MassVentures
Minutes
Compensation Committee Meeting
Date and Time
Wednesday July 12, 2023 at 8:30 AM
Committee Members Present
J. Griffin (remote), M. James (remote), M. Valanzola (remote), R. Jarquin (remote), W. Asher (remote), Y. Hao (remote)
Committee Members Absent
None
Guests Present
C. Hipwood (remote), J. Madison (remote), S. Stanton (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
Roll Call | |
---|---|
W. Asher |
Aye
|
M. James |
Aye
|
Y. Hao |
Aye
|
M. Valanzola |
Aye
|
R. Jarquin |
Aye
|
J. Griffin |
Aye
|
II. Compensation Committee
A.
Review Compensation Structure
Mr. Hipwood then provided an overview of performance for each individual as well as the organization for fiscal year 2023. Discussion ensued.
Mr. Hipwood provided a recommendation for variable compensation for each employee for fiscal year 2023 along with suggested compensation structure for fiscal year 2024. Discussion ensued.
Mr. Hipwood and Mr. Madison left the meeting.
The Compensation Committee discussed management's proposals for fiscal year 2023 incentive awards and compensation adjustments and structure for fiscal year 2024. There was committee consensus to approve bonuses for fiscal year 2023 as presented along with base salary increases and bonus targets for fiscal year 2024 as presented.
The Compensation Committee also agreed that MassVentures should consider a profit sharing arrangement in 2024, taking into account, among other matters, the Governor's Economic Development Plan currently under development.
B.
Vote on recommendations for the Board of Directors
Roll Call | |
---|---|
J. Griffin |
Aye
|
R. Jarquin |
Aye
|
Y. Hao |
Aye
|
W. Asher |
Aye
|
M. James |
Aye
|
M. Valanzola |
Aye
|
Mr. Hipwood provided an overview of the compensation structure for MassVentures' employees. Discussion ensued.