Document:

KeyBank National Association, as Agent

for
itself and the other Lenders

225 Franklin
Street

Boston,
Massachusetts 02110

 

April 1, 2013

 

Agent's Fee Letter

 

CONFIDENTIAL

TNP SRT Secured Holdings, LLC

TNP SRT San Jacinto, LLC

TNP SRT Craig Promenade, LLC

TNP SRT Aurora Commons, LLC

TNP SRT Willow Run, LLC

TNP SRT Visalia Marketplace LLC

4695 MacArthur Court, Suite 1100

Newport Beach, California 92660

 

Ladies and Gentlemen:

 

This letter is the Fee Letter referred
to in that certain Forbearance Agreement of even date herewith (as amended from time to time, the “Forbearance Agreement”)
by and among you, KeyBank National Association (“KeyBank”), as Lender and Agent. This Fee Letter sets forth
fees not described in the Forbearance Agreement and certain other matters. All capitalized terms used in this Fee Letter and not
otherwise defined shall have the meanings assigned to such terms in the Forbearance Agreement.

 

To induce each of Agent and each Lender
to execute and deliver the Forbearance Agreement in their respective capacities as the Agent and Lenders, you hereby agree
to pay to Agent, for the pro rata account of the Lenders, a forbearance fee in an amount equal to $192,187.28, payable to Agent,
for the benefit of the Lenders, with fifty percent (50%) of such fee payable upon the execution and delivery of the Forbearance
Agreement and fifty percent (50%) of such fee payable upon the earlier to occur of the Forbearance Expiration Date or the date
the Loans are repaid in full.

 

All of the fees payable hereunder or pursuant
hereto shall be payable in immediately available funds, shall be deemed fully earned when due and payable and, once paid, shall
be non-refundable. Agent and Lenders may allocate among its affiliates, any of the fees payable to it in this Fee Letter in its
sole discretion.

 

You hereby agree to keep this Fee Letter
and its contents strictly confidential in accordance with the confidentiality provisions set forth in the Credit Agreement.

 

This Fee Letter may be executed in counterparts
which, when taken together, shall constitute one and the same document. Delivery of an executed counterpart of a signature page
of this Fee Letter by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of
this Fee Letter. This Fee Letter, together with the Loan Documents, embodies the entire agreement and understanding among Agent,
Lenders and you with respect to the specific matters set forth above and supersedes all prior agreements and understandings relating
to the subject matter hereof. This Fee Letter may not be amended or any provision hereof waived or modified except by an instrument
in writing signed by Agent, the necessary Lenders and you. No party has been authorized by Agent or any Lender to make any oral
or written statements inconsistent with this letter.

 

    	 

    	 

    

 

This Fee Letter shall be governed by,
and construed in accordance with, the laws of the Commonwealth of Massachusetts without regard to principles of conflicts of law
to the extent that the application of the laws of another jurisdiction would be required thereby. Any right to trial by jury
with respect to any claim or action arising out of this Fee Letter or conduct in connection with this agreement is hereby waived.

 

This Fee Letter may not be assigned by
you without the prior written consent of Agent and the necessary Lenders.

 

(The next page is the signature page.)

 

    	 

    	 

    

 

	Very truly yours,
	 
	KEYBANK NATIONAL ASSOCIATION, as agent
	 	 
	By:	/s/ Kathleen Ahern
	 	Kathleen Ahern, Senior Banker

 

	 	Accepted and Agreed to in all respects:
	 	 
	 	TNP SRT SECURED HOLDINGS, LLC, a Delaware

limited liability company
	 	 	 	 
	 	By:	TNP Strategic Retail Operating Partnership, LP,

its sole member
	 	 	 
	 	By:	TNP Strategic Retail Trust, Inc., its general

partner
	 	 	 	 
	 	 	By:	/s/ Dee R. Balch
	 	 	 	Print Name: Dee R. Balch
	 	 	 	Title: CFO
	 	 	 	 
	 	TNP SRT SAN JACINTO, LLC, a Delaware limited

liability company
	 	 	 	 
	 	By	TNP SRT Secured Holdings, LLC, a Delaware

limited liability company, its Sole Member
	 	 	 
	 	By:	TNP Strategic Retail Operating Partnership, LP,

a Delaware limited partnership, its Sole Member
	 	 	 
	 	By:	TNP Strategic Retail Trust, Inc., a Maryland

corporation, its General Partner
	 	 	 	 
	 	 	By:	/s/ Dee R. Balch
	 	 	 	Print Name: Dee R. Balch
	 	 	 	Title: CFO

 

    	 

    	 

    

 

	 	TNP SRT CRAIG PROMENADE, LLC, a Delaware limited liability company
	 	 	 	 
	 	By	TNP SRT Secured Holdings, LLC, a Delaware

limited liability company, its Sole Member
	 	 	 
	 	By:	TNP Strategic Retail Operating Partnership, LP,

a Delaware limited partnership, its Sole Member
	 	 	 
	 	By:	TNP Strategic Retail Trust, Inc., a Maryland

corporation, its General Partner
	 	 	 	 
	 	 	By:	/s/ Dee R. Balch
	 	 	 	Print Name: Dee R. Balch
	 	 	 	Title: CFO
	 	 	 	 
	 	TNP SRT AURORA COMMONS, LLC, a Delaware

limited liability company
	 	 	 	 
	 	By	TNP SRT Secured Holdings, LLC, a Delaware

limited liability company, its Sole Member
	 	 	 
	 	By:	TNP Strategic Retail Operating Partnership, LP,

a Delaware limited partnership, its Sole Member
	 	 	 
	 	By:	TNP Strategic Retail Trust, Inc., a Maryland

corporation, its General Partner
	 	 	 	 
	 	 	By:	/s/ Dee R. Balch
	 	 	 	Print Name: Dee R. Balch
	 	 	 	Title: CFO

 

