NEPHROS INC — Director's Dealing 2025

Nov 13, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NEPHROS INC (NEPH)
CIK: 0001196298
Period of Report: 2025-11-10

Reporting Person: Spandow Oliver J. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-10	Common Stock	A	8036	—	Acquired	122881	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$5.5755	2028-08-10	Common Stock (9466)	9466	Direct
Stock Option (Right to Buy)	$5.8500	2028-12-19	Common Stock (5161)	5161	Direct
Stock Option (Right to Buy)	$8.5700	2029-12-16	Common Stock (5568)	5568	Direct
Stock Option (Right to Buy)	$8.0600	2031-01-06	Common Stock (6850)	6850	Direct
Stock Option (Right to Buy)	$6.82	2031-12-14	Common Stock (7062)	7062	Direct
Stock Option (Right to Buy)	$1.07	2033-01-05	Common Stock (7080)	7080	Direct
Stock Option (Right to Buy)	$2.14	2034-05-14	Common Stock (7323)	7323	Direct
Stock Option (Right to Buy)	$1.47	2035-01-01	Common Stock (7050)	7050	Direct

Footnotes

F1: Fully exercisable.

F2: This option vests as to 2,441 shares on each of 5/14/24, 5/14/25 and 5/14/26.

F3: This option vests as to 2,350 shares on each of 1/1/25, 1/1/26 and 1/1/27.