Document:

Exhibit 10.8

 

DIGIMARC CORPORATION

STOCK OPTION GRANT NOTICE

2008 INCENTIVE PLAN

 

Digimarc Corporation (the “Company”)
hereby grants to Participant an Option (the “Option”)
to purchase shares of the Company’s Common Stock under the Company’s 2008
Incentive Plan (the “Plan”).  The Option is subject to all the terms and
conditions set forth in this Stock Option Grant Notice (this “Grant Notice”) and in the Stock
Option Agreement and the Plan, which are attached to and incorporated into this
Grant Notice in their entirety.

 

	
  Participant:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Award
  Number:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Grant
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Vesting
  Commencement Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Number
  of Shares Subject to Option:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exercise
  Price (per Share):

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  Expiration
  Date:

  	
   

  	
                                                  (subject
  to earlier termination in accordance with the terms of the Plan and the Stock
  Option Agreement)

  
	
   

  	
   

  	
   

  
	
  Type of
  Option:

  	
   

  	
  Nonqualified
  Stock Option

  
	
   

  	
   

  	
   

  
	
  Vesting
  and Exercisability Schedule:

  	
   

  	
  1/48 of the
  shares subject to the Option will vest and become exercisable on each monthly
  anniversary of the Vesting Commencement Date.

  

 

Additional Terms/Acknowledgement:  The undersigned Participant acknowledges
receipt of, and understands and agrees to, this Grant Notice, the Stock Option
Agreement and the Plan.  Participant
further acknowledges that as of the Grant Date, this Grant Notice, the Stock
Option Agreement and the Plan set forth the entire understanding between
Participant and the Company regarding the Option and supersede all prior oral
and written agreements on the subject.

 

 

	
  DIGIMARC
  CORPORATION 

  	
   

  	
  PARTICIPANT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  
	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Its:

  	
   

  	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attachments:

  	
   

  	
  Taxpayer ID:

  	
   

  
									

 

1. Stock Option Agreement

2. 2008 Incentive Plan

3. Plan Summary

 

 

PLEASE
SIGN AND RETURN THIS COPY TO THE STOCK ADMINISTRATOR

 

 

DIGIMARC CORPORATION

2008 INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

Pursuant to your Stock Option
Grant Notice (the “Grant Notice”) and this Stock
Option Agreement, Digimarc Corporation has granted you an Option under its 2008
Incentive Plan (the “Plan”) to
purchase the number of shares of the Company’s Common Stock indicated in your
Grant Notice (the “Shares”) at the exercise
price indicated in your Grant Notice. 
Capitalized terms not explicitly defined in this Stock Option Agreement
but defined in the Plan shall have the same definitions as in the Plan.

 

The details of the Option are as
follows:

 

1.            Vesting and Exercisability

 

Subject to the limitations contained herein, the
Option will vest and become exercisable as provided in your Grant Notice,
provided that vesting will cease upon the termination of your employment or
service relationship with the Company or a Related Company and the unvested
portion of the Option will terminate. 
During any authorized leave of absence, the vesting of the Option will
cease after the leave of absence exceeds a period of 90 days.  Vesting of the Option will resume upon
termination of the leave of absence and your return to employment or service
relationship with the Company or a Related Company.

 

2.             Securities Law Compliance

 

Notwithstanding any other
provision of this Agreement, you may not exercise the Option unless the Shares
issuable upon exercise are registered under the Securities Act or, if such
Shares are not then so registered, the Company has determined that such
exercise and issuance would be exempt from the registration requirements of the
Securities Act.  The exercise of the
Option must also comply with other applicable laws and regulations governing
the Option, and you may not exercise the Option if the Company determines that
such exercise would not be in material compliance with such laws and
regulations.

 

3.             Method of
Exercise

 

You may exercise the Option by giving written notice
to the Company, in form and substance satisfactory to the Company, which will
state your election to exercise the Option and the number of Shares for which
you are exercising the Option.  The
written notice must be accompanied by full payment of the exercise price for
the number of Shares you are purchasing. 
You may make this payment in any combination of the following:  (a) by cash; (b) by check
acceptable to the Company; (c) by tendering shares of Common Stock you
have owned for at least six months; (d) if the Common Stock is registered
under the Exchange Act and to the extent permitted by law, by instructing a
broker to deliver to the Company the total payment required; or (e) by any
other method permitted by the Committee.

