On April 12, 2021, Bruce Davis, the President, Chief Executive Officer and Chairman of the Board of Directors of Digimarc Corporation (the “Company”), notified the company of his intention to retire as Chief Executive Officer, effective as of April 12, 2021. On April 12, 2021, the company announced that the Board appointed Riley McCormack, formerly the company’s Lead Director, as Chief Executive Officer of the Company, effective immediately. He will continue to serve as a director on the company's Board. Mr. McCormack, age 45, has been a member of the Board since October 2020 pursuant to the terms of the Subscription Agreement entered into between the company and TCM Strategic Partners L.P. on September 29, 2020, in connection with its $53,500,000 investment in the Company. Since 2015, Mr. McCormack has served as Managing Member and CEO of McCormack Family Investments and founded and has served as Managing Member and CEO of TCM|Strategic.