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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)
April 20, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NEPHROS, INC.</B></P>

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    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; text-align: center">Delaware</TD></TR>
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    <TD STYLE="width: 13%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-autospace: none; text-align: center">001-32288</TD>
    <TD STYLE="width: 4%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-autospace: none; text-align: center">13-3971809</TD>
    <TD STYLE="width: 13%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">(IRS Employer ID Number)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
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    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">41 Grand Avenue, River Edge, New<BR>
Jersey</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: center">07661</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;(Address of principal executive offices)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">(Zip Code)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant's telephone number, including
area code (201) 343-5202</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act&nbsp;&nbsp;&nbsp;(17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01 Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black">On April 23,
2012, Nephros, Inc. (the &ldquo;Company&rdquo;) entered into a license and supply agreement (the &ldquo;License and Supply Agreement&rdquo;)
with Medica S.p.A. (&ldquo;Medica&rdquo;), an Italy-based medical product manufacturing company, for the marketing and sale of
certain </FONT>filtration products based upon Medica&rsquo;s proprietary Medisulfone ultrafiltration technology in conjunction
with the Company&rsquo;s filtration products (collectively, the &ldquo;Products&rdquo;), and to engage in an exclusive supply arrangement
for the Products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the License and Supply Agreement,
Medica granted to the Company an exclusive license, with right of sublicense, to market, promote, distribute, <FONT STYLE="color: black">offer</FONT>
for sale and sell the Products worldwide, excluding Italy for the first three years (the &ldquo;Territory&rdquo;) during the term
of the License and Supply Agreement. In addition, the Company granted to Medica an exclusive license under the Company&rsquo;s
intellectual property to make the Products during the term of the License and Supply Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In exchange for the rights granted, the
Company has agreed to make minimum annual aggregate purchases from Medica of &euro;300,000, &euro;500,000 and &euro;750,000 for
the years 2012, 2013 and 2014, respectively. For calendar years thereafter, annual minimum amounts will be mutually agreed upon
between Medica and the Company. As consideration for the license and other rights granted to the Company, the Company is required
to pay Medica installment payments of &euro;500,000 and &euro;1,000,000 on April 23, 2012 and January 25, 2013, respectively. In
addition, for the period beginning April 23, 2014 through December 31, 2022, the Company will pay Medica a royalty rate of 3% of
net sales of the Products sold, subject to reduction as a result of a supply interruption pursuant to the terms of the License
and Supply Agreement. As further consideration for the license and other rights granted to the Company, the Company will grant
Medica options to purchase 300,000 shares of the Company&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term of the License and Supply Agreement
commenced on April 23, 2012 and continues in effect through December 31, 2022, unless earlier terminated by either party in accordance
with the terms of the License and Supply Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The description of the License and Supply
Agreement set forth above is not complete and is qualified in its entirety by reference to the License and Supply Agreement, which
is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 23, 2012, the Company issued a
press release announcing its entry into the License and Supply Agreement. A copy of the press release is attached as Exhibit 99.1
to this Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02&nbsp;&nbsp;Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the appointment of John C. Houghton
described below, effective April 20, 2012, Paul A. Mieyal resigned as acting Chief Executive Officer, but will remain as a member
of the Board of Directors (the &ldquo;Board&rdquo;) of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 23, 2012, the Company announced
the appointment of John C. Houghton (48) as President and Chief Executive Officer of the Company, effective as of April 20, 2012.
