Nephros director Oliver J. Spandow receives 3,916 shares

Q: How many NEPH shares did director Oliver J. Spandow receive?

Oliver J. Spandow, a Nephros director, received 3,916 common shares on November 9, 2026, in lieu of cash fees for board service. His direct common-share holdings following the award were 126,797.

Available on EDGAR 11/12/2026 - 04:33 PM EST Accepted by SEC EDGAR 11/12/2026 - 04:32 PM EST

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Form Type

Rhea-AI Filing Summary

Nephros Inc. director Oliver J. Spandow acquired 3,916 common shares on November 9, 2026, issued in lieu of cash fees for board service. His direct common-stock holdings following the award were 126,797 shares.

Spandow also reported eight directly held stock-option positions; seven are fully exercisable. One option covers 7,050 shares at a $1.4700 exercise price and vests in 2,350-share installments on January 1, 2025, January 1, 2026 and January 1, 2027, expiring January 1, 2035.

Insider Trade Summary

Grant/Award: 3,916 shares

Grant/Award 1 txn

Insider Spandow Oliver J.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock ^F1	3,916	$0.00	$0.00
Holding	Stock Option (Right to Buy) ^F2	--	--	--
Holding	Stock Option (Right to Buy) ^F2	--	--	--
Holding	Stock Option (Right to Buy) ^F2	--	--	--
Holding	Stock Option (Right to Buy) ^F2	--	--	--
Holding	Stock Option (Right to Buy) ^F2	--	--	--
Holding	Stock Option (Right to Buy) ^F2	--	--	--
Holding	Stock Option (Right to Buy) ^F2	--	--	--
Holding	Stock Option (Right to Buy) ^F3	--	--	--

Holdings After Transaction: Common Stock — 126,797 shares (Direct); Stock Option (Right to Buy) — 55,560 options (Direct)

Holdings Before and After: Common Stock, 122,881 to 126,797 shares (Direct)

Footnotes (3)

F1. Shares issued to reporting person in lieu of cash fees for board service.
F2. Fully exercisable.
F3. This option vests as to 2,350 shares on each of 1/1/25, 1/1/26 and 1/1/27.

Key Figures

Common shares awarded: 3,916 shares Direct common shares held after award: 126,797 shares

2 metrics

Common shares awarded 3,916 shares Issued in lieu of cash fees for board service on November 9, 2026

Direct common shares held after award 126,797 shares Holdings following the November 9, 2026 award

Key Terms

Stock Option (Right to Buy), Fully exercisable, vests as to, exercise price

4 terms

Stock Option (Right to Buy) technical

"Stock Option (Right to Buy)"

Fully exercisable technical

"Fully exercisable."

vests as to technical

"This option vests as to 2,350 shares"

exercise price financial

"conversion_or_exercise_price"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

FAQ

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How many NEPH shares did director Oliver J. Spandow receive?

Oliver J. Spandow, a Nephros director, received 3,916 common shares on November 9, 2026, in lieu of cash fees for board service. His direct common-share holdings following the award were 126,797.

What stock options did Oliver J. Spandow report for NEPH?

He reported, among other direct option positions, an option covering 9,466 common shares at a $5.5755 exercise price that was fully exercisable and expires August 10, 2028. He also reported an option for 7,050 shares at a $1.4700 exercise price, scheduled to vest in 2,350-share installments on January 1, 2025, January 1, 2026 and January 1, 2027; it expires January 1, 2035.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Spandow Oliver J.

(Last)

(First)

(Middle)

C/O NEPHROS, INC.

380 LACKAWANNA PLACE

(Street)

SOUTH ORANGE

NEW JERSEY

07079

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NEPHROS INC [ NEPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/09/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/09/2026		A		3,916⁽¹⁾	A	$0	126,797	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$5.5755							⁽²⁾	08/10/2028	Common Stock	9,466		9,466	D
Stock Option (Right to Buy)	$5.85							⁽²⁾	12/19/2028	Common Stock	5,161		5,161	D
Stock Option (Right to Buy)	$8.57							⁽²⁾	12/16/2029	Common Stock	5,568		5,568	D
Stock Option (Right to Buy)	$8.06							⁽²⁾	01/06/2031	Common Stock	6,850		6,850	D
Stock Option (Right to Buy)	$6.82							⁽²⁾	12/14/2031	Common Stock	7,062		7,062	D
Stock Option (Right to Buy)	$1.07							⁽²⁾	01/05/2033	Common Stock	7,080		7,080	D
Stock Option (Right to Buy)	$2.14							⁽²⁾	05/14/2034	Common Stock	7,323		7,323	D
Stock Option (Right to Buy)	$1.47							⁽³⁾	01/01/2035	Common Stock	7,050		7,050	D

Explanation of Responses:

1. Shares issued to reporting person in lieu of cash fees for board service.

2. Fully exercisable.

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

	/s/ Christopher Melsha as attorney-in-fact for Oliver Spandow pursuant to power of attorney previously filed.	11/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR