On June 25, 2020, Evan M. Wallach, Chair of the Board of Directors of AeroCentury Corp. notified the Company of his intention to step down as Chair, effective June 30, 2020, due to increasing family and professional time commitments. Mr. Wallach will remain on the Board of Directors, and will continue to serve as a member of the Board’s Audit and Compensation Committees. Mr. Wallach did not advise the Company of any disagreement with the Company on any matter relating to its operations, policies or practices. By resolution of the Board of Directors dated June 25, 2020, the Board elected existing Board member Toni M. Perazzo to succeed Mr. Wallach as Chair of the Board of Directors.