MassVentures Board Meeting Minutes

November 17, 2022, 8:00-11:00 AM

Minutes Approved

MassVentures

Minutes

MassVentures Board Meeting

Date and Time

Thursday November 17, 2022 at 8:00 AM

Location

308 Congress Street (if in person)

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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

M. Fuller called a meeting of the board of directors of MassVentures to order on Thursday Nov 17, 2022 at 8:03 AM.

B. Examples of Mission

Mr. Hipwood provided an overview of the activities from the last month towards the mission of MassVentures.

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

W. Asher made a motion to approve the minutes from MassVentures Board Meeting on 10-13-22.

J. Hoch seconded the motion.

The board VOTED to approve the motion.

Roll Call
M. Fuller	Aye
C. Tonucci	Abstain
J. Griffin	Aye
J. O'Reilly	Absent
R. Jarquin	Aye
M. James	Absent
M. Attia	Aye
W. Asher	Aye
M. Valanzola	Absent
J. Hoch	Aye
O. Hazoury	Abstain
D. Schultheis	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

J. Griffin made a motion to Approve the Treasurer's report as presented.

M. Attia seconded the motion.

The board VOTED to approve the motion.

Roll Call
R. Jarquin	Aye
J. Griffin	Aye
J. O'Reilly	Absent
C. Tonucci	Abstain
M. Attia	Aye
O. Hazoury	Abstain
C. Bouthot	Aye
M. Valanzola	Absent
M. James	Absent
W. Asher	Aye
D. Schultheis	Aye
J. Hoch	Aye
M. Fuller	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

W. Asher made a motion to Enter into executive session to discuss confidential financial information related to applicants of MassVentures funds.

R. Jarquin seconded the motion.

The board VOTED to approve the motion.

Roll Call
C. Tonucci	Aye
O. Hazoury	Aye
R. Jarquin	Aye
J. O'Reilly	Absent
M. Valanzola	Absent
J. Hoch	Aye
M. Attia	Aye
D. Schultheis	Aye
M. James	Absent
W. Asher	Aye
J. Griffin	Aye
M. Fuller	Aye
C. Bouthot	Aye

B. Presentation - ExtraSense

The founder of ExtraSense presented an overview of his startup and fundraise. Discussion ensued.

C. Tonucci left at 8:59 AM.

C. Vote - ExtraSense

J. Griffin made a motion to Approve an investment in ExtraSense per the details of the pre-investment action sheet.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
R. Jarquin	Aye
C. Bouthot	Aye
O. Hazoury	Aye
W. Asher	Aye
M. Fuller	Aye
M. Valanzola	Absent
M. James	Absent
J. Hoch	Aye
J. O'Reilly	Absent
J. Griffin	Aye
C. Tonucci	Absent
D. Schultheis	Aye
M. Attia	Abstain

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

R. Jarquin made a motion to Approve the investment as presented and reflected in the pre-investment action sheet.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
J. Hoch	Aye
M. Valanzola	Absent
D. Schultheis	Aye
J. Griffin	Aye
J. O'Reilly	Absent
M. Fuller	Aye
O. Hazoury	Aye
C. Bouthot	Aye
C. Tonucci	Absent
W. Asher	Aye
M. James	Absent
M. Attia	Abstain
R. Jarquin	Aye

F. Preview - Robigo

Mr. Nijhawan presented an overview of a potential investment opportunity in Robigo. Discussion ensued.

O. Hazoury left.

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

R. Jarquin made a motion to Approve a follow-on investment in Lambent Spaces as presented and reflected in the pre-investment action sheet.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
O. Hazoury	Absent
M. Valanzola	Absent
C. Bouthot	Aye
M. Attia	Abstain
M. Fuller	Aye
R. Jarquin	Aye
J. Griffin	Aye
C. Tonucci	Absent
W. Asher	Aye
D. Schultheis	Aye
J. O'Reilly	Absent
J. Hoch	Aye
M. James	Absent

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

M. Fuller made a motion to have the members of the Compensation Committee approve the minutes from Compensation Committee Meeting on 11-02-22.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
C. Bouthot	Abstain
D. Schultheis	Abstain
W. Asher	Aye
M. James	Absent
M. Valanzola	Absent
C. Tonucci	Absent
M. Fuller	Aye
M. Attia	Abstain
J. O'Reilly	Absent
J. Hoch	Abstain
J. Griffin	Aye
R. Jarquin	Aye
O. Hazoury	Absent

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

R. Jarquin made a motion to have the board approve the recommendation of the Compensation Committee and that the Board Chair and/or Board Co-Chair be authorized to negotiate and implement the extension of Mr. Hipwood’s agreement.

J. Hoch seconded the motion.

The board VOTED to approve the motion.

Roll Call
J. Griffin	Aye
C. Tonucci	Absent
W. Asher	Aye
R. Jarquin	Aye
M. Valanzola	Absent
M. Fuller	Aye
M. Attia	Aye
D. Schultheis	Aye
C. Bouthot	Aye
J. Hoch	Aye
J. O'Reilly	Absent
O. Hazoury	Absent
M. James	Absent

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 10:45 AM.

Respectfully Submitted,

W. Asher