MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Thursday November 18, 2021 at 8:00 AM
Join Zoom Meeting
Meeting ID: 884-8181-9127
Password: 1016
Dial by your location
(301) 715 8592
Directors Present
C. Bouthot (remote), D. Schultheis (remote), J. Hoch (remote), J. Kenney (remote), J. Lee (remote), M. James (remote), N. Collins (remote), R. Jarquin (remote), S. Asker (remote), W. Asher (remote)
Directors Absent
C. Stepno, J. O'Reilly, M. Attia, M. Valanzola
Directors who left before the meeting adjourned
J. Kenney
Guests Present
C. Hipwood (remote), J. Madison (remote), M. Wilcox (remote), P. Yadav (remote), V. Nijhawan (remote)
I. Opening Items
A.
Call the Meeting to Order
S. Asker called a meeting of the board of directors of MassVentures to order on Thursday Nov 18, 2021 at 8:08 AM.
B.
Examples of Mission
II. Approvals
A.
Board Minutes
W. Asher made a motion to approve the minutes from October 14, 2021 MassVentures Board Meeting on 10-14-21.
C. Bouthot seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| W. Asher |
Aye
|
| J. Hoch |
Aye
|
| M. Attia |
Absent
|
| N. Collins |
Aye
|
| S. Asker |
Aye
|
| C. Stepno |
Absent
|
| C. Bouthot |
Aye
|
| M. Valanzola |
Absent
|
| J. Lee |
Aye
|
| J. O'Reilly |
Absent
|
| D. Schultheis |
Abstain
|
| M. James |
Aye
|
| R. Jarquin |
Aye
|
| J. Kenney |
Abstain
|
B.
Pre-investment action sheet - Aclarity
N. Collins made a motion to Approve the Aclarity Pre-Investment Action Sheet.
S. Asker seconded the motion.
The board VOTED unanimously to approve the motion.
III. Financial Matters
A.
Treasurer's Report
Mr. Madison presented the Treasurer's report for the period ending September 30, 2021. Discussion ensued.
B.
Approve Treasurer's Report
W. Asher made a motion to Approve the Treasurer's report as presented.
R. Jarquin seconded the motion.
The board VOTED unanimously to approve the motion.
IV. Executive Session
A.
Roll Call Vote to Enter Executive Session
W. Asher made a motion to Enter into executive session to discuss confidential matters related to applicants of MassVentures' funds as well as current portfolio companies.
R. Jarquin seconded the motion.
The board VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| C. Stepno |
Absent
|
| N. Collins |
Aye
|
| M. Attia |
Absent
|
| R. Jarquin |
Aye
|
| M. Valanzola |
Absent
|
| C. Bouthot |
Aye
|
| S. Asker |
Aye
|
| W. Asher |
Aye
|
| D. Schultheis |
Aye
|
| J. Lee |
Aye
|
| M. James |
Aye
|
| J. O'Reilly |
Absent
|
| J. Hoch |
Aye
|
| J. Kenney |
Aye
|
B.
Paerpay Presentation and Q&A
Derek Canton, CEO and founder of Paerpay, and his colleagues Ben Hass and Greg Hunter presented an opportunity to invest in Paerpay and answered questions from the Board.
C.
Paerpay - Discussion for Potential Investment Approval
J. Kenney made a motion to Approve an investment in Paerpay per the terms in the pre-investment action sheet.
W. Asher seconded the motion.
The board VOTED unanimously to approve the motion.
D.
Jebbit Discussion
Mr. Hipwood presented an opportunity to sell shares in existing portfolio company, Jebbit. Discussion ensued.
E.
Jebbit Vote
R. Jarquin made a motion to Approve the sale of shares as presented.
J. Kenney seconded the motion.
The board VOTED unanimously to approve the motion.
J. Kenney left.
F.
ClearGov Discussion
Mr. Hipwood presented an opportunity to sell shares in existing portfolio company, ClearGov. Discussion ensued.
G.
ClearGov - Vote
W. Asher made a motion to Approve sale of shares in ClearGov as presented.
R. Jarquin seconded the motion.
The board VOTED unanimously to approve the motion.
H.
Preview - Adden Energy
Mr. Nijhawan presented a preview of Adden Energy. Discussion ensued.
I.
Pipeline Report
Ms. Yadav presented an overview of the current pipeline and noted there might be several previews at the next board meeting.
J.
Portfolio Update
Mr. Hipwood presented an update of the portfolio companies.
K.
Roll Call Vote to Return to Open Session
R. Jarquin made a motion to Return to open session.
W. Asher seconded the motion.
The board VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| W. Asher |
Aye
|
| M. Attia |
Absent
|
| J. O'Reilly |
Absent
|
| C. Stepno |
Absent
|
| J. Lee |
Aye
|
| R. Jarquin |
Aye
|
| N. Collins |
Aye
|
| C. Bouthot |
Aye
|
| M. Valanzola |
Absent
|
| M. James |
Aye
|
| D. Schultheis |
Aye
|
| J. Hoch |
Aye
|
| J. Kenney |
Absent
|
| S. Asker |
Aye
|
Mr. Hipwood noted that 3 votes took place during executive session with the details to be noted in the pre-investment action sheets.
V. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented a list of new companies in the MassVentures' pipeline and asked for any conflicts of interest. None were noted at this time.
VI. President's Report
A.
General Update
Mr. Hipwood provided a general update of the strategic initiatives at MassVentures.
B.
Marketing/Messaging Update
Ms. Wilcox provided an overview of the marketing activities.
C.
MV Capital Update
Mr. Hipwood provided an update on the various investment, grant and loan programs.
D.
MV Accelerate Update
Ms. Yadav, Ms. Swider, and Mr. Nijhawan provided updates on the MV Accelerate programs.
E.
Other Updates
Ms. Swider gave a brief preview of the Commercialization Accelerator.
VII. 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 10:17 AM.
Respectfully Submitted,
W. Asher