NEPHROS INC — Director's Dealing 2012

Apr 25, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NEPHROS INC (NEPH.OB)
CIK: 0001196298
Period of Report: 2012-04-20

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-20	Incentive Stock Option (right to buy)	$0.95	A	675000	Acquired	2022-04-20	Common Stock (675000)	Direct

Footnotes

F1: On April 20, 2012, the Company granted Mr. Houghton an option to purchase 675,000 shares of common stock of the Company (the "Option"), under the Company's 2004 Stock Incentive Plan, in connection with his appointment as the President and Chief Executive Officer of the Company. The Option vests in equal monthly installments over four years commencing on the date of initial grant; provided that Mr. Houghton remains employed by the Company at such time.