The board and staff introduced themselves to Secretary Paley.  Discussion ensued.  

Mr. Hipwood provided some highlights since the last board meeting.

Mr. Madison presented the Treasurer's report.  Discussion ensued.  

Mr. Hipwood presented a list of companies currently under review for potential investment and asked that any conflicts of interest be declared.  None were noted.  

Staff, exclusive of Mr. Hipwood, were excused from the meeting.  Mr. Hipwood provided a brief description of the basis for the FY 2025 and FY 2026 recommendations of the Compensation Committee. After Mr. Hipwood was excused from the meeting, the directors reviewed and discussed in detail the recommendations of the Compensation Committee as reflected in the minutes of its meeting on August 7, including:  for FY 2025, incentive compensation, profit sharing, and  SEP IRA;  and for FY 2026 3% increase in base compensation; profit sharing in lieu of incentive compensation, and increase in SEP IRA from 20% to 25%.  It was agreed that the terms of the FY 2026 profit sharing would be determined by the Compensation Committee and the Board at a later date. The board also noted the recommendation of the Compensation Committee to extend the employment agreement of Mr. Hipwood but deferred action until Mr. Paley has had an opportunity to review the same.

MassVentures staff returned to the meeting.

MassVentures staff provided updates for several portfolio companies.  Discussion ensued.

Mr. Hipwood and Mr. Madison presented updated valuations per the current fund audit.  Discussion ensued.  

Mr. Hipwood announced that a vote took place during executive session related to staff compensation.  

Mr. Hipwood provided a general update for MassVentures.  Discussion ensued.