<SEC-DOCUMENT>0000921895-24-001073.txt : 20240508
<SEC-HEADER>0000921895-24-001073.hdr.sgml : 20240508
<ACCEPTANCE-DATETIME>20240508123702
ACCESSION NUMBER:		0000921895-24-001073
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240508
DATE AS OF CHANGE:		20240508

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:		24925033

	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>
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<FILENAME>dfan14a13715006_05082024.htm
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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
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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</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>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>



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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">&#9746;</TD><TD>Definitive Additional Materials</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>

</TD></TR>
</TABLE>

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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 8, 2024, Rubric
Capital issued the following press release, which includes an open letter being mailed to stockholders of the Company. A copy of the letter
is attached hereto as Exhibit 1 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rubric Capital Management Sends Letter to Xperi
Inc. Stockholders Highlighting Superior Qualifications and Skills of its Director Nominees, Thomas A. Lacey and Deborah S. Conrad </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Confident Rubric&rsquo;s Nominees Outmatch Xperi&rsquo;s
Incumbent Directors in Areas Critical to the Company&rsquo;s Success, Including Capital Allocation, Cost Discipline, and Technology Product-Market
Fit Expertise</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Believes David Habiger and Darcy Antonellis Have
Overseen Substantial Stockholder Value Destruction, Architected Xperi&rsquo;s Excessive and Misaligned Compensation Scheme, and are Ill-Equipped
to Address the Challenges Facing the Company</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NEW YORK, May 8, 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 sent a letter
to Xperi stockholders urging them to replace David Habiger and Darcy Antonellis as members of the Company&rsquo;s Board of Directors with
Rubric&rsquo;s nominees, Thomas A. Lacey and Deborah S. Conrad, at Xperi&rsquo;s Annual Meeting of Stockholders, which is scheduled to
be held on May 24, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In its letter, Rubric underscored Xperi&rsquo;s and its predecessor company&rsquo;s
poor total shareholder return under the watch of Mr. Habiger and Ms. Antonellis, and contrasted the superior qualifications, skills, and
track records of Mr. Lacey and Ms. Conrad with those of the incumbent directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">May 8, 2024</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 Stockholder:</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">Rubric Capital Management LP (&ldquo;Rubric&rdquo;)
manages funds and accounts which collectively own approximately 9.0% of the outstanding shares of common stock of Xperi Inc. (&ldquo;Xperi&rdquo;
or the &ldquo;Company&rdquo;), making us the Company&rsquo;s third largest stockholder (and largest non-index holder by a wide margin).
We have patiently been stockholders of Xperi and its predecessors since Rubric&rsquo;s formation in 2016, but we cannot standby idly any
longer while the value of our investment continues to deteriorate.</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">For far too long, Xperi stockholders have suffered
at the hands of the current Board of Directors (the &ldquo;Board&rdquo;). Across the duration of Xperi&rsquo;s existence as a standalone
company, the Company&rsquo;s share price has significantly underperformed its peers and comparable benchmarks, revenue growth and margins
have continually missed stated goals and the Company&rsquo;s capital allocation strategy has failed to generate any meaningful economic
returns. All the while, Company executives have benefitted handsomely from an utterly out-of-sync compensation program that is not tethered
to performance and has severely diluted 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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Do not be fooled by Xperi&rsquo;s recent attempts
to present a falsified version of its share performance and dilution to stockholders. The facts are the facts: <B><U>since the spin-off
in 2022, Xperi has generated a TSR of nearly -34% while stock-based compensation has increased dramatically, further siphoning the Company
from investors</U></B>.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</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">As long-term investors in Xperi and its predecessors,
we see a path forward where the sins of the past can be reversed and stockholders can finally see value for their investment. However,
<B>time is of the essence.</B> If the status quo remains, we believe that Xperi will fail to capitalize upon its potential and stockholders
will continue to see the value of their investment decline.</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">We have nominated two highly qualified, independent
directors to the Board &ndash; Thomas A. Lacey and Deborah S. Conrad &ndash; who have strong track records of driving stockholder value
creation, deep financial, corporate strategy, marketing and turnaround expertise, and are committed to restoring accountability in the
boardroom. <B><U>We are confident that these individuals will bring a clear, achievable plan to create meaningful long-term value at Xperi,
and if elected, will immediately seek to undertake a proper evaluation of Xperi&rsquo;s Perceive business, reduce excessive costs and
overhaul executive compensation to align pay with performance and incentivize operational excellence</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">We urge you to replace David Habiger and Darcy Antonellis
as Xperi directors with Rubric&rsquo;s nominees, Thomas A. Lacey and Deborah S. Conrad, by voting the <B>WHITE</B> proxy card <B>TODAY</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: center"><B>WE BELIEVE ENTRENCHED XPERI DIRECTORS DAVID HABIGER
AND DARCY ANTONELLIS EMBODY THE LACK OF ACCOUNTABILITY THAT HAS HARMED STOCKHOLDERS AND ARE ILL-EQUIPPED TO ADDRESS THE CHALLENGES FACING
THE COMPANY </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 it comes to the issues plaguing the Company and
contributing to its stark underperformance &ndash; accountability, executive compensation and capital allocation &ndash; we believe incumbent
directors David Habiger and Darcy Antonellis bear much of the blame.</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>David Habiger</B> has been a director of Xperi
and its predecessor companies since 2014. He has presided over a total shareholder return (&ldquo;TSR&rdquo;) of nearly <B>-34% </B>since
Xperi&rsquo;s spin-off in 2022 and over <B>-57%</B> at Xperi&rsquo;s predecessor.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
As Chairman of the Board, responsibility for Xperi&rsquo;s consistent underperformance and ineffective oversight lies squarely at his
feet.</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, Mr. Habiger has been a member of the Board&rsquo;s
Compensation Committee for eight years,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
and has been setting CEO Jon Kirchner&rsquo;s compensation for nearly a decade, dating back to their time together at DTS, Inc. (&ldquo;DTS&rdquo;),
a company which Xperi acquired in 2016. <B><I>We have to ask, is Mr. Habiger loyal to Xperi stockholders, or is he more focused on further
enriching his longtime colleague, Mr. Kirchner? In our view, the evidence suggests the latter. </I></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"></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>

