Document:

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                                                                   EXHIBIT 10.12

                           FIFTH AMENDED AND RESTATED
                          REGISTRATION RIGHTS AGREEMENT

                               MASIMO CORPORATION

      This Fifth Amended and Restated Registration Rights Agreement (the
"Agreement") is made and entered into as of September 14, 1999, by and among
MASIMO CORPORATION, a Delaware corporation (the "Company") and the undersigned
holders of Series A Preferred Stock, Series B Preferred Stock, Series C
Preferred Stock, Series E Preferred Stock and Series F Preferred Stock of the
Company (collectively, the "Purchasers"). This Agreement restates and amends in
full the Registration Rights Agreement dated October 30, 1991 among the Company
and the holders of Series A Preferred Stock of the Company, the First Amended
and Restated Registration Rights Agreement dated May 21, 1992 between the
Company and the holders of Series A Preferred Stock and Series B Preferred Stock
of the Company, the Second Amended and Restated Registration Rights Agreement
dated December 10, 1993 between the Company and the holders of Series A
Preferred Stock and Series B Preferred Stock of the Company, the Third Amended
and Restated Registration Rights Agreement dated January 17, 1995 by and among
the Company and the holders of Series A Preferred Stock, Series B Preferred
Stock and Series C Preferred Stock and the Fourth Amended and Restated
Registration Rights Agreement dated December 3, 1997 by and among the Company
and the holders of Series A Preferred Stock, Series B Preferred Stock, Series C
Preferred Stock and Series E Preferred Stock.

      1.    Definitions. As used herein:

            (a)   The terms "register," "registered" and "registration" refer to
a registration effected by preparing and filing a registration statement in
compliance with the Securities Act of 1933, as amended (the "Securities Act"),
and the declaration or ordering of the effectiveness of such registration
statement.

            (b)   For the purposes hereof the term "Registrable Securities"
means shares of (i) any and all shares of common stock of the Company issued or
issuable upon conversion of the Series A Preferred Stock (the "Series A
Shares"), Series B Preferred Stock (the "Series B Shares"), Series C Preferred
Stock (the "Series C Shares"), Series E Preferred Stock (the "Series E Shares")
or Series F Preferred Stock (the "Series F Shares") of the Company issued as of
this date or at any time hereafter, (ii) shares of stock issued with respect to
or in any exchange for or in replacement of stock included in (i) above which
have not been resold to the public in a registered public offering, or (iii)
shares of stock issued in respect of the stock referred to in (i) and (ii) as a
result of a stock split, stock dividend or the like, which have not been resold
to the public in a registered public offering.

            (c)   The terms "Holder" or "Holders" mean any person or persons to
whom Registrable Securities were originally issued and who execute this
Agreement or qualifying transferees under Section 11 hereof who hold Registrable
Securities.

            (d)   The term "Initiating Holders" means (i) any Holder or Holders
of in the aggregate at least 75% of the Registrable Securities, (ii) any Holder
or Holders of at least 75% of the Registrable Securities designated as Series C
Shares (iii) any Holder or Holders of at least 75% of the Registrable Securities
designated as Series E Shares or (iv) any Holder or Holders of at least 75% of
the Registrable Securities designated as Series F Shares.

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            (e)   The term "SEC" means the Securities and Exchange Commission.

      2.    Demand Registration.

            (a)   Request for Registration. In case the Company shall receive
from Initiating Holders a written request that the Company effect any
registration, qualification or compliance with respect to all or a part of the
Registrable Securities, the Company will:

                  (i)   within ten (10) days after the receipt thereof give
written notice of the proposed registration, qualification or compliance to all
other Holders; and

                  (ii)  as soon as practicable, use its diligent best efforts to
effect all such registration, qualifications and compliances (including, without
limitation, the execution of an undertaking to file post-effective amendments,
appropriate qualifications under the applicable blue sky or other state
securities laws and appropriate compliance with exemptive regulations issued
under the Securities Act and any other governmental requirements or regulations)
as may be so requested and as would permit or facilitate the sale and
distribution of all or such portion of such Holder's or Holders' Registrable
Securities as are specified in such request, together with all or such portion
of the Registrable Securities of any Holder or Holders joining in such request
as are specified in a written request given within 30 days after receipt of such
written notice from the Company; provided that the Company shall not be
obligated to take any action to effect such registration pursuant to this
Section 2:

                        (A)   In any particular jurisdiction in which the
Company would be required to execute a general consent to service of process in
effecting such registration, qualification or compliance, unless the Company is
already subject to service in such jurisdiction and except as required by the
Securities Act; or

                        (B)   In the case of a request from Initiating Holders
described in clause (1) of the definition of Initiating Holders, after the
Company has already effected two (2) such registrations pursuant to this
subsection 2(a) and such registrations have been declared or ordered effective;
or

                        (C)   In the case of a request from Initiating Holders
described in clause (ii), (iii) or clause (iv) of the definition of Initiating
Holders, after the Company has already effected one (1) such registration
pursuant to this subsection 2(a) and such registration has been declared or
ordered effective.

Subject to the foregoing clauses (A) through (C), the Company shall file a
registration statement covering the Registrable Securities so requested to be
registered as soon as practical, but in any event within 90 days after receipt
of the request or requests of the Initiating Holders; provided, however, that if
the Company shall furnish to the Holders a certificate signed by the President
of the Company stating that in the good faith Judgment of the Board of Directors
it would be seriously detrimental to the Company and its stockholders for such
registration statement to be filed at the date filing would be required and it
is therefore essential to defer the filing of such registration statement, the
Company shall have an additional period of not more than 60 days after the
expiration of the initial 90 day period within which to file such registration
statement. The Company may not provide such a certificate more than once during
any 12 month period.

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            (b)   Underwriting. If the Initiating Holders intend to distribute
the Registrable Securities covered by their request by means of an underwriting,
they shall so advise the Company as a part of their request made pursuant to
Section 2(a) and the Company shall include such information in the written
notice referred to in subsection 2(a)(i). In such event, if so requested in
writing by the Company, the Initiating Holders shall negotiate with an
underwriter selected by the Company with regard to the underwriting of such
requested registration; provided, however, that if a majority in interest of the
Initiating Holders have not agreed with such underwriter as to the terms and
conditions of such underwriting within 20 days following commencement of such
negotiations, a majority in interest of the Initiating Holders may select an
underwriter of their choice. The right of any Holder to registration pursuant to
Section 2 shall be conditioned upon such Holder's participation in such
underwriting and the inclusion of such Holder's Registrable Securities in the
underwriting (unless otherwise mutually agreed by a majority in interest of the
Initiating Holders and such Holder) to the extent provided herein. The Company
shall (together with all Holders proposing to distribute their securities
through such underwriting) enter into an underwriting agreement in customary
form with the underwriter or underwriters selected for such underwriting by a
majority in interest of the Initiating Holders. Notwithstanding any other
provision of this Section 2, if the underwriter advises the Initiating Holders
in writing that marketing factors require a limitation of the number of shares
to be underwritten, the Initiating Holders shall so advise all Holders of
Registrable Securities who have elected to participate in such offering, and the
number of shares of Registrable Securities that may be included in the
registration and underwriting shall be allocated among Holders requesting
registration in proportion, as nearly as practicable, to the respective amounts
of Registrable Securities held by such Holders. If any Holder of Registrable
Securities disapproves of the terms of the underwriting, he may elect to
withdraw therefrom by written notice to the Company, the underwriter and the
Initiating Holders. Any Registrable Securities which are excluded from the
underwriting by reason of the underwriter's marketing limitation or withdrawn
from such underwriting shall be withdrawn from such registration. If the
underwriter has not limited the number of Registrable Securities to be
underwritten, the Company, employees of the Company and other holders of the
Company's Common Stock may include securities for its (or their) own account in
such registration if the underwriter so agrees and if the number of Registrable
Securities which would otherwise have been included in such registration and
underwriting will not thereby be limited.

      3.    Company Registration.

            (a)   Notice to Holders. If at any time or from time to time, the
Company proposes to register any of its securities, for its own account or the
account of any of its stockholders other than the Holders, other than a
registration relating solely to employee stock option or purchase plans, or a
registration on Form S-4 relating solely to an SEC Rule 145 transaction, or a
registration on any other form (other than Form S-1, S-2 or S-3, or their
successor forms) or any successor to such forms, which does not include
substantially the same information as would be required to be included in a
registration statement covering the sale of Registrable Securities, the Company
will:

                  (i)   promptly give to each Holder written notice thereof
(which shall include a list of the jurisdictions in which the Company intends to
attempt to qualify any securities under applicable blue sky or other state
securities laws); and

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                  (ii)  include in such registration (and any related
qualification under blue sky laws or other compliance), and in any underwriting
involved therein, all the Registrable Securities specified in a written request
or requests, made within 30 days after receipt of such written notice from the
Company, by any Holder or Holders to be included in any such registration,
except as set forth in subsection 3(b) below.

