<SEC-DOCUMENT>0000921895-24-000990.txt : 20240501
<SEC-HEADER>0000921895-24-000990.hdr.sgml : 20240501
<ACCEPTANCE-DATETIME>20240501093351
ACCESSION NUMBER:		0000921895-24-000990
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240501
DATE AS OF CHANGE:		20240501

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Xperi Inc.
		CENTRAL INDEX KEY:			0001788999
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				834470363
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41486
		FILM NUMBER:		24900544

	BUSINESS ADDRESS:	
		STREET 1:		2190 GOLD STREET
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95002
		BUSINESS PHONE:		4085199100

	MAIL ADDRESS:	
		STREET 1:		2190 GOLD STREET
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Xperi, Inc.
		DATE OF NAME CHANGE:	20220608

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TiVo Product HoldCo LLC
		DATE OF NAME CHANGE:	20190920

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Rubric Capital Management LP
		CENTRAL INDEX KEY:			0001687509
		ORGANIZATION NAME:           	
		IRS NUMBER:				300934659
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		155 EAST 44TH ST, SUITE 1630
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2124181881

	MAIL ADDRESS:	
		STREET 1:		155 EAST 44TH ST, SUITE 1630
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a13715006_04302024.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Soliciting Material Under &sect; 240.14a-12</TD></TR></TABLE>



