Appointment and Departure of Certain Officers of Oculus Innovative Sciences, Inc.

Appointment of New Chief Executive Officer

On February 1, 2013, the Company’s Board of Directors appointed Jim Schutz as its President and Chief Executive Officer. Mr. Schutz will also continue as a director of the Company.

On February 1, 2013, Hojabr Alimi stepped down from his position as the Company’s President and Chief Executive Officer. Concurrently, he was appointed President and Chief Executive Officer of Ruthigen, Inc., a wholly-owned subsidiary of the Company, located in Santa Rosa, California. Mr. Alimi will remain Chairman of the Company’s Board of Directors to assist during this transitional time.

The Compensation Committee of the Board of Directors has determined that compensation will remain the same for Mr. Schutz and Mr. Alimi.

Appointment of Certain Officers and Directors of Ruthigen, Inc., a wholly-owned subsidiary of Oculus Innovative Sciences, Inc.

On January 18, 2013, the Company’s wholly-owned subsidiary, Ruthigen, Inc., was incorporated in the State of Nevada. Ruthigen, Inc. has established independent offices in Santa Rosa, California.

Appointment of New Officers

On February 1, 2013, the Company’s Board of Directors appointed Mr. Alimi as President and Chief Executive Officer of Ruthigen, Inc., a wholly-owned subsidiary of the Company. Concurrently, he was appointed Chairman of the Board of Directors of Ruthigen, Inc.

On February 1, 2013, the Company’s Board of Directors appointed Sameer Harish as Chief Financial Officer of Ruthigen, Inc.

Appointment of New Directors

On February 1, 2013, the Board of Directors of Ruthigen, Inc. announced the appointments of Richard Conley and Gregory French to its Board. Messrs. Conley and French will continue to serve as directors of Oculus Innovative Sciences, Inc. in addition to their duties as recently appointed board members of Ruthigen.