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

Rubric Capital Management LP (“Rubric”), 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) (“Xperi” or the “Company”), today sent a letter to Xperi stockholders urging them to replace David Habiger and Darcy Antonellis as members of the Company’s Board of Directors with Rubric’s nominees, Thomas A. Lacey and Deborah S. Conrad, at Xperi’s Annual Meeting of Stockholders, which is scheduled to be held on May 24, 2024.

In its letter, Rubric underscored Xperi’s and its predecessor company’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.

The full text of the letter follows:

May 8, 2024

Dear Fellow Stockholder:

Rubric Capital Management LP (“Rubric”) manages funds and accounts which collectively own approximately 9.0% of the outstanding shares of common stock of Xperi Inc. (“Xperi” or the “Company”), making us the Company’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’s formation in 2016, but we cannot standby idly any longer while the value of our investment continues to deteriorate.

For far too long, Xperi stockholders have suffered at the hands of the current Board of Directors (the “Board”). Across the duration of Xperi’s existence as a standalone company, the Company’s share price has significantly underperformed its peers and comparable benchmarks, revenue growth and margins have continually missed stated goals and the Company’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.

Do not be fooled by Xperi’s recent attempts to present a falsified version of its share performance and dilution to stockholders. The facts are the facts: 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.¹

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, time is of the essence. 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.