<SEC-DOCUMENT>0001213900-24-044874.txt : 20240520
<SEC-HEADER>0001213900-24-044874.hdr.sgml : 20240520
<ACCEPTANCE-DATETIME>20240517204540
ACCESSION NUMBER:		0001213900-24-044874
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240520
DATE AS OF CHANGE:		20240517

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:			1228

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33642
		FILM NUMBER:		24962152

	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>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>ea0206504-defa14a_masimo.htm
<DESCRIPTION>SOLICITING MATERIAL PURSUANT TO 240.14A-12
<TEXT>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WASHINGTON, D.C. 20549</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"><B>SCHEDULE 14A INFORMATION</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"><B>Proxy Statement Pursuant to Section 14(a) of
the</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Amendment No. )</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; text-align: left; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT=""></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>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; 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></TD></TR>
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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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently valid OMB control number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></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; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><I>On May 17, 2024, Joe Kiani, Chief Executive Officer of Masimo Corporation,
participated in a conversation with Jon Fortt on &ldquo;Closing Bell: Overtime.&rdquo; The following is a transcript of the conversation:</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Jon Fortt: </B>Welcome back to Overtime. Well, the battle for control
of Masimo&rsquo;s board is heating up. Last week, the company offered the single vacant board seat to one of activist investor Politan
Capital&rsquo;s two nominees in an attempt to end the second proxy fight. Politan responding in a letter to the Board, writing in part,
&ldquo;We think it falls well short of resolving the fundamental governance problems at Masimo while simultaneously introducing others.&rdquo;
Later they say, &ldquo;Your proposal of seating one Politan nominee will simply deadlock the Board&mdash;something broadly criticized
by governance experts, which would merely continue the status quo...&rdquo; Well, joining us now for his first comments, some of them
since this round of proxy fighting began, is Masimo founder, chairman and CEO, Joe Kiani. Joe, welcome. So this is going to a vote, you
think?</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Joe Kiani: </B>I think so. Nice to see you, Jon. But unfortunately,
yeah, I think it is going to go to a vote. It&rsquo;s a shame because we&rsquo;re going to spend a lot of energy, a lot of money fighting
this thing. But the shareholders will have to decide what they want for the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Jon Fortt: </B>How much does this spinoff and the timing of it,
do you think matter to your argument to essentially keep control of your company?</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Joe Kiani: </B>Well, we began talking about doing a spin off after
my CFO and I went on a listening tour meeting our major shareholders. And what we realized short term, they were going to be right. Long
term, I was going to be right that the best thing for Masimo was to keep it all together. But short term, we&rsquo;re a healthcare company,
and our healthcare investors don&rsquo;t know how to deal with the consumer side of our business. So at the time, we decided there might
be a way to separate the consumer health without giving up the dream for what we&rsquo;re hoping to accomplish for patients, people, and
our shareholders effectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Jon Fortt: </B>So you&rsquo;re going to separate, at least you&rsquo;re
moving in that direction. You&rsquo;re willing to do it, but you don&rsquo;t think that total separation is necessarily the right thing
long term. And it seems to me like the Stork baby monitor is maybe an example of why you think that. Now, I haven&rsquo;t actually seen
it, but it sounds like it&rsquo;s this silicon boot that you can put on the baby&rsquo;s foot, and pulse oximetry is involved, and it
essentially not going to just tell you when the baby cries, but if there&rsquo;s a problem health wise with the baby that can be picked
up by that kind of equipment, that you have the IP for. Am I understanding that correctly?</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Joe Kiani: </B>You are right. This is actually the boot. It wraps
around the baby&rsquo;s foot. And if the baby during the night has a drop in their saturation, which happens a lot unfortunately with
patients, with babies that have sudden infant death syndrome, it will send an alert to the family, their parents, about the drop in SpO2.
And hopefully we can avoid these types of problems. So yeah, we&rsquo;re very excited about it. This is something I had envisioned, I&rsquo;m
not exaggerating, 35 years ago. May is the 35th anniversary of Masimo and I&rsquo;m so happy we&rsquo;re finally getting it out. But it&rsquo;s
this product and other products like these wearables that let me know that we&rsquo;re on the cusp of doing some incredible things for
the future. But also things we&rsquo;re doing in the healthcare system, like the new generation Root that we&rsquo;re going to be creating
that will hopefully launching this year as our anniversary present to our customers and stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Jon Fortt: </B>Well, I want to go back to this Stork boot, though,
because I mean watches, there&rsquo;s already Apple Watch out there. I know how you feel about Apple and the watches, but this new parent
stuff. I mean, you know, 13, 15 years ago I was a new parent. I know what that can do in the market. What&rsquo;s the expected price range
