Modular Medical adopts FDA milestone bonus program; execs get options tied to MODD-1 clearance

Modular Medical, Inc.

CEO Besser receives 135,136 options for 510(k) submission by Jan 31, 2024; no options for clearance milestone.
Chairman/CFO DiPerna gets 90,091 submission options + 45,046 clearance options; COO Schmid gets 37,538 + 18,769.
Options priced at $1.11/share, 10-year term; cancellable if milestones missed.
Non-executive employee aggregate bonus pool ~$757,000 in cash or options at employee election.
Milestone 2 requires FDA clearance of MODD-1 insulin pump by August 1, 2024.

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