<SEC-DOCUMENT>0001999371-23-001068.txt : 20240124
<SEC-HEADER>0001999371-23-001068.hdr.sgml : 20240124

<ACCEPTANCE-DATETIME>20231218215604

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001999371-23-001068

CONFORMED SUBMISSION TYPE:	S-1/A

PUBLIC DOCUMENT COUNT:		16

FILED AS OF DATE:		20231219

DATE AS OF CHANGE:		20231221


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			NANOPHASE TECHNOLOGIES Corp

		CENTRAL INDEX KEY:			0000883107

		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]

		ORGANIZATION NAME:           	08 Industrial Applications and Services

		IRS NUMBER:				363687863

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		S-1/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-275696

		FILM NUMBER:		231495490



	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>S-1/A
<SEQUENCE>1
<FILENAME>nano-s1a_121923.htm
<DESCRIPTION>AMENDMENT TO FORM S-1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on December 19, 2023</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: right; text-indent: 0.5in"><B>Registration
No. 333-275696</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt; text-transform: uppercase"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt; text-transform: uppercase"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington<FONT STYLE="text-transform: uppercase">,
D.C. 20549</FONT></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; text-transform: uppercase"><B>Amendment
no. 1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; text-transform: uppercase"><B>FORM
S-1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; text-transform: uppercase"><B>REGISTRATION
STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; text-transform: uppercase"><B><I>UNDER</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; text-transform: uppercase"><B><I>THE
SECURITIES ACT OF 1933</I></B></FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3390</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>36-3687863</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Primary Standard Industrial</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Classification Code Number)</P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1319 Marquette Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Romeoville, Illinois 60446</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(630) 771-6708</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code of principal executive offices)</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1319 Marquette Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Romeoville, Illinois 60446</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(630) 771-6708</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and
telephone number, including area code, of agent for service)</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>David L. Weinstein</B></P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Taft Stettinius &amp; Hollister LLP</B></P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>111 East Wacker, Suite 2600</B></P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago, Illinois 60601</B></P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(312) 836-4146</B></P>
        </TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Blake T. Johnson</B></P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Taft Stettinius &amp; Hollister LLP</B></P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>425 Walnut Street, Suite 1800</B></P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cincinnati, Ohio 45202</B></P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(513) 357-9408</B></P>
        </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Approximate date of commencement of
proposed sale to the public</B>: <B>As soon as practicable after the Registration Statement is declared effective.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered
on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the
following box. &#9746;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement of the earlier effective registration statement for the same offering. &#9746;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is a post-effective amendment
filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of
&rdquo; large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act (Check one):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#9744;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#9746;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 7(a)(2)(B) of the Securities Act. &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this registration statement shall thereafter become effective in accordance with section 8(a) of
the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange
Commission, acting pursuant to said section 8(a), may determine.</B></P>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><B>The information in this
prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting
an offer to buy these securities in any state where the offer or sale is prohibited.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><FONT STYLE="text-transform: uppercase"><B>SUBJECT
TO COMPLETION, DATED DeCEMBER 19, 2023</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="nano001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subscription Rights to Purchase up to
5,000,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of Common Stock of Nanophase Technologies
Corporation at $0.40 per Share</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are distributing,
at no charge, to holders of our common stock non-transferable subscription rights to purchase up to 5,000,000 shares of our common
stock. You will receive one subscription right for each share of common stock owned at 5:00 p.m., New York City time, on December
20, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each subscription right
will entitle you to purchase 0.1 shares of our common stock at a subscription price of $0.40 per full share, which we refer to
as the basic subscription privilege. The per share price was determined by our board of directors after a review of recent closing
sales and volume weighted average prices of our common stock and a number of other factors. If you fully exercise your basic subscription
privilege and other stockholders do not fully exercise their basic subscription privileges, you may also exercise an over-subscription
right to purchase additional shares of common stock that remain unsubscribed at the expiration of the rights offering, subject
to the availability and pro rata allocation of shares among persons exercising this over-subscription right and limited to 1.6
times the number of shares you purchased under the basic subscription privilege. If all the rights were exercised, the total purchase
price of the shares offered in this rights offering and gross proceeds we receive, before expenses, would be approximately $2.0
million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The subscription rights
will expire if they are not exercised by 5:00 p.m., New York City time, on January 19, 2024, unless we extend the rights offering
period. We have the option to extend the rights offering and the period for exercising your subscription rights for a period not
to exceed 30 days, although we do not presently intend to do so. You should carefully consider whether to exercise your subscription
rights prior to the expiration of the rights offering. All exercises of subscription rights are irrevocable, even if the rights
offering is extended by our board of directors. However, if we amend the rights offering to allow for an extension of the rights
offering for a period of more than 30 days or make a fundamental change to the terms set forth in this prospectus, you may cancel
your subscription and receive a refund of any money you have advanced.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors
is making no recommendation regarding your exercise of the subscription rights. The subscription rights may not be sold, transferred
or assigned and will not be listed for trading on any stock exchange or market, specifically including the OTCQB marketplace and
the OTC Bulletin Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors
may cancel the rights offering at any time prior to the expiration of the rights offering for any reason. In the event the rights
offering is cancelled, all subscription payments received by the subscription agent will be returned, without interest, as soon
as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares of common
stock are being offered directly by us without the services of an underwriter or selling agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shares of our common
stock are traded on the OTCQB marketplace under the symbol &ldquo;NANX.&rdquo; On December 14, 2023, the closing sales price for
our common stock was $0.65 per share. The shares of common stock issued in the rights offering will also trade on the OTCQB marketplace
under the same symbol.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The exercise of
your subscription rights for shares of our common stock involves risks. See &ldquo;Risk Factors&rdquo; beginning on page 14 of
this prospectus, as well as the other information relating to risks in any documents we incorporate by reference into this prospectus
to read about important factors you should consider before exercising your subscription rights</B>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>As permitted under
the rules of the Securities and Exchange Commission, or the SEC, this prospectus incorporates important business information about
Nanophase Technologies Corporation that is contained in documents that we file with the SEC, but that are not included in or delivered
with this prospectus. You may obtain copies of these documents, without charge, from the website maintained by the SEC at www.sec.gov,
as well as other sources. See &ldquo;Available Information&rdquo; in this prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is December
&nbsp;&nbsp;, 2023</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>table
of contents</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%"><A HREF="#nanoa001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE RIGHTS OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUESTIONS AND ANSWERS RELATING TO THE RIGHTS OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DILUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE RIGHTS OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUSINESS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARKET INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDEND HISTORY</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SUBSCRIPTION RIGHTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL STOCKHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AVAILABLE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#nanoa023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
</TABLE>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa001"></A>ABOUT
THIS PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only
on the information contained in or incorporated by reference into this prospectus. We have not authorized anyone to provide you
with additional or different information from that contained in or incorporated by reference into this prospectus. You should assume
that the information contained in or incorporated by reference into this prospectus is accurate only as of any date on the front
cover of this prospectus or the date of the document incorporated by reference, as applicable, regardless of the time of delivery
of this prospectus or any exercise of the subscription rights. Our business, financial condition, results of operations and prospects
may have changed since those dates. We are not making an offer of these securities in any state or other jurisdiction where the
offer is not permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this prospectus,
&ldquo;Nanophase,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Nanophase
Technologies Corporation unless stated otherwise or the context requires otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa002"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus, including
information included or incorporated by reference in this prospectus or any supplement to this prospectus, may include forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act and Section 21E of
the Securities Exchange Act of 1934, as amended, or the Exchange Act, and information relating to the Company that are based on
the beliefs of management of the Company as well as assumptions made by and information currently available to management. These
forward-looking statements include, but are not limited to, statements about our plans, objectives, expectations and intentions
that are not historical facts, and other statements identified by words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expects,&rdquo;
&ldquo;believes,&rdquo; &ldquo;plans,&rdquo; &ldquo;estimates,&rdquo; &ldquo;potential,&rdquo; or &ldquo;continue,&rdquo; or the
negative thereof or other and similar expressions. In addition, in some cases, you can identify forward-looking statements by words
or phrases such as &ldquo;trend,&rdquo; &ldquo;potential,&rdquo; &ldquo;opportunity,&rdquo; &ldquo;believe,&rdquo; &ldquo;comfortable,&rdquo;
&ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;current,&rdquo; &ldquo;intention,&rdquo; &ldquo;estimate,&rdquo; &ldquo;position,&rdquo;
&ldquo;assume,&rdquo; &ldquo;outlook,&rdquo; &ldquo;continue,&rdquo; &ldquo;remain,&rdquo; &ldquo;maintain,&rdquo; &ldquo;sustain,&rdquo;
&ldquo;seek,&rdquo; &ldquo;achieve,&rdquo; and similar expressions. Such statements reflect the current views of the Company with
respect to future events, the outcome of which is subject to certain risks, including among others: our ability to be consistently
profitable despite the losses we have incurred since our incorporation; a decision by a customer to cancel a purchase order or
supply agreement in light of our dependence on a limited number of key customers; the terms of our supply agreements with BASF
which could trigger a requirement to transfer know-how and sell equipment to that customer; our potential inability to obtain working
capital when needed on acceptable terms or at all; our ability to obtain materials at costs we can pass through to our customers,
specifically high purity zinc; uncertain demand for, and acceptance of, our Sol&eacute;sence products, and our advanced materials;
our manufacturing capacity and product mix flexibility in light of customer demand; our limited marketing experience, including
with our suite of Sol&eacute;sence products; changes in development and distribution relationships; the impact of competitive products
and technologies; our dependence on patents and protection of proprietary information; our ability to maintain an appropriate electronic
trading venue for our securities; the impact of any potential new governmental regulations, especially any new governmental regulations
focusing on the processing, handling, storage or sale of nanomaterials, that could be difficult to respond to or costly to comply
with; business interruptions due to unexpected events or public health crises, including viral pandemics such as COVID-19; and
the resolution of litigation or other legal proceedings in which we are involved or may become involved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In evaluating such
statements, you should specifically consider the risks identified under the section entitled &ldquo;Risk Factors&rdquo; in this
prospectus and in any prospectus supplement, any of which could cause actual results to differ materially from the anticipated
results. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual
results or outcomes may vary materially from those contemplated by any forward looking statements. Subsequent written and oral
forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety
by the cautionary statements in this paragraph and elsewhere described in this prospectus and other reports filed with the Securities
and Exchange Commission, or the SEC. All forward-looking statements speak only as of the date of this prospectus or, in the case
of any documents incorporated by reference in this prospectus, the date of such document, in each case based on information available
to us as of such date, and we assume no obligation to update any forward-looking statements, except as required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa003"></A>INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC&rsquo;s rules
allow us to &ldquo;incorporate by reference&rdquo; into this prospectus certain information that we file with the SEC. This means
that we can include in this prospectus information by referring you to another document already on file with the SEC that contains
that information. Any information incorporated by reference into this prospectus is considered to be part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incorporate by reference
the following documents filed with the SEC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on March 29, 2023;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2023, filed on May 12, 2023, for the quarter ended June 30, 2023, filed on August 10, 2023, and for the quarter ended September 30, 2023, filed on November 14, 2023; and</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Current Reports on Form 8-K filed on May 4, 2023 and July 21, 2023.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, all documents
subsequently filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering
shall be deemed to be incorporated by reference into this prospectus, including all such documents we may file with the SEC after
the date of the initial registration statement and prior to the effectiveness of the registration statement, but excluding any
information deemed furnished and not filed with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing, we are not incorporating by reference any information furnished and not filed with the SEC, including information furnished
under Item 2.02 or Item 7.01 of any Current Report on Form 8-K, including the related exhibits under Item 9.01, unless, and to
the extent, expressly specified otherwise. Any statement contained in a document incorporated in this prospectus shall be deemed
to be modified or superseded to the extent that a statement contained in this prospectus modifies or supersedes such statement.
Any such statement so modified or superseded shall only be deemed to be a part of this prospectus as so modified or superseded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide without
charge to each person, including any beneficial owner, to whom this prospectus is delivered, upon his or her written or oral request,
a copy of any or all of the reports or documents referred to above that have been incorporated by reference into this prospectus,
excluding exhibits to those documents unless they are specifically incorporated by reference into those documents. You may request
a copy of these filings, at no cost, by contacting:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1319 Marquette Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Romeville, Illinois 60446</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(630) 771-6708</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You also may access
these filings on our website at <I>www.nanophase.com</I>. We do not incorporate the information on our website or any other website
into this prospectus or any supplement to this prospectus and you should not consider any information on, or that can be accessed
through, our website or any other website as part of this prospectus or any supplement to this prospectus (other than those filings
with the SEC that we specifically incorporate by reference into this prospectus or any supplement to this prospectus).</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa004"></A>PROSPECTUS
SUMMARY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary highlights
information contained in or incorporated by reference into this prospectus. This summary may not contain all of the information
that you should consider before deciding whether or not you should exercise your subscription rights. You should read this entire
prospectus carefully, including the &ldquo;Risk Factors&rdquo; section contained in this prospectus, the &ldquo;Risk Factors&rdquo;
section contained in the documents incorporated by reference herein, and our consolidated financial statements and the related
notes and the other documents incorporated by reference herein, before making an investment decision.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a health-oriented,
science-driven company, which, along with our wholly-owned subsidiary, Sol&eacute;sence, LLC (our &ldquo;Sol&eacute;sence beauty
science subsidiary&rdquo;), are focused in various beauty and life-science markets. Our primary skin health products are fully
developed finished prestige skin care products with mineral-based UV protection, marketed and sold through our Sol&eacute;sence
beauty science subsidiary, enabled by our proprietary Active Pharmaceutical Ingredients (&ldquo;APIs&rdquo;) which are also marketed
as APIs for sale to manufacturers of other types of skin health products, including sunscreens and daily care products. Additionally,
we continue to sell products in legacy markets including architectural coatings, industrial coating applications, abrasion-resistant
additives, plastics additives, and surface finishing technologies (polishing) applications&mdash; all of which, along with medical
diagnostics, currently fall into the advanced materials product category.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were incorporated
in Illinois on November 25, 1989, and became a Delaware corporation on November 12, 1997. Our common stock trades on the OTCQB
marketplace under the symbol &ldquo;NANX.&rdquo; Our principal office is located at 1319 Marquette Drive, Romeoville, Illinois
60446, and the telephone number at that address is (630) 771-6708. Our website address is www.nanophase.com. Except for those SEC
filings incorporated by reference in this prospectus, none of the information contained on, or that may be accessed through, our
website is a prospectus or constitutes part of, or is otherwise incorporated into, this prospectus.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa005"></A>THE
RIGHTS OFFERING</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following summary
describes the principal terms of the rights offering, but is not intended to be complete. See the information under the heading
&ldquo;The Rights Offering&rdquo; in this prospectus for a more detailed description of the terms and conditions of the rights
offering.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="vertical-align: top">
    <TD STYLE="width: 23%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Offered </FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 76%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are distributing, at no charge, to holders of our common stock non-transferable subscription rights to purchase up to 5,000,000 shares of our common stock. You will receive one subscription right for each share of common stock owned at 5:00 p.m., New York City time, on December 20, 2023.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic Subscription Privilege </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The basic subscription privilege of each subscription right will entitle you to purchase 0.1 shares of our common stock at a subscription price of $0.40 per full share. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Over-Subscription Privilege</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you fully exercise your basic subscription privilege and other stockholders do not fully exercise their basic subscription privileges, you may also exercise an over-subscription right to purchase additional shares of common stock that remain unsubscribed at the expiration of the rights offering, subject to the availability and pro rata allocation of shares among persons exercising this over-subscription right. To the extent the number of the unsubscribed shares is not sufficient to satisfy all of the properly exercised over-subscription rights requests, then the available shares will be prorated among those who properly exercised over-subscription rights based on the number of shares each rights holder subscribed for under the basic subscription privilege. If this pro rata allocation results in any stockholder receiving a greater number of common shares than the stockholder subscribed for pursuant to the exercise of the over-subscription privilege, then such stockholder will be allocated only that number of shares for which the stockholder oversubscribed, and the remaining common shares will be allocated among all other stockholders exercising the over-subscription privilege on the same pro rata basis described above. The proration process will be repeated until all shares have been allocated or all over-subscription exercises have been fulfilled, whichever occurs earlier.</FONT></TD></TR><TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on the Purchase of Shares</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any stockholder may exercise basic subscription and over-subscription privileges to the extent that any such exercise is the result of rights as described herein and that the total number of shares sold by us does not exceed 5,000,000. Additionally, over-subscription rights are restricted to the number of shares available in this offering and not purchased by stockholders in their basic subscription right, and further limited to 1.6 times the number of shares a stockholder purchases under its fully exercised basic subscription right.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Record Date</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5:00 p.m., New York City time, on December 20, 2023.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expiration of the Rights Offering</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5:00 p.m., New York City time, on January 19, 2024.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Price</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.40 per full share, payable in cash. To be effective, any payment related to the exercise of a right must clear prior to the expiration of the rights offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We intend to use the net proceeds for general corporate purposes, including the repayment of a bridge loan, the proceeds of which were used for general corporate purposes.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 23%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Transferability of Rights</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 76%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The subscription rights may not be sold, transferred or assigned and will not be listed for trading on any stock exchange or market, including the OTCQB marketplace or the OTC Bulletin Board.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Board Recommendation</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our board of directors is making no recommendation regarding your exercise of the subscription rights. You are urged to make your decision based on your own assessment of our business and the rights offering. Please see &ldquo;Risk Factors&rdquo; for a discussion of some of the risks involved in investing in our common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Revocation</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All exercises of subscription rights are irrevocable, even if you later learn information that you consider to be unfavorable to the exercise of your subscription rights and even if the rights offering is extended by our board of directors. However, if we amend the rights offering to allow for an extension of the rights offering for a period of more than 30 days or make a fundamental change to the terms set forth in this prospectus, you may cancel your subscription and receive a refund of any money you have advanced. You should not exercise your subscription rights unless you are certain that you wish to purchase additional shares of our common stock at a subscription price of $0.40 per full share.</FONT></TD></TR>
</TABLE>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 23%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 76%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Federal Income Tax Considerations</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For U.S. federal income tax purposes, you generally should not recognize income or loss in connection with the receipt or exercise of subscription rights unless the rights offering is part of a &ldquo;disproportionate distribution&rdquo; of our stock within the meaning of applicable tax rules (in which case you may recognize taxable income upon receipt of the subscription rights). We believe that the rights offering should not be part of a disproportionate distribution of our stock, but certain aspects of that determination are unclear. This position is not binding on the IRS or the courts, however. You are urged to consult your own tax advisor as to your particular tax consequences resulting from the receipt and exercise of subscription rights and the receipt, ownership and disposition of our common stock. For further information, please see &ldquo;Material U.S. Federal Income Tax Consequences.&rdquo;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extension, Cancellation and Amendment</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 76%; padding: 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have the option to extend the rights
        offering and the period for exercising your subscription rights for a period not to exceed 30 days, although we do not presently
        intend to do so. If we elect to extend the expiration of the rights offering, we will issue a press release announcing such extension
        no later than 9:00 a.m., New York City time, on the next business day after the most recently announced expiration of the rights
        offering. We will extend the duration of the rights offering as required by applicable law or regulation and may choose to extend
        it if we decide to give investors more time to exercise their subscription rights in this rights offering. If we elect to extend
        the rights offering for a period of more than 30 days, then holders who have subscribed for rights may cancel their subscriptions
        and receive a refund of all money advanced.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors may cancel the rights
        offering at any time prior to the expiration of the rights offering for any reason. In the event that the rights offering is cancelled,
        we will issue a press release notifying stockholders of the cancellation and all subscription payments received by the subscription
        agent will be returned, without interest or penalty, as soon as practicable.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors also reserves the
        right to amend or modify the terms of the rights offering. If we should make any fundamental changes to the terms set forth in
        this prospectus, we will file a post-effective amendment to the registration statement in which this prospectus is included, offer
        potential purchasers who have subscribed for rights the opportunity to cancel such subscriptions and issue a refund of any money
        advanced by such stockholder and recirculate an updated prospectus after the post-effective amendment is declared effective with
        the SEC. In addition, upon such event, we may extend the expiration date of this rights offering to allow holders of rights ample
        time to make new investment decisions and for us to recirculate updated documentation. Promptly following any such occurrence,
        we will issue a press release announcing any changes with respect to this rights offering and the new expiration date. The terms
        of the rights offering cannot be modified or amended after the expiration date of the rights offering. Although we do not presently
        intend to do so, we may choose to amend or modify the terms of the rights offering for any reason, including, without limitation,
        in order to increase participation in the rights offering. Such amendments or modifications may include a change in the subscription
        price although no such change is presently contemplated.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Procedures for Exercising Rights</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To exercise your subscription rights, you must complete the rights certificate and deliver it to the subscription agent, Broadridge Corporate Issuer Solutions, LLC, together with full payment for all the subscription rights you elect to exercise under the basic subscription privilege and over-subscription privilege. You may deliver the documents and payments by mail or commercial carrier. If regular mail is used for this purpose, we recommend using registered mail, properly insured, with return receipt requested.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Agent and Information Agent</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadridge Corporate Issuer Solutions, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backstop Purchasers</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have entered into a Rights Offering Backstop Agreement (the &ldquo;Backstop Agreement&rdquo;) with Bradford T. Whitmore and certain of his affiliates (the &ldquo;Backstop Purchasers&rdquo;), pursuant to which the Backstop Purchasers have agreed to exercise in full all of the Rights distributed for the shares of Common Stock that they beneficially own and, upon expiration of the Rights Offering, to purchase from the Company, at the price per share equal to the subscription price, any and all shares of Common Stock that other securityholders do not subscribe for in our Rights Offering (&ldquo;Unsubscribed Rights Shares&rdquo;), subject to the terms, conditions and limitations of the Backstop Agreement.</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares Outstanding Before the Rights Offering</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 76%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,627,524 shares of our common stock were outstanding as of November 14, 2023.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares Outstanding After Completion of the Rights Offering</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We expect to issue a maximum of 5,000,000 shares of our common stock in this rights offering. Assuming no options are exercised prior to the expiration of the rights offering, we anticipate that we will have 54,627,524 shares of our common stock outstanding immediately after completion of the rights offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees and Expenses</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will pay the fees and expenses related to the rights offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTCQB Marketplace Trading Symbol</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares of our common stock are traded on the OTCQB marketplace under the symbol &ldquo;NANX.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Questions</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you have any questions about the rights offering, including questions about subscription procedures and requests for additional copies of this prospectus or other documents, please contact Broadridge Corporate Issuer Solutions, LLC at (888) 789-8409 or by email (shareholder@broadridge.com).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before you invest in the rights offering, you should be aware that there are risks associated with your investment, including the risks described in the section entitled &ldquo;Risk Factors&rdquo; beginning on page 14 of this prospectus. You should carefully read and consider these risk factors together with all of the other information included in or incorporated by reference into this prospectus before you decide to exercise your subscription rights to purchase shares of our common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa006"></A>QUESTIONS
AND ANSWERS RELATING TO THE RIGHTS OFFERING</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What is the rights offering?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are distributing to holders of our common
stock, at no charge, non-transferable subscription rights to purchase shares of our common stock. You will receive one subscription
right for each share of common stock you owned as of 5:00 p.m., New York City time, on December 20, 2023, the record date. The
subscription rights will be evidenced by rights certificates. Each subscription right will entitle the holder to a basic subscription
privilege and an over-subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What is the basic subscription privilege?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The basic subscription privilege of each
subscription right gives our stockholders the opportunity to purchase for each share of common stock owned as of the record date
0.1 shares of our common stock at a subscription price of $0.40 per full share. We have granted to you, as a stockholder of record
as of 5:00 p.m., New York City time, on the record date, one subscription right for each share of our common stock you owned at
that time. For example, if you owned 125 shares of our common stock as of 5:00 p.m., New York City time, on the record date, you
would receive 125 subscription rights and would have the right to purchase 12.5 shares of common stock (rounded down to 12 shares,
with the total subscription payment being adjusted accordingly, as discussed below) at $0.40 per full share with your basic subscription
privilege. You may exercise the basic subscription privilege of any number of your subscription rights, or you may choose not to
exercise any subscription rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you hold your shares in the name of
a broker, custodian bank, dealer or other nominee who uses the services of the Depository Trust Company, or DTC, DTC will issue
one subscription right to the nominee for each share of our common stock you own at the record date. The basic subscription privilege
of each subscription right can then be used to purchase 0.1 shares of common stock at $0.40 per full share. As in the example above,
if you owned 125 shares of our common stock on the record date, you would receive 125 subscription rights and would have the right
to purchase 12.5 shares of common stock (rounded down to 12 shares, with the total subscription payment being adjusted accordingly,
as discussed below) at $0.40 per full share with your basic subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fractional shares of our common stock resulting
from the exercise of the basic subscription privilege will be eliminated by rounding down to the nearest whole share, with the
total subscription payment being adjusted accordingly. Any excess subscription payments received by the subscription agent will
be returned, without interest, as soon as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What is the over-subscription privilege?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not expect all of our stockholders
to exercise all of their basic subscription privileges. The over-subscription privilege provides stockholders that exercise all
of their basic subscription privileges the opportunity to purchase the shares that are not purchased by other stockholders. If
you fully exercise your basic subscription privilege and other stockholders do not fully exercise their basic subscription privileges,
you may also exercise an over-subscription right to purchase additional shares of common stock that remain unsubscribed at the
expiration of the rights offering, subject to the availability and pro rata allocation of shares among persons exercising this
over-subscription right, and limited to 1.6 times the number of shares purchased by that stockholder under the basic subscription
privilege. To the extent the number of the unsubscribed shares is not sufficient to satisfy all of the properly exercised over-subscription
rights requests, then the available shares will be prorated among those who properly exercised over-subscription rights based on
the number of shares each rights holder subscribed for under the basic subscription privilege. If this pro rata allocation results
in any stockholder receiving a greater number of common shares than the stockholder subscribed for pursuant to the exercise of
the over-subscription privilege, then such stockholder will be allocated only that number of shares for which the stockholder oversubscribed,
and the remaining common shares will be allocated among all other stockholders exercising the over-subscription privilege on the
same pro rata basis described above. The proration process will be repeated until all shares have been allocated or all over-subscription
exercises have been fulfilled, whichever occurs earlier.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to properly exercise your over-subscription
privilege, you must deliver the subscription payment related to your over-subscription privilege prior to the expiration of the
rights offering. Because we will not know the total number of unsubscribed shares prior to the expiration of the rights offering,
if you wish to maximize the number of shares you purchase pursuant to your over-subscription privilege, you will need to deliver
payment in an amount equal to the aggregate subscription price for the maximum number of shares of our common stock available to
you, assuming that no stockholder other than you has purchased any shares of our common stock pursuant to their basic subscription
privilege and over-subscription privilege. See &ldquo;The Rights Offering&mdash;The Subscription Rights&mdash;Over-Subscription
Privilege.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fractional shares of our common stock resulting
from the exercise of the over-subscription privilege will be eliminated by rounding down to the nearest whole share, with the total
subscription payment being adjusted accordingly. Any excess subscription payments received by the subscription agent will be returned,
without interest, as soon as practicable.</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Are there any limits on the number of
shares I may purchase in the rights offering or own as a result of the rights offering?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes. Any purchases in the rights offering
are inherently limited by the terms as described, including the total number of shares being issued as a limitation of the over-subscription
privilege, as well as the over-subscription privilege limit of 1.6 times the number of shares purchased by that stockholder under
the basic subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Why is the Company conducting the rights
offering?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are conducting the rights offering to
raise capital in a cost-effective manner that allows all stockholders to participate. We intend to use the net proceeds to repay
the $2,000,000 bridge loan from Strandler, LLC that was made on November 13, 2023 (the &ldquo;Bridge Loan&rdquo;), the proceeds
of which were used for general corporate purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How was the $0.40 per full share subscription
price determined?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In determining the subscription price,
our board of directors considered recent closing sales and volume weighted average prices of our common stock and a number of other
factors, including: the likely cost of capital from other sources, the price at which our stockholders might be willing to participate
in the rights offering, our need for liquidity and the desire to provide an opportunity to our stockholders to participate in the
rights offering on a pro rata basis. In conjunction with its review of these factors, our board of directors also reviewed a range
of discounts to market value represented by the subscription prices in various prior rights offerings of public companies. The
subscription price was established at a price of $0.40 per full share. The subscription price is not necessarily related to our
book value, net worth or any other established criteria of value and may or may not be considered the fair value of our common
stock to be offered in the rights offering. We cannot give any assurance that our common stock will trade at or above the subscription
price in any given time period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Am I required to exercise all of the
subscription rights I receive in the rights offering?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No. You may exercise any number of your
subscription rights, or you may choose not to exercise any subscription rights. However, if you choose not to exercise your subscription
rights in full, the relative percentage of our common stock that you own will decrease, and your voting and other rights will be
diluted, to the extent shares are purchased by other stockholders in the rights offering. In addition, if you do not exercise your
basic subscription privilege in full, you will not be entitled to participate in the over-subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How soon must I act to exercise my subscription
rights?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The subscription rights may be exercised
at any time beginning on the date of this prospectus and prior to the expiration of the rights offering, which is on January 19,
2024, at 5:00 p.m., New York City time. If you elect to exercise any rights, the subscription agent must actually receive all required
documents and payments from you prior to the expiration of the rights offering. Although we have the option of extending the expiration
of the rights offering for a period not to exceed 30 days, we currently do not intend to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>May I transfer my subscription rights?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No. You may not sell or transfer your subscription
rights to anyone.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Are we requiring a minimum subscription
to complete the rights offering?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Are there any conditions to completing
the rights offering?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Can our board of directors extend, cancel
or amend the rights offering?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes. We have the option to extend the rights
offering and the period for exercising your subscription rights for a period not to exceed 30 days, although we do not presently
intend to do so. If we elect to extend the expiration of the rights offering, we will issue a press release announcing such extension
no later than 9:00 a.m., New York City time, on the next business day after the most recently announced expiration of the rights
offering. We will extend the duration of the rights offering as required by applicable law or regulation and may choose to extend