            (b)   Underwriting. If the registration of which the Company gives
notice is for a registered public offering involving an underwriting, the
Company shall so advise the Holders as a part of the written notice given
pursuant to subsection 3(a)(i). In such event the right of any Holder to
registration pursuant to Section 3 shall be conditioned upon such Holder's
participation in such underwriting and the inclusion of such Holder's
Registrable Securities in the underwriting to the extent provided herein. All
Holders proposing to distribute their securities through such underwriting shall
(together with the Company and the holders distributing their securities through
such underwriting) enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for such underwriting by the Company.
Notwithstanding any other provision of this Section 3, if the underwriter
determines that marketing factors require a limitation of the number of shares
to be underwritten, the underwriter may limit the number of Registrable
Securities and other shares of Common Stock of the Company to be included in the
registration and underwriting as well as the number of such shares to be sold by
any selling stockholders. In the event of a cutback by the underwriters of the
number of Registrable Securities to be included in the registration and
underwriting, the Company shall so advise all Holders of Registrable Securities
which would otherwise be registered and underwritten pursuant hereto, and the
number of shares of Registrable Securities that may be included in the
registration and underwriting shall be allocated in proportion to the respective
amounts of Registrable Securities held by each of such Holder as of the date of
the notice pursuant to subsection 3(a) above. If any Holder disapproves of the
terms of any such underwriting, he may elect to withdraw therefrom by written
notice to the Company and the underwriter. Any Registrable Securities excluded
or withdrawn from such underwriting shall be withdrawn from such registration.

      4.    Form S-3. After the Company has qualified as a registrant whose
securities may be sold pursuant to Form S-3, it shall upon the request of any
Holder notify such Holder that it so qualifies. After the Company has qualified
for the use of Form S-3, Holders of Registrable Securities shall have the right
to request an unlimited number of registrations on Form S-3 (such requests shall
be in writing and shall state the number of Registrable Securities to be
disposed of and the intended method of disposition of such shares by such
Holders), subject only to the following:

            (a)   The Company shall not be required to effect a registration
pursuant to this Section 4 within 90 days of the effective date of any
registration referred to in Sections 2 and 3 above.

            (b)   The Company shall not be required to effect a registration
pursuant to this Section 4 unless the Holder or Holders requesting registration
propose to dispose of shares of Registrable Securities having an aggregate
disposition price (before deduction of underwriting discounts and expenses of
sale) of at least $500,000.

            (c)   The Company shall not be required to effect more than one
registration pursuant to this subsection 4 in any 12 month period.

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      The Company shall promptly give written notice to all Holders of the
receipt of a request for registration pursuant to this subsection 4 and shall
provide a reasonable opportunity for such Holders to participate in the
registration, provided that if the registration is for an underwritten
offering, the terms of subsection 2(b) shall apply to all participants in such
offering. Subject to the foregoing, the Company will use its best efforts to
effect promptly the registration of all shares of Registrable Securities on Form
S-3 to the extent requested by the Holder or Holders thereof for purposes of
disposition. Any registration pursuant to Section 4 shall not be counted as
registration pursuant to Section 2.

      5.    Expenses of Registration. All reasonable expenses incurred in
connection with any registration, qualification or compliance pursuant to this
Agreement, including, without limitation, all registration, filing and
qualification fees, printing expenses, reasonable fees and disbursements of
counsel for the Company and expenses of any special audits incidental to or
required by such registration, shall be borne by the Company except as follows:

            (a)   The Company shall not be required to pay for expenses of any
registration proceeding begun pursuant to Section 2, the request for which has
been subsequently withdrawn by the Initiating Holders, in which such case, such
expenses shall be borne by the Holders requesting such withdrawal; provided,
however, that if such withdrawal is primarily due to a material adverse change
in the condition, business or prospects of the Company from that known to the
Holders at the time of their request, then the Company shall be required to pay
such expenses and the Holders shall retain their rights pursuant to Section 2.

            (b)   The Company shall not be required to pay fees of legal counsel
of a Holder except for the reasonable fees of a single counsel acting on behalf
of all selling Holders, or to pay underwriters' fees, discounts or commissions
relating to Registrable Securities.

      6.    Registration Procedures. In the case of each registration,
qualification or compliance effected by the Company pursuant to this Agreement,
the Company will keep each Holder participating therein advised in writing as to
the initiation of each registration, qualification and compliance and as to the
completion thereof. At its expense, the Company will:

            (a)   Keep such registration, qualification or compliance pursuant
to Sections 2, 3 or 4 effective for a period of 180 days or until the Holder or
Holders have completed the distribution described in the registration statement
relating thereto, whichever first occurs; and

            (b)   Furnish to the Holders such numbers of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order
to facilitate the disposition of the Registrable Securities owned by them; and

            (c)   Notify each Holder of Registrable Securities covered by such
registration statement at any time. when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing; and

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            (d)   Furnish, at the request of any Holder requesting registration
of Registrable Securities pursuant to this Agreement, on the date that such
Registrable Securities are delivered to the underwriters for sale in connection
with a registration pursuant to this Agreement, if such securities are being
sold through underwriters, or, if such securities are not being sold through
underwriters, on the date that the registration statement with respect to such
securities becomes effective, (i) a copy of an opinion, dated such date, of the
counsel representing the Company for the purposes of such registration, in form
and substance as is customarily given to underwriters in an underwritten public
offering, addressed to the underwriters, if any, and (ii) a copy of a letter
dated such date, from the independent certified public accountants of the
Company, in form and substance as is customarily given by independent certified
public accountants to underwriters in an underwritten public offering, addressed
to the underwriters, if any.

      7.    Indemnification.

            (a)   The Company will indemnify and hold harmless each Holder of
Registrable Securities, each of its officers, directors and partners, and each
person controlling such Holder, with respect to which such registration,
qualification or compliance has been effected pursuant to this Agreement, and
each underwriter, if any, and each person who controls any underwriter of the
Registrable Securities held by or issuable to such Holder, against all claims,
losses, expenses, damages and liabilities (or actions in respect thereto)
arising out of or based on any untrue statement (or alleged untrue statement) of
a material fact contained in any preliminary or final prospectus, offering
circular or other document (including any related registration statement,
notification or the like) incident to any such registration, qualification or
compliance, or based on any omission (or alleged omission) to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, or any violation or alleged violation by the Company
relating to action or inaction required of the Company in connection with any
rule or regulation promulgated under the Securities Act or any state securities
law applicable to the Company and will reimburse each such Holder, each of its
officers, directors and partners, and each person controlling such Holder, each
such underwriter and each person who controls any such underwriter, for any
reasonable legal and any other expenses incurred in connection with
investigating, defending or settling any such claim, loss, damage, liability or
action, provided that the Company will not be liable in any such case to the
extent that any such claim, loss, damage or liability arises out of or is based
on any untrue statement or omission based upon written information furnished to
the Company by an instrument duly executed by such Holder or underwriter
specifically for use therein, and provided further that the agreement of the
Company to indemnify any underwriter and any person who controls such
underwriter contained herein with respect to any such preliminary prospectus
shall not inure to the benefit of any underwriter, from whom the person
asserting any such claim, loss, damage, liability or action purchased the stock
which is the subject thereof, if at or prior to the written confirmation of the
sale of such stock, a copy of the prospectus (or the prospectus as amended or
supplemented) was not sent or delivered to such person, excluding the documents
incorporated therein by reference, and the untrue statement or omission of a
material fact contained in such preliminary prospectus was corrected in the
prospectus (or the prospectus as amended or supplemented).

