diff --git a/charts/velero/Chart.yaml b/charts/velero/Chart.yaml
index e1ed7dfe..4eca941f 100644
--- a/charts/velero/Chart.yaml
+++ b/charts/velero/Chart.yaml
@@ -3,7 +3,7 @@ appVersion: 1.13.0
 kubeVersion: ">=1.16.0-0"
 description: A Helm chart for velero
 name: velero
-version: 5.3.0
+version: 5.4.0
 home: https://github.com/vmware-tanzu/velero
 icon: https://cdn-images-1.medium.com/max/1600/1*-9mb3AKnKdcL_QD3CMnthQ.png
 sources:
diff --git a/charts/velero/templates/deployment.yaml b/charts/velero/templates/deployment.yaml
index 155cfbd2..4c0c2bf2 100644
--- a/charts/velero/templates/deployment.yaml
+++ b/charts/velero/templates/deployment.yaml
@@ -108,6 +108,9 @@ spec:
             {{- with .defaultBackupTTL }}
             - --default-backup-ttl={{ . }}
             {{- end }}
+            {{- with .defaultItemOperationTimeout }}
+            - --default-item-operation-timeout={{ . }}
+            {{- end }}
             {{- with .defaultVolumeSnapshotLocations }}
             - --default-volume-snapshot-locations={{ . }}
             {{- end }}
diff --git a/charts/velero/values.yaml b/charts/velero/values.yaml
index b77dac59..78362b5d 100644
--- a/charts/velero/values.yaml
+++ b/charts/velero/values.yaml
@@ -405,6 +405,8 @@ configuration:
   clientQPS:
   # Name of the default backup storage location. Default: default
   defaultBackupStorageLocation:
+  # The default duration any single item operation can take before timing out, especially important for large volume schedules. Default 4h
+  defaultItemOperationTimeout:
   # How long to wait by default before backups can be garbage collected. Default: 72h
   defaultBackupTTL:
   # Name of the default volume snapshot location.