MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Thursday January 6, 2022 at 8:00 AM
Location
308 Congress Street (if in person)
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Directors Present
C. Bouthot (remote), D. Schultheis (remote), J. Hoch (remote), J. Kenney (remote), J. O'Reilly (remote), M. Valanzola (remote), R. Jarquin (remote), S. Asker (remote), W. Asher (remote)
Directors Absent
C. Stepno, J. Lee, M. Attia, M. James, N. Collins
Directors who arrived after the meeting opened
D. Schultheis
Directors who left before the meeting adjourned
J. Kenney
Guests Present
C. Hipwood (remote), J. Madison (remote), M. Wilcox (remote), P. Yadav (remote), S. Swider (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 Jan 6, 2022 at 8:02 AM.
B.
Examples of Mission
Mr. Hipwood provided some examples of MassVentures mission.
II. Approvals
A.
Board Minutes
W. Asher made a motion to approve the minutes from MassVentures Board Meeting on 11-18-21.
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| M. James |
Absent
|
| M. Valanzola |
Aye
|
| J. Hoch |
Aye
|
| C. Bouthot |
Aye
|
| D. Schultheis |
Absent
|
| C. Stepno |
Absent
|
| J. O'Reilly |
Aye
|
| S. Asker |
Aye
|
| W. Asher |
Aye
|
| R. Jarquin |
Aye
|
| J. Kenney |
Abstain
|
| J. Lee |
Absent
|
| M. Attia |
Absent
|
| N. Collins |
Absent
|
B.
Pre-investment action sheet - Paerpay
W. Asher made a motion to Approve the Pre-Investment action sheet for Paerpay.
J. O'Reilly seconded the motion.
The board VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| J. Kenney |
Aye
|
| J. O'Reilly |
Aye
|
| N. Collins |
Absent
|
| J. Hoch |
Aye
|
| C. Bouthot |
Aye
|
| W. Asher |
Aye
|
| R. Jarquin |
Aye
|
| M. Attia |
Absent
|
| M. James |
Absent
|
| D. Schultheis |
Absent
|
| M. Valanzola |
Aye
|
| S. Asker |
Aye
|
| C. Stepno |
Absent
|
| J. Lee |
Absent
|
C.
Pre-Investment Action Sheet - Jebbit
J. O'Reilly made a motion to Approve the Pre-Investment action sheet for Jebbit.
R. Jarquin seconded the motion.
The board VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| J. Lee |
Absent
|
| J. O'Reilly |
Aye
|
| M. James |
Absent
|
| C. Stepno |
Absent
|
| D. Schultheis |
Absent
|
| M. Valanzola |
Aye
|
| S. Asker |
Aye
|
| C. Bouthot |
Aye
|
| N. Collins |
Absent
|
| J. Hoch |
Aye
|
| M. Attia |
Absent
|
| W. Asher |
Aye
|
| J. Kenney |
Aye
|
| R. Jarquin |
Aye
|
D.
Pre-Investment Action Sheet - ClearGov
J. O'Reilly made a motion to Approve the Pre-Investment action sheet for ClearGov.
R. Jarquin seconded the motion.
The board VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| R. Jarquin |
Aye
|
| J. Hoch |
Aye
|
| N. Collins |
Absent
|
| J. Kenney |
Abstain
|
| S. Asker |
Aye
|
| M. Attia |
Absent
|
| J. O'Reilly |
Aye
|
| C. Bouthot |
Aye
|
| M. James |
Absent
|
| J. Lee |
Absent
|
| W. Asher |
Aye
|
| M. Valanzola |
Aye
|
| D. Schultheis |
Absent
|
| C. Stepno |
Absent
|
III. Financial Matters
A.
Treasurer's Report
Mr. Madison presented the Treasurer's report. Discussion ensued.
B.
Approve Treasurer's Report
J. O'Reilly made a motion to Approve the Treasurer's report.
R. Jarquin seconded the motion.
The board VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| M. Valanzola |
Aye
|
| N. Collins |
Absent
|
| R. Jarquin |
Aye
|
| C. Bouthot |
Aye
|
| D. Schultheis |
Absent
|
| M. James |
Absent
|
| C. Stepno |
Absent
|
| J. O'Reilly |
Aye
|
| S. Asker |
Aye
|
| J. Kenney |
Abstain
|
| W. Asher |
Aye
|
| J. Hoch |
Aye
|
| M. Attia |
Absent
|
| J. Lee |
Absent
|
IV. Executive Session
A.
Roll Call Vote to Enter Executive Session
W. Asher made a motion to Enter into Executive Session to discuss confidential financial matters related to applicants of MassVentures' funds.
