Document:

Exhibit 10.2

 Exhibit 10.2 
 INDEMNITY AGREEMENT 
 [The Company has entered into an Indemnity Agreement with each of its
Directors in substantially the following form as of the following dates: Bryce Blair – November 29, 2001; Alan B. Buckelew – September 13, 2011; Bruce A. Choate – October 30, 1998; John J. Healy, Jr. –
October 30, 1998; Timothy J. Naughton – November 7, 2005; Lance R. Primis – October 30, 1998; Peter S. Rummell – September 18, 2007; H. Jay Sarles – November 7, 2005; and W. Edward Walter –
September 16, 2008.] 
 AGREEMENT, as of
            ,             (the “Agreement”), between AvalonBay Communities, Inc., a Maryland corporation (the
“Company”) and                      (the “Indemnitee”). 
 WHEREAS, it is essential to the success of the Company to retain and attract as directors and officers the most capable persons available; 

WHEREAS, Indemnitee has agreed to serve as a director of the Company; 

WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and
officers of public companies in today’s environment; 
 WHEREAS, the Bylaws (the “Bylaws”) and the Articles of
Incorporation (the “Articles”) of the Company require the Company to indemnify and advance expenses to its directors and officers to the fullest extent provided by law, and the Indemnitee has agreed to serve as a director of the Company in
part in reliance on such provisions in the Bylaws and Articles; 
 WHEREAS, in recognition of Indemnitee’s need for
substantial protection against personal liability in order to enhance Indemnitee’s continued service to the Company in an effective manner and Indemnitee’s reliance on the foregoing provisions in the Bylaws and Articles, and in part to
provide Indemnitee with specific contractual protections in addition to those protections promised Indemnitee in the Bylaws and Articles and with specific contractual assurance that the protection promised by such provisions in the Bylaws and
Articles will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of such provisions in the Bylaws or Articles or any change in the composition of the Company’s Board of Directors or any acquisition
transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent permitted by law, in addition to any other right to indemnification to
which Indemnitee may be entitled, and as set forth in this Agreement and, to the extent insurance is maintained, for the continued coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies;

 NOW THEREFORE, in consideration of the premises and of the Indemnitee agreeing to continue
to serve as a director of the Company, and intending to be legally bound hereby, the parties agree as follows: 
 1. Certain
Definitions. 
 (a) Change in Control. Change in control shall be deemed to have occurred upon any of the following
events: 
 (i) The acquisition in one or more transactions by any “Person” (as the term person is used for purposes
of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) of “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of twenty percent (20%) or more
of the combined voting power of the Company’s then outstanding voting securities (the “Voting Securities”), provided, however, that for purposes of this Section 1(a)(i), the Voting Securities acquired directly from
the Company by any Person shall be excluded from the determination of such Person’s Beneficial Ownership of voting securities (but such Voting Securities shall be included in the calculation of the total number of Voting Securities then
outstanding); or 
 (ii) The individuals who, as of the date hereof, are members of the Board (the “Incumbent
Board”), cease for any reason to constitute at least two-thirds of the Board; provided, however, that if the election, or nomination for election by the Company’s shareholders, of any new director is hereafter approved by a vote of at
least two-thirds of the Incumbent Board, such new director shall, for purposes of this Agreement, be considered as a member of the Incumbent Board; or 
 (iii) Approval by shareholders of the Company of (A) a merger or consolidation involving the Company if the shareholders of the Company immediately before such merger or consolidation do not own,
directly or indirectly immediately following such merger or consolidation, more than eighty percent (80%) of the combined voting power of the outstanding voting securities of the corporation resulting from such merger or consolidation in
substantially the same proportion as their ownership of the Voting Securities immediately before such merger or consolidation or (B) a complete liquidation or dissolution of the Company or an agreement for the sale or other disposition of all
or substantially all of the assets of the Company. 
 (iv) Notwithstanding the foregoing, a Change in Control shall not be
deemed to occur solely because twenty percent (20%) or more of the then outstanding Voting Securities is acquired by (i) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained by the Company or
any of its subsidiaries or (ii) any corporation which, immediately prior to such acquisition, is owned directly or indirectly by the shareholders of the Company in the same proportion as their ownership of stock in the Company immediately prior
to such acquisition. Nor shall a Change in Control be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of 20% or more of the outstanding Voting Securities as a result of the subsequent
acquisition of Voting 

  
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Securities by the Company which, by reducing the number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person, provided that if a
Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any
additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 

(b) Claim. Any threatened, pending or completed action, suit or proceeding, or any inquiry or investigation, whether threatened,
commenced or conducted by the Company or any other party, that Indemnitee in good faith believes might lead to the institution of any such action, suit or proceeding, whether civil, criminal, administrative, investigative or other. 

(c) Expenses. Expenses consist of attorneys’ fees and all other costs, charges and expenses paid or incurred in connection
with investigating, defending, settling, being a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate in, any Claim relating to any Indemnifiable Event. 

(d) Indemnifiable Event. Any event or occurrence related to the fact that Indemnitee is, was or has agreed to become a director,
officer, employee, agent or fiduciary of the Company, or is, is deemed to be, or was serving or has agreed to serve in any capacity, at the request of the Company, in any other corporation, partnership, joint venture, employee benefit plan, trust or
other enterprise, or by reason of anything done or not done by Indemnitee in any such capacity. For the purposes of the preceding sentence, the term “Company” shall be deemed to include Avalon Properties, Inc., a Maryland corporation which
was merged into the Company on June 4, 1998. 
 (e) Potential Change in Control. A potential change in control shall
be deemed to have occurred if (i) the Company enters into an agreement or arrangement, the consummation of which would result in the occurrence of a Change in Control; (ii) any person (including the Company) publicly announces an intention
to take or to begins taking actions which if completed would constitute a Change in Control; or (iii) the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred. 

(f) Voting Securities. Any securities of the Company which vote generally in the election of directors. 

