0000899681-11-000208 Sample Contracts

AMENDMENT TO INVESTOR RIGHTS AGREEMENT
Investor Rights Agreement • May 25th, 2011 • Southpaw Asset Management LP • Surgical & medical instruments & apparatus • Delaware

This AMENDMENT TO INVESTOR RIGHTS AGREEMENT (this “Amendment”) is entered into as of May 24, 2011, by and among NEPHROS, INC. (the “Company”), LAMBDA INVESTORS LLC (“Lambda”), GPC 76, LLC (“GPC”) and SOUTHPAW CREDIT OPPORTUNITIES MASTER FUND LP (“Master Fund”, and together with GPC, “Southpaw”). Capitalized terms not defined elsewhere in this Amendment have the meanings set forth in the Investor Rights Agreement (as defined below).

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JOINT FILING AGREEMENT
Joint Filing Agreement • May 25th, 2011 • Southpaw Asset Management LP • Surgical & medical instruments & apparatus

The undersigned hereby agree that the Amendment No. 5 to Schedule 13D with respect to the Common Stock of Nephros, Inc., dated as of May 24, 2011, is, and any amendments thereto (including amendments on Schedule 13G) signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934.

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