R. Jarquin seconded the motion.
The board VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| N. Collins |
Absent
|
| S. Asker |
Aye
|
| C. Stepno |
Absent
|
| M. Attia |
Absent
|
| R. Jarquin |
Aye
|
| J. Hoch |
Aye
|
| M. Valanzola |
Aye
|
| M. James |
Absent
|
| J. Kenney |
Aye
|
| W. Asher |
Aye
|
| J. Lee |
Absent
|
| D. Schultheis |
Absent
|
| J. O'Reilly |
Aye
|
| C. Bouthot |
Aye
|
D. Schultheis arrived at 8:19 AM.
B.
Seaspire - Discussion for Potential Investment Approval - Amendment
Ms. Yadav presented an update for Seaspire. Discussion ensued.
C.
Vote - Seaspire Potential Investment Amendment
M. Valanzola made a motion to Approve investment in Seaspire.
J. Kenney seconded the motion.
The board VOTED unanimously to approve the motion.
D.
Concerto - Discussion for Potential Follow On Investment
Mr. Nijhawan presented information for a potential follow-on investment in Concerto. Discussion ensued.
E.
Concerto - Vote Regarding Potential Follow On Investment
W. Asher made a motion to Approve investment in Concerto.
J. Kenney seconded the motion.
The board VOTED unanimously to approve the motion.
F.
Libbo (Prolific Works) and Harvest Automation - Potential Sale of Shares
Mr. Hipwood presented opportunities to sell shares in Libboo (Prolific Works) and Harvest Automation. Discussion ensued.
G.
Vote: Libboo Sale of Shares
W. Asher made a motion to Approve sale of shares in Libboo (Prolific Works).
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| J. Kenney |
Abstain
|
| M. James |
Absent
|
| C. Bouthot |
Aye
|
| C. Stepno |
Absent
|
| J. O'Reilly |
Aye
|
| J. Hoch |
Aye
|
| M. Attia |
Absent
|
| S. Asker |
Aye
|
| J. Lee |
Absent
|
| M. Valanzola |
Aye
|
| D. Schultheis |
Aye
|
| W. Asher |
Aye
|
| R. Jarquin |
Aye
|
| N. Collins |
Absent
|
H.
Vote: Harvest Automation Sale of Shares
R. Jarquin made a motion to Approve sale of shares in Harvest Automation.
C. Bouthot seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| J. Hoch |
Aye
|
| M. Valanzola |
Aye
|
| J. Kenney |
Abstain
|
| J. O'Reilly |
Aye
|
| W. Asher |
Aye
|
| J. Lee |
Absent
|
| S. Asker |
Aye
|
| R. Jarquin |
Aye
|
| M. Attia |
Absent
|
| M. James |
Absent
|
| D. Schultheis |
Aye
|
| C. Stepno |
Absent
|
| N. Collins |
Absent
|
| C. Bouthot |
Aye
|
I.
Discuss Potential Sale of Shares in Ginkgo Bioworks
Mr. Hipwood presented a strategy for selling public shares in Ginkgo Bioworks (NYSE:DNA) once the lockup expires. Discussion ensued.
J.
Vote on Sale of Shares in Ginkgo Bioworks
R. Jarquin made a motion to Approve sale of shares in Ginkgo.
W. Asher seconded the motion.
The board VOTED unanimously to approve the motion.
K.
Preview - Optiva
Ms. Swider presented a preview of Optiva. Discussion ensued.
L.
Pipeline Report
J. Kenney left at 9:19 AM.
M.
Portfolio Update
Mr. Hipwood presented an update on the existing portfolio companies. Discussion ensued.
N.
Roll Call Vote to Return to Open Session
W. Asher made a motion to Return to Open Session.
R. Jarquin seconded the motion.
The board VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| S. Asker |
Aye
|
| D. Schultheis |
Aye
|
| W. Asher |
Aye
|
| J. O'Reilly |
Aye
|
| J. Kenney |
Absent
|
| M. Attia |
Absent
|
| C. Stepno |
Absent
|
| R. Jarquin |
Aye
|
| N. Collins |
Absent
|
| J. Lee |
Absent
|
| C. Bouthot |
Aye
|
| M. Valanzola |
Aye
|
| J. Hoch |
Aye
|
| M. James |
Absent
|
V. Conflicts of Interest
A.
Conflicts
Mr. Hipwood highlighted new companies under consideration for MassVentures' funds and asked for any conflicts of interest to be announced. No conflicts were noted.
VI. President's Report
A.
General Update
Mr. Hipwood provided a general update of MassVentures initiatives. Discussion ensued.
B.
Marketing/Messaging Update
Ms. Wilcox provided an update of marketing efforts.
C.
MV Capital Update
D.
MV Accelerate Update
E.
Other Updates
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 9:57 AM.
Respectfully Submitted,
W. Asher