it if we decide to give investors more time to exercise their subscription rights in this rights offering. If we elect to extend
the rights offering for a period of more than 30 days, then holders who have subscribed for rights may cancel their subscriptions
and receive a refund of all money advanced.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors may cancel the rights
offering at any time prior to the expiration of the rights offering for any reason. In the event that the rights offering is cancelled,
we will issue a press release notifying stockholders of the cancellation and all subscription payments received by the subscription
agent will be returned, without interest or penalty, as soon as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors also reserves the
right to amend or modify the terms of the rights offering. If we should make any fundamental changes to the terms set forth in
this prospectus, we will file a post-effective amendment to the registration statement in which this prospectus is included, offer
potential purchasers who have subscribed for rights the opportunity to cancel such subscriptions and issue a refund of any money
advanced by such stockholder and recirculate an updated prospectus after the post-effective amendment is declared effective with
the SEC. In addition, upon such event, we may extend the expiration date of this rights offering to allow holders of rights ample
time to make new investment decisions and for us to recirculate updated documentation. Promptly following any such occurrence,
we will issue a press release announcing any changes with respect to this rights offering and the new expiration date. The terms
of the rights offering cannot be modified or amended after the expiration date of the rights offering. Although we do not presently
intend to do so, we may choose to amend or modify the terms of the rights offering for any reason, including, without limitation,
in order to increase participation in the rights offering. Such amendments or modifications may include a change in the subscription
price although no such change is presently contemplated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Has the board of directors made a recommendation
to our stockholders regarding the rights offering?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The board of directors does not make any
recommendation to stockholders regarding the exercise of rights under the rights offering. You should make an independent investment
decision about whether or not to exercise your rights. Stockholders who exercise subscription rights risk investment loss on new
money invested. We cannot assure you that the market price for our common stock will remain above the subscription price or that
anyone purchasing shares at the subscription price will be able to sell those shares in the future at the same price or a higher
price. If you do not exercise your rights, you will lose any value represented by your rights and your percentage ownership interest
in us will be diluted. Please see &ldquo;Risk Factors&rdquo; for a discussion of some of the risks involved in investing in our
common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What will happen if I choose not to
exercise my subscription rights?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you do not exercise any subscription
rights, the number of shares of our common stock you own will not change; however, due to the fact that shares will be purchased
by other stockholders in the rights offering, your percentage ownership after the completion of the rights offering will be diluted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How do I exercise my subscription rights?
What forms and payment are required to purchase the shares of our common stock?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you wish to participate in the rights
offering, you must take the following steps:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deliver payment to the subscription agent using the methods outlined in this prospectus before 5:00 p.m., New York City time, on January 19, 2024; and</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deliver a properly completed rights certificate to the subscription agent before 5:00 p.m., New York City time, on January 19, 2024.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you send a payment that is insufficient
to purchase the number of shares you requested, or if the number of shares you requested is not specified in the forms, the payment
received will be applied to exercise your subscription rights to the full extent possible based on the amount of the payment received,
subject to the elimination of fractional shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>When will I receive my new shares?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you purchase shares of our common stock
through the rights offering, you will receive your new shares as soon as practicable after the closing of the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>After I send in my payment and rights
certificate, may I cancel my exercise of subscription rights?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No. All exercises of subscription rights
are irrevocable, even if you later learn information that you consider to be unfavorable to the exercise of your subscription rights
and even if the rights offering is extended by our board of directors. However, if we amend the rights offering to allow for an
extension of the rights offering for a period of more than 30 days or make a fundamental change to the terms set forth in this
prospectus, you may cancel your subscription and receive a refund of any money you have advanced. You should not exercise your
subscription rights unless you are certain that you wish to purchase additional shares of our common stock at a subscription price
of $0.40 per full share.</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What should I do if I want to participate
in the rights offering but my shares are held in the name of my broker, dealer, custodian bank or other nominee?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you hold your shares of our common stock
in the name of a broker, dealer, custodian bank or other nominee, then your broker, dealer, custodian bank or other nominee is
the record holder of the shares you own. The record holder must exercise the subscription rights on your behalf for the shares
of our common stock you wish to purchase. If you wish to participate in the rights offering and purchase shares of our common stock,
please promptly contact the record holder of your shares. We will ask your broker, dealer, custodian bank or other nominee to notify
you of the rights offering. You should complete and return to your record holder the form entitled &ldquo;Beneficial Owner Election.&rdquo;
You should receive this form from your record holder with the other rights offering materials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How many shares of our common stock
will be outstanding after the rights offering?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of October 20, 2023, we had 49,627,524
shares of our common stock issued and outstanding and options to purchase 3,106,834 shares of our common stock outstanding. We
expect to issue a maximum of 5,000,000 shares of our common stock in this rights offering through the exercise of subscription
rights. Assuming no options are exercised prior to the expiration of the rights offering, we anticipate that we will have 54,627,524
shares of our common stock outstanding immediately after completion of the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><B>What happens
if the rights offering is not fully subscribed by our securityholders?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into
a Rights Offering Backstop Agreement with Bradford T. Whitmore and certain of his affiliates (the &ldquo;Backstop Purchasers&rdquo;),
pursuant to which the Backstop Purchasers have agreed to exercise in full all of the Rights distributed for the shares of Common
Stock that they beneficially own and, upon expiration of the Rights Offering, to purchase from the Company, at the price per share
equal to the subscription price, any and all shares of Common Stock that other securityholders do not subscribe for in our Rights
Offering (&ldquo;Unsubscribed Rights Shares&rdquo;), subject to the terms, conditions and limitations of the Backstop Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><B>Why are
there Backstop Purchasers?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our objective is to
raise the full $2,000,000 in gross proceeds from our Rights Offering. In the event that all Rights are not exercised, we would
fall short of that objective. We have therefore obtained a commitment from the Backstop Purchasers in order to establish a higher
likelihood of receiving the full amount of our Rights Offering objective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How much money will the Company receive
from the rights offering?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assuming all the shares of common stock
offered are sold, the gross proceeds from the rights offering, before expenses, will be approximately $2.0 million. Please see
&ldquo;Use of Proceeds.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Are there risks in exercising my subscription
rights?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes. The exercise of your subscription
rights involves risks. Exercising your subscription rights involves the purchase of additional shares of our common stock and should
be considered as carefully as you would consider any other equity investment. Among other things, you should carefully consider
the risks described under the headings &ldquo;Risk Factors&rdquo; in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>May stockholders in all states participate
in the rights offering?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we intend to distribute the rights
to all stockholders, we reserve the right in some states to require stockholders, if they wish to participate, to state and agree
upon exercise of their respective rights that they are acquiring the shares for investment purposes only, and that they have no
present intention to resell or transfer any shares acquired. Our securities are not being offered in any jurisdiction where the
offer is not permitted under applicable local laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If the rights offering is not completed,
will my subscription payment be refunded to me?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes. The subscription agent will hold all
funds it receives in a segregated bank account until completion of the rights offering. If the rights offering is not completed,
all subscription payments received by the subscription agent will be returned, without interest, as soon as practicable. If you
own shares in &ldquo;street name,&rdquo; it may take longer for you to receive payment because the subscription agent will return
payments through the record holder of the shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Will the subscription rights be listed
on a stock exchange or national market?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The subscription rights may not be sold,
transferred or assigned and will not be listed or quoted for trading on any stock exchange or market, including the OTCQB marketplace
or OTC Bulletin Board.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How do I exercise my subscription rights
if I live outside the United States?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not mail this prospectus or the
rights certificates to stockholders whose addresses are outside the United States or who have an army post office or foreign post
office address. The subscription agent will hold the rights certificates for their account. To exercise subscription rights, our
foreign stockholders must notify the subscription agent and timely follow the procedures described in &ldquo;The Rights Offering&mdash;Foreign
Stockholders.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What fees or charges apply if I purchase
shares of our common stock?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not charging any fee or sales commission
to issue subscription rights to you or to issue shares to you if you exercise your subscription rights. If you exercise your subscription
rights through the record holder of your shares, you are responsible for paying any fees your record holder may charge you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What are the U.S. federal income tax
consequences of exercising subscription rights?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For U.S. federal income tax purposes, you
generally should not recognize income or loss in connection with the receipt or exercise of subscription rights unless the rights
offering is part of a &ldquo;disproportionate distribution&rdquo; of our stock within the meaning of applicable tax rules (in which
case you may recognize taxable income upon receipt of the subscription rights). We believe that the rights offering should not
be part of a disproportionate distribution of our stock but certain aspects of that determination are unclear. This position is
not binding on the Internal Revenue Service (the &ldquo;IRS&rdquo;) or the courts, however. You are urged to consult your own tax
advisor as to your particular tax consequences resulting from the receipt and exercise of subscription rights and the receipt,
ownership and disposition of our common stock. For further information, please see &ldquo;Material U.S. Federal Income Tax Consequences.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>To whom should I send my forms and payment?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If your shares are held in the name of
a broker, dealer or other nominee, then you should send your subscription documents, rights certificate and subscription payment
to that record holder. If you are the record holder, then you should send your subscription documents, rights certificate and subscription
payment by hand delivery, first class mail or overnight courier service to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Broadridge Corporate Issuer Solutions,
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>By hand delivery or overnight courier,
excluding U.S. Postal Service:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Broadridge Corporate Issuer Solutions,
LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">51 Mercedes Way</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Edgewood, NY 11717</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Broadridge Corporate Issuer Solutions,
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attn: BCIS Re-Organization Dept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">P.O. Box 1317</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are solely responsible for completing
delivery to the subscription agent of your subscription documents, rights certificate and payment. We urge you to allow sufficient
time for delivery of your subscription materials to the subscription agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Whom should I contact if I have other
questions?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have other questions or need assistance,
please contact Broadridge Corporate Issuer Solutions, LLC at (888) 789-8409 or by email (shareholder@broadridge.com).</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa007"></A>RISK
FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>An investment in
our common stock involves a high degree of risk. You should carefully consider the risks described below, together with the other
information included or incorporated by reference in this prospectus before making a decision to invest in our common stock. If
any of these risks actually occur, our business, results of operations and financial condition could suffer. In that case, the
market price of our common stock could decline, and you may lose all or part of your investment.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Business</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have a history of losses that may continue in the future.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have incurred net
losses in most years since our inception, with net losses of $2.6 million in 2022. As of December 31, 2022, we had an accumulated
deficit of approximately $100 million and expect to incur a loss on an annual basis during 2023. We believe that our business depends,
among other things, on our ability to significantly increase revenue and decrease operating expenses. If revenue fails to grow
at anticipated rates or if operating expenses increase without a commensurate increase in revenue, or if we fail to adjust operating
expense levels accordingly, then the imbalance between revenue and operating expenses will negatively impact our cash balances
and our ability to achieve profitability in future periods.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><B><I>We depend on
a few major customers for a high percentage of our sales, and the loss of orders from a significant customer could cause a decline
in revenue and/or increases in the level of losses incurred.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales to our customers
are executed pursuant to purchase orders and long-term supply contracts; however, customers can cease doing business with us at
any time with limited advanced notice. It is possible that a significant portion of our future sales may remain concentrated within
a limited number of strategic customers. We may not be able to retain our strategic customers, such customers may cancel or reschedule
orders, or in the event of canceled orders, such orders may not be replaced by other sales or by sales that are on as favorable
terms. In addition, sales to any particular customer may fluctuate significantly from quarter to quarter, which could affect our
ability to achieve anticipated revenues on a quarterly basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 0; text-align: justify; text-indent: 0.5in">Sales to
our four largest customers accounted for 30%, 17%, 15% and 7%, respectively, of our total revenue in 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Given the nature of
our products, and the fact that markets for them, or our positions in those markets, are not yet fully developed, it is difficult
to accurately predict when additional large customers will materialize. Going forward, our margins, as a percentage of revenue,
will be dependent upon revenue mix, revenue volume, raw materials pricing, and our ability to effectively manage costs. The extent
of the growth in revenue volume and the related gross profit that this revenue generates will be the main drivers in generating
positive operating cash flows and, ultimately, net income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may need to raise additional capital
in the future, which may not be available on acceptable terms or at all.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that we may
not be able to maintain the levels of capital and operating expenditures necessary to perform our current business plan. If necessary,
we may seek funding through public or private financing and through contracts with governmental entities or other companies. Additional
financing may not be available on acceptable terms or at all. If we are unable to obtain adequate funds, we may be required to
delay, scale-back or eliminate some of our manufacturing and marketing operations or we may need to obtain funds through arrangements
on less favorable terms. Such circumstances could raise doubt as to our ability to continue as a going concern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To raise additional
funds in the future, we would likely sell our equity or debt securities or enter into loan agreements. To the extent that we issue
debt securities or enter into loan agreements, we may become subject to financial, operational and other covenants that we must
observe. In the event that we were to breach any of these covenants, then the amounts due under such loans or debt securities could
become immediately payable by us, which could significantly harm us. To the extent that we sell additional shares of our equity
securities, our stockholders may face economic dilution and dilution of their percentage of ownership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot be certain
that additional financing will be available to us on favorable terms when required, or at all. Recent turmoil in the capital markets,
including the tightening of credit and rise of interest rates, may cause us to face higher borrowing costs, less available capital,
more stringent terms and tighter covenants. In such circumstances, if we cannot raise additional capital, our financial condition,
results of operations, business and prospects could be materially and adversely affected. In addition, if we raise additional capital
through issuances of equity, our stockholders could experience dilution.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have a limited number of shares of common stock available
for future issuance which could adversely affect our ability to raise capital, attract qualified personnel or consummate strategic
transactions.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are currently authorized
to issue 60.0 million shares of common stock under our <FONT STYLE="color: #231F20">articles of incorporation</FONT>. As of October
20, 2023, we have 49.6 million shares outstanding and outstanding options to purchase 3,106,834 shares of our common stock. Due
to the limited number of authorized shares of common stock available for future issuance, we may not able to raise additional equity
capital or use our shares as consideration for a merger or other business combination unless we increase the number of shares we
are authorized to issue. In addition, we use equity awards as a key element of executive compensation and believe this type of
equity compensation is critical to our ability to attract and retain highly qualified personnel. If we do not have sufficient shares
available for delivery on equity awards, our ability to accomplish these purposes will be diminished.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of this
deficiency, we may have to issue more shares when raising capital and in strategic transactions. We would need stockholder approval
to increase the number of our authorized shares of our common stock. We can provide no assurance that we would succeed in getting
stockholder approval to amend our articles of incorporation to increase the number of shares of common stock we are authorized
to issue. Any failure or delay could negatively impact our business, prospects and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The pending litigation with BASF
may end unfavorably, thereby potentially impeding the sales of our finished goods personal care products through Sol&eacute;sence.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are involved in
legal proceedings with BASF Corporation (&ldquo;BASF&rdquo;), one of our largest customers. In 2022, BASF filed suit against us
alleging that we breached the 1999 Zinc Oxide Supply Agreement (the &ldquo;Supply Agreement&rdquo;) between us and BASF. BASF is
seeking an unspecified amount of damages and a permanent injunction enjoining sales to any party other than BASF of a broad range
of zinc oxide products we sell, including our fully developed finished skin care products sold through Sol&eacute;sence. At this
time, we cannot predict the costs associated with the legal proceedings, including any damages we might have to pay. Any unfavorable
decision that results in us owing damages or impeding sales of our fully developed finished skin care products sold through Sol&eacute;sence
could have a material adverse effect on our financial position, results of operations and cash flows. For more information, see
&ldquo;Business &ndash; Legal Proceedings.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Uncertain global macro-economic and political conditions
could materially adversely affect our results of operations and financial condition.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our results of operations
are materially affected by economic and political conditions in the United States and internationally, including inflation, deflation,
interest rates, recession, availability of capital, raw material prices, trade laws and the effects of governmental initiatives
to manage economic conditions. Current or potential customers may delay or decrease spending on products that use our materials,
as their budgets are impacted by economic conditions. The inability of current and potential customers to pay us for products that
use our materials may adversely affect our earnings and cash flows. In addition, deterioration of conditions in worldwide credit
markets could limit our ability to obtain financing to fund our operations and capital expenditures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Any downturn in the product markets
served by us would harm our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of our products
are ingredients incorporated into our customers&rsquo; products such as skin care applications, including sunscreens, and other
of our products are fully developed finished skin care products. Additional product areas include architectural coatings, surface
finishing technologies (polishing), medical diagnostics, abrasion-resistant coatings and other products. These markets have from
time to time experienced cyclical, depressed business conditions, often in connection with, or in anticipation of, a decline in
general economic conditions. These industry downturns often result in reduced product demand and declining average selling prices.
Our business would be harmed by a continuation of any downturn and/or any future downturns in the markets that we serve.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our products often have long adoption
cycles, which could make it difficult to achieve market acceptance and makes it difficult to forecast revenues.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Due to their often
novel characteristics and potential unfamiliarity with them that exists in the marketplace, our nanomaterials and non-nanomaterials
may require longer adoption cycles than existing materials technologies, to the point that adoption cycles typically require one
to five years. Our nanomaterials and non-nanomaterials have to receive appropriate attention within any potential customer&rsquo;s
organization, and then they must be tested to prove a performance advantage over existing materials, typically on a systems-cost
basis. Once we have proven initial commercial viability, pilot scale production runs are typically required and completed by the
customer, followed by further testing. Once production-level commercial viability is established, then our nanomaterials and non-nanomaterials
can be introduced, often to a downstream marketplace that needs to be familiarized with them. If we are unable to demonstrate to
our potential customers the performance advantages and economic value of our nanomaterials and non-nanomaterials over existing
and competing materials and technologies, we will be unable to generate significant sales. Our long adoption cycle makes it difficult
to predict when sales will occur.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We frequently depend on collaborative
development relationships with our customers. If we are unable to initiate or sustain such collaborative relationships or if the
terms of these relationships limit the distribution of our products, then we may be unable to successfully develop, manufacture
or market our current and future advanced materials, applications, or products.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have established,
and will continue to pursue, strategic relationships with many of our customers and do not have a substantial direct sales force
or an established distribution network (other than distribution arrangements for research samples). Through these relationships,
we seek to develop new applications for our materials and share development and manufacturing resources. We also seek to coordinate
the development, manufacture and marketing of our engineered materials products, particularly as a result of our selling additives
that must be integrated into complete formulations by the customer. With our personal care and advanced materials products, future
success will depend, in part, on our continued relationships with these customers and our ability to enter into similar strategic
relationships with other customers. Our customers may not continue in these collaborative development relationships, may not devote
sufficient resources to the development or sale of our materials or may enter into strategic development relationships with our
competitors. These customers may also require a share of control of these collaborative programs. While less prevalent than in
the past, some of our agreements with these customers limit our ability to license our technology to others and/or limit our ability
to engage in certain product development or marketing activities with others. These relationships generally can be terminated unilaterally
by our customers. With our Sol&eacute;sence<SUP>&reg;</SUP> products, we design, produce and often package fully developed finished
products for our customers. We intend to rely on the sales and marketing channels of our customers, who are responsible for the
direct consumer marketing and sales contact. Their ability to market and sell these products to their customers will directly impact
our ability to achieve growth in these markets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to
initiate or sustain such collaborative relationships or if the terms of these relationships materially limit our access to distribution
channels for our products, then we may be unable to successfully develop, manufacture or market our current and future engineered
materials, applications, or products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If commodity metal prices increase
at such a rate that we are unable to recover lost margins on a timely basis or that our products became uncompetitive in their
current marketplaces, our financial and liquidity position and results of operations would be substantially harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many of our significant
raw materials come from commodity metal markets that may be subject to rapid price increases. While we generally have been able
to pass a significant portion of commodity &ldquo;price-related&rdquo; increases on to our customers, it is possible that, given
our limited customer base and the limited control we have over it, commodity metal prices could increase at such a rate that could
hinder our ability to recover lost margins from our customers. It is possible that such drastic cost increases could render some
of our materials uncompetitive in their current marketplaces when considered relative to other materials on a cost benefit basis,
and our financial and liquidity position and results of operations would be substantially harmed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our businesses depend substantially
on the availability and pricing of particular grades/types of raw materials, including very high purity zinc, that are available
in limited supply.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In some cases, we rely
on sole-source processors of materials that utilize an array of worldwide sources for the raw materials that they process to our
specifications. It is possible that these materials will become unavailable to us from our sole-source processors at competitive
prices or at any price, and that we will be unable to identify alternate processors. In certain cases, moreover, certain raw materials
that we deal with have a very limited supply, such as the very high purity zinc that we use in personal care applications. In the
event that these rare raw materials or sole-source processing became unavailable to us, or available to us only at substantially
higher prices, we could be unable to continue to manufacture and sell our products and may be unable to continue to operate our
businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Protection of our intellectual property
is limited and uncertain.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our intellectual property
is important to our business. We seek to protect our intellectual property through patent, trademark, copyright, and trade secret
protection and confidentiality or license agreements with our employees, customers, suppliers and others. Our means of protecting
our intellectual property rights in the United States or abroad may not be adequate and others, including our competitors, may
use our proprietary technology without our consent. We may not receive the necessary patent protection for any applications pending
with the U.S. Patent and Trademark Office (&ldquo;USPTO&rdquo;) and any of the patents that we currently own or license may not
be sufficient to keep competitors from using our materials or processes. In addition, patents that we currently own or license
may not be held valid if subsequently challenged by others and others may claim rights in the patents and other proprietary technology
that we own or license. Additionally, others may have already developed or may subsequently develop similar products or technologies
without violating any of our proprietary rights. If we fail to obtain or maintain patent protection or preserve our trade secrets,
we may be unable to effectively compete against others offering similar products and services. In addition, if we fail to operate
without infringing the proprietary rights of others or lose any license to technology that we currently have or will acquire in
the future, we may be unable to continue making the products that we currently make.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, at times,
attempts may be made to challenge the prior issuance of our patents. Furthermore, litigation may be necessary to enforce our intellectual
property rights, to protect our trade secrets, to determine the validity and scope of the proprietary rights of others, or to defend
against claims of infringement or invalidity. Such litigation could result in substantial costs and diversion of resources and
could harm our business, operating results and financial condition. Such litigation might occur with parties that have substantially
greater resources, and thus more capability to engage and continue litigation. In addition, if others assert that our technology
infringes their intellectual property rights, resolving the dispute could divert our management team and financial resources. We
have, and may in the future, license certain of our intellectual property, such as trademarks and know-how, to third parties. While
we would attempt to ensure that any licensees maintain the quality and value of our brand, these licenses might diminish this quality
and value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If a catastrophe strikes either of
our manufacturing facilities or if we were to lose our lease for either facility due to non-renewal or other unforeseen events,
we may be unable to manufacture our materials to meet customers&rsquo; demands.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our manufacturing facilities
are located near Chicago in Romeoville, Bolingbrook and Burr Ridge, Illinois. These facilities and some of our manufacturing and
testing equipment would be difficult to replace in a timely manner. Therefore, any material disruption at one of our facilities
due to a natural or man-made disaster or a loss of lease due to non-renewal or other unforeseen events could have a material adverse
effect on our ability to manufacture products to meet customers&rsquo; demands. While we maintain property insurance, this insurance
may not adequately compensate us for all losses that we may incur in the event of a material interruption in our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to expand our production
capabilities to meet unexpected demand, we may be unable to manage our growth and our business would suffer.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our success will depend,
in part, on our ability to manufacture personal care ingredients, advanced materials and Sol&eacute;sence<SUP>&reg; </SUP>fully
developed finished skin care products in significant quantities, with consistent quality and in an efficient and timely manner.
We expect to be able to expand our current facilities or obtain additional facilities in the future, and outsource production aspects
as necessary, available and appropriate, in order to respond to unexpected demand for existing materials and products or for new
materials and products that we do not currently make in quantity. Such unplanned demand, if it resulted in rapid expansion, could
create a situation where growth could become difficult to manage, which could cause us to lose potential revenue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our industry is experiencing rapid
changes in technology. If we are unable to keep pace with these changes, our business may not grow.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Rapid changes have
occurred, and are likely to continue to occur, in the development of engineered materials and processes. Our success will depend,
in large part, upon our ability to keep pace with engineered materials technologies, industry standards and market trends and to
develop and introduce new and improved products on a timely basis. We expect to commit substantial resources to develop our technologies
and product applications and, in the future, to expand our commercial manufacturing capacity as volume grows. Our development efforts
may be rendered obsolete by the research efforts and technological advances of others and other engineered materials may prove
more advantageous than those we produce.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The markets we serve are highly competitive,
and if we are unable to compete effectively, then our business may not grow.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The engineered materials
industry is new, rapidly evolving and intensely competitive, and we expect competition to intensify in the future. The market for
materials having the characteristics and potential uses of our nanomaterials and non-nanomaterials is the subject of intensive
research and development efforts by both governmental entities and private enterprises around the world. We believe that the level
of competition will increase further as more product applications with significant commercial potential are developed. The nanomaterials
and non-nanomaterials product applications that we are developing will compete directly with products incorporating both conventional
and engineered materials and technologies. While commercially available competitive products may not possess the same attributes
as those we offer, other companies may develop and introduce new or competitive products. Our competitors may succeed in developing
or marketing materials, technologies and better or less expensive products than the ones we offer. In addition, many of our potential
competitors have substantially greater financial and technical resources, and greater manufacturing and marketing capabilities
than we do. If we fail to provide engineered materials at an acceptable price, or otherwise compete on a commodity basis with producers
of conventional materials, we will lose market share and revenue to our competitors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to competition
in the personal care ingredients, advanced materials and related markets, our Sol&eacute;sence<SUP>&reg; </SUP>subsidiary faces
competition from a wide variety of offerings in the field of skin care. Our Sol&eacute;sence<SUP>&reg; </SUP>products compete with
existing solutions as well as new solutions from various sources, including other product developers who seek to serve skin care
brands and integrated brands who also manufacture their own products in-house, and we must differentiate their value proposition
in order to gain traction in this marketplace.</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>A reduction in traffic to the stores that sell our products
or products that use our ingredients could negatively affect our business, financial condition, profitability, and cash flows.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Decreased consumer traffic at brick-and-mortar
stores because of deteriorating global economic conditions, epidemics or pandemics, or due to the rise of e-commerce, could result
in lower sales of our products and products that use our ingredients. During the COVID-19 pandemic, we experienced a reduction
in customer demand, which resulted in our sales and results of operations being negatively impacted. While our retailers have reopened
stores, we cannot assure you that a similar reduction in consumer demand from a new epidemic, pandemic or due to the current highly
inflationary environment, will not negatively impact our financial condition in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Global trade conditions
and customer trends continue to persist and may also have a long-lasting adverse impact on our business. Altered consumer behavior
and consumption of beauty products due to closures of brick-and-mortar retail stores, inflationary pressures on wages, recessionary
concerns, and other macroeconomic conditions could cause us to experience a reduction in sales. In addition, increased transportation
and shipping costs, wholesale costs, and supply chain issues have had, and could continue to have, a negative impact on our business,
financial condition, profitability, cash flows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cybersecurity or information security
breaches and other disruptions could compromise our information, result in the unauthorized disclosure of confidential information,
damage our reputation, and expose us to liability, which could negatively impact our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the ordinary course
of our business, we collect, process, and store sensitive and confidential data, including our proprietary business information
and that of our suppliers, and business partners, and personally identifiable information of our employees, in our data centers
and on our networks. The secure processing, maintenance, and transmission of this information is critical to our operations. We
rely on commercially available systems, software, tools, and monitoring to provide security for processing, transmission, and storage
of confidential information. Despite the security measures we have in place and continual vigilance in regard to the protection
of sensitive information, our systems and those of our third-party service providers may be vulnerable to security breaches, phishing
attacks, social engineering, computer viruses, misplaced or lost data, human errors, or other similar events. Furthermore, our
employees sometimes work remotely, and this remote working environment may increase cybersecurity related risks. Any such breach
could compromise our networks and the information stored there could be accessed, publicly disclosed, lost, or stolen. Any such
access, disclosure, or other loss of information could result in legal claims or proceedings, liability under laws that protect
the privacy of personal information, disrupt our operations, damage our reputation, and cause a loss of confidence in our business,
products, and services, which could adversely affect our business, financial condition, profitability, and cash flows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have substantial fixed obligations,
and insufficient liquidity may have a material adverse effect on the financial condition and business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have substantial
fixed obligations, including obligations under a term loan and rent obligations for our facilities. Although our cash flows from
operations and our available capital, including the proceeds from revolving loans, have been sufficient to meet our fixed obligations
to date, our future liquidity could be negatively affected by the risk factors discussed in this report. If our liquidity is materially
diminished, we might not be able to timely pay its debts or rent, or to comply with certain operating and financial covenants under
its financing agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Agreements governing our debt and
our BASF Supply Agreement include financial and other covenants. Failure to comply with these covenants could result in events
of default.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our financing agreements
include various financial and other covenants. Our ability to comply with these covenants may be affected by events beyond our
control, including demand for our products, pricing of raw materials, and our ability to grow our revenue so that our margins improve.
In addition, our financing agreements contain other negative covenants customary for such financings. These covenants are subject
to important exceptions and qualifications. If we fail to comply with these covenants and are unable to remedy or obtain a waiver
or amendment, an event of default would result.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an event of default
were to occur, our lenders could, among other things, declare outstanding amounts due and payable or BASF could, among other things,
compel a transfer of certain of our proprietary know-how and equipment to BASF at a contractually-defined price which may be less
than fair market value. In addition, an event of default or declaration of acceleration under one financing agreement could also
result in an event of default under other of our financing agreements due to cross-default and cross-acceleration provisions. The
acceleration of significant amounts of debt could require us to renegotiate, repay or refinance the obligations under our financing
arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We depend on key personnel, and their
unplanned departure could harm our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our success will depend,
in large part, upon our ability to attract and retain highly qualified research and development, management, manufacturing, marketing
and sales personnel on favorable terms. Due to the specialized nature of our business, we may have difficulty locating, hiring
and retaining qualified personnel on favorable terms. If we were to lose the services of any of our key executive officers or other
key personnel, or if we are unable to attract and retain other skilled and experienced personnel on acceptable terms in the future,
or if we are unable to implement a succession plan to prepare qualified individuals to assume key roles upon any loss of our key
personnel, then our business, results of operations and financial condition could be materially harmed.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We face potential product liability
risks which could result in significant costs that exceed our insurance coverage, damage our reputation and harm our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be subject to
product liability claims in the event that any of our products are alleged to be defective or cause harmful effects to humans or
physical environments. Because our nanomaterials and non-nanomaterials are used in other companies&rsquo; products, to the extent
our customers become subject to suits relating to their products, these claims may also be asserted against us. As our Sol&eacute;sence
subsidiary sells fully developed finished skin care products, we are now supplying completed products in addition to ingredients.
We may incur significant costs, including payment of significant damages, in defending or settling product liability claims. Although
we maintain insurance for product liability claims, our coverage may not prove sufficient. Even if a suit is without merit and
regardless of the outcome, claims can divert management time and attention, injure our reputation and adversely affect demand for
our materials and finished products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be subject to periodic litigation
and other regulatory proceedings or governmental investigations, which could result in the unexpected expenditure of time and resources.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time,
we may be a defendant in lawsuits and regulatory proceedings or are the subject of governmental investigations relating to our
business. Due to the inherent uncertainties of litigation, regulatory proceedings and governmental investigations, we cannot accurately
predict the ultimate outcome of any such proceedings or investigations. An unfavorable outcome could have a material adverse impact
on our business, financial condition and results of operations. In addition, regardless of the outcome of any litigation, regulatory
proceedings or governmental investigations, such matters are expensive and will require that we devote substantial resources and
executive time to defend, thereby diverting management&rsquo;s attention and resources that are needed to successfully run our
business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The costs of compliance and liability
for noncompliance with governmental regulations could have a material adverse effect on our business, results of operations and
financial condition.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Current and future
laws and regulations may require us to make substantial expenditures for preventive or remedial action. Our operations, business
or assets may be materially and adversely affected by governmental interpretation and enforcement of current or future environmental,
health and safety laws and regulations. In addition, our coating and dispersion operations may pose a risk of accidental contamination
or injury. The damages in the event of an accident or the costs to prevent or remediate a related event could exceed both the amount
of our liability insurance and our resources or otherwise have a material adverse effect on our business, results of operations
and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, both of
our facilities and all of our operations are subject to the plant and laboratory safety requirements of various occupational safety
and health laws. We believe we have complied in all material respects with governmental regulations applicable to us. However,
we may have to incur significant costs in defending or settling future claims of alleged violations of governmental regulations
and compliance with these regulations may materially restrict or impede our operations in the future. In addition, our efforts
to comply with or contest any regulatory actions may distract personnel or divert resources from other important initiatives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The manufacture and
use of certain products that contain our engineered materials and our Sol&eacute;sence<SUP>&reg;</SUP> products are subject to
extensive governmental regulation, including regulations promulgated by the FDA, the U.S. Environmental Protection Agency and OSHA.
As a result, we are required to adhere to the requirements of the regulations of governmental authorities in the United States
and other countries, including regulations issued to date pertaining to REACH. These regulations could increase our cost of doing
business and may render some potential markets prohibitively expensive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because nanotechnology
and production of nano and non-nano micron-size particles remains an emerging and evolving science, there are no currently accepted
standards, measurements or personal protective equipment available that are specific to nanoparticle and micron-size particle safety.
Accordingly, we rely on general chemical safety and process safety practices to identify safe personal protective equipment and
appropriate handling protocols for our nanomaterial and non-nanomaterial products and work in process.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New rules or regulations
could impose requirements, restrictions or prohibitions on the processing, handling, storage or sale of nanomaterials or non-nanomaterials,
or on certain materials being marketed with or incorporated into certain applications, any which new rules or regulations could
substantially increase our costs of doing business or limit our ability to sell our personal care, advanced materials and Sol&eacute;sence<SUP>&reg;
</SUP>products in the marketplace.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There may be future sales or other
dilution of our equity, which may adversely affect the market price of our common stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent of our
authorized but unissued shares pursuant to our certificate of incorporation, as amended, we are not restricted from issuing additional
shares of common stock, including any securities that are convertible into or exchangeable for, or that represent the right to
receive, common stock. The market price of our common stock could decline as a result of future sales of our common stock or the
perception that such sales could occur.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Failure to protect the integrity
and security of individually identifiable data of our customers, vendors and employees could expose us to litigation and damage
our reputation.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We receive and maintain
certain personal, sensitive and confidential information about our customers, vendors and employees. The collection and use of
this information is regulated at the international, federal and state levels, and is subject to certain contractual restrictions
in third party contracts. Although we have implemented processes to collect and protect the integrity and security of this personal
information, there can be no assurance that this information will not be obtained by unauthorized persons or collected or used
inappropriately. If our security and information systems or the systems of our employees or external business associates are compromised
or our employees or external business associates fail to comply with these laws and regulations and this information is obtained
by unauthorized persons, or collected or used inappropriately, it could negatively affect our reputation, as well as our operations
and financial results, and could result in litigation or regulatory action against us or the imposition of costs, fines or other
penalties. While we have not experienced losses related to this area, as privacy and information security laws and regulations
change, we may incur additional costs to remain in compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the Rights Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The market price of our common stock
is volatile and may decline before or after the subscription rights expire.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price of
our common stock could be subject to wide fluctuations in response to numerous factors, some of which are beyond our control. These
factors include, among other things, actual or anticipated variations in our costs of doing business, operating results and cash
flow, the nature and content of our earnings releases and our competitors&rsquo; earnings releases, shortfalls in our revenues
in any given period relative to the levels expected by investors, customers, competitors or markets, changes in financial estimates
by securities analysts or investors, business conditions in our markets and the general state of the securities markets and the
market for similar stocks, changes in capital markets that affect the perceived availability of capital to companies in our industry,
governmental legislation or regulation, as well as general economic and market conditions, such as continued downturns in our economy
and recessions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot assure you
that the market price of our common stock will not decline after you elect to exercise your subscription rights. If that occurs,
you may have committed to buy shares of our common stock in the rights offering at a price greater than the prevailing market price,
and could have an immediate unrealized loss. Moreover, we cannot assure you that following the exercise of your subscription rights
you will be able to sell your common stock at a price equal to or greater than the subscription price. Until shares are delivered
upon expiration of the rights offering, you will not be able to sell the shares of our common stock that you purchase in the rights
offering. Certificates representing shares of our common stock purchased will be delivered as soon as practicable after expiration
of the rights offering. We will not pay you interest on funds delivered to the subscription agent pursuant to the exercise of subscription
rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If you do not fully exercise your
subscription rights, your ownership interest will be diluted.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rights offering
will result in our issuance of up to 5,000,000 additional shares of our common stock. If you choose not to fully exercise your
subscription rights prior to the expiration of the rights offering, your relative ownership interest in us will be diluted to the
extent shares are purchased by other stockholders in the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The subscription rights are not transferable,
and there is no market for the subscription rights.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may not sell, transfer
or assign your subscription rights. The subscription rights are only transferable by operation of law. Because the subscription
rights are non-transferable, there is no market or other means for you to directly realize any value associated with the subscription
rights. You must exercise the subscription rights and acquire additional shares of our common stock to realize any value that may
be embedded in the subscription rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The subscription price determined
for the rights offering is not an indication of the fair value of our common stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In determining the
subscription price for the rights offering, our board of directors considered recent closing sales and volume weighted average
prices for our common stock and a number of other factors, including: the likely cost of capital from other sources, the price
at which our stockholders might be willing to participate in the rights offering, our need for liquidity and the desire to provide
an opportunity to our stockholders to participate in the rights offering on a pro rata basis. In conjunction with its review of
these factors, our board of directors also reviewed a range of discounts to market value represented by the subscription prices
in various prior rights offerings of public companies. The subscription price was established at a price of $0.40 per full share.
The subscription price is not necessarily related to our book value, net worth or any other established criteria of value and may
or may not be considered the fair value of our common stock to be offered in the rights offering. We cannot give you any assurance
that our common stock will trade at or above the subscription price in any given time period. After the date of this prospectus,
our common stock may trade at prices above or below the subscription price.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because our management will have
broad discretion over the use of the gross proceeds from the rights offering, you may not agree with how we use the proceeds, and
we may not invest the proceeds successfully.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are conducting the
rights offering to provide additional liquidity to support the existing business, including repayment of the Bridge Loan, the proceeds
of which were used for general corporate purposes. We may also use the proceeds for general corporate purposes, including marketing
initiatives intended to increase future sales volumes. In addition, market factors may require our management to allocate portions
of the proceeds for other purposes. Accordingly, you will be relying on the judgment of our management with regard to the use of
the proceeds from the rights offering, and you will not have the opportunity, as part of your investment decision, to assess whether
the proceeds are being used appropriately. It is possible that the proceeds will be invested in a way that does not yield a favorable,
or any, return for us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may cancel the rights offering
at any time prior to the expiration of the rights offering, and neither we nor the subscription agent will have any obligation
to you except to return your exercise payments.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may, in our sole
discretion, decide not to continue with the rights offering or cancel the rights offering prior to the expiration of the rights
offering. If the rights offering is cancelled, we will issue a press release notifying stockholders of the cancellation and all
subscription payments received by the subscription agent will be returned, without interest, as soon as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may amend or modify the terms
of the rights offering at any time prior to the expiration of the rights offering in our sole discretion.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors
reserves the right to amend or modify the terms of the rights offering in its sole discretion. Although we do not presently intend
to do so, we may choose to amend or modify the terms of the rights offering for any reason, including, without limitation, in order
to increase participation in the rights offering. Such amendments or modifications may include a change in the subscription price
although no such change is presently contemplated. If we should make any fundamental changes to the terms set forth in this prospectus,
we will file a post-effective amendment to the registration statement in which this prospectus is included, offer potential purchasers
who have subscribed for rights the opportunity to cancel such subscriptions and issue a refund of any money advanced by such stockholder
and recirculate an updated prospectus after the post-effective amendment is declared effective with the SEC. In addition, upon
such event, we may extend the expiration date of this rights offering to allow holders of rights ample time to make new investment
decisions and for us to recirculate updated documentation. Promptly following any such occurrence, we will issue a press release
announcing any changes with respect to this rights offering and the new expiration date. The terms of the rights offering cannot
be modified or amended after the expiration date of the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We cannot guarantee that the transaction
contemplated by the Backstop Agreement will be consummated.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot guarantee
that the transaction contemplated by the Backstop Agreement will close in a timely manner. If the closing of the transaction contemplated
by the Backstop Agreement does not occur as anticipated, we may not have sufficient capital to repay the Bridge Loan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You may not revoke your subscription
exercise, even if the rights offering is extended by our board of directors, and you could be committed to buying shares above
the prevailing market price.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once you exercise your
subscription rights, you may not revoke the exercise of such rights. If our board of directors decides to exercise its option to
extend the rights offering, you still may not revoke the exercise of your subscription rights. However, if we amend the rights
offering to allow for an extension of the rights offering for a period of more than 30 days or make a fundamental change to the
terms set forth in this prospectus, you may cancel your subscription and receive a refund of any money you have advanced. The public
trading market price of our common stock may decline before the subscription rights expire. If you exercise your subscription rights
and, afterwards, the public trading market price of our common stock decreases below the subscription price, you will have committed
to buying shares of our common stock at a price above the prevailing market price. Our common stock is traded on the OTCQB marketplace
under the symbol &ldquo;NANX,&rdquo; and the last reported sales price of our common stock on November 16, 2023 was $0.71 per share.
Following the exercise of your rights, you may be unable to sell your shares of our common stock at a price equal to or greater
than the subscription price you paid for such shares, and you may lose all or part of your investment in our common stock.</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If you do not act promptly and follow
the subscription instructions, your exercise of subscription rights will be rejected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stockholders that desire
to purchase shares in the rights offering must act promptly to ensure that all required forms and payments are actually received
by the subscription agent prior to the expiration of the rights offering. If you are a beneficial owner of shares, you must act
promptly to ensure that your broker, dealer, custodian bank or other nominee acts for you and that all required forms and payments
are actually received by the subscription agent prior to the expiration of the rights offering. We are not responsible if your
broker, custodian or nominee fails to ensure that all required forms and payments are actually received by the subscription agent
prior to the expiration of the rights offering. If you fail to complete and sign the required subscription forms, send an incorrect
payment amount or otherwise fail to follow the subscription procedures that apply to your exercise in the rights offering prior
to the expiration of the rights offering, the subscription agent will reject your subscription or accept it only to the extent
of the payment received. Neither we nor our subscription agent undertakes to contact you concerning an incomplete or incorrect
subscription form or payment, nor are we under any obligation to correct such forms or payment. We have the sole discretion to
determine whether a subscription exercise properly complies with the subscription procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The tax treatment of the rights offering
is somewhat uncertain and it may be treated as a taxable event to our stockholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the rights offering
is deemed to be part of a &ldquo;disproportionate distribution&rdquo; of our stock under section 305 of the Internal Revenue Code
of 1986, as amended (the &ldquo;Code&rdquo;), a stockholder may recognize taxable income for U.S. federal income tax purposes in
connection with the receipt of subscription rights in the rights offering depending on our current and accumulated earnings and
profits and the stockholder&rsquo;s tax basis in our common stock. A &ldquo;disproportionate distribution&rdquo; of stock is a
distribution or a series of distributions, including deemed distributions, that has the effect of the receipt of cash or other
property by some stockholders or holders of debt instruments convertible into stock and an increase in the proportionate interest
of other stockholders in a company&rsquo;s assets or earnings and profits. The existence of our outstanding options and certain
other equity-based awards could cause the receipt of subscription rights to be part of a disproportionate distribution of our stock.
Please see &ldquo;Material U.S. Federal Income Tax Consequences&rdquo; for further information on the treatment of the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The rights offering could impair
or limit our net operating loss carryforwards.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31,
2022, we had net operating loss (&ldquo;NOL&rdquo;) carryforwards of approximately $56 million for U.S. federal income tax purposes.
An ownership change with respect to a corporation can significantly limit the amount of pre-ownership change NOLs and certain other
tax assets that the corporation may utilize after the ownership change to offset future taxable income, possibly reducing the amount
of cash available to the corporation in the future, if the aggregate stock ownership of holders of at least 5% of the corporation&rsquo;s
stock increases by more than 50 percentage points over any three-year period. The purchase of shares of our common stock pursuant
to the rights offering may trigger an ownership change with respect to our stock that results in a limitation on the use of our
NOLs and certain other tax assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The rights offering may cause the
price of our common stock to decrease.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The announcement of
the rights offering and its terms, including the subscription price, together with the number of shares of common stock we could
issue if the rights offering is completed, may result in an immediate decrease in the trading price of our common stock. This decrease
may continue after the completion of the rights offering. If that occurs, your purchase of shares of our common stock in the rights
offering may be at a price greater than the prevailing trading price. Further, if a substantial number of subscription rights are
exercised and the holders of the shares received upon exercise of those subscription rights choose to sell some or all of those
shares, the resulting sales could depress the market price of our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You will not receive interest on
subscription funds, including any funds ultimately returned to you.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You will not earn any
interest on your subscription funds while they are being held by the subscription agent pending the closing of this offering. In
addition, if you exercise your additional subscription privilege and are not allocated all of the shares of our common stock for
which you subscribe for pursuant to the exercise of the additional subscription privilege, neither we nor the subscription agent
will have any obligation with respect to the rights except to return, without interest or deduction, any subscription payments
to you.</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Bradford T. Whitmore and his affiliates have significant
influence on all matters requiring stockholder approval because they beneficially own a large percentage of our common stock, their
beneficial ownership may increase unless all other stockholders exercise their basic subscription privilege, and they may vote
any additional shares of common stock they acquire in the offering in ways with which other stockholders disagree.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of October 20, 2023,
Bradford T. Whitmore, together with his affiliates, beneficially owned approximately 63.0% of the outstanding shares of our common
stock. If all of our stockholders do not exercise their subscription rights in full, and Mr. Whitmore and his affiliates purchase
additional shares in the offering pursuant to the Backstop Agreement, the beneficial ownership of Mr. Whitmore and his affiliates
would increase along with their influence on matters submitted to our stockholders for approval, including proposals regarding
any merger, consolidation or sale of all or substantially all of our assets, the election of members of our board of directors,
and any amendment to our certificate of incorporation. Further, affiliates of Mr. Whitmore are our largest creditors and accordingly
have significant rights to information, and upon a default under the applicable financing documents, the right to foreclose on
substantially all of our assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The current or increased
ownership position of Mr. Whitmore and his affiliates could delay, deter or prevent a change of control or adversely affect the
price that investors might be willing to pay in the future for shares of our common stock. The interests of Mr. Whitmore and his
affiliates may significantly differ from the interests of our other stockholders and they may vote the common stock they beneficially
own in ways with which our other stockholders disagree. Further, R. Janet Whitmore, one of our directors and current Board Chair,
is the sister of Mr. Whitmore.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have never paid dividends.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently intend
to retain earnings, if any, to support our growth strategy. We do not anticipate paying dividends on our stock in the foreseeable
future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There may be future sales or other
dilution of our equity, which may adversely affect the market price of our common stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No prediction can be
made as to the effect, if any, that future sales of our common stock, or the availability of our common stock for future sales,
will have on the market price of our common stock. Sales of substantial amounts of our common stock in the public market and the
availability of shares for future sale could adversely affect the prevailing market price of our common stock. This in turn could
impair our future ability to raise capital through an offering of our equity securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Provisions in our certificate of
incorporation, our by-laws, and Delaware law could make it more difficult for a third party to acquire us, discourage a takeover,
and adversely affect existing stockholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of
incorporation, our by-laws and the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;) contain provisions that may have the
effect of making more difficult, delaying or deterring attempts by others to obtain control of our Company, even when these attempts
may be in the best interests of stockholders. These include provisions on our maintaining a classified Board of Directors and limiting
the stockholders&rsquo; powers to remove directors or take action by written consent instead of at a stockholders&rsquo; meeting.
Our certificate of incorporation also authorizes our Board of Directors, without stockholder approval, to issue one or more series
of preferred stock, which could have voting and conversion rights that adversely affect or dilute the voting power of the holders
of common stock. The DGCL also imposes conditions on certain business combination transactions with &ldquo;interested stockholders.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These provisions and
others that could be adopted in the future could deter unsolicited takeovers or delay or prevent changes in our control or management,
including transactions in which stockholders might otherwise receive a premium for their shares over then current market prices.
These provisions may also limit the ability of stockholders to approve transactions that they may deem to be in their best interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa008"></A>USE
OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assuming all the shares
of common stock offered are sold, the gross proceeds from the rights offering, before expenses, will be approximately $2.0 million.
On the basis of the commitment received from our Backstop Purchasers (discussed in detail below), we anticipate completing the
sale of all shares of common stock that are available for subscription in the rights offering. We intend to use the net proceeds
to repay the Bridge Loan discussed below, the proceeds of which are being used for general corporate purposes.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 13, 2023, as part of a comprehensive
financing transaction, we entered into a non-revolving promissory note (Bridge Loan) with Strandler, LLC. The maximum borrowing
amount under the Bridge Loan is&nbsp;$2,000,000. The interest rate for the Bridge Loan is at the prime rate plus&nbsp;0.75%, and
it matures on the earlier of&nbsp;May 13, 2024&nbsp;or the closing of this Offering. We are required to repay the Bridge Loan upon
completion of this Offering, or at maturity, whichever comes first.<BR STYLE="clear: both">
</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 13, 2023
we entered into a Rights Offering Backstop Agreement with Bradford T. Whitmore and certain of his affiliates (the &ldquo;Backstop
Purchasers&rdquo;), pursuant to which the Backstop Purchasers have agreed to exercise their Rights in full in the rights offering
and, upon expiration of the rights offering, to purchase from the Company, at the price per share equal to the subscription price,
any and all shares of common stock that other securityholders do not subscribe for in the rights offering (&ldquo;Unsubscribed
Rights Shares&rdquo;), subject to the respective terms, conditions and limitations of the Backstop Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa009"></A>CAPITALIZATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
sets forth our cash and cash equivalents and our capitalization as of September 30, 2023 on an actual basis and on an &ldquo;as
adjusted&rdquo; basis to give effect to this rights offering, assuming proceeds from the rights offering of $2,000,000, less the
estimated offering expenses of approximately $117,500. However, it is impossible to predict how many shares of common stock will
be subscribed for in this rights offering and, therefore, the proceeds that will actually be received by the Company. You should
read this table together with the information under the heading &ldquo;Management&rsquo;s Discussion and Analysis of Results of
Operations and Financial Condition,&rdquo; in the Company&rsquo;s Form 10-K for the fiscal year ended December 31, 2022 and our
subsequent filings on Form 10-Q.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As of September 30, 2023</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Actual</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As Adjusted</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,188</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,071</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total debt</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,416</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,416</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders&rsquo; equity:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: -19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred stock&mdash; $.01 par value; 24,088 shares authorized, 0 shares issued and outstanding as of September 30, 2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: -19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock&mdash; $.01 par value; 60,000,000 shares authorized, 49,627,254 shares issued and outstanding as of September 30, 2023; 54,627,254, as adjusted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">496</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">546</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: -28.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in capital</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">105,970</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107,803</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: -28.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated deficit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(102,535</FONT></TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(102,535</FONT></TD>
    <TD>)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 64.15pt; text-align: justify; text-indent: -28.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total stockholders&rsquo; equity</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,931</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,814</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 100.15pt; text-align: justify; text-indent: -28.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total capitalization</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,269</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,152</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa010"></A>DILUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Purchasers of our common
stock in the rights offering will experience an immediate dilution of the net tangible book value of the shares purchased. At September
30, 2023, we had a net tangible book value of approximately $3.9 million, or $0.08 per share of our common stock. After giving
effect to the sale of the maximum 5,000,000 shares of our common stock in the rights offering and after deducting transaction and
offering expenses, the pro forma net tangible book value at September 30, 2023 attributable to common stockholders would have been
$5.8 million, or $0.11 per share of our common stock. This amount represents an immediate dilution to purchasers in the rights
offering of $0.29 per share. The following table illustrates this per share dilution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Price</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.40</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net tangible book value per share at September 30, 2023, before the rights offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.08</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net increase in pro forma tangible book value per share attributable to the rights offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.03</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro forma net tangible book value per share after giving effect to the rights offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution in pro forma net tangible book value per share to purchasers</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.29</FONT></TD>
    <TD>&nbsp;</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: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa011"></A>THE
RIGHTS OFFERING</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please read the following
information concerning the subscription rights in conjunction with the statements under &ldquo;Description of Subscription Rights&rdquo;
in this prospectus, which the following information supplements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Subscription Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are distributing
to the record holders of our common stock as of the record date non-transferable subscription rights to purchase shares of our
common stock. The subscription price of $0.40 per full share was determined by our board of directors after a review of recent
closing sales and volume weighted average prices of our common stock and a number of other factors. The subscription rights will
entitle the holders of our common stock to purchase approximately an aggregate of 5,000,000 shares of our common stock for an aggregate
purchase price of approximately $2.0 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each holder of record
of our common stock will receive one subscription right for each share of our common stock owned by such holder as of 5:00 p.m.,
New York City time, on the record date. Each subscription right will entitle the holder to a basic subscription privilege and an
over-subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Basic Subscription Privilege</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With your basic subscription
privilege, you may purchase 0.1 shares of our common stock per subscription right, upon delivery of the required documents and
payment of the subscription price of $0.40 per full share, prior to the expiration of the rights offering. You may exercise all
or a portion of your basic subscription privilege. However, if you exercise less than your full basic subscription privilege you
will not be entitled to purchase shares pursuant to your over-subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fractional shares of
our common stock resulting from the exercise of the basic subscription privilege will be eliminated by rounding down to the nearest
whole share, with the total subscription payment being adjusted accordingly. Any excess subscription payments received by the subscription
agent will be returned, without interest, as soon as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will deliver certificates
representing shares of our common stock purchased with the basic subscription privilege as soon as practicable after the rights
offering has expired.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Over-Subscription Privilege</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you fully exercise
your basic subscription privilege and other stockholders do not fully exercise their basic subscription privileges, you may also
exercise an over-subscription right to purchase additional shares of common stock that remain unsubscribed at the expiration of
the rights offering, subject to the availability and pro rata allocation of shares among persons exercising this over-subscription
right. To the extent the number of the unsubscribed shares is not sufficient to satisfy all of the properly exercised over-subscription
rights requests, then the available shares will be prorated among those who properly exercised over-subscription rights based on
the number of shares each rights holder subscribed for under the basic subscription privilege. If this pro rata allocation results
in any stockholder receiving a greater number of common shares than the stockholder subscribed for pursuant to the exercise of
the over-subscription privilege, then such stockholder will be allocated only that number of shares for which the stockholder oversubscribed,
and the remaining common shares will be allocated among all other stockholders exercising the over-subscription privilege on the
same pro rata basis described above. The proration process will be repeated until all shares have been allocated or all over-subscription
exercises have been fulfilled, whichever occurs earlier.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to properly
exercise your over-subscription privilege, you must deliver the subscription payment related to your over-subscription privilege
prior to the expiration of the rights offering. Because we will not know the total number of unsubscribed shares prior to the expiration
of the rights offering, if you wish to maximize the number of shares you purchase pursuant to your over-subscription privilege,
you will need to deliver payment in an amount equal to the aggregate subscription price for the maximum number of shares of our
common stock available to you, assuming that no stockholder other than you has purchased any shares of our common stock pursuant
to their basic subscription privilege and over-subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We can provide no assurances
that you will actually be entitled to purchase the number of shares issuable upon the exercise of your over-subscription privilege
in full at the expiration of the rights offering. We will not be able to satisfy your exercise of the over-subscription privilege
if all of our stockholders exercise their basic subscription privileges in full, and we will only honor an over-subscription privilege
to the extent sufficient shares of our common stock are available following the exercise of subscription rights under the basic
subscription privileges.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the amount you pay
in connection with the exercise of your over-subscription privilege exceeds the subscription price of the number of shares allocated
to you, you will be allocated only the number of unsubscribed shares available to you, and any excess subscription payment will
be returned to you, without interest, as soon as practicable. If the amount you pay in connection with the exercise of your over-subscription
privilege is less than the subscription price of the maximum number of unsubscribed shares available for purchase under your over-subscription
privilege, you will be allocated only the number of shares for which you actually paid the subscription price.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fractional shares of
our common stock resulting from the exercise of the over-subscription privilege will be eliminated by rounding down to the nearest
whole share, with the total subscription payment being adjusted accordingly. Any excess subscription payments received by the subscription
agent will be returned, without interest, as soon as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will deliver certificates
representing shares of our common stock purchased with the over-subscription privilege as soon as practicable after the expiration
of the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Limitation on the Purchase of Shares</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The maximum number
of shares available in the over-subscription privilege is limited to 1.6 times the number of shares that the stockholder purchases
under the basic subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reasons for the Rights Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors
has approved the rights offering as a cost-effective manner of raising capital that allows all stockholders to participate. Our
board of directors also considered several alternative capital raising methods prior to concluding that the rights offering was
appropriate under the circumstances. We are conducting the rights offering to raise capital that we intend to use to repay the
Bridge Loan, the proceeds of which were used for general corporate purposes. Although we believe that the rights offering will
strengthen our financial condition, our board of directors is making no recommendation regarding your exercise of the subscription
rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Method of Exercising Subscription Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exercise of subscription
rights is irrevocable and may not be cancelled or modified, even if the rights offering is extended by our board of directors.
However, if we amend the rights offering to allow for an extension of the rights offering for a period of more than 30 days or
make a fundamental change to the terms set forth in this prospectus, you may cancel your subscription and receive a refund of any
money you have advanced. You may exercise your subscription rights as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Subscription by Registered Holders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may exercise your
subscription rights by properly completing and executing the rights certificate together with any required signature guarantees
and forwarding it, together with your full subscription payment, to the subscription agent at the address set forth below under
&ldquo;&mdash;Subscription Agent and Information Agent,&rdquo; prior to the expiration of the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Subscription by DTC Participants</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that the
exercise of your subscription rights may be made through the facilities of DTC. If your subscription rights are held of record
through DTC, you may exercise your subscription rights by instructing DTC, or having your broker instruct DTC, to transfer your
subscription rights from your account to the account of the subscription agent, together with certification as to the aggregate
number of subscription rights you are exercising and the number of shares of our common stock you are subscribing for under your
basic subscription privilege and your over-subscription privilege, if any, and your full subscription payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Subscription by Beneficial Owners</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are a beneficial
owner of shares of our common stock that are registered in the name of a broker, custodian bank or other nominee, or if you hold
our common stock certificates and would prefer to have an institution conduct the transaction relating to the subscription rights
on your behalf, you should instruct your broker, custodian bank or other nominee or institution to exercise your subscription rights
and deliver all documents and payment on your behalf prior to 5:00 p.m., New York City time, on January 19, 2024, which is the
expiration of the rights offering. Your subscription rights will not be considered exercised unless the subscription agent receives
from you, your broker, custodian bank, nominee or institution, as the case may be, all of the required documents and your full
subscription payment prior to 5:00 p.m., New York City time, on January 19, 2024.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Your payment of the
subscription price must be made in United States dollars for the full number of shares of common stock for which you are subscribing
by cashier&rsquo;s or certified check drawn upon a U.S. bank payable to &ldquo;Broadridge Corporate Issuer Solutions, LLC, as Subscription
Agent for Nanophase Technologies Corporation&rdquo; (working in conjunction with Broadridge Corporate Issuer Solutions, LLC) at
the address set forth below in &ldquo;&mdash;Subscription Agent and Information Agent.&rdquo; The subscription agent will not accept
non-certified checks or payment by any other means. Payment received after the expiration of the rights offering will not be honored,
and the subscription agent will return your payment to you, without interest, as soon as practicable. Your payment will be considered
received by the subscription agent only upon receipt by the subscription agent of any cashier&rsquo;s or certified check drawn
upon a U.S. bank payable to the subscription agent.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should read the
instruction letter accompanying the rights certificate carefully and strictly follow it. DO NOT SEND RIGHTS CERTIFICATES OR PAYMENTS
TO US. We will not consider your subscription received until the subscription agent has received delivery of a properly completed
and duly executed rights certificate and payment of the full subscription amount. The risk of delivery of all documents and payments
is borne by you or your nominee, not by the subscription agent or us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The method of delivery
