<SEC-DOCUMENT>0001104659-23-071573.txt : 20230615
<SEC-HEADER>0001104659-23-071573.hdr.sgml : 20230615
<ACCEPTANCE-DATETIME>20230615145554
ACCESSION NUMBER:		0001104659-23-071573
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230615
DATE AS OF CHANGE:		20230615

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MASIMO CORP
		CENTRAL INDEX KEY:			0000937556
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				330368882
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33642
		FILM NUMBER:		231017046

	BUSINESS ADDRESS:	
		STREET 1:		52 DISCOVERY
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92618
		BUSINESS PHONE:		949-297-7000

	MAIL ADDRESS:	
		STREET 1:		52 DISCOVERY
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92618

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Politan Capital Management LP
		CENTRAL INDEX KEY:			0001885245
		IRS NUMBER:				871666292
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		106 WEST 56TH STREET
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(212) 756-2000

	MAIL ADDRESS:	
		STREET 1:		106 WEST 56TH STREET
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
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<SEQUENCE>1
<FILENAME>tm2318840d1_dfan14a.htm
<DESCRIPTION>DFAN14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a) of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed by a Party other than the Registrant&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</P>

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    <TD COLSPAN="2" STYLE="padding-top: 5pt">Check the appropriate box:</TD></TR>
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    <TD STYLE="padding-top: 5pt; width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify">Preliminary Proxy Statement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify">Definitive Proxy Statement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify">Definitive Additional Materials</TD></TR>
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    <TD STYLE="padding-top: 5pt; width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify">Soliciting material Pursuant to &sect;240.14a-12</TD></TR>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Masimo Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>POLITAN CAPITAL MANAGEMENT LP<BR>
POLITAN CAPITAL MANAGEMENT GP LLC<BR>
POLITAN CAPITAL PARTNERS GP LLC<BR>
POLITAN CAPITAL NY LLC<BR>
POLITAN INTERMEDIATE LTD.<BR>
POLITAN CAPITAL PARTNERS MASTER FUND LP<BR>
POLITAN CAPITAL PARTNERS LP<BR>
POLITAN CAPITAL OFFSHORE PARTNERS LP<BR>
QUENTIN KOFFEY<BR>
MATTHEW HALL<BR>
AARON KAPITO<BR>
MICHELLE BRENNAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

