X0202 4 2006-02-02 0 0001196298 NEPHROS INC NEP 0001046705 DRAPKIN DONALD G C/O MACANDREWS & FORBES HOLDINGS, INC. 35 EAST 62ND STREET NEW YORK NY 10021 1 0 0 0 Non-qualified stock option (right to buy) 2.57 2006-02-02 4 A 0 10000 A 2016-02-02 Common Stock $.001 par value 10000 10000 D On February 2, 2006, the Company granted Mr. Drapkin an option to purchase 10,000 shares of common stock of the Company under the Company's 2004 Equity Incentive Plan. The option has vested with respect to 3,333 shares. The remainder of the option will vest in annual installments of 3,333 shares on the first anniversary of the grant date, and 3,334 shares on the second anniversary of the grant date. /s/ Donald G. Drapkin 2006-02-06