MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Thursday November 17, 2022 at 8:00 AM
Location
Directors Present
C. Bouthot (remote), C. Tonucci (remote), D. Schultheis (remote), J. Griffin (remote), J. Hoch (remote), M. Attia (remote), M. Fuller (remote), O. Hazoury (remote), R. Jarquin (remote), W. Asher (remote)
Directors Absent
J. O'Reilly, M. James, M. Valanzola
Directors who left before the meeting adjourned
C. Tonucci, O. Hazoury
Guests Present
C. Hipwood (remote), J. Madison (remote), M. Wilcox (remote), P. Yadav (remote), S. Leis (remote), S. Swider (remote), V. Nijhawan (remote)
I. Opening Items
A.
Call the Meeting to Order
B.
Examples of Mission
C.
Highlights
Mr. Hipwood provided several highlights from the month including SSBCI and the retirement of Gail Cormier.
II. President's Report
A.
General Update
Mr. Hipwood provided a general overview of the business.
B.
MV Capital Update
Mr. Hipwood provided an update on the Acorn and Catalyst programs.
C.
MV Accelerate Update
Mr. Hipwood noted some of the marketing efforts that would take place in December.
D.
Other Updates
III. Approvals
A.
Board Minutes
| Roll Call | |
|---|---|
| O. Hazoury |
Abstain
|
| M. Fuller |
Aye
|
| M. James |
Absent
|
| W. Asher |
Aye
|
| J. O'Reilly |
Absent
|
| R. Jarquin |
Aye
|
| J. Griffin |
Aye
|
| D. Schultheis |
Aye
|
| C. Tonucci |
Abstain
|
| M. Valanzola |
Absent
|
| J. Hoch |
Aye
|
| M. Attia |
Aye
|
| C. Bouthot |
Aye
|
IV. Financial Matters
A.
Treasurer's Report
Mr. Madison provided an update of the financials as of the end of September. Discussion ensued.
B.
Approve Treasurer's Report
| Roll Call | |
|---|---|
| M. Fuller |
Aye
|
| W. Asher |
Aye
|
| M. Valanzola |
Absent
|
| C. Tonucci |
Abstain
|
| R. Jarquin |
Aye
|
| C. Bouthot |
Aye
|
| J. O'Reilly |
Absent
|
| O. Hazoury |
Abstain
|
| D. Schultheis |
Aye
|
| J. Hoch |
Aye
|
| M. James |
Absent
|
| M. Attia |
Aye
|
| J. Griffin |
Aye
|
V. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented a list of companies in the MassVentures pipeline of investment opportunities and asked the board members to disclose any conflicts of interest. No conflicts were noted.
VI. Executive Session
A.
Roll Call Vote to Enter Executive Session
| Roll Call | |
|---|---|
| R. Jarquin |
Aye
|
| C. Bouthot |
Aye
|
| J. Griffin |
Aye
|
| J. O'Reilly |
Absent
|
| M. James |
Absent
|
| W. Asher |
Aye
|
| D. Schultheis |
Aye
|
| M. Attia |
Aye
|
| J. Hoch |
Aye
|
| M. Fuller |
Aye
|
| M. Valanzola |
Absent
|
| O. Hazoury |
Aye
|
| C. Tonucci |
Aye
|
B.
Presentation - ExtraSense
The founder of ExtraSense presented an overview of his startup and fundraise. Discussion ensued.
C.
Vote - ExtraSense
| Roll Call | |
|---|---|
| M. Valanzola |
Absent
|
| J. Hoch |
Aye
|
| C. Bouthot |
Aye
|
| W. Asher |
Aye
|
| O. Hazoury |
Aye
|
| J. O'Reilly |
Absent
|
| M. Fuller |
Aye
|
| D. Schultheis |
Aye
|
| C. Tonucci |
Absent
|
| M. Attia |
Abstain
|
| R. Jarquin |
Aye
|
| J. Griffin |
Aye
|
| M. James |
Absent
|
D.
