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: CENTELLA LAWRENCE J (Director)

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 Mr. Centella an option to purchase 10,000 shares of common stock of the Company (the "Option") under the Company's 2004 Stock Incentive Plan. The Option vested immediately with respect to one-third of the shares on February 16, 2012. The remainder of the Option vests in annual installments of one-third of the shares on each of the first and second anniversary of the grant date.