Document:

Supply Agreement, dated February 22, 2002

 Exhibit 10.24 
 *** Text Omitted and Filed Separately 
 Confidential Treatment Requested 
 Under 17 C.F.R. §§ 200.80(b)(4) 
 and 230.406 
 SUPPLY AGREEMENT 
 This Agreement is entered into as of the 22nd day of February 2002, by and between Masimo Corporation, a Delaware corporation (the “BUYER”) and Wintek Electro-Optics Corporation., a Michigan corporation (the
“SELLER”). 
 WHEREAS, SELLER desires to manufacture exclusively for BUYER, Liquid Crystal Displays (hereinafter referred to as
“LCD”) as per BUYER’s specification, and BUYER desires to purchase LCD’s from SELLER. 
 NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

	1.	DEFINITIONS 

  

	 	1.1	“LCD Assembly” shall mean the items listed and described within the purchase order that is issued to SELLER by BUYER, which are manufactured according to the
specifications provided by BUYER 

  

	 	1.2	“Non-Recurring Engineering Charge” shall mean the cost to SELLER of manufacturing the engineering samples of the LCD Assembly. Includes Wintek tooling and fixtures,
Teledyne backlight tooling, and Hitachi Tab/IC tooling. 

  

	2.	PRODUCT SUPPLY 

  

	 	2.1	General. BUYER shall submit a purchase order (the “Purchase Order”) to SELLER specifying the quantity of LCD, Assembly to be purchased by BUYER, as set forth in
this Section 2. BUYER shall submit at least one Purchase Order to SELLER, on a quarterly basis, as determined by the BUYER. Notwithstanding the foregoing, BUYER may submit more than one Purchase Order per quarter. 

  

	 	2.2	 Initial Purchase Order: Procurement and Testing of Engineering Samples. BUYER shall submit an initial Purchase Order (the “Initial Purchase Order”)
to SELLER within thirty (30) days of the date of this Agreement. The Initial Purchase Order shall specify the type, quantity, and specifications of engineering samples of the LCD Assembly (the “Samples”) required by BUYER for testing.
BUYER and SELLER shall mutually agree on the specifications (the “Specifications”) for the Samples. The BUYER shall have up to six (6) months from the date of its receipt of the Samples to test and evaluate said Samples. To the extent
practicable, BUYER and SELLER shall agree upon the testing criteria for the Samples to determine if they meet the Specifications. Notwithstanding the foregoing, BUYER shall determine, in its sole discretion, whether the Samples 

  

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meet the required Specifications. In the event the Samples fail to meet the Specifications, including engineering tests and field customer evaluations, as
determined by BUYER, in its sole discretion, BUYER shall notify the SELLER, pursuant to Section 10.2 of this Agreement. Within 5 days of the receipt of such notice from BUYER, SELLER must notify BUYER of its intention to remedy the failure,
setting forth in reasonable detail its assessment of the failure and the time period required to remedy the cause of failure. If SELLER’s proposed remedy or time frame is not acceptable to BUYER, in its sole discretion, BUYER may cancel the
Initial Purchase Order, and any other Purchase Order submitted by BUYER, without penalty. 

  

	 	2.3	Fulfillment of Purchase Orders by SELLER. SELLER shall ship the LCD Assembly products to BUYER, in the quantities, at such times, and to the locations as requested by BUYER
in each Purchase Order. 

  

	 	2.4	Forecast and Inventory. During the first week of each of its fiscal quarters, BUYER shall provide to the SELLER a rolling forecast of LCD Assembly requirements for such
quarter, which SELLER shall use for capacity planning purposes. 

  

	 	2.5	Cancellation of Purchase Order. BUYER reserves the right to revise or cancel any Purchase Order, without penalty, where the cancellation is necessitated by changes in
technology which are not incorporated in SELLER’s LCD Assembly, cancellations by BUYER’s customers for BUYER’s products which incorporate SELLER’s LCD Assembly, or a redesign of BUYER’s current configuration of
instrumentation that house the LCD ASSEMBLY which redesign renders SELLER’s LCD Assembly incompatible, as determined by BUYER in its sole discretion, with BUYER’s products. For a cancellation by BUYER pursuant to this Section 2.5 to
be without penalty, cancellation notice must be provided to SELLER at any time up to and including one hundred twenty (120) days prior to the scheduled shipment date as set forth in the applicable Purchase Order. To the extent that such notice
is not sent at least one hundred twenty (120) days prior to the scheduled shipment date, BUYER shall accept said shipment subject to the conditions and provisions of this Agreement. Notwithstanding the foregoing, BUYER’s notice of
cancellation shall operate as cancellation notice for all additional Purchase Orders, which Purchase Orders have a scheduled shipment date more than one hundred twenty (120) days after the date such notice was sent. 

