MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Monday July 24, 2023 at 8:00 AM
Location
1075 Main Street, Suite 100
Waltham MA 02451
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Meeting ID: 864 0110 5923
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Directors Present
A. Basheer (remote), C. Bouthot (remote), D. Schultheis (remote), J. Griffin (remote), J. O'Reilly (remote), M. Valanzola (remote), R. Jarquin (remote), S. Stanton (remote), W. Asher
Directors Absent
J. Hoch, M. James, Y. Hao
Guests Present
C. Hipwood, J. Madison, P. Yadav, S. Leis, S. Swider, V. Nijhawan
I. Opening Items
A.
Call the Meeting to Order
B.
Examples of Mission
C.
Highlights
Mr. Hipwood provided some highlights since the prior meeting.
II. Executive Session
A.
Roll Call Vote to Enter Executive Session
| Roll Call | |
|---|---|
| J. O'Reilly |
Aye
|
| M. James |
Absent
|
| D. Schultheis |
Aye
|
| M. Valanzola |
Aye
|
| J. Hoch |
Absent
|
| W. Asher |
Aye
|
| J. Griffin |
Aye
|
| R. Jarquin |
Aye
|
| A. Basheer |
Aye
|
| S. Stanton |
Aye
|
| C. Bouthot |
Aye
|
| Y. Hao |
Absent
|
B.
Presentation - Emvelon
Emvelon presented information on their company and funding round. Discussion ensued.
C.
Vote - Emvelon
| Roll Call | |
|---|---|
| M. James |
Absent
|
| Y. Hao |
Absent
|
| M. Valanzola |
Aye
|
| C. Bouthot |
Aye
|
| R. Jarquin |
Aye
|
| J. O'Reilly |
Aye
|
| A. Basheer |
Aye
|
| S. Stanton |
Aye
|
| J. Hoch |
Absent
|
| W. Asher |
Aye
|
| D. Schultheis |
Aye
|
| J. Griffin |
Aye
|
D.
Preview - Feon Energy
Ms. Yadav previewed a potential investment opportunity. Discussion ensued.
E.
Preview - Sesame Sustainability
Ms. Swider previewed a potential investment opportunity. Discussion ensued.
F.
Pipeline Report
Mr. Hipwood provide a brief update on the opportunity pipeline.
G.
Portfolio Update
Mr. Hipwood provided a brief update on the overall portfolio.
H.
Roll Call Vote to Return to Open Session
| Roll Call | |
|---|---|
| J. Griffin |
Aye
|
| J. Hoch |
Absent
|
| R. Jarquin |
Aye
|
| W. Asher |
Aye
|
| A. Basheer |
Aye
|
| S. Stanton |
Aye
|
| M. James |
Absent
|
| D. Schultheis |
Aye
|
| M. Valanzola |
Aye
|
| C. Bouthot |
Aye
|
| Y. Hao |
Absent
|
| J. O'Reilly |
Aye
|
III. Approvals
A.
Board Minutes
| Roll Call | |
|---|---|
| J. Hoch |
Absent
|
| S. Stanton |
Aye
|
| W. Asher |
Aye
|
| Y. Hao |
Absent
|
| M. James |
Absent
|
| D. Schultheis |
Aye
|
| R. Jarquin |
Aye
|
| A. Basheer |
Aye
|
| C. Bouthot |
Abstain
|
| J. Griffin |
Aye
|
| J. O'Reilly |
Aye
|
| M. Valanzola |
Aye
|
B.
Comp Committee Minutes
| Roll Call | |
|---|---|
| C. Bouthot |
Abstain
|
| S. Stanton |
Aye
|
| J. O'Reilly |
Abstain
|
| J. Griffin |
Aye
|
| M. James |
Absent
|
| W. Asher |
Aye
|
| R. Jarquin |
Aye
|
| D. Schultheis |
Abstain
|
| A. Basheer |
Abstain
|
| M. Valanzola |
Aye
|
| J. Hoch |
Absent
|
| Y. Hao |
Absent
|
C.
Pre-Investment Action Sheet - Z Polymers
| Roll Call | |
|---|---|
| C. Bouthot |
Absent
|
| Y. Hao |
Absent
|
| J. Griffin |
Aye
|
| J. O'Reilly |
Aye
|
| A. Basheer |
Aye
|
| W. Asher |
Aye
|
| M. Valanzola |
Aye
|
| M. James |
Absent
|
| S. Stanton |
Aye
|
| J. Hoch |
Absent
|
| D. Schultheis |
Aye
|
| R. Jarquin |
Aye
|
D.
Pre-Investment Action Sheet - Aclarity
| Roll Call | |
|---|---|
| M. James |
Absent
|
| A. Basheer |
Aye
|
| Y. Hao |
Absent
|
| W. Asher |
Aye
|
| R. Jarquin |
Aye
|
| J. O'Reilly |
Aye
|
| D. Schultheis |
Aye
|
| C. Bouthot |
Absent
|
| J. Hoch |
Absent
|
| M. Valanzola |
Aye
|
| J. Griffin |
Aye
|
| S. Stanton |
Aye
|
IV. Financial Matters
A.
Treasurer's Report
Mr. Madison presented the financial report for month end May 2023. Discussion ensued.
B.
Approve Treasurer's Report
| Roll Call | |
|---|---|
| S. Stanton |
Aye
|
| Y. Hao |
Absent
|
| R. Jarquin |
Aye
|
| J. O'Reilly |
Aye
|
| M. Valanzola |
Aye
|
| C. Bouthot |
Aye
|
| M. James |
Absent
|
| J. Hoch |
Absent
|
| D. Schultheis |
Aye
|
| J. Griffin |
Aye
|
| A. Basheer |
Aye
|
| W. Asher |
Aye
|
V. President's Report
A.
General Update
Mr. Hipwood provided a general update on the business including an overview of the Economic Development Plan listening sessions. Discussion ensued.
B.
MV Capital Update
Mr. Hipwood provided an update on the capital programs.
C.
MV Accelerate Update
Mr. Hipwood provided an update on the accelerate programs.
VI. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented the new companies in the pipeline and asked for any conflicts of interest to be declared. There were none.
VII. Executive Session - Comp Committee Presentation
A.
Roll Call Vote
| Roll Call | |
|---|---|
| J. Griffin |
Aye
|
| S. Stanton |
Aye
|
| R. Jarquin |
Aye
|
| Y. Hao |
Absent
|
| M. Valanzola |
Aye
|
| D. Schultheis |
Aye
|
| C. Bouthot |
Aye
|
| W. Asher |
Aye
|
| J. Hoch |
Absent
|
| J. O'Reilly |
Aye
|
| M. James |
Absent
|
| A. Basheer |
Aye
|
MassVentures staff left the meeting. Mr. Hipwood provided an overview of the compensation process. Mr. Hipwood then left the meeting.
B.
Board-Only Discussion
The Compensation Committee presented an overview of their process and the recommendation for changes in compensation. Discussion ensued.
C.
Vote - Changes in Comp Structure and Targets
| Roll Call | |
|---|---|
| J. Griffin |
Aye
|
| W. Asher |
Aye
|
| R. Jarquin |
Aye
|
| M. James |
Absent
|
| J. O'Reilly |
Aye
|
| J. Hoch |
Absent
|
| D. Schultheis |
Aye
|
| C. Bouthot |
Aye
|
| M. Valanzola |
Aye
|
| A. Basheer |
Aye
|
| Y. Hao |
Absent
|
| S. Stanton |
Aye
|
Mr. Hipwood provided some examples of meeting the MassVentures' mission.