SOLESENCE, INC. — Director's Dealing 2007

Mar 21, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NANOPHASE TECHNOLOGIES CORPORATION (NANX)
CIK: 0000883107
Period of Report: 2007-03-19

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-19	Common Stock	M	3200	$2.375	Acquired	11200	Direct
2007-03-19	Common Stock	M	21000	$3.66	Acquired	32200	Direct
2007-03-19	Common Stock	S	8079	$5.50	Disposed	24121	Direct
2007-03-19	Common Stock	S	1600	$5.51	Disposed	22521	Direct
2007-03-19	Common Stock	S	700	$5.52	Disposed	21821	Direct
2007-03-19	Common Stock	S	200	$5.53	Disposed	21621	Direct
2007-03-19	Common Stock	S	500	$5.55	Disposed	21121	Direct
2007-03-19	Common Stock	S	200	$5.57	Disposed	20921	Direct
2007-03-19	Common Stock	S	10600	$5.60	Disposed	10321	Direct
2007-03-19	Common Stock	S	821	$5.61	Disposed	9500	Direct
2007-03-19	Common Stock	S	300	$5.62	Disposed	9200	Direct
2007-03-19	Common Stock	S	1000	$5.64	Disposed	8200	Direct
2007-03-19	Common Stock	S	200	$5.66	Disposed	8000	Direct
2007-03-20	Common Stock	M	6800	$2.375	Acquired	14800	Direct
2007-03-20	Common Stock	S	6784	$5.50	Disposed	8016	Direct
2007-03-20	Common Stock	S	100	$5.51	Disposed	7916	Direct
2007-03-20	Common Stock	S	961	$5.52	Disposed	6955	Direct
2007-03-20	Common Stock	S	600	$5.53	Disposed	6355	Direct
2007-03-20	Common Stock	S	200	$5.56	Disposed	6155	Direct
2007-03-20	Common Stock	S	2900	$5.57	Disposed	3255	Direct
2007-03-20	Common Stock	S	55	$5.58	Disposed	3200	Direct
2007-03-20	Common Stock	S	200	$5.59	Disposed	3000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-19	Common Stock (right to buy)	$2.375	M	3200	Disposed	2009-03-15	Common Stock (43200)	Direct
2007-03-19	Common Stock (right to buy)	$3.66	M	21000	Disposed	2013-03-24	Common Stock (21000)	Direct
2007-03-20	Common Stock (right to buy)	$2.375	M	6800	Disposed	2009-03-15	Common Stock (6800)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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)	$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
Common Stock (right to buy)	$6.01	2016-09-27	Common Stock (12000)	12000	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.