<SEC-DOCUMENT>0001104659-24-038421.txt : 20240325
<SEC-HEADER>0001104659-24-038421.hdr.sgml : 20240325
<ACCEPTANCE-DATETIME>20240325155834
ACCESSION NUMBER:		0001104659-24-038421
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240325
DATE AS OF CHANGE:		20240325

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MASIMO CORP
		CENTRAL INDEX KEY:			0000937556
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				330368882
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1230

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33642
		FILM NUMBER:		24779081

	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
		ORGANIZATION NAME:           	
		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
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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>

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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&nbsp;14a-101)</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><B>&#168;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Definitive
Additional Materials</FONT></P>

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material Pursuant to &sect;240.14a-12</FONT></P>

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

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

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

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

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

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<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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fee required.</FONT></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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Fee
computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4)&nbsp;and 0-11.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Fee
paid previously with preliminary materials.</FONT></P>

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

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<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">Politan Capital Management LP, together with the other participants named herein (collectively, the &ldquo;Participants&rdquo;), will
file a preliminary proxy statement and accompanying&nbsp;<B>WHITE </B>proxy card with the Securities and Exchange Commission to be used
to solicit votes for the election of its slate of highly-qualified director nominees at the 2024 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 March&nbsp;25, 2024, Politan Capital Management
LP, together with its affiliates, issued the following press release:</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: center"><B>Politan Nominates Two Independent Candidates
for Masimo Board</B></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: center"><I>Supports Strategic Review of Consumer Business,
But Has Serious Concerns Given Masimo&rsquo;s Broken Governance and Lack of Independent Oversight</I></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: center"><I>Nominees Dr.&nbsp;Darlene Solomon and William
Jellison Bring Critical Expertise and Independence That Is Clearly Lacking in Masimo&rsquo;s Boardroom Today</I></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">NEW YORK &ndash; March&nbsp;25,
2024 &ndash; Politan Capital Management (together with its affiliates, &ldquo;Politan&rdquo;), an 8.9% shareholder of Masimo Corporation
(&ldquo;Masimo&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ: MASI), today announced that it is nominating two candidates for election
to the Masimo Board of Directors (the &ldquo;Board&rdquo;) at the upcoming 2024 Annual Meeting of Stockholders (the &ldquo;Annual Meeting&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">Quentin Koffey, Managing
Partner and Chief Investment Officer of Politan, and a current director on the Masimo Board, stated:</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">&ldquo;When shareholders
overwhelmingly elected Michelle Brennan and me to the Masimo Board last year, we were optimistic we could work productively with the rest
of the Board to drive positive change. Unfortunately, our efforts were continually rebuffed, as Chairman&nbsp;&amp; CEO Joe Kiani refused
to give us basic information, denied us access to management, repeatedly held Board meetings excluding us, and refused to even consider
allowing any review of capital allocation or strategy.</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 supports a
strategic review to evaluate a separation of the Consumer Business (the &ldquo;Separation&rdquo;), as evidenced by our ongoing efforts
over the last 18 months. However, at this stage the Board has been provided zero details, and Politan has serious concerns given the lack
of basic governance and oversight we have observed since joining the Board. Information is controlled tightly by the Chairman&nbsp;&amp;
CEO and almost never shared. As a result, no independent director knows basic facts such as what COGS, SG&amp;A or R&amp;D dollars are
actually spent on. There is no budget approval process by the Board, thereby allowing the Chairman&nbsp;&amp; CEO to spend however much
he wants on whatever he wants without Board review, authorization or even knowledge.</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">While the fact that
Mr.&nbsp;Kiani seeks to exert this level of control is troubling, it&rsquo;s perhaps even more concerning that the current Board allows
it to occur. This absence of oversight has been damaging for shareholders and the Company. Masimo&rsquo;s stock price has substantially
underperformed peers, financial metrics are well below targets set only a year ago at the Company&rsquo;s analyst day, and consumer healthcare
revenues are essentially zero.</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">This is why it is clearer
than ever that a majority of truly independent directors are needed at Masimo, especially given the critical importance of not only ensuring
the Company follows through on its announcement to evaluate the Separation, but also to make sure it is done right. For example, in the
event of a transaction there would be vital considerations around the allocation of Masimo&rsquo;s intellectual property and the control
of a potential SpinCo. We have serious concerns that Mr.&nbsp;Kiani, without proper oversight, will seek to push through a spin-off with
poor corporate governance and IP arrangements where assets are allocated in such a manner designed to maintain his control and influence
of both separated companies. A rushed Friday afternoon announcement that the Company was exploring the Separation &ndash; which came after
being informed that Politan intended to nominate directors this week &ndash; only further confirms our concerns.</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"></P>