2. Indemnification; Expenses; Procedure. 
 (a) Basic Indemnification Agreement. In the event Indemnitee was, is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant
in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify Indemnitee (without regard to the negligence or other fault of the Indemnitee) to the fullest extent permitted by applicable law, as

  
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soon as practicable but in no event later than thirty days after written demand is presented to the Company, against any and all Expenses, judgments, fines, penalties, excise taxes and amounts
paid or to be paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties, excise taxes or amounts paid or to be paid in settlement) of or
in connection with such Claim, provided, however, that the Company shall not be required to indemnify Indemnitee for amounts paid or to be paid in settlement unless such settlement is approved in advance by the Company, which approval
shall not be unreasonably withheld, or subsequently deemed reasonable by the Company, a court of appropriate jurisdiction, or an independent legal counsel chosen and approved by both the Company and Indemnitee. The Company’s obligation to
indemnify Indemnitee under this paragraph shall be deemed mandatory in all cases without regard to the fault or negligence of Indemnitee unless it is determined, by final adjudication, that the liability imposed upon Indemnitee was the result of
Indemnitee’s actual improper receipt of a personal benefit or profit or of Indemnitee’s active and deliberate dishonesty to the Company. The Company shall indemnify Indemnitee’s spouse (whether by statute or at common law and without
regard to the location of the governing jurisdiction) and children to the same extent and subject to the same limitations applicable to Indemnitee hereunder for claims arising out of the status of such person as a spouse or child of Indemnitee,
including claims seeking damages from marital property (including community property) or property held by such Indemnitee and such spouse or child or property transferred to such spouse or child but such indemnity shall not otherwise extend to
protect the spouse or child against liabilities caused by the spouse’s or child’s own acts. If Indemnitee makes a request to be indemnified under this Agreement (which request need not be made prior to the incurrence of any Indemnifiable
Expenses), the Board of Directors (acting by majority vote of a quorum consisting of directors who are not parties to the Claim with respect to the Indemnifiable Event or by majority vote of a committee of two or more directors who are duly
designated to act on the matter by the full Board, or, if such a quorum is not obtainable and no such committee has been designated, acting upon an opinion in writing of special independent legal counsel selected by majority vote of the full Board
of Directors (“Board Action”)) shall, as soon as practicable but in no event later than thirty days after such request, authorize such indemnification. Notwithstanding anything in the Company’s Restated Articles of Incorporation, as
amended from time to time, (the “Articles”), the Company’s Bylaws, as amended from time to time, (the “Bylaws”) or this Agreement to the contrary, following a Change in Control Indemnitee shall, unless prohibited by law, be
entitled to indemnification pursuant to this Agreement in connection with any Claim initiated by Indemnitee. 
 (b)
Advancement of Expenses. Notwithstanding anything in the Articles, the Bylaws or this Agreement to the contrary, if so requested by Indemnitee, the Company shall advance (within ten business days of such request) any and all Expenses relating
to a Claim to Indemnitee (an “Expense Advance”), upon the receipt of a written undertaking by or on behalf of Indemnitee (and without regard to any determination of Indemnitee’s financial ability to repay such Expense Advance) to
repay such Expense Advance if a judgment or other final adjudication adverse to Indemnitee establishes that Indemnitee, with respect to such Claim, is not eligible for indemnification. 

  
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 (c) Notice to Insurers. If, at the time of the receipt of a notice of a Claim
pursuant to Section 2(c) hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the
respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

 (d) Selection of Counsel. In the event the Company shall be obligated under Section 2(b) hereof to pay the
Expenses of any proceeding against Indemnitee, the Company, unless the Indemnitee determines that a conflict of interest exists between the Indemnitee and the Company with respect to a particular Claim, shall be entitled to assume the defense of
such proceeding, with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, upon the delivery to Indemnitee of written notice of its election to do so and of written notice that it is so obligated. After delivery of such
notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will be not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the
same proceeding, provided that (i) Indemnitee shall have the right to employ his own separate counsel in any such proceeding in addition to or in place of any counsel retained by the Company on behalf of Indemnitee at Indemnitee’s expense;
and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of
any such defense or (C) the Company shall not, in fact, have employed counsel to assume the defense of such proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. 

(e) Litigation Concerning Right to Indemnification. If there has been no Board Action or Arbitration (as defined in
Section 3), or if Board Action determines that Indemnitee would not be permitted to be indemnified, in any respect, in whole or in part, in accordance with Section 2(a) of this Agreement, Indemnitee shall have the right to commence
litigation in the court which is hearing the action or proceeding relating to the Claim for which indemnification is sought or in any court having subject matter jurisdiction thereof and in which venue is proper seeking an initial determination by
the court or challenging any Board Action or any aspect thereof, and the Company hereby consents to service of process and to appear in any such proceeding. Notwithstanding anything in the Articles, the Bylaws or this Agreement to the contrary, if
Indemnitee has commenced legal proceedings in a court of competent jurisdiction or Arbitration to secure a determination that Indemnitee should be indemnified under this Agreement, the Articles, the Bylaws or applicable law, any Board Action that
Indemnitee would not be permitted to be indemnified in accordance with Section 2(a) of this Agreement shall not be binding in the event that such legal proceedings are finally adjudicated. Any Board Action not followed by such litigation or
Arbitration shall be conclusive and binding on the Company and Indemnitee. 
 3. Change in Control. The Company agrees
that if there is a Change in Control, Indemnitee, by giving written notice to the Company and the American Arbitration 

  
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Association (the “Notice”), may require that any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration (the
“Arbitration”) in San Jose, California or, at the election of the Indemnitee, Alexandria, Virginia, in accordance with the Rules of the American Arbitration Association (the “Rules”). The Arbitration shall be conducted by a panel
of three arbitrators selected in accordance with the Rules within thirty days of delivery of the Notice. The decision of the panel shall be made as soon as practicable after the panel has been selected, and the parties agree to use their reasonable
efforts to cause the panel to deliver its decision within ninety days of its selection. The Company shall pay all fees and expenses of the Arbitration. The Arbitration shall be conclusive and binding on the Company and Indemnitee, and the Company or
Indemnitee may cause judgment upon the award rendered by the arbitrators to be entered in any court having jurisdiction thereof. 
 4. Establishment of Trust. In the event of a Potential Change in Control or a Change in Control, the Company shall, promptly upon written request by Indemnitee, create a Trust for the benefit of
Indemnitee and from time to time, upon written request by or on behalf of Indemnitee to the Company, shall fund such Trust in an amount, as set forth in such request, sufficient to satisfy any and all Expenses reasonably anticipated at the time of
each such request to be incurred in connection with investigating, preparing for and defending any Claim relating to an Indemnifiable Event, and any and all judgments, fines, penalties and settlement amounts of any and all Claims relating to an
Indemnifiable Event from time to time actually paid or claimed, reasonably anticipated or proposed to be paid. The terms of the Trust shall provide that upon a Change in Control (i) the Trust shall not be revoked or the principal thereof
invaded, without the written consent of Indemnitee; (ii) the Trustee shall advance, within ten business days of a request by Indemnitee, any and all Expenses to Indemnitee, not advanced directly by the Company to Indemnitee (and Indemnitee
hereby agrees to reimburse the Trust under the circumstances under which Indemnitee would be required to reimburse the Company under Section 2(b) of this Agreement); (iii) the Trust shall continue to be funded by the Company in accordance
with the funding obligation set forth above; (iv) the Trustee shall promptly pay to Indemnitee all amounts for which Indemnitee shall be entitled to indemnification pursuant to this Agreement or otherwise; and (v) all unexpended funds in
such Trust shall revert to the Company upon a final determination by Board Action or Arbitration or a court of competent jurisdiction, as the case may be, that Indemnitee has been fully indemnified under the terms of this Agreement. The Trustee
shall be an independent third party chosen by Indemnitee. Nothing in this Section 4 shall relieve the Company of any of its obligations under this Agreement. 
 5. Indemnification for Additional Expenses. The Company shall indemnify Indemnitee against any and all expenses (including without limitation attorneys’ fees, subject to Section 20
hereof) and, if requested by Indemnitee, shall (within ten business days of such request) advance such expenses to Indemnitee, which are incurred by Indemnitee in connection with any claim asserted by or action brought by Indemnitee for
(i) indemnification or advance payment of Expenses by the Company under law, the Articles, the Bylaws, this Agreement, or any other agreement now or hereafter in effect relating to Claims for Indemnifiable Events and/or (ii) recovery under
any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance expense payment or insurance recovery, as the
case may be. 

