NEPHROS INC — Director's Dealing 2012

Mar 15, 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: Mieyal Paul A (Director, Acting Chief Executive Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-16	Non-qualified stock option (right to buy)	$0.83	A	10000	Acquired	2022-02-16	Common Stock (10000)	Direct

Footnotes

F1: On February 16, 2012, the Company granted an option to purchase 10,000 shares of common stock of the Company (the "Option") in respect of the service by Mr. Mieyal as a member of the Board of Directors of the Company. The Option was granted under the Company's 2004 Stock Incentive Plan. At the request of Mr. Mieyal, the Option was granted to Wexford Capital LP. The Option vested immediately with respect to 3,334 shares on February 16, 2012. The remainder of the Option vests in an installment of 3,333 shares on each of the first and second anniversary of the grant date.