<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> <FONT STYLE="background-color: white">Source: Bloomberg. Calculated as of April 26, 2024.</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>3</SUP></FONT> Note: service years inclusive of with applicable predecessor company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Habiger also holds numerous positions outside
of his role on the Xperi Board &ndash; including actively serving as CEO of another company as well as a member of multiple other public
and private boards &ndash; calling into question his ability to dedicate sufficient time to Xperi. We are not the first to raise concerns
about Mr. Habiger&rsquo;s juggling act. In 2017, while serving as a director of Xperi&rsquo;s predecessor, Mr. Habiger did not receive
a majority of votes cast in favor of his election after leading proxy advisory firms Institutional Shareholder Services Inc. (&ldquo;ISS&rdquo;)
and Glass Lewis issued negative voting recommendations with respect to his election, citing the number of boards of directors on which
he served. Mr. Habiger was forced to tender his resignation to the predecessor&rsquo;s board, which the board proceeded <I>not to accept</I>
in a blatant disregard for the will of stockholders. At this year&rsquo;s election, stockholders cannot, and will not, be ignored.</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>Darcy Antonellis</B>, for her part, has been a
director of Xperi and its predecessor companies since 2018. She has presided over a TSR of nearly <B>-34% </B>since Xperi&rsquo;s spin-off
in 2022 and nearly <B>-11%</B> at Xperi&rsquo;s predecessor.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
Troublingly, her track record of stockholder value destruction does not stop there. As a director of Cinemark Holdings, Inc. and Bango
plc (the only other public boards she serves on), she has presided over a TSR of approximately <B>-49%</B> and <B>-35%</B>, respectively.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</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">Like Mr. Habiger, Ms. Antonellis has served on the
Board&rsquo;s Compensation Committee for several years, helping to foment the culture of misaligned and excessive incentives that plague
Xperi. She is also Chair of the Board&rsquo;s Nominating and Corporate Governance Committee, which failed to meet the standards of leading
proxy advisory firm ISS last year, and which has refused to engage constructively with Rubric to improve 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: justify">Last, but certainly not least, it is abundantly clear
to us that Mr. Habiger and Ms. Antonellis are both woefully unequipped to evaluate Perceive and recommend a plan of action to management,
seeing as neither of them possess the requisite semiconductor or technology product-market fit expertise. To date, Perceive has been a
drag on Xperi&rsquo;s performance, but through a sale or thoughtful partnerships, we believe that its value as an AI enablement technology
can still be realized. Unfortunately, under Mr. Habiger&rsquo;s and Ms. Antonellis&rsquo; oversight, we have little hope that this realization
will ever occur.</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>RUBRIC&rsquo;S NOMINEES ARE HIGHLY QUALIFIED AND
COMMITTED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO WORKING FOR STOCKHOLDERS</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">All hope is not lost. With proper stewards providing
oversight and direction to management, we are confident that Xperi can right its wrongs and deliver meaningful long-term value to stockholders.
Our nominees possess relevant expertise, capital allocation rigor and believe in the primacy of stockholder returns &ndash; all qualities
that we believe are woefully lacking on the Board today.</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>Thomas A. Lacey</B> is a veteran public company
executive with deep financial and turnaround expertise. He is an experienced change agent who has repeatedly demonstrated an ability to
address the challenges of underperforming technology companies &ndash; including Xperi&rsquo;s predecessor.</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">As our fellow stockholders may recall, Mr. Lacey was
appointed CEO of Xperi&rsquo;s predecessor in 2013 to shut down money-losing businesses, improve profitability and grow recurring revenue.
During his four-year tenure, he did just that. <B><U>From 2013 to 2017, Mr. Lacey presided over a TSR of +67% and an increase in recurring
revenue of +140%.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT> He was also one of the
principal architects of the transaction that created modern Xperi through the acquisition of DTS</U>.</B> Simply put, Mr. Lacey was effective
then, and he knows the business, people and culture to be immediately effective again.</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>

