Nephros appoints Robert Banks as President & CEO; Andy Astor remains interim CFO

NEPHROS INC

Robert Banks named President & CEO effective after Q1 2023 10-Q filing; also appointed to Board.
Andy Astor resigns as President & CEO but stays as interim CFO and advisor; departure not due to disagreement.
Banks receives $350K base salary, potential increases to $400K/$450K at $15M/$20M revenue milestones.
Banks granted 357,165 stock options at $1.44 per share, vesting over 4 years.
Company highlights 40% YoY base revenue growth and early cash-flow breakeven in 2023.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Robert Banks

Director

NEPH · NEPHROS INC

Filed: May 11, 2023, 7:59 PM ET

Mr. Banks was also appointed to the Company’s Board of Directors as a Class III director as of the Effective Date.

Appointed

Robert Banks

President and Chief Executive Officer

NEPH · NEPHROS INC

Filed: May 11, 2023, 7:59 PM ET

On May 5, 2023, Nephros, Inc. (the “Company”) entered into an employment agreement with Robert Banks (the “Employment Agreement”) pursuant to which the Company appointed Mr. Banks as its President and Chief Executive Officer

Role change

Andrew Astor

President and Chief Executive Officer

NEPH · NEPHROS INC

Successor: Robert Banks
Filed: May 11, 2023, 7:59 PM ET

On May 5, 2023, Andrew Astor resigned as the Company’s President and Chief Executive Officer and from the Company’s Board of Directors, effective as of the Effective Date.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Robert Banks was appointed as Director at NEPHROS INC.

Action: appointed
Role: Director

Exact text from the filing

Mr. Banks was also appointed to the Company’s Board of Directors as a Class III director as of the Effective Date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Robert Banks was appointed as President and Chief Executive Officer at NEPHROS INC.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

On May 5, 2023, Nephros, Inc. (the “Company”) entered into an employment agreement with Robert Banks (the “Employment Agreement”) pursuant to which the Company appointed Mr. Banks as its President and Chief Executive Officer

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Andrew Astor resigned as President and Chief Executive Officer at NEPHROS INC.

Action: resigned
Role: President and Chief Executive Officer

Exact text from the filing

On May 5, 2023, Andrew Astor resigned as the Company’s President and Chief Executive Officer and from the Company’s Board of Directors, effective as of the Effective Date.

View on SEC.gov

NEPHROS INC filing history →

Source: SEC EDGAR

accession 0001493152-23-016374

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