  
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 6. Partial Indemnity, Etc. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines, penalties, excise taxes and amounts paid or to be paid in settlement of a Claim but not, however, for all of the total amount thereof, the Company
shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense
of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including, without limitation, dismissal without prejudice, Indemnitee shall be presumed to be entitled to indemnification
against any and all Expenses, judgments, fines, penalties, excise taxes and amounts paid or to be paid in settlement of such Claim or Claims in connection with any determination made or to be made by Board Action, Arbitration or a court of competent
jurisdiction whether and to what extent Indemnitee is entitled to be indemnified hereunder, and the burden of proof shall be on the Company to establish that Indemnitee is not so entitled. 

7. No Presumption. For purposes of this Agreement, the termination of any claim, action, suit or proceeding, by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a plea of nolo contenders, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or
that a court has determined that indemnification is not permitted by applicable law or this Agreement. 
 8.
Contribution. In the event that the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Claim relating to an Indemnifiable Event, in such proportion as is deemed fair and reasonable in light of all
of the circumstances of such action by Board Action or Arbitration or by the court before which such action was brought in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event
(s) and/or transaction (s) giving cause to such action; and/or (ii) the relative fault of the Company (and its other directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).
Indemnitee’s right to contribution under this Section 8 shall be determined in accordance with, pursuant to and in the same manner as, the provisions in Sections 2 and 3 hereof relating to Indemnitee’s right to indemnification under
this Agreement. 
 9. Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s
right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any Claim made against Indemnitee for which indemnification will or could be sought under this Agreement. Such notice shall contain the
written affirmation of the Indemnitee that the standard of conduct necessary for indemnification 

  
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hereunder has been satisfied. Notice to the Company shall be directed to the Secretary of the Company in the manner provided in Section 19 hereof. Indemnitee shall give the Company such
information and cooperation with respect to such Claim as it may reasonably require and as shall be within Indemnitee’s power. A delay or defect in the notice under this Section 9 shall not invalidate the Indemnitee’s right to
indemnity under this Agreement unless, and only to the extent that, such delay or defect materially prejudices the defense of the Claim or the availability to the Company of insurance coverage for such Claim. Failure to give notice under this
Section shall not be a defense if the Company has actual notice of the Indemnitee’s claim for indemnification. 
 10.
Non-exclusivity, Etc. The rights of the Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under the Articles or Bylaws or applicable law, and nothing herein shall be deemed to diminish or otherwise restrict
Indemnitee’s right to indemnification under any such other provision. To the extent applicable law or the Articles or the Bylaws of Company, as in effect on the date hereof or at any time in the future, permit greater indemnification than as
provided for in this Agreement, the parties hereto agree that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such law or provision of the Articles or Bylaws and this Agreement shall be deemed amended without any further
action by the Company or Indemnitee to grant such greater benefits. Indemnitee may elect to have Indemnitee’s rights hereunder interpreted on the basis of applicable law in affect at the time of execution of this Agreement, at the time of the
occurrence of the Indemnifiable Event giving rise to a claim or at the time indemnification is sought. 
 11. Liability
Insurance. 
 (a) To the extent the Company maintains at any time an insurance policy or policies providing directors’
and officers’ liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any other Company director or officer under such insurance
policy. The purchase and maintenance of such insurance shall not in any way limit or affect the rights and obligations of the parties hereto, and the execution and delivery of this Agreement shall not in any way be construed to limit or affect the
rights and obligations of the Company and/or of the other parties under any such insurance policy. 
 (b) For seven years after
the Indemnitee no longer serves as a director or officer of the Company, the Company (or its successor or successors) shall continue to provide directors’ and officers’ liability insurance for events occurring during his service with the
Company on terms no less favorable in terms of coverage and amount than such insurance maintained by the Company at the date of the Indemnitee’s separation from the Company. In the event such coverage is not available, the maximum available
coverage shall be maintained pursuant to this covenant. 
 12. Period of Limitations. No legal action shall be brought
and no cause of action shall be asserted by or on behalf of the Company or any affiliate of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the

  
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expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company or its affiliate shall be extinguished and deemed released unless
asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern. 

13. Amendments Etc. Except as provided in Section 10 hereof, no supplement, modification or amendment of this Agreement shall
be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver
constitute a continuing waiver. 
 14. Subrogation. In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery with respect to such payment of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution
of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 
 15. No Duplication of
Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, Bylaw or
otherwise) of the amounts otherwise Indemnifiable hereunder. 
 16. Binding Effect, Etc. This Agreement shall be binding
upon and inure to the benefit of and be enforceable against and by the parties hereto and their respective successors, assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of
the business and/or assets of the Company), spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform if no such succession had taken place, but the absence of any such writing shall not be a defense to any claim for indemnity made hereunder. This Agreement shall continue in effect regardless of whether
Indemnitee continues to serve as a director and/or officer of the Company or of any other enterprise at the Company’s request. 
 17. Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are
held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. 

  
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 18. Exceptions. Any other provision herein to the contrary notwithstanding, the
Company shall not be obligated pursuant to the terms of this Agreement to indemnify the Indemnitee in the following circumstances: 
 (a) Insured Claims. The Company shall not be obligated to indemnify Indemnitee for expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise
taxes or penalties and amounts paid in settlement) to the extent that Indemnitee has otherwise actually received payment, or payments have been made on behalf of Indemnitee, with respect to such expense or liability (under any insurance policy,
provision of the Company’s Articles or Bylaws, or otherwise) of amounts otherwise Indemnifiable hereunder; or 
 (b)
Claims Under Section 16(b). The Company shall not be obligated to indemnify Indemnitee for expenses and the payment of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the
Securities Exchange Act of 1934, as amended, or any similar successor statute. 
 19. Notices. All notices, requests,
demands and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given when delivered by hand or when mailed by certified registered mail, return receipt requested, with postage prepaid:

  

	 	(a)	If to Indemnitee, to: 

 [NAME OF
DIRECTOR] 
 [ADDRESS] 

or to such other person or address which Indemnitee shall furnish to the Company in writing pursuant to the above. 

