On February 15, 2023, the board of directors of the Otonomy, Inc. appointed H. Michael Hogan, a representative of Armanino LLP (Armanino), a consultant to the Company, to the Board. In connection and simultaneously with Mr. Hogan's appointment to the Board, the size of the Board was reduced to one and Jay Lichter, Ph.D., James B. Breitmeyer, M.D., Ph.D., Jill Broadfoot, Vickie Capps, Ciara Kennedy, Ph.D., Iain McGill, Theodore R. Schroeder and David A. Weber, Ph.D. resigned from the Board. The directors did not resign because of any disagreement with the Company relating to its operations, policies or practices.

Mr. Hogan will serve as a director pursuant to the Company's engagement of Armanino, but will not receive any compensation for his service as the Company's sole director.