07:28 AM EDT, 09/26/2024 (MT Newswires) -- Masimo ( MASI ) founder Joe Kiani is seeking a $400 million payout after being ousted as board chair by shareholders, the Financial Times reported Thursday.

In a lawsuit filed with the California state court, Kiani claims his employment contract grants him severance benefits of 2.7 million restricted stock units, which is currently valued at $360 million. Kiani also claims he was owed a $35 million cash payment.

Earlier this week, Kiani resigned as the medical device maker's CEO after shareholders voted to remove him from Masimo's ( MASI ) board.

Masimo ( MASI ) did not immediately respond to requests for comment from MT Newswires.

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