 

	 	(b)	If to the Company, to: 

AvalonBay Communities, Inc. 
 [ADDRESS] 
 ATTN: Secretary 

or to such person or address as the Company shall furnish to Indemnitee in writing pursuant to the above. 

20. Attorneys’ Fees. In the event that any action is instituted by Indemnitee under this Agreement to enforce or interpret
any of the terms hereof, Indemnitee shall be entitled to be paid all court costs and expenses, including reasonable attorneys’ fees, incurred by Indemnitee with respect to such action, unless as a part of such action, a court of competent
jurisdiction determines that each of the material assertions made by Indemnitee as a basis for 

  
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such action were not made in good faith or were frivolous. In the event of an action instituted by or in the name of the Company under this Agreement or to enforce or interpret any of the terms
of this Agreement, Indemnitee shall be entitled to be paid all court costs and expenses, including attorneys’ fees, incurred by Indemnitee in defense of such action (including with respect to Indemnitee’s counterclaims and cross-claims
made in such action), unless as a part of such action the court determines that each of Indemnitee’s material defenses to such action were made in bad faith or were frivolous. 

21. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of
Maryland, which laws are applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws. 
 22. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute a single agreement. 

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the date first set forth above. 

 

			
	AVALONBAY COMMUNITIES, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	INDEMNITEE
		
		 	  

		 	Name:

  
 11Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made
effective as of November 1, 2011 (the “Effective Date”) at Beaverton, Oregon between DIGIMARC CORPORATION, a Delaware corporation (“Digimarc”) with offices at 9405 SW Gemini Drive, Beaverton, Oregon 97008, and BRUCE DAVIS
(“Executive”). 
 WITNESSETH: 
 WHEREAS, Executive is Chairman of the Board and Chief Executive Officer of Digimarc Corporation, an Oregon corporation (“Digimarc”); and 
 WHEREAS, Digimarc and Executive wish to memorialize the terms of Executive’s employment in a written agreement. 
 NOW, THEREFORE, in consideration of the foregoing and in consideration of the mutual promises and agreements contained herein, the parties hereto agree as follows: 

 

	1.	DEFINITIONS. 

 For purposes of this
Agreement, the following terms shall have the following meanings: 
 a. “Affiliate” shall mean any person or entity that directly or
indirectly controls, is controlled by, or is under common control with Digimarc. 
 b. “Change of Control” shall mean: (i) any
Person (as defined in Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than a broker, bank, or trust company holding common stock of Digimarc 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 Digimarc’s voting equity securities, as disclosed by Digimarc’s stock records or
in any other way, including, without limitation, any filing with the Securities and Exchange Commission or otherwise; (ii) the purchase of 50% or more of any class of Digimarc’s voting equity securities pursuant to any tender offer or
exchange offer for shares of Digimarc’s stock, other than one made by Digimarc; (iii) any merger, consolidation, reorganization or other transaction providing for the conversion or exchange of more than fifty percent (50%) of the
outstanding shares of Digimarc’s stock into securities of a third party, or cash, or property, or a combination of any of the foregoing; or (iv) the sale of substantially all of the assets of Digimarc. 

c. “Code” shall mean the Internal Revenue Code of 1986, as amended, and the Treasury regulations promulgated thereunder. 

d. “Section 280G” shall mean Code Section 280G and the Treasury regulations promulgated thereunder or any similar or successor provision.

  
 1 

	2.	PERIOD OF EMPLOYMENT. 

 Digimarc agrees to
employ Executive, and Executive agrees to be so employed, on the terms and conditions set forth herein for the period beginning on the Effective Date and ending on the third anniversary of the Effective Date, or on the termination date if earlier
terminated as set forth herein (“Term”). 
  

	3.	DUTIES AND RESPONSIBILITIES. 

 a.
Position. Executive will serve as Chief Executive Officer of Digimarc in conformity with general management policies, guidelines and directions issued by the Board of Directors of Digimarc (the “Board”), and shall perform all
services appropriate to that position as designated from time to time by the Board. Executive will report directly to the Board, and will have general charge and supervision of those functions and such other responsibilities as are customary for his
position. As long as Executive serves as Chief Executive Officer, it is the intention of Digimarc that he will continue to be nominated to serve on the Board. It is the current intention of the Board that Executive, if serving on the Board, will
also serve as Chairman of Board; provided, however, that the foregoing statement of intent shall in no way derogate from the Board’s right and power to act as it deems appropriate in the future. 

b. Duties. Executive will work exclusively for Digimarc on a full-time basis, devoting all of his time and attention during normal business hours
to Digimarc’s business. Executive will perform his duties and responsibilities hereunder diligently, faithfully and loyally in order to facilitate the proper, efficient and successful operation of Digimarc’s business. 

c. Other Activity. Except upon the prior approval of the Board, Executive (during the Term) shall not (i) accept any other employment; or
(ii) engage, directly or indirectly, in any other business, commercial, or professional activity (whether or not pursued for pecuniary advantage) that is or may be competitive with Digimarc, that might create a conflict of interest with
Digimarc, or that otherwise might interfere with the business of Digimarc or any Affiliate or the performance of Executive’s duties and obligations to Digimarc. So that Digimarc may be aware of the extent of any other demands upon
Executive’s time and attention, Executive shall disclose in confidence to Digimarc the nature and scope of any other business activity in which he is or becomes engaged during the Term. 

 

	4.	COMPENSATION AND BENEFITS. 

 As
compensation for Executive’s services, Executive will receive a cash salary and participate in the Company’s stock-based compensation plan, subject to the terms and conditions set forth in this Agreement. 