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<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">To address these severe oversight issues, Politan
has worked with an independent, nationally recognized search firm to identify two directors with crucial expertise that is sorely needed
on the Board:</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">Dr. Darlene Solomon is a scientist by training who recently completed a 39-year career at Agilent Technologies, Inc., where she served
in numerous leadership roles, including as Chief Technology Officer and Senior Vice President under three successive CEOs, and helped
define the company&rsquo;s technology strategy and R&amp;D priorities. Having helped oversee three different separations of Agilent, Avago
and Keysight as part of Agilent&rsquo;s corporate transformation toward becoming a market-leading life sciences and diagnostics company,
she brings critical expertise that would inform the appropriate division of Masimo&rsquo;s IP in a separation of its Consumer Business,
as well as the understanding of how best to lead and retain technical talent while executing forward-looking business growth for the Company.</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">William &ldquo;Bill&rdquo; Jellison is a veteran
medical technology executive and finance expert with decades of relevant experience, including as the former Chief Financial Officer of
Stryker Corporation. Bill would bring extensive medical technology and financial oversight expertise. He would also be a natural fit to
chair the Board&rsquo;s Audit Committee, which has not been chaired by a director with any audit committee or even public company board
experience in nearly five years. Bill also presided over billions of dollars of M&amp;A transactions during his tenure as Chief Financial
Officer and would bring significant experience to the evaluation of a separation transaction at Masimo.</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">It is important to recognize that <U>these directors
can be added without a proxy contest</U>. Darlene and Bill are indisputably qualified to help the Company and adding them immediately
would have the benefit of avoiding a costly and distracting contested election.</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 looks forward
to engaging further with our fellow shareholders soon.&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"><B><U>Full Biographies
of Politan&rsquo;s Nominees</U></B></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"><FONT STYLE="font-size: 10pt"><B>Dr.&nbsp;Darlene
Solomon</B></FONT> is a proven expert in R&amp;D strategy who recently completed a 39-year career at Agilent Technologies,&nbsp;Inc.,
with nearly 20 years as Chief Technology Officer and Senior Vice President. In this role, she oversaw Agilent Research Laboratories, which
focuses on high-impact, longer-range research in support of the company&rsquo;s sustained business growth, as well as Agilent&rsquo;s
programs in university relations, external research, and venture investment. As Chief Technology Officer, she also navigated numerous
complex intellectual property and technology issues associated with Agilent&rsquo;s multiple separation and acquisition transactions. Darlene
previously served in a number of leadership positions, including as Vice President and Director of Agilent Laboratories and in a dual
capacity as the Director of the Life Sciences Technologies Laboratory and the Senior Director, Research&nbsp;&amp; Development/Technology
of Agilent&rsquo;s Life Sciences and Chemical Analysis business.</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">Darlene is an independent
director on the boards of Materion Corporation (NYSE: MTRN), where she is a past member of the Audit and Risk Committee and currently
on the Compensation Committee and the Nominating, Governance, and Corporate Responsibility Committee, and of Novanta,&nbsp;Inc. (NASDAQ:
NOVT), where she is a member of the Compensation Committee. Darlene is also a member of the National Academy of Engineering and serves
on multiple academic and government advisory boards focused on science, technology, and innovation. Darlene holds a BS from Stanford University
and a Ph.D. from MIT.</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"><FONT STYLE="font-size: 10pt"><B>William
 &ldquo;Bill&rdquo; Jellison </B></FONT>is a veteran medical technology executive and corporate finance expert. Bill previously served
as Chief Financial Officer of Stryker Corporation where he oversaw all areas of international finance, including accounting, planning
and analysis, SEC reporting, acquisition valuations, internal audit, tax and treasury activity. Prior to Stryker, Bill spent 15 years
at Dentsply International in a number of leadership positions, including Chief Financial Officer, as well as Senior Vice President with
full P&amp;L responsibilities for some of Dentsply&rsquo;s operating divisions in the U.S., Europe and Asia. Bill began his career with
Donnelly Corporation where he held multiple financial management and executive positions, including Vice President of Finance, Treasurer
and Corporate Controller. He is currently an independent business consultant and M&amp;A advisor for Astor Place Holdings.</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"></P>

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<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">Bill is an independent
director at Avient Corporation (NYSE: AVNT) and is chair of the Audit Committee and a member of the Environmental, Health and Safety Committee.
He holds a BA from Hope College in Holland, Michigan.</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"><B>Cautionary Statement
Regarding Forward-Looking Statements</B></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">This press release
does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein in any state to any person.
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 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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FEFEFE">Politan and the other
Participants (as defined below) intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) in due course to be used to solicit proxies for, among other matters, the election of
its slate of director nominees at the Annual Meeting. Promptly after filing its definitive proxy statement with the SEC, Politan will
mail the definitive proxy statement and accompanying WHITE universal proxy card to each stockholder entitled to vote at the Annual Meeting.</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">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, William Jellison and Darlene Solomon (collectively,
the &ldquo;Participants&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">As of the date hereof,
(i)&nbsp;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)&nbsp;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">&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 52,913,166 shares of Common Stock outstanding as of January&nbsp;24, 2024, as reported in Masimo&rsquo;s
Annual Report on Form&nbsp;10-K filed on February&nbsp;28, 2024. 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.&nbsp;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.&nbsp;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.&nbsp;Koffey may be deemed to be the beneficial owner
of all of the Politan Shares. As of the date hereof, none of Mr.&nbsp;Hall, Mr.&nbsp;Kapito, William Jellison or Darlene Solomon own beneficially
or of record any shares of Common Stock.</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"></P>

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<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"><B>Important Information
and Where to Find It</B></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 CAPITAL STRONGLY
ADVISES ALL STOCKHOLDERS OF MASIMO TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS 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, WHEN FILED, AND OTHER RELEVANT DOCUMENTS, WILL ALSO BE AVAILABLE ON THE SEC WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST
TO THE PARTICIPANTS&rsquo; PROXY SOLICITOR, D.F. KING&nbsp;&amp; CO.,&nbsp;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">&nbsp;</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&nbsp;&amp;
Co.,&nbsp;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">emccarthy@dfking.com</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; background-color: #FEFEFE"><B>Media Contacts</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">&nbsp;</P>

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

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