SOLESENCE, INC. — Director's Dealing 2009

Jul 2, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NANOPHASE TECHNOLOGIES CORPORATION (NANX)
CIK: 0000883107
Period of Report: 2009-07-01

Reporting Person: Vincent George A (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-07-01	Stock Appreciation Right	$1.05	A	2250	Acquired		Common Stock (2250)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$4.48	2017-11-06	Common Stock (10000)	10000	Direct
Deferred Common Stock	$		Common Stock (2250)	12652	Direct

Footnotes

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

F2: Each share of deferred common stock represents a right to receive one share of common stock.

F3: The deferred common stock becomes payable upon the reporting person's termination of service as a director of the Company.

F4: Pursuant to such plan, the reporting person elected to defer receipt of such shares and receive a cumulative total of 12,652 shares of deferred common stock which will all be accounted for under the Company's Non-Employee Director Deferred Compensation Plan.

F5: The stock appreciation right becomes payable upon the reporting person's termination of service as a director of the Company. 2,250 were issued 4/8/2009 at a conversion price of $0.90, and 2,250 were issued 7/1/2009 at a conversion price of $1.05.