Mr. Houghton has over 25 years of commercialization experience in the pharmaceutical and medical device fields. He has direct experience
in building out global commercial organizations including marketing, sales, sales operations, customer service, business analytics
and new product development and has also been directly responsible for successfully licensing products and leading joint ventures
and partnerships. Mr. Houghton most recently served as President and CEO of CorMedix Inc. (NYSE-Amex: CRMD), a pharmaceutical company
focused on therapeutic products for the treatment of cardio-renal disease. While President and CEO, Mr. Houghton led the acquisition
of the company&rsquo;s product candidates and the completion of its initial public offering. Prior to assuming the role of President
and CEO, he was the Chief Business Officer for CorMedix. Before joining CorMedix, Mr. Houghton established the global sales and
marketing infrastructure for the Biotech division of Stryker Corp. (NYSE: SYK). Prior to Stryker, he worked with Aventis (NYSE:
SNY) and predecessor companies for more than 14 years. During his time at Aventis he led the global marketing of Nasacort, served
as commercial lead on the Aventis-Millennium inflammation collaboration, and functioned as the global new products commercialization
head for respiratory, inflammation, cardiovascular, and metabolism products. Mr. Houghton received his B.Sc. from Liverpool John
Moores University, United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 23, 2012, the Company issued a
press release announcing the appointment of Mr. Houghton. A copy of the press release is attached as Exhibit 99.2 to this Current
Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 24, 2012, the Board approved the
appointment of Mr. Houghton to the Board, effective on that date. Mr. Houghton&rsquo;s initial term will expire at the close of
the Company&rsquo;s annual meeting of stockholders to be held in 2013. Mr. Houghton will not serve on any committees of the Board
nor will he be entitled to any additional compensation in connection with his service on the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 20, 2012, the Company entered into
an Employment Agreement (the &ldquo;Employment Agreement&rdquo;), effective as of April 20, 2012, with Mr. Houghton. The Employment
Agreement has a term of four years, ending on April 20, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Employment Agreement provides that Mr.
Houghton&rsquo;s annual base salary will be $350,000. Mr. Houghton will be eligible to receive a target discretionary bonus of
30% of annual base salary, as determined by the Company. The targets with respect to the bonus for the year ending December 31,
2012 will be mutually agreed upon between Mr. Houghton and the Compensation Committee of the Board within 60 days following April
20, 2012 and such bonus will be appropriately prorated for such annual period. The targets for each subsequent annual period will
be mutually agreed upon at the beginning of each calendar year between Mr. Houghton and the Compensation Committee. Upon execution
of the Employment Agreement, the Company granted Mr. Houghton options to purchase 675,000 shares of the Company&rsquo;s common
stock pursuant to the Company&rsquo;s 2004 Stock Incentive Plan (the &ldquo;Plan&rdquo;). In addition, subject to the approval
by stockholders of a commensurate increase in shares authorized for issuances under the Plan, the Company will grant Mr. Houghton
options to purchase 331,550 shares of the Company&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to Mr. Houghton meeting and maintaining
the director eligibility requirements of the Board, Mr. Houghton will be nominated for election as a director at each stockholders
meeting during his employment at which his term as a director would otherwise expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The description of the Employment Agreement
set forth above is not complete and is qualified in its entirety by reference to the Employment Agreement, which is attached as
Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;5.07. Submission of Matters to a Vote of Security
Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2012 annual meeting of stockholders
for Nephros, Inc. was held on April 23, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the meeting, Nephros
stockholders elected two members to our Board of Directors for a term expiring at the annual meeting of stockholders in 2015, as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Member</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Shares<BR> Voted&nbsp;For</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Shares<BR> Withheld</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Broker&nbsp;Non-Votes</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 22%; text-align: left">Arthur H. Amron</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 23%; text-align: center">5,287,406</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 23%; text-align: center">164,794</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 23%; text-align: center">3,394,476</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">James S. Scibetta</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">5,292,702</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">159,498</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">3,394,476</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the meeting, Nephros
stockholders also ratified the appointment of <FONT STYLE="color: black">Rothstein Kass </FONT>as our independent registered public
accounting firm for the fiscal year ending December 31, 2012, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares Voted<BR>
For</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares<BR> Against or Withheld</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Abstentions</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Broker Non-Votes</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: center">8,468,168</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 23%; text-align: center">366,869</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 23%; text-align: center">11,639</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 23%; text-align: center">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Exhibits</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in">
<TR>
    <TD STYLE="width: 10%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-autospace: none">Exhibit&nbsp;No.</TD>
    <TD STYLE="width: 2%; vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 88%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-autospace: none">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.1</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">License and Supply Agreement dated as of April 23, 2012 between Nephros, Inc. and Medica S.p.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.2</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Employment Agreement dated as of April 20, 2012 between Nephros, Inc. and John C. Houghton</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">99.1</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Press release dated April 23, 2012 announcing strategic License and Supply Agreement with Medica S.p.A for ultrafiltration products</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">99.2&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Press release dated April 23, 2012 announcing the appointment of John C. Houghton as President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 4%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 46%; text-autospace: none; font-weight: bold">Nephros, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none">/s/ Gerald J. Kochanski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Dated:&nbsp;&nbsp;April 26, 2012</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Gerald J. Kochanski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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{"company-data": {"conformed-name": "NEPHROS INC", "cik": "0001196298", "assigned-sic": "3841", "irs-number": "133971809", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32288", "film-number": "12782888"}, "business-address": {"street1": "41 GRAND AVENUE", "city": "RIVER EDGE,", "state": "NJ", "zip": "07661", "phone": "201.343.5202"}, "mail-address": {"street1": "41 GRAND AVENUE", "city": "RIVER EDGE,", "state": "NJ", "zip": "07661"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 20, 2012
NEPHROS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
001-32288
13-3971809
(Commission File Number)
(IRS Employer ID Number)
41 Grand Avenue, River Edge, New
Jersey
07661
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including
area code (201) 343-5202
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act   (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
Item 1.01 Entry into a Material Definitive Agreement.