             (b) Each Holder, severally and not jointly, will, if Registrable
Securities held by or issuable to such Holder are included in the securities as
to which such registration, qualification or compliance is being effected,
indemnify and hold harmless the Company, each of its directors and officers,
each underwriter, if any, of the Company's securities covered by such a
registration statement, each person who controls the Company within the meaning
of the Securities Act, and each

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other such Holder, each of its officers, directors and partners and each person
controlling such Holder, against all claims, losses, expenses, damages and
liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any preliminary or final prospectus, offering circular or other document
(including any related registration statement, notification or the like)
incident to any such registration, qualification or compliance or based on any
omission (or alleged omission) to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, and
will reimburse the Company, such Holders, such directors, officers, partners,
persons or underwriters for any reasonable legal or any other expenses incurred
in connection with investigating, defending or settling any such claim, loss,
damage, liability or action, in each case to the extent, but only to the extent,
that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in such registration statement, prospectus, offering circular
or other document in reliance upon and in conformity with written information
furnished to the Company by an instrument duly executed by such Holder
specifically for use therein, and provided further that the agreement of the
Holder to indemnify any underwriter and any person who controls such underwriter
contained herein with respect to any such preliminary prospectus shall not inure
to the benefit of any underwriter, from whom the person asserting any such
claim, loss, damage, liability or action purchased the stock which is the
subject thereof, if at or prior to the written confirmation of the sale of such
stock, a copy of the prospectus (or the prospectus as amended or supplemented)
was not sent or delivered to such person, excluding the documents incorporated
therein by reference, and the untrue statement or omission of a material fact
contained in such preliminary prospectus was corrected in the prospectus (or the
prospectus as amended or supplemented); provided, however, that in no event
shall the indemnification provided by any Holder hereunder exceed the gross
proceeds received by such Holder for the sale of such Holder's securities
pursuant to such registration.

            (c)   Each party entitled to indemnification under this Section 7
(the "Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom, provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Party (whose approval shall not be unreasonably
withheld), and the Indemnified Party may participate in such defense at such
party's expense, and provided further that the failure of any Indemnified Party
to give notice as provided herein shall not relieve the Indemnifying Party of
its obligations hereunder, unless such failure is materially prejudicial to an
Indemnifying Party's ability to defend such action. No Indemnifying Party, in
the defense of any such claim or litigation, shall, except with the consent of
each Indemnified Party, consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such Indemnified Party of a release from all
liability in respect to such claim or litigation.

      8.    Lock-Up Provision. Upon receipt of a written request by the Company
or by its underwriters, the Holders shall not sell, sell short, grant an option
to buy, or otherwise dispose of shares of the Company's Common Stock or other
securities (except for any such shares included in the registration) for a
period of one hundred eighty (180) days following the effective date of the
registration of the Company's securities; provided, however, that (i) such
Holder shall have no obligation to enter into the agreement described herein
unless the executive officers, directors and holders of five percent (5%) or
more of the outstanding voting securities of the Company and all other Holders
and holders of other registration rights from the Company, if any, enter into
similar agreements, and (ii) nothing herein shall prevent any Holder that is a
partnership or a corporation

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from making a distribution of Registrable Securities to its partners or
stockholders that is otherwise in compliance with applicable securities laws.
The Company may impose stop-transfer instructions with respect to the shares (or
securities) subject to the foregoing restriction until the end of said 180 day
period.

      9.    Information by Holder. The Holder or Holders of Registrable
Securities included in any registration shall promptly furnish to the Company
such information regarding such Holder or Holders and the distribution proposed
by such Holder or Holders as the Company may request in writing and as shall be
required in connection with any registration, qualification or compliance
referred to herein.

      10.   Rule 144 Reporting. With a view to making available to Holders of
Registrable Securities the benefits of certain rules and regulations of the SEC
which may permit the sale of the Registrable Securities to the public without
registration, the Company agrees at all times after a public market exists for
the Common Stock of the Company to:

            (a)   Make and keep public information available, as those terms are
understood and defined in SEC Rule 144;

            (b)   File with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Securities
Exchange Act of 1934, as amended (the "Exchange Act") ;

            (c)   So long as a Holder owns any Registrable Securities, to
furnish to such Holder forthwith upon such Holder's reasonable request a written
statement by the Company as to its compliance with the reporting requirements of
said Rule 144 (at any time after 90 days after the effective date of the first
registration statement filed by the Company for an offering of its securities to
the general public), and of the Securities Act and the Exchange Act (at any time
after it has become subject to such reporting requirements), a copy of the most
recent annual or quarterly report of the Company, and such other reports and
documents so filed by the Company as such Holder may reasonably request in
availing itself of any rule or regulation of the SEC allowing such Holder to
sell any such securities without registration.

      11.   Transfer of Registration Rights. The rights to cause the Company to
register Registrable Securities of a Holder and keep information available,
granted to a Holder by the Company under Sections 2, 3, 4 and 10 may be assigned
by any Holder to a transferee or assignee of at least 50,000 shares (including
shares transferred by any affiliate of a Holder and as adjusted for stock
splits, stock dividends, reorganizations and the like from the date hereof) of
its Registrable Securities not sold to the public or up to three transferees or
assignees of any shares of its Registrable Securities not sold to the public
that are partners, stockholders or affiliates of such Holder, provided, that the
Company is given written notice by the Holder at the time of or within a
reasonable time after said transfer, stating the name and address of said
transferee or assignee and identifying the securities with respect to which such
registration rights are being assigned, and provided further, that any such
transferee or assignee shall agree in writing to become subject to the
obligations of the transferring Holder hereunder and shall expressly agree not
to transfer such rights other than to a purchaser of at least 50,000 shares
(adjusted as described above) of Registrable Securities not sold to the public.

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      12.   Limitations on Subsequent Registration Rights. From and after the
date of this Agreement, the Company shall not, without the prior written consent
of the Holders of sixty percent (60%) of the outstanding Registrable Securities,
enter into any agreement with any holder or prospective holder of any securities
of the Company which would allow such holder or prospective holder to include
such securities in any registration filed under Section 2 hereof, unless under
the terms of such agreement, such holder or prospective holder may include such
securities in any such registration only to the extent that the inclusion of his
securities will not reduce the amount of the Registrable Securities of the
Holders which is included.

      13.   Miscellaneous: Restatement and Amendment of October 30, 1991, May
21, 1992 December 10, 1993, January 17, 1995 and December 3, 1997 Registration
Rights Agreements.

            (a)   Any term of this Agreement may be amended and the observance
of any such term may be waived (either generally or in a particular instance and
either retroactively or prospectively) with the written consent of the Company
and Holders holding at least sixty percent (60%) of the outstanding Registrable
Securities. Any amendment or waiver affected in accordance with this paragraph
shall be binding upon the parties hereto and their successors and assigns.

            (b)   This Agreement shall be governed in all respects by the laws
of the State of California, without giving effect to its principles regarding
conflicts of law.

            (c)   This Agreement constitutes the full and entire understanding
and agreement between the parties with respect to the subject hereof. The
Company, Tamalpais Associates, L.P., Fiebusch & Co., Inc., VSI Investors and
Jose A. Nessim and Freda Nessim, Trustees of the Jose A. Nessim and Freda Nessim
Trust, 1971 (the "Series A Holders") acknowledge and agree that this Agreement
restates and amends in full the Registration Rights Agreement dated October 30,
1991 by and among the Company and the Series A Holders. The Company, DSV
Partners and the Series A Holders acknowledge and agree that this Agreement
restates and amends in full the First Amended and Restated Registration Rights
Agreement dated May 21, 1992 by and among the Company, DSV Partners and the
Series A Holders. The Company, DSV Partners, the Series A Holders and Fiebusch &
Co., Inc., VSI Investors and Dr. Jeremy Swan (collectively, the "Series B
Holders") acknowledge and agree that this Agreement restates and amends in full
the Second Amended and Restated Registration Rights Agreement dated December 10,
1993 by and among the Company, DSV Partners, the Series A Holders and the Series
B Holders. The Company, DSV Partners, the Series A Holders, the Series B
Holders, The Vertical Fund and Vertical Partners, Ltd. acknowledge and agree
that this Agreement restates and amends in full the Third Amended and Restated
Registration Rights Agreement dated January 17, 1997 by and among the Company,
DSV Partners, the Series A Holders, the Series B Holders, The Vertical Fund and
Vertical Partners, Ltd. The Company, DSV Partners, the Series A Holders, the
Series B Holders, Chancellor Private Capital Partners III, L.P., Chancellor
Private Capital Offshore Partners II, L.P., Chancellor Private Capital Offshore
Partners I, C.V., Citiventure 96 Partnership, L.P., Invesco Global Health
Sciences Fund (Invesco Funds Group Inc.), The Liberman Family Trust dated
December 13, 1989, Berkeley Investments, Ltd., Daystar Realty, Ltd., Dr. Ernesto
Gangitano, The John F. Vogt Family Trust dated November 7, 1989 and Dennis
Peterson (collectively with The Vertical Fund and Vertical Partners, Ltd., the
"Series C Holders"), WPG-Farber, Weber Present Fund, L.P., WPG-Farber, Weber
Overseas, L.P., WPG-Faber, Present QP Fund, L.P., WPG-Farber, Present Overseas,
L.P., 3GT Investment Partnership, Edward A. Fortino and Dayle Duchossois
Fortino, Craig J. Duchossois, Kimberly Duchossois, The Richard Duchossois
Revocable Trust dated January 18, 1980, Westfield Performance Fund, Westfield
Technology Fund, ABS Employees' Venture Fund, LP, Patrick Seaver, Scott C.
Hornick, Ryan

