Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain

Officers.

On January 13, 2021, Xperi Holding Corporation (the "Company") and Mr. Michael Hawkey, General Manager of TiVo, agreed that his employment with the Company will end on January 31, 2021 in connection with an internal reorganization of the TiVo product and engineering team. In connection with the termination of his employment, the Company has agreed to provide Mr. Hawkey certain severance benefits under his severance agreement dated September 29, 2020 as previously disclosed in a Form 8-K filed on October 3, 2020. In addition, consistent with the severance benefits paid to other TiVo executive officers who departed following the consummation of the merger between Xperi Corporation and TiVo on June 1, 2020 (the "Merger"), the Compensation Committee of the Board of Directors of the Company approved the accelerated vesting of all restricted stock unit awards held by Mr. Hawkey that were granted by TiVo Corporation and assumed by the Company in connection with the Merger. Moreover, Mr. Hawkey will receive a cash bonus for the achievement of certain performance objectives in 2020 pursuant to the bonus plan previously approved by the Compensation Committee. The 2020 bonus amount is subject to the determination by the Company's Compensation Committee of the achievement of the performance objectives.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses