SOLESENCE, INC. — Director's Dealing 2006

Nov 3, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NANOPHASE TECHNOLOGIES CORPORATION (NANX)
CIK: 0000883107
Period of Report: 2006-11-03

Reporting Person: JANKOWSKI JESS (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-03	Common Stock	M	4886	$3.886	Acquired	4886	Direct
2006-11-03	Common Stock	S	1094	$6.76	Disposed	3792	Direct
2006-11-03	Common Stock	S	900	$6.77	Disposed	2892	Direct
2006-11-03	Common Stock	S	400	$6.78	Disposed	2492	Direct
2006-11-03	Common Stock	S	1200	$6.79	Disposed	1292	Direct
2006-11-03	Common Stock	S	1292	$6.80	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-03	Common Stock (right to buy)	$3.886	M	4886	Disposed	2006-11-07	Common Stock (14475)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1000	Indirect
Common Stock	3300	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock (right to buy)	$3.8125	2008-07-31	Common Stock (11600)	6960	Direct
Common Stock (right to buy)	$7.6875	2010-05-24	Common Stock (21775)	21775	Direct
Common Stock (right to buy)	$10.875	2011-01-26	Common Stock (13000)	13000	Direct
Common Stock (right to buy)	$7.0625	2011-02-28	Common Stock (13000)	13000	Direct
Common Stock (right to buy)	$6.65	2012-01-03	Common Stock (20000)	20000	Direct
Common Stock (right to buy)	$3.66	2013-03-24	Common Stock (18000)	18000	Direct
Common Stock (right to buy)	$5.55	2014-10-11	Common Stock (11000)	11000	Direct
Common Stock (right to buy)	$6.03	2015-09-27	Common Stock (10000)	10000	Direct
Common Stock (right to buy)	$6.01	2016-09-27	Common Stock (15000)	15000	Direct
Common Stock (right to buy)	$1.75	2009-07-27	Common Stock (8000)	5334	Direct

Footnotes

F1: Subject to certain restrictions, beginning on this date, options vest in five equal installments.

F2: Subject to certain restrictions, beginning on this date, options vest in three equal annual installments.

F3: Subject to certain restrictions, beginning on 11/07/1997, 11,986 options vest in five annual installments, with the remainder vesting on 11/7/2004.