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    <TD STYLE="padding-top: 5pt; text-align: justify">No fee required.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify">Fee paid previously with preliminary materials.</TD></TR>
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    <TD STYLE="padding-top: 5pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Politan Capital Management LP, a Delaware limited partnership (&ldquo;Politan&rdquo;),
together with the other participants named herein (collectively, the &ldquo;Participants&rdquo;), has filed a definitive proxy statement
and accompanying <B>BLUE</B> universal proxy card with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) to be used to solicit
votes for the election of its slate of highly-qualified director nominees at the 2023 annual meeting of stockholders of Masimo Corporation,
a Delaware corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 15, 2023, Politan, together with the Participants, issued the
following press release (the &ldquo;Press Release&rdquo;) related to the Company, which Politan also simultaneously published to its website,
located at www.AdvanceMasimo.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Leading Proxy Advisory Firm Glass Lewis Recommends
Masimo Shareholders Vote FOR Both of Politan&rsquo;s Director Nominees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Both Leading Proxy Advisory Firms &ndash; Glass
Lewis and ISS &ndash; Have Now Strongly Validated Politan&rsquo;s Case for Change and Found Masimo&rsquo;s Attacks to Be Baseless </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Glass Lewis Concludes That Accountability Is
Needed at Masimo for Its &ldquo;Long Track Record of Poor Corporate Governance&rdquo; and &ldquo;Questionable Strategic and Capital Allocation
Decisions&rdquo; </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Notes That It Has &ldquo;Rarely&rdquo; Seen
a Circumstance Where the &ldquo;Need for Direct Representation of a Large Shareholder in the Boardroom Was So Apparent and Potentially
Impactive&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Politan Encourages Shareholders to Follow Glass
Lewis and ISS&rsquo;s Recommendation by Voting for Both Politan Nominees Michelle Brennan and Quentin Koffey on the <U>BLUE</U> Card </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: #FEFEFE">NEW YORK &ndash; June
15, 2023 &ndash; Politan Capital Management (together with its affiliates, &ldquo;Politan&rdquo;), a 9% shareholder of Masimo Corporation
(&ldquo;Masimo&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ: MASI), today announced that leading proxy advisory firm Glass, Lewis &amp;
Co. (&ldquo;Glass Lewis&rdquo;) recommends shareholders vote FOR the election of Politan&rsquo;s nominees, Michelle Brennan and Quentin
Koffey, to the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;) at the Annual Meeting of Stockholders (the &ldquo;Annual Meeting&rdquo;),
scheduled for June 26, 2023. Previously, leading proxy advisory firm Institutional Shareholder Services Inc. (&ldquo;ISS&rdquo;) also
recommended in favor of both Politan nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: #FEFEFE">Glass Lewis&rsquo;s
report clearly highlights the need for change in Masimo&rsquo;s boardroom and recommends shareholders vote for BOTH Politan nominees,
stating:<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;Having evaluated the available arguments, performed
our own analysis, and engaged with both Politan and Masimo and their respective director nominees, we find <U>the case presented by Politan
is far more persuasive and a truer depiction</U> of the current state of affairs at Masimo, from both a performance standpoint and, more
critically, a governance perspective.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;Politan argues, and we agree, that its <U>two nominees
have complementary skills, experience and the shareholder alignment</U> to refresh Masimo's governance, refocus its strategy, return
discipline to capital allocation, accelerate long-term growth and restore sustainable value for all shareholders.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;Ultimately, this proxy contest effectively comes down
to whether Mr. Koffey should be elected to the board and also whether the two incumbent directors up for re-election should be held accountable
for Masimo's long track record of poor corporate governance, recent underperformance stemming in large part from questionable strategic
and capital allocation decisions, and certain other concerns raised by Politan. <U>In both cases, we believe the answer is a definitive
yes</U>.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;Indeed, rarely have we seen a similar circumstance
where the need for direct representation of a large shareholder in the boardroom was <U>so apparent and potentially impactive</U>.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>1</SUP></TD><TD STYLE="text-align: justify">Permission to quote Glass Lewis was neither sought nor obtained.
Underlining added.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">Glass Lewis highlights
Masimo&rsquo;s underperformance and track record of poor corporate governance, stating:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;<U>We do not find validity in the Company's biased
and selective presentation</U> of its recent performance. Nor do we give it much credit for the governance changes it acquiesced to months
after it initially deployed the &lsquo;nuclear option&rsquo; in response to Politan's campaign.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;Politan's materials convincingly show that these issues
have resulted in underperforming shareholder returns relative to various peer groups (both Politan and Masimo defined) across virtually
every relevant time period, a substantial valuation discount, and declining returns on invested capital.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;Most notably, the board adopted unprecedented, and
in our view unjustifiable, bylaws seemingly designed to prevent Politan or any other investment fund shareholder from ever nominating
director candidates for election to the board.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;<U>We take a dim view of the Company's attempt to
dictate the outcome</U> here by effectively nullifying and disregarding the potential will of shareholders&hellip; <FONT STYLE="color: #242424">In
several respects, we believe this is <U>emblematic of the defensive posture and the insincere approach to corporate governance that Masimo
has demonstrated time and again</U> throughout this campaign</FONT>.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">Glass Lewis specifically
addresses the Company&rsquo;s attacks against Politan and Mr. Koffey&rsquo;s candidacy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;With regard to Mr. Koffey specifically, Masimo remains
firm in its nonconciliatory ways&hellip;In our view, <U>these ad-hominem and baseless attacks only serve to betray the board's strong
aversion to meaningful stockholder-driven change</U>.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;We believe Mr. Koffey's presence on the Masimo board
will ensure that these and further governance reforms are followed through with the integrity and purpose they deserve. We also believe
Mr. Koffey will instill greater accountability, capital allocation discipline and credibility with investors, all of which are unmistakably
lacking currently, in our view.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">In summary, Glass Lewis
states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;As two independent directors on a seven-member board