<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>4</SUP></FONT> <FONT STYLE="background-color: white">Source: Bloomberg. Calculated as of April 26, 2024.</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> <FONT STYLE="background-color: white">Source: Bloomberg. Calculated as of April 26, 2024. </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> <FONT STYLE="background-color: white">Source: Bloomberg; regulatory filings of Xperi&rsquo;s predecessor company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Lacey oversaw similar turnarounds as a director
at DSP Group, Inc. (&ldquo;DSPG&rdquo;) and International Rectifier Corp. (&ldquo;IRF&rdquo;), two technology companies which found themselves
at similar inflection points upon his joining their boards. During his multi-year tenures on the boards of DSPG and IRF, he presided over
TSRs of <B>+270%</B> and <B>+75%</B>, respectively.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>
Mr. Lacey&rsquo;s stellar track record of stockholder value creation speaks for itself and stands in stark contrast to the track records
of Mr. Habiger and Ms. Antonellis. If elected to the Board, Mr. Lacey will work tirelessly to create a culture grounded in open communication,
alignment, capital efficiency and a commitment to the best interests 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"><B>Deborah S. Conrad</B> is a seasoned technology
leader with deep marketing and corporate strategy expertise. Ms. Conrad&rsquo;s experience makes her uniquely capable of addressing some
of the most pressing issues at Xperi: elucidating the value of Perceive and identifying tech-enabled market opportunities.</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">Ms. Conrad previously worked for over 27 years at
Intel Corporation (&ldquo;Intel&rdquo;), where she held senior positions of increasing responsibility across multiple areas, culminating
in her role as Corporate Vice President and Chief Marketing Officer, from 2008 to 2014. At Intel, she demonstrated a unique ability to
map novel technology to market opportunity, be it with the successful launch of the company&rsquo;s first server, data center and cloud
computing chip family, or by spearheading Intel&rsquo;s entrance into the mobile, embedded and Internet of Things categories. She was
also instrumental in forming lucrative product partnerships at Intel, leading the company&rsquo;s first-ever partnership with Apple Inc.,
which scaled to <B>$1 billion in revenue in 18 months</B>, and in driving improved financial performance, including delivering an incremental
<B>$4 billion in gross margin in only one year</B> by overhauling and simplifying Intel&rsquo;s CPU product roadmap and brand strategy.</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">Since her time at Intel, Ms. Conrad has applied her
skills in finding product market fit for new technologies to the healthcare industry, serving in numerous senior marketing roles at companies
developing novel products and platforms, including Hinge Health, Inc., Vori Health Inc., NovaSignal Corp. and Included Health, LLC. She
has also held multiple private board directorships, where she has consistently advocated for efficiency and accountability of management.</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>THE CHOICE IS CLEAR: VOTE FOR THOMAS A. LACEY AND
DEBORAH S. CONRAD TO RESTORE ACCOUNTABILITY, ALIGNMENT AND ACTION ON THE XPERI BOARD</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">Xperi&rsquo;s Board has demonstrated a repeated unwillingness
to take any proactive steps to improve the Company unless and until forced, resulting in substantial destruction of stockholder value.
At Xperi&rsquo;s Annual Meeting of Stockholders scheduled to be held on May 24, 2024, you have the opportunity to take matters into your
own hands.</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>Vote for <B>accountability</B>. Vote for <B>alignment</B>.
Vote for <B>action</B>. Vote the <B>WHITE</B> proxy card today <B>FOR</B> the election of Thomas A. Lacey and Deborah S. Conrad to the
Xperi Board. </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: center"><B>Vote the <U>WHITE</U> proxy card <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 <B>WHITE</B> 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 <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"></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>7</SUP></FONT> <FONT STYLE="background-color: white">Source: Bloomberg. </FONT></P>

