MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Thursday October 13, 2022 at 8:00 AM
Location
Directors Present
C. Bouthot (remote), D. Schultheis (remote), J. Griffin (remote), J. Hoch (remote), J. O'Reilly (remote), M. Attia (remote), M. Fuller (remote), M. James (remote), M. Valanzola (remote), R. Jarquin (remote), W. Asher (remote)
Directors Absent
None
Guests Present
C. Hipwood, J. Madison, M. Wilcox, P. Yadav, S. Leis, S. Swider, V. Nijhawan
I. Opening Items
A.
Call the Meeting to Order
B.
Intro - Mark Fuller
C.
Examples of Mission
Mr. Hipwood provided several examples of staff working towards the mission.
D.
Highlights
Mr. Hipwood presented several highlights since the last meeting.
E.
Audit Presentation
Auditors from Katz, Nannis and Solomon, Jeff Solomon and Sarah Pratt, provided an overview of the MassVentures' audit process. Additionally, they presented an overview of the financials. Discussion ensued. It was noted that management was cooperative with the audit and there were no material findings to report.
II. Approvals
A.
Board Minutes
| Roll Call | |
|---|---|
| M. Valanzola |
Aye
|
| J. Griffin |
Aye
|
| W. Asher |
Aye
|
| M. Attia |
Aye
|
| C. Bouthot |
Aye
|
| J. Hoch |
Abstain
|
| D. Schultheis |
Aye
|
| M. Fuller |
Abstain
|
| M. James |
Aye
|
| R. Jarquin |
Aye
|
| J. O'Reilly |
Aye
|
B.
Pre-investment action sheet - InGel Therapeutics
| Roll Call | |
|---|---|
| J. Hoch |
Abstain
|
| M. Attia |
Aye
|
| M. Fuller |
Abstain
|
| R. Jarquin |
Aye
|
| J. O'Reilly |
Aye
|
| J. Griffin |
Aye
|
| M. James |
Aye
|
| W. Asher |
Aye
|
| D. Schultheis |
Aye
|
| M. Valanzola |
Aye
|
| C. Bouthot |
Aye
|
C.
Audit Committee Minutes - October 12, 2022
| Roll Call | |
|---|---|
| J. O'Reilly |
Aye
|
| M. Fuller |
Abstain
|
| M. Attia |
Aye
|
| W. Asher |
Aye
|
| M. Valanzola |
Aye
|
| C. Bouthot |
Aye
|
| M. James |
Aye
|
| D. Schultheis |
Aye
|
| R. Jarquin |
Aye
|
| J. Hoch |
Aye
|
| J. Griffin |
Aye
|
III. Financial Matters
A.
Treasurer's Report
Mr. Madison presented the treasurer's report for July and August 2022. Discussion ensued.
B.
Approve Treasurer's Report
| Roll Call | |
|---|---|
| C. Bouthot |
Aye
|
| J. O'Reilly |
Aye
|
| M. James |
Aye
|
| M. Attia |
Aye
|
| J. Hoch |
Aye
|
| M. Fuller |
Aye
|
| R. Jarquin |
Aye
|
| M. Valanzola |
Aye
|
| D. Schultheis |
Aye
|
| W. Asher |
Aye
|
| J. Griffin |
Aye
|
IV. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented a list of new companies in the pipeline for potential funding and ask the board to declare any conflicts of interest. None were declared.
V. President's Report
A.
General Update
Mr. Hipwood provided a general update on the business.
B.
MV Capital Update
MassVentures' staff provided updates on the various MV Capital programs.
C.
MV Accelerate Update
MassVentures' staff provided updates on the various MV Accelerate programs.
D.
Other Updates
VI. Executive Session
A.
Roll Call Vote to Enter Executive Session
| Roll Call | |
|---|---|
| M. Fuller |
Aye
|
| J. O'Reilly |
Aye
|
| C. Bouthot |
Aye
|
| J. Hoch |
Aye
|
| R. Jarquin |
Aye
|
| J. Griffin |
Aye
|
| M. Attia |
Aye
|
| M. Valanzola |
Aye
|
| D. Schultheis |
Aye
|
| W. Asher |
Aye
|
| M. James |
Aye
|
B.
Pipeline Report
C.
Portfolio Update
MassVentures' staff provided updates on the portfolio companies. Discussion ensued.
D.
MassVentures' staff left the meeting in advance of the Comp Committee presentation
In executive session, and in advance of the Comp Committee discussion on compensation matters, all staff members, with the exception of Mr. Hipwood, left the meeting
E.
Comp Committee Minutes - October 5, 2022
| Roll Call | |
|---|---|
| M. Valanzola |
Aye
|
| W. Asher |
Abstain
|
| C. Bouthot |
Abstain
|
| M. James |
Aye
|
| J. Hoch |
Abstain
|
| D. Schultheis |
Abstain
|
| M. Attia |
Abstain
|
| M. Fuller |
Aye
|
| J. Griffin |
Aye
|
| J. O'Reilly |
Abstain
|
| R. Jarquin |
Aye
|
F.
Comp Committee Minutes - October 11, 2022
| Roll Call | |
|---|---|
| W. Asher |
Aye
|
| M. James |
Aye
|
| M. Fuller |
Aye
|
| C. Bouthot |
Abstain
|
| J. Hoch |
Abstain
|
| J. O'Reilly |
Abstain
|
| R. Jarquin |
Aye
|
| J. Griffin |
Aye
|
| M. Attia |
Abstain
|
| M. Valanzola |
Aye
|
| D. Schultheis |
Abstain
|
G.
Approval of Report of Comp Committee and acceptance of Comp Committee minutes
| Roll Call | |
|---|---|
| C. Bouthot |
Aye
|
| M. James |
Absent
|
| W. Asher |
Aye
|
| M. Valanzola |
Aye
|
| M. Fuller |
Aye
|
| D. Schultheis |
Aye
|
| J. Griffin |
Aye
|
| J. Hoch |
Aye
|
| M. Attia |
Abstain
|
| R. Jarquin |
Aye
|
| J. O'Reilly |
Aye
|
Mr. Hipwood left the meeting
H.
Vote on any changes to Compensation Structure for Fiscal Year 2023
| Roll Call | |
|---|---|
| J. Griffin |
Aye
|
| W. Asher |
Aye
|
| M. James |
Absent
|
| M. Fuller |
Aye
|
| D. Schultheis |
Aye
|
| M. Valanzola |
Aye
|
| R. Jarquin |
Aye
|
| J. O'Reilly |
Aye
|
| C. Bouthot |
Aye
|
| M. Attia |
Abstain
|
| J. Hoch |
Abstain
|
The board considered the desirability of extending the term of Mr. Hipwood’s employment contract beyond its June 2023 expiration date. It was the consensus of the board to support an extension and that a proposal should be considered at the next board meeting.
I.
Comp Committee Presentation for staff base and variable compensation
Mr. Fuller presented the staff base and variable compensation schedule for fiscal 2023 recommended by the Compensation Committee. He explained that the revised approach is intended to (i) reset overall base compensation levels and align variable compensation with other quasi state entities and (ii) determine specific key performance indicators for variable compensation (to be proposed at the next board meeting). Consideration of a possible “carried interest” bonus for realized investment gains was deferred to a later time. Discussion ensued.
Mr. Fuller introduced himself as the new designee of Secretary Kennealy.