in written form unless the opposing party or parties shall have the opportunity to cross-examine such
witness, 

  
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except as the parties to the dispute otherwise agree in writing or except under extraordinary circumstances where the interests of justice require a different procedure.    

 8.6     Any decision or award of the arbitral tribunal shall be final and binding upon the parties to the arbitration
proceeding. The parties hereto hereby waive to the extent permitted by law any rights to appeal or to seek review of such award by any court or tribunal. The parties hereto agree that the arbitral award may be enforced against the parties to the
arbitration proceeding or their assets wherever they may be found and that a judgment upon the arbitral award may be entered in any court having jurisdiction. 

8.7     Nothing herein contained shall be deemed to give the arbitral tribunal any authority, power, or right to alter,
change, amend, modify, add to, or subtract from any of the provisions of this Agreement. 
  

	9.	Payment Obligations Absolute 

 The Company’s obligation to pay Executive the
amounts provided for hereunder and to make the arrangements provided for hereunder shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or
other right which the Company may have against Executive or anyone else. All amounts payable by the Company hereunder shall be paid without notice or demand. Except as expressly provided herein, the Company waives all rights which it may now have or
may hereafter have conferred upon it, by statute or otherwise, to terminate, cancel or rescind this Agreement in whole or in part. Subject to the right of the Company to seek arbitration under Section 8 and recover, pursuant to such
arbitration, any payment made hereunder, each and every payment made hereunder by the Company shall be final and the Company will not seek to recover all or any part of such payment from Executive or from whomsoever may be entitled thereto, for any
reason whatsoever. 
  

	10.	Notice 

 All notices, requests, demands and other communications required or permitted
to be given by either party to the other party by this Agreement (including, without limitation, any notice of termination of employment and any notice under the Arbitration Rules of an intention to arbitrate) shall be in writing and shall be deemed
to have been duly given when delivered personally or received by certified or registered mail, return receipt requested, postage prepaid, at the address of the other party as follows: 

If to the Company, to: 

Digimarc Corporation 
 9405 S.W.
Gemini Drive 
 Beaverton, Oregon 97008 

Attn: Chief Legal Officer 

  
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 If to the Executive, to: 

___________________________________ 

___________________________________ 

___________________________________ 

___________________________________ 
 Either
party hereto may change its address, for purposes of this Section 10, by giving fifteen (15) days prior notice to the other party hereto. 
  

	11.	Severability 

 If any term or provision of this Agreement or the application hereof to
any person or circumstances shall to any extent be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable
shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
  

	12.	Headings 

 The headings in this Agreement are inserted for convenience of reference only
and shall not be a part of or control or affect the meaning of this Agreement. 
  

	13.	Counterparts 

 This Agreement may be executed in several counterparts, each of which
shall be deemed an original. 
  

	14.	Governing Law 

 This Agreement shall in all respects be governed by, and construed and
enforced in accordance with, the laws of the State of Oregon. 
  

	15.	Payroll and Withholding Taxes 

 All payments to be made or benefits to be provided
hereunder by the Company shall be subject to reduction for any applicable payroll related or withholding taxes. 
  

	16.	Entire Agreement 

 This Agreement supersedes any and all other oral or written
agreements heretofore made relating to the subject matter hereof and constitutes the entire agreement of the parties relating to the subject matter hereof; provided, that this Agreement shall not supersede or limit or in any way affect any
rights Executive may have under any other Company employee benefit plan, program or arrangement (including, without limitation, any pension, life insurance, medical, dental, health, vacation, accident and disability plans, programs and
arrangements). 

  
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 IN WITNESS WHEREOF, the parties have executed this Change of Control Retention Agreement as of
the date first above written. 
  

									
	EXECUTIVE	 		  	DIGIMARC CORPORATION
					
	By:	 	  
	 		  	By:	 	  

		 		 		  	Name:	 	  

		 		 		  	Title:	 	  



  
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 EXHIBIT A 

SETTLEMENT AGREEMENT AND GENERAL RELEASE 

This SETTLEMENT AGREEMENT AND GENERAL RELEASE (this “Agreement”), effective
                , 20        by and between
                (“Executive”) and Digimarc Corporation (the “Company”) 

RECITAL 

A.     Executive and Company are parties to, among other things, a Change of Control Retention Agreement dated as
of January 1, 2016 (the “Change of Control Retention Agreement”). 
 B.     The
Change of Control Retention Agreement provides, among other things, that if, during the Contract Period (as defined in the Change of Control Retention Agreement): (i) Company terminates the employment of Executive Without Cause (as defined in
the Change of Control Retention Agreement), or (ii) the Executive resigns his or her employment for Good Reason (as defined in the Change of Control Retention Agreement) (each a “Release Condition”), then Executive shall
execute this Agreement in exchange for the right to receive certain payments from Company as set forth more fully in the Change of Control Retention Agreement. 