  

	 	2.6	Delivery; Title; Risk of Loss. 

  

	 	(a)	Delivery. 

  

	 	1.	SELLER shall ship the LCD Assembly products to BUYER, in such amounts and at such times, as requested by BUYER pursuant to the applicable Purchase Order. 

 

	 	2.	Lead Time for production orders will be per Exhibit A. 

  

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	 	(b)	Title. 

 The title to the Products will pass
directly from SELLER to BUYER upon acceptance by BUYER. 
  

	 	(c)	Risk of Loss. 

 SELLER shall bear the risk of loss
prior to actual Receipt and Acceptance of the LCD Assembly products by BUYER. Risk of loss shall pass to BUYER upon its acceptance of the LCD Assembly products. For purposes of the foregoing, Acceptance by BUYER shall occur when BUYER, or its
designee, takes physical possession of the LCD Assembly products, at which time they shall be deemed to be in BUYER’s possession and/or control. 
  

	3.	EXCLUSIVITY/CAPACITY 

  

	 	3.1	Exclusivity. The BUYER agrees to make the SELLER its exclusive supplier for the LCD ASSEMBLY during the term of this Agreement or such earlier date as this Agreement is
terminated by either party subject to the terms of this Agreement. BUYER agrees that in the event that BUYER develops additional products which require LCD Assembly products, SELLER will have the first opportunity to negotiate a contract for
provision of such LCD Assembly products to BUYER for inclusion in BUYER’s new product line; provided, however, that nothing contained herein requires BUYER to select SELLER as its supplier LCD Assembly products for any such other products
developed by BUYER Notwithstanding the foregoing, BUYER shall provide the specifications, as determined by BUYER in its sole discretion, for the new product line. SELLER shall have sixty (60) days from the date such specifications are sent by
BUYER to negotiate terms acceptable to BUYER for inclusion of SELLER’s LCD Assembly products in BUYER’s new product line. Upon payment for Teledyne backlight tooling and Hitachi tab/IC tooling, BUYER has right to procure directly from
Teledyne and Hitachi. Parts off these tools are for the sole consumption of Masimo. 

  

	 	3.2	Capacity. The SELLER shall maintain and manage capacity at its facility sufficient to manufacture the LCD Assemblies required by BUYER pursuant to this Agreement.

  

	4.	PRICING AND PAYMENT TERMS 

  

	 	4.1	LCD Assembly Price and Non-Recurring Engineering Charges. The price for the LCD Assemblies and Non-Recurring Engineering Charge indicated on Exhibit A hereto.

  

	 	4.2	 Payment Terms. BUYER shall pay SELLER the price applicable to each LCD Assembly. All invoices for purchased LCD Assemblies shall be accumulated by SELLER on
a monthly basis and provided to BUYER within fifteen (15) days of 

  

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the end of each month. Each invoice shall be due and payable within thirty (30) days of receipt by BUYER. 

  

	5.	COST REDUCTIONS/NEW TECHNOLOGY 

  

	 	5.1	Cost Reductions. SELLER shall provide on an as requested basis to BUYER, cost data that provide visibility to cost reduction projects for the LCD Assembly. To the extent that
SELLER’s per unit production costs decline at any point during the Term of this Agreement, such cost savings shall be passed on to BUYER in the form of a reduction in the per unit purchase price. To the extent that the SELLER’s per unit
production costs decline at any point during the term of this Agreement as a result of manufacturing cost-savings improvements, such cost savings shall be passed on to BUYER in the form of a reduction in the per unit purchase price. To the extent
that Seller’s per unit production costs decline at any point during the term of this agreement as a result of quality cost savings improvements, such cost savings shall be passed on to BUYER in the form of a reduction in the per unit purchase
price. 

  

	 	5.2	New Technology. If at any time during the Term of this Agreement, SELLER intends to implement new technologies or make significant changes with its current manufacturing
processes for production of the LCD Assembly products (the “Enhanced LCD Assembly”), which may result in a redesign or reconfiguration of the LCD Assembly, SELLER shall promptly notify BUYER. BUYER, in its sole discretion, shall determine
whether the implementation by SELLER of new technologies or manufacturing processes render the LCD Assembly products incompatible with BUYER’s products incorporating the existing LCD Assembly products. If BUYER determines that SELLER’s
Enhanced LCD Assembly is incompatible with BUYER’s products, BUYER may terminate this Agreement upon thirty (30) days notice. If BUYER elects to terminate this Agreement pursuant to this Section 5.2, BUYER shall be obligated to accept
on those LCD Assembly products as previously ordered by BUYER and shipped by SELLER prior to BUYER’s notice of termination, subject to the remaining provisions of this Agreement. 

