Exhibit 10.20

Summary of Key Terms of Non-Employee Director Compensation Arrangements

Directors who are also employees of Digimarc receive no additional compensation for their services as directors. Directors who are not employees of Digimarc
receive cash compensation and equity compensation as described below. All directors are also reimbursed for reasonable and necessary travel, communications, and other
out-of-pocket business expenses incurred in connection with their attendance at meetings, while on corporate business or for continuing education related to their board
service.

|Annual Cash Retainer                                                      |                                 | $  | 30,000        |        |                                              
|------------------------------------------------------------------------- | ------------------------------- | -- | ------------- | ------ | ---------------------------------------------
|Additional Annual Cash Retainers for:                                     |                                 |    |               |        |                                              
|                                                                          | Lead Director                   |    | $             | 20,000 |                                              
|                                                                          | Audit Committee Chair           |    | $             | 20,000 |                                              
|                                                                          | Audit Committee Member          |    | $             | 10,000 |                                              
|                                                                          | Compensation Committee Chair    |    | $             | 10,000 |                                              
|                                                                          | Compensation Committee Member   |    | $             | 5,000  |                                              
|                                                                          | Other Standing Committee Chair  |    | $             | 7,500  |                                              
|                                                                          | Other Standing Committee Member |    | $             | 3,750  |                                              
|Additional fee for meetings in excess of eight meetings per calendar year |                                 | $$ | 1,000
500     |        | for in-person attendance /
for teleconference
|Initial Option Grant (upon first joining the Board)                       |                                 |    | 20,000 shares
|Annual Option Grant (Continuing Director)                                 |                                 |    | 6,000 shares 
|Annual restricted Stock Grant (Continuing Director)                       |                                 |    | 3,000 shares 
|Annual Standing Committee Member Option Grant*                            |                                 |    | 3,000 shares 

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All
options are granted with an exercise price equal to the fair market value of our stock on the grant date. Initial option grants vest and become exercisable in 36 equal installments
on each monthly anniversary of the grant date, such that the stock option will be fully exercisable three years after the grant date. Annual option grants to continuing directors, including annual
option grants to standing committee members when granted, are made immediately following each annual meeting of
shareholders and vest and become exercisable in twelve equal installments on each monthly anniversary of the grant date, such that the stock option will be fully exercisable one year after the grant
date.

The
restricted stock awards are subject to a forfeiture restriction that lapses as to 100% of the shares subject to the award one year after the grant date.

The
Board of Directors has discretion to elect not to make the annual option and restricted stock grants to continuing directors and standing committee members. Since 2004, the Board has
elected not to make the annual 3,000 share grant to directors for service on one or more committees.

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