MassVentures Board Meeting Minutes

July 29, 2024, 8:00-11:00 AM

Minutes Approved

MassVentures

Minutes

MassVentures Board Meeting

Date and Time

Monday July 29, 2024 at 8:00 AM

Location

1075 Main Street, Suite 100

Waltham, MA 02151

Join Zoom Meeting

https://us02web.zoom.us/j/86134117379?pwd=VW1aVitNWHVQNzlJaW94ZXVyRThXUT09

Meeting ID: 861 3411 7379

Passcode: 661193

Phone #: +1 305 224 1968

One tap mobile

+13052241968,,86134117379#,,,,*661193#

Join Zoom Meeting

https://us02web.zoom.us/j/86134117379?pwd=VW1aVitNWHVQNzlJaW94ZXVyRThXUT09

Meeting ID: 861 3411 7379

Passcode: 661193

Phone #: +1 305 224 1968

One tap mobile

+13052241968,,86134117379#,,,,*661193#

Directors Present

B. Shim, D. Schultheis (remote), J. O'Reilly (remote), M. James (remote), M. Valanzola (remote), R. Jarquin (remote), W. Asher, Y. Hao

Directors Absent

B. Linville-Engler, C. Bouthot, J. Griffin

Ex Officio Members Present

S. Stanton

Non Voting Members Present

S. Stanton

Guests Present

C. Hipwood, J. Madison, M. Kassaraba, P. Yadav, S. Leis, S. Swider, V. Nijhawan, W. Leslie

I. Opening Items

A. Call the Meeting to Order

Y. Hao called a meeting of the board of directors of MassVentures to order on Monday Jul 29, 2024 at 8:02 AM.

B. Examples of Mission

Mr. Hipwood provided some examples of Mission.

C. Highlights

Mr. Hipwood presented some highlights since the last meeting.

II. Approvals

A. Board Minutes

W. Asher made a motion to approve the minutes from June 17, 2024 board meeting MassVentures Board Meeting on 06-17-24.

J. O'Reilly seconded the motion.

The board VOTED to approve the motion.

Roll Call
C. Bouthot	Absent
W. Asher	Aye
J. O'Reilly	Aye
R. Jarquin	Abstain
B. Linville-Engler	Absent
D. Schultheis	Aye
M. James	Aye
M. Valanzola	Aye
J. Griffin	Absent
B. Shim	Aye
Y. Hao	Abstain

B. Expedited Investment Committee Minutes

Y. Hao made a motion to approve the minutes from the July 10, 2024 Expedited Investment Committee Meeting Expedited Investment Committee Meeting on 07-10-24.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
B. Shim	Abstain
C. Bouthot	Absent
D. Schultheis	Abstain
R. Jarquin	Aye
M. Valanzola	Aye
J. Griffin	Absent
W. Asher	Aye
Y. Hao	Aye
B. Linville-Engler	Absent
M. James	Abstain
J. O'Reilly	Aye

C. Comp Committee Minutes

Y. Hao made a motion to approve the minutes from the July 24, 2024 Comp Committee Meeting Compensation Committee Meeting on 07-24-24.

R. Jarquin seconded the motion.

The board VOTED to approve the motion.

Roll Call
D. Schultheis	Abstain
M. James	Aye
J. Griffin	Absent
B. Shim	Abstain
Y. Hao	Aye
R. Jarquin	Aye
J. O'Reilly	Abstain
C. Bouthot	Absent
W. Asher	Aye
M. Valanzola	Aye
B. Linville-Engler	Absent

D. Pre-Investment Action Sheet - THS

W. Asher made a motion to Approve the pre-investment action sheet for THS.

Y. Hao seconded the motion.

The board VOTED to approve the motion.

Roll Call
R. Jarquin	Aye
M. Valanzola	Aye
D. Schultheis	Aye
B. Shim	Aye
M. James	Aye
W. Asher	Aye
B. Linville-Engler	Absent
J. O'Reilly	Aye
C. Bouthot	Absent
J. Griffin	Absent
Y. Hao	Aye

E. Pre-Investment Action Sheet - ETS

W. Asher made a motion to Approve the pre-investment action sheet for ETS.

Y. Hao seconded the motion.

The board VOTED to approve the motion.

Roll Call
R. Jarquin	Aye
B. Shim	Aye
Y. Hao	Aye
J. Griffin	Absent
J. O'Reilly	Aye
C. Bouthot	Absent
M. James	Aye
M. Valanzola	Aye
B. Linville-Engler	Absent
D. Schultheis	Aye
W. Asher	Aye

F. Pre-Investment Action Sheet - Florrent Amendment

W. Asher made a motion to Approve the amended pre-investment action sheet for florrent.

Y. Hao seconded the motion.

The board VOTED to approve the motion.

Roll Call
J. Griffin	Absent
C. Bouthot	Absent
W. Asher	Aye
M. James	Aye
B. Shim	Aye
J. O'Reilly	Aye
R. Jarquin	Aye
D. Schultheis	Aye
B. Linville-Engler	Absent
Y. Hao	Aye
M. Valanzola	Aye

III. Financial Matters

A. Treasurer's Report

Mr. Madison presented the Treasurer's report for May 2024. Discussion ensued.