of rights certificates and payment of the subscription amount to the subscription agent will be at the risk of the holders of subscription
rights. If sent by mail, we recommend that you send those certificates and payments by overnight courier or by registered mail,
properly insured, with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the subscription
agent and clearance of payment prior to the expiration of the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless a rights certificate
provides that the shares of our common stock are to be delivered to the record holder of such rights or such certificate is submitted
for the account of a bank or a broker, signatures on such rights certificate must be guaranteed by an &ldquo;eligible guarantor
institution,&rdquo; as such term is defined in Rule 17Ad-15 of the Exchange Act, subject to any standards and procedures adopted
by the subscription agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Missing or Incomplete Subscription Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you do not indicate
the number of subscription rights being exercised, or the subscription agent does not receive the full subscription payment for
the number of subscription rights that you indicate are being exercised, then you will be deemed to have exercised the maximum
number of subscription rights that may be exercised with the aggregate subscription payment you delivered to the subscription agent.
If we do not apply your full subscription payment to your purchase of shares of our common stock, any excess subscription payment
received by the subscription agent will be returned, without interest, as soon as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Expiration Date and Amendments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The subscription period,
during which you may exercise your subscription rights, expires at 5:00 p.m., New York City time, on January 19, 2024, which is
the expiration of the rights offering. If you do not exercise your subscription rights prior to that time, your subscription rights
will expire and will no longer be exercisable. We will not be required to issue shares of our common stock to you if the subscription
agent receives your rights certificate or your subscription payment after that time, regardless of when the rights certificate
and subscription payment were sent. We may extend the expiration of the rights offering for a period not to exceed 30 days by giving
oral or written notice to the subscription agent prior to the expiration of the rights offering, although we do not presently intend
to do so. If we elect to extend the expiration of the rights offering, we will issue a press release announcing such extension
no later than 9:00 a.m., New York City time, on the next business day after the most recently announced expiration of the rights
offering. We will extend the duration of the rights offering as required by applicable law or regulation and may choose to extend
it if we decide to give investors more time to exercise their subscription rights in this rights offering. If we elect to extend
the rights offering for a period of more than 30 days, then holders who have subscribed for rights may cancel their subscriptions
and receive a refund of all money advanced.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors
also reserves the right to amend or modify the terms of the rights offering. If we should make any fundamental changes to the terms
set forth in this prospectus, we will file a post-effective amendment to the registration statement in which this prospectus is
included, offer potential purchasers who have subscribed for rights the opportunity to cancel such subscriptions and issue a refund
of any money advanced by such stockholder and recirculate an updated prospectus after the post-effective amendment is declared
effective with the SEC. In addition, upon such event, we may extend the expiration date of this rights offering to allow holders
of rights ample time to make new investment decisions and for us to recirculate updated documentation. Promptly following any such
occurrence, we will issue a press release announcing any changes with respect to this rights offering and the new expiration date.
The terms of the rights offering cannot be modified or amended after the expiration date of the rights offering. Although we do
not presently intend to do so, we may choose to amend or modify the terms of the rights offering for any reason, including, without
limitation, in order to increase participation in the rights offering. Such amendments or modifications may include a change in
the subscription price although no such change is presently contemplated.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In determining the
subscription price, our board of directors considered recent closing sales and volume weighted average prices for our common stock
and a number of other factors, including: the likely cost of capital from other sources, the price at which our stockholders might
be willing to participate in the rights offering, our need for liquidity and capital and the desire to provide an opportunity to
our stockholders to participate in the rights offering on a pro rata basis.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In conjunction with
its review of these factors, our board of directors also reviewed a range of discounts to market value represented by the subscription
prices in various prior rights offerings of public companies. The subscription price was established at a price of $0.40 per full
share. The subscription price is not necessarily related to our book value, net worth or any other established criteria of value
and may or may not be considered the fair value of our common stock to be offered in the rights offering. We cannot assure you
that the market price of our common stock will not decline during or after the rights offering. We also cannot assure you that
you will be able to sell shares of our common stock purchased during the rights offering at a price equal to or greater than the
subscription price. We urge you to obtain a current quote for our common stock before exercising your subscription rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conditions, Withdrawal and Termination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We reserve the right
to withdraw the rights offering prior to the expiration of the rights offering for any reason. We may terminate the rights offering,
in whole or in part, if at any time before completion of the rights offering there is any judgment, order, decree, injunction,
statute, law or regulation entered, enacted, amended or held to be applicable to the rights offering that in the sole judgment
of our board of directors would or might make the rights offering or its completion, whether in whole or in part, illegal or otherwise
restrict or prohibit completion of the rights offering. We may waive any of these conditions and choose to proceed with the rights
offering even if one or more of these events occur. If we terminate, cancel or withdraw the rights offering, in whole or in part,
we will issue a press release notifying the stockholders of such event, all affected subscription rights will expire without value,
and all excess subscription payments received by the subscription agent will be returned, without interest, as soon as practicable
following such termination, cancellation or withdrawal.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors
may cancel the rights offering at any time prior to the time the rights offering expires for any reason. If we cancel the rights
offering, we will issue a press release notifying stockholders of the cancellation and all subscription payments received by the
subscription agent will be returned, without interest, as soon as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Subscription Agent and Information Agent</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The subscription agent
and the information agent for this offering is Broadridge Corporate Issuer Solutions, LLC. The address to which subscription documents,
rights certificates and subscription payments should be mailed or delivered by hand delivery, first class mail or overnight courier
service is:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Broadridge Corporate Issuer Solutions,
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>By hand delivery or overnight courier,
excluding U.S. Postal Service:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Broadridge Corporate Issuer Solutions,
LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">51 Mercedes Way</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Edgewood, NY 11717</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Broadridge Corporate Issuer Solutions,
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attn: BCIS Re-Organization Dept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">P.O. Box 1317</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Brentwood, NY 11717-0718</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you deliver subscription
documents or rights certificates in a manner different than that described in this prospectus, then we may not honor the exercise
of your subscription rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fees and Expenses</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay all fees
charged by the subscription agent. You are responsible for paying any other commissions, fees, taxes or other expenses incurred
in connection with the exercise of the subscription rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No Fractional Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not issue fractional
shares or cash in lieu of fractional shares. Fractional shares of our common stock resulting from the exercise of the basic subscription
privileges and the over-subscription privileges will be eliminated by rounding down to the nearest whole share, with the total
subscription payment being adjusted accordingly. Any excess subscription payments received by the subscription agent will be returned,
without interest, as soon as practicable.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Medallion Guarantee May Be Required</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Your signature on each
rights certificate must be guaranteed by an eligible institution, such as a member firm of a registered national securities exchange
or a member of the Financial Industry Regulatory Authority, Inc., or a commercial bank or trust company having an office or correspondent
in the United States, subject to standards and procedures adopted by the subscription agent, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">your rights certificate provides that shares are to be delivered to you as record holder of those subscription rights; or</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you are an eligible institution</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; text-indent: 0.5in">You can obtain a signature
guarantee from a financial institution&mdash;such as a commercial bank, savings and loan association, credit union or broker dealer&mdash;that
participates in one of the Medallion signature guarantee programs. The three Medallion signature guarantee programs are the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Transfer Agents Medallion Program (STAMP) whose participants include more than 7,000 U.S. and Canadian financial institutions.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Exchanges Medallion Program (SEMP) whose participants include the regional stock exchange member firms and clearing and trust companies. New York Stock Exchange Medallion Signature Program (MSP) whose participants include NYSE member firms. If a financial institution is not a member of a recognized Medallion signature guarantee program, it would not be able to provide signature guarantees. Also, if you are not a customer of a participating financial institution, it is likely the financial institution will not guarantee your signature. Therefore, the best source of a Medallion Guarantee would be a bank, savings and loan association, brokerage firm, or credit union with whom you do business. The participating financial institution will use a Medallion imprint or stamp to guarantee the signature, indicating that the financial institution is a member of a Medallion signature guarantee program and is an acceptable signature guarantor.</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Nominees</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are a broker,
custodian bank or other nominee holder that holds shares of our common stock for the account of others on the record date, you
should notify the beneficial owners of the shares for whom you are the nominee of the rights offering as soon as possible to learn
their intentions with respect to exercising their subscription rights. You should obtain instructions from the beneficial owner,
as set forth in the instructions we have provided to you for your distribution to beneficial owners. If the beneficial owner so
instructs, you should complete the appropriate rights certificate and submit it to the subscription agent with the proper subscription
payment. If you hold shares of our common stock for the account(s) of more than one beneficial owner, you may exercise the number
of subscription rights to which all beneficial owners in the aggregate otherwise would have been entitled had they been direct
holders of our common stock on the record date, <I>provided </I>that you, as a nominee record holder, make a proper showing to
the subscription agent by submitting the form entitled &ldquo;Nominee Holder Certification,&rdquo; which is provided with your
rights offering materials. If you did not receive this form, you should contact the subscription agent to request a copy.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are a beneficial
owner of shares of our common stock or will receive your subscription rights through a broker, custodian bank or other nominee,
we will ask your broker, custodian bank or other nominee to notify you of the rights offering. If you wish to exercise your subscription
rights, you will need to have your broker, custodian bank or other nominee act for you. If you hold certificates of our common
stock directly and would prefer to have your broker, custodian bank or other nominee act for you, you should contact your nominee
and request it to effect the transactions for you. To indicate your decision with respect to your subscription rights, you should
complete and return to your broker, custodian bank or other nominee the form entitled &ldquo;Beneficial Owner Election.&rdquo;
You should receive this form from your broker, custodian bank or other nominee with the other rights offering materials. If you
wish to obtain a separate rights certificate, you should contact the nominee as soon as possible and request that a separate rights
certificate be issued to you. You should contact your broker, custodian bank or other nominee if you do not receive this form,
but you believe you are entitled to participate in the rights offering. We are not responsible if you do not receive the form from
your broker, custodian bank or nominee or if you receive it without sufficient time to respond.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transferability of Subscription Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The subscription rights
granted to you are non-transferable and, therefore, you may not sell, transfer or assign your subscription rights to anyone.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Validity of Subscriptions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will resolve all
questions regarding the validity and form of the exercise of your subscription rights, including time of receipt and eligibility
to participate in the rights offering. In resolving all such questions, we will review the relevant facts, consult with our legal
advisors and we may request input from the relevant parties. Our determination will be final and binding. Once made, subscriptions
and directions are irrevocable, even if you later learn information that you consider to be unfavorable to the exercise of your
subscription rights and even if the rights offering is extended by our board of directors, and we will not accept any alternative,
conditional or contingent subscriptions or directions. However, if we amend the rights offering to allow for an extension of the
rights offering for a period of more than 30 days or make a fundamental change to the terms set forth in this prospectus, you may
cancel your subscription and receive a refund of any money you have advanced. We reserve the absolute right to reject any subscriptions
or directions not properly submitted or the acceptance of which would be unlawful. You must resolve any irregularities in connection
with your subscriptions before the subscription period expires, unless waived by us in our sole discretion. Neither we nor the
subscription agent shall be under any duty to notify you or your representative of defects in your subscriptions. A subscription
will be considered accepted, subject to our right to withdraw or terminate the rights offering, only when a properly completed
and duly executed rights certificate and any other required documents and the full subscription payment have been received by the
subscription agent. Our interpretations of the terms and conditions of the rights offering will be final and binding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Escrow Arrangements; Return of Funds</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The subscription agent
will hold funds received in payment for shares of our common stock in a segregated account pending completion of the rights offering.
The subscription agent will hold this money in escrow until the rights offering is completed or is withdrawn and canceled. If the
rights offering is canceled for any reason, all subscription payments received by the subscription agent will be returned, without
interest, as soon as practicable. In addition, all subscription payments received by the subscription agent will be returned, without
interest, as soon as practicable, if subscribers decide to cancel their subscription rights in the event that we extend the rights
offering for a period of more than 30 days after the expiration date or if there is a fundamental change to the rights offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You will have no rights
as a holder of the shares of our common stock you purchase in the rights offering, if any, until certificates representing the
shares of our common stock are issued to you. You will have no right to revoke your subscriptions after you deliver your completed
rights certificate, the full subscription payment and any other required documents to the subscription agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not mail this
prospectus or rights certificates to stockholders with addresses that are outside the United States or that have an army post office
or foreign post office address. The subscription agent will hold these rights certificates for their account. To exercise subscription
rights, our foreign stockholders must notify the subscription agent prior to 11:00 a.m., New York City time, at least three business
days prior to the expiration of the rights offering and demonstrate to the satisfaction of the subscription agent that the exercise
of such subscription rights does not violate the laws of the jurisdiction of such stockholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No Revocation or Change</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once you submit the
form of rights certificate to exercise any subscription rights, you are not allowed to revoke or change the exercise or request
a refund of monies paid. All exercises of subscription rights are irrevocable, even if you later learn information that you consider
to be unfavorable to the exercise of your subscription rights and even if the rights offering is extended by our board of directors.
However, if we amend the rights offering to allow for an extension of the rights offering for a period of more than 30 days or
make a fundamental change to the terms set forth in this prospectus, you may cancel your subscription and receive a refund of any
money you have advanced. You should not exercise your subscription rights unless you are certain that you wish to purchase additional
shares of our common stock at the subscription price.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not be required
to issue to you shares of our common stock pursuant to the rights offering if, in our opinion, you are required to obtain prior
clearance or approval from any state or federal regulatory authorities to own or control such shares and if, at the time the rights
offering expires, you have not obtained such clearance or approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. Federal Income Tax Treatment of
Rights Distribution</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our
distribution and any stockholder&rsquo;s receipt and exercise of these subscription rights to purchase shares of our common stock
generally should not be taxable to our stockholders for the reasons described below in &ldquo;Material U.S. Federal Income Tax
Consequences.&rdquo;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No Recommendation to Rights Holders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors
is making no recommendation regarding your exercise of the subscription rights. You are urged to make your decision based on your
own assessment of our business and the rights offering. Please see &ldquo;Risk Factors&rdquo; for a discussion of some of the risks
involved in investing in our common stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The subscription rights
will not be listed or quoted for trading on any stock exchange or market, nor on the OTCQB marketplace or the OTC Bulletin Board.
The shares of our common stock issuable upon exercise of the subscription rights will be available for trading on the OTCQB marketplace
under the symbol &ldquo;NANX.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Shares of Our Common Stock Outstanding
After the Rights Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assuming no outstanding
and vested stock options are exercised prior to the expiration of the rights offering, we expect that there will be 54,627,524
shares of our common stock outstanding immediately after completion of the rights offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are not making the
rights offering in any state or other jurisdiction in which it is unlawful to do so, nor are we distributing or accepting any offers
to purchase any shares of our common stock from subscription rights holders who are residents of those states or other jurisdictions
or who are otherwise prohibited by federal or state laws or regulations from accepting or exercising the subscription rights. We
may delay the commencement of the rights offering in those states or other jurisdictions, or change the terms of the rights offering,
in whole or in part, in order to comply with the securities laws or other legal requirements of those states or other jurisdictions.
Subject to state securities laws and regulations, we also have the discretion to delay allocation and distribution of any shares
you may elect to purchase by exercise of your subscription privileges in order to comply with state securities laws. We may decline
to make modifications to the terms of the rights offering requested by those states or other jurisdictions, in which case, if you
are a resident in those states or jurisdictions or if you are otherwise prohibited by federal or state laws or regulations from
accepting or exercising the subscription rights you will not be eligible to participate in the rights offering. However, we are
not currently aware of any states or jurisdictions that would preclude participation in the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa012"></A>MATERIAL
U.S. FEDERAL INCOME TAX CONSEQUENCES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion
describes the material U.S. federal income tax consequences, as of the date of this prospectus, to U.S. holders (as defined below)
of our common stock of the receipt and exercise (or expiration) of the subscription rights acquired through the rights offering
and the receipt, ownership and sale of the common shares received upon exercise of the basic subscription privilege or, if applicable,
the over-subscription privilege. In connection with the rights offering to be conducted as specified in this prospectus, Taft Stettinius
&amp; Hollister LLP has acted as counsel to Nanophase, has reviewed the following discussion, and is of the opinion that the discussion
contained herein, subject to the limitations set forth herein, fairly summarizes the material U.S. federal income tax consequences
relevant to the rights offering to be conducted as specified in this prospectus. In the following discussion, &ldquo;we&rdquo;
and &ldquo;our&rdquo; refer to Nanophase Technologies Corporation and not Taft Stettinius &amp; Hollister LLP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion applies
to you only if you are a U.S. holder (as defined below), acquire your subscription rights in the rights offering and hold your
subscription rights or common shares issued to you upon exercise of the basic subscription privilege or, if applicable, the over-subscription
privilege, as capital assets within the meaning of section 1221 of the Code. This discussion does not apply to you if you are not
a U.S. holder or if you are a member of a special class of holders subject to special rules, including, without limitation, financial
institutions, regulated investment companies, real estate investment trusts, holders who are dealers in securities or foreign currency,
traders in securities that elect to use a mark-to-market method of accounting for securities holdings, tax-exempt organizations,
insurance companies, persons liable for alternative minimum tax, holders who hold common stock as part of a hedge, straddle, conversion,
constructive sale or other integrated security transaction, holders whose functional currency is not the U.S. dollar, or holders
who received our common stock on which the subscription rights are distributed in satisfaction of our indebtedness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion
is based upon the Code, the Treasury Regulations promulgated thereunder, legislative history, judicial authority and published
rulings, any of which may subsequently be changed, possibly retroactively, or interpreted differently by the IRS, so as to result
in U.S. federal income tax consequences different from those discussed below. The discussion that follows neither binds nor precludes
the IRS from adopting a position contrary to that expressed in this prospectus, and we cannot assure you that such a contrary position
could not be asserted successfully by the IRS or adopted by a court if the position was litigated. We have not sought, and will
not seek, a ruling from the IRS regarding this rights offering. This discussion does not address any tax consequences under foreign,
state, or local tax laws.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are a U.S. holder if you are a beneficial
owner of subscription rights or common stock and you are:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An individual who is a citizen or resident of the United States, including an alien individual who is a lawful permanent resident of the United States or meets the substantial presence test under section 7701(b) of the Code,</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A corporation (or entity classified as a corporation for U.S. federal tax purposes) created or organized, or treated as created or organized, in or under the laws of the United Sates, any state thereof or the District of Columbia,</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An estate whose income is subject to U.S. federal income tax regardless of its source, or</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A trust if (a) a U.S. court can exercise primary supervision over the trust&rsquo;s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust or (b) a valid election is in effect under applicable Treasury Regulations to treat the trust as a U.S. person.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a partnership (including any entity
classified as a partnership for U.S. federal tax purposes) receives the subscription rights or holds the common stock received
upon exercise of the subscription rights, the tax treatment of a partner in such partnership generally will depend upon the status
of the partner and the activities of the partnership. If you are a partnership, you are urged to consult your, and advise your
partners to consult their, own tax advisor as to the U.S. federal income tax consequences of receiving and exercising the subscription
rights and acquiring, holding or disposing of our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EACH HOLDER OF OUR COMMON STOCK IS URGED
TO CONSULT THE HOLDER&rsquo;S OWN TAX ADVISOR REGARDING THE SPECIFIC FEDERAL, STATE, LOCAL AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES
OF THE RECEIPT AND EXERCISE OF SUBSCRIPTION RIGHTS AND THE RECEIPT, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Receipt, Exercise and Expiration of the Subscription Rights;
Tax Basis and Holding Period of Shares Received upon Exercise of the Subscription Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Receipt of the Subscription Rights</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should not recognize
taxable income for U.S. federal income tax purposes in connection with the receipt of subscription rights in the rights offering
if the rights offering is not part of a &ldquo;disproportionate distribution&rdquo; of our stock within the meaning of section
305 of the Code. A disproportionate distribution is a distribution or a series of distributions, including a distribution of subscription
rights for stock or other deemed distributions, that has the effect of the receipt of cash or other property by some stockholders
or holders of debt instruments convertible into stock and an increase in the proportionate interest of other stockholders in a
company&rsquo;s assets or earnings and profits. If a distribution of stock to some stockholders and the receipt of cash and other
property by other stockholders occur more than 36 months from each other, the transactions are presumed not to result in the receipt
of cash or other property by some stockholders and an increase in the proportionate interest of other stockholders unless the transactions
are done pursuant to a plan. During the preceding 36 months, our common stock has been our sole outstanding class of stock, we
have not made any distributions of cash or other property on such stock, and we have not had any convertible debt outstanding.
We also currently do not intend to issue another class of stock or convertible debt or, as stated below, pay any dividends on our
common stock. The existence of our outstanding options and certain other equity-based awards could cause, under certain circumstances
that cannot currently be predicted, the receipt of subscription rights pursuant to the rights offering to be part of a disproportionate
distribution of our stock. We intend to take the position that the outstanding options and other equity-based awards do not cause
the subscription rights issued pursuant to the rights offering to be part of a disproportionate distribution of our stock. For
a discussion of the U.S. federal income tax consequences to you if the rights offering is considered part of a disproportionate
distribution of our stock, see &ldquo;Consequences if the Rights Offering Is Considered Part of a Disproportionate Distribution&rdquo;
below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax Basis in the Subscription Rights</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the fair market
value of the subscription rights you receive is less than 15% of the fair market value of your common stock on the date you receive
your subscription rights, your subscription rights will be allocated a zero tax basis for U.S. federal income tax purposes, unless
you elect to allocate tax basis between your existing common stock and your subscription rights in proportion to the relative fair
market values of the existing common stock and your subscription rights determined on the date of receipt of your subscription
rights. If you choose to allocate tax basis between your existing common stock and your subscription rights, you must make this
election on a statement included with your tax return for the taxable year in which you receive your subscription rights. Such
an election is irrevocable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the fair market
value of your subscription rights is 15% or more of the fair market value of your existing common stock on the date you receive
your subscription rights, then you must allocate your tax basis in your existing common stock between your existing common stock
and your subscription rights in proportion to the relative fair market values determined on the date you receive your subscription
rights. The fair market value of the subscription rights on the date the subscription rights will be distributed is uncertain,
and we have not obtained, and do not intend to obtain, an appraisal of the fair market value of the subscription rights on that
date. In determining the fair market value of the subscription rights, you should consider all relevant facts and circumstances,
including any difference between the subscription price of the subscription rights and the trading price of our common stock on
the date that the subscription rights are distributed, the length of the period during which the subscription rights may be exercised
and the fact that the subscription rights are non-transferable.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Exercise and Expiration of the Subscription
Rights</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You will not recognize
any gain or loss upon the exercise of subscription rights received in the rights offering, and the tax basis of the shares of our
common stock acquired through exercise of the subscription rights will equal the sum of the subscription price for the shares and
your tax basis, if any, in the subscription rights. The holding period for the shares of our common stock acquired through exercise
of the subscription rights will begin on the date the subscription rights are exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you allow subscription
rights received in the rights offering to expire, you generally will not recognize any gain or loss upon the expiration of the
subscription rights. If you have tax basis in the subscription rights and you allow the subscription rights to expire, the tax
basis of our common stock owned by you with respect to which such subscription rights were distributed will be restored to the
tax basis of such common stock immediately before the receipt of the subscription rights in the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Consequences if the Rights Offering
Is Considered Part of a Disproportionate Distribution</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the rights offering
is part of a disproportionate distribution of our stock, the distribution of subscription rights would be taxable to you as a dividend
to the extent that the fair market value of the subscription rights you receive is allocable to our current and accumulated earnings
and profits for the taxable year in which the subscription rights are distributed. We cannot determine prior to the consummation
of the rights offering the extent to which we will have sufficient current and accumulated earnings and profits to cause any distribution
to be treated as a dividend. Dividends received by corporate holders of our common stock will be taxable at ordinary corporate
tax rates subject to any applicable dividends-received deduction. Dividends received by noncorporate holders of our common stock
will be taxed at the holder&rsquo;s net capital gain tax rate (a maximum rate of 20%), provided that the holder meets applicable
holding period and other requirements. If these requirements are not met, the dividends will be taxable to a noncorporate holder
as ordinary income. Any distributions in excess of our current and accumulated earnings and profits will be treated as a tax-free
return of your tax basis in our common stock, and any additional amount of the distributions in excess of your tax basis in our
common stock will be treated as gain from the sale or exchange of our common stock. Regardless of whether the distribution of subscription
rights is treated as a dividend, as a tax-free return of basis or as gain from the sale or exchange of our common stock (or as
a combination thereof), your tax basis in the subscription rights you receive will be their fair market value. Taxable distributions
to a noncorporate holder of our common stock also generally are subject to a 3.8% net investment income tax if the noncorporate
holder&rsquo;s income exceeds certain thresholds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the receipt of subscription
rights is taxable to you as described in the previous paragraph and you allow subscription rights received in the rights offering
to expire, you should recognize a short-term capital loss equal to your tax basis in the expired subscription rights. Your ability
to use any capital loss is subject to certain limitations. You will not recognize any gain or loss upon the exercise of the subscription
rights, and the tax basis of the shares of our common stock acquired through exercise of the subscription rights will equal the
sum of the subscription price for the shares and your tax basis in the subscription rights. The holding period for the shares of
our common stock acquired through the exercise of the subscription rights will begin on the date the subscription rights are exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sale of Shares of Our Common Stock and Receipt of Distributions
on Shares of Our Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You will recognize
capital gain or loss upon the sale of our common stock acquired through the exercise of subscription rights in an amount equal
to the difference between the amount realized and your tax basis in the common stock being sold. The capital gain or loss will
be long-term if your holding period in the shares is more than one year and otherwise will be short-term. Long-term capital gain
recognized by noncorporate holders of our common stock generally will be taxable at a maximum rate of 20%. Long-term capital gain
recognized by corporate holders of our common stock generally will be taxable at ordinary corporate tax rates. Short-term capital
gain generally will be taxable at a maximum rate equal to the maximum rate applicable to the holder&rsquo;s ordinary income. Gain
(whether long-term or short-term) recognized by noncorporate holders of our common stock also may be subject to a 3.8% net investment
income tax if the noncorporate holder&rsquo;s income exceeds certain thresholds. Your ability to use any capital loss is subject
to certain limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions, if any,
on shares of our common stock acquired through the exercise of subscription rights will be taxable to you as a dividend to the
extent that the cash and fair market value of property is allocable to our current and accumulated earnings and profits for the
taxable year in which the distribution is made. Dividends received by corporate holders of our common stock will be taxable at
ordinary corporate tax rates subject to any applicable dividends-received deduction. Dividends received by noncorporate holders
of our common stock will be taxed at the holder&rsquo;s net capital gain tax rate (a maximum rate of 20%), provided that the holder
meets applicable holding period and other requirements. If these requirements are not met, the dividends will be taxable to a noncorporate
holder as ordinary income. Any distributions in excess of our current and accumulated earnings and profits will be treated as a
tax-free return of your tax basis in our common stock, and any additional amount of the distributions in excess of your tax basis
in our common stock will be treated as gain from the sale or exchange of our common stock. Your tax basis in any property you receive
as a distribution on shares of our common stock will be the property&rsquo;s fair market value (regardless of whether the distribution
is treated as a dividend, as a tax-free return of basis or as gain from the sale or exchange of our common stock, or as a combination
thereof). Taxable distributions to a noncorporate holder of our commons stock also generally are subject to a 3.8% net investment
income tax if the noncorporate holder&rsquo;s income exceeds certain thresholds.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information Reporting and Backup Withholding</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may be subject
to information reporting or backup withholding with respect to dividend payments on, or the gross proceeds from, the disposition
of our common stock acquired through the exercise of subscription rights. Backup withholding may apply under certain circumstances
if (1) you fail to furnish your social security or other taxpayer identification number (&ldquo;TIN&rdquo;) to us, (2) the IRS
informs us that you have furnished an incorrect TIN, (3) the IRS informs you that you are subject to backup withholding because
you have failed to report interest or dividends properly on your tax return, or (4) you fail to provide us with a certified statement,
signed under penalty of perjury, that the TIN provided is correct, that you are not subject to backup withholding and that you
are a U.S. person. Any amount withheld from a payment under the backup withholding rules is allowable as a credit against (and
may entitle you to a refund with respect to) your U.S. federal income tax liability, provided that the required information is
furnished to the IRS. Certain persons are exempt from backup withholding, including corporations and financial institutions. You
are urged to consult your own tax advisor as to your qualification for exemption from backup withholding and the procedure for
obtaining such exemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tax Consequences to the Company</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31,
2022, we had NOL carryforwards of approximately $56 million for U.S. federal income tax purposes. An ownership change generally
would produce an annual limitation on the utilization of our pre-ownership change NOLs and certain other tax assets if the aggregate
stock ownership of holders of at least 5% of our stock increases by more than 50 percentage points over any three-year period.
The amount of annual limitation generally is equal to the aggregate value of our stock immediately prior to the ownership change
multiplied by the adjusted federal long-term tax-exempt rate. The purchase of shares of our common stock pursuant to the rights
offering may trigger an ownership change with respect to our stock that results in an annual limitation on the utilization of our
NOLs and certain other tax assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa013"></A>BUSINESS</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a health-oriented,
science-driven company, which, along with our wholly-owned subsidiary, Sol&eacute;sence, LLC (our &ldquo;Sol&eacute;sence beauty
science subsidiary&rdquo;), are focused in various beauty and life-science markets. Our primary skin health products are fully
developed finished prestige skin care products with mineral-based UV protection, marketed and sold through our Sol&eacute;sence
beauty science subsidiary, enabled by our proprietary Active Pharmaceutical Ingredients (&ldquo;APIs&rdquo;) which are also marketed
as APIs for sale to manufacturers of other types of skin health products, including sunscreens and daily care products. Additionally,
we continue to sell products in legacy markets including architectural coatings, industrial coating applications, abrasion-resistant
additives, plastics additives, and surface finishing technologies (polishing) applications&mdash; all of which, along with medical
diagnostics, currently fall into the advanced materials product category.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Leveraging a platform
of integrated patented and proprietary technologies, we create products with unique performance to enhance end-consumers&rsquo;
health and well-being. We offer soup-to-nuts production, from engineered materials, formulation development, and finished product
development, to commercial manufacturing and packaging capabilities. Our expertise in materials engineering allows us to effectively
coat and disperse materials on a nano and &ldquo;non-nano&rdquo; scale for use in a variety of markets in skin health, including
for use in sunscreens as APIs and as fully developed finished prestige skin care products<STRIKE>, </STRIKE>marketed and sold through
our Sol&eacute;sence beauty science subsidiary. We believe that we have developed technological advantages with respect to our
APIs sold for use as ingredients, while our Sol&eacute;sence beauty science technologies lead to enhanced efficacy and aesthetics
in our finished products, which have received broad acceptance in the marketplace. Due to the enhanced efficacy and aesthetic qualities
offered by our proprietary technology platform, Sol&eacute;sence finished products satisfy growing consumer demands around &ldquo;clean&rdquo;
and inclusive beauty. Sol&eacute;sence beauty science also benefits from our vertical integration with each product&rsquo;s key
active ingredient that delivers its point-of-difference. This vertical integration helps us to improve efficiency and avoid potential
major supply chain challenges while also addressing ongoing sustainability efforts.&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Given our technological
position, in addition to the historical market acceptance of our APIs for use in skin health products and sunscreens and, rapidly
growing sales for our suite of Sol&eacute;sence&reg; finished products, in 2021 we announced that we reoriented our strategy. We
continue to see unprecedented demand in the beauty science markets. This market has shown an appetite for what we are producing,
and management believes that this growth is happening now due to a confluence of our technology, market conditions that favor what
we produce, and our expanded expertise in these areas.&#8239;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We, primarily through
Sol&eacute;sence, now partner with brands to develop, manufacture, and market products that enhance lives through healthy skin.
We are focusing our combined business, and product development capabilities on products with unique performance in this area. While
we will continue to produce and sell materials to our other advanced materials customers, it is not our strategic focus. We may
develop additional technologies or find unique applications outside of our core markets in the future, but to maximize the use