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<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">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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex1todfan14a13715006_050824.htm
<DESCRIPTION>STOCKHOLDER LETTER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">Exhibit 1</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">May 8, 2024</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 Stockholder:</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">Rubric Capital Management LP (&ldquo;Rubric&rdquo;)
manages funds and accounts which collectively own approximately 9.0% of the outstanding shares of common stock of Xperi Inc. (&ldquo;Xperi&rdquo;
or the &ldquo;Company&rdquo;), making us the Company&rsquo;s third largest stockholder (and largest non-index holder by a wide margin).
We have patiently been stockholders of Xperi and its predecessors since Rubric&rsquo;s formation in 2016, but we cannot standby idly any
longer while the value of our investment continues to deteriorate.</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">For far too long, Xperi stockholders have suffered
at the hands of the current Board of Directors (the &ldquo;Board&rdquo;). Across the duration of Xperi&rsquo;s existence as a standalone
company, the Company&rsquo;s share price has significantly underperformed its peers and comparable benchmarks, revenue growth and margins
have continually missed stated goals and the Company&rsquo;s capital allocation strategy has failed to generate any meaningful economic
returns. All the while, Company executives have benefitted handsomely from an utterly out-of-sync compensation program that is not tethered
to performance and has severely diluted 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">Do not be fooled by Xperi&rsquo;s recent attempts
to present a falsified version of its share performance and dilution to stockholders. The facts are the facts: <B><U>since the spin-off
in 2022, Xperi has generated a TSR of nearly -34% while stock-based compensation has increased dramatically, further siphoning the Company
from investors</U></B>.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</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">As long-term investors in Xperi and its predecessors,
we see a path forward where the sins of the past can be reversed and stockholders can finally see value for their investment. However,
<B>time is of the essence.</B> If the status quo remains, we believe that Xperi will fail to capitalize upon its potential and stockholders
will continue to see the value of their investment decline.</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">We have nominated two highly qualified, independent
directors to the Board &ndash; Thomas A. Lacey and Deborah S. Conrad &ndash; who have strong track records of driving stockholder value
creation, deep financial, corporate strategy, marketing and turnaround expertise, and are committed to restoring accountability in the
boardroom. <B><U>We are confident that these individuals will bring a clear, achievable plan to create meaningful long-term value at Xperi,
and if elected, will immediately seek to undertake a proper evaluation of Xperi&rsquo;s Perceive business, reduce excessive costs and
overhaul executive compensation to align pay with performance and incentivize operational excellence</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">We urge you to replace David Habiger and Darcy Antonellis
as Xperi directors with Rubric&rsquo;s nominees, Thomas A. Lacey and Deborah S. Conrad, by voting the <B>WHITE</B> proxy card <B>TODAY</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: center"><B>WE BELIEVE ENTRENCHED XPERI DIRECTORS DAVID HABIGER
AND DARCY ANTONELLIS EMBODY THE LACK OF ACCOUNTABILITY THAT HAS HARMED STOCKHOLDERS AND ARE ILL-EQUIPPED TO ADDRESS THE CHALLENGES FACING
THE COMPANY </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 it comes to the issues plaguing the Company and
contributing to its stark underperformance &ndash; accountability, executive compensation and capital allocation &ndash; we believe incumbent
directors David Habiger and Darcy Antonellis bear much of the blame.</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>

