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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM&nbsp;8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported):&nbsp;November 5, 2013 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>DIGIMARC CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Oregon</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-34108</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>26-2828185</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File No.)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>9405 SW Gemini Drive, Beaverton Oregon</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>97008</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(503) 469-4800 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;5, 2013, the Board of Directors of Digimarc Corporation
(&#147;<U>Digimarc</U>&#148;) elected Charles Beck, age 35, to serve as Digimarc&#146;s Chief Financial Officer and Treasurer, replacing Michael McConnnell, who retired from these positions effective upon Mr.&nbsp;Beck&#146;s election, as previously
disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) on September&nbsp;5, 2013. Mr.&nbsp;Beck joined Digimarc in May 2012 as the company&#146;s Controller. Prior to joining
Digimarc, Mr.&nbsp;Beck was a senior manager at KPMG LLP, where he served in various auditing roles since 2002. Mr.&nbsp;Beck is a CPA and holds a MBA in Finance, and a B.A. in Accounting, from the University of Portland. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with his promotion, Digimarc and Mr.&nbsp;Beck entered into a Change of Control Retention Agreement (the
&#147;<U>Agreement</U>&#148;). The Agreement is effective until December&nbsp;31, 2015 and provides for certain severance benefits in the event Mr.&nbsp;Beck&#146;s employment is terminated without &#147;Cause&#148; (as defined in the Agreement) by
Digimarc or its successor, or Mr.&nbsp;Beck terminates his employment for &#147;Good Reason&#148; (as defined in the Agreement), within twelve months following a change of control of Digimarc during the term of the Agreement. The severance benefits
payable upon such a termination include 12 months salary and up to 18 months premiums necessary to continue Mr.&nbsp;Beck&#146;s health insurance coverage under Digimarc&#146;s health insurance plan, and are conditioned upon Mr.&nbsp;Beck signing a
release of claims. In consideration for the post-termination payments described above, Mr.&nbsp;Beck must execute and not revoke a settlement agreement and general release related to his employment and termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the form of Agreement is filed as Exhibit 10.9 to Digimarc&#146;s Annual Report on Form 10-K, filed with the SEC on
February&nbsp;22, 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also in connection with his promotion, Digimarc increased Mr.&nbsp;Beck&#146;s annual base salary to $225,000,
effective immediately, and granted Mr.&nbsp;Beck 10,000 shares of restricted stock, effective as of November&nbsp;15, 2013. The restricted stock will vest over a period of sixteen quarters in equal amounts on the quarterly anniversary of the date of
grant, so that all shares subject to the stock award shall be fully vested at the end of a four-year period. All other terms of the stock award will be governed by Digimarc&#146;s standard form of award agreement under the Digimarc Corporation 2008
Incentive Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7.01 Regulation FD Disclosure. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;5, 2013, Digimarc renewed and extended its existing stock repurchase program, on the same terms and conditions, through
December&nbsp;31, 2014. The stock repurchase program authorizes the purchase, at the discretion of management, of up to $5 million of Digimarc&#146;s outstanding common stock of which $4.0 million remains available for repurchase. Repurchases may be
made from time to time in the open market at prevailing market prices or through privately negotiated transactions. The timing of open market and privately negotiated purchases will be dependent upon market conditions and other corporate
considerations, including price, corporate and regulatory requirements and alternative investment opportunities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Digimarc expects to use
cash from operations to fund the repurchase program. Shares of common stock repurchased by Digimarc through the repurchase program will become authorized but unissued shares. The stock repurchase program does not obligate Digimarc to acquire any
specific number of shares. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: November&nbsp;12, 2013 </P>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">/s/ Robert P. Chamness</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Robert P. Chamness</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Chief Legal Officer and Secretary</TD></TR>
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8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2013
DIGIMARC CORPORATION
(Exact name of registrant as specified in its charter)
Oregon
001-34108
26-2828185
(State or other jurisdiction
of incorporation)
(Commission
File No.)
(IRS Employer
Identification No.)
9405 SW Gemini Drive, Beaverton Oregon
97008
(Address of principal executive offices)
(Zip Code)
(503) 469-4800
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On November 5, 2013, the Board of Directors of Digimarc Corporation
("
Digimarc
") elected Charles Beck, age 35, to serve as Digimarc's Chief Financial Officer and Treasurer, replacing Michael McConnnell, who retired from these positions effective upon Mr. Beck's election, as previously
disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the "
SEC
") on September 5, 2013. Mr. Beck joined Digimarc in May 2012 as the company's Controller. Prior to joining
Digimarc, Mr. Beck was a senior manager at KPMG LLP, where he served in various auditing roles since 2002. Mr. Beck is a CPA and holds a MBA in Finance, and a B.A. in Accounting, from the University of Portland.
In connection with his promotion, Digimarc and Mr. Beck entered into a Change of Control Retention Agreement (the
"
Agreement
"). The Agreement is effective until December 31, 2015 and provides for certain severance benefits in the event Mr. Beck's employment is terminated without "Cause" (as defined in the Agreement) by
Digimarc or its successor, or Mr. Beck terminates his employment for "Good Reason" (as defined in the Agreement), within twelve months following a change of control of Digimarc during the term of the Agreement. The severance benefits
payable upon such a termination include 12 months salary and up to 18 months premiums necessary to continue Mr. Beck's health insurance coverage under Digimarc's health insurance plan, and are conditioned upon Mr. Beck signing a
release of claims. In consideration for the post-termination payments described above, Mr. Beck must execute and not revoke a settlement agreement and general release related to his employment and termination.
A copy of the form of Agreement is filed as Exhibit 10.9 to Digimarc's Annual Report on Form 10-K, filed with the SEC on
February 22, 2013.
Also in connection with his promotion, Digimarc increased Mr. Beck's annual base salary to $225,000,
effective immediately, and granted Mr. Beck 10,000 shares of restricted stock, effective as of November 15, 2013. The restricted stock will vest over a period of sixteen quarters in equal amounts on the quarterly anniversary of the date of
grant, so that all shares subject to the stock award shall be fully vested at the end of a four-year period. All other terms of the stock award will be governed by Digimarc's standard form of award agreement under the Digimarc Corporation 2008
Incentive Plan.
Item 7.01 Regulation FD Disclosure.
On November 5, 2013, Digimarc renewed and extended its existing stock repurchase program, on the same terms and conditions, through
December 31, 2014. The stock repurchase program authorizes the purchase, at the discretion of management, of up to $5 million of Digimarc's outstanding common stock of which $4.0 million remains available for repurchase. Repurchases may be
made from time to time in the open market at prevailing market prices or through privately negotiated transactions. The timing of open market and privately negotiated purchases will be dependent upon market conditions and other corporate
considerations, including price, corporate and regulatory requirements and alternative investment opportunities.
Digimarc expects to use
cash from operations to fund the repurchase program. Shares of common stock repurchased by Digimarc through the repurchase program will become authorized but unissued shares. The stock repurchase program does not obligate Digimarc to acquire any
specific number of shares.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: November 12, 2013
By:
/s/ Robert P. Chamness
Robert P. Chamness
Chief Legal Officer and Secretary