Modular Medical, Inc. 8-K

What Happened

• Modular Medical, Inc. filed a Form 8-K on May 20, 2026 reporting that on May 14, 2026 its board awarded stock options to executive officers. Paul DiPerna (Chairman, President, Chief Financial Officer and Treasurer) received 11,218 options and Kevin Schmid (Chief Operating Officer) received 4,674 options.
• The options carry an exercise price of $3.46 per share, vest one-third on May 14, 2027 and then 1/24th of the remaining shares monthly thereafter (subject to continued service), and expire on May 14, 2036. Awards were made under the company’s Amended and Restated 2017 Equity Incentive Plan.

Key Details

• Award dates: granted May 14, 2026; reported in Form 8-K filed May 20, 2026.
• Option counts: 11,218 to Paul DiPerna; 4,674 to Kevin Schmid.
• Exercise price and term: $3.46 per share; expiration May 14, 2036.
• Vesting: 1/3 vests on May 14, 2027, then monthly vesting of 1/24th of the remainder, subject to continued service. Form of grant agreement is attached as Exhibit 10.1.

Why It Matters

• These awards provide executives the right to buy company shares at $3.46 through 2036 if they remain employed and options vest; exercised options would result in share issuance and could affect outstanding share count.
• For investors, the grants are a form of equity compensation that links executive pay to stock performance and establishes multi-year vesting that can encourage retention of key executives.