Kevin Schmid - Oct 2, 2023 Form 4 Insider Report for Modular Medical, Inc. (MODD)

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MODD	Option to purchase common stock	Award	$41.7K	+37.5K		$1.11	37.5K	Oct 2, 2023	Common Stock	37.5K	$1.11	Direct	F1, F2
transaction	MODD	Option to purchase common stock	Award	$20.8K	+18.8K		$1.11	18.8K	Oct 2, 2023	Common Stock	18.8K	$1.11	Direct	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	This option shall vest as to all of the shares subject to the option if (i) all verification and validation testing for the Registrant's initial pump product is completed by December 31, 2023 and (ii) the 510(K) premarket submission to the U.S. Food and Drug Administration ("FDA") for the Registrant's initial pump product is completed by January 31, 2024. If criteria (i) and (ii) are not both achieved, the option will not vest as to any of the shares and will terminate on February 1, 2024.
F2	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."
F3	This option shall vest as to all of the shares subject to the option if the Registrant receives notification of FDA clearance of the 510(K) premarket submission on or before August 1, 2024. If notification is not received on or before that date, the option will not vest as to any of the shares and will terminate on August 2, 2024.