SOLESENCE, INC. — Director's Dealing 2006

Sep 29, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NANOPHASE TECHNOLOGIES CORPORATION (NANX)
CIK: 0000883107
Period of Report: 2006-09-27

Reporting Person: BILICKI DANIEL S (VP - Sales & Marketing)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-27	Common Stock (right to buy)	$6.01	A	12000	Acquired	2016-09-27	Common Stock (12000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock (right to buy)	$2.375	2009-03-15	Common Stock (50000)	10000	Direct
Common Stock (right to buy)	$7.6875	2010-05-24	Common Stock (50000)	50000	Direct
Common Stock (right to buy)	$10.875	2011-01-26	Common Stock (30000)	30000	Direct
Common Stock (right to buy)	$7.0625	2011-02-28	Common Stock (30000)	30000	Direct
Common Stock (right to buy)	$6.65	2012-01-03	Common Stock (30000)	30000	Direct
Common Stock (right to buy)	$3.66	2013-03-24	Common Stock (21000)	21000	Direct
Common Stock (right to buy)	$5.55	2014-10-11	Common Stock (9300)	9300	Direct
Common Stock (right to buy)	$6.03	2015-09-27	Common Stock (9000)	9000	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.