SOLESENCE, INC. — Director's Dealing 2016

Feb 24, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NANOPHASE TECHNOLOGIES Corp (NANX)
CIK: 0000883107
Period of Report: 2016-02-23

Reporting Person: MCCLUNG JAMES A (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-23	Stock Option (right to buy)	$0.42	A	9720	Acquired	2026-02-23	Common Stock (9720)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	30071	Indirect
Common Stock	17582	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$1.36	2021-01-31	Common Stock (12000)	12000	Direct
Deferred Common Stock	$		Common Stock (2250)	21596	Direct
Stock Appreciation Right	$0.99		Common Stock (2250)	15750	Direct
Stock Option (right to buy)	$0.30	2022-08-07	Common Stock (12000)	12000	Direct
Stock Option (right to buy)	$0.415	2023-02-14	Common Stock (12000)	12000	Direct
Stock Option (right to buy)	$0.52	2024-02-13	Common Stock (12000)	12000	Direct
Stock Option (right to buy)	$0.44	2025-02-18	Common Stock (10800)	10800	Direct

Footnotes

F1: Subject to certain rights and 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 21,596 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, 2,250 were issued 7/1/2009 at a conversion price of $1.05, 2,250 were issued 10/1/2009 at a conversion price of $1.18, 2,250 were issued 1/4/2010 at a conversion price of $0.84, 2,250 were issued 4/1/2010 at a conversion price of $1.85, 2,250 were issued 7/1/2010 at a conversion price of $1.10, and 2,250 were issued 10/1/2010 at a conversion price of $0.99.

F6: Beginning on this date, and subject to certain restrictions, the stock options vest in three equal annual installments.

F7: Beginning on this date, and subject to certain restrictions, options vest in three equal annual installments.