MEDICAL INFORMATION TECHNOLOGY, INC.
2021 ANNUAL MEETING OF SHAREHOLDERS
CHAIRMAN'S LETTER

To Our Shareholders:

As the pandemic enveloped our country, we successfully transitioned our staff to work remotely from home utilizing virtual access. Our staff now interacts with each other virtually, our staff now interacts with current customers virtually, and our staff now interacts with future prospects virtually. Of course, we have experienced diminished productivity, implementation delays, and hospitals completely preoccupied treating pandemic patients.

Despite the pandemic, we are pleased with the financial results for the year just ended. Total revenue increased $9.1 million from $493.8 million in 2019 to $502.9 million in 2020. Operating expense decreased $13.8 million from $429.4 million in 2019 to $415.6 million in 2020. The resultant operating income increased $22.7 million from $64.5 million in 2019 to $87.2 million in 2020. These results are the most important indicators of our business. Net income comparison to the prior year is not meaningful because of fluctuations in unrealized security gains.

In addition, there are a few accomplishments that are worth emphasizing. We booked many new MaaS prospects and we began selling Professional Services. We supplied customers with services and tools to support their COVID-19 initiatives. We delivered our Expanse mobile web nursing product and our Physician NOW product. We virtually brought customers live, virtually demonstrated our products and held virtual forums for nurses, physicians, and CIOs.

We ended the year with over 3,450 staff members. We extend our gratitude to all those whose efforts produced these results:
In addition, we thank MEDITECH's Officers and managers for their efforts, dedication and loyalty as well as MEDITECH's Board members for their valued advice and active participation.

In preparation for the 2021 Annual Meeting of Shareholders we provide the Formal Notice, the Meeting Statement and the Audited Financial Statements for the year just ended.

We appreciate our Shareholder support and look forward to your virtual attendance at the upcoming Annual Meeting on Monday, April 26, 2021.

A. Neil Pappalardo
Chairman
March 26, 2021

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MEDICAL INFORMATION TECHNOLOGY, INC.
2021 ANNUAL MEETING OF SHAREHOLDERS
FORMAL NOTICE

To the Shareholders of Medical Information Technology, Inc.:

The 2021 Annual Meeting of Shareholders will be held in a virtual manner on Monday, April 26, 2021 at 9:00am for the following purposes:
Shareholders will be able to vote on these three proposals by accessing the shareholder portal at https://shareholder.meditech.com from now on through noontime Friday, April 23, 2021.

Due to the public health impact of the virus pandemic, the Annual Meeting will be held in a virtual manner only. Shareholders will be able to attend the Annual Meeting by accessing the shareholder portal before the start time of 9:00am on Monday, April 26, 2021. Please allow ample time for online check-in, which will begin at 8:45am.

By order of the Board of Directors

Shannon M. Connell, Chief Governance Officer and Secretary
Westwood, Massachusetts
March 26, 2021

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MEDICAL INFORMATION TECHNOLOGY, INC.
2021 ANNUAL MEETING OF SHAREHOLDERS
MEETING STATEMENT

OVERVIEW

The 2021 Annual Meeting of Shareholders will be held in a virtual manner on Monday, April 26, 2021 at 9:00am for the purposes set forth in the attached Formal Notice. This Meeting Statement is furnished in preparation for the Annual Meeting. Shareholders may access the shareholder portal at https://shareholder.meditech.com to vote and attend the Annual Meeting. Shareholders may email questions to the Secretary at sconnell@meditech.com early to ensure a timely response.

RECORD DATE

The Board has fixed Friday, March 26, 2021 as the Record Date for the determination of Shareholders of MEDITECH's common stock entitled to notice of and to vote on the proposals indicated in the Formal Notice. As of the Record Date there were 292 Shareholders collectively owning 7,106 shares of outstanding common stock, and each such share is entitled to one vote on each proposal.

DOCUMENTS

Documents consisting of the Chairman's Letter, the Formal Notice, the Meeting Statement and the Audited Financial Statements for the year just ended are being emailed to all Shareholders on March 26, 2021. Shareholders may access the shareholder portal at https://shareholder.meditech.com to view a copy of these documents as well as an individual Statement of Stock Ownership.

VOTING

Shareholders will be able to vote on proposals which come before the Annual Meeting by accessing the shareholder portal at https://shareholder.meditech.com from now on through noontime Friday, April 23, 2021. Please vote even if you will not be attending the Annual Meeting. The results of the voting will be announced during the Annual Meeting.

QUORUM

A Quorum is necessary to hold a valid Annual Meeting. A majority of the outstanding shares voting on the proposals prior to the virtual meeting including abstentions are counted to determine if a Quorum is present. The shares of a Shareholder who does not vote but only attends the Annual Meeting are not counted as part of the Quorum.