 If the BUYER accepts the enhanced LCD Assembly products, BUYER may amend any Purchase Order previously submitted to SELLER and for which the requested LCD
Assembly products have not been shipped, without any penalty, to allow for the substitution of the Enhanced LCD Assembly products. 
  

	6.	QUALITY RECORDS, AUDITS, REGULATORY MATTERS . 

  

	 	6.1	Records. The SELLER shall maintain and make available to the BUYER for inspection, upon reasonable notice, quality records, manufacturing records for BUYER’s product,
which contains SELLER’s LCD Assembly. These records include but are not limited to personnel training, equipment calibration and qualification records and manufacturing records. 

  

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	 	6.2	Inspections. Upon reasonable notice, the SELLER shall allow the BUYER to make a physical inspection/audit, during normal business hours of the facility at least once per
calendar year. 

  

	 	6.3	Quality Level LCD. QC-S-9001 (Test Method: MIL STD - 105D, AQL : 0.65 for major defects, 2.50 for minor defects, 2.50 for total defects). 

  

	 	6.4	Quality Level (LCM). LM-S- 9001 (Test Method: MIL STD - 105D, AQL : 0.65 for major defects, 2.50 for minor defects, 2.50 for total defects). 

  

	7.	WARRANTY 

  

	 	7.1	SELLER warrants that the delivered hereunder will meet the applicable specifications and shall be free from defects in material and workmanship under normal use and service during
the term of this Agreement and any renewal thereof. If any LCD Assembly is discovered to be defective by BUYER, or a customer of BUYER’s, BUYER shall notify SELLER of the defect in a timely manner and SELLER shall immediately:
(i) implement an investigation to determine the cause of the defect, (ii) provide BUYER with a plan for ensuring that future LCD Assemblies are not subject to the same defect, and (iii) undertake necessary repairs and/or provide
replacement parts, to include LCD Assemblies, to such customers as are incoming or customers rejection due to a defective LCD Assembly, BUYER notify SELLER in a timely manner and the SELLER will promptly implement an investigation and take all
necessary corrective action in a timely manner as set forth above. 

  

	 	7.2	SELLER further represents and warrants that the LCD Assembly products and/or any use of the LCD Assembly products in accordance with the terms of this Agreement:

  

	 	(a)	will not infringe, or constitute the misappropriation of, any intellectual property right of any third party, and that SELLER holds all necessary rights and licenses to permit the
sale and use of the LCD Assembly products by BUYER as contemplated under the terms of this Agreement; and 

  

	 	(b)	will not otherwise reasonably be likely to expose either Party to criminal or civil liability of any kind. 

  

	 	7.3	Notwithstanding the foregoing, nothing in this Agreement is intended to or shall be construed as creating any third party beneficiary rights. 

  

	8.	 INDEMNIFICATION. SELLER shall indemnify, defend and hold BUYER, its successors, assigns, directors, shareholders, employees and agents
harmless, from any and all any liabilities, claims, causes of action, suits, damages, deficiencies, losses and expenses (including reasonable attorneys’ fees and expenses) relating to: (i) any trademark infringement or similar claims, suits,
judgments, expenses or allegations based on the LCD Assembly products; or (ii) SELLER’s breach of any of the warranties, 

  

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representations, covenants or agreements contained herein; or (iii) lawsuits filed by customers alleging defects in the LCD Assembly products.

  

	9.	TERM AND TERMINATION 

  

	 	9.1	Term. The term of this Agreement shall commence on the date first written above and expire on the 22nd day of February, 2005, unless terminated earlier pursuant to the terms
of this Agreement (the “Term”). 

  

	 	9.2	Automatic Renewal. Unless one party notifies the other party in writing at least six months prior to the end of the Term that the party does not intend to renew or extend
this Agreement, the term of this Agreement shall automatically extend until the earlier of: (a) termination of this Agreement by either party upon at least six (6) months’ written notice to the other; or (b) replacement of this
agreement by an extension, renewal or other written agreement of the parties. 

 Notwithstanding the foregoing, this Agreement
may be terminated by either party in the event of (i) any material breach by the other party hereto which continues after thirty (30) days written notice of said breach (which notice shall, in reasonable detail, specify the nature of the
breach) by the non-defaulting party to the defaulting party as set forth in Section 10.3 below or (ii) a new technology or a change in manufacturing renders the LCD Assembly products incompatible with BUYER’s intended use thereof as
set forth Section 5.2. 
  