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    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">XPERI INC.</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified In Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">RUBRIC CAPITAL MASTER FUND LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">RUBRIC CAPITAL GP LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">RUBRIC CAPITAL MANAGEMENT LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">RUBRIC CAPITAL MANAGEMENT GP LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DAVID ROSEN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DEBORAH S. CONRAD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">THOMAS A. LACEY</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Rubric Capital Master Fund
LP and the other participants named herein (collectively, &ldquo;Rubric Capital&rdquo;) have filed a definitive proxy statement and accompanying
<B>WHITE</B> universal proxy card with the Securities and Exchange Commission to be used to solicit votes for the election of Rubric Capital&rsquo;s
highly-qualified director nominees at the 2024 annual meeting of stockholders of Xperi Inc., a Delaware corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On May 1, 2024, Rubric
Capital issued the following press release:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rubric Capital Management Issues Open Letter to
Xperi Inc. Stockholders in Response </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to Company&rsquo;s Highly Misleading Investor Presentation
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Corrects the Record on Xperi&rsquo;s Myriad Falsehoods
and Manipulations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Urges Stockholders to Vote&nbsp;<U>FOR</U>&nbsp;Rubric&rsquo;s
Nominees Thomas A. Lacey and Deborah S. Conrad on the&nbsp;<U>WHITE</U>&nbsp;Proxy Card</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NEW YORK, May 1, 2024</B> &ndash; Rubric Capital
Management LP (&ldquo;Rubric&rdquo;), an investment advisor whose managed funds and accounts collectively own approximately 9.0% of the
outstanding shares of common stock of Xperi Inc. (NYSE: XPER) (&ldquo;Xperi&rdquo; or the &ldquo;Company&rdquo;), today issued an open
letter to Xperi&rsquo;s stockholders in response to an investor presentation released by the Company in connection with its 2024 Annual
Meeting of Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The full text of the letter follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dear Fellow Xperi Stockholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon reading the investor presentation issued by Xperi
on April 30, 2024, we were struck by one, overriding thought: &ldquo;What contempt this Board must have for its own stockholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While we are not interested in being dragged into
a tit-for-tat rebuttal of the myriad issues with Xperi&rsquo;s presentation, we felt it was important to address some of the Company&rsquo;s
most egregious statements so stockholders can evaluate for themselves if this is the Board they wish to continue to represent them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Xperi&rsquo;s Post-Spin Underperformance </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When discussing its underwhelming performance in its
presentation, Xperi admits that its shares have &ldquo;<B><U>underperformed for the 19-month period since the Spin-Off</U></B>.&rdquo;
However, in an attempt to paint a rosier picture for stockholders, the Company proceeds to tout a total shareholder return (TSR) that
excludes a full quarter of trading, thereby moving the goalposts and <U>inflating its TSR by 58%</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
Xperi&rsquo;s rationale for the exclusion is that it took time for the stock to &ldquo;season&rdquo; post-spin off &ndash; a concept that
Xperi has apparently contrived for just this occasion.</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT> Source: Bloomberg. Calculated as of April 26, 2024.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Xperi&rsquo;s Share Repurchase Program is Nothing
More than Window Dressing </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 29, 2024, Xperi disclosed the authorization
of an up to $100 million share repurchase program. Regrettably, the share repurchase program now looks like nothing more than window dressing,
as the Company includes the 8% share price rise triggered by the disclosure when calculating the returns it proudly showcases throughout
its presentation. Convenient timing, to say the least.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Moreover, we have no faith that the Company will execute
the share repurchase program in any substantive way, seeing as it &ldquo;<B><U>does not obligate the Company to repurchase any specific
number of shares of common stock, has no time limit, and may be modified, suspended, or discontinued at any time without notice at the
discretion of the Board</U></B>.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This lack of commitment and absence of any timeframe
against which the share repurchase program will be executed belies an utter lack of seriousness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Xperi&rsquo;s Presentation of Dilution is a Mockery
of the Truth</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Xperi makes the egregious claim that its dilution
has been in-line with or below its peers. Only in the most dishonest sense is this true.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2023, Xperi&rsquo;s <U>GAAP</U> diluted share count
grew by 2.3%. Unfortunately for stockholders, when calculating diluted share count for a company with negative GAAP earnings &ndash; like
Xperi in 2023 &ndash; GAAP accounting <B><U>EXCLUDES</U></B> stock options, restricted stock units and employee stock purchase plans.
As such, basic and diluted share count are the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To put this in layman&rsquo;s terms, Xperi is attempting
to advance a false narrative regarding its dilution by hoping no one will notice the <B><U>53% increase in options, RSUs and other dilutive
items</U></B>. Without proper explanation in its presentation, Xperi makes a mockery of the term &ldquo;fully diluted share count.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Xperi&rsquo;s Discussion of Executive Compensation
Makes Creative Use of Timeframe</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Xperi&rsquo;s discussion of executive compensation
once again attempts to mischaracterize the truth. When comparing Xperi&rsquo;s Summary Compensation Table to CEO Jon Kirchner&rsquo;s
realized compensation in 2022 and 2023, the Company fails to account for the fact that Mr. Kirchner&rsquo;s pay includes a cliff grant
with a 3-year timeframe (2023-2025). As such, <U>Mr. Kirchner is not yet able to realize this compensation</U>. Therefore, of course his
realized compensation will lag the Summary Compensation Table for the time being; that doesn&rsquo;t mean the compensation isn&rsquo;t
likely to be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Perceive Expense Characterization is Puzzling at
Best</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Perceive has existed for six years, and in each public
disclosure Xperi has made regarding its annual investment in the business, investors have been given numbers that range from $17 to $25
million.</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT> Source: Xperi Form 8-K filed on April 29, 2024.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>April 2020</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Negative $17M in FCF in 2020E<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>February 2021</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;I think if you add it all together, you can
figure it's in the kind of $20 million to $25 million range each year, or at least for 2021.&rdquo; &ndash; Robert Andersen, Xperi CFO,
February 23, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>September 2022</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;Annual Investment of $20M&rdquo; &ndash; 2022
Xperi Investor Day Presentation, September 22, 2022</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">However, Xperi claims in its presentation that its
cumulative investment in Perceive is &ldquo;significantly less than $100 million.&rdquo; <B><U>This means that the Company&rsquo;s prior
disclosures were either erroneous, to a level that beggars belief, or Xperi is once again misleading investors about the scale of its
