On August 16, 2021, in the United States Bankruptcy Court for the District of Delaware in the Chapter 11 case of AeroCentury Corp. and its two U.S. subsidiaries, JetFleet Management Corp. and JetFleet Holding Corp. (JHC, and the three corporations collectively referred to as the Debtors), the Debtors filed unexecuted drafts of its Plan Sponsor Agreement to be entered into between the Company and Yucheng Hu, TongTong Ma, Qiang Zhang, Yanhua Li, Yiyi Huang, Hao Yang, Jing Li, Yeh Cheng and Yu Wang, and identifying such individuals, collectively, as Plan Sponsor (the Plan Sponsor Agreement), and related agreements and documents required thereunder (collectively, with the Plan Sponsor Agreement, the Plan Sponsor Documents). As a condition to the closing of the Securities Purchase Agreement and effective as of the Closing, Michael G. Magnusson resigned as Chief Executive Officer effective as of 12:01 a.m. Pacific Time on October 1, 2021. The Incoming Directors were designated by the Plan Sponsor pursuant to the Plan Sponsor Agreement to hold office until the next annual meeting of the Company's stockholders. Yucheng Hu to serve as Chief Executive Officer of the Company. Mr. Hu is the founder of Chengdu Quleduo Technology Co. Ltd., and has served as its Chief Executive Officer since 2011.