Target Bonus Amount. For each calendar year, a participant’s target bonus amount will be equal to a fixed percentage of the participant’s annual base salary. The applicable percentage will be determined by the Committee on a participant-by-participant and year-by-year basis.

Target Bonus. If the Company terminates Executive’s employment without Cause or Executive terminates Executive’s employment for Good Reason during the Term or Renewal Term, the Company shall pay to Executive, less Deductions and Withholdings, an additional severance benefit in an amount equal to one-hundred (100%) of Executive’s then-current target bonus for the calendar year in which the termination occurred, payable in substantially equal installments concurrent with the salary continuation payments pursuant to Section 4.3.1 (including a catch-up payment as described therein).

Target Bonus. Employee will be entitled to annual cash incentive compensation with a total target value (the "Target Bonus") established by the Committee under Company's Amended and Restated Annual Cash Incentive Award Plan (the "Annual Plan"). Actual amounts payable will be based on the achievement of corporate and individual performance goals, which may be objective or subjective, established by the Committee in its sole discretion under the Annual Plan. For the period ending December 31, 2020, the Target Bonus for Employee is $125,000, based on the achievement of performance goals designated by the Company’s Chief Executive Officer and ratified by the Board’s Compensation Committee. For 2021, the Target Bonus for Employee will be at least $250,000. The extent to which performance goals were achieved will be determined, and cash incentive awards will be paid, in accordance with the provisions of the Annual Plan. The Annual Plan may be amended by the Board from time to time in the future in its sole discretion. Any upward adjustment in Target Bonus shall constitute "Target Bonus" for purposes of this Agreement.

Target Bonus. With respect to each calendar year during your employment, in addition to your Base Salary, you will be eligible to earn an annual cash performance bonus, with the target bonus amount being equal to 55% of your Base Salary in effect at such time (the "Target Bonus"). It is understood and agreed that the Target Bonus is discretionary, and the actual bonus will be determined by the Board's assessment of La Jolla's achievement of the corporate goals for the second half of 2020. The payment of your Target Bonus is conditioned upon your continued employment with La Jolla through the date of payment.

Target Bonus. During the Employment Term, Executive will be eligible to receive an annual cash bonus, with a target amount equal to a percentage of Executive’s Base Salary for each full calendar year as determined by the Compensation Committee from time to time in its sole and absolute discretion (the “Target Bonus” and the actual amount awarded, the “Actual Bonus”), based upon achievement of corporate performance (including financial) and/or personal performance objectives to be established by the Compensation Committee from time to time and subject to the terms of the applicable bonus plan(s). To receive payment of any Actual Bonus,

Information on a Participant’s bonus opportunity (“Target Bonus”), as a percentage of Bonus Earnings Basis, will be provided under separate cover.

Target Bonus. Effective as of the Effective Date and for the remainder of the Employment Term, Executive will be eligible to receive an annual bonus of up to 45% of Executive’s Base Salary upon achievement of performance objectives to be determined by the Board or its authorized committee (the “Committee”) in its sole discretion, with reasonable input from Executive (the “Target Bonus”). For calendar year 2021, the achieved Target Bonus will be pro-rated for the portion of the calendar year that Executive is actually employed by the Company under the terms of this Agreement. The achieved portion of Executive’s Target Bonus will be paid, less applicable withholdings, as soon as practicable after the Board or Committee determines that the Target Bonus has been earned, but in no event shall the Target Bonus be paid after the later of # the fifteenth (15th) day of the third (3rd) month following the close of the Company’s fiscal year in which the Target Bonus is earned or # March 15 following the calendar year in which the Target Bonus is earned.

Target Bonus. Beginning January 1, 2021, and in each fiscal year during the remainder of the Term, Executive will be eligible to receive an annual cash bonus based upon the achievement of performance goals determined by the Compensation Committee of the Board (the "Committee") in consultation with Executive. For the fiscal year ending December 31, 2021, the target bonus shall be $200,000 (the "Target Bonus") and the actual amount of cash bonus earned shall be, subject to meeting threshold performance levels (below which no bonus shall be earned), from 50% to a maximum of 150% of the Target Bonus. Any annual cash bonus payable under this Section 4.b will be paid within sixty (60) days after the end of the applicable fiscal year, subject to Executive’s continued employment with Digimarc through the end of the applicable fiscal year. The Committee will have discretion to pay any annual cash bonus in the form of fully vested restricted stock units, with the number of such units calculated by dividing the cash amount of the bonus by the average price of a share of Digimarc's common stock for the twenty trading days preceding the payment date.

Target Bonus. Effective as of the Effective Date and for the remainder of the Employment Term, Executive will be eligible to receive an annual bonus of up to 45% of Executive’s Base Salary upon achievement of performance objectives to be determined by the Board or its authorized committee (the “Committee”) in its sole discretion, with reasonable input from Executive (the “Target Bonus”). For calendar year 2021, the achieved Target Bonus will be pro-rated for the portion of the calendar year that Executive is actually employed by the Company under the terms of this Agreement. The achieved portion of Executive’s Target Bonus will be paid, less applicable withholdings, as soon as practicable after the Board or Committee determines that the Target Bonus has been earned, but in no event shall the Target Bonus be paid after the later of # the fifteenth (15th) day of the third (3rd) month following the close of the Company’s fiscal year in which the Target Bonus is earned or # March 15 following the calendar year in which the Target Bonus is earned.

Target Bonus. During the Employment Term, Executive will be eligible to receive an annual cash bonus, with a target amount equal to a percentage of Executive’s Base Salary for each full calendar year as determined by the Compensation Committee from time to time in its sole and absolute discretion (the “Target Bonus” and the actual amount awarded, the “Actual Bonus”), based upon achievement of corporate performance (including financial) and/or personal performance objectives to be established by the Compensation Committee from time to time and subject to the terms of the applicable bonus plan(s). To receive payment of any Actual Bonus, Executive must be employed by the Company on the last day of such fiscal year to which such bonus relates and at the time the bonus is paid. Executive’s Actual Bonus will be paid by the fifteenth (15th) day of the third (3rd) month following the Company’s taxable year in which it is earned. Executive will be eligible to receive the Actual Bonus in such amount and upon such terms as shall be determined by the Compensation Committee at its sole discretion.