On March 24, 2023, in connection with the Dissolution, Paul E. Cayer informed Otonomy, Inc. that he will step down as President, Secretary and Chief Financial and Business Officer of the Company, effective as of the close of business on March 31, 2023. Mr. Cayer will also no longer serve as a consultant of the Company after that time. The Board appointed David Maggio, a representative of Armanino LLP (“Armanino”), a consultant to the Company, as President and Secretary of the Company, effective as of the departure of Mr. Cayer.

The Company pays consulting fees to Armanino, but Mr. Maggio will receive no compensation for his role as an officer of the Company.