of our resources today, we plan on expanding efforts in areas where we have proven we can deliver innovation and growth.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were incorporated
in Illinois on November 25, 1989, and became a Delaware corporation on November 12, 1997. Our common stock trades on the OTCQB
marketplace under the symbol &ldquo;NANX.&rdquo; Our principal office is located at 1319 Marquette Drive, Romeoville, Illinois
60446, and the telephone number at that address is (630) 771-6708. Our website address is www.nanophase.com. Except for those SEC
filings incorporated by reference in this prospectus, none of the information contained on, or that may be accessed through, our
website is a prospectus or constitutes part of, or is otherwise incorporated into, this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 31, 2022,
counsel for Nanophase Technologies Corporation (&ldquo;Nanophase&rdquo;) received a letter from lawyers representing BASF Corporation
(&ldquo;BASF&rdquo;) stating that BASF had filed a complaint against Nanophase in the Superior Court of New Jersey (&ldquo;SCNJ&rdquo;)
on August 9, 2022 (the &ldquo;New Jersey Complaint&rdquo;) and that Nanophase&rsquo;s registered agent for service of process had
been served with the New Jersey Complaint on August 11, 2022. The August 31, 2022 letter from BASF&rsquo;s lawyers was Nanophase&rsquo;s
first notice of the New Jersey Complaint.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Jersey Complaint
claims that Nanophase breached the Zinc Oxide Supply Agreement dated as of September 16, 1999 between Nanophase and BASF, as assignee,
as amended through January 1, 2019 (the &ldquo;Agreement&rdquo;). The New Jersey Complaint specifically alleges that Nanophase
breached the exclusivity provision of the Agreement by selling zinc oxide to entities other than BASF, including sales to Nanophase&rsquo;s
subsidiary Sol&eacute;sence, LLC (&ldquo;Sol&eacute;sence&rdquo;), in markets designated as being in the field of use (the &ldquo;Field&rdquo;)
under the Agreement. The New Jersey Complaint also relatedly alleges that Nanophase breached the capacity and inventory provisions
of the Agreement. In addition, the New Jersey Complaint alleges claims for unjust enrichment and violation of the duty of good
faith and fair dealing. The New Jersey Complaint seeks an unspecified amount of damages, a permanent injunction, counsel fees,
and litigation expenses. The New Jersey Complaint is not seeking termination of the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management believes
that the allegations of BASF&rsquo;s New Jersey Complaint are without merit and are unsupported by the terms of the Agreement and
governing law. On September 8, 2022, Nanophase filed a Motion to Dismiss (&ldquo;MTD&rdquo;) the New Jersey Complaint with the
SCNJ, arguing that BASF&rsquo;s claims in its New Jersey Complaint are not supported by the terms of the Agreement. Following completion
of briefing and a hearing on the MTD, the SCNJ denied Nanophase&rsquo;s MTD on February 10, 2023, finding that under the &ldquo;liberality&rdquo;
standards of New Jersey procedure, the allegations of BASF&rsquo;s complaint were &ldquo;sufficient to survive&rdquo; the MTD.
The SCNJ specifically noted that it did not consider whether BASF could prove its claims. Thereafter, on February 28, 2023, Nanophase
answered BASF&rsquo;s New Jersey Complaint, denying all wrongdoing and, as mandated by New Jersey procedural requirements, filed
two counterclaims: (1) a request for a declaration that contrary to BASF&rsquo;s views, the exclusivity provision of the Agreement
does not apply to all products containing zinc oxide as an ingredient for uses designated under the Agreement nor does the exclusivity
provision prohibit Nanophase&rsquo;s sales of Sol&eacute;sence products containing zinc oxide as an ingredient; and (2) a claim
that BASF had breached its obligations under the Agreement to buy from Nanophase at least 70% of ASF&rsquo;s zinc oxide requirements
for use in the Field. On April 17, 2023, BASF moved to dismiss Nanophase&rsquo;s counterclaims, arguing that the declaratory judgment
claim duplicated BASF&rsquo;s claim for Nanophase&rsquo;s alleged breach of contract and Nanophase&rsquo;s claim for BASF&rsquo;s
breach of its zinc oxide purchase requirements was procedurally insufficient. Following briefing and a hearing on October 6, 2023,
the SCNJ: (1) denied BASF&rsquo;s motion to dismiss Nanophase&rsquo;s declaratory judgment counterclaim, finding that it did not
duplicate BASF&rsquo;s breach of contract claim and that BASF&rsquo;s litigating its claim would not provide Nanophase with complete
relief as to the exclusivity issues raised in the counterclaim; and (2) granted BASF&rsquo;s motion to dismiss Nanophase&rsquo;s
claim for BASF&rsquo;s breach of its zinc oxide purchase requirements on procedural grounds. On October 31, 2023, BASF filed its
answer to Nanophase&rsquo;s declaratory judgment counterclaim, denying the counterclaim. Discovery in the New Jersey litigation
is ongoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 7, 2022,
Nanophase filed a Complaint for Declaratory Judgment against BASF in the Circuit Court of Cook County, Illinois (the &ldquo;Illinois
Complaint&rdquo;). The Illinois Complaint asked the court for a declaration similar to that subsequently sought in Nanophase&rsquo;s
counterclaim in the New Jersey litigation. On November 3, 2022, BASF moved to dismiss Nanophase&rsquo;s Illinois Complaint, arguing
that it duplicates the New Jersey litigation. Following briefing and a hearing, the Illinois court granted BASF&rsquo;s motion
on procedural grounds on March 16, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Given our view of the
New Jersey litigation and its status, we have decided that it is not appropriate to record a contingent liability relating to these
actions at this time.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nanophase intends to
continue negotiating with BASF in good faith to resolve these issues. In the event that an acceptable solution is not reached,
and litigation proceeds, the ultimate resolution cannot now be determined with certainty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa014"></A>MARKET
INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock trades
on the OTCQB marketplace under the trading symbol &ldquo;NANX.&rdquo; On November 16, 2023, there were 120 record holders of our
common stock. This number does not include the number of persons or entities that hold stock in nominee or street name through
various brokerage firms, banks and other nominees. On November 16, 2023, the last closing sales price reported on the OTCQB marketplace
for our common stock was $0.71 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa015"></A>DIVIDEND
HISTORY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never declared
or paid any cash dividends on our common stock and do not currently anticipate paying any cash dividends or other distributions
on our common stock in the foreseeable future. We intend instead to retain any future earnings for reinvestment in our business.
Any future determination to pay cash dividends will be at the discretion of our Board of Directors and will be dependent upon our
financial condition, results of operations, capital requirements and such other factors deemed relevant by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa016"></A>DESCRIPTION
OF CAPITAL STOCK</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a
summary of the material terms of our capital stock. This summary does not purport to be exhaustive and is qualified in its entirety
by reference to our certificate of incorporation, as amended, and by-laws and to the applicable provisions of the DGCL. Copies
of our certificate of incorporation, as amended, and by-laws have been filed with the SEC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our authorized capital
stock consists of 60,024,088 shares. The authorized capital stock is divided into 24,088 shares of preferred stock, par value $.01
per share, and 60,000,000 shares of common stock, par value $.01 per share. As of November 14, 2023, we had issued and outstanding
49,627,524 shares of common stock, held by approximately 120 stockholders of record. As of October 20, 2023, 3,106,834 shares of
our common stock were reserved for issuance upon the exercise of outstanding stock options. Each share of common stock has the
same relative rights as, and is identical in all respects with, each other share of common stock. As of November 14, 2023, no shares
of preferred stock were issued or outstanding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of common stock
are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative voting
rights. Thus, holders of a majority of the shares of common stock entitled to vote in any election of directors may elect all of
the directors standing for election. Holders of common stock are entitled to receive ratably any dividends that may be declared
by our board of directors out of funds legally available for dividends, subject to any preferential dividend rights of outstanding
preferred stock. If we liquidate, dissolve or wind up, the holders of common stock are entitled to receive ratably all of our assets
available after payment of all debts and other liabilities, subject to the prior rights of any outstanding preferred stock. Holders
of common stock have no preemptive, subscription, redemption or conversion rights or any rights to share in any sinking fund. The
rights, preferences and privileges of the holders of common stock are subject to, and may be adversely affected by, the rights
of the holders of shares of any of our outstanding preferred stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of
incorporation authorizes the issuance of preferred stock from time to time in one or more series with rights and privileges that
might be senior to our common stock, without the consent of holders of the common stock. Our certificate also authorizes the board
of directors to fix the powers, rights, designations, preferences, qualifications, limitations and restrictions, and dividend,
voting and conversion rights pertaining to each series of preferred stock that we issue. The issuance of preferred stock with voting
and other rights may adversely affect the voting power of the holders of our common stock and could have the effect of delaying,
deferring or preventing a change in control. We have no present plans to issue any shares of preferred stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 203 of the
DGCL provides that, subject to certain exceptions specified therein, an &ldquo;interested stockholder&rdquo; of a Delaware corporation
may not engage in any business combination with the corporation for a three-year period following the time that such stockholder
becomes an &ldquo;interested stockholder&rdquo; unless (1) prior to such time, the board of directors of the corporation approved
either the business combination or the transaction which resulted in the stockholder becoming an &ldquo;interested stockholder,&rdquo;
(2) upon consummation of the transaction which resulted in the stockholder becoming an &ldquo;interested stockholder,&rdquo; the
interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced
(excluding certain shares), or (3) at or subsequent to such time, the business combination is approved by the board of directors
of the corporation and authorized at an annual or special meeting of stockholders. Under certain circumstances, Section 203 makes
it more difficult for a person who would be an &ldquo;interested stockholder&rdquo; to effect various business combinations with
a corporation for a three-year period, although the stockholders may elect to exclude a corporation from the restrictions imposed
thereunder. Our certificate of incorporation does not exclude us from the restrictions imposed under Section 203. The provisions
of Section 203 may encourage companies interested in acquiring us to negotiate in advance with our board, since the stockholder
approval requirement would be avoided if a majority of the directors then in office approve either the business combination or
the transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the effect
of preventing changes in our management. It is possible that such provisions could make it more difficult to accomplish transactions
which stockholders may otherwise deem to be in their best interests.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Anti-Takeover Provisions of Our Certificate
of Incorporation or By-laws</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of our
certificate of incorporation, by-laws, and Delaware statutory law described in this section may delay or make it more difficult
for someone to acquire us without the approval of our board. These provisions could have the effect of discouraging third parties
from making acquisition proposals although such proposals, if made, might be considered desirable by a majority of our stockholders.
These provisions may also have the effect of making it more difficult for third parties to cause the replacement of our current
management without the concurrence of our board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Classified Board of Directors</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The certificate of
incorporation provides for our board (other than those directors elected solely by any series of preferred stock created by resolution
of our board) to be divided into three classes of directors serving staggered three year terms. As a result, approximately one-third
of our board will be elected each year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe a classified
board will help to assure the continuity and stability of our board, and our business strategies and policies as determined by
our board, because a majority of the directors at any given time will have prior experience as our directors. This provision should
also help to ensure that our board, if confronted with an unsolicited proposal from a third party that has acquired a block of
our voting stock, will have sufficient time to review the proposal and appropriate alternatives and to seek the best available
result for all stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This provision could
prevent a party who acquires control of a majority of the outstanding voting stock from obtaining control of our board until the
second annual stockholders&rsquo; meeting following the date the acquiror obtains the controlling stock interest, could have the
effect of discouraging a potential acquiror from making a tender offer or otherwise attempting to obtain control of us and could
thus increase the likelihood that incumbent directors will retain their positions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Number of Directors; Removal; Vacancies</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of
incorporation and by-laws provide that the number of directors shall not be less than five nor more than nine and, except as may
be provided in the terms of any series of preferred stock created by resolution of our board, shall be determined from time to
time exclusively by resolution adopted by affirmative vote of a majority of our directors then in office. Due to the recent retirement
of Dr. Richard W. Siegel, the board of directors currently consists of four directors. The certificate of incorporation also provides
that our board shall have the exclusive right, except as may be required by law or provided in the terms of any series of preferred
stock created by resolution of our board, to fill vacancies, including vacancies created by expansion of our board. Furthermore,
except as may be required by law or provided in the terms of any preferred stock created by resolution of our board with respect
to the election of directors by the holders of such series, directors may be removed by stockholders only for cause and only by
the affirmative vote of at least 66 2/3% of the voting power of all of the shares of our capital stock then entitled to vote generally
in the election of directors, voting together as a single class. This provision, in conjunction with the provision of the certificate
of incorporation authorizing our board to fill vacant directorships, could prevent stockholders from removing incumbent directors
without cause and filling the resulting vacancies with their own nominees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No Stockholder Action by Written
Consent; Special Meetings</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of
incorporation provides that stockholder action can be taken only at an annual or special meeting of stockholders and cannot be
taken by written consent in lieu of a meeting. Our certificate of incorporation also provides that special meetings of stockholders
can only be called by our board pursuant to a resolution approved by a majority of the board. Stockholders are not permitted to
call a special meeting of stockholders or to require that the board call a special meeting.</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Advance Notice for Raising Business
or Making Nominations at Meetings</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our by-laws establish
an advance notice procedure with regard to stockholder proposals and nominations of individuals for election to the board of directors.
In general, notice of a director nomination for a meeting must be delivered to us at our executive offices not less than 60 days
nor more than 90 days before the date of the annual stockholders&rsquo; meeting (unless we have not publicly disclosed the date
of the meeting at least 70 days prior to the meeting date, in which event the stockholder proposal or director nomination shall
be delivered to us no later than the close of business on the 10th day following the day on which the date of the meeting was publicly
disclosed) and must contain specified information and conform to certain requirements, as set forth in our by-laws. Notice of a
stockholder proposal for an annual meeting must be delivered to us at our executive offices not less than 120 days prior to the
first anniversary of the date that our proxy statement in connection with the prior year&rsquo;s annual meeting was mailed (except
that, if no annual meeting was held in the prior year or if the date of the annual meeting has been changed by more than 30 days
from the prior year&rsquo;s meeting, a proposal must be received by us within 10 days after we publicly disclose the date of the
meeting) and must contain specified information and conform to certain requirements, as set forth in our by-laws. If the presiding
officer at any stockholders&rsquo; meeting determines that a stockholder proposal or director nomination was not made in accordance
with the by-laws, we may disregard such proposal or nomination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notice of any nomination
for election as a director must set forth the name, age, business and residence address of the person or persons to be nominated;
the business experience during the past five years of such person or persons, including the person&rsquo;s principal occupation
or employment during such period, the name and principal business of any corporation or other organization in which such occupation
or employment was carried on, and such other information as to the nature of the person&rsquo;s responsibilities and level of professional
competence as may be sufficient to permit assessment of the person&rsquo;s prior business experience; the class or series and number
of shares of our capital stock beneficially owned by the person and any other information relating to the person that would be
required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies for
election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Amendments to By-Laws</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of
incorporation provides that our board or the holders of at least 66 2/3% of the voting power of all shares of our capital stock
then entitled to vote generally in the election of directors, voting together as a single class, have the power to adopt, alter,
amend or repeal our by-laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Preferred Stock and Additional Common
Stock</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the certificate
of incorporation, our board will have the authority to provide by resolution for the issuance of shares of one or more series of
preferred stock. Our board is authorized to fix by resolution the terms and conditions of each such other series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the
availability of our preferred stock, in each case issuable in series, and additional shares of common stock could facilitate certain
financings and acquisitions and provide a means for meeting other corporate needs which might arise. The authorized shares of our
preferred stock, as well as authorized but unissued shares of common stock will be available for issuance without further action
by our stockholders, unless stockholder action is required by applicable law or the rules of any stock exchange on which any series
of our stock may then be listed, or except as may be provided in the terms of any preferred stock created by resolution of our
board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These provisions give
our board the power to approve the issuance of a series of preferred stock, or additional shares of common stock, that could, depending
on its terms, either impede or facilitate the completion of a merger, tender offer or other takeover attempt. For example, the
issuance of new shares of preferred stock might impede a business combination if the terms of those shares include voting rights
which would enable a holder to block business combinations or, alternatively, might facilitate a business combination if those
shares have general voting rights sufficient to cause an applicable percentage vote requirement to be satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transfer Agent and Registrar</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent and registrar for our common stock is VStock Transfer, LLC and its telephone number is (212) 828-8436 or by email
(</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">action@vstocktransfer.com</FONT>).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock is
traded on the OTCQB marketplace under the symbol &ldquo;NANX.&rdquo;</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa017"></A>DESCRIPTION
OF SUBSCRIPTION RIGHTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Subscription Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are distributing
to the record holders of our common stock as of the record date non-transferable subscription rights to purchase shares of our
common stock. The subscription price of $0.40 per full share was determined by our board of directors after a review of recent
closing sales and volume weighted average prices of our common stock and a number of other factors. The subscription rights will
entitle the holders of our common stock to purchase up to 5,000,000 shares of our common stock for an aggregate purchase price
of approximately $2.0 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each holder of record
of our common stock will receive one subscription right for each share of our common stock owned by such holder as of 5:00 p.m.,
New York City time, on the record date. Each subscription right will entitle the holder to a basic subscription privilege and an
over-subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basic Subscription Privilege</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With your basic subscription
privilege, you may purchase 0.1 shares of our common stock per subscription right, upon delivery of the required documents and
payment of the subscription price of $0.40 per full share, prior to the expiration of the rights offering. You may exercise all
or a portion of your basic subscription privilege. However, if you exercise less than your full basic subscription privilege you
will not be entitled to purchase shares pursuant to your over-subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fractional shares of
our common stock resulting from the exercise of the basic subscription privilege will be eliminated by rounding down to the nearest
whole share, with the total subscription payment being adjusted accordingly. Any excess subscription payments received by the subscription
agent will be returned, without interest, as soon as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will deliver certificates
representing shares of our common stock purchased with the basic subscription privilege as soon as practicable after the rights
offering has expired.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Over-Subscription Privilege</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you fully exercise
your basic subscription privilege and other stockholders do not fully exercise their basic subscription privileges, you may also
exercise an over-subscription right to purchase additional shares of common stock that remain unsubscribed at the expiration of
the rights offering, subject to the availability and pro rata allocation of shares among persons exercising this over-subscription
right. To the extent the number of the unsubscribed shares is not sufficient to satisfy all of the properly exercised over-subscription
rights requests, then the available shares will be prorated among those who properly exercised over-subscription rights based on
the number of shares each rights holder subscribed for under the basic subscription privilege. If this pro rata allocation results
in any stockholder receiving a greater number of common shares than the stockholder subscribed for pursuant to the exercise of
the over-subscription privilege, then such stockholder will be allocated only that number of shares for which the stockholder oversubscribed,
and the remaining common shares will be allocated among all other stockholders exercising the over-subscription privilege on the
same pro rata basis described above. The proration process will be repeated until all shares have been allocated or all over-subscription
exercises have been fulfilled, whichever occurs earlier.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to properly
exercise your over-subscription privilege, you must deliver the subscription payment related to your over-subscription privilege
prior to the expiration of the rights offering. Because we will not know the total number of unsubscribed shares prior to the expiration
of the rights offering, if you wish to maximize the number of shares you purchase pursuant to your over-subscription privilege,
you will need to deliver payment in an amount equal to the aggregate subscription price for the maximum number of shares of our
common stock available to you, assuming that no stockholder other than you has purchased any shares of our common stock pursuant
to their basic subscription privilege and over-subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We can provide no assurances
that you will actually be entitled to purchase the number of shares issuable upon the exercise of your over-subscription privilege
in full at the expiration of the rights offering. We will not be able to satisfy your exercise of the over-subscription privilege
if all of our stockholders exercise their basic subscription privileges in full, and we will only honor an over-subscription privilege
to the extent sufficient shares of our common stock are available following the exercise of subscription rights under the basic
subscription privileges. In no case shall shares purchased under the over-subscription privilege exceed 1.6 times the number of
shares that a stockholder purchased under the basic subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the amount you pay
in connection with the exercise of your over-subscription privilege exceeds the subscription price of the number of shares allocated
to you, you will be allocated only the number of unsubscribed shares available to you, and any excess subscription payment will
be returned to you, without interest, as soon as practicable. If the amount you pay in connection with the exercise of your over-subscription
privilege is less than the subscription price of the maximum number of unsubscribed shares available for purchase under your over-subscription
privilege, you will be allocated only the number of shares for which you actually paid the subscription price.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fractional shares of
our common stock resulting from the exercise of the over-subscription privilege will be eliminated by rounding down to the nearest
whole share, with the total subscription payment being adjusted accordingly. Any excess subscription payments received by the subscription
agent will be returned, without interest, as soon as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will deliver certificates
representing shares of our common stock purchased with the over-subscription privilege as soon as practicable after the expiration
of the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Limitation on the Purchase of Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In no event may a stockholder
exercise over-subscription privileges to the extent that any such exercise would result in the stockholder purchasing more than
1.6 times the number of shares purchased under the basic subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa018"></A>PLAN
OF DISTRIBUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As soon as practicable
after the record date for the rights offering, we will distribute the subscription rights and rights certificates to individuals
who owned shares of our common stock at 5:00 p.m., New York City time, on December 20, 2023. If you wish to exercise your subscription
rights and purchase shares of our common stock, you should complete the rights certificate and return it with payment for the shares
by hand delivery, first class mail or overnight courier service to the subscription agent, Broadridge Corporate Issuer Solutions,
LLC, at the following address:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Broadridge Corporate Issuer Solutions,
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>By hand delivery or overnight courier,
excluding U.S. Postal Service:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Broadridge Corporate Issuer Solutions,
LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">51 Mercedes Way</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Edgewood, NY 11717</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Broadridge Corporate Issuer Solutions,
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attn: BCIS Re-Organization Dept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">P.O. Box 1317</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Brentwood, NY 11717-0718</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &ldquo;The Rights
Offering&mdash;Method of Exercising Subscription Rights.&rdquo; If you have any questions, you should contact Broadridge Corporate
Issuer Solutions, LLC at (888) 789-8409 or by email (shareholder@broadridge.com).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to pay
the subscription agent and the information agent customary fees plus certain expenses in connection with the rights offering. We
have not employed any brokers, dealers or underwriters in connection with the solicitation or exercise of rights in the rights
offering and, except as described herein, no commissions, fees or discounts will be paid in connection with the rights offering.
Some of our employees may solicit responses from you as a holder of subscription rights, but we will not pay our employees any
commissions or compensation for these services other than their normal employment compensation. We estimate that our total expenses
in connection with the rights offering will be approximately $117,500.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than as described
herein, we do not know of any existing agreements between or among any stockholder, broker, dealer, underwriter or agent relating
to the sale or distribution of the underlying common stock.</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa019"></A>PRINCIPAL
STOCKHOLDERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
sets forth, as of November 14, 2023 certain information with respect to the beneficial ownership of our common stock by (1) each
person known by us to own beneficially more than 5% of the outstanding shares of common stock, (2) each of our directors, (3) each
of our named executive officers and (4) all our current executive officers and directors as a group. There were 49,627,254 shares
of common stock outstanding as of November 14, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Name</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beneficially</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Owned (1)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent of</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares Beneficially</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Owned</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bradford T. Whitmore</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,059,732</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63.0</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Janet Whitmore</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,693,145</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jess A. Jankowski</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">584,950</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard W. Siegel, Ph.D.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,938</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin Cureton</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">485,821</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laura M. Beres</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,000</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark E. Miller</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All current executive officers and directors as a group (6 persons)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,279,854</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated below, the person&rsquo;s address
is the same as the address for the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Denotes beneficial ownership of less than one percent.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45px">&nbsp;</TD>
    <TD STYLE="width: 45px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial ownership is determined in accordance with the rules of the SEC. Unless otherwise indicated below, the persons in the above table have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45px">&nbsp;</TD>
    <TD STYLE="width: 45px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 601,410 shares of common stock held by Grace Investments, Ltd., and 30,289,185 shares held by Bradford T. Whitmore, as well as 51,454 shares held by his daughter. Mr. Whitmore is a general partner of Grace Investments, Ltd. In such capacities, Mr. Whitmore shares voting and investment power with respect to the shares of common stock held by the Grace Investments, Ltd. This information is based on information reported on a Form 4 filed on December 15, 2022 with the SEC. The address of the stockholder is 5215 Old Orchard Road, Illinois 60077.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45px">&nbsp;</TD>
    <TD STYLE="width: 45px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes Ms. Whitmore&rsquo;s 47,333 shares of common stock issuable upon exercise of options exercisable currently or within 60 days of October 20, 2023.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45px">&nbsp;</TD>
    <TD STYLE="width: 45px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes Mr. Jankowski&rsquo;s 524,950 shares of common stock issuable upon exercise of options exercisable currently or within 60 days of October 20, 2023, as well as 1,000 shares held by his spouse.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45px">&nbsp;</TD>
    <TD STYLE="width: 45px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes Dr. Siegel&rsquo;s 91,100 shares of common stock issuable upon exercise of options exercisable currently or within 60 days of October 20, 2023. Dr. Siegel retired from the Nanophase Board of Directors effective November 15, 2023.</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45px">&nbsp;</TD>
    <TD STYLE="width: 45px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes Mr. Cureton&rsquo;s 385,000 shares of common stock issuable upon exercise of options exercisable currently or within 60 days of October 20, 2023.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Is composed of Ms. Beres&rsquo; 15,000 shares of common stock issuable upon exercise of options exercisable currently or within 60 days of October 20, 2023.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45px">&nbsp;</TD>
    <TD STYLE="width: 45px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Includes all current executive officers and directors as a group&rsquo;s 1,063,383 shares of common stock issuable upon exercise of options exercisable currently or within 60 days of October 20, 2023.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa020"></A>LEGAL
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the
rights and the shares of common stock offered by this prospectus have been passed upon for us by Taft Stettinius&nbsp;&amp;&nbsp;Hollister
LLP.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa021"></A>EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of Nanophase Technologies Corporation as of December 31, 2022 and 2021 and for each of the years in the two-year period
ended December 31, 2022, incorporated in this Prospectus by reference from the Nanophase Technologies Corporation Annual Report
on Form 10-K for the year ended December 31, 2022 have been audited by RSM US LLP, an independent registered public accounting
firm, as stated in their report thereon, incorporated herein by reference, and have been incorporated in this Prospectus and Registration
Statement in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa022"></A>AVAILABLE
INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We file periodic reports,
proxy statements and other information with the SEC. Our filings are available to the public over the Internet at the SEC&rsquo;s
web site at http://www.sec.gov. Additionally, we make these filings available, free of charge, on our website at www.nanophase.com
as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. Except for those
SEC filings incorporated by reference in this prospectus, none of the information contained on, or that may be accessed through,
our website is a prospectus or constitutes part of, or is otherwise incorporated into, this prospectus, and should not be relied
upon in connection with making any investment decision with respect to our common stock. We will also provide you with a copy of
any or all of the reports or documents that have been incorporated by reference into this prospectus or the registration statement
of which it is a part upon written or oral request, and at no cost to you. If you would like to request any reports or documents
from the Company, please contact Investor Relations at Nanophase Technologies Corporation, 1319 Marquette Drive, Romeoville, Illinois
60446, (630) 771-6708.<BR STYLE="clear: both">
</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="nano001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subscription Rights to Purchase up to
5,000,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of Common Stock of Nanophase Technologies
Corporation at $0.40 per Full Share</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December<FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2023</FONT></B></P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PART
II</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="nanoa023"></A>INFORMATION
NOT REQUIRED IN PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 13. Other Expenses of Issuance and Distribution</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Registration Fee</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">295</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Fees and Expenses*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Fees and Expenses*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Agent and Information Agent Fees*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing and Mailing Expenses*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,205</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,500</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Expenses*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">117,500</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*Estimated solely for the purpose of this
Item. Actual expenses may vary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 14. Indemnification of Directors
and Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of
incorporation, as amended, provides that all directors, officers, employees and agents of the registrant shall be entitled to be
indemnified by us to the fullest extent permitted by the Delaware General Corporation Law, or the DGCL. Under Section 145 of the
DGCL, we are permitted to offer indemnification to our directors, officers, employees and agents. Our policy is to offer the fullest
extent of indemnification permitted under Delaware law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 145 of the
DGCL concerning indemnification of officers, directors, employees and agents is set forth below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Section 145.
Indemnification of officers, directors, employees and agents; insurance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) A corporation shall
have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of
the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or
is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted
in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation,
and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person&rsquo;s conduct was unlawful.
The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere
or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the
person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, had reasonable cause to believe that the person&rsquo;s conduct was unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) A corporation shall
have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed
action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is
or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including
attorneys&rsquo; fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action
or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests
of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court
in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view
of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court
of Chancery or such other court shall deem proper.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) To the extent that
a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of any action,
suit or proceeding referred to in subsections (a) and (b) of this section, or in defense of any claim, issue or matter therein,
such person shall be indemnified against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such person
in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) Any indemnification
under subsections (a) and (b) of this section (unless ordered by a court) shall be made by the corporation only as authorized in
the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper
in the circumstances because the person has met the applicable standard of conduct set forth in subsections (a) and (b) of this
section. Such determination shall be made, with respect to a person who is a director or officer of the corporation at the time
of such determination:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1) by a majority vote
of the directors who are not parties to such action, suit or proceeding, even though less than a quorum; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2) by a committee
of such directors designated by majority vote of such directors, even though less than a quorum; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3) if there are no
such directors, or if such directors so direct, by independent legal counsel in a written opinion; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4) by the stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) Expenses (including
attorneys&rsquo; fees) incurred by an officer or director of the corporation in defending any civil, criminal, administrative or
investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit
or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately
be determined that such person is not entitled to be indemnified by the corporation as authorized in this section. Such expenses
(including attorneys&rsquo; fees) incurred by former directors and officers or other employees and agents of the corporation or
by persons serving at the request of the corporation as directors, officers, employees or agents of another corporation, partnership,
joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) The indemnification
and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive
of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement,
vote of stockholders or disinterested directors or otherwise, both as to action in such person&rsquo;s official capacity and as
to action in another capacity while holding such office. A right to indemnification or to advancement of expenses arising under
a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an amendment to the certificate
of incorporation or the bylaws after the occurrence of the act or omission that is the subject of the civil, criminal, administrative
or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision
in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such action or omission
has occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) A corporation shall
have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person
in any such capacity, or arising out of such person&rsquo;s status as such, whether or not the corporation would have the power
to indemnify such person against such liability under this section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) For purposes of
this section, references to &ldquo;the corporation&rdquo; shall include, in addition to the resulting corporation, any constituent
corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence
had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person
who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such
constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, shall stand in the same position under this section with respect to the resulting or surviving corporation as
such person would have with respect to such constituent corporation if its separate existence had continued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) For purposes of
this section, references to &ldquo;other enterprises&rdquo; shall include employee benefit plans; references to &ldquo;fines&rdquo;
shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to &ldquo;serving
at the request of the corporation&rdquo; shall include any service as a director, officer, employee or agent of the corporation