                                        9

<PAGE>   10
Drant, Gordon H. Olson, Stephen C. Jensen, Louis J. Knobbe, Gerard von Hoffman,
William H. Nieman, Richard C. Riggs, Jr., Moore Global Investments, Ltd.,
Remington Investment Strategies, LP, James P. Scopa, Stradling Yocca Carlson &
Rauth Investment Partnership of 1982, Tennyson Private Placement Opportunity
Fund, LLP, Timothy M. Murphy and Irene P. Gallo Murphy, Greenwood Equities, LLC,
Juliet Challenger, Inc., The Henry L. Hillman Trust dated November 18, 1985,
Thomas G. Bigley and C.G. Grefenstette, Trustees Under Agreements of Trust Dated
December 30, 1976 for Children of Juliet Lea Hillman Simonds, Thomas G. Bigley
and C.G. Grefenstette, Trustees Under Agreements of Trust Dated December 30,
1976 for Children of Audrey Hillman Fisher, Thomas G. Bigley and C.G.
Grefenstette, Trustees Under Agreements of Trust Dated December 30, 1976 for
Children of Henry Lea Hillman, Jr., Thomas G. Bigley and C.G. Grefenstette,
Trustees Under Agreements of Trust dated December 30, 1976 for Children of
William Talbott Hillman, Thomas R. Hitchner, and COLIN Corporation
(collectively, the "Series E Holders") acknowledge and agree that this Agreement
restates and amends in full the Fourth Amended and Restated Registration Rights
Agreement dated December 3, 1997 by and among the Company, DSV Partners, the
Series A Holders, Series B Holders, Series C Holders and Series E Holders.

            (d)   All notices and other communications required or permitted
hereunder shall be in writing and shall be personally delivered, mailed by first
class mail, postage prepaid, or delivered by Federal Express overnight delivery,
addressed to the Holder's address set forth below its representative's signature
or, if to the Company, at the following address:

                      Masimo Corporation
                      2852 Kelvin Avenue
                      Irvine, California 92614

or at such other address as the Company or any Holder shall hereafter furnish in
writing. Notices that are mailed shall be deemed delivered three (3) days after
deposit in the United States mail.

            (e)   In case any provision of this Agreement shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

            (f)   This Agreement may be executed in any number of counterparts,
each of which shall be an original, but all of which together shall constitute
one instrument.

            (g)   Should any litigation or arbitration be commenced by any party
hereto concerning any provision of this Agreement, then the prevailing party in
such litigation or arbitration shall be entitled to, in addition to such other
relief as may be granted, reasonable attorneys' fees, expert witness expenses,
and other costs.

                                       10

<PAGE>   11
        IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Registration Rights Agreement as of the date and year first above
written.

                                       COMPANY:

                                       MASIMO CORPORATION

                                       By: /s/ JOE E. KIANI
                                          --------------------------------------
                                          Joe E. Kiani, President

                                       PURCHASERS:

Address:                               TAMALPAIS ASSOCIATES, L.P.

c/o Feibusch & Co., Inc.               By: Laurel Grove Trust, G.P.
80 E. Sir Francis Blvd, 3D
Larkspur, California 94939
                                       By: /s/ FEIBUSCH
Shares:                                   -------------------------------------
                                       Print Name: Feibusch
200,000 Series A Preferred             Its: Trustee

Address:                               JOSE A. NESSIM AND FREDA NESSIM
                                       TRUST, 1971
9730 Wilshire Blvd., #200
Beverly Hills, California 90212

Shares:                                By: /s/ JOSE A. NESSIM
                                          -------------------------------------
                                          Jose A. Nessim, Trustee
47,726 Series A Preferred
50,000 Series B Preferred
                                       By: /s/ FREDA NESSIM
                                          -------------------------------------
                                          Freda Nessim, Trustee

Address:                               FIEBUSCH & CO. INCORPORATED

80 E. Sir Francis Blvd, 3D             By: /s/ FEIBUSCH
Larkspur, California 94939                -------------------------------------
                                       Print Name: Feibusch
                                       Its: President
Shares:

398,061 Series A Preferred
110,000 Series B Preferred

                                       11

<PAGE>   12
Address:                               DSV PARTNERS IV

1920 Main Street, #820                 By: DSV MANAGEMENT, LTD.
Irvine, California 92614

Shares:                                By: /s/ JAMES R. BERGMAN
                                          -------------------------------------
925,000 Series B Preferred             Print Name: James R. Bergman
                                       Its: General Partner

Address:                               DR. JEREMY SWAN

250 No. San Rafael
Pasadena, California 91105             /s/ JEREMY SWAN
                                       ----------------------------------------
Shares: 12,500 Series B Preferred          Dr. Jeremy Swan

Address:                               THE VERTICAL FUND

100 New Town Lane, #2                  By: THE VERTICAL GROUP, INC.,
East Hampton, New York 11937               general partner

Shares:
                                       By: /s/ JACK LASERSOHN
245,398 Series C Preferred                -------------------------------------
                                       Print Name:
                                                  -----------------------------
                                       Its:
                                           ------------------------------------

Address:                               VERTICAL PARTNERS LTD.

100 New Town Lane, #2                  By: THE VERTICAL GROUP, INC.,
East Hampton, New York 11937               general partner

Shares:
                                       By: /s/ JACK LASERSOHN
61,350 Series C Preferred                 -------------------------------------
                                       Print Name:
                                                  -----------------------------
                                       Its:
                                           ------------------------------------

Address:                               CHANCELLOR PRIVATE CAPITAL
                                       PARTNERS III, LP
c/o INVESCO Private Capital, Inc.
1166 Avenue of the Americas,
  27th Floor
New York, New York 10036               By: /s/ HOWARD GOLDSTEIN
                                          -------------------------------------
Shares:                                Print Name: Howard Goldstein
197,816 Series C Preferred             Title: Managing Director

                                       12
<PAGE>   13

Address:                               CITIVENTURE 96 PARTNERSHIP, L.P.

c/o INVESCO Private Capital, Inc.
1166 Avenue of the Americas,
  27th Floor
New York, New York 10036               By: /s/ HOWARD GOLDSTEIN
                                          -------------------------------------
Shares:                                Print Name: Howard Goldstein
753,836 Series C Preferred             Title:
                                             ----------------------------------

Address:                               CHANCELLOR PRIVATE CAPITAL
                                       OFFSHORE PARTNERS II, L.P.
c/o INVESCO Private Capital, Inc.
1166 Avenue of the Americas,
  27th Floor
New York, NY 10036                     By: /s/ HOWARD GOLDSTEIN
                                          -------------------------------------
Shares:                                Print Name: Howard Goldstein
325,997 Series C Preferred             Title:
                                             ----------------------------------

Address:                               CHANCELLOR PRIVATE CAPITAL
                                       OFFSHORE PARTNERS I, C.V.
c/o INVESCO Private Capital, Inc.
1166 Avenue of the Americas,
  27th Floor
New York, New York 10036               By: /s/ HOWARD GOLDSTEIN
                                          -------------------------------------
Shares:                                Print Name: Howard Goldstein
26,341 Series C Preferred              Title:
                                             ----------------------------------

                                       13

<PAGE>   14

Address:                               INVESCO GLOBAL HEALTH SCIENCES FUND

7800 East Union Avenue
Denver, Colorado 80237                 By:
                                          -------------------------------------
Shares:                                Print Name:
                                                  -----------------------------
125,000 Series C Preferred             Title:
                                             ----------------------------------

Address:                               BERKELEY INVESTMENT LTD.

1180 Avenue of the Americas,
  Suite 1900
New York, New York 10036-8401          By: /s/ KISHORE MIRCHANDANI
                                          -------------------------------------
Shares:                                Print Name: Kishore Mirchandani
                                       Title: Director
31,250 Series C Preferred

Address:                               DAYSTAR REALTY LTD.