  
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 a. Salary. Executive will be paid a salary of $525,000 per year. All salary shall be payable in such
installments as are consistent with Digimarc’s general payroll practices as they may be amended, by Digimarc in its sole discretion, during the Term. All compensation and comparable payments to be paid to Executive under this Agreement shall be
less withholdings required by law. 
 b. Long Term Incentive. Digimarc will grant options to purchase 100,000 shares of Digimarc’s
common stock and 50,000 shares of time-based restricted stock to Executive, such grants to be made effective on the date this Agreement is fully executed by the parties; provided, that, if the parties do not execute this Agreement on or before
November 4, 2011, the Board or the Compensation Committee of the Board will make such grants, and such grants shall be effective, on a date as soon as practicable after this Agreement is fully executed. The stock options will have an exercise
price equal to the fair market value of Digimarc’s common stock on their grant date and vest and become exercisable over 36 months in equal monthly installments starting on the grant date. The restricted stock will vest in three equal annual
installments on each anniversary of the grant date. The options and restricted stock shall be subject to the terms and conditions of Digimarc’s 2008 Incentive Plan, except as to vesting and any other terms as set forth in this Agreement.

 c. Flexible Time Off. Executive will be entitled to flexible time off consistent with that generally provided to other executives of
Digimarc. 
 d. Life Insurance. Digimarc shall promptly reimburse Executive for the premiums payable during the Term for a term life
insurance policy, with Executive as beneficiary, that will pay Executive’s estate a death benefit of $2,000,000, provided Executive requests such reimbursement and provides Digimarc with evidence reasonably satisfactory to Digimarc of the
amount of such premiums and the fact that such premiums have been paid. Such request must be made and such evidence provided no later than the January 31 immediately following the end of the calendar year in which Executive pays such premium.
(In lieu of reimbursement, Digimarc may, in its sole and absolute discretion, elect to pay such premiums directly to the insurance company.) Executive agrees to use his best efforts to apply for and obtain such policy, including submitting to
physical examinations and taking such other actions as may be necessary to obtain such policy. 
 e. Other Benefits. Except as
specifically provided elsewhere in this Agreement, Digimarc will provide Executive with the same health, disability, retirement, death and other fringe benefits as are generally provided to other executives of Digimarc. The amount and extent of
benefits to which Executive is entitled shall be governed by the specific benefit plan, as it may be amended from time to time. Digimarc reserves the ability, in its sole discretion, to adjust Executive’s benefits under this Agreement provided
that such adjustments generally apply to all executive officers. 

  
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	5.	TERMINATION. 

 a. Executive’s
employment will terminate automatically upon Executive’s death. 
 b. Executive’s employment will terminate automatically on the last
day of the calendar month in which Digimarc determines that Executive is permanently disabled. For purposes of this Agreement, “permanent disability” shall be defined as disability due to illness, accident or otherwise that renders
Executive unable to perform his regular duties for a period of more than three (3) months. 
 c. Digimarc may terminate Executive’s
employment under this Agreement at any time (i) immediately for Cause, or (ii) without Cause upon thirty (30) days written notice to Executive. “Cause” means (i) any act of personal dishonesty by Executive in connection
with his responsibilities as an officer or employee of Digimarc, (ii) Executive’s conviction of a felony, (iii) any act by Executive which constitutes gross negligence or willful misconduct, (iv) any material violation by
Executive of his employment duties provided that if such violation is curable, it has not been cured within (30) days after delivery to Executive of a written demand for cure, or (v) any act that would constitute a material violation of
Digimarc’s code of conduct or code of ethics or a material violation of any restrictive covenants contained in this Agreement or any other agreement between Digimarc and Executive or any Digimarc plan or program. Notwithstanding the foregoing,
Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of a majority of the independent members of the Board (i.e.,
excluding Executive). 
 d. Executive may terminate his employment under this Agreement for “Good Reason” (as defined below) at any
time upon thirty-one (31) days prior written notice to Digimarc. “Good Reason” means any of the following events, if done without Executive’s prior written consent: (i) a material reduction in Executive’s authority,
duties or responsibilities; (ii) a material reduction in Executive’s salary or (iii) relocation of Executive’s geographic work location to a location that is more than 50 miles from the Executive’s geographic work location
on the Effective Date, except for required travel in furtherance of Digimarc’s business to the extent consistent with Executive’s duties. Notwithstanding any provision in this Agreement to the contrary, termination of employment by
Executive will not be for Good Reason unless (i) Executive notifies Digimarc in writing of the existence of the condition which Executive believes constitutes Good Reason within ninety (90) days of the Executive having actual knowledge of
the initial existence of such condition (which notice specifically identifies such condition), (ii) Digimarc fails to remedy such condition within thirty (30) days after the date on which it receives such notice (the “Remedial
Period”), and (iii) Executive actually terminates employment within sixty (60) days after the expiration of the Remedial Period and before Digimarc remedies such condition. If Executive terminates employment before the expiration of
the Remedial Period or after Digimarc remedies the condition (even if after the end of the Remedial Period), then Executive’s termination will not be considered to be for Good Reason. 

  
 4 

 e. Executive may otherwise voluntarily terminate his employment at any time upon thirty (30) days prior
written notice to Digimarc. 
  

	6.	EFFECTS OF TERMINATION. 

 a. If
Executive’s employment is terminated by reason of Executive’s death or permanent disability under either Section 5(a) or Section 5(b), all Digimarc obligations under this Agreement will end except that (i) Executive’s
unvested stock options and restricted stock that would have vested if Executive’s employment with Digimarc had continued for an additional twenty-four (24) months following the termination date will immediately vest and become exercisable,
(ii) Executive’s right to exercise vested stock options will expire on the earliest of (A) the second anniversary of the date of death or termination due to disability, (B) the latest date the particular option could have expired
by its original terms under any circumstances, or (C) the tenth anniversary of the original date of grant of the particular option; and (iii) if Executive’s employment is terminated by reason of Executive’s death and Executive
has been unable to obtain the life insurance policy on Executive’s life as set forth in Section 4(e), Executive will receive salary continuation payments (at the salary rate in effect on the termination date) according to Digimarc’s
standard payroll schedule for the six (6) month period beginning immediately after Executive’s termination date (and, for purposes of Code Section 409A, each such installment shall be treated as a separate payment). 