    	 

    	 

    

 

	 	TNP SRT WILLOW RUN, LLC, a Delaware limited

liability company
	 	 	 	 
	 	By	TNP SRT Secured Holdings, LLC, a Delaware

limited liability company, its Sole Member
	 	 	 
	 	By:	TNP Strategic Retail Operating Partnership, LP,

a Delaware limited partnership, its Sole Member
	 	 	 
	 	By:	TNP Strategic Retail Trust, Inc., a Maryland

corporation, its General Partner
	 	 	 	 
	 	 	By:	/s/ Dee R. Balch
	 	 	 	Print Name: Dee R. Balch
	 	 	 	Title: CFO
	 	 	 	 
	 	TNP SRT VISALIA MARKETPLACE, LLC, a

Delaware limited liability company
	 	 	 	 
	 	By	TNP SRT Secured Holdings, LLC, a Delaware

limited liability company, its Sole Member
	 	 	 
	 	By:	TNP Strategic Retail Operating Partnership, LP,

a Delaware limited partnership, its Sole Member
	 	 	 
	 	By:	TNP Strategic Retail Trust, Inc., a Maryland

corporation, its General Partner
	 	 	 	 
	 	 	By:	/s/ Dee R. Balch
	 	 	 	Print Name: Dee R. Balch
	 	 	 	Title: CFOExhibit 4.11

 

	Certificate No._____	No. of Rights _____

 

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH
IN THE COMPANY’S PROSPECTUS DATED APRIL [•], 2013 (THE “PROSPECTUS”) AND ARE INCORPORATED HEREIN BY REFERENCE.
COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM CONTINENTAL STOCK TRANSFER & TRUST COMPANY, THE SUBSCRIPTION AGENT.

 

NEPHROS, INC.

 

(Incorporated under the laws of the State
of Delaware)

 

SUBSCRIPTION RIGHTS CERTIFICATE

 

Evidencing Subscription Rights to Purchase Shares of Common
Stock of Nephros, Inc.

 

Subscription Price: $0.60
per Share

 

THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE
5:00 P.M., EASTERN TIME, ON MAY 17, 2013, UNLESS EXTENDED BY THE COMPANY. THIS CERTIFIES THAT

  

the registered owner whose name is
inscribed hereon is the owner of the number of subscription rights (“Rights”) set forth on the face of this
certificate. Each whole Right entitles the holder thereof to subscribe for and purchase  0.18776 of a share of common stock
(“Share”), par value of $0.001 per Share, of Nephros, Inc., a Delaware corporation (the “Company”),
at a subscription price of $0.60 per Share (the “Basic Subscription Privilege”), pursuant to a rights offering
(the “Rights Offering”), on the terms and subject to the conditions set forth in the Prospectus and the
“Instructions for Use of Nephros, Inc. Subscription Rights Certificates” accompanying this Subscription Rights
Certificate. The Rights expire at 5:00 p.m. on May 17, 2013, unless extended. If the Company extends the time for exercising
the Rights, it will not extend such time more than 30 days past the original expiration date. If any Shares available for
purchase in the Rights Offering are not purchased by other holders of Rights pursuant to the exercise of their Basic
Subscription Privilege (the “Unsubscribed Shares”), any Rights holder that exercises its Basic Subscription
Privilege in full may subscribe for a number of Unsubscribed Shares pursuant to the terms and conditions of the Rights
Offering, subject to proration, as described in the Prospectus (the “Over-Subscription Privilege”). The Rights
represented by this Subscription Rights Certificate may be exercised by completing the “Form of Election to
Purchase” on the reverse side hereof and by returning the full payment of the subscription price for each Share in
accordance with the “Instructions for Use of Nephros, Inc. Subscription Rights Certificates” that accompanies
this Subscription Rights Certificate.

 

This Subscription Rights Certificate is not valid unless countersigned
by the transfer agent and registered by the registrar.

 

	WITNESS the facsimile signatures of two duly authorized officers of Nephros, Inc.	 	NEPHROS, INC. COUNTERSIGNED AND REGISTERED
	 	 	 	 
	 	 	By: 	 
	 	 	 	John C. Houghton, President and Chief Executive Officer
	 	 	 	 
	 	 	By:	 
	 	 	 	Gerald J. Kochanski, Chief Financial Officer
	 	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 	 
	 	 	By:	 

  

    	 

    	 

    

  

FORM OF ELECTION TO PURCHASE

 

PLEASE PRINT ALL INFORMATION CLEARLY
AND LEGIBLY.

 

The registered holder of this Rights Certificate is entitled
to exercise the number of Rights shown in the upper right hand corner of the Subscription Rights Certificate and may subscribe
for additional Shares upon the terms and conditions specified in the Prospectus.

 

The undersigned hereby notifies the Subscription Agent of its
irrevocable election to subscribe for Shares in the following amounts:

 

To subscribe for Shares pursuant to your Basic Subscription
Privilege, please complete lines (a) and (c) and sign below. To subscribe for Shares pursuant to your Over-Subscription Privilege,
please also complete line (b).

 

(a) EXERCISE OF BASIC SUBSCRIPTION PRIVILEGE:

 

I subscribe for ____________ (No. of Shares) x $0.60 (Subscription
Price) = $_____________ (Payment)

 

(b) EXERCISE OF OVER-SUBSCRIPTION PRIVILEGE:

 

If you have exercised your Basic Subscription Privilege in full
and wish to subscribe for additional Shares pursuant to your Over-Subscription Privilege:

 

I subscribe for ____________ (No. of Shares) x $0.60 (Subscription
Price) = $_____________ (Payment)

 

(c) Total Amount of Payment Enclosed $_______________

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