DMRC Form 4: Director Sheila Cheston Acquires 831 Shares

Rhea-AI Filing Summary

Sheila C. Cheston, a director of Digimarc Corporation (DMRC), reported an insider purchase of the company's common stock on 10/01/2025. The Form 4 shows she acquired 831 shares at a price of $9.77 per share, and now beneficially owns 20,076 shares directly.

The filing indicates this was a single non-derivative acquisition reported on Form 4 and signed by George Karamanos by power of attorney. No derivative transactions or amendments are reported on this form.

Positive

• Director purchase disclosed: Sheila C. Cheston acquired 831 shares, showing insider purchase activity
• Transparent reporting: Transaction and post-transaction beneficial ownership (20,076 shares) are clearly reported
• Direct ownership: Shares are held directly, not indirectly or through derivatives

Negative

• None.

Insights

Securities/Equity Analyst

TL;DR: A director made a small direct purchase of 831 shares at $9.77, modestly increasing insider ownership.

The transaction is a routine insider purchase: 831 common shares acquired at $9.77, raising the reporting person's direct beneficial ownership to 20,076 shares. The size of the purchase is small relative to typical institutional transactions and does not, by itself, imply a material shift in ownership or control. It is consistent with a director adding to a personal holding but appears immaterial to company capitalization.

Corporate Governance Expert

TL;DR: Director-level insider buying reported correctly; procedural filing signed by a power of attorney.

The Form 4 reflects proper disclosure of a director's non-derivative acquisition and identifies the filer as a director. The signature via power of attorney is disclosed. There are no derivative positions, no amendments, and no indications of unusual transaction structure, suggesting routine compliance with Section 16 filing requirements.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CHESTON SHEILA C.

(Last) (First) (Middle)

8500 SW CREEKSIDE PLACE

(Street)

BEAVERTON OR 97008

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Digimarc CORP [ DMRC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/01/2025	10/01/2025	A		831	A	$9.77	20,076	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ George Karamanos, by power of attorney	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Sheila C. Cheston report for DMRC?

The Form 4 reports that Sheila C. Cheston acquired 831 shares of Digimarc common stock on 10/01/2025.

At what price were the DMRC shares purchased in the Form 4?

The reported purchase price was $9.77 per share.

How many Digimarc (DMRC) shares does the reporting person own after the transaction?

Following the transaction, the reporting person beneficially owns 20,076 shares (direct ownership).

What is the reporting person’s relationship to Digimarc (DMRC)?

The filing identifies Sheila C. Cheston as a Director of Digimarc Corporation.

Were any derivative securities reported on this Form 4 for DMRC?

No. The filing lists only a non-derivative common stock acquisition and shows no derivative securities.

Who signed the Form 4 filing for this transaction?

The Form 4 was signed on behalf of the reporting person by George Karamanos using a power of attorney on 10/01/2025.