<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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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>David Habiger</B> has been a director of Xperi
and its predecessor companies since 2014. He has presided over a total shareholder return (&ldquo;TSR&rdquo;) of nearly <B>-34% </B>since
Xperi&rsquo;s spin-off in 2022 and over <B>-57%</B> at Xperi&rsquo;s predecessor.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
As Chairman of the Board, responsibility for Xperi&rsquo;s consistent underperformance and ineffective oversight lies squarely at his
feet.</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, Mr. Habiger has been a member of the Board&rsquo;s
Compensation Committee for eight years,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
and has been setting CEO Jon Kirchner&rsquo;s compensation for nearly a decade, dating back to their time together at DTS, Inc. (&ldquo;DTS&rdquo;),
a company which Xperi acquired in 2016. <B><I>We have to ask, is Mr. Habiger loyal to Xperi stockholders, or is he more focused on further
enriching his longtime colleague, Mr. Kirchner? In our view, the evidence suggests the latter. </I></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">Mr. Habiger also holds numerous positions outside
of his role on the Xperi Board &ndash; including actively serving as CEO of another company as well as a member of multiple other public
and private boards &ndash; calling into question his ability to dedicate sufficient time to Xperi. We are not the first to raise concerns
about Mr. Habiger&rsquo;s juggling act. In 2017, while serving as a director of Xperi&rsquo;s predecessor, Mr. Habiger did not receive
a majority of votes cast in favor of his election after leading proxy advisory firms Institutional Shareholder Services Inc. (&ldquo;ISS&rdquo;)
and Glass Lewis issued negative voting recommendations with respect to his election, citing the number of boards of directors on which
he served. Mr. Habiger was forced to tender his resignation to the predecessor&rsquo;s board, which the board proceeded <I>not to accept</I>
in a blatant disregard for the will of stockholders. At this year&rsquo;s election, stockholders cannot, and will not, be ignored.</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>Darcy Antonellis</B>, for her part, has been a
director of Xperi and its predecessor companies since 2018. She has presided over a TSR of nearly <B>-34% </B>since Xperi&rsquo;s spin-off
in 2022 and nearly <B>-11%</B> at Xperi&rsquo;s predecessor.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
Troublingly, her track record of stockholder value destruction does not stop there. As a director of Cinemark Holdings, Inc. and Bango
plc (the only other public boards she serves on), she has presided over a TSR of approximately <B>-49%</B> and <B>-35%</B>, respectively.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</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">Like Mr. Habiger, Ms. Antonellis has served on the
Board&rsquo;s Compensation Committee for several years, helping to foment the culture of misaligned and excessive incentives that plague
Xperi. She is also Chair of the Board&rsquo;s Nominating and Corporate Governance Committee, which failed to meet the standards of leading
proxy advisory firm ISS last year, and which has refused to engage constructively with Rubric to improve 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: justify">Last, but certainly not least, it is abundantly clear
to us that Mr. Habiger and Ms. Antonellis are both woefully unequipped to evaluate Perceive and recommend a plan of action to management,
seeing as neither of them possess the requisite semiconductor or technology product-market fit expertise. To date, Perceive has been a
drag on Xperi&rsquo;s performance, but through a sale or thoughtful partnerships, we believe that its value as an AI enablement technology
can still be realized. Unfortunately, under Mr. Habiger&rsquo;s and Ms. Antonellis&rsquo; oversight, we have little hope that this realization
will ever occur.</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>RUBRIC&rsquo;S NOMINEES ARE HIGHLY QUALIFIED AND
COMMITTED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO WORKING FOR STOCKHOLDERS</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">All hope is not lost. With proper stewards providing
oversight and direction to management, we are confident that Xperi can right its wrongs and deliver meaningful long-term value to stockholders.
Our nominees possess relevant expertise, capital allocation rigor and believe in the primacy of stockholder returns &ndash; all qualities
that we believe are woefully lacking on the Board today.</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>

