SOLESENCE, INC. — Director's Dealing 2008

Oct 2, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NANOPHASE TECHNOLOGIES CORPORATION (NANX)
CIK: 0000883107
Period of Report: 2008-10-01

Reporting Person: PERKINS DONALD S (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-10-01	Deferred Common Stock	$	A	5935	Acquired		Common Stock (5935)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	48811	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$3.50	2008-10-29	Common Stock (25000)	20000	Direct
Stock Option (right to buy)	$5.25	2008-06-10	Common Stock (2000)	667	Direct
Stock Option (right to buy)	$5.75	2008-02-19	Common Stock (10000)	3334	Direct
Stock Option (right to buy)	$9.92	2011-06-05	Common Stock (2000)	2000	Direct
Stock Option (right to buy)	$3.78	2012-11-25	Common Stock (2000)	2000	Direct
Stock Option (right to buy)	$5.07	2013-06-26	Common Stock (2000)	2000	Direct
Stock Option (right to buy)	$3.13	2018-01-22	Common Stock (15000)	15000	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 this date, options vest in two equal annual installments.

F4: Each share of deferred common stock represents a right to receive one share of common stock.

F5: 5,935 shares of common stock were to be granted under the Company's 2005 Non-Employee Director Restricted Stock Plan. Such shares are vested immediately but subject to certain transfer restrictions. Pursuant to such plan, the reporting person elected to defer receipt of such shares and receive instead 5,935 shares of deferred common stock which, along with the 16,042 similar shares granted previously, will be accounted for under the Company's Non-Employee Director Deferred Compensation Plan.

F6: The deferred common stock becomes payable upon the reporting person's termination of service as a director of the Company.

F7: Pursuant to such plan, the reporting person elected to defer receipt of such shares and receive 5,935 shares of deferred common stock, amounting to a cumulative total of 21,977 shares of deferred common stock received (including those received from previous grants) to date, which will all be accounted for under the Company's Non-Employee Director Deferred Compensation Plan.