Modular Medical Appoints New CFO, Grants Stock Options
Ticker: MODD · Form: 8-K · Filed: Sep 5, 2024 · CIK: 1074871
Sentiment: neutral
Topics: executive-appointment, compensation, stock-options
TL;DR
Modular Medical names new CFO, Kevin Johnson, with $300k salary + stock options.
AI Summary
On September 4, 2024, Modular Medical, Inc. filed an 8-K report detailing the appointment of Kevin L. Johnson as Chief Financial Officer, effective September 3, 2024. Johnson will receive an annual base salary of $300,000 and is eligible for a discretionary annual bonus. He will also be granted 150,000 stock options, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence. The stock option grant signals potential future value appreciation.
Risk Assessment
Risk Level: medium — Changes in key financial leadership can introduce uncertainty, and the stock option grant suggests a focus on future performance which may or may not materialize.
Key Numbers
- $300,000 — CFO Annual Salary (Base compensation for Kevin L. Johnson)
- 150,000 — CFO Stock Options (Equity incentive granted to Kevin L. Johnson)
Key Players & Entities
- Modular Medical, Inc. (company) — Registrant
- Kevin L. Johnson (person) — Newly appointed Chief Financial Officer
- $300,000 (dollar_amount) — Annual base salary for CFO
- 150,000 (dollar_amount) — Stock options granted to CFO
- September 4, 2024 (date) — Date of 8-K filing
- September 3, 2024 (date) — Effective date of CFO appointment
FAQ
What is the effective date of Kevin L. Johnson's appointment as CFO?
Kevin L. Johnson's appointment as Chief Financial Officer is effective September 3, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Kevin L. Johnson is $300,000.
How many stock options were granted to Kevin L. Johnson?
Kevin L. Johnson was granted 150,000 stock options.
What is the vesting schedule for the granted stock options?
The 150,000 stock options granted to Kevin L. Johnson vest over three years.
Is the CFO eligible for a bonus?
Yes, Kevin L. Johnson is eligible for a discretionary annual bonus.
Filing Stats: 429 words · 2 min read · ~1 pages · Grade level 10.6 · Accepted 2024-09-05 06:06:43
Filing Documents
- ea0213557-8k_modular.htm (8-K) — 22KB
- ea021355701ex99-1_modular.htm (EX-99.1) — 10KB
- ex99-1_01.jpg (GRAPHIC) — 10KB
- 0001213900-24-075772.txt ( ) — 216KB
- modd-20240904.xsd (EX-101.SCH) — 3KB
- modd-20240904_lab.xml (EX-101.LAB) — 33KB
- modd-20240904_pre.xml (EX-101.PRE) — 22KB
- ea0213557-8k_modular_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On September 4, 2024, Modular Medical, Inc. issued a press release announcing that it had received U.S. Food and Drug Administration clearance to market and sell its MODD1 pump in the United States. A copy of this press release is filed herewith as Exhibit 99.1 to this Current Report and is incorporated herein by reference.
01 Financial
Item 9.01 Financial (d) Exhibits The following exhibits are filed with this report: Exhibit Number Exhibit Description 99.1 Press Release dated September 4, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1 SIGNATURE 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: September 5, 2024 By: /s/ James E. Besser James E. Besser Chief Executive Officer 2