<SEC-DOCUMENT>0001387131-20-011579.txt : 20201223
<SEC-HEADER>0001387131-20-011579.hdr.sgml : 20201223
<ACCEPTANCE-DATETIME>20201223080038
ACCESSION NUMBER:		0001387131-20-011579
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201223
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201223
DATE AS OF CHANGE:		20201223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NANOPHASE TECHNOLOGIES Corp
		CENTRAL INDEX KEY:			0000883107
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS PRIMARY METAL PRODUCTS [3390]
		IRS NUMBER:				363687863
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22333
		FILM NUMBER:		201409803

	BUSINESS ADDRESS:	
		STREET 1:		1319 MARQUETTE DRIVE
		CITY:			ROMEOVILLE
		STATE:			IL
		ZIP:			60446
		BUSINESS PHONE:		6303231200

	MAIL ADDRESS:	
		STREET 1:		1319 MARQUETTE DRIVE
		CITY:			ROMEOVILLE
		STATE:			IL
		ZIP:			60446

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NANOPHASE TECHNOLOGIES CORPORATION
		DATE OF NAME CHANGE:	19970305
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>nanx-8k_122320.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Date of Report (Date of earliest event reported):
December 23, 2020 (December 23, 2020)</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NANOPHASE TECHNOLOGIES CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-bottom: 12pt">
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    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; width: 33%; padding-right: 0; padding-left: 0"><B>Delaware</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0; padding-left: 0"><B>0-22333</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; width: 33%; padding-right: 0; padding-left: 0"><B>36-3687863</B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">(State or other</TD>
    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">(Commission</TD>
    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">(IRS Employer</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">jurisdiction of</TD>
    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">File Number)</TD>
    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">Identification No.)</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">incorporation)</TD>
    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1319 Marquette Drive, Romeoville, Illinois
60446</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">(Address of principal executive offices) (Zip
Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(630) 771-6700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (<I>see </I>General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Securities
registered pursuant to Section 12(b) of the Act:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5.4pt; width: 34%; text-align: center; text-indent: 0; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">Title
    of each class</font></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; padding: 3pt 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">Trading
    Symbol(s)</font></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; padding: 3pt 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">Name
    of each exchange on which registered</font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom">&nbsp;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;
230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect; 240.12b-2 of this chapter).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Emerging
growth company&nbsp;&#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.
&#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 1.01</B></TD><TD STYLE="text-align: justify"><B> Entry into a Material Definitive Agreement.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">On December 23, 2020, Nanophase Technologies Corporation
(the &ldquo;Company&rdquo;) entered in to the Third Amendment (the &ldquo;Amendment&rdquo;)
to the Business Loan Agreement, dated November 19, 2018 (the &ldquo;Business Loan Agreement&rdquo;), between the Company and Beachcorp,
LLC. Beachcorp, LLC is an affiliate of Mr. Bradford T. Whitmore, who beneficially owns a majority of the Company&rsquo;s common
stock and is the brother of Ms. R. Janet Whitmore, a director of the Company and the chair of the Company&rsquo;s board of directors.
Mr. Whitmore is also a direct lender to the Company under the 2% Secured Convertible Promissory Note, dated November 20, 2019,
made by the Company in favor of Mr. Whitmore in the principal amount of $2,000,000, which principal amount is due on May 15, 2024
(unless earlier converted into shares of the Company&rsquo;s common stock) and which accrues interest at the rate of 2.0% per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Amendment increases the maximum borrowing amount under
the Company&rsquo;s asset-based revolving loan facility under the Business Loan Agreement (the &ldquo;Revolver Facility&rdquo;)
from $2,750,000 to $4,000,000, with a borrowing base consisting of qualified accounts receivable of the Company. The Amendment
also extends the date for which all principal and accrued interest is due from March 31, 2022 to March 31, 2022. The outstanding
borrowings under the Revolver Facility accrue interest at the prime rate plus 3% (8.25% minimum) per year.&nbsp; The Revolver Facility
is secured by all the unencumbered assets of the Company and subordinated to the Company&rsquo;s revolving line of credit with
Libertyville Bank &amp; Trust.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">This Item 1.01 is qualified in its entirety by reference
to the complete text of the Amendment, which is filed as an exhibit to this current report on Form 8-K.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 2.03</B></TD><TD STYLE="text-align: justify"><B> Creation of a Direct Financial Obligation.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Item
1.01 of this current report on Form 8-K is incorporated into this Item 2.03.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B> Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in; padding-right: 0; padding-bottom: 0; padding-left: 0"><U>Exhibit</U></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-bottom: 0; padding-left: 0"><U>Description</U></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-bottom: 0; padding-left: 0">10.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-bottom: 0; padding-left: 0"><A HREF="ex10-1.htm">Third Amendment, dated December 23, 2020, to Business Loan Agreement
