<SEC-DOCUMENT>0001213900-24-029030.txt : 20240402
<SEC-HEADER>0001213900-24-029030.hdr.sgml : 20240402
<ACCEPTANCE-DATETIME>20240401214913
ACCESSION NUMBER:		0001213900-24-029030
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240402
DATE AS OF CHANGE:		20240401

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33642
		FILM NUMBER:		24812045

	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
</SEC-HEADER>
<DOCUMENT>
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<FILENAME>ea0203110-defa14a_masimo.htm
<DESCRIPTION>SOLICITING MATERIAL PURSUANT TO 240.14A-12
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MASIMO CORPORATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>On
April 1, 2024, Joe Kiani, Chief Executive Officer of Masimo Corporation (the &ldquo;Company&rdquo;), participated in a conversation with
Liz Claman on &ldquo;The Claman Countdown&rdquo;. The following is a transcript of the conversation:</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liz
Claman: </B>Tis the season for proxy battles. Masimo stock down at this hour two and a third percent, after coming out swinging at multiple
allegations made by an activist investment fund, two of whose members also happened to sit on the health tech company&rsquo;s board.
Quentin Koffey and Michelle Brennan run hedge fund Politan Capital Management and are pushing for two additional seats on Masimo&rsquo;s
board. They hold two already. With this awkward fight now in play, Masimo CEO Joe Kiani joins us now in a Fox Business exclusive. Alright,
so you came out swinging this morning with a response. Let&rsquo;s define coming out swinging. This morning, you detailed a statement
refuting several of Politan&rsquo;s allegations, including the claim that Koffey and Brennan were excluded from board meetings. They
say they were. You say what?</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joe
Kiani: </B>They were not. In fact, there&rsquo;s been 11 board meetings in the last nine months since they&rsquo;ve been on our board,
and they have been in every one of them. You know, we held back for a week before we responded because we thought we should put the facts
behind our response. In fact, there&rsquo;s an exhibit attached to our press release that shows everything we gave them and how every
one of his claims last Monday were false.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liz
Claman: </B>You know, they also claim that you made the announcement that the company was exploring a separation of the consumer business
from the health tech business, the medical business. And you did it on a on a Friday afternoon. You know, it came after being informed
that Politan intended to nominate directors, and that makes them concerned.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joe
Kiani: </B>Well, it&rsquo;s not true. First of all, I went to Quentin, who was the second board member I went to in January, to say,
maybe we ought to do a spin. And I&rsquo;ve come up with a structure that might give both companies the best chance of success the consumer
health and the legacy health care business. In fact, he and I agreed to terms that then we went to the board, the rest of the board,
and explained to them. He explained it to them. We set up a special committee that he became the chairman of, to look at a couple of
the items that were potentially conflicts for me. He selected the bank, he selected the lawyer for the special committee. So for about
two months we were talking about the spin. We weren&rsquo;t talking about him electing new nominees. So on a Friday, finally, when we
agreed to do the spin and by the way, after we announced it, the stock went $154 a share, about 15% up post market close. It opened pre-market
on Monday at the same price. Then his negative press release came out and the stock ended up closing at 139. Now, here&rsquo;s a board
member. Here&rsquo;s a board member that has a fiduciary duty to the shareholders putting out negative things that&rsquo;s hurting stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liz
Claman: </B>Joe, they have been upset, I&rsquo;m talking about Koffey and Brennan, about the previous acquisition of Sound United, which
was a little expensive, at least from the perception of some of the shareholders, other investors. It was more than $1 billion. And when
it went through, you know, you look at the close of the acquisition of Sound United April 12th, 2022. Since then, the stock is down 22%.
And you look at since Politan joined in August of 2022, the stock is up, give or take 26%. I mean, I&rsquo;m looking at the numbers.
Sometimes activist investors juice a stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joe
Kiani: </B>Well, first of all, we bought the company for one time revenue to give us access to the consumer space. Secondly, unfortunately,
what I&rsquo;ve seen activists are opportunists. They find dislocation of stock and they want to get in and get credit for it. And I&rsquo;m
seeing for myself now nine months witnessing Quentin, he is a well-heeled activist looking out for his own personal gains and career
and making moves that are hurtful to stockholders. And if he gets the control of the company, which is what he would get if these two
people were to be elected, that he&rsquo;s proposing, it&rsquo;s going to hurt not only Masimo shareholders, but patients. Consumers
are relying on our innovation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liz
Claman: </B>Joe, are you saying they want to oust you, the founder who has lots of the patents for especially let&rsquo;s talk to our
viewers about what you do make. You&rsquo;re famed for that pulse oximeter watch, you took on Apple, and you actually won in the courts
because you said it was your technology they were using to check blood oxygen rates. Are you saying that they want to boot you?</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joe
Kiani: </B>Yes. After 35 years, I started Masimo from my garage, built it to a $2 billion company worth anytime between $7 billion to
$17 billion. Yes, they want to oust me. And I&rsquo;m the one who invented most of the technology. I&rsquo;m the one who brought the
team together, and I&rsquo;m the one who has steadily grown shareholder value. They&rsquo;re going after me now, and they&rsquo;re going
after control of the company. And here&rsquo;s two individuals that have been chaotic. And, you know, you mentioned the spin. He&rsquo;s
been on the board for nine months. He not one asked me to do the spin. This was an idea that I finally went to him because I found a
way that maybe we could do it such that both businesses can thrive.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liz
Claman: </B>And when you say the spin, it means you know you&rsquo;re possibly going to spin off the consumer business. Joe, we just
want to let our viewers know that we have put in a call to Politan. We have asked them, they have a standing invitation just like Joe
has, and they have apparently just responded, yes, that they will come on. I&rsquo;m sorry they have not responded yet. Pardon me. And
so we&rsquo;ll keep everybody posted. But we&rsquo;re fair and balanced here. But Joe, very appreciative that you came on to talk about
this here with us. Thank you.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joe
Kiani: </B>Thanks for having me on your show. Thank you.</FONT></P>