PROPOSAL ONE: TO INCREASE THE NUMBER OF DIRECTORS FROM SIX TO SEVEN

Many years ago the Shareholders had voted to fix the number of Directors at six. Now the Directors wish to enlarge the Board with the addition of MEDITECH's President, Michelle I. O'Connor. MEDITECH's By-Laws provide that the Shareholders may increase the number of Directors. Shareholders are being asked for their vote to increase the number of Directors from six to seven. An affirmative vote of a majority of common stock shares voting on this proposal is required to approve the proposal. Abstentions will have no effect.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS SHAREHOLDERS VOTE FOR PROPOSAL ONE.

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PROPOSAL TWO: TO ELECT A BOARD OF SEVEN DIRECTORS

The Board of Directors has nominated A. Neil Pappalardo, Lawrence A. Polimeno, Howard Messing, Edward B. Roberts, Barbara A. Manzolillo, Stuart N. Lefthes and Michelle I. O'Connor for election as the seven Directors at the 2021 Annual Meeting. Each of the nominees has agreed to serve as a Director if elected. The Board expects all nominees to attend the Annual Meeting.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS SHAREHOLDERS ELECT ALL SEVEN NOMINEES AS DIRECTORS

An affirmative vote of a majority of common stock shares voting is required to elect each of the nominees as a Director. If you vote for specific nominees rather than all of them, only those selected will receive your vote. if you withhold your vote for all nominees by indicating "None of the above", no nominee will receive your vote.

THE BOARD OF DIRECTORS

The Board of Directors oversees MEDITECH's business and financial activities. It monitors the performance of management, but is not involved in the day-to-day operations. The Directors review MEDITECH's performance, processes and controls, key policies, legal and regulatory requirements, ethical conduct and new or unusual transactions. The Directors are actively involved in oversight of business and financial risks which could affect MEDITECH. The Board receives regular reports from all Officers which cover topics such as financial, technological, regulatory and reputation risk. The Directors meet regularly with the CEO, the CFO, the COO and other Officers.

DIRECTORS AND OFFICERS

All Directors are elected each year at the Annual Meeting of Shareholders. All Officers are elected at the first Board meeting following the Annual Meeting and hold office for one year. The positions held by each Director and Officer of MEDITECH on March 26, 2021, are shown below.

Director or Officer Age Position with MEDITECH

 
 
A. Neil Pappalardo 78 Chairman and Director
Lawrence A. Polimeno 79 Vice Chairman and Director
Howard Messing 68 Chief Executive Officer and Director
Barbara A. Manzolillo 68 Chief Financial Officer, Treasurer and Director
Stuart N. Lefthes 68 Senior Vice President Emeritus and Director
Edward B. Roberts 85 Director
Michelle I. O'Connor 55 Chief Operating Officer and President
Hoda Sayed-Friel 63 Executive Vice President
Helen M. Waters 56 Executive Vice President
Christopher J. Anschuetz 68 Senior Vice President Emeritus
Steven B. Koretz 69 Senior Vice President Emeritus
Leah L. Farina 53 Vice President
Scott M. Radner 56 Vice President
James W. Merlin 61 Chief Accounting Officer and Controller
Geoffrey W. Smith 57 Vice President
Carol A. Labadini 59 Vice President
Shannon M. Connell 44 Chief Governance Officer, General Counsel and Secretary

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COMMUNICATION WITH THE BOARD

MEDITECH Shareholders may send communications to the full Board or to specific Directors in care of Shannon M. Connell, Chief Governance Officer and Secretary, Medical Information Technology, Inc., MEDITECH Circle, Westwood MA 02090 or by emailing sconnell@meditech.com. The Secretary will forward copies of such communications directly to the full Board or to specific Directors as requested.

OFFICER COMPENSATION

There are no employment contracts in effect for any Officer of MEDITECH. The compensation received by MEDITECH's Chief Executive Officer, Chief Financial Officer, Chief Operating Officer and the two most highly compensated Vice Presidents for the past 3 years ended December 31 is summarized in the following table. The deferred columns represent, respectively, the annual increase in the individual's balance in the MEDITECH Profit Sharing Trust and the individual's share of the year end contribution to the Trust.

Name of Officer Year Salary Bonus Deferred Deferred Total

 
 
 
 
 
 
Howard Messing 2020 $468,000 $6,961 $50,229 $8,036 $533,226
Chief Executive Officer 2019 $450,000 $7,584 $95,942 $8,812 $562,338
  2018 $450,000 $7,645 $17,674 $9,179 $484,498

 
 
 
 
 
 
Barbara A. Manzolillo 2020 $456,000 $6,961 $50,229 $8,036 $521,226
Chief Financial Officer 2019 $420,000 $7,584 $95,942 $8,812 $532,338
and Treasurer 2018 $420,000 $7,645 $17,674 $9,179 $454,498

 
 
 
 
 
 
Michelle I. O'Connor 2020 $456,000 $6,961 $40,022 $8,036 $511,019
Chief Operating Officer 2019 $408,000 $7,584 $68,982 $8,812 $493,378
and President 2018 $408,000 $7,645 $12,327 $9,179 $437,151

