Modular Medical (MODD) director receives fully vested stock options

Rhea-AI Filing Summary

Modular Medical, Inc. director and ten percent owner C. Frank Morgan received fully vested options to purchase an additional 312 shares of common stock as compensation. The awards consist of options for 62 shares and 250 shares, each with an exercise price of $4.55 per share, granted under the company’s Outside Director Compensation Plan.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider FRANK MORGAN C.

Role Director, 10% Owner

Type	Security	Shares	Price	Value
Grant/Award	Option to purchase common stock	62	$0.00	--
Grant/Award	Option to purchase common stock	250	$0.00	--

Holdings After Transaction: Option to purchase common stock — 62 shares (Direct)

Footnotes (1)

1. The options were granted to the Reporting Person in accordance with the Issuer's Outside Director Compensation Plan, and the options were fully vested and exercisable on the grant date. In accordance with Instruction 4 to this Form, column 9 reports only total beneficial ownership of the "class" of derivative security reported in column 1. Options that have different exercise prices or vesting terms are not considered to be of the same "class."

Key Figures

Option grant 1: 62 options Option grant 2: 250 options Total options after grants: 312 options +2 more

5 metrics

Option grant 1 62 options Granted on 2026-03-31, underlying common stock

Option grant 2 250 options Granted on 2026-03-31, underlying common stock

Total options after grants 312 options Total beneficial ownership of this option class after transactions

Exercise price $4.55/share Conversion or exercise price for both option grants

Expiration date 2036-03-31 Option expiration for both grants

Key Terms

Outside Director Compensation Plan, fully vested and exercisable, beneficial ownership, derivative security, +1 more

5 terms

Outside Director Compensation Plan financial

"The options were granted to the Reporting Person in accordance with the Issuer's Outside Director Compensation Plan"

fully vested and exercisable financial

"the options were fully vested and exercisable on the grant date"

beneficial ownership financial

"column 9 reports only total beneficial ownership of the "class" of derivative security"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

derivative security financial

"total beneficial ownership of the "class" of derivative security reported in column 1"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

exercise price financial

"Options that have different exercise prices or vesting terms are not considered to be of the same "class.""

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FRANK MORGAN C.

(Last) (First) (Middle)

2 CALLE CANDINA, #1701

(Street)

SAN JUAN PUERTO RICO 00907

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Modular Medical, Inc. [ MODD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option to purchase common stock(1)	$4.55	03/31/2026		A		62		03/31/2026	03/31/2036	Common Stock	62	(1)	62(2)	D
Option to purchase common stock(1)	$4.55	03/31/2026		A		250		03/31/2026	03/31/2036	Common Stock	250	(1)	312(2)	D

Explanation of Responses:

1. The options were granted to the Reporting Person in accordance with the Issuer's Outside Director Compensation Plan, and the options were fully vested and exercisable on the grant date.

2. In accordance with Instruction 4 to this Form, column 9 reports only total beneficial ownership of the "class" of derivative security reported in column 1. Options that have different exercise prices or vesting terms are not considered to be of the same "class."

	Morgan C. Frank, By: /s/ Morgan C. Frank	04/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did C. Frank Morgan report in this Form 4 for MODD?

C. Frank Morgan reported receiving stock options as compensation from Modular Medical. He was granted options covering 62 shares and 250 shares of common stock, all fully vested on the grant date, giving him the right to buy these shares at a fixed exercise price.

How many Modular Medical (MODD) shares do the new options cover?

The new options cover a total of 312 shares of Modular Medical common stock. This total comes from one grant for 62 shares and another for 250 shares, both referenced as underlying common stock in the Form 4’s derivative transaction details and footnotes.

What is the exercise price of the options granted to the MODD director?

The options granted to the director have an exercise price of $4.55 per share. This means he can purchase Modular Medical common stock at $4.55 for each of the 312 underlying shares, subject to the options’ terms and their stated expiration date in 2036.

Are the options granted to the Modular Medical director vested?

Yes, the Form 4 states the options were fully vested and exercisable on the grant date. They were issued in accordance with Modular Medical’s Outside Director Compensation Plan, so the director can exercise them immediately to purchase common shares at the fixed exercise price.

How many options does the MODD director hold after these grants?

After these grants, the Form 4 shows total beneficial ownership of 312 options of the reported derivative security class. A footnote explains that options with different exercise prices or vesting terms are considered separate classes and are not combined in that total column.