Xperi Inc. Files Proxy Materials

TL;DR

Xperi Inc. filed proxy docs, no fee. Shareholders get updates.

AI Summary

Xperi Inc. filed a Definitive Additional Materials proxy statement (DEFA14A) on May 17, 2024. This filing is related to the company's proxy materials and does not require a filing fee. Xperi Inc. is incorporated in Delaware and its fiscal year ends on December 31.

Why It Matters

This filing indicates Xperi Inc. is providing updated or additional information to shareholders regarding company matters, which is crucial for informed voting decisions.

Risk Assessment

Risk Level: low — This is a routine filing of proxy materials, not indicating any immediate financial or operational risks.

Key Players & Entities

• Xperi Inc. (company) — Registrant
• 20240517 (date) — Filing Date
• DEFA14A (document_type) — Filing Type

FAQ

Filing Documents

• d814645ddefa14a.htm (DEFA14A) — 30KB
• 0001193125-24-141215.txt ( ) — 31KB

From the Filing

DEFA14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to Section 240.14a-12 XPERI INC. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): No fee required Fee paid previously with preliminary materials Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 On May 17, 2024, Xperi Inc. (Xperi) issued a letter to stockholders in connection with its upcoming 2024 annual meeting of stockholders. A copy of the letter to stockholders, is attached hereto as Exhibit 1. Exhibit 1 Xperi Issues Letter to Shareholders Highlighting Actions Taken to Position the Company to Create Long-Term Value Urges Shareholders to Vote Today on the BLUE Proxy Card FOR All Five of Xperis Directors SAN JOSE, Calif. (May 17, 2024) (BUSINESS WIRE) 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 Xperis September 2022 Investor Day and confirmed the Boards plan to expand the Board and regularly review the Companys 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 years 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 years 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 Xperis 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 Companys 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 Companys 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: After a thorough review of our uses of capital and expected returns, we engaged bankers in 2023 to divest one of our businesses, AutoSense (which was completed in January 2024), and the bankers assisted with our consideration of strategic alternatives for our AI business, Perceive (a process we announced publicly in February 2024). The Boards review was comprehensive and aimed at focusing Xperi on its core businesses in entertainment-based technology. The Board identified more than twenty director candidates for consideration during 2023 and is committed to its goal of expanding and adding new directors to the Board this year, including individuals who are expected to enhance diversity and bring deep expertise in content monetization, the automotive market and capital allocation. We re-examined our plans and forecasts now that we are approximately eighteen months into the mid-range guidance provided to our investors, especially in light of the divestiture of AutoSense (and the pote

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View this DEFA14A filing on SEC EDGAR