DMRC Digimarc Corporation

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES                                                                                   
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940                       

1. Name and Address of Reporting Person * DAVIS BRUCE L	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 __X__ Officer (give title below)    _____ Other (specify below) Chairman and CEO
(Last)          (First)          (Middle) 9405 SW GEMINI DRIVE	3. Date of Earliest Transaction (MM/DD/YYYY) 12/11/2020
(Street) BEAVERTON, OR 97008 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	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. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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	12/11/2020	12/11/2020	M		150000	A	$30.50	200000	D
Common Stock	12/11/2020	12/11/2020	F		117083 (1)	D	$52.37 (1)	82917	D
Common Stock	12/14/2020	12/14/2020	S		32917	D	$50.99 (2)	50000	D
Series A Redeemable Nonvoting Preferred Stock								5000	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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		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 of Derivative Security: 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
Non-Qualified Stock Options	$30.50	12/11/2020	12/11/2020	M			150000	12/1/2017	9/1/2027	Common Stock	150000	$0.00	0	D

Explanation of Responses:
(1)	Represents a "net exercise" of outstanding stock options. The reporting person received 32,917 shares of common stock on net exercise of option to purchase 150,000 shares of common stock. The Company withheld 117,083 shares of common stock underlying the option for payment of the exercise price and tax withholdings, using the closing stock price on December 11, 2020 of $52.37.
(2)	The price reported on this transaction is an average price. Shares were sold in multiple transactions at prices ranging from $50.25 to $52.15. If requested, the reporting person will provide information regarding the number of shares sold at each separate price within this range to Digimarc, any security holder of Digimarc, or the staff of the Securities and Exchange Commission.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
DAVIS BRUCE L 9405 SW GEMINI DRIVE BEAVERTON, OR 97008	X		Chairman and CEO

Signatures
Robert Chamness for Bruce Davis		12/15/2020
**Signature of Reporting Person		Date