MassVentures
Minutes
Compensation Committee Meeting
Date and Time
Wednesday November 2, 2022 at 8:00 AM
Location
Join Zoom Meeting
https://us02web.zoom.us/j/88413205717?pwd=elY0eUpLekRNNHhnSjFaOTArcXIrZz09&from=addon
Meeting ID: 884 1320 5717
Passcode: 679570
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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)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
II. Compensation Committee
A.
Review Compensation Structure
Mr. Hipwood left the meeting
B.
Review CEO contract
The members of the Committee discussed the extension of Mr. Hipwood’s employment agreement with the Corporation. Mr. Fuller reported that the typical contract extension among comparable quasi public agencies has been 2-3 years. After discussion, it was the agreement of the Committee that it was in the best interests of the Corporation to extend the term of Mr. Hipwood’s employment agreement by three years, from June 30, 2023 until June 30, 2026. No other changes in the agreement were deemed necessary.
C.
Vote on recommendations for the Board of Directors
| Roll Call | |
|---|---|
| M. James |
Aye
|
| M. Valanzola |
Aye
|
| J. Griffin |
Aye
|
| W. Asher |
Aye
|
| R. Jarquin |
Aye
|
| M. Fuller |
Aye
|
Mr. Hipwood presented possible metrics for monitoring and rewarding incentive compensation. Discussion ensued. It was determined that Mr. Hipwood should take the feedback from the entire committee and continue to work on potential metrics.