which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit
plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to
be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner
&ldquo;not opposed to the best interests of the corporation&rdquo; as referred to in this section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) The indemnification
and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized
or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit
of the heirs, executors and administrators of such a person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k) The Court of Chancery
is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of expenses or indemnification brought
under this section or under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise. The Court of Chancery
may summarily determine a corporation&rsquo;s obligation to advance expenses (including attorneys&rsquo; fees).&rdquo;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Article VIII of our
certificate of incorporation, as amended, provides:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A. Indemnification
of Officers and Directors: The Corporation shall:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. indemnify, to the
fullest extent permitted by the DGCL, any director and any officer, employee or agent of the Corporation selected by the Board
of Directors for indemnification, such selection to be evidenced by an indemnification agreement, who was or is a party or is threatened
to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (other than an action by or in the right of the Corporation) by reason of the fact that such person is or was
a director, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, or if such person has previously been designated for indemnification by
a resolution of the Board of Directors, an officer, employee or agent of the Corporation, against expenses (including attorneys&rsquo;
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such
action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in, or not
opposed to, the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause
to believe such person&rsquo;s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did
not act in good faith and in a manner which such person reasonably believed to be in, or not opposed to, the best interests of
the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person&rsquo;s
conduct was unlawful; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. indemnify any director
and any officer, employee or agent of the Corporation selected by the Board of Directors for indemnification, such selection to
be evidenced by an indemnification agreement, who was or is a party or is threatened to be made a party to any threatened, pending
or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that
such person is or was a director, or is or was serving at the request of the Corporation as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise, or if such person has previously been designated
for indemnification by a resolution of the Board of Directors, an officer, employee or agent of the Corporation, against expenses
(including attorneys&rsquo; fees) actually and reasonably incurred by him in connection with the defense or settlement of such
action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the
best interests of the Corporation and except that no indemnification shall be made in respect of any claim, issue or matter as
to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery
or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability
but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses
which the Court of Chancery or such other court shall deem proper; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. indemnify any director,
officer, employee or agent against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such person in
connection therewith, to the extent that such director, officer, employee or agent of the Corporation has been successful on the
merits or otherwise in defense of any action, suit or proceeding referred to in Article VIII.A.1. and 2., or in defense of any
claim, issue or matter therein; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4. make any indemnification
under Article VIII.A.1. and 2. (unless ordered by a court) only as authorized in the specific case upon a determination that indemnification
of the director, officer, employee or agent is proper in the circumstances because such director, officer, employee or agent has
met the applicable standard of conduct set forth in Article VIII.A.1. and 2. Such determination shall be made (1) by the Board
of Directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, or
(2) if such a quorum is not obtainable, or, even if obtainable a quorum of disinterested directors so directs, by independent legal
counsel in a written opinion, or (3) by the stockholders of the Corporation; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5. pay expenses incurred
by a director or officer in defending a civil or criminal action, suit or proceeding in advance of the final disposition of such
action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it
shall ultimately be determined that such director or officer is not entitled to be indemnified by the Corporation as authorized
in this Article VIII.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
to the contrary in this Article VIII.A, (i) the Corporation shall not be obligated to indemnify a director, officer or employee
or pay expenses incurred by a director, officer or employee with respect to any threatened, pending, or completed claim, suit or
action, whether civil, criminal, administrative, investigative or otherwise (&ldquo;Proceedings&rdquo;) initiated or brought voluntarily
by a director, officer or employee and not by way of defense (other than Proceedings brought to establish or enforce a right to
indemnification under the provisions of this Article VIII unless a court of competent jurisdiction determines that each of the
material assertions made by the director, officer or employee in such Proceedings were not made in good faith or were frivolous)
and (ii) the Corporation shall not be obligated to indemnify a director, officer or employee for any amount paid in settlement
of a Proceeding covered hereby without the prior written consent of the Corporation to such settlement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6. not deem the indemnification
and advancement of expenses provided by, or granted pursuant to, the other subsections of this Article VIII as exclusive of any
other rights to which those seeking indemnification or advancement of expenses may be entitled under any By-law, agreement, or
vote of stockholders or disinterested directors or otherwise, both as to action in such director&rsquo;s or officer&rsquo;s official
capacity and as to action in another capacity while holding such office; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7. have the right,
authority and power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent
of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred
by such person in any such capacity, or arising out of such person&rsquo;s status as such, whether or not the Corporation would
have the power to indemnify such person against such liability under the provisions of this Article VIII; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8. deem the provisions
of this Article VIII to be a contract between the Corporation and each director, or appropriately designated officer, employee
or agent who serves in such capacity at any time while this Article VIII is in effect and any repeal or modification of this Article
VIII shall not affect any rights or obligations then existing with respect to any state of facts then or theretofore existing or
any action, suit or proceeding theretofore or thereafter brought or threatened based in whole or in part upon such state of facts.
The provisions of this Article VIII shall not be deemed to be a contract between the Corporation and any directors, officers, employees
or agents of any other corporation (the &ldquo;Second Corporation&rdquo;) which shall merge into or consolidate with this Corporation
when this Corporation shall be the surviving or resulting Corporation, and any such directors, officers, employees or agents of
the Second Corporation shall be indemnified to the extent required under the DGCL only at the discretion of the board of directors
of this Corporation; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9. continue the indemnification
and advancement of expenses provided by, or granted pursuant to, this Article VIII, unless otherwise provided when authorized or
ratified, as to a person who has ceased to be a director, officer, employee or agent of the Corporation and shall inure to the
benefit of the heirs, executors and administrators of such a person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B. Elimination of Certain
Liability of Directors: No director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary
damages for breach of fiduciary duty as a director, provided, however, that this provision shall not eliminate or limit the liability
of a director (i) for any breach of the director&rsquo;s duty of loyalty to the Corporation or its stockholders, (ii) for acts
or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of
the DGCL, as the same exists or may hereafter be amended, or (iv) for any transaction from which the director derived an improper
personal benefit. If the DGCL is amended to authorize the further elimination or limitation of liability of directors, then the
liability of a director of the Corporation existing at the time of such elimination or limitation, in addition to the limitation
on personal liability provided herein, shall be limited to the fullest extent permitted by the amended DGCL. Any repeal or modification
of this Article VIII by the stockholders of the Corporation shall be prospective only, and shall not adversely affect any limitation
on the personal property of a director of the Corporation existing at the time of such repeal or modification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into
indemnification agreements with certain of our officers and all the members of our board of directors. The indemnification agreements
provide for the indemnification, advancement and reimbursement of certain liabilities and expenses to the fullest extent permitted
by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 15. Recent Sales of Unregistered
Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 16. Exhibits</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See the Exhibit Index attached hereto and
incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 17. Undertakings</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned registrant hereby undertakes:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission
(the &ldquo;Commission&rdquo;) pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
than 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table
in the effective registration statement; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement; <I>provided, however</I>, that: Paragraphs (a)(1)(i),
(a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13
or Section 15(d) of the Securities and Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), that are incorporated
by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part
of the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on
Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information
required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. <I>Provided, however</I>, that no statement made
in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to
a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such effective date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
by the undersigned registrant;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></TD></TR></TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has duly caused this amended registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of Romeoville, State of Illinois, on December 19, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NANOPHASE TECHNOLOGIES CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jess A. Jankowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jess A. Jankowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>President and Chief Executive Officer</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><A NAME="poa"></A>KNOW BY ALL PERSONS
BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Jess A. Jankowski, his or her attorney-in-fact,
with the power of substitution, for him or her in any and all capacities, to sign this Registration Statement and any or all amendments,
including post-effective amendments to the Registration Statement, including a prospectus or an amended prospectus therein and
any Registration Statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities
Act of 1933 and all other documents in connection therewith to be filed with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite
and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact as agents or any of them, or their substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated
as of December 19, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="vertical-align: bottom">
    <TD STYLE="width: 51%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">s/ Jess A. Jankowski</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, Chief Executive Officer, and Director</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jess A. Jakowski</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ R. Janet Whitmore</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Janet Whitmore</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Laura M. Beres</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laura M. Beres</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Mark E. Miller</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark E. Miller</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT INDEX</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/0000950137-98-001318.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></A></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan and Agreement of Merger dated as of November 25, 1997 by and between the Company and its Illinois predecessor, incorporated by reference to Exhibit 2 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 1997 (the &ldquo;1997 10-K&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/0000950137-98-001318.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to the 1997 10-K.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000095013706008184/c07040exv99w1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Amendment to the Certificate of Incorporation of the Company dated July 27, 2006, incorporated by reference to Exhibit 99.3 to the Company&rsquo;s Current Report on Form 8-K filed July 27, 2006.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312510156263/ddef14a.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amendment to the Certificate of Incorporation of the Company dated August 23, 2010, incorporated by reference to Exhibit A of the Company&rsquo;s Definitive Proxy Statement on Schedule 14A filed July 9, 2010.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312516695341/d128490dex31.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Amendment to the Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed August 29, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713119008979/ex3-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fourth Amendment to the Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed November 22, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713119008979/ex3-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifth Amendment to the Certificate of Incorporation of the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/0000950137-98-001318.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-Laws of the Company, incorporated by reference to Exhibit 3.2 to the 1997 10-K.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/0000950124-97-005666.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen stock certificate representing common stock, incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Registration Statement on Form S-1/A filed November 4, 1997 (File No. 333-36937) (the &ldquo;Form S-1/A&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/0000950124-97-005025-index.html">4.2</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrants, incorporated by reference to Exhibit 4.2 to the Company&rsquo;s Registration Statement on Form S-1 filed October 1, 1997 (File No. 333-36937) (the &ldquo;IPO S-1&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/0000950137-99-000697.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designations of Series A Junior Participating Preferred Stock, incorporated by reference to Exhibit 4.4 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 1998.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000095013706009508/c08103exv99w1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Purchase Agreement dated August 25, 2006 between the Company and Rohm and Haas Electronic Materials CMP Holdings, Inc., incorporated by reference to Exhibit 99.1 to the Company&rsquo;s Current Report on Form 8-K filed August 28, 2006, SEC File No. 000-22333.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000095013706009508/c08103exv99w2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement dated August 25, 2006 between the Company and Rohm and Haas Electronic Materials CMP Holdings, Inc., incorporated by reference to Exhibit 99.2 to the Company&rsquo;s Current Report on Form 8-K filed August 28, 2006.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312516457564/d132490dex41.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock Purchase Agreement, dated February 10, 2016, between the Company and Bradford T. Whitmore, incorporated by reference to Exhibit 4.1 of the Company&rsquo;s Current Report on Form 8-K filed February 10, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713117005930/ex4-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock Purchase Agreement, dated December 19, 2017, between the Company and Bradford T. Whitmore, incorporated by reference to Exhibit 4.1 of the Company&rsquo;s Current Report on Form 8-K filed December 21, 2017.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713119003693/ex4-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></A></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock Purchase Agreement, dated May 13, 2019, between the Company and Bradford T. Whitmore, incorporated by reference to Exhibit 4.1 of the Company&rsquo;s Quarterly Report on Form 10-Q filed May 15, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713119008754/ex4-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Purchase Agreement, dated November 13, 2019, between the Company and Bradford T. Whitmore, incorporated by reference to Exhibit 4.1 of the Company&rsquo;s Quarterly Report on Form 10-Q filed November 14, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713119008754/ex4-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercial Security Agreement, dated November 20, 2019, between the Company, Sol&eacute;sence, LLC and Bradford T. Whitmore, incorporated by reference to Exhibit 4.2 of the Company&rsquo;s Quarterly Report on Form 10-Q filed November 14, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex4-11.htm">4.11</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Rights Certificate</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1**</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Taft Stettinius &amp; Hollister LLP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex8-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1**</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Taft Stettinius &amp; Hollister LLP as to certain tax matters.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 6%"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312505051229/dex1032.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrial Building Lease dated September 15, 2004 between the Company and the Village of Burr Ridge, incorporated by reference to Exhibit 10.32 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2004 (the &ldquo;2004 10-K&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000095013701000921/c60965ex10-23.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrial Building Lease Agreement between Centerpoint Properties Trust (formerly CP Financing Trust) and the Company, dated June 15, 2000, incorporated by reference to Exhibit 10.23 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2000 (the &ldquo;2000 10-K&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312505205040/dex991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease Amendment effective October 1, 2005 between the Company and Centerpoint Properties Trust, incorporated by reference to Exhibit 99.1 to the Company&rsquo;s Current Report on Form 8-K filed October 20, 2005.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312515108088/d842536dex104.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amendment to Industrial Lease Agreement, dated as of November 13, 2014 between the Company and MLRP 1319 Marquette LLC, successor-in-interest to Centerpoint Properties Trust, incorporated by reference to Exhibit 10.4 to the Company&rsquo;s Annual Report on Form 10- K for the year ended December 31, 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312516741320/d267663dex101.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Amendment to Industrial Lease Agreement, entered into on October 17, 2016 and effective October 1, 2016, by and between the Company and 1319 Marquette, LLC, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed October 19, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312512017484/d284617dex101.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutual Cooperation Agreement entered into on January 17, 2012, by and among the Company, C.I. Kasei Co., Ltd. and CIK NanoTek Corporation, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed January 20, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312512149270/d329220dex101.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trademark Ownership Assignment Agreement, dated March 31, 2012, between the Company and CIK NanoTek Corporation, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed April 4, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312512149270/d329220dex102.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum on the Payment of Royalty, dated March 31, 2012, between the Company and CIK NanoTek Corporation, incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K filed April 4, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/0000950124-97-005666.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supply Agreement between the Company and Schering-Plough HealthCare Products, Inc. dated as of March 15, 1997, incorporated by reference to Exhibit 10.17 to the Form S-1/A.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000095013700001466/0000950137-00-001466.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</FONT></A></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc Oxide Supply Agreement dated as of September 16, 1999 between the Company and BASF Corporation, as assignee, incorporated by reference to Exhibit 10.22 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 1999.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000095013701000921/c60965ex10-24.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1 to Zinc Oxide Supply Agreement dated as of January, 2001 between the Company and BASF Corporation, incorporated by reference to Exhibit 10.24 to the 2000 10-K.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000095013103001833/dex1026.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 2. to Zinc Oxide Supply Agreement dated as of March 17, 2003 between the Company and BASF Corporation, incorporated by reference to Exhibit 10.26 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2002 (the &ldquo;2002 10-K&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312512493208/d450148dex101.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 3 to Zinc Oxide Supply Agreement entered into on December 12, 2012, between the Company and BASF Corporation, incorporated by reference to Exhibit 10.1 of the Company&rsquo;s Current Report on Form 8-K filed December 6, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713119003693/ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 4 to Zinc Oxide Supply Agreement, dated as of January 1, 2019 and entered into on March 11, 2019, between the Company and BASF Corporation, incorporated by reference to Exhibit 10.1 of the Company&rsquo;s Quarterly Report on Form 10-Q filed May 15, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000095013706007037/c06160exv99w1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Z-COTE HP-2 Brand Supply Agreement dated May 15, 2006 between the Company and BASF Corporation, incorporated by reference to Exhibit 99.1 to the Company&rsquo;s Current Report on Form 8-K filed June 20, 2006.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000095013706009508/c08103exv99w3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Z-COTE HP-2 Brand Supply Agreement dated May 15, 2006 between the Company and BASF Corporation, incorporated by reference to Exhibit 99.1 to the Company&rsquo;s Current Report on Form 8-K filed June 20, 2006.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 6%"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312509063068/dex1056.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supply Agreement effective as of March 23, 2009, between the Company and Rohm and Haas Electronic Materials CMP Inc., incorporated by reference to Exhibit 10.56 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2008.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312505213135/dex991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributor Agreement dated October 24, 2005 between Johnson Matthey Catalog Company, Inc., d/b/a ALFA AESAR and the Company, incorporated by reference to Exhibit 99.1 to the Company&rsquo;s Current Report on Form 8-K filed November 1, 2005.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312506049696/dex991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supply Agreement dated March 3, 2006 between Roche Diagnostics GmbH and the Company, incorporated by reference to Exhibit 99.1 to the Company&rsquo;s Current Report on Form 8-K filed March 9, 2006.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312514424621/d826939dex101.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.20</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Amendment to the Supply Agreement entered into on November 19, 2014 between the Company and Roche Diagnostics GmbH, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed November 25, 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713116008205/ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amendment to the Supply Agreement, entered into on November 21, 2016, between the Company and Roche Diagnostics GmbH, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed November 28, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/0000883107/000183988223007887/ex10-22.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Amendment to the Supply Agreement, entered into on February 3, 2023, between the Company and Roche Diagnostics GmbH.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312504053619/dex1029.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.23</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Development Agreement dated March 23, 2004 between the Company and Altana Chemie AG, incorporated by reference to Exhibit 10.29 to the 2003 10-K.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312508153656/dex991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.24</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement dated July 7, 2008 between the Company and Altana Chemie GmbH, incorporated by reference to Exhibit 99.1 to the Company&rsquo;s Current Report on Form 8-K filed July 18, 2008.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312510197018/dex101.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.25</FONT></A></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement and Termination Agreement, dated August 20, 2010, between the Company and Altana Chemie GmbH, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed August 25, 2010.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312516532340/d177601dex101.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.26</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supply Agreement, dated as of March 31, 2016, between the Company and Ester Solutions Company, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed April 6, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713118002377/ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.27</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Amendment to Supply Agreement, dated May 21, 2018, by and between Nanophase Technologies Corporation and Hallstar Ester Solutions Corporation (formerly known as Ester Solutions Company), incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed May 25, 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713119005703/ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.28</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Development Agreement, dated as of July 31, 2019, between the Company and Sumitomo Corporation of Americas, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed August 2, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713118002344/ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.29</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Development &amp; Supply Agreement, dated December 12, 2016, by and between Sol&eacute;sence, LLC and Colorescience Inc., incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed May 24, 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713118002344/ex10-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.30</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Joint Development &amp; Supply Agreement, executed by Sol&eacute;sence, LLC on May 18, 2018, by and between Sol&eacute;sence, LLC and Colorescience Inc., incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed May 24, 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312515085098/d889435dex102.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.31</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note, dated March 4, 2015, granted by the Company in favor of Libertyville Bank and Trust Company, incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K filed March 10, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312515085098/d889435dex103.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.32</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercial Security Agreement, dated March 4, 2015, between the Company and Libertyville Bank and Trust Company, incorporated by reference to Exhibit 10.3 to the Company&rsquo;s Current Report on Form 8-K filed March 10, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312516499319/d156543dex102.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.33</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Terms Agreement, dated March 4, 2016, between the Company and Libertyville Bank and Trust Company, incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K filed March 10, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 6%"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713117001688/ex10-32.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.34</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Terms Agreement, dated February 14, 2017, between the Company and Libertyville Bank and Trust Company, incorporated by reference to Exhibit 10.32 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713118001319/ex10-34.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.35</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note, executed by the Company on March 26, 2018, granted by the Company in favor of Libertyville Bank and Trust Company, incorporated by reference to Exhibit 10.34 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713118001319/ex10-35.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.36</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercial Security Agreement, executed by the Company on March 26, 2018, between the Company and Libertyville Bank and Trust Company, incorporated by reference to Exhibit 10.35 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713119002520/ex10-32.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.37</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Loan Agreement, executed by the Company on March 22, 2019, between the Company and Libertyville Bank and Trust Company, incorporated by reference to the Exhibit 10.32 of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713119002520/ex10-33.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.38</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Terms Agreement, executed by the Company on March 22, 2019, between the Company and Libertyville Bank and Trust Company, incorporated by reference to the Exhibit 10.33 of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2018.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713118006333/ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.39</FONT></A></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Loan Agreement, dated November 16, 2018, between the Company and Beachcorp, LLC, incorporated by reference to the Company&rsquo;s Quarterly Report on Form 10-Q filed November 19, 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713118006333/ex10-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.40</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note, dated November 19, 2018, made by the Company and payable to the order of Beachcorp, LLC to evidence a term loan in the original principal amount of up to $500,000, incorporated by reference to the Company&rsquo;s Quarterly Report on Form 10-Q filed November 19, 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713118006333/ex10-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.41</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note, dated November 19, 2018, made by the Company and payable to the order of Beachcorp, LLC to evidence revolving borrowings in a principal amount of up to $2,000,000, incorporated by reference to the Company&rsquo;s Quarterly Report on Form 10-Q filed November 19, 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713120003364/ex10-42.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.42</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Amendment to Business Loan Agreement, dated March 23, 2020, between the Company and Beachcorp, LLC, incorporated by reference to the Company&rsquo;s Annual Report on Form 10-K filed March 30, 2020.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713121004771/ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.43</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fourth Amendment to Business Loan Agreement, dated April 21, 2021, between the Company and Beachcorp, LLC, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed April 21, 2021.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713122001217/ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.44</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Loan Agreement, dated January 28, 2022, between the Company and Beachcorp, LLC, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed February 2, 2022.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713122001217/ex10-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.45</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Loan Agreement, dated January 28, 2022, between the Company and Strandler, LLC, incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K filed February 2, 2022.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713122001217/ex10-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.46</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Business Loan Agreement, dated January 28, 2022, between the Company and Beachcorp, LLC, incorporated by reference to Exhibit 10.3 to the Company&rsquo;s Current Report on Form 8-K filed February 2, 2022.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713122001217/ex10-4.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.47</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Replacement Promissory Note, dated January 28, 2022, made by the Company and payable to the order of Beachcorp, LLC to evidence revolving borrowings in a principal amount of up to $8,000,000, incorporated by reference to Exhibit 10.4 to the Company&rsquo;s Current Report on Form 8-K filed February 2, 2022.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713122001217/ex10-5.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.48</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note, dated January 28, 2022, made by the Company and payable to the order of Strandler, LLC to evidence a term loan in the original principal amount of up to $1,000,000, incorporated by reference to Exhibit 10.5 to the Company&rsquo;s Current Report on Form 8-K filed February 2, 2022.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713122001217/ex10-6.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.49</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note, dated January 28, 2022, made by the Company and payable to the order of Beachcorp, LLC to evidence revolving borrowings in a principal amount of up to $4,000,000, incorporated by reference to Exhibit 10.6 to the Company&rsquo;s Current Report on Form 8-K filed February 2, 2022.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312509172982/dex103.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. 50</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement effective August 12, 2009 between the Company and Jess Jankowski, incorporated by reference to Exhibit 10.3 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009.</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312513133828/d444033dex1036.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.51</FONT></A></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement dated November 28, 2012, between the Company and Kevin Cureton, incorporated by reference to Exhibit 10.36 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312504165579/dex4.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.52</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanophase Technologies Corporation 2004 Equity Compensation Plan (&ldquo;2004 Equity Plan&rdquo;), incorporated by reference to Exhibit 4 to the Company&rsquo;s Registration Statement on Form S-8.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312508158144/dex101.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.53</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2008 Long-Term Cash Incentive Plan, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed July 25, 2008.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312516695341/d128490dex101.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.54</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanophase Technologies Corporation 2010 Equity Compensation Plan, as amended, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed August 29, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000119312514119638/d667758dex1047.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.55</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Stock Option Award Agreement under the 2010 Equity Compensation Plan, incorporated by reference to Exhibit 10.47 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2013.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713119008979/ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.56</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanophase Technologies Corporation 2019 Equity Compensation Plan, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed November 22, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713117001688/ex10-50.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.57</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building Lease, dated as of September 15, 2010, between the Company and the Village of Burr Ridge, incorporated by reference to Exhibit 10.50 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713117001688/ex10-51.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.58</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building Lease, dated as of March 13, 2017, between the Company and the Village of Burr Ridge, incorporated by reference to Exhibit 10.51 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713117003519/ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.59</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Know-How License Agreement, executed by the Company on June 26, 2017, between the Company and Eminess Technologies, Inc., incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed June 29, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713117003519/ex10-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. 60</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Supply Agreement, executed by the Company on June 26, 2017, between the Company and Eminess Technologies, Inc., incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K filed June 29, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713117003519/ex10-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.61</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology Development Agreement, executed by the Company on June 26, 2017, between the Company and Eminess Technologies, Inc., incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K filed June 29, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713117003519/ex10-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.62</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Supply Agreement, effective April 1, 2021, between Sol&eacute;sence, LLC and Ilia Beauty, Inc., incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed June 14, 2021.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000138713117001688/ex10-51.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.63</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease, effective December 1, 2021, between the Company and FR JH 10, LLC, incorporated by reference to Exhibit 10.1 of the Company&rsquo;s Current Report on Form 8-K filed December 9, 2021.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000199937123000211/ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.64</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">First Amendment to Amended and Restated Business Loan Agreement,
        dated November 13, 2023, between the Company and Beachcorp, LLC, incorporated by reference to Exhibit 10.1 to the Company&rsquo;s
        Quarterly Report on Form 10-Q filed November 14, 2023.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000199937123000211/ex10-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.65</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Replacement Promissory
        Note, dated November 13, 2023,&nbsp;made by the Company and payable to the order of Beachcorp, LLC to evidence revolving borrowings
        in a principal amount of up to $5,200,000</FONT>, incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Quarterly Report
        on Form 10-Q filed November 14, 2023<FONT STYLE="background-color: white">.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000199937123000211/ex10-3.htm">10.66</A></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">First Amendment to Business Loan Agreement, dated November 13,
        2023, between the Company and Beachcorp, LLC, incorporated by reference to Exhibit 10.3 to the Company&rsquo;s Quarterly Report
        on Form 10-Q filed November 14, 2023<FONT STYLE="background-color: white">.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000199937123000211/ex10-4.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.67</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">First Amendment to Business Loan Agreement, dated November 13,
        2023, between the Company and Strandler, LLC, incorporated by reference to Exhibit 10.4 to the Company&rsquo;s Quarterly Report
        on Form 10-Q filed November 14, 2023<FONT STYLE="background-color: white">.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000199937123000211/ex10-5.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.68</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Promissory Note, dated November 13, 2023,&nbsp;made by the Company and payable to the order of Strandler, LLC to evidence a bridge loan in the original principal amount of $2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, incorporated by reference to Exhibit 10.5 to the Company&rsquo;s Quarterly Report on Form 10-Q filed November 14, 2023.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="ex10-69.htm">10.69</a>**</P>
        </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Rights Offering Backstop
        Agreement, dated as of November 13, 2023, by and among Nanophase Technologies Corporation, Bradford T. Whitmore, Grace Investments,
        LP, and Strandler, LLC.</FONT></P>
        </TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 6%"><a href="ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A>**</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of RSM US LLP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A>**</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Taft Stettinius &amp; Hollister LLP (included in Exhibit 5.1).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#poa">24.1</A>**</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included in signature page hereto).</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A>**</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Instructions as to Use of Nanophase Technologies Corporation Subscription Rights Certificates.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A>**</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Letter to Stockholders who are Record Holders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></A>**</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Letter to Nominee Holders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99-4.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT></A>**</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Letter to Clients of Nominee Holders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99-5.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.5</FONT></A>**</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Beneficial Owner Election.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99-6.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.6</FONT></A>**</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Nominee Holder Certification.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/883107/000199937123000445/ex-107.htm">107</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="width: 98%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be filed by amendment. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith. </FONT></TD></TR>
</TABLE>


