Ask HN: What agenda do you have for 1:1 meetings with your supervisor?
I'm going to try and add a different angle to this because most people here have covered what I wanted to say (performance, compensation etc.)I would use this time to find out how your manager is doing in his/her role. Find out how you can help them. Talk to them about their frustrations and how they are feeling. Just because they are your manager doesn't mean you need to treat them like a boss all the time. Show them some care and empathy. It can go a long way for your career.