On December 30, 2019, AeroCentury Corp. announced the decision by Ms. Toni M. Perazzo, 72, who presently serves as the company's Chief Financial Officer, Treasurer, Senior Vice President of Finance and Secretary, to retire from these positions effective December 31, 2019. Ms. Perazzo's decision to retire was not the result of any disagreement with the Company, and Ms. Perazzo will continue to serve as a director on the Company's board of directors following her retirement.

Effective January 1, 2020, Mr. Harold M. Lyons, 61, will be appointed to the positions of Chief Financial Officer, Treasurer and Secretary of the Company. Mr. Lyons presently serves as the Vice President of Finance for the Company, and has been responsible for overseeing the Company's tax accounting, tax analysis, acounting standards and research, and internal controls compliance under the Sarbanes-Oxley Act since 2003. Mr. Lyons has been employed by JetFleet Management Corp.

(“JMC”), the management company for the Company's assets that was acquired by and became a subsidiary of the Company in October 2018, and JMC-affiliated companies since 1992. Mr. Lyons was previously a Manager in the Tax Department of Coopers & Lybrand, Certified Public Accountants and, before that, Mr. Lyons was a Manager in the Tax Department of Arthur Young & Co., Certified Public Accountants. Mr. Lyons will serve in these positions at the direction and discretion of the Company's board of directors and without a formal employment agreement.