34-09 Queens Boulevard
Long Island City, New York 11101       By:
                                          -------------------------------------
Shares:                                Print Name:
                                                  -----------------------------
31,250 Series C Preferred              Title:
                                             ----------------------------------

Address:                               THE LIBERMAN FAMILY TRUST

1525 Camino Lindo,
South Pasadena, California 90130       By: /s/ RICARDO L. LIBERMAN, Trustee
                                          -------------------------------------
Shares:                                   Ricardo L. Liberman, Trustee

12,500 Series C Preferred
                                       By: /s/ PATRICIA U. LIBERMAN, Trustee
                                          -------------------------------------
                                          Patricia U. Liberman, Trustee

Address:                               DR. ERNESTO GANGITANO

1341 Descanso Dr.                      /s/ ERNESTO GANGITANO
La Canada, California 91011            ----------------------------------------
                                       Dr. Ernesto Gangitano
Shares:

12,500 Series C Preferred

                                       14

<PAGE>   15

Address:                               JOHN F. VOGT FAMILY TRUST 11/7/89

625 Cumberland Road
Glendale, California 91202             By: /s/ JOHN F. VOGT
                                          -------------------------------------
Shares:                                   John F. Vogt, Trustee

12,500 Series C Preferred
                                       By: /s/ NANCY R. VOGT
                                          -------------------------------------
                                           Nancy R. Vogt, Trustee

Address:                               DR. DENNIS C. PETERSON, M.D.

338 SW Greenwood Avenue
Topeka, Kansas 66606-1230              /s/ DENNIS C. PETERSON
                                       ----------------------------------------
Shares:                                Dennis C. Peterson, M.D.

12,500 Series C Preferred

Address:                               3GT INVESTMENT PARTNERSHIP

845 Larch Avenue
Elmhurst, Illinois 60126               By: /s/ CRAIG J. DUCHOSSOIS
                                          -------------------------------------
Shares:                                Print Name: Craig J. Duchossois
                                       Its: Trustee
30,000 Series D Preferred
50,002 Series E Preferred

Address:                               CRAIG J. DUCHOSSOIS

845 Larch Avenue                       /s/ CRAIG J. DUCHOSSOIS
Elmhurst, Illinois 60126               ----------------------------------------
                                       Craig J. Duchossois
Shares:

8,000 Series D Preferred
6,223 Series E Preferred

                                       15
<PAGE>   16

Address:                               KIMBERLY T. DUCHOSSOIS,

845 Larch Avenue                       /s/ KIMBERLY T. DUCHOSSOIS
Elmhurst, Illinois 60126               ----------------------------------------
                                       Kimberly T. Duchossois
Shares:

8,000 Series D Preferred
6,223 Series E Preferred

Address:                               RICHARD L. DUCHOSSOIS REVOCABLE
                                       TRUST U/A/D 1/18/80
845 Larch Avenue
Elmhurst, Illinois 60126               /s/ CRAIG DUCHOSSOIS
                                       ----------------------------------------
Shares:                                Richard L. Duchossois, Trustee

8,000 Series D Preferred
6,223 Series E Preferred
                                       ----------------------------------------

Address:                               WPG-FARBER, WEBER PRESENT FUND, L.P.

590 Madison Avenue, 27th Floor
New York, New York 10022               By: /s/ RICHARD POLLACK
                                          -------------------------------------
Shares:                                Print Name: Richard Pollack
                                       Its: General Counsel
366,279 Series E Preferred

Address:                               WPG-FARBER WEBER OVERSEAS, L.P.

One New York Plaza                     By: Weiss, Peck & Greer, LLC, as
New York, New York 10004-1950                 a General Partner

Shares:                                By: /s/ RICHARD POLLACK
                                          -------------------------------------
20,339 Series E Preferred              Print Name: Richard Pollack
                                       Its: General Counsel

                                       16

<PAGE>   17

Address:                               WPG-FARBER, PRESENT QP FUND, L.P.

One New York Plaza                     By: Weiss, Peck & Greer, LLC, as
New York, New York 10004-1950                a General Partner

Shares:                                By: /s/ RICHARD POLLACK
                                          -------------------------------------
1,462 Series E Preferred               Print Name: Richard Pollack
                                       Its: General Counsel

Address:                               WPG-FARBER, PRESENT OVERSEAS, L.P.

One New York Plaza                     By: Weiss, Peck & Greer, LLC, as
New York, New York 10004-1950                a General Partner

Shares:                                By: /s/ RICHARD POLLACK
                                          -------------------------------------
809 Series E Preferred                 Print Name: Richard Pollack
                                       Its: General Counsel

Address:                               EDWARD A. FORTINO AND
                                       DAYLE DUCHOSSOIS FORTINO
845 Larch Avenue
Elmhurst, Illinois 60126               /s/ EDWARD A. FORTINO
                                       ----------------------------------------
Shares:                                Edward A. Fortino

22,223 Series E Preferred              /s/ DAYLE DUCHOSSOIS FORTINO
                                       ----------------------------------------
                                       Dayle Duchossois Fortino

Address:                               WESTFIELD PERFORMANCE FUND

Westfield Capital Management
One Financial Center, 23rd Floor       By: /s/ C. MICHAEL HAZARD
Boston, Massachusetts 02111               -------------------------------------
                                       Print Name: C. Michael Hazard
Shares:                                Its:
                                           ------------------------------------
66,600 Series E Preferred

                                       17

<PAGE>   18

Address:                               WESTFIELD TECHNOLOGY FUND

Westfield Capital Management
One Financial Center, 23rd Floor       By: /s/ C. MICHAEL HAZARD
Boston, Massachusetts 02111               -------------------------------------
                                       Print Name: C. Michael Hazard
Shares:                                Its:
                                           ------------------------------------
11,100 Series E Preferred

Address:                               ABS EMPLOYEES' VENTURE FUND, LP

375 W. Padonia Road
Timonium, Maryland 21093               By: /s/ MARGARET-MAY V. RESTON
                                          -------------------------------------
Shares:                                   Print Name: Margaret-May V. Reston

23,132 Series E Preferred              Its: VP of Alex. Brown Investments, Inc.
                                            GP of the partnership

Address:                               PATRICK SEAVER

650 Town Center Drive, Suite 2000      /s/ PATRICK SEAVER
Costa Mesa, California 92626           ---------------------------------------
                                       Patrick Seaver

Shares:

5,555 Series E Preferred

Address:                               SCOTT HORNICK

223 S. Bayberry Street                 /s/ SCOTT HORNICK
Orange, California 92869               ---------------------------------------
                                       Scott Hornick
Shares:

2,000 Series E Preferred

Address:                               RYAN DRANT

1119 St. Paul Street                   /s/ RYAN DRANT
Baltimore, Maryland 21202-6423         ---------------------------------------
                                       Ryan Drant
Shares:

1,111 Series E Preferred

                                       18
<PAGE>   19

Address:                                GORDON H. OLSON

4032 Calle Ariana                       /s/ GORDON H. OLSON
San Clemente, California 92622          ---------------------------------------
                                        Gordon H. Olson
Shares:

2,000 Series E Preferred

Address:                                STEPHEN C. JENSEN

13672 Yellowstone Drive                 /s/ STEPHEN C. JENSEN
Santa Ana, California 92705             ---------------------------------------
                                        Stephen C. Jensen
Shares:

1,000 Series E Preferred

Address:                                LOUIS J. KNOBBE

11670 Skyline Drive                     /s/ LOUIS J. KNOBBE
Santa Ana, California 92705             ---------------------------------------
                                        Louis J. Knobbe
Shares:

1,000 Series E Preferred

Address:                                GERARD VON HOFFMANN

620 Newport Center Drive - 16th Floor   /s/ GERARD VON HOFFMANN
Newport Beach, California 92660         ---------------------------------------
                                        Gerard von Hoffmann
Shares:

1,000 Series E Preferred

Address:                                WILLIAM H. NIEMAN

1821 Whitestone                         /s/ WILLIAM H. NIEMAN
Santa Ana, California 92705             ---------------------------------------
                                        William H. Nieman
Shares:

1,000 Series E Preferred

Address:                                RICHARD C. RIGGS, JR.

1405 Parker Road                        /s/ RICHARD C. RIGGS, JR.
Baltimore, Maryland 21227               ---------------------------------------
                                        Richard C. Riggs, Jr.

Shares:

11,111 Series E Preferred

                                       19

<PAGE>   20

Address:                                MOORE GLOBAL INVESTMENTS, LTD.

1251 Avenue of the Americas             By: Moore Capital Management, Inc.
53rd Floor
New York, New York 10022
                                        By: /s/ KEVIN SHANNON
Shares:                                    ------------------------------------
                                        Print Name: Kevin Shannon
637,779 Series E Preferred              Its: CFO

Address:                                REMINGTON INVESTMENT STRATEGIES, L.P.