B. Approve Treasurer's Report

Y. Hao made a motion to Approve the Treasurer's report.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
B. Linville-Engler	Absent
D. Schultheis	Aye
M. James	Aye
J. Griffin	Absent
W. Asher	Aye
M. Valanzola	Aye
C. Bouthot	Absent
Y. Hao	Aye
B. Shim	Aye
R. Jarquin	Aye
J. O'Reilly	Aye

IV. Conflicts of Interest

A. Conflicts

Mr. Hipwood presented a list of companies currently under consideration for MassVentures' funding and asked the board to declare any conflicts of interest. None were noted.

V. Executive Session

A. Roll Call Vote to Enter Executive Session

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

R. Jarquin seconded the motion.

The board VOTED to approve the motion.

Roll Call
D. Schultheis	Aye
B. Linville-Engler	Absent
M. Valanzola	Aye
J. Griffin	Absent
R. Jarquin	Aye
W. Asher	Aye
J. O'Reilly	Aye
C. Bouthot	Absent
M. James	Aye
Y. Hao	Aye
B. Shim	Aye

B. Osmoses Presentation and Discussion

Osmoses presented an overview of their company. Discussion ensued.

C. Osmoses Approval

Y. Hao made a motion to Approve an investment in Osmoses that will be reflected in the pre-investment action sheet.

J. O'Reilly seconded the motion.

The board VOTED to approve the motion.

Roll Call
J. O'Reilly	Aye
J. Griffin	Absent
B. Linville-Engler	Absent
D. Schultheis	Aye
C. Bouthot	Absent
M. Valanzola	Aye
Y. Hao	Aye
W. Asher	Aye
R. Jarquin	Aye
M. James	Aye
B. Shim	Aye

D. Kytopen Investment Discussion

Mr. Nijhawan presented an update on Kytopen. Discussion ensued.

E. Kytopen Investment Vote

Y. Hao made a motion to Approve an investment in Kytopen that will be reflected in the pre-investment action sheet.

R. Jarquin seconded the motion.

The board VOTED to approve the motion.

Roll Call
J. O'Reilly	Aye
J. Griffin	Absent
C. Bouthot	Absent
M. Valanzola	Aye
B. Shim	Aye
R. Jarquin	Aye
M. James	Aye
W. Asher	Aye
D. Schultheis	Aye
B. Linville-Engler	Absent
Y. Hao	Aye

F. Adden Investment Discussion

Mr. Nijhawan presented an update on Adden. Discussion ensued.

G. Adden Investment Vote

Y. Hao made a motion to Approve an investment in Adden that will be reflected in the pre-investment action sheet.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
J. O'Reilly	Aye
M. James	Aye
J. Griffin	Absent
B. Shim	Aye
W. Asher	Aye
D. Schultheis	Aye
Y. Hao	Aye
M. Valanzola	Aye
B. Linville-Engler	Absent
C. Bouthot	Absent
R. Jarquin	Aye

H. Pipeline Report

Mr. Hipwood provided an update on the opportunity pipeline.

I. Portfolio Update

Mr. Hipwood provided an update on portfolio companies. Discussion ensued.

J. Comp Committee Presentation

MassVentures' staff left the meeting. The compensation committee presented an overview of the compensation committee meeting as well as recommendations for variable compensation for FY 24, merit increases for FY 25, and compensation structure for FY 25. The Board also discussed and agreed that the comp committee would have discretion on a year-by-year basis to award additional compensation based on realized investment gains, if any, on a basis to be determined.

K. Comp Plan Vote

Y. Hao made a motion to Approve the recommendation of the compensation committee regarding FY '24 variable compensation as well as FY '25 merit increases and compensation structure.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
B. Linville-Engler	Absent
W. Asher	Aye
C. Bouthot	Absent
Y. Hao	Aye
J. O'Reilly	Aye
R. Jarquin	Aye
D. Schultheis	Aye
M. Valanzola	Aye
B. Shim	Aye
J. Griffin	Absent
M. James	Aye

L. Roll Call Vote to Return to Open Session

R. Jarquin made a motion to Return to open session.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
M. James	Aye
M. Valanzola	Aye
Y. Hao	Aye
B. Shim	Aye
R. Jarquin	Aye
C. Bouthot	Absent
W. Asher	Aye
J. O'Reilly	Aye
B. Linville-Engler	Absent
D. Schultheis	Aye
J. Griffin	Absent

VI. President's Report

A. General Update

Mr. Hipwood announced the votes that took place during executive session. Mr. Hipwood then provided a general update on the business.

B. MV Capital Update

C. MV Accelerate Update

D. Strategy Discussion

Mr. Hipwood provded an update on the strategic plan. Discussion ensued.

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 9:25 AM.

Respectfully Submitted,

W. Asher