On April 23,
2012, Nephros, Inc. (the "Company") entered into a license and supply agreement (the "License and Supply Agreement")
with Medica S.p.A. ("Medica"), an Italy-based medical product manufacturing company, for the marketing and sale of
certain
filtration products based upon Medica's proprietary Medisulfone ultrafiltration technology in conjunction
with the Company's filtration products (collectively, the "Products"), and to engage in an exclusive supply arrangement
for the Products.
Under the License and Supply Agreement,
Medica granted to the Company an exclusive license, with right of sublicense, to market, promote, distribute,
offer
for sale and sell the Products worldwide, excluding Italy for the first three years (the "Territory") during the term
of the License and Supply Agreement. In addition, the Company granted to Medica an exclusive license under the Company's
intellectual property to make the Products during the term of the License and Supply Agreement.
In exchange for the rights granted, the
Company has agreed to make minimum annual aggregate purchases from Medica of €300,000, €500,000 and €750,000 for
the years 2012, 2013 and 2014, respectively. For calendar years thereafter, annual minimum amounts will be mutually agreed upon
between Medica and the Company. As consideration for the license and other rights granted to the Company, the Company is required
to pay Medica installment payments of €500,000 and €1,000,000 on April 23, 2012 and January 25, 2013, respectively. In
addition, for the period beginning April 23, 2014 through December 31, 2022, the Company will pay Medica a royalty rate of 3% of
net sales of the Products sold, subject to reduction as a result of a supply interruption pursuant to the terms of the License
and Supply Agreement. As further consideration for the license and other rights granted to the Company, the Company will grant
Medica options to purchase 300,000 shares of the Company's common stock.
The term of the License and Supply Agreement
commenced on April 23, 2012 and continues in effect through December 31, 2022, unless earlier terminated by either party in accordance
with the terms of the License and Supply Agreement.
The description of the License and Supply
Agreement set forth above is not complete and is qualified in its entirety by reference to the License and Supply Agreement, which
is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
On April 23, 2012, the Company issued a
press release announcing its entry into the License and Supply Agreement. A copy of the press release is attached as Exhibit 99.1
to this Current Report on Form 8-K.
Item 5.02  Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Upon the appointment of John C. Houghton
described below, effective April 20, 2012, Paul A. Mieyal resigned as acting Chief Executive Officer, but will remain as a member
of the Board of Directors (the "Board") of the Company.
On April 23, 2012, the Company announced
the appointment of John C. Houghton (48) as President and Chief Executive Officer of the Company, effective as of April 20, 2012.
