Xperi Director Who Served with Dissident Nominee Tom Lacey Encourages Xperi Stockholders to Vote for All of the Board’s Candidates at the 2024 Annual Meeting

Xperi Inc. (NYSE: XPER) (the “Company” or “Xperi”), an entertainment technology company that invents, develops and delivers technologies that enable extraordinary experiences, today publicized a letter written by one of its directors who is not being targeted by activist stockholder Rubric Capital, Christopher Seams. Mr. Seams served on the board of one of Xperi’s predecessors while one of Rubric’s nominees, Thomas Lacey, was CEO of that predecessor company.

In the letter, Mr. Seams expresses his support for the targeted directors, highlights their contributions to Xperi’s multi-year transformation and contrasts their expertise in software development, technology, audio-visual technologies and content monetization with Rubric’s nominees’ lack of experience in these critical areas.

The full text of the letter follows:

Dear Fellow Xperi Shareholders,

I am a member of the Board of Directors of Xperi Inc. (“Xperi” or the “Company”). At our upcoming annual meeting, one of Xperi’s shareholders, Rubric Capital Master Fund LP (together with its affiliates, “Rubric”), is opposing the re-election of two of my fellow directors, Darcy Antonellis and David Habiger, and has nominated in their stead two people unfamiliar with our current business and who are longstanding friends.

I think Rubric is wrong to oppose the re-election of Darcy and Dave. The election of Rubric’s substitute candidates (one of whom, Tom Lacey, I know reasonably well) would be a mistake.

I joined the Board of Tessera, a predecessor company of Xperi, in 2013. Tom Lacey was appointed as a director of Tessera soon thereafter and I worked alongside him for about four years while he became CEO and led the company. The business was relatively simple back then: there were less than three hundred employees, the company was primarily engaged in licensing semiconductor-related patents, and the company would strike just a handful of multi-year patent license deals each year.

Over time, the legal and regulatory environment changed, and it became clear that Tessera’s semiconductor IP licensing business was significantly challenged. In 2016, we began a transformation to acquire software and technologies that could be incorporated into the products of leading consumer electronics and automobile manufacturers. Tom executed Tessera’s first major transaction, the purchase of audio technology company DTS, in December 2016.