Krandel Judy 4

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.