b. If Digimarc terminates Executive for Cause or Executive voluntarily terminates his employment (except for a termination for Good Reason under
Section 5(d)), all Digimarc obligations under this Agreement will end except for payment of any Compensation payable under Section 4 for services performed prior to termination and reimbursement of properly authorized business expenses
incurred by Executive prior to termination. 
 c. If Digimarc terminates Executive without Cause under Section 5(c) or Executive terminates
his employment for Good Reason under Section 5(d), in both cases other than following a Change of Control, all Digimarc obligations under this Agreement will end, except that (i) Executive’s unvested stock options and restricted stock
that would have vested if Executive’s employment with Digimarc had continued for an additional twenty-four (24) months following the termination date will immediately vest and become exercisable, (ii) Digimarc will continue to pay
salary to Executive for two years from the date of termination (at the salary rate in effect on the termination date) according to Digimarc’s standard payroll schedule, and (iii) if Executive and Executive’s spouse and dependent
children are eligible for and timely (and properly) elect COBRA continuation coverage under Digimarc’s group health plan(s) pursuant to COBRA, Digimarc will pay the premium for such coverage for a period of twenty-four (24) months
following Executive’s termination date or until Executive is no longer entitled to COBRA continuation coverage under Digimarc’s group health plan(s), whichever period is shorter; provided, however, that Executive shall not be entitled to
any of the benefits described in this Section 6(c) if he breaches Sections 8 or 9 of this Agreement. The compensation described in Section 6(c)(ii) will be paid according to Digimarc’s standard payroll schedule from the date of
termination, as if Executive had not been terminated, and, for purposes of Code Section 409A, each such installment shall be treated as a separate payment. Executive’s right to exercise vested stock options will expire on the earliest of
(A) the first anniversary of the termination date, (B) the latest date the particular option could have expired by its original terms under any circumstances, or (C) the tenth anniversary of the original date of grant of the
particular option. Other than as set forth in this Section 6(c), Digimarc shall have no other obligations to Executive under this Agreement. 

  
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 d. If within eighteen (18) months after a Change of Control, Digimarc terminates Executive without
Cause under Section 5(c), or Executive terminates his employment for Good Reason under Section 5(d), then, all Digimarc obligations under this Agreement will end, except that (i) Executive’s unvested stock options and restricted
stock will immediately and fully vest and become exercisable, (ii) Digimarc will continue to pay salary to Executive for two years from the date of termination (at the salary rate in effect on the termination date) according to Digimarc’s
standard payroll schedule, and (iii) if Executive and Executive’s spouse and dependent children are eligible for and timely (and properly) elect COBRA continuation coverage under Digimarc’s group health plan(s) pursuant to COBRA,
Digimarc will pay the premium for such coverage for a period of twenty-four (24) months following Executive’s termination date or until Executive is no longer entitled to COBRA continuation coverage under Digimarc’s group health
plan(s), whichever period is shorter; provided, however, that Executive shall not be entitled to any of the benefits described in this Section 6(d) if he breaches Sections 8 or 9 of this Agreement. The compensation described in
Section 6(d)(ii) will be paid according to Digimarc’s standard payroll schedule from the date of termination, as if Executive had not been terminated, and, for purposes of Code Section 409A, each such installment shall be treated
as a separate payment. Executive’s right to exercise vested stock options will expire on the earliest of (A) the first anniversary of the termination date, (B) the latest date the particular option could have expired by its original
terms under any circumstances, or (C) the tenth anniversary of the original date of grant of the particular option. Other than as set forth in this Section 6(d), Digimarc shall have no other obligations to Executive under this Agreement.
Solely for purposes of this Section 6(d), the Term shall be deemed to be extended to the date that is eighteen (18) months after a Change of Control that occurs within the original Term. 

  
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 e. Digimarc makes no representations or warranties to Executive with respect to any tax, economic or legal
consequences of this Agreement or any payments or other benefits provided hereunder, including without limitation under Code Section 409A, and no provision of the Agreement shall be interpreted or construed to transfer any liability for failure
to comply with Code Section 409A from Executive or any other individual to Digimarc or any of its affiliates. Executive, by executing this Agreement, shall be deemed to have waived any claim against Digimarc and its affiliates with respect to
any such tax, economic or legal consequences. However, 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 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 provision of this Agreement to the contrary, this Agreement shall be interpreted, operated and administered in a manner consistent with such intentions. Without limiting the generality of the foregoing,
and notwithstanding any provision of this Agreement to the contrary, with respect to any payments and benefits under this Agreement to which Code Section 409A applies, all references in this Agreement to the termination of Executive’s
employment are intended to mean Executive’s “separation from service,” within the meaning of Code Section 409A(a)(2)(A)(i). In addition, if Executive is a “specified employee,” within the meaning of Code
Section 409A(a)(2)(B)(i), at the time of his “separation from service,” within the meaning of Code Section 409A(a)(2)(A)(i), then to the extent necessary to avoid subjecting Executive to the imposition of any additional tax under
Code Section 409A, amounts that would otherwise be payable under this Agreement during the six-month period immediately following Executive’s “separation from service,” shall not be paid to Executive during such period, but shall
instead be accumulated and paid to Executive (or, in the event of Executive’s death, Executive’s estate) in a lump sum on the first business day following the date that is six months after Executive’s separation from service.
Moreover, the parties intend that this Agreement be deemed to be amended to the extent necessary to comply with the requirements of Code Section 409A and to avoid or mitigate the imposition of additional taxes under Code Section 409A,
while preserving to the maximum extent possible the essential economics of Executive’s rights under the Agreement. 
 f. If the Term ends
as a result of the expiration of the Term on its scheduled end date without renewal, all Digimarc obligations under this Agreement will end except for payment of any Compensation payable under Section 4 for services performed prior to
expiration and reimbursement of properly authorized business expenses incurred by Executive prior to expiration; provided, however, that if Executive’s employment is thereafter terminated without Cause as defined in Section 5(c) or
Executive terminates his employment for Good Reason as defined in Section 5(d), in both cases other than following a Change of Control (which is governed by Section 6(d)), (i) any unvested stock options held by Executive will
immediately vest and become exercisable in full and any unvested restricted stock held by Executive will immediately vest in full and cease to be subject to forfeiture; (ii) Executive’s right to exercise vested stock options will expire on
the earliest of (A) the first anniversary of the employment termination date, (B) the latest date the particular option could have expired by its original terms under any circumstances, or (C) the tenth anniversary of the original
date of grant of the particular option; and (iii) Digimarc will continue to pay salary to Executive for one year from the date of termination (at the salary rate in effect on the termination date) according to Digimarc’s standard payroll
schedule. 

  
 7 

 g. As a condition to receiving benefits under this Section 6, Executive must sign a general waiver and
release in the form provided by the Digimarc within sixty (60) days of the termination date, which form shall be substantially similar in coverage to the release contained in Section 10 hereof and conditioned on Digimarc’s provision
of such benefits. Failure to return the release within such sixty (60)-day period will result in the forfeiture of any and all benefits hereunder. 
  

