Mr. Hipwood reviewed highlights of MassVentures’ results for fiscal 2025 and provided an overview of the compensation structure for MassVentures' employees over time. He presented recommendations related to variable compensation and profit sharing for fiscal year 2025 and compensation goals and structure for fiscal year 2026, in each case as provided to the Committee prior to the meeting. For fiscal 2026 Mr. Hipwood proposed increasing base salary by 3%, replacing the incentive compensation element with profit sharing based on realized gains from MassVentures’ traditional investment funds and an increase in SEP IRA contributions from 20% to 25%. The FY 2026 recommendation also includes a promotion for Whitney Leslie to Vice President and a commensurate base salary increase. 

Mr. Hipwood separately noted that his current employment contract with MassVentures will expire on June 30, 2026.  He requested that the Committee consider recommending an extension of the contract beyond the stated expiration date.

After responding to questions from the members of the Committee, Mr. Hipwood and Mr. Madison were excused from the meeting. Discussion by the members of the Committee ensued.