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  "docSlug": "jarvis-politan-capital-masimo-presentation-may-2023",
  "documentTitle": "Politan Capital Masimo Presentation May 2023",
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  "presentationDate": "2023-05-01 00:00:00",
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  "pageNumber": 38,
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  "notes": "Part of an activist campaign deck targeting Masimo's governance.",
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      "text": "Even More Outsized Scaled to Revenues",
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      "text": "Outsized Annual Compensation",
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      "text": "Masimo has given over $30M to the Masimo Foundation with Mr. Kiani, his wife, and his sister comprising the majority of the foundation's board for most of its history. Grants to Mr. Kiani's personal causes: 50% to Presidents Carter, Clinton, Obama, and Biden. As well as grants to Chapman University where Mr. Kiani is Trustee and on the President's Cabinet.",
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      "text": "Personal use of Masimo assets: investing Masimo cash in his friend's hedge fund, Cota Capital; $1+M of personal security; R&D facility built near his vacation home; ownership of corporate jet. History of related party payments to entities such as Like Minded Media Ventures (\"a team of storytellers that create content\" owned by Mr. Kiani).",
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      "text": "Mr. Kiani receives unprecedented 'change in control' (CIC) payment that is 38x peers. Current directors made special payment permanent in 2017 and 2022 amendments. Unprecedented contract terms guarantee Mr. Kiani receives the payment even without a CIC.",
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      "text": "Mr. Kiani is Chairman & CEO of Cercacor, majority owner and controls the entity. Masimo paid Cercacor $17M in royalties for 2022 and that is expected to grow this year. If Mr. Kiani ever ceases to be Masimo's CEO & Chairman, then Masimo must pay Cercacor an annual minimum royalty of $17M irrespective of any actual sales linked to licensed IP.",
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      "text": "~$600M guaranteed Special Payment",
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