	 	9.3	Defaults. If either party materially defaults in the performance of any obligation under this agreement, then the other party will have the right to terminate this agreement
upon Sixty (60) day prior written notice, unless such defaulting party substantially cures such default or has an acceptable corrective action plan in place to the satisfaction of the other party during that Sixty (60) day notice period.
In such event, this agreement shall continue in effect and such notice of termination shall be of no effect. 

  

	10.	MISCELLANEOUS 

  

	 	10.1	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without reference to or application of conflicts of
law principles. 

  

	 	10.2	Notice and Communications. All notices and other communications shall be deemed to have been given (a) upon receipt if delivered personally, (b) upon completion of
the transmission if telecopied (with confirmation from the sending device that the entire notice or other communication was received by the addressee) or (c) upon execution of the return receipt if mailed certified mail (return receipt
requested); and addressed as follows: 

  

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	To BUYER:	 	To SELLER:
		
	 Masimo Corporation
 2852 Kelvin Avenue
 Irvine, California 92714
 Attention:
 Fax:
	 	 Wintek Electro-Optics Corporation
 1665 Highland
Drive
 Ann Arbor, Michigan 48108
 Attention:
 Fax:

 or to such other address as a party may designate pursuant to this notice provision. 
  

	 	10.3	Waiver. Failure by either party, at any time, to require performance by the other party or to claim a breach of any provision of this Agreement shall not be construed as a
waiver of any right accruing under this Agreement, nor shall it affect any subsequent breach or the effectiveness of this Agreement or any part hereof, or prejudice either party with respect to any subsequent action. A waiver of any right accruing
to either party pursuant to this Agreement shall not be effective unless given in writing. 

  

	 	10.4	Headings. The headings in this Agreement are for convenience only, and shall not be considered a part of, or affect the interpretation of, any provision of this Agreement.

  

	 	10.5	Severability. In the event that any provision of this Agreement shall be unlawful or otherwise unenforceable, such provision shall be severed, and the entire agreement shall
not fail on account thereof, the balance continuing in full force and effect, and the parties shall endeavor to replace the severed provision with a similar provision that is not unlawful or otherwise unenforceable. 

  

	 	10.6	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one. and the same
instrument. A Party may deliver this Agreement by transmitting a facsimile copy of this Agreement to the other Party. A facsimile copy of this Agreement, including the executed signature page thereof, shall be deemed an original.

  

	 	10.7	Modification. No amendment to or modification of this Agreement shall be effective unless set forth in a writing signed by both Parties. 

  

	 	10.8	Assignment: Delegation. Neither party may assign its rights or delegate its duties, directly or indirectly, either voluntarily or by operation of law, without the prior
written consent of the other Party. 

  

	 	10.9	Survival of Warranties and Indemnities. The warranties and indemnities made by the SELLER in Sections 8 and 9 of this Agreement, respectively, shall be deemed continuing and
shall survive the Termination of this Agreement. 

  

	 	10.10	 Entire Agreement. This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter hereof and supersedes all prior and

  

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contemporaneous agreements and understandings of the Parties in connection herewith. 

  

	 	10.11	Exhibits. All exhibits attached to this Agreement are incorporated in and made a part of this Agreement by this reference. 

  

	 	10.12	Waiver of Breach. The waiver by either Party of a breach of any provision of this Agreement will not Deemed a waiver of any subsequent breach of the same or different
provision. 

 IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date first written above. 

 

							
	MASIMO CORPORATION	 	WINTEK ELECTRO-OPTICS CORPORATION
				
	By:	 	 /s/ Gary L.Waite
	 	By:	 	 /s/ B.D. Hughes

	Name:	 	Gary Waite	 	Name:	 	Phil Hughes
	Title:	 	VP Manufacturing	 	Title:	 	Director

  

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 EXHIBIT A 
 LCD ASSEMBLY PRICE 
 NON-RECURRING ENGINEERING CHARGES (NRE)$[...***...] Includes 10 samples (5 FFSTN
positive, 5 FFSTN negative, 5 STN negative blue mode). 
 NRE: 
 [...***...] 
 NRE, [...***...] upon issuance of BUYER’s purchase order. Remaining NRE payable upon delivery of prototypes that
meet Masimo approved Wintek LCD assembly specification. 
 The cost structured as follows: 
 [...***...] 
 INITIAL PURCHASE ORDER: 
 The initial purchase order will be issued for [...***...] each as a “ramp-up” quantity [...***...]. Production orders to be placed for no less than
[...***...]. 
 * Confidential Treatment Requested 
  

