On January 5, 2024, Andrew Walter informed Digimarc Corporation and its Board of Directors of his decision to resign as a member of the Board, effective January 9, 2024. Mr. Walter's decision to resign was not due to any disagreement with the Company on any matter relating to its operations, policies or practices. On January 6, 2024, the Board elected Michael Park to fill the vacancy on the Board created by the resignation of Mr. Walter, effective January 9, 2024.

Mr. Park will serve until the next annual meeting of the Company's shareholders, at which time the Board intends to nominate him for election by the Company's shareholders. The Company also appointed Mr. Park to the Board's Governance, Nominating, and Sustainability Committee and Compensation and Talent Management Committee, each effective January 9, 2024. As a non-employee director of the Company, Mr. Park will be compensated according to the Company's non-employee director compensation practices, which are described under the heading Director Compensation" in the Company's proxy statement for its 2023 annual meeting of shareholders, which was filed with the U.S. Securities and Exchange Commission on March 28, 2023.

This compensation consists in part of an annual retainer for service on the Board in the amount of $50,000, which is paid quarterly in arrears. Mr. Park has elected to receive half of his cash retainer in shares of common stock of the Company, instead of in cash, where the value of the issued shares will be equal to half of his cash retainer payment and will be issued on the same date as the remainder of such quarterly payments are made in cash.