Masimo CEO Kiani Awarded $119 Million, Surrenders Some Benefits
- More than $110 million in stock would vest if he departs
- Founder of medical-device maker approved new employment terms
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Masimo Corp. Chairman and Chief Executive Officer Joe Kiani was awarded $119.2 million for last year, in exchange for forfeiting certain components of his employment agreement.
Kiani’s compensation includes $111.9 million in restricted stock that will vest only if his employment with the company is terminated, according to the summary compensation table in Masimo’s proxy statement filed Thursday. The award wouldn’t pay out in event of death, disability or cause such as gross misconduct or violation of trade secrets, the document shows.