secwatch.observer — SEC 8-K summary
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Issuer:     Modular Medical, Inc. (MODD)
CIK:        0001074871
Form:       8-K
Filed at:   2023-10-05T23:59:59+00:00
Accession:  0001013762-23-002171
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 3.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1074871/000101376223002171/0001013762-23-002171-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1074871/000101376223002171/ea186338-8k_modular.htm
  HTML page:      https://secwatch.observer/filing/0001013762-23-002171

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer