MassVentures
Minutes
Compensation Committee
Date and Time
Tuesday October 11, 2022 at 8:00 AM
Committee Members Present
J. Griffin (remote), M. Fuller (remote), M. James (remote), M. Valanzola (remote), R. Jarquin (remote), W. Asher (remote)
Committee Members Absent
None
Guests Present
C. Hipwood (remote), J. Madison (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
M. Fuller called a meeting of the Compensation Committee Committee of MassVentures to order on Tuesday Oct 11, 2022 at 8:03 AM.
II. Compensation Committee
A.
Review Compensation Structure
Mr. Fuller then presented suggested base and incentive compensation for each employee. Discussion ensued.
B.
Vote on Changes to Compensation Structure
M. Valanzola made a motion to Accept the base and incentive compensation amounts presented by Mr. Fuller for recommendation to the Board of Directors at the next meeting.
R. Jarquin seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| J. Griffin |
Aye
|
| R. Jarquin |
Aye
|
| M. James |
Aye
|
| M. Valanzola |
Aye
|
| M. Fuller |
Aye
|
| W. Asher |
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 8:35 AM.
Respectfully Submitted,
W. Asher
Mr. Fuller described the overall process for evaluating compensation structure with a goal of aligning MassVentures' with the compensation structure at other quasi-public institutions in Massachusetts. Mr. Fuller discussed the need to shift the compensation structure to align both base and incentive compensation. Mr. Fuller also suggested more specific KPIs around individual performance for incentive compensation, which Mr. Hipwood agreed to deliver to the Compensation Committee within the next month. Finally, Mr. Fuller requested that the Compensation Committee review compensation on a more regular basis going forward.