for this sort of thing? And I can&rsquo;t think of anything else in the market in this case. It&rsquo;s like hospital equipment at home.
I mean, it seems to me like it could be pretty expensive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Joe Kiani: </B>Well, that&rsquo;s the thing. We worked for many
years to make it smaller, make it lower cost. We&rsquo;re offering the boot monitor without the camera. And this is the camera that has
its own cool edge AI built into it to tell you if the baby&rsquo;s rolled down face down, or other issues in the future. But the monitor
itself for pulse oximetry drop is going to be about $200, with the camera, you&rsquo;re talking about $300. It should change everything.
There has never been a hospital grade, let alone Masimo, which we are the most reliable pulse oximeter on the planet, been available for
parents at home. So yeah, it should be big, it should change things, and it should be great for Masimo stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Jon Fortt: </B>So if I&rsquo;m a stockholder, I might ask you why
not just license that out and be in every high end baby monitor practically in the developed world? Why do it yourself?</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Joe Kiani: </B>Well, number one, I started Masimo to be an OEM company,
meaning I didn&rsquo;t want to make our own end user product. I wanted to be integrated in other people&rsquo;s products. I used to call
it Dolby. I know Intel Inside is more modern and what I learned if you try to OEM, it&rsquo;s like taking a shower with your raincoat
on. You get in there, you turn on the shower, you don&rsquo;t get very wet. You have to be in there with your own direct products and
work with OEMs. You got to do both. It&rsquo;s a push pull strategy. It&rsquo;s worked for us in the health care. We&rsquo;re now the
leading pulse oximeter company in hospitals because of our own direct products and the OEM strategy, and we&rsquo;re trying to replicate
that with the consumer world.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Jon Fortt: </B>Alright. You got a fight on your hands and we&rsquo;re
following it. Joe Kiani from Masimo. Thanks for joining me.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Joe Kiani: </B>Thank you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"># # #</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"><B>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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">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 2024 Annual Meeting of Stockholders (the &ldquo;2024 Annual Meeting&rdquo;) of Masimo Corporation (&ldquo;Masimo&rdquo; or the &ldquo;Company&rdquo;),
a potential spin-off involving Masimo, the evaluation of a potential separation of Masimo&rsquo;s Consumer Business, the potential advantages
and disadvantages of any such separation, the launch of a new generation Root product and the expected timing of such launch and product
development and manufacturing strategies with respect to Masimo&rsquo;s Consumer Business. These forward-looking statements are based
on current expectations about future events affecting Masimo and are subject to risks and uncertainties, all of which are difficult to
predict and many of which are beyond Masimo&rsquo;s control and could cause its actual results to differ materially and adversely from
those expressed in its forward-looking statements as a result of various risk factors, including, but not limited to (i) uncertainties
regarding a potential separation of Masimo&rsquo;s Consumer Business, (ii) 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, (iii) the potential cost and
management distraction attendant to Politan&rsquo;s nomination of director nominees at the 2024 Annual Meeting and (iv) factors discussed
in the &ldquo;Risk Factors&rdquo; section of Masimo&rsquo;s 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><U STYLE="text-decoration: none">www.sec.gov</U></I>. Although Masimo believes that the expectations
reflected in its forward-looking statements are reasonable, the Company does not know whether its 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. Masimo does
not undertake any obligation to update, amend or clarify these statements or the &ldquo;Risk Factors&rdquo; contained in the Company&rsquo;s
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 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information Regarding the 2024 Annual Meeting of Stockholders
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; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="background-color: white">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;</FONT><FONT STYLE="background-color: white">www.sec.gov</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Information Regarding 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; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="background-color: white">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 Amendment No. 1 to the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 30, 2023 under the heading &ldquo;Security
Ownership of Certain Beneficial Owners and Management&rdquo;, filed with the SEC on April 29, 2024, which can be found through the SEC&rsquo;s
website at https://www.sec.gov/ix?doc=/Archives/edgar/data/937556/000093755624000027/masi-20231230.htm. Changes to the direct or indirect
interests of Masimo&rsquo;s securities by directors and executive officers are set forth in SEC filings on Statements of Change in Ownership
on Form 4 filed with the SEC on April 30, 2024 and May 3, 2024, which can be found through the SEC&rsquo;s website at https://www.sec.gov/Archives/edgar/data/937556/000093755624000030/xslF345X05/wk-form4_1714522261.xml
and https://www.sec.gov/Archives/edgar/data/937556/000093755624000032/xslF345X05/wk-form4_1714772837.xml, respectively. 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</FONT>.</P>

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">3</P>

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