Material Agreement, Financial Obligation (Form 8-K)

Item 1.01. Entry into a Material Definitive Agreement

Credit Facility

On February 23, 2026, Modular Medical, Inc. (the "Company") issued a secured promissory note (the "Note") to James E. Besser ("the Lender"), the Company's chief executive officer, that provides the Company with a $350,000 revolving credit facility with all amounts being drawn down by the Company thereunder being due and payable, subject to acceleration in the event of a default, on March 25, 2026 (the "Maturity Date"). Interest at the rate of 12% is payable on each draw down without regard to the draw down date or the date when interest is paid. Any amounts owed by the Company pursuant to the Note will be secured by all assets and intellectual property of the Company.

As of the date of this Current Report on Form 8-K there have been no borrowings under the Note.

The principal amount of the Note and interest due thereon is payable to the Lender no later than the earlier of: (i) the Maturity Date and (ii) the date on which the Company has received proceeds in excess of $2,000,000 from a transaction or series of related transactions occurring prior to the Maturity Date, which such transactions constitute equity financings or other issuances of the Company's equity securities. Provided that no Event of Default (as such term is defined in the Note) has occurred, on any date prior to the Maturity Date, upon no less than three days written notice by the Company specifying the draw amount, the Lender will advance the draw amount to the Company. No draw amount can be in an amount less than $50,000 or exceed an amount equal to $350,000 minus the aggregate principal amount outstanding under the Note at the time of such draw request. If an Event of Default occurs and is continuing, the Lender may declare all of the Note, including any interest and other amounts due, to be due and payable immediately.

The foregoing summary of the terms of the Note should be read in conjunction with the form of Note filed as an exhibit to this Current Report on Form 8-K under Item 9.01, which contain all of the terms and conditions of the Note.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off Balance Sheet Arrangement of the Registrant.

The disclosures in Item 1.01 and Exhibit 10.27 of this Current Report on Form 8-K are incorporated herein by reference.