 
 
 
 
 
 
Helen M. Waters 2020 $444,000 $6,961 $43,550 $8,036 $502,547
Executive Vice President 2019 $402,000 $7,584 $75,131 $8,812 $493,527
  2018 $402,000 $7,645 $13,440 $9,179 $432,264

 
 
 
 
 
 
Hoda Sayed-Friel 2020 $432,000 $6,961 $50,229 $8,036 $497,226
Executive Vice President 2019 $396,000 $7,584 $95,942 $8,812 $508,338
  2018 $396,000 $7,645 $17,674 $9,179 $430,498

CHARITABLE CONTRIBUTIONS

Various Officers review the criteria for MEDITECH's charitable contribution program, meet often with each organization under consideration and annually determine the contribution for each. During December 2020 MEDITECH contributed $765,000 to 39 cultural, educational and social service organizations within the greater Boston, Atlanta and Minneapolis area.

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MEDITECH PROFIT SHARING TRUST

MEDITECH has a qualified profit-sharing plan designed to provide deferred financial benefits for all staff members. The plan maintains a Trust for the financial assets of members managed by a Trustee. The plan specifically authorizes the Trust to invest a substantial portion of its assets in MEDITECH stock thereby giving members an ownership interest in MEDITECH's success. Contributions of cash and stock are made annually to the Trust and allocated in proportion to a member's yearly salary compensation. Full distribution of a member's balance is made upon retirement or other cessation of employment. Partial distributions are made upon members reaching 20 years of service, obtaining a maximum balance or incurring financial hardship. The Trust provides secure loans to members and often purchases MEDITECH stock from current or prior members.

SHAREHOLDER OWNERSHIP

Many years ago several large shareholders began distributing some of their MEDITECH stock to family members. The following table lists ownership holdings as of March 26, 2021 for certain shareholders and shareholder families known by MEDITECH to own more than 5% of MEDITECH's stock shares. Also included are the other Directors, the Officers listed in the compensation table and the 17 Directors and Officers as a Group. The number of shares a person beneficial owns includes any shares as to which such person has sole or shared voting power.

Shareholder, Family, Director or Officer Shares Percent

 
 
A. Neil Pappalardo* 1,983 27.91%
MEDITECH Profit Sharing Trust* 1,373 19.32%
Ruderman Family 904 12.72%
Grossman Family 405 5.70%
Curtis W. Marble and Family 404 5.69%
Edward B. Roberts and Family 389 5.47%
Lawrence A. Polimeno 243 3.42%
Howard Messing 81 1.14%
Barbara A. Manzolillo 49 0.68%
Stuart N. Lefthes 21 0.29%
Helen M. Waters 8 0.11%
Michelle I. O'Connor 7 0.10%
Hoda Sayed-Friel 5 0.07%
17 Directors and Officers as a Group*   3,955 55.66%

*Mr. Pappalardo is the sole Trustee of the MEDITECH Profit Sharing Trust and therefore has the power to vote its 1,373 shares in addition to his own 1,983 shares. Likewise the number of shares indicated for the 17 Directors and Officers as a Group includes the shares owned by the MEDITECH Profit Sharing Trust.

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PROPOSAL THREE: TO RATIFY THE SELECTION OF WOLF & COMPANY AS MEDITECH'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors has selected Wolf & Company as MEDITECH's Independent Registered Public Accounting Firm for the year ending December 31, 2021. The Board does not expect a representative of Wolf & Company to attend the meeting. Shareholders are being asked for their vote to ratify the selection of Wolf & Company. An affirmative vote of a majority of common stock shares voting on this proposal is required to approve the proposal. Abstentions will have no effect.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS SHAREHOLDERS VOTE FOR PROPOSAL THREE AND RATIFY THE SELECTION OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Services include auditing MEDITECH's annual financial statements, reviewing unaudited quarterly financial statements, and discussing various accounting, tax and regulatory matters. Fees paid for the three years ended December 31 are as follows:

  2018 2019 2020

 
 
 
Annual Audit and Quarterly Reviews $295,000 $305,000 $310,000
Profit Sharing Trust & 401k Audits $24,600 $24,750 $38,250

 
 
 
  Total $319,600 $329,750 $348,250

It is the policy of the Board of Directors to approve all audit and non-audit services to be provided to MEDITECH by its Independent Registered Public Accounting Firm and the above amounts were so approved.

OTHER MATTERS

When this Meeting Statement was prepared, the Board of Directors knew of no matters to be voted on or discussed at the Annual Meeting other than the three proposals described in this document..

Please vote your shares by accessing the shareholder portal at https://shareholder.meditech.com even if you will not be attending the Annual Meeting.

By Order of the Board of Directors,

Shannon M. Connell, Chief Governance Officer and Secretary
Westwood, Massachusetts
March 26, 2021

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