Director at Modular Medical (MODD) awarded fully vested options for 250 shares

Rhea-AI Filing Summary

Modular Medical, Inc. director Philip Brent Sheibley received an option grant to purchase 250 shares of common stock on the company’s stock. The option has an exercise price of $4.55 per share, was granted under the company’s Outside Director Compensation Plan, and was fully vested and exercisable on the grant date.

Following the grant, Sheibley beneficially owns 250 options of this class of derivative security, according to the Form 4.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Sheibley Philip Brent

Role Director

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

Holdings After Transaction: Option to purchase common stock — 250 shares (Direct)

Footnotes (1)

1. 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. 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 size: 250 shares Exercise price: $4.55 per share Expiration date: March 31, 2036 +1 more

4 metrics

Option grant size 250 shares Option to purchase common stock granted to director

Exercise price $4.55 per share Option exercise price for the 250-share grant

Expiration date March 31, 2036 Option term end date

Total options held (this class) 250 options Beneficial ownership following the reported transaction

Key Terms

Outside Director Compensation Plan, beneficial ownership, derivative security

3 terms

Outside Director Compensation Plan financial

"The option was granted ... in accordance with the Issuer's Outside Director Compensation Plan"

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

"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.

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^*

Sheibley Philip Brent

(Last) (First) (Middle)

C/O MODULAR MEDICAL, INC.

10740 THORNMINT ROAD

(Street)

SAN DIEGO CALIFORNIA 92127

(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		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		250		03/31/2026	03/31/2036	Common Stock	250	(1)	250(2)	D

Explanation of Responses:

1. 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.

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."

	/s/ James Sullivan, Attorney in Fact for Philip Sheibley	04/08/2026
	** 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 insider transaction did Modular Medical (MODD) report for Philip Brent Sheibley?

Modular Medical reported that director Philip Brent Sheibley received an option grant for 250 shares of common stock. The option was issued under the Outside Director Compensation Plan and became fully vested and exercisable immediately on the grant date.

How many Modular Medical (MODD) options did the director receive and at what price?

The director received an option to purchase 250 shares of Modular Medical common stock at an exercise price of $4.55 per share. This grant represents his total beneficial ownership of this class of derivative security reported on the Form 4.

When do the Modular Medical (MODD) options granted to Philip Brent Sheibley expire?

The options granted to Philip Brent Sheibley expire on March 31, 2036. Until that expiration date, he may choose to exercise the options by paying the $4.55 per-share exercise price to acquire Modular Medical common stock.

Were the Modular Medical (MODD) director options immediately vested?

Yes. The Form 4 states the option grant to director Philip Brent Sheibley was fully vested and exercisable on the grant date. This means he does not need to satisfy additional service or performance conditions before exercising the options.

Under what plan were the Modular Medical (MODD) options granted to the director?

The 250-share option grant was made under Modular Medical’s Outside Director Compensation Plan. This plan governs how non-employee directors are compensated with equity awards such as options, including vesting terms and other key conditions.