Modular Medical Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers
On April 8, 2024, the Board of Directors (the “Board”) of Modular Medical, Inc. (the “Company”) took compensation actions with respect to certain executive officers of the Company.
The Board approved an amendment to the employment agreement of Paul DiPerna, the Company’s Chairman of the Board, President, Chief Financial Officer and Treasurer, to increase his annual base salary from $300,000 to $360,000, effective retroactively as of April 1, 2024. The foregoing description of the amendment is not complete and is qualified in its entirety by reference to the full text of the amendment, a copy of which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Additionally, the Board approved the grant of an option to Mr. DiPerna to purchase 100,000 shares of the Company’s common stock pursuant to the Company’s Amended and Restated 2017 Equity Incentive Plan (the “Plan”). The option has an exercise price of $1.52 (equal to the closing price of the Company’s common stock on the Nasdaq Capital Market on the date of the grant) and has a term of 10 years. One-third of the shares will vest on April 8, 2025 and an additional 1/36 of the shares will vest each month thereafter, so long as Mr. DiPerna remains in continuous service with the Company.
The Board also approved an increase of the annual base salary of Kevin Schmid, the Company’s Chief Operating Officer, from $250,000 to $300,000, effective retroactively as of April 1, 2024. Additionally, the Board approved the grant to Mr. Schmid of a stock option to purchase 50,000 shares of the Company’s common stock pursuant to the Plan. The option granted to Mr. Schmid has the same terms as the option granted to Mr. DiPerna.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
| Exhibit No. | Description | |
| 10.1 | Third Amendment to Employment Agreement between the Company and Paul DiPerna | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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: April 10, 2024 | By: | /s/ James Besser |
| James Besser | ||
| Chief Executive Officer | ||
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