On April 17, 2024, Xperi Inc. filed definitive proxy materials in connection with the Company?s 2024 annual meeting of stockholders to be held on May 24, 2024, and encouraged stockholders to vote for all 5 of its nominees Darcy Antonellis, Laura J. Durr, David C. Habiger, Jon E. Kirchner and Christopher Seams, withhold on Rubric?s 2 candidates. The Company issued a letter to stockholders in which it describes: i) the Company?s multi-year transformation from Tessera ? a business that was highly dependent on semiconductor IP licensing ?

to a consumer entertainment technology-focused company; ii) The actions the Board has taken to drive that transformation, including acquiring and growing new businesses, separating the legacy IP licensing business, and divesting non-core assets; iii)The Company?s strong financial performance since the separation of the Company from the IP licensing business in 2022, including five consecutive quarters of year-over-year revenue growth through December 31, 2023, culminating in the Company?s highest ever Adjusted EBITDA and Adjusted EBITDA margin; iv) The progress being made by executing across each of the Company?s businesses; and v) The expected revenue growth and margin expansion under the Company?s focused business model. The Company added that the Board commented on the puzzling campaign being waged by Rubric Capital to replace half of the Company?s independent directors with individuals whose skills are not additive to those of the Company?s current directors. Despite the Company?s extensive efforts to engage constructively with Rubric and listen to their input, Rubric has not identified any concerns that the Company is not already addressing, nor has it provided any concrete recommendations on how to improve the Company.