Krandel Judy 4

4 · NEPHROS INC · Filed Mar 25, 2026

AI-generated summary of this filing

Updated Mar 25, 2026

Nephros (NEPH) CFO Judy Krandel Exercises Options

What Happened

Judy Krandel, Chief Financial Officer of Nephros, exercised options on 2026-03-23 to acquire 68,861 common shares at an exercise price of $1.71 per share, for a total cash outlay of $117,752. The filing also records the corresponding derivative being converted/terminated (listed at $0.00), which is not a sale of the underlying shares.

Key Details

Transaction date: 2026-03-23
Exercise: 68,861 shares acquired at $1.71/share = $117,752
Derivative entry: same 68,861 options shown as converted/disposed at $0.00 (represents option conversion, not a market sale)
Shares owned after transaction: not specified in the filing
Footnotes in the filing (F1–F3) describe vesting schedules for various option tranches (see below)
Filing timeliness: Reported 2026-03-25 for a 2026-03-23 transaction — filed within the standard reporting window

Context

This was an option exercise (transaction code M). The filing does not show an immediate sale of the acquired shares (no open‑market sale reported), so this is a purchase of stock via exercise rather than a disposition for cash. The footnotes indicate staged vesting schedules (examples: F1 — portions vesting on 11/1/2024 and quarterly thereafter beginning 2/1/2025; F2 — vesting starting 3/27/2026 and quarterly from 6/27/2026; F3 — vesting beginning 3/16/2027 and quarterly thereafter). These vesting details explain when remaining option tranches become exercisable.

Form 4

Period: 2026-03-23

Chief Financial Officer

Transactions

Exercise/Conversion
Common Stock
2026-03-23$1.71/sh+68,861$117,752→ 68,861 total
Exercise/Conversion
Stock Option (right to buy)
[F1]
2026-03-23−68,861→ 53,663 total
Exercise: $1.71Exp: 2033-11-01→ Common Stock (68,861 underlying)

Holdings

Stock Option (right to buy)
[F2]
Exercise: $1.68Exp: 2035-03-27→ Common Stock (54,359 underlying)
54,359
Stock Option (right to buy)
[F3]
Exercise: $2.92Exp: 2036-03-16→ Common Stock (4,000 underlying)
4,000

Footnotes (3)

[F1]Options to purchase 30,631 shares vest on 11/1/2024 and options to purchase the remaining 91,893 shares vest quarterly in 12 equal amounts commencing on 2/1/2025.
[F2]Options to purchase 13,589 shares vest on 3/27/2026 and options to purchase the remaining 40,770 shares vest quarterly in 12 equal amounts commencing on 6/27/2026.
[F3]Options to purchase 1,000 shares vest on 3/16/2027 and options to purchase the remaining 3,000 shares vest quarterly in 12 equal amounts commencing on 6/16/2027.

Signature

/s/ Christopher Melsha as attorney-in-fact for Judy Krandel pursuant to power of attorney previously filed.|2026-03-25

1 file