 A-1 

 EXHIBIT A 
 LCD ASSEMBLY PRICE 
 DELIVERY LEAD TIMES: 
 LCD drawing to be submitted 2 weeks following receipt of order. 
 LCD Assembly Samples 16 weeks following BUYER approval of
Wintek LCD specification. 
 Delivery Lead Time for production LCD assembly, 16-18 weeks upon receipt of production order, and approval of prototype LCD
Assembly. 
 FUTURE PURCHASE ORDERS: 
 Future purchase orders
will be issued based on a forecast that Masimo Corporation will provide to Wintek on a quarterly basis. This future purchase order can be issued as late as eighteen months after the initial purchase order. Forecast will be based upon current sales
demand and historical sales. Masimo current estimates for usage for the LCD are approximately 800-1000 units per month. 
  

 A-2Form of Equipment Purchase and Assignment of Proceeds

 Exhibit 10.25 
 *** Text Omitted and Filed Separately 
 Confidential Treatment Requested 
 Under 17 C.F.R. §§ 200.80(b)(4) 
 and 230.406 
 November 26, 2003 
 Mr. Bradley Langdale 
 Masimo Corporation 
 2852 Kelvin Avenue 
 Irvine, CA 92614 
 Dear Brad: 
 We are delighted to inform you that Med One Capital Funding LLC is committed to provide funding for Masimo’s Oximetry Supply Agreement program. We are willing to commit to this ongoing equipment funding arrangement based
on the following criteria: 
  

	1.	Med One will provide funding for this program on an ongoing basis until (and unless) you receive 180 days advanced written notice of our intent to withdraw from the
program. 

	2.	Med One will commit to a minimum of $20 million to the program for calendar year 2004 and each year thereafter. We are willing to participate in as much of this
business as your sales organization can originate – with no maximum amount. 

	3.	The transactions will be structured as we have previously negotiated in prior meetings and discussions. Med One’s discount rate for all business funded in this
manner will be based on the US Treasury Constant Maturities interest rate (as quoted in the Federal Reserve Statistical Release H.15 (519) for the week immediately preceding the request for funding. We will use the term that corresponds to the
term of your transaction – or the next higher term if there is not an exact term match. Med One will add 350 basis points to this rate index for purposes of pricing this program only. 

	4.	The documents will consist of the following: 

	 	•	 	 Original Masimo transaction documentation – with original customer signature. 

	 	•	 	 Assignment Agreement – executed by authorized officer of Masimo Corporation. 

	 	•	 	 UCC-1 filing pertaining to the equipment being funded. 

	 	•	 	 Evidence of delivery of the equipment to the customer. 

	5.	Funding under this program will be non-recourse to Masimo as it pertains to customer’s performance. Notwithstanding this, Masimo will provide a fixed monthly
payment to Med One based on the calculations of each specific transaction and will pay this monthly payment monthly each month during the term unless Med One is properly notified of a default by the customer. Masimo will set up an account that Med
One will draft directly for each monthly payment. 

	6.	In addition to this funding program, Med One will make available to the sales organization of Masimo, all of Med One’s current lease, rental and financing
options for the use by Masimo’s customer’s on a direct basis. 

 Thank you for the opportunity to serve your financing
and financial services needs. We look forward to a very enjoyable relationship with your company. 
 Very
truly yours, 
 /s/ Larry R. Stevens 
 Larry R. Stevens 
 President 
 6965 Union park Center Suite 400 Midvale, UT 84047 
 (800) 248-5882 x4011 ph. (800) 468-5528 fax 
 *Confidential Treatment Requested 
  

 1 

 Med One Capital Funding LLC 
 Initial Fundings for Masimo 
 14-Nov-03 
  

																			
	Customer    	 	 Total
 Units
	 	 Remaining
 Balance-Funding
 @
 11/30/2003
	 	 Original
 Term
	 	 Remaining
 Term
	 	 Like
 Term
 T-Bills
 @
 11/07/03
	 	 Med
 One
 Spread
	 	 Current
 Masimo
 Funding
 Rate
	 	Monthly Payment - Due 12/30/2003	 	Total Payments
Due
	 [...***...]
	 	[...***...]	 	 [...***...]
	 	 [...***...]
	 	 [...***...]
	 	 [...***...]
	 	 [...***...]
	 	 [...***...]
	 	 [...***...]
	 	 [...***...]

 *Confidential Treatment Requested 
  

 2 

 EQUIPMENT PURCHASE AND ASSIGNMENT OF PROCEEDS 
 (“Assignment”) 
 Masimo
Corporation, 2852 Kelvin Avenue, Irvine, CA 92614 (“Vendor”) entered into a Pulse Oximetry Supply Agreement (the “Agreement”) with CUSTOMER NAME (“Customer”) dated ____________, 20__ wherein Customer has
agreed to acquire the products listed in the Agreement (“Products”) from Vendor in the quantities and at the prices shown therein during a term of __ months which shall begin ____________, 20__. 
 The Agreement, an executed copy of which is attached hereto as Exhibit A requires Vendor to provide to Customer, among other things, the following
described capital equipment (“Equipment”), whereby financing for the Equipment is to be provided by Med One Capital Funding LLC: 
  

					
	 Quantity
  
	 	 Equipment Description
  
	 	 Model Number
  

	 	 	 
	  	 	  	 	  
	 	 	 
	  	 	  	 	  
	 	 	 
	  	 	  	 	  
	 	 	 
	  	 	  	 	  

 Transaction Summary: 
  

						
			
	 Equipment Cost To Be Financed:
	  	$	 	 	 
			
	 Financing Term:
	  			 	 
			
	 Applicable Annualized Financing Rate Of Interest: %
	  			 	 
			
	 Monthly Equipment Amortization:
	  	$	 	 	 
			
	 Total Equipment Amortization Over Term:
	  	$	 	 	 

 Med One Capital Funding LLC, 6965 Union Park Center, Suite 400, Midvale, UT 84047
(“Med One”) hereby agrees to purchase the Equipment from Vendor and permit Vendor to provide the Equipment to Customer under the terms of Exhibit A and subject to this Assignment between Vendor and Med One. The purchase of the
Equipment shall be at a price shown on Med One’s Purchase Order Number ___________ which is attached hereto as Exhibit B. In the event of a conflict between the immediately referenced Purchase Order, the Agreement and this
Assignment, the terms of this Assignment will apply. Vendor may substitute different model numbers as long as the Equipment Increment and the quantity remain the same. The purchase price of the Equipment shall be provided to Vendor by wire transfer
within two (2) business days after execution of this agreement. 
  

 3 

 Monthly Total Equipment Amortization equals the total monthly payment which shall be due and payable by
Vendor to Med One monthly under this Agreement within 5 business days following the end of the month in which such amount is paid by the Customer, up to a cumulative amount not to exceed the Total Equipment Amortization, as set forth above.

 Subject to the terms of this Assignment, Vendor hereby assigns all of its right, title and interest in and to the Equipment and the
proceeds pertaining to the Equipment Increment under or by virtue of the Agreement to Med One and agrees that all amounts to become due or collected under Exhibit A for purchase of Products by Customer shall be designated proportionally
between the “Equipment Increment” and the “Product Increment.” 
 Vendor shall have responsibility to invoice Customer
for all purchases under Exhibit A and to accept all proceeds paid by the Customer under Exhibit A and to remit to Med One all assigned proceeds hereunder, provided, however, that Vendor is not liable to Med One for amounts due from
Customer that are not collected. 
 Notwithstanding the foregoing, however, Vendor shall, at such time as Vendor determines is appropriate,
or at such time as Med One may reasonably request (i) make at least one collection telephone call (talk to Customer or leave a descriptive message) and (ii) send at least one collection demand letter to Customer if the Customer does
not pay within invoice terms. 
 Vendor and Med One hereby agree as follows: 
  

	 	1.	Vendor warrants Exhibit A is, to Vendor’s knowledge, genuine and enforceable in accordance with its terms and is the only agreement in effect with Customer with respect
to the sale or use of the Equipment. Vendor has no knowledge of any facts which would impair the validity of Exhibit A or this Assignment, or the truth of any statement or warranty therein. The Vendor’s knowledge includes the fraudulent
activities of Vendor’s employees and agents. 

  

	 	2.	Vendor has not, before the execution and delivery of this Assignment, assigned or pledged Equipment Increment payments due or to become due under Exhibit A to anyone or any
entity other than Med One, and Vendor has no knowledge that there are any attachments or other liens which might impair Vendor’s right to receive all Equipment Increment payments due and to become due under Exhibit A other than this
Assignment; and, Vendor has full right, power and authority to assign Vendor’s right, title and interest in the proceeds received by or due to Vendor pertaining to the Equipment Increment to Med One. 