investment to mask its poor capital allocation</U></B>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Xperi Highlighting Director Ownership Actually
<U>Reinforces</U> Rubric&rsquo;s Points</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When highlighting that the current directors own shares
in the Company, Xperi conveniently omits that <U>virtually all of those shares were grants</U>, with only de minimus shares purchased
with their own capital.</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Darcy Antonellis has effectively purchased 1,816 shares of the 38,232 shares reported owned (<B>less than
5% of the total</B>).<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #242424"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">David Habiger has effectively purchased 7,452 shares of the 47,616 shares reported owned (<B>less than
16% of the total</B>).<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While the Company touts its minimum stock ownership
requirements,<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT> neither Ms. Antonellis nor Mr. Habiger would
come remotely close to satisfying the minimum if award grants were excluded and they actually had to put their own money at stake.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #242424">Lastly, <B>not one of the incumbent
directors has purchased a single share of stock in the Company</B> nor in Xperi&rsquo;s predecessor since 2020.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT> See proxy statement filed by Xperi Corporation on April 22, 2020 in connection with the proposed merger with TiVo Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT> Ms. <FONT STYLE="color: #242424">Antonellis purchased 4,542 shares of Xperi Holding Corporation (&ldquo;Xperi Holding&rdquo;) in August 2020. Pursuant to the spin-off, stockholders of Xperi Holding received four shares of Xperi common stock for every ten shares of Xperi Holding owned as of September 21, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT> Mr. Habiger purchased 17,251 shares of Xperi Holding in August/September 2020 and 1,388 shares of Xperi Corporation in November 2017. <FONT STYLE="color: #242424">Pursuant to the spin-off, stockholders of Xperi Holding received four shares of Xperi common stock for every ten shares of Xperi Holding owned as of September 21, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT> Per Xperi&rsquo;s proxy statement filed on April 17, 2024, minimum for directors is 3X annual cash retainer (excluding committee and chair retainers); current annual cash retainer is $50,000.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These directors, and the Xperi Board at large, have
shown no commitment to further aligning their interests with stockholders. <B><U>Rubric, on the other hand, owns more than 23x as many
shares as all independent Board members combined</U></B>. We are squarely aligned with stockholders in driving improved value at Xperi
 &ndash; our capital is actually at stake just like non-insider stockholders who have not been awarded their ownership positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Xperi is Lagging Behind its Targets </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At its 2022 Investor Day, Xperi laid out a series
of 3-5 year targets, which the Company reiterated in yesterday&rsquo;s presentation.</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">12-15% Revenue CAGR from 2022</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">25-30% Adj EBITDA Margin</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Xperi fails to acknowledge in its presentation, however,
that its performance has significantly lagged its stated targets &ndash; calling into question the Company&rsquo;s credibility and ability
to execute.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From 2022 to the midpoint of its 2024 guidance, adjusted
for AutoSense, Xperi has achieved a (i) 4.6% Revenue CAGR and (ii) 2023 Adj EBITDA Margin of 6.7%, missing its original guidance of ~10%
by 33%.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This implies Xperi needs to grow its topline by 34%
to hit the midpoint of its guidance in 2025 (Year 3) or at a CAGR of 20% by 2027 (Year 5). Given the Company&rsquo;s guidance for 2024
implies less than 5% revenue growth and consensus calls for 7% in 2025, we believe &ndash; and analysts apparently agree &ndash; the likelihood
of Xperi achieving its guidance ranges is slim.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Rubric <U>Has</U> Negotiated in Good Faith and
Xperi&rsquo;s Statements Omit Worrisome Behavior </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Throughout this entire process, Rubric has emphasized
its desire to work constructively with Xperi to put qualified candidates on the Board to help empower Xperi for the next phase of its
evolution. While Xperi claims in its presentation to share this objective, the Board&rsquo;s disingenuous attempts to &ldquo;settle&rdquo;
include:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Offering to put none of Rubric&rsquo;s nominees on the Board; and</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Offering to put Rubric nominee Deborah Conrad on the Board while expanding the Board with another two
unnamed candidates.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Moreover, when describing the chronology of our settlement
discussions, Xperi omits key events about which stockholders deserve to know.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">First, Rubric signaled its willingness to expand the
Board to nine directors by adding Xperi&rsquo;s two Board-identified candidates as well as both Rubric nominees. The Board rejected that
compromise and appears unwilling to entertain any slate which includes Rubric nominee Thomas Lacey.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT> Source: Xperi regulatory filings.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Second, Xperi has, on multiple occasions, circumvented
negotiations with Rubric and twice privately offered Mr. Lacey a paid consultant position if he would step down from Rubric&rsquo;s slate.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">So, we ask our fellow stockholders, who is operating
in bad faith: Rubric, who has signaled an openness to expanding the Board to accommodate nominees from both sides, or <B><U>Xperi, who
has attempted to disenfranchise stockholders from the choice of voting for Mr. Lacey to the Board by dangling a monetary offer directly
to him in an apparent attempt to escape the accountability he would bring to the boardroom</U></B>?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The List Goes On</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These are just a handful of the countless misleading
statements put forth by the Company in yesterday&rsquo;s presentation. Ultimately, Rubric believes Xperi stockholders will see through
the half-truths and outright falsehoods presented by an Xperi Board seemingly focused on subverting stockholder interests and securing
comfortable, high paying directorships for themselves. Enough is enough. We encourage stockholders to vote the <B><U>WHITE</U></B> proxy
card <B>&ldquo;FOR&rdquo;</B> the election of Thomas A. Lacey and Deborah S. Conrad to restore <U>accountability</U>, <U>alignment</U>
and <U>action</U> to the Xperi Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Vote the&nbsp;<U>WHITE</U>&nbsp;proxy card&nbsp;<U>TODAY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>If you have any questions, require assistance in
voting your&nbsp;<B>WHITE</B>&nbsp;universal proxy card, or need additional copies of Rubric&rsquo;s proxy materials, please contact our
proxy solicitor Okapi Partners at (855) 305-0856 or via email at&nbsp;<FONT STYLE="color: #467886">info@okapipartners.com</FONT></U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">David Rosen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Managing Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rubric Capital Management LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Media:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jonathan Gasthalter/Sam Fisher</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gasthalter &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(212) 257-4170</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jason W. Alexander/Bruce H. Goldfarb</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okapi Partners LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(212) 297-0720</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Aptos,sans-serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



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