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

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<DOCUMENT>
<TYPE>EX-4.11
<SEQUENCE>3
<FILENAME>ex4-11.htm
<DESCRIPTION>SUBSCRIPTION RIGHTS CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nano-s1a_121923.htm">Nanophase Technologies Corporation S-1/A</A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
4.11 </B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY&rsquo;S PROSPECTUS (THE &ldquo;PROSPECTUS&rdquo;) WHICH
FORMS A PART OF THE REGISTRATION STATEMENT ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON NOVEMBER 21, 2023,
AS AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE
UPON REQUEST FROM BROADRIDGE CORPORATE ISSUER SOLUTIONS, LLC, THE SUBSCRIPTION AGENT.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NANOPHASE
TECHNOLOGIES CORPORATION </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
under the laws of the State of Delaware</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBSCRIPTION
RIGHTS CERTIFICATE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evidencing
Non-Transferable Subscription Rights to Purchase Shares of Common Stock, Par Value $0.01 Per Share, of Nanophase Technologies
Corporation</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
Price: $0.40 per full Share</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME, ON JANUARY 19, 2024 UNLESS EXTENDED
BY THE COMPANY</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTERED
OWNER: </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top-width: 0in; border-top-color: Black; border-right-width: 0in; border-right-color: Black; border-bottom-width: 0in; border-bottom-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
CERTIFIES THAT the registered owner whose name is inscribed hereon is the owner of the number of non-transferable subscription
rights (&ldquo;Rights&rdquo;) set forth above. The Rights entitle the holder thereof to subscribe for and purchase shares of common
stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), of Nanophase Technologies Corporation, a Delaware corporation
(the &ldquo;Company&rdquo;), at a subscription price of $0.40 per full share, pursuant to a rights offering (the &ldquo;Rights
Offering&rdquo;), on the terms and subject to the conditions set forth in the Prospectus. Each Right includes a basic subscription
privilege and an over-subscription privilege. Under the basic subscription privilege, for each share of common stock owned as
of the record date of the Rights Offering, the holder hereof is entitled to purchase 0.1 shares of Common Stock at the subscription
price of $0.40 per full share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top-width: 0in; border-top-color: Black; border-right-width: 0in; border-right-color: Black; border-bottom-width: 0in; border-bottom-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
over-subscription privilege of each Right entitles a Rights holder, if such holder fully exercised its basic subscription privilege,
to request to purchase any additional shares of Common Stock that remain unsubscribed at the expiration of the Rights Offering,
subject to the availability and pro rata allocation of shares among persons exercising this over-subscription privilege, and limited
to 1.6 times the number of shares purchased by that Rights holder under the basic subscription privilege, as described in the
Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Rights represented by this Subscription Rights Certificate may be exercised by completing Form 1 and any other appropriate forms
on the reverse side hereof and by returning the full payment of the subscription price for each share of Common Stock in accordance
with the instructions contained herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness
the seal of Nanophase Technologies Corporation and the signatures of its duly authorized officers.</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">
    <TD STYLE="width: 2%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="white-space: nowrap; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></P></TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-bottom: 0.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
    and Chief Executive Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-top: 1.5pt; padding-bottom: 0.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DELIVERY
OPTIONS FOR SUBSCRIPTION RIGHTS CERTIFICATE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delivery
other than in the manner or to the addresses listed below will not constitute valid delivery.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>By
hand delivery or overnight courier, excluding U.S. Postal Service:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadridge
Corporate Issuer Solutions, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
BCIS IWS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51
Mercedes Way</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edgewood,
NY 11717</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>By
mail:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadridge
Corporate Issuer Solutions, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
BCIS Re-Organization Dept.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.
Box 1317<BR>
Brentwood, NY 11717-0718</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLEASE
PRINT ALL INFORMATION CLEARLY AND LEGIBLY</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
1</B>-EXERCISE OF SUBSCRIPTION RIGHTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
subscribe for shares of Common Stock pursuant to your basic subscription privilege, please complete lines (a) and (c) and sign
under Form 3. To subscribe for shares pursuant to your over-subscription privilege, please also complete line (b) and sign under
Form 3. If you do not indicate the number of Rights being exercised, or if you do not forward the full subscription payment for
the number of Rights that you indicate are being exercised, then you will be deemed to have exercised the maximum number of Rights
that may be exercised with the aggregate subscription payment you delivered to the Subscription Agent. Fractional shares of our
Common Stock resulting from the exercise of the basic subscription privileges and the over-subscription privileges will be eliminated
by rounding down to the nearest whole share, with the total subscription payment being adjusted accordingly. Any excess subscription
payments received by the Subscription Agent will be returned, without interest, as soon as practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)
</B><U>EXERCISE OF BASIC SUBSCRIPTION PRIVILEGE:</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
apply for shares x $0.40 = $</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(no.
of new shares) (subscription price) (amount enclosed)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)
</B><U>EXERCISE OF OVER-SUBSCRIPTION PRIVILEGE:</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you have exercised your basic subscription privilege in full and wish to subscribe for additional shares, in an amount up to 1.6
times the number of shares purchased under the basic subscription privilege:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
apply for shares x $0.40 = $</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(no.
of new shares) (subscription price) (amount enclosed)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)
</B><U>PAYMENT:</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Amount of Payment Enclosed = $</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Method
of Payment: </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
payments must be made in U.S. dollars by cashier&rsquo;s or certified check drawn upon a U.S. bank payable to &ldquo;Broadridge
Corporate Issuer Solutions, LLC, as Subscription Agent for Nanophase Technologies Corporation&rdquo;. The Subscription Agent will
not accept payment by any other means.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
2</B>-DELIVERY TO DIFFERENT ADDRESS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you wish for the Common Stock underlying your Rights to be delivered to an address different from that shown on the face of this
Subscription Rights Certificate, please enter the alternate address below, sign under Form 3 and have your signature guaranteed
under Form 4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
3</B>-SIGNATURE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TO
SUBSCRIBE: I acknowledge that I have received the Prospectus for the rights offering and I hereby irrevocably subscribe for the
number of shares indicated above on the terms and conditions specified in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
form must be signed by the registered holder(s) exactly as their name(s) appear(s) on the certificate(s) or by person(s) authorized
to sign on behalf of the registered holder(s) by documents transmitted herewith</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature(s):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature(s):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daytime
Telephone Number:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMPORTANT:
The signature(s) must correspond with the name(s) as printed on the reverse of this Subscription Rights Certificate in every particular,
without alteration or enlargement, or any other change whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
4</B>-SIGNATURE GUARANTEE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
form must be completed if you have completed any portion of Form 2.</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">
    <TD STYLE="width: 35%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature
    Guaranteed: </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
    of Bank or Firm)</FONT></TD></TR>
</TABLE>
<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">
    <TD STYLE="width: 7%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 88%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Signature
    of Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMPORTANT:
The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings &amp; loan association
or credit union) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission
Rule 17Ad-15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
RIGHTS OFFERING HAS BEEN REGISTERED OR QUALIFIED OR IS BELIEVED TO BE EXEMPT FROM REGISTRATION OR QUALIFICATION ONLY UNDER THE
FEDERAL LAWS OF THE UNITED STATES AND THE LAWS OF THE STATES IN THE UNITED STATES. RESIDENTS OF OTHER JURISDICTIONS MAY NOT PURCHASE
THE SECURITIES OFFERED HEREBY UNLESS THEY CERTIFY THAT THEIR PURCHASES OF SUCH SECURITIES ARE EFFECTED IN ACCORDANCE WITH THE
APPLICABLE LAWS OF SUCH JURISDICTIONS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR
INSTRUCTIONS ON THE USE OF SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC., THE SUBSCRIPTION
AGENT, AT 1-800-789-8409 (TOLL FREE). THE RIGHTS OFFERING EXPIRES AT 5:00 P.M., NEW YORK CITY TIME, ON JANUARY 19, 2024, UNLESS
EXTENDED, AND THIS SUBSCRIPTION RIGHTS CERTIFICATE IS VOID THEREAFTER.</FONT></P>

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>ex5-1.htm
<DESCRIPTION>OPINION OF TAFT STETTINIUS & HOLLISTER LLP
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nano-s1a_121923.htm">Nanophase Technologies Corporation S-1/A</A></P>

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

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit 5.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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    <TD STYLE="width: 50%; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt"><IMG SRC="ex51001.jpg" ALT="" STYLE="height: 76; width: 180"></FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taft
        Stettinius &amp; Hollister LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111
        East Wacker, Suite 2600</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
        Illinois 60601</FONT></P>
</TD></TR>
</TABLE>


<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
19, 2023</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanophase
Technologies Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1319
Marquette Drive</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Romeoville,
Illinois 60466</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement on Form S-1</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanophase
Technologies Corporation, a Delaware corporation (the &ldquo;Company&rdquo;), has filed with the Securities and Exchange Commission
a Registration Statement on Form S-1, as amended through the date hereof (the &ldquo;Registration Statement&rdquo;) and the related
prospectus (the &ldquo;Prospectus&rdquo; and together with the Registration Statement, the &ldquo;Registration Statement&rdquo;),
for the purpose of registering under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), the anticipated
issuance by the Company to its stockholders of non-transferable subscription rights (the &ldquo;Rights&rdquo;) entitling the holders
thereof to purchase shares of common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), of the Company at a price
of $0.40 per full share (the &ldquo;Subscription Price&rdquo;). As described in the Registration Statement, up to 5,000,000 shares
of Common Stock may be issued and sold by the Company upon exercise of the Rights (the &ldquo;Rights Shares&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
as your counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and
other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion, including (i) the Registration
Statement, (ii) the Prospectus, (iii) a specimen certificate representing the Common Stock, (iv) a specimen certificate representing
the Rights (the &ldquo;Rights Certificate&rdquo;), (v) the Certificate of Incorporation of the Company, as amended to date, (vi)
the By-laws of the Company, as amended to date, and (vii) resolutions of the Board of Directors of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
rendering the opinion expressed herein, we have, without independent inquiry or investigation, assumed that (i) all documents
submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete
originals, (iii) all signatures on all documents that we reviewed are genuine, (iv) all natural persons executing documents had
and have the legal capacity to do so, (v) all statements in certificates of public officials and officers of the Company that
we reviewed were and are accurate and (vi) all representations made by the Company as to matters of fact in the documents that
we reviewed were and are accurate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the basis of such examination, it is our opinion that:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         issuance of the Rights has been duly authorized and, when the Rights are issued to holders
                                         of Common Stock as contemplated in the Registration Statement, such Rights will be validly
                                         issued and fully enforceable against the Company in accordance with their terms, except
                                         to the extent that enforcement thereof may be limited by (a) bankruptcy, insolvency,
                                         reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter
                                         in effect relating to creditors&rsquo; rights generally, and (b) general principles of
                                         equity (regardless of whether enforceability is considered in a proceeding at law or
                                         in equity).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         issuance and sale of the Rights Shares upon exercise of the Rights have been duly authorized
                                         and, when issued upon the exercise of the Rights in accordance with their terms as described
                                         in the Registration Statement, including payment of the Subscription Price, the Rights
                                         Shares will be validly issued, fully paid and non-assessable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing opinion is limited to the federal laws of the United States and the General Corporation Law of the State of Delaware,
and we are expressing no opinion as to the effect of the laws of any other jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion as an exhibit to the Registration Statement and further consent to the reference
to our name under the caption &ldquo;Legal Matters&rdquo; in the Prospectus. In giving this consent, we do not admit that we are
in the category of persons whose consent is required under Section 7 of the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Taft Stettinius &amp; Hollister LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>ex8-1.htm
<DESCRIPTION>OPINION OF TAFT STETTINIUS & HOLLISTER LLP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nano-s1a_121923.htm">Nanophase Technologies Corporation S-1/A</A></P>

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

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 8.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>