 

4.             Treatment Upon Termination of Employment or Service Relationship

 

The unvested portion of the Option will terminate
automatically and without further notice immediately upon your Termination of Service
for any reason.  You may exercise the
vested portion of the Option as follows:

 

(a)           General
Rule.  You must exercise the vested
portion of the Option on or before the earlier of (i) three months after
your Termination of Service and (ii) the Option Expiration Date;

 

(b)           Disability.  If your Termination of Service is due to
Retirement or Disability, you must exercise the vested portion of the Option on
or before the earlier of (i) 12 months after your Termination of Service
and (ii) the Option Expiration Date.

 

 

(c)           Death.  If your Termination of Service is due to your
death, the vested portion of the Option must be exercised on or before the
earlier of (i) 12 months after your Termination of Service and (ii) the
Option Expiration Date.  If you die after
your Termination of Service but while the Option is still exercisable, the
vested portion of the Option may be exercised until the earlier of (x) 12
months after the date of death and (y) the Option Expiration Date; and

 

(d)           Cause.  The vested portion of the Option will
automatically expire at the time the Company first notifies you of your
Termination of Service for Cause, unless the Committee determines
otherwise.  If your employment or service
relationship is suspended pending an investigation of whether you will be
terminated for Cause, all your rights under the Option likewise will be
suspended during the period of investigation. 
If any facts that would constitute termination for Cause are discovered
after your Termination of Service, any Option you then hold may be immediately
terminated by the Committee.

 

It is your responsibility to be aware of the date
the Option terminates.

 

5.             Limited
Transferability

 

During your lifetime only you can exercise the
Option.  The Option is not transferable
except by will or by the applicable laws of descent and distribution.  The Plan provides for exercise of the Option
by a beneficiary designated on a Company-approved form or the personal
representative of your estate. 
Notwithstanding the foregoing and to the extent permitted by Section 422
of the Internal Revenue Code of 1986, the Committee, in its sole discretion,
may permit you to assign or transfer the Option, subject to such terms and
conditions as specified by the Committee.

 

6.             Withholding
Taxes

 

As a condition to the exercise of any portion of an
Option, you must make such arrangements as the Company may require for the
satisfaction of any federal, state, local or foreign withholding tax
obligations that may arise in connection with such exercise.

 

7.             Option Not
an Employment or Service Contract

 

Nothing in the Plan or the Option will be deemed to
constitute an employment contract or confer or be deemed to confer any right
for you to continue in the employ of, or to continue any other relationship
with, the Company or any Related Company or limit in any way the right of the
Company or any Related Company to terminate your employment or service relationship
at any time, with or without Cause.

 

8.             No Right to
Damages

 

You will have no right to bring a claim or to receive
damages if you are required to exercise the vested portion of the Option within
three months (one year in the case of Retirement, Disability or death) of the
Termination of Service or if any portion of the Option is cancelled or expires
unexercised.  The loss of existing or
potential profit in the Option will not constitute an element of damages in the
event of your Termination of Service for any reason even if the termination is
in violation of an obligation of the Company or a Related Company to you.

 

9.             Binding
Effect

 

This Agreement will inure to the benefit of the
successors and assigns of the Company and be binding upon you and your heirs,
executors, administrators, successors and assigns.

 

2Exhibit 10.9

 

EQUITY COMPENSATION PROGRAM 

FOR NON-EMPLOYEE DIRECTORS 

UNDER THE DIGIMARC CORPORATION 2008 INCENTIVE PLAN

 

The following provisions set forth the terms of the equity compensation
program (the “Program”) for non-employee
directors of Digimarc Corporation (the “Company”) under
the Digimarc Corporation 2008 Incentive Plan (the “Plan”).  The following terms are intended to
supplement, not alter or change, the provisions of the Plan, and in the event
of any inconsistency between the terms contained in this document and in the
Plan, the Plan shall govern.  All
capitalized terms that are not defined in this document shall be as defined in
the Plan.

 

1.             Eligibility

 

Each director of the Company elected or appointed to the Board who is
not otherwise an officer or employee of the Company or a Related Company (an “Eligible Director”) is eligible to receive the Awards set
forth in the Program.

