NEPHROS INC — Director's Dealing 2012

Mar 16, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NEPHROS INC (NEPH.OB)
CIK: 0001196298
Period of Report: 2012-02-16

Reporting Person: Kochanski Gerald John SR (CFO, Secretary and Treasurer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-16	Incentive Stock Option (right to buy)	$0.83	A	20000	Acquired	2022-02-16	Common Stock (20000)	Direct

Footnotes

F1: On February 16, 2012, the Company granted Mr. Kochanski an option to purchase 20,000 shares of common stock of the Company (the "Option") under the Company's 2004 Stock Incentive Plan. The Option vests in annual installments of one-fourth of the shares on each of the first, second, third and fourth anniversary of the grant date.