that will include two additional independent directors to be appointed by the reconstituted board following the annual meeting, we believe
the Politan nominees would have a c<U>lear mandate from shareholders and are capable of working constructively</U> with other board members,
including Mr. Kiani, with the goal of delivering sustainable value and other positive outcomes for all Masimo shareholders.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Quentin Koffey, Managing Partner and Chief Investment Officer of Politan,
stated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Glass Lewis and ISS each recommending support for both of our
director nominees is a strong validation of the need for meaningful change on Masimo&rsquo;s Board. Together, Michelle and I stand ready
to work constructively with Masimo&rsquo;s incumbent directors and management team to move past the noise of the campaign and focus on
what matters: enhancing long-term value for the Company and all of its stakeholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">Politan encourages
shareholders to review its presentation, proxy materials and letter to shareholders, all of which are available at <FONT STYLE="color: blue"><U>www.AdvanceMasimo.com</U></FONT>.
Shareholders can support real change at Masimo by voting on the <U>BLUE</U> proxy card FOR the election of Michelle Brennan and Quentin
Koffey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B>CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">The information herein
contains &ldquo;forward-looking statements.&rdquo; Specific forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts and include, without limitation, words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expects,&rdquo;
&ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;plans,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;potential,&rdquo;
&ldquo;targets,&rdquo; &ldquo;forecasts,&rdquo; &ldquo;seeks,&rdquo; &ldquo;could,&rdquo; &ldquo;should&rdquo; or the negative of such
terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals
are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance
that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if Politan&rsquo;s
(defined below) underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these
statements. Accordingly, forward-looking statements should not be regarded as a representation by Politan that the future plans, estimates
or expectations contemplated will ever be achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">Certain statements
and information included herein have been sourced from third parties. Politan does not make any representations regarding the accuracy,
completeness or timeliness of such third-party statements or information. Except as may be expressly set forth herein, permission to cite
such statements or information has neither been sought nor obtained from such third parties. Any such statements or information should
not be viewed as an indication of support from such third parties for the views expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B>CERTAIN INFORMATION
CONCERNING THE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">Politan Capital Management
LP (&ldquo;Politan&rdquo;) and the other Participants (as defined below) have filed a definitive proxy statement and accompanying BLUE
universal proxy card with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) to be used to solicit proxies for, among other
matters, the election of its slate of director nominees at the 2023 annual stockholders meeting (the &ldquo;2023 Annual Meeting&rdquo;)
of Masimo Corporation, a Delaware corporation (&ldquo;Masimo&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">The participants in
the proxy solicitation are Politan, Politan Capital Management GP LLC, Politan Capital Partners GP LLC, Politan Capital NY LLC, Politan
Intermediate Ltd., Politan Capital Partners Master Fund LP (&ldquo;Politan Master Fund&rdquo;), Politan Capital Partners LP (&ldquo;Politan
LP&rdquo;), Politan Capital Offshore Partners LP (&ldquo;Politan Offshore&rdquo; and collectively with Politan Master Fund and Politan
LP, the &ldquo;Politan Funds&rdquo;), Quentin Koffey, Matthew Hall, Aaron Kapito and Michelle Brennan (collectively, the &ldquo;Participants&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">As of the date hereof,
(i) Politan Master Fund directly owns 4,712,518 shares of common stock, par value $0.001 per share, of Masimo (the &ldquo;Common Stock&rdquo;),
and (ii) Politan Capital NY LLC is the direct and record owner of 1,000 shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">Politan, as the investment
adviser to the Politan Funds, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or
direct the disposition of) 4,713,518 shares of Common Stock (the &ldquo;Politan Shares&rdquo;) and, therefore, Politan may be deemed to
be the beneficial owner of all of the Politan Shares. The Politan Shares collectively represent approximately 8.9% of the outstanding
shares of Common Stock based on 52,779,770 shares of Common Stock outstanding as of April 1, 2023, as reported in Masimo&rsquo;s Quarterly
Report on Form 10-Q filed on May 10, 2023. As the general partner of Politan, Politan Capital Management GP LLC may be deemed to have
the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) all of the Politan Shares
and, therefore, Politan Capital Management GP LLC may be deemed to be the beneficial owner of all of the Politan Shares. As the general
partner of the Politan Funds, Politan Capital Partners GP LLC may be deemed to have the shared power to vote or to direct the vote of
(and the shared power to dispose or direct the disposition of) all of the Politan Shares and, therefore, Politan Capital Partners GP LLC
may be deemed to be the beneficial owner of all of the Politan Shares. By virtue of Mr. Koffey&rsquo;s position as the managing partner
and chief investment officer of Politan and as the managing member of Politan Capital Management GP LLC and Politan Capital Partners GP
LLC, Mr. Koffey may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition
of) all of the Politan Shares and, therefore, Mr. Koffey may be deemed to be the beneficial owner of all of the Politan Shares. As of
the date hereof, none of Mr. Hall, Mr. Kapito or Ms. Brennan own beneficially or of record any shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B>IMPORTANT INFORMATION
AND WHERE TO FIND IT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">POLITAN STRONGLY ADVISES
ALL STOCKHOLDERS OF MASIMO TO READ THE DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY
MATERIALS FILED BY POLITAN WITH THE SEC AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS
WILL BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS,
ARE ALSO AVAILABLE ON WWW.ADVANCEMASIMO.COM AND THE SEC WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST TO THE PARTICIPANTS&rsquo;
PROXY SOLICITOR, D.F. KING &amp; CO., INC., 48 WALL STREET, 22ND FLOOR, NEW YORK, NEW YORK 10005 (STOCKHOLDERS CAN CALL TOLL-FREE: +1
(866) 620-9554).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE"><B>Investor Contact</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">D.F. King &amp; Co.,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">Edward McCarthy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">emccarthy@dfking.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FEFEFE"><B>Media Contact </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FEFEFE">Dan Zacchei / Joe Germani</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FEFEFE">Longacre Square Partners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FEFEFE">dzacchei@longacresquare.com / jgermani@longacresquare.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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