Mr. Houghton has over 25 years of commercialization experience in the pharmaceutical and medical device fields. He has direct experience
in building out global commercial organizations including marketing, sales, sales operations, customer service, business analytics
and new product development and has also been directly responsible for successfully licensing products and leading joint ventures
and partnerships. Mr. Houghton most recently served as President and CEO of CorMedix Inc. (NYSE-Amex: CRMD), a pharmaceutical company
focused on therapeutic products for the treatment of cardio-renal disease. While President and CEO, Mr. Houghton led the acquisition
of the company's product candidates and the completion of its initial public offering. Prior to assuming the role of President
and CEO, he was the Chief Business Officer for CorMedix. Before joining CorMedix, Mr. Houghton established the global sales and
marketing infrastructure for the Biotech division of Stryker Corp. (NYSE: SYK). Prior to Stryker, he worked with Aventis (NYSE:
SNY) and predecessor companies for more than 14 years. During his time at Aventis he led the global marketing of Nasacort, served
as commercial lead on the Aventis-Millennium inflammation collaboration, and functioned as the global new products commercialization
head for respiratory, inflammation, cardiovascular, and metabolism products. Mr. Houghton received his B.Sc. from Liverpool John
Moores University, United Kingdom.
On April 23, 2012, the Company issued a
press release announcing the appointment of Mr. Houghton. A copy of the press release is attached as Exhibit 99.2 to this Current
Report on Form 8-K.
On April 24, 2012, the Board approved the
appointment of Mr. Houghton to the Board, effective on that date. Mr. Houghton's initial term will expire at the close of
the Company's annual meeting of stockholders to be held in 2013. Mr. Houghton will not serve on any committees of the Board
nor will he be entitled to any additional compensation in connection with his service on the Board.
2
On April 20, 2012, the Company entered into
an Employment Agreement (the "Employment Agreement"), effective as of April 20, 2012, with Mr. Houghton. The Employment
Agreement has a term of four years, ending on April 20, 2016.
The Employment Agreement provides that Mr.
Houghton's annual base salary will be $350,000. Mr. Houghton will be eligible to receive a target discretionary bonus of
30% of annual base salary, as determined by the Company. The targets with respect to the bonus for the year ending December 31,
2012 will be mutually agreed upon between Mr. Houghton and the Compensation Committee of the Board within 60 days following April
20, 2012 and such bonus will be appropriately prorated for such annual period. The targets for each subsequent annual period will
be mutually agreed upon at the beginning of each calendar year between Mr. Houghton and the Compensation Committee. Upon execution
of the Employment Agreement, the Company granted Mr. Houghton options to purchase 675,000 shares of the Company's common
stock pursuant to the Company's 2004 Stock Incentive Plan (the "Plan"). In addition, subject to the approval
by stockholders of a commensurate increase in shares authorized for issuances under the Plan, the Company will grant Mr. Houghton
options to purchase 331,550 shares of the Company's common stock.
Subject to Mr. Houghton meeting and maintaining
the director eligibility requirements of the Board, Mr. Houghton will be nominated for election as a director at each stockholders
meeting during his employment at which his term as a director would otherwise expire.
The description of the Employment Agreement
set forth above is not complete and is qualified in its entirety by reference to the Employment Agreement, which is attached as
Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 5.07. Submission of Matters to a Vote of Security
Holders.
The 2012 annual meeting of stockholders
for Nephros, Inc. was held on April 23, 2012.
At the meeting, Nephros
stockholders elected two members to our Board of Directors for a term expiring at the annual meeting of stockholders in 2015, as
follows:
Member
Number of Shares
Voted For
Number of Shares
Withheld
Broker Non-Votes
Arthur H. Amron
5,287,406
164,794
3,394,476
James S. Scibetta
5,292,702
159,498
3,394,476
At the meeting, Nephros
stockholders also ratified the appointment of
Rothstein Kass
as our independent registered public
accounting firm for the fiscal year ending December 31, 2012, as follows:
Number of Shares Voted
For
Number of Shares
Against or Withheld
Abstentions
Broker Non-Votes
8,468,168
366,869
11,639
0
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
10.1
License and Supply Agreement dated as of April 23, 2012 between Nephros, Inc. and Medica S.p.A.
10.2
Employment Agreement dated as of April 20, 2012 between Nephros, Inc. and John C. Houghton
99.1
Press release dated April 23, 2012 announcing strategic License and Supply Agreement with Medica S.p.A for ultrafiltration products
99.2
Press release dated April 23, 2012 announcing the appointment of John C. Houghton as President and Chief Executive Officer
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
Nephros, Inc.
By:
/s/ Gerald J. Kochanski
Dated:  April 26, 2012
Gerald J. Kochanski
Chief Financial Officer
4