[Form 4] Digimarc CORP Insider Trading Activity

Rhea-AI Filing Summary

Digimarc Corp (DMRC) Form 4 summary: Director and 10% owner Rishi Bajaj reported a purchase of 899 shares of Digimarc common stock on 10/01/2025 at a price of $9.77 per share. After the transaction he directly beneficially owns 23,498 shares. The filing also shows an indirect beneficial ownership of 2,769,346 shares held by Altai Capital Management, L.P. The form was signed by George Karamanos by power of attorney on 10/01/2025.

Positive

• Insider acquisition reported: Rishi Bajaj purchased 899 shares at $9.77, increasing direct holdings to 23,498 shares
• Clear disclosure of indirect holdings: Filing shows 2,769,346 shares beneficially owned indirectly through Altai Capital Management, L.P.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchased 899 shares at $9.77; small direct increase versus sizeable indirect stake via Altai Capital.

The reported non-derivative acquisition is modest in size: 899 shares at $9.77 increases the reporting person’s direct holdings to 23,498 shares. The much larger indirect position (2,769,346 shares) is held through Altai Capital Management, L.P., which remains the dominant source of the reporting person’s exposure. This filing documents a routine insider purchase rather than a material ownership shift.

Corporate Governance Expert

TL;DR: Transaction is a routine Section 16 report showing both direct and indirect beneficial ownership; no governance change disclosed.

The Form 4 discloses a standard officer/director filing under Section 16 with an acquisition code recorded. It clarifies the reporting person’s roles (Director and 10% owner) and distinguishes between direct ownership and indirect holdings via Altai Capital. There is no information in the filing indicating any change in board composition, control status, or related-party transactions beyond the share purchase.

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^*

Bajaj Rishi

(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	X	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		899	A	$9.77	23,498	D
Common Stock								2,769,346	I	By Altai Capital Management, L.P.

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 did Digimarc insider Rishi Bajaj report on Form 4 (DMRC)?

He reported acquiring 899 shares of Digimarc common stock on 10/01/2025 at $9.77 per share.

How many shares does Rishi Bajaj directly and indirectly own after the reported transaction?

Following the transaction he directly owns 23,498 shares and indirectly is shown as beneficially owning 2,769,346 shares via Altai Capital Management, L.P.

What roles does the reporting person hold at Digimarc?

The filing lists the reporting person as a Director and a 10% owner of the issuer.

When was the Form 4 signed and by whom?

The Form 4 was signed by George Karamanos by power of attorney on 10/01/2025.

Was the reported transaction derivative or non-derivative?

The reported transaction was a non-derivative acquisition of common stock (no derivatives reported).