Document:

Document

Exhibit 10.1

April 1, 2022

Blair Tripodi
52 Discovery
Irvine, CA 92618

Dear Blair:
As you know, Masimo Corporation (the “Company” or “Masimo”) has entered into an Agreement and Plan of Merger with Viper Holdings Corporation (“Sound United”) and certain other parties, pursuant to which Sound United will become a wholly-owned subsidiary of Masimo (the “Acquisition”). Masimo and its subsidiaries, including Sound United and its subsidiaries following the closing of the Acquisition (the “Closing”), are referred to herein as the “Masimo Group”.
It is with great pleasure that we extend this conditional offer to continue employment with the Masimo Group as SVP of International Commercial Operations, Consumer. You will continue to report to your current supervisor. If you accept this offer, the offer letter will become effective as of the Closing. Please note that in the event the Closing does not occur, this offer letter will be of no further force or effect.
The following is a summary of your compensation package:
									
		Annual Salary:	Your salary will be the same as it was prior to the Closing.
			
		Variable Compensation:	For at least the first twelve months following the Closing, you will be eligible to receive target bonus opportunities and commission opportunities which in the aggregate are substantially comparable to the target bonus opportunities and commission opportunities provided by Sound United immediately prior to the Closing.
			
		Retention Bonus:	You will be eligible to receive a retention bonus of $225,000 if you continue to be employed by the Masimo Group through the first anniversary of the Closing. In the event your employment with the Masimo Group is terminated by you for any reason or by us with cause, prior to the first anniversary of the Closing, the retention bonus will be forfeited.
			
		Benefits:	You will initially continue to participate in the benefit plans of Sound United and its subsidiaries, subject to the terms, conditions, and limitations contained in the applicable plans, as they may be amended from time to time, except that if you currently participate in the DEI Holdings, Inc. 401(k) Plan, your participation will be transitioned to the Masimo Retirement Savings Plan.
			

									
		Equity Awards:	You will be eligible to receive an award of Restricted Stock Units (“RSUs”) with a grant date value of approximately $600,000 subject to the terms of the Masimo Corporation 2017 Equity Incentive Plan (the “Plan”) and the Restricted Stock Unit Award Agreement (the “RSU Award Agreement”). The RSU award will vest over a 5-year period, subject to your continued employment with Masimo Group, with twenty percent (20%) vesting on the one year anniversary of the vesting commencement date (which will be set forth in your Award Agreement), and an additional twenty percent (20%) vesting on each subsequent one year anniversary of the vesting commencement date. You will be receiving additional information directly from our equity compensation plan services provider, Charles Schwab & Co., Inc. (“Schwab”) with instructions for setting up your Schwab account and viewing and accepting your Award Agreement and RSU award online. In addition, you will be eligible to receive an award of Performance Stock Units (“PSUs”) with a grant date value of approximately $1,200,000, subject to the terms of the Plan and the Performance Stock Unit Award Agreement (the “PSU Agreement”). The vesting of this PSU award is subject to Sound United achieving certain cumulative net revenue and adjusted EBITDA goals during the three years ended December 28, 2024. These goals will be detailed in the PSU Agreement, which will be delivered to you promptly following the Closing.

All compensation payable pursuant to this offer letter will be subject to the withholding of all applicable taxes and deductions required by law.
This offer is contingent upon you signing and returning the Masimo Employee Confidentiality Agreement and the acknowledgement regarding the Masimo Corporation Code of Business Conduct and Ethics, each of which is enclosed with this letter. Also enclosed is a Mutual Agreement to Arbitrate Claims, which we encourage but do not require you to sign as a condition of your employment. You are encouraged to discuss these documents with your own advisor to the extent you desire.
Employment with the Masimo Group is “at-will” and not for a specific term, meaning that there is no express or implied agreement between the Masimo Group and you for continued or long-term employment, and either you or the Masimo Group may terminate the employment relationship at any time, with or without notice and with or without cause. In addition, the Masimo Group may change the terms and conditions of your employment with or without notice and with or without cause. The “at-will” nature of your employment cannot be modified except in writing signed by both you and an officer of the Company.
This letter sets forth the material terms of your offer of employment, and supercedes all prior offers, agreements, and discussions about employment that you may have had with any employee of Masimo (or its subsidiaries) or Sound United (or its subsidiaries), whether written or oral. However, this letter is not intended to supersede any Indemnification Agreement between you and Sound United or your rights with respect to severance contained in any agreement between you and Sound United or its subsidiaries entered into prior to the Closing.
Please confirm your acceptance of this offer and agreement to its terms by signing this letter and the enclosures and returning each signed document to the Human Resources department.
If you have any questions, please feel free to contact me.
We look forward to you joining our Team!