1251 Avenue of the Americas,
  53rd Floor
New York, New York 10020                By: Moore Capital Advisors, LLC

Shares:
                                        By: /s/ KEVIN SHANNON
140,000 Series E Preferred                 ------------------------------------
                                        Print Name: Kevin Shannon
                                        Its: CFO

Address:                                JAMES P. SCOPA

2650 Pierce Street                      /s/ JAMES P. SCOPA
San Francisco, California 94123         --------------------------------------
                                        James P. Scopa

Shares:

2,200 Series E Preferred

Address:                                STRADLING YOCCA CARLSON & RAUTH
                                        INVESTMENT PARTNERSHIP OF 1982

660 Newport Center Drive, Suite 1600
Newport Beach, California 92660         /s/ MICHAEL E. FLYNN
                                        --------------------------------------
Shares:                                 Michael E. Flynn, Shareholder

3,700 Series E Preferred

                                       20

<PAGE>   21

Address:                                 TENNYSON PRIVATE PLACEMENT
                                         OPPORTUNITY FUND, LLP
29 W. Susquehanna Avenue, 4th Floor
Towson, Maryland 21204

Shares:                                  By: /s/ ALFRED M. WALPERT
                                            -----------------------------------
50,000 Series E Preferred                Print Name: Alfred M. Walpert
                                         Its: Managing Member

Address:                                 TIMOTHY M. MURPHY AND
                                         IRENE P. GALLO MURPHY
55 Buick Street
Watertown, Massachusetts 02172           /s/ TIMOTHY M. MURPHY
                                         --------------------------------------
Shares:                                  Timothy M. Murphy

10,000 Series E Preferred                /s/ IRENE P. GALLO MURPHY
                                         --------------------------------------
                                         Irene P. Gallo Murphy

Address:                                 GREENWOOD EQUITIES, LLC

36 S. Charles Street
Baltimore, Maryland 21201
                                         By: /s/ STANDARD T. KLINEFELTER
Shares:                                     -----------------------------------
                                         Print Name: Standard T. Klinefelter
11,111 Series E Preferred                Its: Managing Member

Address:                                 JULIET CHALLENGER, INC.

824 Market Street, Suite 900
Wilmington, Delaware 19801
                                         By: /s/ ANDREW H. MCQUARRIE
Shares:                                     -----------------------------------
                                         Print Name: Andrew H. McQuarrie
361,111 Series E Preferred               Its: Vice President

                                       21

<PAGE>   22

Address:                                 HENRY L. HILLMAN TRUST U/A DATED
                                         NOVEMBER 18, 1985
1800 Grant Building
Pittsburgh, Pennsylvania 15219           /s/ C.G. GREFENSTETTE
                                         --------------------------------------
Shares:                                  C.G. Grefenstette, Trustee

83,333 Series E Preferred

Address:                                 TRUST DATED 12/30/76 FOR CHILDREN OF
                                         JULIET LEA HILLMAN SIMONDS
1800 Grant Building
Pittsburgh, Pennsylvania 15219           /s/ THOMAS G. BIGLEY
                                         --------------------------------------
Shares:                                  Thomas G. Bigley, Trustee

27,778 Series E Preferred                /s/ C.G. GREFENSTETTE
                                         --------------------------------------
                                         C.G. Grefenstette, Trustee

Address:                                 TRUST DATED 12/30/76 FOR CHILDREN OF
                                         AUDREY HILLMAN FISHER
1800 Grant Building
Pittsburgh, Pennsylvania 15219           /s/ THOMAS G. BIGLEY
                                         --------------------------------------
Shares:                                  Thomas G. Bigley, Trustee

27,778 Series E Preferred                /s/ C.G. GREFENSTETTE
                                         --------------------------------------
                                         C.G. Grefenstette, Trustee

Address:                                 TRUST DATED 12/30/76 FOR CHILDREN OF
                                         HENRY LEA HILLMAN, JR.
1800 Grant Building
Pittsburgh, Pennsylvania 15219           /s/ THOMAS G. BIGLEY
                                         --------------------------------------
Shares:                                  Thomas G. Bigley, Trustee

27,778 Series E Preferred                /s/ C.G. GREFENSTETTE
                                         --------------------------------------
                                         C.G. Grefenstette, Trustee

                                       22
<PAGE>   23
Address:                                 TRUST DATED 12/30/76 FOR CHILDREN OF
                                         WILLIAM TALBOTT HILLMAN
1800 Grant Building
Pittsburgh, Pennsylvania 15219           /s/ THOMAS G. BIGLEY
                                         --------------------------------------
Shares:                                  Thomas G. Bigley, Trustee

27,778 Series E Preferred                /s/ C.G. GREFENSTETTE
                                         --------------------------------------
                                         C.G. Grefenstette, Trustee

Address:                                 THOMAS R. HITCHNER

200 Wyndhurst Avenue                     /s/ THOMAS R. HITCHNER
Baltimore, Maryland 21210                --------------------------------------
                                         Thomas R. Hitchner

Shares:

4,445 Series E Preferred

Address:                                 COLIN CORPORATION

2007-1
Hayasaki                                 By: /s/ MASAYUKI SHINODA
Komachi City, Aichi Pref, Japan             ----------------------------------
485-8501                                 Print Name: Masayuki Shinoda
                                         Title: Chairman & CEO
Shares:

33,333 Series E Preferred

                                       23<PAGE>   1
                                                                   EXHIBIT 10.13

                            INDEMNIFICATION AGREEMENT

                                     BETWEEN

                               MASIMO CORPORATION

                                       AND

                         ------------------------------

<PAGE>   2

                               MASIMO CORPORATION
                            INDEMNIFICATION AGREEMENT

            This Indemnification Agreement (this "AGREEMENT") is made as of
__________, 2000, by and between MASIMO CORPORATION, a Delaware corporation (the
"COMPANY"), and the individual whose name appears below the word "Indemnitee" on
the signature page (the "INDEMNITEE"). In consideration of the services of the
Indemnitee, and to induce the Indemnitee to continue to serve as a director
and/or officer, the Company and the Indemnitee agrees as follows:

                                 R E C I T A L S

         A. The Indemnitee has agreed to continue to serve as a director and/or
         officer of the Company and in such capacity will render valuable
         services to the Company.

         B. The Company has concluded that insurance and statutory indemnity
         provisions may provide inadequate protection to individuals requested
         to serve as its directors and officers.

         C. To induce and encourage the Indemnitee to continue to serve as a
         director and/or officer of the Company, the Company's Board of
         Directors has decided that this Agreement is not only reasonable and
         prudent, but necessary, to promote and ensure the best interests of the
         Company and its stockholders.

                                 1. DEFINITIONS

As used in this Agreement:

"AGENT" means a director, officer, employee or agent of the Company or of any
other corporation, partnership, joint venture, trust, employee benefit plan, or
other enterprise that the Indemnitee served in any of such capacities at the
request of the Company.

"CHANGE IN CONTROL EVENT" has the meaning set forth in the Company's Second
Amended and Restated 1996 Incentive Stock Option, Nonqualified Stock Option and
Restricted Stock Purchase Plan, as amended.

"EXPENSES" includes, but is not limited to, attorneys' fees, disbursements and
retainers, accounting and witness fees, travel and deposition costs, expenses of
investigations and amounts paid in settlement by or on behalf of the Indemnitee,
and any expenses of establishing a right to indemnification pursuant to this
Agreement, to the extent actually and reasonably incurred by the Indemnitee in
connection with any Proceeding. "EXPENSES" does not include the amount of
judgments, fines, penalties or ERISA excise taxes actually levied against the
Indemnitee.

<PAGE>   3

"INDEMNIFIED COSTS" means all Expenses, judgments, fines, penalties and ERISA
excise taxes actually and reasonably incurred by the Indemnitee in connection
with the investigation, defense, appeal, or settlement of any Proceeding.

A "POTENTIAL CHANGE IN CONTROL EVENT" will be deemed to have occurred if:

         (a) the Company enters into an agreement or arrangement that would
         constitute a Change in Control Event if consummated;

         (b) any person (including the Company) publicly announces an intention
         to take or to consider taking actions that would constitute a Change in
         Control Event if consummated;

         or

         (c) the Board of Directors adopts a resolution to the effect that, for
         purposes of this Agreement, a Potential Change in Control Event has
         occurred.

