diff --git a/Packages/com.unity.inputsystem/CHANGELOG.md b/Packages/com.unity.inputsystem/CHANGELOG.md
index 889f54e6ae..eb6d7804f4 100755
--- a/Packages/com.unity.inputsystem/CHANGELOG.md
+++ b/Packages/com.unity.inputsystem/CHANGELOG.md
@@ -14,6 +14,7 @@ however, it has to be formatted properly to pass verification tests.
 - Fixed `ArgumentNullException` when opening the Prefab Overrides window and selecting a component with an `InputAction`.
 - Fixed `{fileID: 0}` getting appended to `ProjectSettings.asset` file when building a project ([case ISXB-296](https://issuetracker.unity3d.com/product/unity/issues/guid/ISXB-296)).
 - Fixed `Type of instance in array does not match expected type` assertion when using PlayerInput in combination with Control Schemes and Interactions ([case ISXB-282](https://issuetracker.unity3d.com/product/unity/issues/guid/ISXB-282)).
+- Fixed an InvalidOperationException when using Hold interaction, and by extension any interaction that changes to performed state after a timeout ([case ISXB-332](https://issuetracker.unity3d.com/product/unity/issues/guid/ISXB-330)).
 
 ## [1.4.3] - 2022-09-23
 
diff --git a/Packages/com.unity.inputsystem/InputSystem/Actions/InputActionState.cs b/Packages/com.unity.inputsystem/InputSystem/Actions/InputActionState.cs
index 683bcdedfb..d9256ffe9d 100644
--- a/Packages/com.unity.inputsystem/InputSystem/Actions/InputActionState.cs
+++ b/Packages/com.unity.inputsystem/InputSystem/Actions/InputActionState.cs
@@ -2403,7 +2403,11 @@ private void ChangePhaseOfActionInternal(int actionIndex, TriggerState* actionSt
                 // When we perform an action, we mark the event handled such that FireStateChangeNotifications()
                 // can then reset state monitors in the same group.
                 // NOTE: We don't consume for controls at binding complexity 1. Those we fire in unison.
-                if (controlGroupingAndComplexity[trigger.controlIndex * 2 + 1] > 1)
+                if (controlGroupingAndComplexity[trigger.controlIndex * 2 + 1] > 1 &&
+                    // we can end up switching to performed state from an interaction with a timeout, at which point
+                    // the original event will probably have been removed from memory, so make sure to check
+                    // we still have one
+                    m_CurrentlyProcessingThisEvent.valid)
                     m_CurrentlyProcessingThisEvent.handled = true;
             }
             else if (newPhase == InputActionPhase.Canceled)