												
	Sincerely,			
	/s/ TRACY MILLER
			
	Tracy Miller			
	Vice President, Human Resources			
				
	I acknowledge receipt of this offer and agree to its terms:
				
	/s/ BLAIR TRIPODI
		April 11, 2022	
	Blair Tripodi		Date	
				
	Enclosures:			
				
	Masimo Employee Confidentiality Agreement	
	Masimo Corporation Code of Business Conduct and Ethics	
	Mutual Agreement to Arbitrate ClaimsDocument

Exhibit 10.2

MASIMO CORPORATION

AMENDED AND RESTATED
2007 SEVERANCE PROTECTION PLAN

Participation Agreement for

Blair Tripodi

 

Page 1 of 4

September 16, 2022

Personal & Confidential
Blair Tripodi
52 Discovery
Irvine, CA 92618

Re:     Masimo Corporation Amended and Restated 2007 Severance Protection Plan— Limited Participation Agreement

Dear Blair:
This letter relates to the Amended and Restated 2007 Severance Protection Plan (the “Plan”) that we, Masimo Corporation, have adopted.
Through this letter, you are being offered the opportunity to become a limited Participant in the Plan and, thereby, to be eligible to receive only the change in control benefits (and not the basic or the voluntary severance benefits) described below. A copy of the Plan is attached to this letter and incorporated herein by reference. You should read the Plan carefully and become comfortable with its terms and conditions, and those set forth below. Upon completion of three (3) years of service to Masimo Corporation, you will be eligible for full participation in the Plan.
If you choose to sign below, you will be establishing a Participation Agreement, within the meaning of the Plan, and as limited by the terms of this Participation Agreement; and, you will thereby be acknowledging and agreeing to the following provisions:
(a) that you have received and reviewed a copy of the Plan;
(b) that terms not defined in this Participation Agreement, but beginning with initial capital letters, shall have the meanings assigned to them in the Plan;
(c) that your limited participation in the Plan requires that you agree irrevocably and voluntarily to the terms of the Plan and the terms set forth below; and
(d) that you have had the opportunity to carefully evaluate this opportunity, and desire to participate in the Plan according to the terms and conditions set forth herein. 
Subject to the foregoing, we invite you to become a limited Participant in the Plan. Your limited participation in the Plan will be effective upon your signing and returning this Participation Agreement to the Company within thirty (30) days of your receipt of this Participation Agreement. 

Page 2 of 4

NOW, THEREFORE, you and Masimo Corporation (hereinafter referred to as the “parties”) hereby agree as follows:
1.     If (a) your employment terminates on the date of a Change in Control specifically because your current job, or similar job, was not offered to you on the date of such Change in Control, or (b) you experience a Covered Termination on or after a Change in Control for a reason other than as set forth in preceding Section 1(a) then, in accordance with Sections 3 and 4 of the Plan, fifty percent (50%) of each of your unvested and outstanding stock options or other equity-based awards will immediately vest upon a Change in Control.
2.     As a condition of receiving the limited Change in Control Severance Benefits pursuant to the Plan and this Participation Agreement, you must sign all relevant documents listed in Section 4 of the Plan.
3.     In consideration of becoming eligible to receive the limited Change in Control Severance Benefits provided under the terms and conditions of the Plan and this Participation Agreement, you agree to waive any and all rights, benefits, and privileges to severance benefits that you might otherwise be entitled to receive under any other oral or written plan, employment agreement or arrangement, including your Severance Agreement with Viper Holdings Corporation dated January 17, 2022, which is hereby terminated.
4.     You understand that the waiver set forth in Section 3 above is irrevocable, and that this Participation Agreement and the Plan set forth the entire agreement between us with respect to any subject matter covered herein.
5.     Subject to Section 12(b) of the Plan, this Participation Agreement shall terminate, and your status as a “Participant” in the Plan shall end, on the termination of your employment other than pursuant to a “Covered Termination” as defined in Section 2(d)(i) of the Plan.
6.     While the Plan and this Participation Agreement are in effect, you agree that if you decide to voluntarily resign, you will give the Company six (6) months notice.
7.     As a condition for receiving benefits under the Plan and this Participation Agreement, you agree that the Committee may reduce your Plan benefits to avoid triggering any “excess parachute payments” under Section 280G of the Code.
8.     If any provision of the Plan, or of this Participation Agreement, is determined to be unlawful, invalid or unenforceable, such provision shall be deemed severed from the Plan or this Participation Agreement, respectively, but every other provision of the Plan or of this Participation Agreement shall remain in full force and effect. In substitution for any provision of the Plan or this Participation Agreement being held unlawful, invalid or unenforceable, there shall be substituted a provision of similar import reflecting the original intent of the parties hereto to the fullest extent permissible under law. 
9.     You recognize and agree that your execution of this Participation Agreement results in your limited enrollment and participation in the Plan, that you agree to be bound by the terms and conditions of the Plan and this Participation Agreement, and that you understand that this Participation Agreement may not be amended or modified except pursuant to Section 12 of the Plan. 

Page 3 of 4

															
	Dated:	September 16, 2022		MASIMO CORPORATION:
					
				By:	/s/ JOE KIANI

					Joe Kiani
					CEO & Chairman of the Board
					
	ACCEPTED AND AGREED TO this 16th day of September 2022.

					
	/s/ BLAIR TRIPODI
			
	Blair Tripodi			

Page 4 of 4

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