	7.	EXCISE TAXES. 

 a. Notwithstanding any
other provision of this Agreement, in the event that Executive becomes entitled to receive or receives any payments, options, awards or benefits (including, without limitation, the monetary value of any non-cash benefits and the accelerated vesting
of stock options) under this Agreement or under any other plan, agreement or arrangement with Digimarc, any person whose actions result in any change described in Code Section 280G(b)(2)(A)(i) or any person affiliated with Digimarc or such
person (collectively, the “Payments”), that may separately or in the aggregate constitute “parachute payments” within the meaning of Section 280G and Digimarc receives confirmation from an independent accounting firm or
independent tax counsel appointed by Digimarc (the “Tax Advisor”) that, but for this Section 7, any of the Payments will be subject to any excise tax pursuant to Code Section 4999 or any similar or successor provision (the
“Excise Tax”), then the Company shall pay to Executive either (i) the full amount of the Payments or (ii) an amount equal to the Payments, reduced by the minimum amount necessary to prevent any portion of the Payments from being
an “excess parachute payment” (within the meaning of Section 280G) (the “Capped Payments”), whichever of the foregoing amounts results in the receipt by Executive, on an after-tax basis, of the greatest amount of
Payments notwithstanding that all or some portion of the Payments may be subject to the Excise Tax. For purposes of determining the after-tax value of the Payments, (i) there shall be taken into account any Excise Tax and all applicable
federal, state and local taxes required to be paid by Executive in respect of the receipt of the Payments and (ii) 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 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. 
 b. All calculations and determinations under this Section 7, including application and interpretation of the Code and related regulatory, administrative and judicial authorities, shall be made by the
Tax Advisor. All determinations made by the Tax Advisor under this Section 7 shall be conclusive and binding on both Digimarc and Executive, and Digimarc shall cause the Tax Advisor to provide its determinations and any supporting
calculations with respect to Executive to Digimarc and Executive. Digimarc shall bear all fees and expenses charged by the Tax Advisor in connection with its services. For purposes of making the calculations and determinations under this
Section 7, after taking into account the information provided by Digimarc and Executive, the Tax Advisor may make reasonable, good faith assumptions and approximations concerning the application of Code Sections 280G and 4999. Digimarc and
Executive shall furnish the Tax Advisor with such information and documents as the Tax Advisor may reasonably request to assist the Tax Advisor in making calculations and determinations under this Section 7. 

  
 8 

 c. In the event that Section 7(a) applies and a reduction is required to be applied to the Payments
thereunder, the Payments shall be reduced by the Company in its reasonable discretion in the following order: (i) 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 (ii) reduction of any Payments that are exempt from Code Section 409A. 
  

	8.	TERMINATION OBLIGATIONS. 

 a. Executive
agrees that all property, including, without limitation, all equipment, tangible Proprietary Information (as defined below), documents, books, records, reports, notes, contracts, lists, computer disks (and other computer-generated files and data),
and copies thereof, created on any medium and furnished to, obtained by, or prepared by Executive in the course of or incident to his employment, belongs to Digimarc and shall be returned promptly to Digimarc at the end of the Term. 

b. All benefits to which Executive is otherwise entitled shall cease upon Executive’s termination, unless explicitly continued either under this
Agreement or under any specific written policy or benefit plan of Digimarc. 
 c. Effective at the end of the Term, Executive shall be deemed to
have resigned from all offices and directorships then held with Digimarc or any Affiliate. 
 d. The representations and warranties contained in
this Agreement and Executive’s obligations under this Section 8 on Termination Obligations and Section 9 on Proprietary Information shall survive the termination of this Agreement. 

e. Following any termination of this Agreement, Executive shall fully cooperate with Digimarc in all matters relating to the winding up of pending work
on behalf of Digimarc and the orderly transfer of work to other executives of Digimarc. Executive shall also cooperate in the defense of any action brought by any third party against Digimarc that relates in any way to Executive’s acts or
omissions while employed by Digimarc. 
 f. Prior to beginning any employment within two (2) years following the end of the Term, Executive
shall first provide Digimarc with the name and address of his prospective employer so that Digimarc may provide the new employer with a copy of this Agreement. 

  
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	9.	PROPRIETARY INFORMATION AND COVENANT NOT TO COMPETE. 

 a. Defined. “Proprietary Information” is all information and any idea in whatever form, tangible or intangible, pertaining in any manner to the business of Digimarc, or any Affiliate, or
its employees, clients, consultants, or business associates, which was produced by any employee of Digimarc in the course of his or her employment or otherwise produced or acquired by or on behalf of Digimarc. All Proprietary Information not
generally known outside of Digimarc’s organization, and all Proprietary Information so known only through improper means, shall be deemed “Confidential Information.” Without limiting the foregoing definition, Proprietary and
Confidential Information shall include, but not be limited to: (i) formulas, teaching and development techniques, processes, trade secrets, computer programs, electronic codes, inventions, improvements, and research projects;
(ii) information about costs, profits, markets, sales, and lists of customers or clients; (iii) business, marketing, and strategic plans; and (iv) employee personnel files and compensation information. Executive should consult any
Digimarc procedures instituted to identify and protect certain types of Confidential Information, which are considered by Digimarc to be safeguards in addition to the protection provided by this Agreement. Nothing contained in those procedures or in
this Agreement is intended to limit the effect of the other. 
 b. General Restrictions on Use. During the Term, Executive shall use
Proprietary Information, and shall disclose Confidential Information, only for the benefit of Digimarc and as is necessary to carry out his responsibilities under this Agreement. Following termination, Executive shall neither, directly or
indirectly, use any Proprietary Information nor disclose any Confidential Information, except as expressly and specifically authorized in writing by Digimarc. The publication of any Proprietary Information through literature or speeches must be
approved in advance in writing by Digimarc. 
 c. Location and Reproduction. Executive shall maintain at his work station and/or any
other place under his control only such Confidential Information as he has a current “need to know.” Executive shall return to the appropriate person or location or otherwise properly dispose of Confidential Information once that need to
know no longer exists. Executive shall not make copies of or otherwise reproduce Confidential Information unless there is a legitimate business need for reproduction. 
 d. Prior Actions and Knowledge. Executive represents and warrants that from the time of his first contact with Digimarc, he has held in strict confidence all Confidential Information and has not
disclosed any Confidential Information, directly or indirectly, to anyone outside of Digimarc, or used, copied, published, or summarized any Confidential Information, except to the extent otherwise permitted in this Agreement. 