between Nanophase Technologies Corporation and Beachcorp, LLC</A></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dated: December 23, 2020</P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">NANOPHASE TECHNOLOGIES CORPORATION</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; width: 4%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0">/s/&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; padding-right: 0; padding-left: 0">JESS JANKOWSKI </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">Name:&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">Jess Jankowski</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">Title:</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>THIRD AMENDMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin: 0; width: 100%"><DIV STYLE="margin-top: 0; font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; margin-bottom: 0">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; margin: 0"><A HREF="nanx-8k_122320.htm">NANOPHASE TECHNOLOGIES CORPORATION 8-K</A></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">THIRD AMENDMENT TO BUSINESS LOAN AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Third Amendment is
dated as of December 23, 2020 and is by and between <B>NANOPHASE TECHNOLOGIES CORPORATION</B>, a Delaware corporation (&#8220;Borrower&#8221;)
in favor of <B>BEACHCORP, LLC</B>, a Delaware limited liability company (&#8220;Lender&#8221;) and amends that certain Business
Loan Agreement dated as of November 19, 2018 ( as amended, &#8220;Loan Agreement&#8221;) between Borrower and Lender (the &#8220;Loan
Agreement&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Borrower
and Lender hereby agree to amend the Loan Agreement as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Section 1.1(b) is hereby amended by substituting the date &#8220;March 31, 2022&#8221; for the
date &#8220;March 31, 2021&#8221;.</TD></TR></TABLE>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in">Section
1.1(c) is hereby amended by substituting the amount &#8220;$4,000,000.00&#8221; for the amount &#8220;$2,750,000.00&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in">Section
7.1 is hereby amended by amending the definition of &#8220;Revolving Maturity Date&#8221; in its entirety to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&#8220;<B>Revolving Maturity Date.</B>
The words &#8220;Revolving Maturity Date&#8221; mean &#8220;March 31, 2022.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in">Section
7.1 is hereby amended by amending the definition of &#8220;Revolving Note&#8221; in its entirety to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&#8220;<B>Revolving Note.</B> The
words &#8220;Revolving Note&#8221; mean the Replacement Promissory Note (Revolving Note) from Borrower to Lender dated as of December
23, 2020 in the principal amount of $4,000,000.00, together with all renewals of, extensions of, modifications of, refinancings
of, consolidations of, and substitutions for such promissory note.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Borrower
represents to the Lender that it has no defenses, setoffs, claims or counterclaims of any kind or nature whatsoever against Lender
in connection with the Loan Agreement or any Related Documents (as defined therein (collectively with the Loan Agreement, the &#8220;Loan
Documents&#8221;), and any amendments to said documents or any action taken or not taken by the Lender with respect thereto or
with respect to the collateral. Without limiting the generality of the foregoing, Borrower hereby releases and forever discharges
Lender, its affiliates, and each of its officers, managers, agents, employees, attorneys, insurers, successors and assigns, from
any and all liabilities, or causes of action, known or unknown, arising out of any action or inaction with respect to the Loan
Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Except
as modified hereby, the Loan Agreement is hereby ratified and affirmed in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="2" style="text-align: justify; padding: 0; font: 10pt Times New Roman, Times, Serif"><B>NANOPHASE
    TECHNOLOGIES CORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <td colspan="2" style="text-align: justify; padding: 0; font: 10pt Times New Roman, Times, Serif"><B>BEACHCORP,
    LLC</B></TD></TR>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="2" style="text-align: justify; padding: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD>&nbsp;</TD>
    <td colspan="2" style="text-align: justify; padding: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 5%">By:</td>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 41%">/s/ Jess Jankowski</td>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 5%">By:</td>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 40%">/s/
    Bradford T. Whitmore</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">&nbsp;</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">Jess Jankowski</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">&nbsp;</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">Bradford T. Whitmore</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">&nbsp;</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">President &amp; Chief Executive Officer</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">&nbsp;</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">Manager</td></tr>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: left; text-indent: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 12pt; margin-left: 0; text-align: left; text-indent: 0">Acknowledged:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0"></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="2" style="text-align: justify; padding: 0; font: 10pt Times New Roman, Times, Serif"><B>SOLESENCE, LLC</B></TD>
    <td colspan="2" style="text-align: justify; padding: 0; font: 10pt Times New Roman, Times, Serif"><B></B></TD></TR>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="2" style="text-align: justify; padding: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="text-align: justify; padding: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 5%">By:</td>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 41%">/s/ Jess Jankowski</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 10%"></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 44%"></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">Name:</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">Jess Jankowski</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">&nbsp;</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify"></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">Its:</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">President &amp; Chief Executive Officer</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify">&nbsp;</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify"></td></tr>
</TABLE>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0"></P>

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