MassVentures
Minutes
MassVentures FY 2020 Compensation Committee
Date and Time
Tuesday October 13, 2020 at 10:00 AM
Location
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Meeting ID: 820 0993 4214
Passcode: 943751
https://us02web.zoom.us/j/82009934214?pwd=MElFU04wNUJMYURCVFUzWVdtNFJRdz09&from=msft
Meeting ID: 820 0993 4214
Passcode: 943751
One tap mobile
+13017158592,,82009934214#,,,,,,0#,,943751# US (Germantown)
+13126266799,,82009934214#,,,,,,0#,,943751# US (Chicago)
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+1 312 626 6799 US (Chicago)
+1 929 205 6099 US (New York)
+1 253 215 8782 US (Tacoma)
+1 346 248 7799 US (Houston)
+1 669 900 6833 US (San Jose)
Meeting ID: 820 0993 4214
Passcode: 943751
Committee Members Present
C. Stepno (remote), D. Cox (remote), M. James (remote), N. Collins (remote), R. Jarquin (remote), W. Asher (remote)
Committee Members Absent
None
Committee Members who left before the meeting adjourned
M. James
Guests Present
C. Hipwood, J. Madison (remote)
I. Opening Items
A.
Record Attendance
Mr. Cox determined attendance via roll call.
B.
Call the Meeting to Order
D. Cox called a meeting of the Compensation Committee Committee of MassVentures to order on Tuesday Oct 13, 2020 at 10:02 AM.
II. Compensation Committee
A.
Review Compensation Structure and Committee Process
Mr. Hipwood outlined the MassVentures compensation structure and committee process. Short discussion ensued.
B.
Review of Staff Member Performance
Mr. Hipwood reviewed staff member performance relative to the goals set out for FY 2020. Discussion ensued.
C.
Discuss Incentive Compensation
Mr. Hipwood provided recommendations for the committee to consider regarding base salary increases and incentive compensation for staff.
Mr. Hipwood also presented recommendations for measuring incentive compensation in FY 2021. It was agreed that Mr. Hipwood would add a few specific achievements that could be measured. Specifically, Mr. Allen would add two board seats and Mr. Hipwood would execute on the strategic plan as presented at the July 30, 2020 board meeting
M. James left.
Mr. Cox conducted a roll call vote to enter into Executive Session to discuss confidential matters related to employee compensation.
D.
Vote on Changes to Compensation Package
C. Stepno made a motion to approve changes in base compensation and incentive compensation as recommended by Mr. Hipwood and discussed by the Committee for Ms. Cormier and Mr. Allen.
N. Collins seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| D. Cox |
Aye
|
| R. Jarquin |
Aye
|
| J. Madison |
Aye
|
| C. Stepno |
Aye
|
| M. James |
Absent
|
| C. Hipwood |
Aye
|
| W. Asher |
Aye
|
| N. Collins |
Aye
|
W. Asher made a motion to approve changes in base compensation and incentive compensation for Mr. Hipwood as discussed by the Committee.
R. Jarquin seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| C. Hipwood |
Aye
|
| W. Asher |
Aye
|
| D. Cox |
Aye
|
| M. James |
Absent
|
| R. Jarquin |
Aye
|
| C. Stepno |
Aye
|
| N. Collins |
Aye
|
| J. Madison |
Aye
|
III. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 11:05 AM.
Respectfully Submitted,
W. Asher