  
 10 

 e. Third-Party Information. Executive acknowledges that Digimarc has received and in the future will
receive from third parties their confidential information subject to a duty on Digimarc’s part to maintain the confidentiality of this information and to use it only for certain limited purposes. Executive agrees that he owes Digimarc and these
third parties, during the Term and thereafter, a duty to hold all such confidential information in the strictest confidence and not to disclose or use it, except as necessary to perform his obligations hereunder and as is consistent with
Digimarc’s agreement with third parties. 
 f. No Competition. In the interest of preventing the use or disclosure of Confidential
Information in breach of the preceding subsections and in consideration for Digimarc agreeing to make the post-termination payments to Executive described in Section 6, Executive shall not, during the Term and for a period equal to the longer
of (i) one (1) year or (ii) the period during which Executive is receiving severance payments under Section 6 hereof following the end of the Term, for any reason, perform work for any of Digimarc’s business competitors
whether as an employee or as a consultant, and shall not serve as a director, partner, agent or shareholder of such competitor (except that Executive may hold less than 5% of the outstanding stock of any public company for investment purposes).

 g. Misuse of Confidential Information. Executive agrees that for a period equal to the longer of (i) one (1) year or
(ii) the period during which Executive is receiving severance payments under Section 6 hereof following the end of the Term, he shall not, directly or indirectly, (i) divert or attempt to divert from Digimarc (or any Affiliate) any
business of any kind in which it is engaged; or (ii) employ or recommend for employment any person employed by Digimarc (or any Affiliate), unless Executive can prove that any action taken in contravention of this subsection was done without
the use in any way of Confidential Information. 
 h. Interference with Business. In order to avoid disruption of Digimarc’s
business, Executive agrees that for a period equal to the longer of (i) one (1) year or (ii) the period during which Executive is receiving severance payments under Section 6 hereof following the end of the Term, he shall not,
directly or indirectly, (i) solicit any customer of Digimarc (or any Affiliate) known to Executive during the Term to have been a customer; or (ii) solicit for employment any person employed by Digimarc (or any Affiliate). 

  
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	10.	RELEASE. 

 In consideration for Digimarc
agreeing to make the post-termination payments to Executive, Executive hereby releases Digimarc and Old Digimarc from any and all claims of any kind, known or unknown, arising out of or related to Executive’s employment by Old Digimarc,
excluding worker’s compensation claims and claims for unemployment compensation, and agrees not to bring a claim or lawsuit based on or related to the released claims. The claims Executive is releasing include, without limitation, all claims
that Executive may have under that certain Employment Agreement dated July 16, 2001 between Digimarc and Executive, for breach of contract, for “torts,” (civil wrongs or injuries), or under Title VII of the Civil Rights Act of 1964;
the Age Discrimination in Employment Act, except that this Agreement does not release any claims under that Act that may arise after the signing of this Agreement; the Equal Pay Act; the Americans with Disabilities Act; and all other applicable
federal, state or local laws. The release Executive is giving releases not only all claims Executive may have against Digimarc and Old Digimarc, but also all claims Executive may have against their respective past and present shareholders, officers,
directors, agents, employees, representatives, attorneys, parents, subsidiaries, affiliates, benefit plans, predecessors, successors, transferees and assigns. It also releases such claims of anyone else Executive can bind in this Agreement, such as
Executive’s heirs and assigns. Executive understands that Executive is releasing potentially unknown claims, and that Executive has limited knowledge with respect to some of the claims being released. Executive agree that this release is fairly
and knowingly made. Executive assume the risk of any mistake in entering into this Agreement. Excluded are claims under this Agreement and any future claims under employee benefit plans in which Executive may have participated. In addition, this
Agreement is not intended to release any claims which as a matter of law or public policy cannot be released. 
  

	11.	NOTICES. 

 Any notice to be given
hereunder by Digimarc to Executive will be deemed to be given if delivered to Executive in person, or if mailed to Executive, by certified mail, postage prepaid, return receipt requested, at his address last shown on the records of Digimarc. Any
notice to be given by Executive to Digimarc will be deemed to be given if delivered in person or by mail, postage prepaid, return receipt requested to the Chief Financial Officer at Digimarc’s principal executive office, unless Executive or
Digimarc will have duly notified the other party in writing of a change of address. If mailed, notice will be deemed to have been given when deposited in the mail as set forth above; provided, however, that solely for purposes of Section 5(d),
Executive shall not be deemed to have given Digimarc notice of his termination for Good Reason (or of the event constituting Good Reason) until such time as Digimarc receives Executive’s written notice thereof. 

 

	12.	AMENDMENTS. 

 This Agreement will not be
modified or discharged, in whole or in part, except by an agreement in writing signed by an executive officer of Digimarc other than Executive on the one hand, and Executive on the other hand. 

 

	13.	ENTIRE AGREEMENT. 

 This Agreement,
together with any and all other written agreement(s) made contemporaneously herewith and applicable options, restricted stock and benefits plans of Digimarc, constitute the entire agreement between the parties with respect to Executive’s
employment by Digimarc from and after the Effective Date. The parties are not relying on any other representation or understanding with respect thereto, express or implied, oral or written. This Agreement, as supplemented by such contemporaneous
agreement(s), supersedes any prior employment agreement, written or oral, of Digimarc with respect to Executive, and including the Employment Agreement between Digimarc and Executive dated October 29, 2008. 

  
 12 

	14.	CAPTIONS. 

 The captions contained in this
Agreement are for convenience of reference only and do not affect the meaning of any terms or provisions hereof. 
  

	15.	BINDING EFFECT. 

 The rights and
obligations of Digimarc hereunder will inure to the benefit of, and will be binding upon, Digimarc and its respective successors and assigns, and the rights and obligations of Executive hereunder will inure to the benefit of, and will be binding
upon, Executive and his heirs, personal representatives and estate. All references in this Agreement to “Digimarc” will be deemed to include its successors and assigns. 

 

	16.	SEVERABLE PROVISIONS. 

 If any provision
of this Agreement, or its application to any person, place, or circumstance, is held by an arbitrator or a court of competent jurisdiction to be invalid, unenforceable, or void, such provision shall be enforced to the greatest extent permitted by
law, and the remainder of this Agreement and such provision as applied to other persons, places, and circumstances shall remain in full force and effect. 
  

	17.	GOVERNING LAW. 

 This Agreement will be
interpreted, construed, and enforced in all respects in accordance with the laws of the State of Oregon. 
  

	18.	INTERPRETATION. 

 This Agreement shall be
construed as a whole, according to its fair meaning, and not in favor of or against any party. By way of example and not in limitation, this Agreement shall not be construed in favor of the party receiving a benefit nor against the party responsible
for any particular language in this Agreement. Captions are used for reference purposes only and should be ignored in the interpretation of the Agreement. 

  
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	19.	EMPLOYEE ACKNOWLEDGEMENT. 

 Executive
acknowledges that he has had the opportunity to consult legal counsel in regard to this Agreement, that he has read and understands this Agreement, that he is fully aware of its legal effect, and that he has entered into it freely and voluntarily
and based on his own judgment and not on any representations or promises other than those contained in this Agreement. 
 IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the Effective Date. 
  

									
	DIGIMARC CORPORATION	 		 	EXECUTIVE
				
	By:	 	/s/ Robert P. Chamness	 		 	 /s/ Bruce Davis

	Its:	 	Chief Legal Officer and Secretary	 		 	BRUCE DAVIS

  
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