[Form 4] Modular Medical, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Steven G. Felsher, a director of Modular Medical, Inc. (MODD), reported insider transactions dated 09/30/2025. He acquired 750 shares of common stock and was granted an option to purchase 7,500 shares at an exercise price of $0.70. The option was fully vested and exercisable on the grant date and has an expiration date of 09/30/2035. Following the reported non-derivative transaction, the reporting person beneficially owns 193,177 shares. Both the shares and the option were issued under the issuer's Outside Director Compensation Plan. The Form 4 was signed on behalf of Mr. Felsher by an attorney-in-fact on 10/02/2025.

Positive

• 750 common shares were acquired by a director under the Outside Director Compensation Plan
• Director received an option for 7,500 shares that was fully vested and exercisable on the grant date
• Form discloses post-transaction beneficial ownership of 193,177 shares

Negative

• None.

Insights

Corporate Governance Expert

Director received equity and a fully vested option under the outside director plan.

This filing shows the company used its Outside Director Compensation Plan to award both 750 shares and an option for 7,500 shares to a sitting director on 09/30/2025. Such awards are typical for board compensation and signal the use of equity to align director incentives with shareholders.

The option is fully vested and exercisable immediately with a $0.70 exercise price and a 10-year term to 09/30/2035, which defines the timeframe for potential exercise and any resulting share issuance.

Securities Compliance Expert

Form 4 properly discloses transaction timing, amounts, and ownership post-transaction.

The report identifies the transaction date (09/30/2025), the amounts (750 shares; 7,500 option), and the reporting person’s total beneficial ownership of 193,177 shares, meeting Section 16 disclosure elements. The option grant disclosure notes immediate vesting consistent with compensation-plan grants.

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).

1. Name and Address of Reporting Person^*

FELSHER STEVEN G

(Last) (First) (Middle)

C/O MODULAR MEDICAL, INC.

10740 THORNMINT ROAD

(Street)

SAN DIEGO, CA 92127

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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

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

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

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
Common Stock	09/30/2025		A		750	A	(1)	193,177	D

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(2)	$0.7	09/30/2025		A		7,500		09/30/2025	09/30/2035	Common Stock	7,500	(2)	7,500(3)	D

Explanation of Responses:

1. These shares were issued to the Reporting Person pursuant to the Issuer's Outside Director Compensation Plan.

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

3. 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."

	/s/ James Sullivan, attorney-in-fact for Steven Felsher	10/02/2025
	** 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.

FAQ

What did Modular Medical (MODD) director Steven Felsher acquire on 09/30/2025?

He acquired 750 shares of common stock and was granted an option for 7,500 shares on 09/30/2025.

What are the terms of the option granted to Steven Felsher (MODD)?

The option covers 7,500 shares, has an exercise price of $0.70, was fully vested and exercisable on grant, and expires on 09/30/2035.

How many shares does Steven Felsher beneficially own after the reported transaction?

Following the reported transaction, he beneficially owns 193,177 shares.

Under what plan were the shares and option issued?

Both the shares and the option were issued under the issuer's Outside Director Compensation Plan.

When was the Form 4 signed and filed for Steven Felsher's transactions?

The Form 4 was signed on behalf of Mr. Felsher by an attorney-in-fact on 10/02/2025, reporting transactions dated 09/30/2025.