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

Rhea-AI Filing Summary

Modular Medical, Inc. director and >10% owner Morgan C. Frank received stock option awards on 09/30/2025 under the company's Outside Director Compensation Plan. Two option grants were reported: 1,875 options and 7,500 options, each with an exercise price of $0.70, fully vested and exercisable on the grant date, and expiring on 09/30/2035. The filing shows total reported beneficial ownership of 9,375 common stock equivalents from these derivative awards. The options are direct holdings and were issued with immediate exercisability, increasing the reporting person’s potential common-share exposure over the option term.

Positive

• Options fully vested and exercisable on grant, increasing alignment between the director and shareholders
• Long-term expiry of 10 years until 09/30/2035, providing extended retention incentive

Negative

• Potential dilution of common shares from 9,375 options if exercised
• Immediate exercisability can allow near-term conversions that affect share count and earnings per share

Insights

Corporate Governance & Compensation Analyst

Immediate vesting of director options increases alignment but raises dilution questions.

The awards are standard outside-director compensation delivered as stock options with a $0.70 exercise price and a ten-year life to 09/30/2035. Immediate vesting and exercisability mean the director can convert these derivatives into common stock at any time, strengthening direct alignment between the director’s interests and shareholders.

Key dependencies include the share count and outstanding options schedule to quantify dilution and any blackout or trading-window restrictions that govern exercise timing. Investors may monitor outstanding option dilution periodically and any exercises within the next 12 months as concrete events affecting share count.

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
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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 PR 00907

(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	X	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

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)	$0.7	09/30/2025		A		1,875		09/30/2025	09/30/2035	Common Stock	1,875	(1)	1,875(2)	D
Option to purchase common stock(1)	$0.7	09/30/2025		A		7,500		09/30/2025	09/30/2035	Common Stock	7,500	(1)	9,375(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	10/06/2025
	** 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 Morgan C. Frank receive on 09/30/2025?

He was granted two option awards totaling 9,375 options (1,875 and 7,500) with an exercise price of $0.70 each.

Are the options exercisable immediately for MODD director grants?

Yes, the filing states the options were fully vested and exercisable on the grant date.

When do the options expire?

Both option grants expire on 09/30/2035, giving a ten-year exercise window.

How is beneficial ownership reported after the grants?

The filing reports total beneficial ownership of 9,375 common stock equivalents for the derivative class.

Were these options part of a compensation plan?

Yes, the options were granted under the company's Outside Director Compensation Plan.