  

	 	3.	 Immediately prior to the execution of Exhibit A and delivery thereof by the Customer to Vendor, Vendor was vested with good and unencumbered title to the
Equipment and had full right, power and authority to the same; the description of the Equipment in Exhibit A is accurate and complete in all material respects. Upon shipment of the Equipment to the Customer, assuming a first priority security
interest has been created and perfected, Vendor transfers to Med One, good title to the Equipment, free and clear of all liens and encumbrances except 

  

 4 

	 	 
for the rights and interests of Customer as described in Exhibit A. Vendor’s warranties pertaining to the Equipment and the Customer to
Vendor’s knowledge shall inure to the benefit of and be enforceable by both Med One and Customer, either jointly or severally. At Med One’s request, Vendor shall use its best commercial efforts to cause UCC-1 Financing Statements in form
requested by Med One to be delivered to Med One. 

  

	 	4.	Notwithstanding the Assignment made hereby, Vendor shall perform all of the obligations and duties imposed upon it by Exhibit A in accordance with the terms of Exhibit
A. Med One shall have no obligations of the Vendor under Exhibit A. Subject to the terms of this Assignment, Vendor agrees to indemnify, defend, and hold Med One harmless from all claims and liability arising out of Vendor’s
obligations under Exhibit A and the purchase, use, possession or operation of the Equipment. 

  

	 	5.	If Customer and Vendor enter into an arrangement with respect to service and preventative maintenance for the Equipment, then Vendor warrants to Med One that Vendor and its
successors and assigns will be responsible to provide such service and preventative maintenance function relating to the Equipment in accordance with the terms of such arrangement and will hold Med One harmless with respect to claims or liabilities
in connection with such service and preventative maintenance. 

  

	 	6.	Vendor will make all payments under this Assignment to Med One or to such other person and at such place, as Med One may direct, and will promptly deliver to Med One all notices and
correspondence reasonably requested by Med One to exercise Med One’s rights under Exhibit A and this Assignment. 

  

	 	7.	Vendor waives presentment and demand for payment, protest or notice of the non-payment and notice as to all agreements and related documents now and hereafter assigned or endorsed
to Med One. Vendor subordinates to any rights Med One may now or hereafter have against Customer under Exhibit A, and any rights Vendor may now or hereafter have or acquire by reason of payment to Med One of any payments under Exhibit
A or this Assignment. Notwithstanding anything to the contrary herein, Vendor shall pay to Med One the “Equipment Increment Per Item” for each product Customer actually acquires from Vendor under the Agreement and for which Customer
actually pays. Further, in the event Customer makes only a partial payment (the “Partial Payment”) for Products supplied by Vendor under the Agreement, Vendor shall pay to Med One an amount equal to the Monthly Total Equipment Amortization
referred to above each month during the term of Exhibit A, but only to the extent that such amounts are received by Vendor. Each month of the term shall stand on its own for purposes of this section. 

  

	 	8.	 If Vendor, or as applicable, Customer, materially breach any of their representations, warranties or obligations under this Assignment or Exhibit A that are
not cured during the time period provided therein, Med One shall be entitled 

  

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to exercise all of its legal, contractual and equitable rights against Vendor, Customer and the Equipment, including, without limitation, the right to
repossess the Equipment from Customer. 

  

	 	9.	Vendor shall keep complete and accurate records of Customer’s compliance with the Agreement (i.e., quantities ordered, etc.) and payments to Vendor pursuant to the Agreement
and Vendor shall provide Med One within fifteen (15) days of the end of each calendar month a written report showing the payments made by Customer to Vendor under the Agreement in such month. Upon Med One’s written request and not more
than once in any calendar year, Vendor shall permit an independent certified public accounting firm of nationally recognized standing, selected by Med One and reasonably acceptable to Vendor, at Med One’s expense, to have access during normal
business hours to such of Vendor’s records reasonably necessary to verify the accuracy of the above referenced reports. Notwithstanding, and in addition to the foregoing, in the event any payment owed by Customer to Vendor under the Agreement
becomes more than sixty (60) days past due, Med One, prior to exercising its rights and remedies under this Assignment, and at its sole option and cost, shall have the right, upon reasonable notice and during regular business hours, to view
Vendor’s records with respect to such delinquent Customer for the sole purpose of verifying the nature and extent of such Customer’s default. Med One shall have the right to all Service charges (defined in Schedule B # 3 of Vendor’s
Terms and Conditions) pertaining to the Equipment Increment (as that term is defined herein). 