 

2.             Initial Option Grants

 

Each Eligible Director who is first elected or appointed to the Board
after the date the Program is approved by the Board will automatically receive
a Nonqualified Stock Option to purchase 20,000 shares of Common Stock (an “Initial Grant”).  The
Grant Date for an Initial Grant to an Eligible Director is the date of that
director’s first election or appointment to the Board.  In addition, those Eligible Directors already
serving as directors on the date the Program is approved by the Board will
automatically receive a Nonqualified Stock Option to purchase 20,000 shares of
Common Stock (an “Existing Director Grant”).  The Grant Date for Existing Director Grants
will be the date the Program is approved by the Board.

 

Each Initial Grant will vest and become
exercisable over the two-year period commencing on the Initial Option’s Grant
Date, with 50% of the shares to vest and become exercisable on the first
anniversary of the Grant Date of the Initial Grant and 1/12th of the remaining
shares to vest and become exercisable monthly thereafter.  Each Existing Director Grant will vest and
become exercisable over a two-year period commencing on the date the director
was first elected or appointed to the Board, with 50% of the shares to vest and
become exercisable on the first anniversary of the date the director was first
elected or appointed to the Board and 1/12th of the remaining shares to vest
and become exercisable monthly thereafter.

 

3.             Annual Option Grants.

 

Commencing with the 2009 annual meeting of stockholders, each Eligible
Director will automatically receive immediately following each annual meeting
of stockholders a Nonqualified Stock Option to purchase 7,500 shares of Common
Stock

 

 

(an “Annual Grant”).  The Grant Date of an Annual Grant will be the
date of such annual meeting.  Each Annual Grant will vest and become
exercisable in twelve equal monthly installments beginning one month after the
Grant Date for the Annual Grant.

 

4.             Option Exercise Price

 

Initial Grants, Existing Director Grants and Annual Grants will have a
per share exercise price equal to the Fair Market Value of the Common Stock on
the Grant Date of the Option.

 

5.             Term of Options

 

Each Option expires ten years from its Grant Date, but is subject to
earlier termination as follows:

 

(A)                              In the event that an
Eligible Director ceases to be a director for any reason other than death, the
unvested portion of any Option granted to the director will terminate
immediately, and the director may exercise the vested portion of the Option
only within three years after he or she ceases to be a director or prior to the
date on which the Option expires by its terms, whichever is earlier.

 

(B)                                In the event of an
Eligible Director’s death, the unvested portion of any Option granted to the
director will become fully vested and exercisable.  The Option is exercisable only within three
years after the date of death of the director or prior to the date on which the
Option expires by its terms, whichever is earlier, and only by the personal
representative of the director’s estate, the person(s) to whom the
director’s rights under the option have passed by will or the applicable laws
of descent and distribution, or any beneficiary designated pursuant to Section 14
of the Plan.

 

6.             Exercise of Options

 

An Eligible Director or an individual set forth in Section 5(B),
as applicable, may exercise the Options by giving notice to the Company (or a
brokerage firm designated or approved by the Company).  The notice must state the number of shares of
Common Stock exercised and be accompanied by payment in full for the Common
Stock.  Payment may be made, to the
extent permitted by applicable laws and regulations, in whole or in part: (a) in
cash or check; (b) by having the Company withhold shares of Common Stock
that would otherwise be issued on exercise of the Option that have an aggregate
Fair Market Value equal to the aggregate exercise price of the shares being
purchased under the Option; (c) by tendering (either actually or by
attestation) shares of Common Stock owned by the director that have an
aggregate Fair Market Value equal to the aggregate exercise price of the shares
being purchased under the Option; (d) if and so long as the Common Stock
is registered under the Exchange Act, by delivery of a properly executed
exercise notice, together with irrevocable instructions to a broker, to
promptly deliver to the Company the amount of proceeds to pay the exercise
price, all in accordance with the regulations of the Federal Reserve Board.

 

2

 

7.             Change
of Control

 

Upon a
Change in Control or Company Transaction, all Options outstanding as of the
date of the Change of Control or Company Transaction, and which are not then
exercisable and vested, will immediately become fully exercisable and vested.

 

8.             Amendment

 

The Board may amend the provisions contained within this Program as it
believes advisable.  An amendment may
not, without the consent of the Eligible Director, impair or diminish any
rights of an Eligible Director or any rights of the Company under an Award.

 

Provisions of the Plan (including any amendments) not discussed above,
to the extent applicable to Eligible Directors, continue to govern the terms
and conditions of Awards granted to Eligible Directors.

 

3

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