On August 19, 2020, Jeffrey Tonkel notified the Board of Medley Capital Corporation that he was resigning voluntarily from the Board, effective August 19, 2020. On August 19, 2020, the Board appointed Howard Amster to the Board to fill the vacancy created by the resignation of Mr. Tonkel, effective August 19, 2020. Mr. Amster will serve as a Class I director for a term expiring at the 2021 Annual Meeting. In addition, the Board appointed Mr. Amster to the Special Committee of the Board (the “Special Committee”). Other than the Standstill Agreement described in Item 1.01, there is no arrangement or understanding with any other person pursuant to which Mr. Amster was appointed as a member of the Board. Mr. Amster will be compensated for his service on the Board and the Special Committee in accordance with the Company’s compensation practices for independent directors.