  

	 	10.	At such time that any payment by Customer to Vendor under the Agreement becomes more than sixty (60) days past due, Med One, at its sole option may exercise all of its rights
and remedies under this Assignment with respect to the Equipment and the Customer, including repossessing the Equipment and filing a deficiency lawsuit against Customer. In such event, Vendor shall notify Customer of such assignment and Vendor shall
execute any further documentation relating to such assignment that Med One reasonably deems necessary for such assignment and the exercise of Med One’s rights and remedies hereunder. 

  

	 	11.	Upon payment in full of the Total Equipment Amortization (set forth above) and so long as Customer is not in material default under the terms of Exhibit A, within thirty
(30) days thereafter Med One will transfer, convey and assign to Customer all of its right, title and interest in and to those units of Equipment free and clear of all liens and encumbrances. Additionally, within such thirty-day period, Med One
will file a UCC-3 or other forms for the purpose of releasing all liens on such fully-purchased Equipment. 

  

	 	12.	Vendor has to its knowledge complied and will comply with all requirements imposed upon it under the Agreement or under any law which may govern the Agreement.

  

 6 

	 	13.	In the event of a breach of the terms of this Assignment, the breaching party shall pay all enforcement and collection costs of the non-breaching party, including reasonable
attorneys’ fees and expenses. 

  

	 	14.	This Assignment shall be governed by the laws of the state of Utah. 

  

	 	15.	This Assignment is binding upon the successors and assigns of the parties and along with the exhibits hereto constitutes their entire agreement with respect to the matters discussed
herein. Med One may assign its rights under this Assignment without the consent of Vendor. All oral representations or prior negotiations are deemed to have been merged into this Assignment. This Assignment may not be changed or modified except by a
writing signed by all of the parties. 

  

	 	16.	Following termination or expiration of the Agreement as set forth in Exhibit A prior to Customer completing all of its payment obligations thereunder, in the event Med One
desires to sell or transfer the Equipment to a third party, Med One shall first offer to sell the Equipment to Vendor on mutually acceptable terms, which shall never be greater than any amount remaining to be paid to Med One under an Exhibit
A contract relating to such Equipment. If the parties cannot agree on acceptable terms after a period of 30 days, Med One may sell the Equipment to a third party, provided that the terms of such sale are no more favorable than the terms offered
Vendor. 

  

	 	17.	Vendor will provide Med One with notice of, and Med One shall approve, any proposed material, good faith and commercially reasonable renegotiated changes to signed Exhibit A
contracts. 

  

	 	18.	The terms of this Assignment shall be deemed confidential and shall not, except as set forth in paragraph 10 of this Assignment, be disclosed by Med One or Vendor to anyone except
their employees and professional advisors with a need to know and Customer, unless required by law. 

  

	 	19.	All notices and other communications required or permitted herein shall be in writing and shall be delivered personally (which shall include delivery by courier or reputable
delivery service) or sent by certified or registered mail, postage prepaid, return receipt requested or sent by facsimile transmission. Items delivered personally or by facsimile shall be deemed delivered on the date of delivery; items sent by
certified or registered mail shall be deemed delivered three (3) days after mailing. The address of the parties for purposes of this provision are set forth in the Preamble of this Assignment. 

  

	 	20.	Vendor’s execution and delivery of this Assignment will not constitute a breach, default or event of default under any other written instrument, business organizational
document or agreement to which Vendor is bound. 

  

	 	21.	 At any time during the term of this Agreement, vendor may repurchase the Equipment and all rights granted in this agreement to Med One by paying to Med 

  

 7 

	 	 
One an amount equal to the unamortized portion of the Equipment Purchase Price as of that date. 

  

	 	22.	Notwithstanding anything else herein, Med One understands and agrees that the enforceability of Exhibit A is subject to standard legal exceptions (e.g., bankruptcy, actual
authorization, public policy, specific enforcement, etc.) and that Vendor is not a guarantor of enforceability of Exhibit A or for collection of amounts due from a Customer. Med One agrees to complete its own financial and legal due diligence
as it feels is required prior to acceptance of the assignment herein and assumes the risk of enforceability and collection of the amounts under Exhibit A. For purposes of this Agreement, Vendor’s knowledge is made based on the documents
provided and understanding of the CFO of Vendor, without investigation or inquiry, and without any obligation to update Med One upon any change in such knowledge. 

 The date of this Assignment shall be the same date as the Effective Date of the Agreement. 
  

					
	MED ONE CAPITAL, INC.	 		 	MASIMO CORPORATION
			
	By:                                      
                                        
 	 		 	By:                                      
                                        
 
			
	Name:                                     
                                    	 		 	Name:                                     
                                    
			
	Title:                                     
                                      	 		 	Title:                                     
                                      

  

 8

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