NEPHROS, INC. (OTCBB:NEPH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On April 27, 2017, Nephros, Inc. (the Company) increased Andrew
Astors employment as its Chief Financial Officer to a full-time
position and increased his annualized base salary rate to
$250,000, effective May 1, 2017. Additionally, on May 1, 2017,
Mr. Astor was granted a 10-year stock option to purchase an
aggregate of 418,709 shares of the Companys common stock to the
Companys 2015 Equity Incentive Plan. The option is exercisable at
a price of $0.293 per share, which represents the closing sale
price of the Companys common stock on the grant date. Mr. Astors
right to purchase the shares vests, subject to his continued
employment, as follows:
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12.5% of the shares subject to the option vest on the first anniversary of the grant date; |
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37.5% of the shares subject to the option vest in twelve equal quarterly installments, with the first installment vesting three months following the first anniversary of the grant date; |
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20% of the shares subject to the option will vest, if ever, upon approval of listing of the Companys common stock on the NASDAQ Stock Market, New York Stock Exchange or such other national securities exchange approved by the Board; |
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10% of the shares subject to the option will vest, if ever, on the February 1st following the Companys first completed fiscal year in which annual revenue exceeds $6,000,000; and |
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20% of the shares subject to the option will vest, if ever, on the February 1st following the Companys first completed fiscal year in which annual revenue exceeds $10,000,000. |
About NEPHROS, INC. (OTCBB:NEPH)
Nephros, Inc. (Nephros) is a commercial-stage medical device and commercial products company that develops and sells high performance liquid purification filters and hemodiafiltration (HDF) systems. The Company’s filters, ultrafilters, are primarily used in dialysis centers for the removal of biological contaminants from water and bicarbonate concentrate, and used in hospitals for the prevention of infection from water borne pathogens, such as legionella and pseudomonas. The Company has approximately two product lines: HDF Systems and Ultrafiltration Products. Its products in HDF modality deliver therapy for End Stage Renal Disease (ESRD) patients. It offers ultrafilters for customers in hospitals and other healthcare facilities for filtration of water to be used for patient washing and drinking as an aid in infection control. The filters also produce water that is suitable for wound cleansing, cleaning of equipment used in medical procedures and washing of surgeons’ hands. NEPHROS, INC. (OTCBB:NEPH) Recent Trading Information
NEPHROS, INC. (OTCBB:NEPH) closed its last trading session up +0.009 at 0.302 with 22,466 shares trading hands.