On October 15, 2020, Michael J. Grisius, a member of the Board of Directors of Saratoga Investment Corp. tendered a letter of resignation from the Board and from his role as President of the Company, effective immediately, which was accepted by the Board. Mr. Grisius will continue in his current roles at Saratoga Investment Advisors, LLC, the Company’s investment adviser, including in his capacity of Chief Investment Officer. On October 16, 2020, the Board, upon recommendation from its Nominating and Corporate Governance Committee, appointed Henri J. Steenkamp to serve on the Board to fill the vacant seat created by Mr. Grisius’ resignation, effective immediately. Mr. Steenkamp, also serves as the Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary of the Company, and has been in his current positions since March 2014. On October 16, 2020, the Board, upon recommendation from its Nominating and Corporate Governance Committee, appointed Christian L. Oberbeck to serve as President of the Company to fill the vacant position created by Mr. Grisius’ resignation, effective immediately. Mr. Oberbeck, also serves as the Chief Executive Officer of the Company and the Chairman of the Board.