"PROCEEDING" means any threatened, pending or completed action, suit or
proceeding (including appeals thereof), whether brought by or in the name of the
Company or otherwise and whether of a civil, criminal or administrative or
investigative nature, in which the Indemnitee is or will be a party at the time
because the Indemnitee is or was an Agent, whether or not the Indemnitee is
serving in such capacity at the time any liability or Expense is incurred for
which indemnification or reimbursement is to be provided under this Agreement.

                               2. INDEMNIFICATION

2.1      INDEMNIFICATION IN THIRD PARTY ACTIONS. The Company will indemnify the
         Indemnitee if the Indemnitee becomes a party to, is threatened to be
         made a party to, is a witness or other participant in, or is otherwise
         involved in any Proceeding (other than a Proceeding by or in the name
         of the Company to procure a judgment in its favor), because the
         Indemnitee is or was an Agent, against all Indemnified Costs, to the
         fullest extent permitted by applicable law. Any settlement must be
         approved in writing by the Company.

2.2      INDEMNIFICATION IN PROCEEDINGS BY OR IN THE NAME OF THE COMPANY. The
         Company will indemnify the Indemnitee if the Indemnitee is a party to,
         is threatened to be made a party to, is a witness or other participant
         in, or is otherwise involved in any Proceeding by or in the name of the
         Company to procure a judgment in its favor because the Indemnitee was
         or is an Agent of the Company against all Expenses in connection with
         the defense or settlement of the Proceeding, to the fullest extent
         permitted by applicable law.

2.3      PARTIAL INDEMNIFICATION. If the Indemnitee is entitled under any
         provision of this Agreement to indemnification by the Company for some
         or a portion of, but not the total amount of, the Indemnified Costs,
         the Company will nevertheless indemnify the Indemnitee for the portion
         of the Indemnified Costs to which the Indemnitee is entitled.

                                       2
<PAGE>   4

2.4      INDEMNIFICATION HEREUNDER NOT EXCLUSIVE. The indemnification provided
         by this Agreement is not exclusive of any other rights to which the
         Indemnitee may be entitled under the Company's Certificate of
         Incorporation, the Bylaws, any agreement, any vote of stockholders or
         disinterested directors, applicable law, or otherwise, both as to
         action in the Indemnitee's official capacity and as to action in
         another capacity on behalf of the Company.

2.5      INDEMNIFICATION OF INDEMNIFIED COSTS OF SUCCESSFUL PARTY.
         Notwithstanding any other provisions of this Agreement, to the extent
         that the Indemnitee has been successful in defense of any Proceeding or
         in defense of any claim, issue or matter in the Proceeding, on the
         merits or otherwise, including, but not limited to, the dismissal of a
         Proceeding without prejudice, the Indemnitee will be indemnified
         against all Indemnified Costs incurred in connection therewith to the
         fullest extent permitted by applicable law.

2.6      INDEMNIFIED COSTS ADVANCED. The Indemnified Costs incurred by the
         Indemnitee in any Proceeding will be paid promptly by the Company in
         advance of the final disposition of the Proceeding at the written
         request of the Indemnitee to the fullest extent permitted by applicable
         law. The advances to be made will be paid by the Company to the
         Indemnitee within 30 days following delivery of the written request by
         Indemnitee to the Company, accompanied by substantiated documentation.

2.7      LIMITATIONS ON INDEMNIFICATION. Notwithstanding anything to the
         contrary in this Agreement, the Company is not required to make
         payments to:

                  (a) indemnify or advance Indemnified Costs with respect to
         Proceedings initiated or brought voluntarily by the Indemnitee and not
         by way of defense, except with respect to Proceedings brought to
         establish or enforce a right to indemnification under this Agreement or
         any other statute or law or otherwise as required under applicable law;

                  (b) indemnify the Indemnitee for any Indemnified Costs for
         which payment is actually made to the Indemnitee under an insurance
         policy, except for any excess beyond the amount of payment under the
         policy;

                  (c) indemnify the Indemnitee for any Indemnified Costs
         sustained in any Proceeding for an accounting of profits made from the
         purchase or sale by the Indemnitee of securities of the Company
         pursuant to Section 16(b) of the Securities Exchange Act of 1934, as
         amended, the rules and regulations promulgated thereunder and
         amendments thereto or similar provisions of any federal, state or local
         law;

                  (d) indemnify the Indemnitee for any Indemnified Costs
         resulting from Indemnitee's conduct that is finally adjudged by a court
         of competent jurisdiction to have been willful misconduct, knowingly
         fraudulent or deliberately dishonest; or

                  (e) indemnify the Indemnitee if a court of competent
         jurisdiction finally determines that such payment is unlawful.

                                       3
<PAGE>   5

                                 3. PRESUMPTIONS

3.1      PRESUMPTION REGARDING STANDARD OF CONDUCT. The Indemnitee will be
         conclusively presumed to have met the relevant standards of conduct as
         defined by applicable law for indemnification pursuant to this
         Agreement unless a determination that the Indemnitee has not met the
         relevant standards is made by (a) the Board of Directors of the Company
         by a majority vote of a quorum consisting of directors who are not
         parties to the Proceeding, (b) the stockholders of the Company by
         majority vote, or (c) in a written opinion by independent legal
         counsel, selection of whom has been made by the Company's Board of
         Directors and approved by the Indemnitee.

3.2      DETERMINATION OF RIGHT TO INDEMNIFICATION.

         3.2.1 BURDEN. If a claim under this Agreement is not paid by the
         Company within 30 days of receipt of written notice, the right to
         indemnification as provided by this Agreement will be enforceable by
         the Indemnitee in any court of competent jurisdiction. The burden of
         proving by clear and convincing evidence that indemnification or
         advances are not appropriate will be on the Company. Neither the
         failure of the directors, stockholders, or independent legal counsel to
         have made a determination before the commencement of the action that
         indemnification or advances are proper in the circumstances because the
         Indemnitee has met the applicable standard of conduct, nor an actual
         determination by the directors, stockholders or independent legal
         counsel that the Indemnitee has not met the applicable standard of
         conduct, will be a defense to the action or create a presumption that
         the Indemnitee has not met the applicable standard of conduct.

         3.2.2 STANDARD. The Indemnitee's Expenses incurred in connection with
         any Proceeding concerning the Indemnitee's right to indemnification or
         advances in whole or in part pursuant to this Agreement will also be
         indemnified by the Company regardless of the outcome of the Proceeding,
         unless a court of competent jurisdiction determines that each of the
         material assertions made by the Indemnitee in the Proceeding was not
         made in good faith or was frivolous.

                               4. OTHER AGREEMENTS

4.1      CHANGE IN CONTROL EVENT. If there is a Change in Control Event or a
         Potential Change in Control Event of the Company (other than a Change
         in Control Event or Potential Change in Control Event that has been
         approved by a majority of the Company's Board of Directors who were
         directors immediately before the Change in Control Event or Potential
         Change in Control Event), then with respect to all matters thereafter
         arising concerning the rights of the Indemnitee to be indemnified for
         Indemnified Costs, the Company will seek legal advice only from
         independent counsel selected by the Indemnitee, and reasonably
         satisfactory to the Company, and who has not otherwise performed other
         services for the Company or the Indemnitee within the last three years
         ("SPECIAL INDEPENDENT COUNSEL"). The Special Independent Counsel, among
         other

                                       4
<PAGE>   6

         things, will render its written opinion to the Company and the
         Indemnitee as to whether and to what extent the Indemnitee would be
         permitted to be indemnified under applicable law or this Agreement. The
         Company will pay the reasonable fees and expenses of the Special
         Independent Counsel.

4.2      MAINTENANCE OF LIABILITY INSURANCE.

         4.2.1 AFFIRMATIVE COVENANT OF THE COMPANY. While the Indemnitee
         continues to serve as a director or officer of the Company, and
         thereafter while the Indemnitee is subject to any possible Proceeding,
         the Company will promptly obtain and maintain in full force and effect
         directors' and officers' liability insurance ("D&O INSURANCE") in
         reasonable amounts from reputable insurers. The Company has no
         obligation, however, to obtain or maintain D&O Insurance if it
         determines in good faith that insurance is not reasonably available,
         the premium costs for insurance are disproportionate to the amount of
         coverage provided, the coverage provided by insurance is so limited by
         exclusions that it provides an insufficient benefit, or the Indemnitee
         is covered by similar insurance maintained by a subsidiary of the
         Company. If at the time it receives a notice a Proceeding has commenced
         the Company has D&O Insurance, the Company will give prompt notice of
         such commencement to the insurers as required by the respective
         policies. The Company will thereafter take all necessary or desirable
         action to cause such insurers to pay, on behalf of the Indemnitee, all
         amounts payable as a result of such proceeding in accordance with the
         terms of such policies.