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

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

<P STYLE="text-align: center; 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: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Forward-Looking
Statements</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication includes forward-looking statements as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in connection
with the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding
the potential separation of Masimo&rsquo;s consumer business and the evaluation of Politan&rsquo;s nominees, as well as other matters
related to the 2024 Annual Meeting of Stockholders (the &ldquo;2024 Annual Meeting&rdquo;). These forward-looking statements are based
on current expectations about future events affecting us and are subject to risks and uncertainties, all of which are difficult to predict
and many of which are beyond our control and could cause our actual results to differ materially and adversely from those expressed in
our forward-looking statements as a result of various risk factors, including, but not limited to (i) uncertainties regarding future actions
that may be taken by Politan in furtherance of its nomination of director candidates for election at the 2024 Annual Meeting, (ii) the
potential cost and management distraction attendant to Politan&rsquo;s nomination of director nominees at the 2024 Annual Meeting and
(iii) factors discussed in the &ldquo;Risk Factors&rdquo; section of our most recent reports filed with the Securities and Exchange Commission
(&ldquo;SEC&rdquo;), which may be obtained for free at the SEC&rsquo;s website at&nbsp;<I>www.sec.gov</I>. Although we believe that the
expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. All
forward-looking statements included in this communication are expressly qualified in their entirety by the foregoing cautionary statements.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today&rsquo;s date. We do not
undertake any obligation to update, amend or clarify these statements or the &ldquo;Risk Factors&rdquo; contained in our most recent reports
filed with the SEC, whether as a result of new information, future events or otherwise, except as may be required under the applicable
securities laws.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Additional
Information Regarding the 2024 Annual Meeting of Stockholders and Where to Find It </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company intends to file a proxy statement and GOLD proxy card with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
in connection with its solicitation of proxies for its 2024 Annual Meeting. THE COMPANY&rsquo;S STOCKHOLDERS ARE STRONGLY ENCOURAGED
TO READ THE DEFINITIVE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING GOLD PROXY CARD WHEN THEY BECOME
AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain the proxy statement, any amendments or supplements to the
proxy statement and other documents as and when filed by the Company with the SEC without charge from the SEC&rsquo;s website at&nbsp;www.sec.gov.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain
Information Regarding Participants </B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company, its directors and certain of its executive officers and
employees may be deemed to be participants in connection with the solicitation of proxies from the Company&rsquo;s stockholders in connection
with the matters to be considered at the 2024 Annual Meeting. Information regarding the direct and indirect interests, by security holdings
or otherwise, of the Company&rsquo;s directors and executive officers in the Company is included in the Company&rsquo;s Proxy Statement
on Schedule 14A for its 2023 annual meeting of stockholders under the heading &ldquo;Ownership of our Stock - Security Ownership of Certain
Beneficial Owners and Management&rdquo; and in Appendix E thereto, filed with the SEC on May 24, 2023, as amended on May 25, 2023, which
can be found through the SEC&rsquo;s website at https://www.sec.gov/ix?doc=/Archives/edgar/data/937556/000093755623000095/masi-20230524.htm
and https://www.sec.gov/ix?doc=/Archives/edgar/data/937556/000093755623000099/masi-20230525.htm. Changes to the direct or indirect interests
of Masimo&rsquo;s directors and executive officers are set forth in SEC filings on Initial Statements of Beneficial Ownership on Form
3 (filed with the SEC on June 29, 2023, July 6, 2023, November 7, 2023 and January 16, 2024) and Statements of Change in Ownership on
Form 4 (filed with the SEC on May 30, 2023, May 31, 2023, June 28, 2023, June 29, 2023, July 6, 2023, December 21, 2023, January 16, 2024
and March 1, 2024), which can be found through the SEC&rsquo;s website at www.sec.gov. Additional information is available in the Company&rsquo;s
Annual Report on Form 10-K for the year ended December 30, 2023, filed with the SEC on February 28, 2024, available at https://www.sec.gov/Archives/edgar/data/937556/000093755624000018/masi-20231230.htm
and the Company&rsquo;s Current Reports on Form 8-K, filed with the SEC on June 28, 2023, November 7, 2023, January 16, 2024 and February
15, 2024, which can also be found through the SEC&rsquo;s website at www.sec.gov. More detailed and updated information regarding the
identity of these potential participants, and their direct or indirect interests of the Company, by security holdings or otherwise, will
be set forth in the proxy statement for the 2024 Annual Meeting and other materials to be filed with the SEC. These documents, when filed,
can be obtained free of charge from the sources indicated above.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

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

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end
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