<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> <FONT STYLE="background-color: white">Source: Bloomberg. Calculated as of April 26, 2024.</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>3</SUP></FONT> Note: service years inclusive of with applicable predecessor company.</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> <FONT STYLE="background-color: white">Source: Bloomberg. Calculated as of April 26, 2024.</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> <FONT STYLE="background-color: white">Source: Bloomberg. Calculated as of April 26, 2024. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Thomas A. Lacey</B> is a veteran public company
executive with deep financial and turnaround expertise. He is an experienced change agent who has repeatedly demonstrated an ability to
address the challenges of underperforming technology companies &ndash; including Xperi&rsquo;s predecessor.</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">As our fellow stockholders may recall, Mr. Lacey was
appointed CEO of Xperi&rsquo;s predecessor in 2013 to shut down money-losing businesses, improve profitability and grow recurring revenue.
During his four-year tenure, he did just that. <B><U>From 2013 to 2017, Mr. Lacey presided over a TSR of +67% and an increase in recurring
revenue of +140%.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT> He was also one of the
principal architects of the transaction that created modern Xperi through the acquisition of DTS</U>.</B> Simply put, Mr. Lacey was effective
then, and he knows the business, people and culture to be immediately effective again.</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">Mr. Lacey oversaw similar turnarounds as a director
at DSP Group, Inc. (&ldquo;DSPG&rdquo;) and International Rectifier Corp. (&ldquo;IRF&rdquo;), two technology companies which found themselves
at similar inflection points upon his joining their boards. During his multi-year tenures on the boards of DSPG and IRF, he presided over
TSRs of <B>+270%</B> and <B>+75%</B>, respectively.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>
Mr. Lacey&rsquo;s stellar track record of stockholder value creation speaks for itself and stands in stark contrast to the track records
of Mr. Habiger and Ms. Antonellis. If elected to the Board, Mr. Lacey will work tirelessly to create a culture grounded in open communication,
alignment, capital efficiency and a commitment to the best interests 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"><B>Deborah S. Conrad</B> is a seasoned technology
leader with deep marketing and corporate strategy expertise. Ms. Conrad&rsquo;s experience makes her uniquely capable of addressing some
of the most pressing issues at Xperi: elucidating the value of Perceive and identifying tech-enabled market opportunities.</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">Ms. Conrad previously worked for over 27 years at
Intel Corporation (&ldquo;Intel&rdquo;), where she held senior positions of increasing responsibility across multiple areas, culminating
in her role as Corporate Vice President and Chief Marketing Officer, from 2008 to 2014. At Intel, she demonstrated a unique ability to
map novel technology to market opportunity, be it with the successful launch of the company&rsquo;s first server, data center and cloud
computing chip family, or by spearheading Intel&rsquo;s entrance into the mobile, embedded and Internet of Things categories. She was
also instrumental in forming lucrative product partnerships at Intel, leading the company&rsquo;s first-ever partnership with Apple Inc.,
which scaled to <B>$1 billion in revenue in 18 months</B>, and in driving improved financial performance, including delivering an incremental
<B>$4 billion in gross margin in only one year</B> by overhauling and simplifying Intel&rsquo;s CPU product roadmap and brand strategy.</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">Since her time at Intel, Ms. Conrad has applied her
skills in finding product market fit for new technologies to the healthcare industry, serving in numerous senior marketing roles at companies
developing novel products and platforms, including Hinge Health, Inc., Vori Health Inc., NovaSignal Corp. and Included Health, LLC. She
has also held multiple private board directorships, where she has consistently advocated for efficiency and accountability of management.</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>THE CHOICE IS CLEAR: VOTE FOR THOMAS A. LACEY AND
DEBORAH S. CONRAD TO RESTORE ACCOUNTABILITY, ALIGNMENT AND ACTION ON THE XPERI BOARD</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">Xperi&rsquo;s Board has demonstrated a repeated unwillingness
to take any proactive steps to improve the Company unless and until forced, resulting in substantial destruction of stockholder value.
At Xperi&rsquo;s Annual Meeting of Stockholders scheduled to be held on May 24, 2024, you have the opportunity to take matters into your
own hands.</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>

<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>6</SUP></FONT> <FONT STYLE="background-color: white">Source: Bloomberg; regulatory filings of Xperi&rsquo;s predecessor company.</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>7</SUP></FONT> <FONT STYLE="background-color: white">Source: Bloomberg. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Vote for <B>accountability</B>. Vote for <B>alignment</B>.
Vote for <B>action</B>. Vote the <B>WHITE</B> proxy card today <B>FOR</B> the election of Thomas A. Lacey and Deborah S. Conrad to the
Xperi Board. </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: center"><B>Vote the&nbsp;<U>WHITE</U> 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> 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: Blue">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">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>



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