Modular Medical, Inc. — Director's Dealing 2025

Apr 28, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Modular Medical, Inc. (MODD)
CIK: 0001074871
Period of Report: 2025-04-24

Reporting Person: MANCHESTER MANAGEMENT CO LLC (Director, Chief Executive Officer, 10% Owner, Director by Deputization)
Reporting Person: MANCHESTER MANAGEMENT PR, LLC (Director by Deputization)
Reporting Person: BESSER JAMES E (Chief Executive Officer, 10% Owner)
Reporting Person: FRANK MORGAN C. (Director)
Reporting Person: Manchester Explorer, L.P. (Director by Deputization)
Reporting Person: JEB Partners, L.P. (Director by Deputization)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-04-24	Option to purchase common stock	$0.94	A	125000	Acquired	2035-04-24	Common Stock, par value $0.001 per share (125000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to purchase common stock	$1.10	2035-03-31	Common Stock, par value $0.001 per share (1875)	1875	Direct
Option to purchase common stock	$1.10	2035-03-31	Common Stock, par value $0.001 per share (7500)	9375	Direct
Common Stock Purchase Warrant	$1.12	2029-03-25	Common Stock, par value $0.001 per share (260416)	260416	Indirect
Common Stock Purchase Warrant	$1.12	2029-03-25	Common Stock, par value $0.001 per share (78125)	78125	Direct
Option to purchase common stock	$1.39	2034-12-31	Common Stock, par value $0.001 per share (9375)	9375	Direct
Option to purchase common stock	$1.56	2034-06-30	Common Stock, par value $0.001 per share (9375)	9375	Direct
Option to purchase common stock	$1.95	2034-03-31	Common Stock, par value $0.001 per share (9375)	9375	Direct
Option to purchase common stock	$1.78	2033-12-29	Common Stock, par value $0.001 per share (9375)	9375	Direct
Option to purchase common stock	$1.11	2033-10-02	Common Stock, par value $0.001 per share (135136)	135136	Direct
Option to purchase common stock	$1.16	2033-09-30	Common Stock, par value $0.001 per share (9375)	9375	Direct
Option to purchase common stock	$0.93	2033-06-30	Common Stock, par value $0.001 per share (9375)	9375	Direct
Option to purchase common stock	$1.44	2033-03-31	Common Stock, par value $0.001 per share (9375)	9375	Direct
Option to purchase common stock	$2.14	2032-12-31	Common Stock, par value $0.001 per share (1875)	1875	Direct
Option to purchase common stock	$2.14	2032-12-31	Common Stock, par value $0.001 per share (7500)	7500	Direct
Option to purchase common stock	$4.34	2032-09-30	Common Stock, par value $0.001 per share (1875)	1875	Direct
Option to purchase common stock	$4.34	2032-09-30	Common Stock, par value $0.001 per share (7500)	7500	Direct
Option to purchase common stock	$5.16	2032-06-30	Common Stock, par value $0.001 per share (3634)	3634	Direct
Option to purchase common stock	$5.16	2032-07-19	Common Stock, par value $0.001 per share (7500)	7500	Direct
Option to purchase common stock	$4.18	2032-03-31	Common Stock, par value $0.001 per share (4486)	4486	Direct
Option to purchase common stock	$4.18	2032-03-31	Common Stock, par value $0.001 per share (17943)	17943	Direct
Common Stock Purchase Warrant	$6.6	2027-02-14	Common Stock, par value $0.001 per share (234274)	234274	Indirect
Common Stock Purchase Warrant	$6.6	2027-02-10	Common Stock, par value $0.001 per share (300000)	300000	Indirect
Common Stock Purchase Warrant	$8.61	2027-02-06	Common Stock, par value $0.001 per share (119237)	119237	Indirect
Option to purchase common stock	$7.51	2031-12-31	Common Stock, par value $0.001 per share (9987)	9987	Direct
Option to purchase common stock	$7.51	2031-12-31	Common Stock, par value $0.001 per share (2497)	2497	Direct
Option to purchase common stock	$2.98	2031-09-30	Common Stock, par value $0.001 per share (8389)	8389	Direct
Option to purchase common stock	$2.98	2031-09-30	Common Stock, par value $0.001 per share (2097)	2097	Direct
Option to purchase common stock	$5.9	2031-06-30	Common Stock, par value $0.001 per share (5297)	5297	Direct
Option to purchase common stock	$2.87	2030-05-12	Common Stock, par value $0.001 per share (50000)	50000	Direct

Footnotes

F1: The options were granted to the Reporting Person in accordance with the Issuer's Fiscal 2026 Two-Part FDA Submission and Product Milestone Bonus Program. The options will vest in two parts: (i) 50% if the Issuer submits a 510k related to MODDi to the FDA on or before October 31, 2025 and (ii) the remaining 50% if the manufacturing line is validated on MODDi with capacity to serve 6,000 patients by March 15, 2026.

F2: The reported securities are directly owned by James E. Besser in his personal capacity.

F3: The options were granted to the Reporting Person in accordance with the Issuer's Outside Director Compensation Plan, and the options were fully vested and exercisable on the grant date.

F4: The reported securities are directly owned by Morgan C. Frank in his personal capacity.

F5: Manchester Explorer, L.P. ("Explorer") acquired 260,416 units consisting of two shares of Common Stock, par value $0.001 per share and one warrant to purchase one share of Common Stock, par value $0.001 per share. It is anticipated that the warrants will become exercisable on or about March 25, 2025.

F6: The reported securities are owned directly by Explorer and may be deemed to be indirectly beneficially owned by (i) Manchester Management Company LLC ("Manchester Management"), the general partner of Explorer, (ii) Manchester Management PR, LLC ("Manchester PR"), the investment adviser to Manchester Management, (iii) James E. Besser, the managing member of Manchester Management and Manchester PR and (iv) Morgan C. Frank, who serves as a portfolio manager and as a consultant for Explorer. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Persons are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F7: James E. Besser acquired 78,125 units consisting of two shares of Common Stock, par value $0.001 per share and one warrant to purchase one share of Common Stock, par value $0.001 per share. It is anticipated that the warrants will become exercisable on or about March 25, 2025.

F8: This option has vested since (i) all verification and validation testing for the Registrant's initial pump product was 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 was completed by January 31, 2024.

F9: These Shares reflect a 3 for 1 reverse stock split effective November 26, 2021.