Xperi Issues Letter to Shareholders Highlighting Actions Taken to Position the Company to Create Long-Term Value

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 to shareholders highlighting the actions the Board of Directors (“Board”) and executive team have taken to position the Company for sustainable, profitable growth. In the letter, the Company reaffirmed the mid-range targets announced at Xperi’s September 2022 Investor Day and confirmed the Board’s plan to expand the Board and regularly review the Company’s compensation program to ensure it is consistent with market practice and aligned with investor interests in long-term performance.

The full text of the letter follows:

Dear Fellow Xperi Shareholders,

This year’s Annual Meeting of Stockholders (the “Annual Meeting”) of Xperi Inc. (“Xperi” or the “Company”) is fast approaching. The meeting will be held on Friday, May 24, 2024.

We are writing to encourage you to vote at this year’s Annual Meeting – only our second since becoming an independent public company – for the incumbent directors, who are committed to ensuring strategic focus and operational discipline at Xperi. Since our last shareholder meeting, we have outperformed our peers on a total shareholder return basis and have made great strides as a company toward achieving our revenue growth and margin objectives.¹

Nevertheless, one of Xperi’s shareholders is seeking to replace half the independent directors with the former CEO of one of our predecessor companies and his former colleague. We believe electing them in place of our engaged and experienced directors would slow the Company’s momentum and lead to the loss of critical skills on the Board.

We Are Pleased to Have the Support of the Leading Proxy Advisory Firms

The two leading proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass, Lewis & Co. (“Glass Lewis”), reviewed our performance, plans and director candidates and have recommended that shareholders vote for all our nominees on the Company’s BLUE proxy card.

Glass Lewis said, “We believe full support for the incumbent board is warranted.”

Similarly, ISS concluded, “There does not appear to be a need for change at the board level at this time.”

We Are Taking Action to Further Improve Xperi

That is not to say we are satisfied or standing still.

Since the spinoff in October 2022, the Board and executive team have undertaken a careful review of our businesses, our governance and our mid-range targets, and have taken action: