AGFY Agrify Corporation

On December 12, 2021, the Board of Directors (the “Board”) of Agrify Corporation (the “Company”) appointed Barry Turkanis as a member of the Board to fill the vacancy created by the previously disclosed resignation of Timothy Oakes from the Board in connection with Mr. Oakes’ appointment as the Company’s Chief Financial Officer in November 2021. Mr. Turkanis will serve until the Company’s 2022 Annual Meeting of Stockholders and until his successor is elected and qualified or his earlier resignation or removal.

The Board has determined that Mr. Turkanis is independent under the rules of The Nasdaq Capital Market. In connection with the appointment of Mr. Turkanis to the Board, the Board appointed Mr. Turkanis as a member of the Audit Committee and the Nominating and Corporate Governance Committee of the Board, and as the chairman of the Mergers & Acquisitions Committee of the Board. As a non-employee director of the Company, Mr. Turkanis will receive compensation in the same manner as the Company’s other non-employee directors, as described in the section entitled “Non-Executive Director Compensation” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 2, 2021.

Mr. Turkanis, age 67, is the co-founder of Ocean Gate Capital Management, an investment management firm founded in 2004, and he also serves as a principal at Ocean Gate Realty Advisors, a private equity real estate platform. Additionally, Mr. Turkanis is a co-founder and has served as a Managing Director since 2016 of NXT Ventures Management, a venture capital firm with investments in over 40 portfolio companies. Mr. Turkanis joined Salomon Brothers in 1982 as an institutional salesperson. In 1988, he moved to Goldman, Sachs & Co. for more than fifteen years until he retired as a Managing Director in June 2004. While at Goldman Sachs, he served in various positions, including as the Global Sales Manager for Goldman Sachs’ Mortgage Securities Department and Co-Head of Goldman Sachs’ Mortgage Sales and Trading Division. His responsibilities included oversight of trading, risk management, sales, research, structured finance and compliance for the department. In addition, Mr. Turkanis co-managed a large institutional Life Settlement Fund from 2007-2011. Mr. Turkanis received a J.D. from Boston College Law School and a B.S. from Syracuse University.

There are no arrangements or understandings between Mr. Turkanis and any other person pursuant to which Mr. Turkanis was appointed as a director of the Company. Since the beginning of the Company’s last fiscal year, the Company has not engaged in any transactions, and there are no proposed transactions, or series of similar transactions, in which Mr. Turkanis was or is to be a participant and in which any related person had a direct or indirect material interest in which the amount involved exceeds or exceeded $120,000.