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  "docSlug": "jarvis-politan-capital-masimo-presentation-may-2023",
  "documentTitle": "Politan Capital Masimo Presentation May 2023",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-05-01 00:00:00",
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  "pageNumber": 46,
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  "notes": "Uses a timeline on the left and a binary choice/contradiction framework on the right.",
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  "components": [
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      "kind": "callout",
      "text": "Because Really Believed Politan Funded by IP Criminals?",
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      "kind": "callout",
      "text": "Because Mr. Kiani able to threaten ~$600M payment?",
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      "kind": "disclaimer",
      "text": "1. Company spent $32M in 4Q22 and 1Q23 on Litigation expenses... in addition, under Delaware law, Company is also required to pay for over $15M of litigation expenses Politan has spent to date...",
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      "kind": "list",
      "text": "September 2: Masimo management met with Politan for ~one hour. Immediately following meeting, Board determines a proxy contest is inevitable and they would lose. 6 days later... September 8: Board adopts bylaws six months before nomination window opens without meeting Politan. Resulting in spending $40M+ litigating bylaws",
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      },
      "kind": "quote",
      "text": "...director whose initial assumption of office is in connection with an actual or threatened election contest. (Special Payment trigger on Board additions) Mr. Kiani’s Employment Agreement",
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      "kind": "quote",
      "text": "What the board was worried about is that if Politan was working at the behest of Apple or Foxconn. Mr. Kiani, Deposition, Jan 23",
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      "kind": "quote",
      "text": "[T]he bylaws protect against a “Trojan Horse”... the fact that Politan has “sovereign entities” as investors is particularly concerning... Masimo Suit Against Politan, Oct 22",
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      "kind": "quote",
      "text": "One of the biggest pieces ...in favor of adopting those bylaws, despite me believing that they were difficult to comply with...[triggering the Special Payment is] a very scary prospect for me... Director Mikkelson, Deposition, Jan 23",
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      "kind": "title",
      "text": "Why Did Things Escalate So Rapidly With Politan?",
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      "name": "Tale Two Worlds",
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      "evidence": "Slides contrast current performance with potential benefits of change.",
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      "objective": "Contrast Masimo's performance with potential under new governance.",
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