C.     Effective                 ,
200    , a Release Condition has occurred. 
 AGREEMENT 

In consideration of the foregoing premises, the mutual covenants and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.    
Settlement Amount. Execution of this Agreement by Executive shall satisfy the condition that Executive execute a full release of claims as set forth in Section 5 of the Change of Control Retention Agreement and, upon satisfaction of any
other conditions set forth in this Agreement or in the Change of Control Retention Agreement, Executive shall be entitled to receive the compensation set forth in Section 5 of the Change of Control Retention Agreement. 

2.     Release of Claims. Executive irrevocably and unconditionally releases and forever discharges Company, its
affiliates, successors and assigns, and each of their respective officers, directors, members, employees, representatives, insurance carriers, attorneys, subsidiaries, affiliates, representatives, agents, successors, heirs, executors, administrators
and assigns, and all persons acting by, through, under or in concert with any of them (collectively “ Releasees ”), of and from any and all claims, actions, causes of action, suits, debts, charges, complaints, liabilities,
obligations, promises, agreements, controversies, damages, and expenses (including attorney’s fees and costs actually incurred), of any nature whatsoever, known or  

  
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unknown, in law or equity, including, without limitation of the foregoing general terms, any claims against Company and Releasees arising from or related to Executive’s employment with
Company or the termination thereof, and any claims arising from any alleged violation by Company of any federal, state or local statutes, ordinances or common laws, including, but not limited to, the Age Discrimination in Employment Act. 

3.     Confidentiality. Executive agrees that the terms, amount and fact of settlement shall be kept strictly
confidential and promises that neither Executive nor Executive’s representatives nor agents shall disclose, either directly or indirectly, any information concerning this settlement (or the fact of settlement) to anyone, including but not
limited to past, present or future employees of Company, its affiliates, successors or any other company. 

4.     Disclaimer of Liability. This Agreement does not constitute and shall not be construed as an admission of
liability or wrongdoing by Company, its agents, employees or successors, with respect to any claims asserted by Executive, and Company expressly denies that it has done anything wrong or unlawful. 

5.     Release of Unknown Claims. Executive represents that Executive is not aware of any claims against Company
except for those claims that are released by this Agreement. Moreover, the Parties agree and represent that it is within their contemplation that Executive may have claims against Company of which, at the time of the execution of this Agreement,
they have no knowledge or suspicion, but that this Agreement extends to claims in any way based upon, connected with, or related to the matters described in Paragraph 2 above, whether or not known, claimed, or suspected by the Parties. 

6.     Property. As a precondition to any settlement payment in connection with this Agreement, Executive shall
return to Company all property of Company in Executive’s possession. 
 7.     ADEA Notification.
This Agreement contains a release of claims under the Age Discrimination in Employment Act (the “ADEA”). By executing this Agreement, Executive certifies that Executive has knowingly and voluntarily given up any claims that
Executive may have under the ADEA if those claims arose before Executive signed this Agreement. Executive further certifies that the payments described in this Agreement are considerations to which Executive would not otherwise be entitled without
signing this Agreement, and that these considerations constitute payment in exchange for Executive’s execution of this Agreement. 

Under the ADEA, Executive may take up to twenty-one (21) days to consider the terms of this Agreement. Executive has the right to accept
in less time by signing and delivering this Agreement to Company. Executive is urged to use as many of the twenty-one (21) days as necessary to consider this Agreement and to consult with Executive’s attorney about it. Executive
acknowledges that Executive has been given at least twenty-one (21) days to consider this Agreement prior to signing it, and Executive’s signature on this Agreement is completely voluntary. 

Under the ADEA, Executive may revoke this Agreement within seven (7) days of the date on which Executive signs the Agreement. If
Executive revokes, then Executive will not 

  
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receive any of payments or other considerations set forth in this Agreement. TO BE EFFECTIVE, EXECUTIVE’S REVOCATION MUST BE IN WRITING AND RETURNED TO DIGIMARC CORPORATION,
ATTENTION: CHIEF LEGAL OFFICER, WITHIN SEVEN (7) DAYS OF THE DATE OF EXECUTIVE’S SIGNING OF THIS AGREEMENT. 

8.     Governing Law. This Agreement shall be governed by and construed under the laws of the State of Oregon as
applied to agreements among Oregon residents, made and to be performed entirely within the State of Oregon, without giving effect to conflicts of laws principles. 

PLEASE READ CAREFULLY. THIS IS A RELEASE OF CLAIMS YOU MAY HAVE AGAINST DIGIMARC CORPORATION. 

 

									
	EXECUTIVE	 		  	DIGIMARC CORPORATION
					
	By:	 	  
	 		  	By:	 	  

		 		 		  	Name:	 	
		 		 		  	Title:	 	
			
	Dated: __________, 20___	 		  	Dated: __________, 20___

  

  
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