         4.2.2 INDEMNITEE NAMED AS INSURED. In all D&O Insurance policies, the
         Indemnitee will be named as an insured in a manner that provides the
         Indemnitee the same rights and benefits accorded to the most favorably
         insured of the Company's directors and officers.

4.3      AGREEMENT TO SERVE. Indemnitee will serve or continue to serve as an
         Agent of the Company for so long as the Indemnitee is duly elected or
         appointed or until the Indemnitee voluntarily resigns. Indemnitee will
         give notice to the Company at least thirty (30) days before voluntarily
         resigning.

4.4      EFFECT OF THIS AGREEMENT ON EMPLOYMENT AGREEMENT. Any present or future
         employment agreement between the Indemnitee and the Company is not
         modified by this Agreement. Nothing contained in this Agreement creates
         in the Indemnitee any right of continued employment.

4.5      NATURE OF RIGHTS; SEPARABILITY. The rights afforded to the Indemnitee
         by this Agreement are contract rights and may not be diminished,
         eliminated or otherwise affected by amendments to the Company's
         Certificate of Incorporation, Bylaws or agreements, including D&O
         Insurance policies. Each provision of this Agreement is a separate and
         distinct agreement and independent of the others, so that if any
         provision of this Agreement is held to be invalid or unenforceable for
         any reason, the invalidity or unenforceability will not affect the
         validity or enforceability of the other provisions. To the extent
         required, any provision of this Agreement may be modified by a court of

                                       5
<PAGE>   7

         competent jurisdiction to preserve its validity and to provide the
         Indemnitee with the broadest possible indemnification permitted under
         applicable law.

4.6      SAVINGS CLAUSE. If this Agreement or any portion of it is invalidated
         on any ground by any court of competent jurisdiction, then the Company
         will nevertheless indemnify the Indemnitee as to Indemnified Costs with
         respect to any Proceeding to the full extent permitted by any
         applicable portion of this Agreement that is not invalidated, or by any
         applicable law.

4.7      REPAYMENT OF INDEMNIFIED COSTS. The Indemnitee will reimburse the
         Company for all Indemnified Costs paid by the Company in defending any
         Proceeding against the Indemnitee if and only to the extent that a
         court of competent jurisdiction finally decides that the Indemnitee is
         not entitled to be indemnified by the Company for such Indemnified
         Costs under the provisions of applicable law, the Company's Bylaws,
         Certificate of Incorporation, this Agreement, or otherwise.

4.8      REPAYMENT. The Indemnitee will promptly repay to the Company any
         amounts paid to the Indemnitee pursuant to other rights of
         indemnification or under any insurance policy, to the extent those
         payments are duplicative of payments under this Agreement.

                          5. INDEMNIFICATION PROCEDURE

5.1      NOTICE. Promptly after receipt of notice that a Proceeding has
         commenced, the Indemnitee will, if a claim is to be made under this
         Agreement, notify the Company of that fact. The failure to notify the
         Company will not relieve the Company from any liability that it may
         have to the Indemnitee except to the extent of the Company's material
         damage resulting from such failure.

5.2      COMPANY PARTICIPATION. The Company will be entitled to participate in
         any Proceeding at its own expense and, except as otherwise provided
         below, to the extent that it may wish, the Company may assume the
         defense of any Proceeding for which indemnification is sought
         hereunder, with counsel reasonably satisfactory to the Indemnitee.
         After the Company notifies the Indemnitee of the Company's election to
         assume the defense of a Proceeding, during the Company's good faith
         active defense the Company will not be liable to the Indemnitee under
         this Agreement for any legal or other expenses subsequently incurred by
         the Indemnitee in connection with the defense of the Proceeding, other
         than reasonable costs of investigation or as otherwise provided below.
         The Indemnitee will have the right to employ the Indemnitee's counsel
         in any Proceeding, but the fees and expenses of the counsel incurred
         after the Company assumes the defense of the Proceeding will be at the
         expense of the Indemnitee, unless (a) the employment of counsel by the
         Indemnitee has been authorized by the Company, (b) the Indemnitee has
         reasonably concluded that there may be a conflict of interest between
         the Company and the Indemnitee in the conduct of the defense of a
         Proceeding, or (c) the Company has not in fact employed counsel to
         assume the defense of a Proceeding. In each of the foregoing cases the
         fees and expenses of the Indemnitee's counsel will be at

                                       6
<PAGE>   8

         the expense of the Company. The Company will not be entitled to assume
         the defense of any Proceeding brought by or on behalf of the Company or
         as to which the Indemnitee has made the conclusion that there may be a
         conflict of interest between the Company and the Indemnitee.

5.3      SETTLEMENT. The Company will not settle or compromise any Proceeding in
         any manner that would impose any penalty or limitation on the
         Indemnitee without the Indemnitee's consent. The Indemnitee will not
         settle or compromise any Proceeding without the Company's consent.
         Neither the Company nor the Indemnitee will unreasonably withhold their
         consent or approval under this Agreement.

5.4      SUBROGATION. If the Company pays Indemnified Costs, the Company will be
         subrogated to the extent of such payment to all of the rights of
         recovery of the Indemnitee against third parties. The Indemnitee will
         do all things reasonably necessary to secure such rights, including the
         execution of documents necessary to enable the Company effectively to
         bring suit to enforce such rights.

                           6. MISCELLANEOUS PROVISIONS

6.1      AMENDMENTS; WAIVERS. Amendments, waivers, consents and approvals under
         this Agreement must be in writing and designated as such. No failure or
         delay in exercising any right will be deemed a waiver of such right.

6.2      INTEGRATION. This Agreement is the entire agreement between the parties
         pertaining to its subject matter, and supersedes all prior agreements
         and understandings of the parties in connection with such subject
         matter.

6.3      INTERPRETATION; GOVERNING LAW. This Agreement is to be construed as a
         whole and in accordance with its fair meaning. This Agreement is to be
         interpreted in accordance with the laws of the State of Delaware
         relating to indemnification of Agents.

6.4      HEADINGS. Headings of Sections and subsections are for convenience only
         and are not a part of this Agreement.

6.5      COUNTERPARTS. This Agreement may be signed in one or more counterparts,
         all of which constitute one agreement.

6.6      SUCCESSORS AND ASSIGNS. This Agreement is binding upon and inures to
         the benefit of each party and such party's respective heirs, personal
         representatives, successors and assigns. Nothing in this Agreement,
         express or implied, is intended to confer any rights or remedies upon
         any other person.

6.7      EXPENSES; LEGAL FEES. Each party will pay its own expenses in the
         negotiation, preparation and performance of this Agreement. The
         prevailing party in any action

                                       7
<PAGE>   9

         relating to this Agreement will be entitled to reasonable legal fees,
         costs and expenses incurred in such action.

6.8      REPRESENTATION BY COUNSEL; INTERPRETATION. Each party acknowledges that
         it has been given an opportunity to be represented by counsel in
         connection with this Agreement. Any rule of law, including, but not
         limited to, Section 1654 of the California Civil Code, or any legal
         decision that would require interpretation of any claimed ambiguities
         in this Agreement against the party that drafted it, has no application
         and is expressly waived.

6.9      SPECIFIC PERFORMANCE. The Company acknowledges that in view of the
         uniqueness of the matters contemplated by this Agreement, the
         Indemnitee would not have an adequate remedy at law for money damages
         if this Agreement is not being performed in accordance with its terms.
         The Company therefore agrees that the Indemnitee will be entitled to
         specific enforcement of the terms hereof in addition to any other
         remedy to which the Indemnitee may be entitled.

6.10     TIME IS OF THE ESSENCE. Time is of the essence in the performance of
         each provision of this Agreement.

6.11     NOTICES. Any notice to be given hereunder must be in writing and
         delivered as follows (or to another address designated in writing):

IF TO MASIMO CORPORATION:                IF TO THE INDEMNITEE:
------------------------                 --------------------

2852 Kelvin Avenue                       At the Indemnitee's most recent address
Irvine, California  92614                on the books and records of the Company
Attention: Chief Financial Officer

       The parties have signed this Agreement as of the date on page one.

                                    INDEMNITEE

                                    --------------------------------------------
                                    Print Name:
                                               ---------------------------------

                                    MASIMO CORPORATION

                                    --------------------------------------------
                                    By:    Joe Kiani
                                    Title: President and Chief Executive Officer

                                       8

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