NEPHROS INC — Director's Dealing 2012

Jul 6, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NEPHROS INC (NEPH.OB)
CIK: 0001196298
Period of Report: 2012-07-03

Reporting Person: Houghton John C. (Director, President and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-07-03	Non-Qualified Stock Option (right to buy)	$1.89	A	331550	Acquired	2022-07-03	Common Stock (331550)	Direct

Footnotes

F1: On July 3, 2012, the Company granted Mr. Houghton an option to purchase 331,550 shares of common stock of the Company (the "Option"), under the Non-qualified Stock Option Agreement, dated July 3, 2012, between Mr. Houghton and the Company, in connection with his appointment as the President and Chief Executive Officer. The Option vests in equal monthly installments over four years commencing on April 20, 2012, the date Mr. Houghton was appointed; provided that Mr. Houghton remains employed by the Company at such time.