On April 12, 2021, Bruce Davis, the President, Chief Executive Officer and Chairman of the Board of Directors (the “Board”) of Digimarc Corporation (the “Company”), notified the Company of his intention to retire as President and as Chairman and member of the Board, effective as of April 12, 2021 (the “Transition Date”). On April 12, 2021, the Company announced that the Board appointed Riley McCormack, formerly the Company’s Lead Director, as President of the Company, effective immediately. Mr. McCormack resigned as a member of each of the Compensation Committee, the Governance, Nominating and Sustainability Committee, and the Market Development Committee and as Lead Director, effective immediately. He will continue to serve as a director on the Company’s Board. On April 12, 2021, the Company announced that the Board has elected Alicia Syrett as the Chair of the Board, effective immediately. Ms. Syrett has been a member of the Board since October 2020. She is a member of the Company’s Audit, Compensation and Market Development Committees and Chair of its Governance, Nominating and Sustainability Committee. The position of Lead Director was eliminated. The size of the Board was reduced from 10 to 8 members. Sheela Zemlin was elected to succeed Mr. McCormack as Chair of the Compensation Committee.