Modular Medical Elects New Directors, Two Resign
Ticker: MODD · Form: 8-K · Filed: Aug 27, 2024 · CIK: 1074871
Sentiment: neutral
Topics: board-changes, governance
TL;DR
Board shakeup at Modular Medical: two new directors in, two old ones out.
AI Summary
Modular Medical, Inc. announced on August 22, 2024, a change in its board of directors. Specifically, the company elected two new directors, Dr. David L. Smith and Mr. Michael J. Collins, to its Board. This action was taken following the resignation of two existing directors, Mr. David L. Smith and Mr. Michael J. Collins, from their positions.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine board changes without any indication of financial distress or significant operational shifts.
Key Players & Entities
- Modular Medical, Inc. (company) — Registrant
- Dr. David L. Smith (person) — Newly Elected Director
- Mr. Michael J. Collins (person) — Newly Elected Director
- David L. Smith (person) — Resigning Director
- Michael J. Collins (person) — Resigning Director
- August 22, 2024 (date) — Date of earliest event reported
FAQ
Who were the two new directors elected to the Board of Directors of Modular Medical, Inc.?
Dr. David L. Smith and Mr. Michael J. Collins were elected as new directors.
Who resigned from the Board of Directors of Modular Medical, Inc.?
Mr. David L. Smith and Mr. Michael J. Collins resigned from the Board of Directors.
On what date was this current report filed?
The current report was filed on August 27, 2024.
What is the exact name of the registrant as specified in its charter?
The exact name of the registrant is Modular Medical, Inc.
In which state was Modular Medical, Inc. incorporated?
Modular Medical, Inc. was incorporated in Nevada.
Filing Stats: 945 words · 4 min read · ~3 pages · Grade level 12.6 · Accepted 2024-08-27 16:31:04
Key Financial Figures
- $1.11 — "2017 Plan"), had an exercise price of $1.11 per share (the closing price of the Com
- $1.71 — he 2017 Plan, have an exercise price of $1.71 per share (the closing price of the Com
Filing Documents
- ea0212472-8k_modular.htm (8-K) — 33KB
- 0001213900-24-072999.txt ( ) — 202KB
- modd-20240822.xsd (EX-101.SCH) — 3KB
- modd-20240822_lab.xml (EX-101.LAB) — 33KB
- modd-20240822_pre.xml (EX-101.PRE) — 22KB
- ea0212472-8k_modular_htm.xml (XML) — 3KB
02 Departure
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously reported, on October 2, 2023, the Board of Directors of Modular Medical, Inc. (the "Company") approved the Modular Medical, Inc. Two-Part FDA Submission and Clearance Milestone Bonus Program (the "Bonus Program") to motivate and incentivize the Company's employees. Under the terms of the Bonus Program, certain of the Company's employees, including the Company's executive officers, would receive a bonus in the event that the Company achieved the following milestones for its initial insulin pump product (the "MODD-1"): (i) completion of all verification and validation testing by December 31, 2023 and 510(k) premarket submission to the U.S. Food and Drug Administration (the "FDA") by January 31, 2024 ("Milestone 1") and (ii) receipt of notification of FDA clearance of the MODD-1 (the "Notification") by August 1, 2024 ("Milestone 2"). The following summary is qualified in its entirety by the provisions of the Bonus Program, which was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 5, 2023. Under the Bonus Program, the Company granted options to purchase shares of the Company's common stock to its executive officers (the "Executive Bonus Program Options"), as set forth in the table below. Name Position Milestone 1 Options Milestone 2 Options James Besser Chief Executive Officer 135,136 - Paul DiPerna Chairman, President, Chief Financial Officer and Treasurer 90,091 45,046 Kevin Schmid Chief Operating Officer 37,538 18,769 The Executive Bonus Program Options were granted on October 2, 2023 (the "Grant Date") under the Company's Amended 2017 Equity Incentive Plan (the "2017 Plan"), had an exercise price of $1.11 per share (the closing price of the Company's common stock on the Grant Date) and a term of 10 years. The Milestone 1 Options vested in
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits: ExhibitNo. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Indicates a management contract or compensatory plan or arrangement. 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MODULAR MEDICAL, INC. Date: August 27, 2024 By: /s/ James E. Besser James E. Besser Chief Executive Officer 2