Talking Heads Wireless
Mr. Nijhawan presented an overview of a possible investment round for Talking Heads Wireless that would precede the investment previously approved by the Board. Discussion ensued.
E.
Vote - Talking Heads Wireless
| Roll Call | |
|---|---|
| M. Fuller |
Aye
|
| C. Tonucci |
Absent
|
| C. Bouthot |
Aye
|
| M. James |
Absent
|
| D. Schultheis |
Aye
|
| O. Hazoury |
Aye
|
| M. Valanzola |
Absent
|
| W. Asher |
Aye
|
| M. Attia |
Abstain
|
| J. Griffin |
Aye
|
| J. O'Reilly |
Absent
|
| J. Hoch |
Aye
|
| R. Jarquin |
Aye
|
F.
Preview - Robigo
Mr. Nijhawan presented an overview of a potential investment opportunity in Robigo. Discussion ensued.
G.
Presentation - Armored Things / Lambent Spaces
Mr. Hipwood presented an opportunity for a follow-on investment in Lambent Spaces (fka Armored Things). Discussion ensued.
H.
Vote - Armored Things / Lambent Spaces
| Roll Call | |
|---|---|
| W. Asher |
Aye
|
| J. O'Reilly |
Absent
|
| J. Griffin |
Aye
|
| C. Tonucci |
Absent
|
| M. Fuller |
Aye
|
| R. Jarquin |
Aye
|
| O. Hazoury |
Absent
|
| D. Schultheis |
Aye
|
| J. Hoch |
Aye
|
| M. James |
Absent
|
| C. Bouthot |
Aye
|
| M. Valanzola |
Absent
|
| M. Attia |
Abstain
|
I.
Preview - Atlantic Quantum
Mr. Nijhawan presented an overview of a potential investment opportunity in Atlantic Quantum. Discussion ensued.
J.
Preview - Black-I Robotics
Ms. Swider presented an overview of a potential investment opportunity in Black-I Robotics. Discussion ensued.
K.
Preview - AI Lean
Mr. Hipwood presented an overview of a potential RLF loan opportunity for AI Lean. Discussion ensued.
L.
Pipeline Report
Mr. Hipwood gave an update on the pipeline of investment opportunities.
M.
Portfolio Update
Mr. Hipwood gave updates on a few portfolio companies.
N.
Comp Committee Minutes
| Roll Call | |
|---|---|
| M. Attia |
Abstain
|
| M. James |
Absent
|
| R. Jarquin |
Aye
|
| D. Schultheis |
Abstain
|
| W. Asher |
Aye
|
| J. Hoch |
Abstain
|
| O. Hazoury |
Absent
|
| C. Bouthot |
Abstain
|
| C. Tonucci |
Absent
|
| M. Valanzola |
Absent
|
| J. O'Reilly |
Absent
|
| J. Griffin |
Aye
|
| M. Fuller |
Aye
|
At this time, MassVentures staff including Mr. Hipwood left the meeting.
O.
Compensation Committee Presentation
Mr. Fuller reviewed the recommendation of the Compensation Committee to extend the term of Mr. Hipwood’s employment agreement for three years, from June 30, 2023 to June 30, 2026. A short discussion followed. It was noted that no provisions of the agreement aside from the term would be changed.
P.
Vote - Compensation Committee Recommendation and Minutes
| Roll Call | |
|---|---|
| J. Hoch |
Aye
|
| W. Asher |
Aye
|
| R. Jarquin |
Aye
|
| M. Valanzola |
Absent
|
| C. Bouthot |
Aye
|
| D. Schultheis |
Aye
|
| J. Griffin |
Aye
|
| M. Attia |
Aye
|
| J. O'Reilly |
Absent
|
| M. James |
Absent
|
| O. Hazoury |
Absent
|
| M. Fuller |
Aye
|
| C. Tonucci |
Absent
|
Mr. Hipwood provided an overview of the activities from the last month towards the mission of MassVentures.