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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<IMG SRC="ex81001.jpg" ALT="" STYLE="height: 76; width: 180"></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taft
        Stettinius &amp; Hollister LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111
        East Wacker, Suite 2600</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
        Illinois 60601</FONT></P></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
19, 2023</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanophase
Technologies Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1319
Marquette Drive</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Romeoville,
Illinois 60466</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Federal
Income Tax Considerations</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
have requested our opinion concerning material federal income tax consequences relating to the offering (the &ldquo;<U>Rights
Offering</U>&rdquo;) of shares of common stock (the &ldquo;<U>Common Stock</U>&rdquo;), par value $0.01 per share, of Nanophase
Technologies Corporation, a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;) in connection with the distribution by the
Company to its stockholders of non-transferable subscription rights (the &ldquo;<U>Rights</U>&rdquo;) to purchase shares of Common
Stock pursuant to a Registration Statement on Form&nbsp;S-1, as amended (the &ldquo;<U>Registration Statement</U>&rdquo;), filed
with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as tax counsel to the Company in connection with the anticipated issuance by the Company of the Rights, and we have
assisted in the preparation and filing of the Registration Statement. Our opinion is based on various factual assumptions, including
the facts set forth in the Registration Statement concerning the business of the Company and the terms of the Rights Offering.
Any variation or difference in the facts from those set forth in the Registration Statement relating to the Rights or the Rights
Offering may adversely affect the accuracy of the conclusions stated herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our capacity as tax counsel, we have made such legal and factual examinations and inquiries, including an examination of originals
or copies certified or otherwise identified to our satisfaction of such documents, corporate records, instruments and other relevant
materials provided by you, as we deemed necessary or appropriate for purposes of our opinion. We have not made an independent
investigation or audit of the facts, representations or covenants set forth in the above-referenced documents, and we have assumed
the authenticity of all documents submitted to us as originals, the genuineness of all signatures thereon, the legal capacity
of all natural persons executing such documents and the conformity to authentic original documents of all documents submitted
to us as copies. As to facts material and relevant to our opinion, we have relied upon certificates, statements, representations
or covenants of public officials, of officers and representatives of the Company and of others, without any independent investigation
or verification thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
rendering our opinion, we have considered and relied upon the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;),
the regulations promulgated thereunder (&ldquo;<U>Regulations</U>&rdquo;), administrative rulings and other judicial decisions
of the Code and the Regulations by the courts, and administrative interpretations of the Code and the Regulations by the Internal
Revenue Service (&ldquo;<U>IRS</U>&rdquo;), all as they exist at the date hereof. The Code, Regulations, administrative rulings,
judicial decisions and administrative interpretations are subject to change at any time and, in some circumstances, with retroactive
effect. A material change that is made after the date hereof in any basis for our opinion could affect our conclusions set forth
herein. In this regard, an opinion of counsel with respect to any issue represents counsel&rsquo;s best judgment as to the outcome
on the merits with respect to that issue, but is not binding on the IRS or the courts, and is not a guarantee that the IRS will
not assert a contrary position with respect to that issue or that a court will not sustain a contrary position if asserted by
the IRS.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are expressing our opinion only with respect to the federal income tax laws of the United States, and we express no opinion with
respect to any other federal laws or the laws of any other jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on and subject to the foregoing, we are of the opinion that the statements in the Registration Statement set forth under the caption
&ldquo;Material U.S. Federal Income Tax Consequences&rdquo; are, subject to the limitations set forth therein, a fair and accurate
summary of the material U.S. federal income tax consequences relevant to the Rights Offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
express no opinion as to any matter other than as expressly stated above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the filing of this letter as an exhibit to the Registration Statement and to the reference to Taft Stettinius &amp;
Hollister LLP under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement. In giving this consent, we do not admit
thereby that we are in the category of persons whose consent is required under Section 7 of the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Taft Stettinius &amp; Hollister LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-10.69
<SEQUENCE>6
<FILENAME>ex10-69.htm
<DESCRIPTION>RIGHTS OFFERING BACKSTOP AGREEMENT
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nano-s1a_121923.htm">Nanophase Technologies Corporation S-1/A</A></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
10.69</FONT></P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIGHTS
OFFERING BACKSTOP AGREEMENT</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Rights Offering Backstop Agreement (this &#8220;Agreement&#8221;) is dated as of November 13, 2023 and is by and among <b>NANOPHASE TECHNOLOGIES
CORPORATION</b>, a Delaware corporation (the &#8220;Company&#8221;), <b>BRADFORD T. WHITMORE</b>, an individual (&#8220;Whitmore&#8221;),
<b>GRACE INVESTMENTS, LP</b>, a Delaware limited partnership (&#8220;Grace&#8221;), and <b>STRANDLER, LLC</b>, a South Dakota limited
liability company (&#8220;Strandler&#8221; and together with Whitmore and Grace, each a &#8220;Purchaser&#8221; and collectively, &#8220;Purchasers&#8221;).</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company has proposed to distribute, at no charge, to holders of record of its common stock, par value $0.01 per share (the &#8220;Common
Stock&#8221;), as of the close of business on the record date of the rights offering (the &#8220;Record Date&#8221;), non-transferable
rights (the &#8220;Rights&#8221;) to subscribe for and purchase additional shares of Common Stock at a subscription price of $0.40 per
share of Common Stock (the &#8220;Subscription Price&#8221; and such offering, the &#8220;Rights Offering&#8221;);</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
pursuant to the Rights Offering, stockholders of record will receive one (1) Right for every one (1) share of Common Stock held by them
as of the Record Date, and each Right will entitle the holder to purchase 0.1 shares of Common Stock at the Subscription Price (the &#8220;Right&#8221;);</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company desires to raise a total of $2,000,000 in connection with the Rights Offering, which shall be used to repay the bridge loan
provided by Strandler to the Company on or around the date hereof (the &#8220;Bridge Loan&#8221;);</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
in order to provide assurances that the Rights Offering is fully subscribed, the Company has offered to Purchasers the opportunity, and
Purchasers agreed and committed, to exercise their Rights in full and to purchase from the Company upon expiration of the Rights Offering,
at the Subscription Price, additional shares of Common Stock not otherwise sold in the Rights Offering, subject to the terms and conditions
of this Agreement.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
THEREFORE, in consideration of the premises and respective covenants and agreements set forth in this Agreement and other good and valuable
consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree
as follows:</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.&nbsp;<u>The Rights Offering</u>.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Company shall use commercially reasonable efforts to commence and complete the Rights Offering as soon as reasonably practicable.
The Company will file a Registration Statement on Form S-1 (the &#8220;Registration Statement&#8221;) for the Rights Offering with the
Securities and Exchange Commission (the &#8220;SEC&#8221;) and intends to cause the Registration Statement to be declared effective by
the SEC as soon as reasonably practicable.</font></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Purchasers shall cooperate with the Company in connection with the preparation and filing of the Registration Statement, including promptly
furnishing to the Company, following written request therefor, any and all information concerning Purchasers or their affiliates as may
be required to be set forth in the Registration Statement under applicable law.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
In connection with the Rights Offering, the Company shall distribute at no charge to each holder of Common Stock on the Record Date for
the Rights Offering (collectively, the &#8220;Eligible Common Stockholders&#8221;) the Rights to purchase shares of Common Stock, at
the per share Subscription Price. Each Eligible Common Stockholder shall be eligible to participate in the Rights Offering and exercise
its Rights pro rata based on each Eligible Common Stockholder&#8217;s ownership of Common Stock as of the Record Date for the Rights
Offering.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.&nbsp;<u>Commitment</u>.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms and conditions set forth herein, Purchasers hereby agree (on behalf of themselves and their affiliates) to purchase from
the Company, and the Company hereby agrees to sell to Purchasers, at the Subscription Price, all shares of Common Stock that will be
available for purchase by Purchasers (on behalf of themselves and their affiliates) pursuant to their Rights (the &#8220;Commitment&#8221;).</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.&nbsp;<u>Backstop Commitment</u>.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Subject to the consummation of the Rights Offering and terms and conditions set forth herein, in order to provide assurance that the
Rights Offering will be fully subscribed, Purchasers hereby commit to purchase from the Company, and the Company hereby agrees to sell
to Purchasers, at the Subscription Price, any and all Unsubscribed Rights Shares (the &#8220;Backstop Commitment&#8221;). The &#8220;Unsubscribed
Rights Shares&#8221; means a number of shares of Common Stock equal to the excess, if any, of (i) the aggregate number of shares of Common
Stock that may be purchased pursuant to all Rights issued by the Company in connection with the Rights Offering (including any Rights
not issued and/or allocated due to the provisions of applicable state or foreign securities laws), over (ii) the aggregate number of
shares of Common Stock that are purchased by the Eligible Common Stockholders in the Rights Offering pursuant to the exercise of the
Subscription Rights.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Within five (5) business days after the closing of the Rights Offering, the Company shall issue to Purchasers a notice (the&nbsp;&#8220;Subscription
Notice&#8221;) setting forth the number of shares of Common Stock subscribed for in the Rights Offering pursuant to the exercise of the
Subscription Rights by the Eligible Common Stockholders and the aggregate gross proceeds of the Rights Offering and, accordingly, the
number of Unsubscribed Rights Shares to be acquired by Purchasers pursuant to the Backstop Commitment at the Rights Subscription Price.
Shares of Common Stock acquired by Purchasers pursuant to the Backstop Commitment are collectively referred to as the &#8220;Backstop
Acquired Shares<b>.</b>&#8221;</font></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
On the terms and subject to the conditions set forth in this Agreement, the closing of the Backstop Commitment (the&nbsp;&#8220;Backstop
Closing<b>&#8221;</b>) shall take place remotely via the exchange of documents and signatures within five (5) business days of the date
of the Subscription Notice or such other time and date as shall be agreed between the Company and Purchasers (the date on which the Backstop
Closing occurs, the &#8220;Closing Date&#8221;).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
At the Backstop Closing, the Company shall issue to Purchasers the Backstop Acquired Shares in consideration of payment in cash of the
aggregate amount of the Subscription Price for such Backstop Acquired Shares.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.&nbsp;<u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Illinois,
without giving effect to any choice or conflict of laws provision or rule (whether of the State of Illinois or any other jurisdiction)
that would cause the application of the Laws of any jurisdiction other than the State of Illinois.&nbsp;</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.&nbsp;<u>Amendment; Waiver; Counterparts</u>. This Agreement may not be amended, modified or waived except in a writing signed by each
party hereto. This Agreement may be executed in any number of counterparts, each of which shall be an original, and all of which, when
taken together, shall constitute one agreement. Delivery of an executed counterpart of this Agreement by e-mail or electronic delivery
shall be effective as delivery of a manually executed counterpart of this Agreement and shall be construed as an original for all purposes.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.&nbsp;<u>Entire Agreement</u>. This Agreement, together with the Bridge Loan, constitutes the entire understanding among the parties
hereto with respect to the subject matter hereof and replaces and supersedes all prior agreements and understandings, both written on
oral, between the parties hereto with respect to the subject matter hereof.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></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="font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NANOPHASE
    TECHNOLOGIES CORPORATION </b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    <u>/s/ Jess Jankowski&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jess
    Jankowski</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
    &amp; Chief Executive Officer</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>/s/
    Bradford T. Whitmore&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bradford
    T. Whitmore</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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="font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GRACE
    INVESTMENTS, LP </b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    <u>/s/ Bradford T. Whitmore&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager,
    INV-GP, LLC</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its:
    General Partner</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STRANDLER,
    LLC </b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    <u>/s/ Bradford T. Whitmore&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bradford
    T. Whitmore</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p></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: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
  </table>
<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"></p>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>7
<FILENAME>ex23-1.htm
<DESCRIPTION>CONSENT OF RSM US LLP
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nano-s1a_121923.htm">Nanophase Technologies Corporation S-1/A</A></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
23.1</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consent
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the incorporation by reference in this Amendment No. 1 to the Registration Statement (No. 333-275696) on Form S-1 and
related Prospectus of Nanophase Technologies Corporation of our report dated March 29, 2023, relating to the consolidated financial
statements of Nanophase Technologies Corporation, appearing in the Annual Report on Form 10-K of Nanophase Technologies Corporation
for the year ended December 31, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also consent to the reference to our firm under the heading &ldquo;Experts&rdquo; in such Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
RSM US LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
Illinois</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
18, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>8
<FILENAME>ex99-1.htm
<DESCRIPTION>FORM OF INSTRUCTIONS
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nano-s1a_121923.htm">Nanophase Technologies Corporation S-1/A</A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
99.1 </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
OF INSTRUCTIONS AS TO USE OF NANOPHASE TECHNOLOGIES CORPORATION </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBSCRIPTION
RIGHTS CERTIFICATES </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSULT
THE SUBSCRIPTION AND INFORMATION AGENT,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">YOUR
BANK OR BROKER AS TO ANY QUESTIONS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following instructions relate to a rights offering by Nanophase Technologies Corporation, a Delaware corporation (&ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our,&rdquo; or the &ldquo;Company&rdquo;), to the stockholders of its common stock, par value $0.01 per
share, as described in the prospectus (the &ldquo;Prospectus&rdquo;) which forms a part of the Registration Statement on Form
S-1, first filed with the Securities and Exchange Commission on November 21, 2023, as amended or supplemented from time to time.
Holders of our common stock as of 5:00 p.m., New York City time, on December 20, 2023 (the &ldquo;Record Date&rdquo;) are receiving,
at no charge, one non-transferable subscription right for each share of common stock owned as of that date. The total number of
shares of our common stock available to all of our stockholders as a group upon exercise of the subscription rights is 5,000,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription rights give our stockholders the opportunity to purchase our common stock for $0.40 per full share. Each subscription
right includes a basic subscription privilege and an over-subscription privilege. Under the basic subscription privilege, for
each share of common stock that you own as of the Record Date, you will be entitled to purchase 0.1 shares of common stock at
the subscription price of $0.40 per full share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you fully exercise your basic subscription privilege and other stockholders do not fully exercise their basic subscription privileges,
you may also exercise an over-subscription right to purchase additional shares of common stock that remain unsubscribed at the
expiration of the rights offering, subject to the availability and pro rata allocation of shares among persons exercising this
over-subscription right, and limited to 1.6 times the number of shares that you purchased under the basic subscription privilege.
To the extent the number of the unsubscribed shares is not sufficient to satisfy all of the properly exercised over-subscription
rights requests, then the available shares will be prorated among those who properly exercised over-subscription rights based
on the number of shares each subscription rights holder subscribed for under the basic subscription privilege. If this pro rata
allocation results in any stockholder receiving a greater number of common shares than the stockholder subscribed for pursuant
to the exercise of the over-subscription privilege, then such stockholder will be allocated only that number of shares for which
the stockholder oversubscribed, and the remaining common shares will be allocated among all other stockholders exercising the
over-subscription privilege on the same pro rata basis described above. The proration process will be repeated until all shares
have been allocated or all over-subscription exercises have been fulfilled, whichever occurs earlier.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to properly exercise your over-subscription privilege, you must deliver the subscription payment related to your over-subscription
privilege prior to the expiration of the rights offering. Because we will not know the total number of unsubscribed shares prior
to the expiration of the rights offering, if you wish to maximize the number of shares you purchase pursuant to your over-subscription
privilege, you will need to deliver payment in an amount equal to the aggregate subscription price for the maximum number of shares
of our common stock available to you, assuming that no stockholder other than you has purchased any shares of our common stock
pursuant to their basic subscription privilege and over-subscription privilege. We can provide no assurances that you will actually
be entitled to purchase the number of shares issuable upon the exercise of your over-subscription privilege in full at the expiration
of the rights offering. We will not be able to satisfy your exercise of the over-subscription privilege if all of our stockholders
exercise their basic subscription privileges in full, and we will only honor an over-subscription privilege to the extent sufficient
shares of our common stock are available following the exercise of subscription rights under the basic subscription privileges.
See &ldquo;The Rights Offering&mdash;The Subscription Rights&rdquo; in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
are not required to exercise any or all of your subscription rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
certificates representing the shares issued upon exercise of the subscription rights will be sent as soon as practicable after
the expiration time of the rights offering, which is at 5:00 p.m., New York City time, on January 19, 2024 (the &ldquo;Expiration
Time&rdquo;), unless the rights offering is extended, and after all pro rata allocations and adjustments have been completed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
must properly complete the enclosed Subscription Rights Certificate and deliver it, along with the full subscription price (including
any amounts in respect of your over-subscription privilege), to the subscription agent, Broadridge Corporate Issuer Solutions,
LLC, before the Expiration Time, unless it is extended. If you send your Subscription Rights Certificate(s) and subscription price
payment by mail, we recommend that you send them by registered mail, properly insured, with return receipt requested.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription rights will expire after the Expiration Time. If you do not exercise your subscription rights prior to that time,
your subscription rights will expire and will no longer be exercisable. We will not be required to issue shares of our common
stock to you if the subscription agent receives your Subscription Rights Certificate(s) or your subscription payment after that
time, regardless of when the Subscription Rights Certificate(s) and subscription payment were sent. See &ldquo;The Rights Offering&mdash;Expiration
Date and Amendments&rdquo; in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you do not exercise your subscription rights and the rights offering is completed, the number of shares of our common stock you
own will not change but your percentage ownership of our total outstanding common stock will decrease to the extent shares are
purchased by other stockholders in the rights offering. Your percentage ownership of our common stock may also decrease if you
do not exercise your basic subscription privilege and over-subscription privilege in full. Please see the discussion of risk factors
related to the rights offering, including dilution, under the heading &ldquo;Risk Factors&mdash;Risks Related to the Rights Offering,&rdquo;
in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you have any questions concerning the rights offering, please contact the subscription agent, Broadridge Corporate Issuer Solutions,
LLC, by telephone at 1-800-789-8409 or by email at shareholder@broadridge.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">YOUR
SUBSCRIPTION RIGHTS CERTIFICATES AND SUBSCRIPTION PAYMENT FOR EACH RIGHT THAT IS EXERCISED PURSUANT TO THE BASIC SUBSCRIPTION
PRIVILEGE, PLUS THE FULL SUBSCRIPTION PAYMENT FOR ANY ADDITIONAL SHARES OF COMMON STOCK SUBSCRIBED FOR PURSUANT TO THE OVER-SUBSCRIPTION
PRIVILEGE, MUST BE RECEIVED BY THE SUBSCRIPTION AGENT ON OR BEFORE THE EXPIRATION TIME. ONCE YOU HAVE EXERCISED YOUR BASIC SUBSCRIPTION
PRIVILEGE AND/OR OVER-SUBSCRIPTION PRIVILEGE, SUCH EXERCISE MAY NOT BE REVOKED, EVEN IF YOU LATER LEARN INFORMATION THAT YOU CONSIDER
TO BE UNFAVORABLE TO THE EXERCISE OF YOUR SUBSCRIPTION RIGHTS AND EVEN IF THE RIGHTS OFFERING IS EXTENDED BY OUR BOARD OF DIRECTORS.
HOWEVER, IF WE AMEND THE RIGHTS OFFERING TO ALLOW FOR AN EXTENSION OF THE RIGHTS OFFERING FOR A PERIOD OF MORE THAN 30 DAYS OR
MAKE A FUNDAMENTAL CHANGE TO THE TERMS SET FORTH IN THE PROSPECTUS, YOU MAY CANCEL YOUR SUBSCRIPTION AND RECEIVE A REFUND OF ANY
MONEY YOU HAVE ADVANCED. SUBSCRIPTION RIGHTS NOT EXERCISED PRIOR TO THE EXPIRATION TIME OF THE RIGHTS OFFERING WILL EXPIRE WITHOUT
VALUE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
Method of Subscription&mdash;Exercise of Subscription Rights. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
exercise your subscription rights, complete your Subscription Rights Certificate and send the properly completed and executed
Subscription Rights Certificate evidencing such subscription rights with any signatures required to be guaranteed so guaranteed,
together with payment in full of the subscription price for each share of common stock subscribed for pursuant to the basic subscription
privilege plus the full subscription price for any unsubscribed shares you elect to subscribe for pursuant to the over-subscription
privilege, to the subscription agent, on or prior to the Expiration Time. Payment of the subscription price will be held in a
segregated account to be maintained by the subscription agent. All payments must be made in United States dollars for the full
number of shares of common stock being subscribed for, by cashier&rsquo;s or certified check drawn upon a United States bank payable
to &ldquo;Broadridge Corporate Issuer Solutions, as Subscription Agent for Nanophase Technologies Corporation&rdquo;, and sent
to the address below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>By
hand delivery or overnight courier, excluding U.S. Postal Service:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadridge
Corporate Issuer Solutions, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
BCIS IWS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51
Mercedes Way</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edgewood,
NY 11717</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>By
mail:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadridge
Corporate Issuer Solutions, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
BCIS Re-Organization Dept.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.
Box 1317</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delivery
to an address or by a method other than those above will not constitute valid delivery. </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
making arrangements with your bank or broker for the delivery of funds on your behalf you may also request such bank or broker
to exercise the Subscription Rights Certificate on your behalf.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you do not indicate the number of subscription rights being exercised, or if you do not forward the full subscription payment
for the number of subscription rights that you indicate are being exercised, then you will be deemed to have exercised the maximum
number of subscription rights that may be exercised with the aggregate subscription payment you delivered to the subscription
agent. Any excess subscription payments received by the subscription agent will be returned to you by mail, without interest,
as soon as practicable after completion of the rights offering and after all pro rata allocations and adjustments have been completed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brokers,
custodian banks and other nominee holders of subscription rights who exercise the basic subscription privilege and the over-subscription
privilege on behalf of beneficial owners of subscription rights will be required to certify to the subscription agent and the
Company, in connection with the exercise of the over-subscription privilege, as to the aggregate number of subscription rights
that have been exercised pursuant to the basic subscription privilege and the number of shares of common stock that are being
subscribed for pursuant to the over-subscription privilege, by each beneficial owner of subscription rights (including such nominee
itself) on whose behalf such nominee holder is acting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
can provide no assurances that you will actually be entitled to purchase the number of shares issuable upon the exercise of your
over-subscription privilege in full at the expiration of the rights offering. We will not be able to satisfy your exercise of
the over-subscription privilege if all of our stockholders exercise their basic subscription privileges in full, and we will only
honor an over-subscription privilege to the extent sufficient shares of our common stock are available following the exercise
of subscription rights under the basic subscription privileges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the amount you pay in connection with the exercise of your over-subscription privilege exceeds the subscription price of the number
of shares allocated to you, you will be allocated only the number of unsubscribed shares available to you, and any excess subscription
payment will be returned to you, without interest, as soon as practicable. If the amount you pay in connection with the exercise
of your over-subscription privilege is less than the subscription price of the maximum number of unsubscribed shares available
for purchase under your over-subscription privilege, you will be allocated only the number of shares for which you actually paid
the subscription price. See &ldquo;The Rights Offering&mdash;The Subscription Rights&rdquo; in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fractional
shares of our common stock resulting from the exercise of the basic subscription privileges and the over-subscription privileges
will be eliminated by rounding down to the nearest whole share, with the total subscription payment being adjusted accordingly.
Any excess subscription payments received by the subscription agent will be returned, without interest, as soon as practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
Issuance of Common Stock. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following deliveries and payments will be made to the address shown on the face of your Subscription Rights Certificate, unless
you provide instructions to the contrary in your Subscription Rights Certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<I>Basic Subscription Privilege</I>. As soon as practicable following the Expiration Time and the valid exercise of the subscription
rights, the subscription agent will mail to each exercising subscription rights holder certificates representing shares of common
stock purchased pursuant to the basic subscription privilege.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<I>Over-Subscription Privilege</I>. As soon as practicable following the Expiration Time and after all prorations and adjustments
contemplated by the terms of the rights offering have been effected, the subscription agent will mail to each subscription rights
holder that validly exercises the over-subscription privilege certificates representing the number of shares of common stock,
if any, allocated to such subscription rights holder pursuant to the over-subscription privilege.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<I>Excess Cash Payments</I>. As soon as practicable following the Expiration Time and after all prorations and adjustments contemplated
by the terms of the rights offering have been effected, any excess subscription payments received in payment of the subscription
price will be mailed by the subscription agent to each subscription rights holder, without interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
No Sale or Transfer of Subscription Rights. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription rights granted to you are non-transferable and, therefore, you may not sell, transfer or assign your subscription
rights to anyone.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
Execution. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<I>Execution by Registered Holder</I>. The signature on the Subscription Rights Certificate must correspond with the name of the
registered holder exactly as it appears on the face of the Subscription Rights Certificate without any alteration or change whatsoever.
Persons who sign the Subscription Rights Certificate in a representative or other fiduciary capacity must indicate their capacity
when signing and, unless waived by the subscription agent in its sole and absolute discretion, must present to the subscription
agent satisfactory evidence of their authority to so act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<I>Execution by Person Other than Registered Holder.</I> If the Subscription Rights Certificate is executed by a person other
than the holder named on the face of the Subscription Rights Certificate, proper evidence of authority of the person executing
the Subscription Rights Certificate must accompany the same unless, for good cause, the subscription agent dispenses with proof
of authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<I>Signature Guarantees</I>. Your signature must be guaranteed by an eligible institution if you specify special payment or delivery
instructions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
Method of Delivery. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
method of delivery of Subscription Rights Certificates and payment of the subscription price to the subscription agent will be
at the election and risk of the subscription rights holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.
Special Provisions Relating to the Delivery of Subscription Rights through the Depository Trust Company. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of subscription rights that are held of record through The Depository Trust Company (&ldquo;DTC&rdquo;), exercises of
the basic subscription privilege and of the over-subscription privilege may be effected by instructing DTC to transfer the subscription
rights from the DTC account of such holder to the DTC account of the subscription agent, together with certification as to the
aggregate number of subscription rights exercised pursuant to the basic subscription privilege and the number of unsubscribed
shares subscribed for pursuant to the over-subscription privilege by each beneficial owner of the subscription rights on whose
behalf such nominee is acting, and payment of the subscription price for each share of common stock subscribed for pursuant to
the basic subscription privilege and the over-subscription privilege.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>9
<FILENAME>ex99-2.htm
<DESCRIPTION>FORM OF LETTER TO STOCKHOLDERS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nano-s1a_121923.htm">Nanophase Technologies Corporation S-1/A</A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
99.2 </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
OF LETTER TO STOCKHOLDERS WHO ARE RECORD HOLDERS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NANOPHASE
TECHNOLOGIES CORPORATION </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
Rights to Purchase Shares of Common Stock</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offered
Pursuant to Subscription Rights</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
Nanophase Technologies Corporation</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
[&#9679;], 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Stockholder:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enclosed
are materials relating to a rights offering by Nanophase Technologies Corporation (&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo;
or the &ldquo;Company&rdquo;), including the prospectus (the &ldquo;Prospectus&rdquo;) which forms a part of the Registration
Statement on Form S-1, first filed with the Securities and Exchange Commission on November 21, 2023, as amended or supplemented
from time to time. Please carefully review the Prospectus, which describes how you can participate in the rights offering. You
will be able to exercise your subscription rights to purchase shares of our common stock, par value $0.01 per share, only during
a limited period. Answers to some frequently asked questions about the rights offering can be found under the heading &ldquo;Questions
and Answers Relating to the Rights Offering&rdquo; in the Prospectus. Any prospective purchaser of shares of our common stock
pursuant to the exercise of the subscription rights should read the Prospectus, including without limitation the risk factors
contained therein, prior to making any decision to invest in the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the rights offering, we are offering an aggregate of 5,000,000 shares of common stock, as described in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription rights will expire if not exercised prior to 5:00 p.m., New York City time, on January 19, 2024, unless extended
(the &ldquo;Expiration Time&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in the Prospectus, you will receive one subscription right for each share of common stock owned at 5:00 p.m., New York
City time, on December 20, 2023 (the &ldquo;Record Date&rdquo;). Each subscription right will allow you to subscribe for 0.1 shares
of common stock (the &ldquo;basic subscription privilege&rdquo;) at the cash price of $0.40 per full share (the &ldquo;subscription
price&rdquo;). For example, if you owned 100 shares of common stock as of 5:00 p.m., New York City time, on the Record Date, you
would receive 100 subscription rights and would have the right to purchase 10 shares of common stock (rounded down to the nearest
whole share, with the total subscription payment being adjusted accordingly, as discussed below) at the subscription price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that you purchase all of the shares of common stock available to you pursuant to your basic subscription
privilege, you may also exercise an over-subscription right to purchase additional shares of common stock that remain
unsubscribed at the expiration of the rights offering, subject to the availability and pro rata allocation of shares among
persons exercising this over-subscription right, and limited to 1.6 times the number of shares that you purchased under the
basic subscription privilege. To the extent the number of the unsubscribed shares is not sufficient to satisfy all of the
properly exercised over-subscription rights requests, then the available shares will be prorated among those who properly
exercised over-subscription rights based on the number of shares each subscription rights holder subscribed for under the
basic subscription privilege. If this pro rata allocation results in any stockholder receiving a greater number of common
shares than the stockholder subscribed for pursuant to the exercise of the over-subscription privilege, then such stockholder
will be allocated only that number of shares for which
the stockholder oversubscribed, and the remaining common shares will be allocated among all other stockholders exercising the
over-subscription privilege on the same pro rata basis described above. The proration process will be repeated until all shares
have been allocated or all over-subscription exercises have been fulfilled, whichever occurs earlier.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to properly exercise your over-subscription privilege, you will be required to deliver the subscription payment related
to your over-subscription privilege prior to the expiration of the rights offering. Because we will not know the total number
of unsubscribed shares prior to the expiration of the rights offering, if you wish to maximize the number of shares you may purchase
pursuant to your over-subscription privilege, you will need to deliver payment in an amount equal to the aggregate subscription
price for the maximum number of shares of common stock that may be available to you, assuming that no stockholder other than you
has purchased any shares of common stock pursuant to their basic subscription privilege and over-subscription privilege. Fractional
shares of common stock resulting from the exercise of the basic subscription privileges and the over-subscription privileges will
be eliminated by rounding down to the nearest whole share, with the total subscription payment being adjusted accordingly. Any
excess subscription payments received by the subscription agent will be returned, without interest, as soon as practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
can provide no assurances that you will actually be entitled to purchase the number of shares issuable upon the exercise of your
over-subscription privilege in full at the expiration of the rights offering. We will not be able to satisfy your exercise of
the over-subscription privilege if all of the stockholders exercise their basic subscription privileges in full, and we will only
honor an over-subscription privilege to the extent sufficient shares of common stock are available following the exercise of subscription
rights under the basic subscription privileges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the amount you pay in connection with the exercise of your over-subscription privilege exceeds the subscription price of the number
of shares allocated to you, you will be allocated only the number of unsubscribed shares available to you, and any excess subscription
payment will be returned to you, without interest, as soon as practicable. If the amount you pay in connection with the exercise
of your over-subscription privilege is less than the subscription price of the maximum number of unsubscribed shares available
for purchase under your over-subscription privilege, you will be allocated only the number of shares for which you actually paid
the subscription price. See &ldquo;The Rights Offering&mdash;The Subscription Rights&rdquo; in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
are not required to exercise any or all of your subscription rights. If you do not exercise your subscription rights and the rights
offering is completed, the number of shares of our common stock you own will not change but your percentage ownership of our total
outstanding common stock will decrease to the extent shares are purchased by other stockholders in the rights offering. Your percentage
ownership of our common stock may also decrease if you do not exercise your basic subscription privilege and over-subscription
privilege in full. Please see the discussion of risk factors related to the rights offering, including dilution, under the heading
&ldquo;Risk Factors&mdash;Risks Related to the Rights Offering,&rdquo; in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription rights will be evidenced by a Subscription Rights Certificate and will cease to have any value at the Expiration
Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enclosed
are copies of the following documents:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Prospectus;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Subscription Rights Certificate;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>



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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Instructions as to Use of Nanophase Technologies Corporation Subscription Rights Certificates; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
A return envelope addressed to Broadridge Corporate Issuer Solutions, LLC, the subscription agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
prompt action is requested. To exercise the subscription rights, as indicated in the Prospectus, you should deliver to the subscription
agent the properly completed and signed Subscription Rights Certificate with payment of the subscription price in full for each
share of common stock subscribed for pursuant to the basic subscription privilege and the over-subscription privilege. The subscription
agent must receive the Subscription Rights Certificate with payment of the subscription price prior to the Expiration Time. If
you send your Subscription Rights Certificate(s) and subscription price payment by mail, we recommend that you send them by registered
mail, properly insured, with return receipt requested. We will not be required to issue shares of our common stock to you if the
subscription agent receives your Subscription Rights Certificate or your subscription payment after that time, regardless of when
the Subscription Rights Certificate and subscription payment were sent. See &ldquo;The Rights Offering&mdash;Expiration Date and
Amendments&rdquo; in the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
you have exercised your basic subscription privilege and/or over-subscription privilege, such exercise may not be revoked, even
if you later learn information that you consider to be unfavorable to the exercise of your subscription rights and even if the
rights offering is extended by our board of directors. However, if we amend the rights offering to allow for an extension of the
rights offering for a period of more than 30 days or make a fundamental change to the terms set forth in the Prospectus, you may
cancel your subscription and receive a refund of any money you may have advanced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
copies of the enclosed materials may be obtained from the subscription agent by calling 1-800-789-8409 (toll free). Any questions
or requests for assistance concerning the rights offering should be directed to the subscription agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanophase
Technologies Corporation</FONT></P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>10
<FILENAME>ex99-3.htm
<DESCRIPTION>FORM OF LETTER TO NOMINEE HOLDERS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nano-s1a_121923.htm">Nanophase Technologies Corporation S-1/A</A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
99.3 </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
OF LETTER TO NOMINEE HOLDERS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NANOPHASE
TECHNOLOGIES CORPORATION </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
Rights to Purchase Shares of Common Stock&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offered
Pursuant to Subscription Rights</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
Nanophase Technologies Corporation</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
[&#9679;], 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
Securities Dealers, Commercial Banks, Trust Companies and Other Nominees:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
letter is being distributed to securities dealers, commercial banks, trust companies and other nominees in connection with the
rights offering by Nanophase Technologies Corporation (&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; or the &ldquo;Company&rdquo;)
of shares of common stock, pursuant to non-transferable subscription rights distributed to all stockholders of record of shares
of our common stock, par value $0.01 per share, at 5:00 p.m., New York City time, on December 20, 2023 (the &ldquo;Record Date&rdquo;).
The subscription rights and common stock are described in the prospectus (the &ldquo;Prospectus&rdquo;) which forms a part of
the Registration Statement on Form S-1, first filed with the Securities and Exchange Commission on November 21, 2023, as amended
or supplemented from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the rights offering, we are offering an aggregate of 5,000,000 shares of common stock, as described in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription rights will expire if not exercised prior to 5:00 p.m., New York City time, on January 19, 2024, unless extended
(the &ldquo;Expiration Time&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in the Prospectus, each beneficial owner of shares of common stock registered in your name or the name of your nominee
is entitled to one subscription right for each share of common stock owned by such beneficial owner at 5:00 p.m., New York City
time, on the Record Date. Each subscription right will allow the holder thereof to subscribe for 0.1 shares of common stock (the
&ldquo;basic subscription privilege&rdquo;) at the cash price of $0.40 per full share (the &ldquo;subscription price&rdquo;).
For example, if a stockholder owned 100 shares of common stock as of 5:00 p.m., New York City time, on the Record Date, it would
receive 100 subscription rights and would have the right to purchase 10 shares of common stock (rounded down to the nearest whole
share, with the total subscription payment being adjusted accordingly, as discussed below) at the subscription price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a stockholder fully exercises its basic subscription privilege and other stockholders do not fully exercise their basic subscription
privileges, such stockholder may also exercise an over-subscription right to purchase additional shares of common stock that remain
unsubscribed at the expiration of the rights offering, subject to the availability and pro rata allocation of shares among persons
exercising this over-subscription right, and limited to 1.6 times the number of shares that such stockholder purchased under the
basic subscription privilege. To the extent the number of the unsubscribed shares is not sufficient to satisfy all of the properly
exercised over-subscription rights requests, then the available shares will be prorated among those who properly exercised over-subscription
rights based on the number of shares each subscription rights holder subscribed for under the basic subscription privilege. If
this pro rata allocation results in any stockholder receiving a greater number of common shares than the stockholder subscribed
for pursuant to the exercise of the over-subscription privilege, then such stockholder will be allocated only that number of shares
for which the stockholder oversubscribed, and the remaining shares will be allocated among all other stockholders exercising the
over-subscription privilege on the same pro rata basis described above. The proration process will be repeated until all common
shares have been allocated or all over-subscription exercises have been fulfilled, whichever occurs earlier.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to properly exercise its over-subscription privilege, each stockholder will be required to deliver the subscription payment
related to its over-subscription privilege prior to the expiration of the rights offering. Because we will not know the total
number of unsubscribed shares prior to the expiration of the rights offering, if a stockholder wishes to maximize the number of
shares it may purchase pursuant to the stockholder&rsquo;s over-subscription privilege, the stockholder will need to deliver payment
in an amount equal to the aggregate subscription price for the maximum number of shares of common stock that may be available
to the stockholder, assuming that no stockholder other than such stockholder has purchased any shares of common stock pursuant
to their basic subscription privilege and over-subscription privilege. Fractional shares of common stock resulting from the exercise
of the basic subscription privileges and the over-subscription privileges will be eliminated by rounding down to the nearest whole
share, with the total subscription payment being adjusted accordingly. Any excess subscription payments received by the subscription
agent will be returned, without interest, as soon as practicable.</FONT></P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
can provide no assurances that each stockholder will actually be entitled to purchase the number of shares issuable upon the exercise
of such stockholder&rsquo;s over-subscription privilege in full at the expiration of the rights offering. We will not be able
to satisfy a stockholder&rsquo;s exercise of the over-subscription privilege if all of the stockholders exercise their basic subscription
privileges in full, and we will only honor an over-subscription privilege to the extent sufficient shares of common stock are
available following the exercise of subscription rights under the basic subscription privileges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the amount a stockholder pays in connection with the exercise of such stockholder&rsquo;s over-subscription privilege exceeds
the subscription price of the number of shares allocated to such stockholder, the stockholder will be allocated only the number
of unsubscribed shares available to it, and any excess subscription payment will be returned to the stockholder, without interest,
as soon as practicable. If the amount a stockholder pays in connection with the exercise of such stockholder&rsquo;s over-subscription
privilege is less than the subscription price of the maximum number of unsubscribed shares available for purchase under such stockholder&rsquo;s
over-subscription privilege, the stockholder will be allocated only the number of shares for which it actually paid the subscription
price. See &ldquo;The Rights Offering&mdash;The Subscription Rights&rdquo; in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription rights will be evidenced by a Subscription Rights Certificate registered in the stockholder&rsquo;s name or its nominee
and will cease to have any value at the Expiration Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are asking persons who hold shares of common stock beneficially and who have received the subscription rights distributable with
respect to those shares through a broker, dealer, commercial bank, trust company or other nominee, as well as persons who hold
certificates of common stock directly and prefer to have such institutions effect transactions relating to the subscription rights
on their behalf, to contact the appropriate institution or nominee and request it to effect the transactions for them. In addition,
we are asking beneficial owners who wish to obtain a separate Subscription Rights Certificate to contact the appropriate nominee
as soon as possible and request that a separate Subscription Rights Certificate be issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not charging any fee or sales commission to issue subscription rights to our stockholders or to issue shares to our stockholders
if they exercise their subscription rights. If a stockholder exercises its subscription rights through the record holder of its
shares, the stockholder is responsible for paying any fees its record holder may charge such stockholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enclosed are copies of the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Prospectus;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Instructions as to Use of Nanophase Technologies Corporation Subscription Rights Certificates;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
A form of letter which may be sent to your clients for whose accounts you hold shares of our common stock registered in your name
or the name of your nominee;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
Beneficial Owner Election;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
Nominee Holder Certification; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
A return envelope addressed to Broadridge Corporate Issuer Solutions, LLC, the subscription agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
prompt action is requested. To exercise the subscription rights, as indicated in the Prospectus, you should deliver to the subscription
agent the properly completed and signed Subscription Rights Certificate with payment of the subscription price in full for each
share of common stock subscribed for pursuant to the basic subscription privilege and the over-subscription privilege. The subscription
agent must receive the Subscription Rights Certificate with payment of the subscription price prior to the Expiration Time. Once
a subscription rights holder has exercised its basic subscription privilege and/or over-subscription privilege, such exercise
may not be revoked, even if the subscription rights holder later learns information that it considers to be unfavorable to the
exercise of its subscription rights and even if the rights offering is extended by our board of directors. However, if we amend
the rights offering to allow for an extension of the rights offering for a period of more than 30 days or make a fundamental change
to the terms set forth in the Prospectus, a subscription rights holder may cancel its subscription and receive a refund of any
money it may have advanced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
copies of the enclosed materials may be obtained from the subscription agent by calling 1-800-789-8409 (toll free). Any questions
or requests for assistance concerning the rights offering should be directed to the subscription agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanophase
Technologies Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>11
<FILENAME>ex99-4.htm
<DESCRIPTION>FORM OF LETTER TO CLIENTS OF NOMINEE HOLDERS
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nano-s1a_121923.htm">Nanophase Technologies Corporation S-1/A</A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.4 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF LETTER TO CLIENTS OF NOMINEE HOLDERS</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Subscription Rights to Purchase Shares
of Common Stock&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Offered Pursuant to Subscription Rights</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of Nanophase Technologies Corporation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December [&#9679;], 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To Our Clients:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enclosed for your consideration are a prospectus (the &ldquo;Prospectus&rdquo;)
which forms a part of the Registration Statement on Form S-1, first filed with the Securities and Exchange Commission on November
21, 2023, as amended or supplemented from time to time, and the &ldquo;Instructions as to Use of Nanophase Technologies Corporation
Rights Certificates&rdquo; relating to the rights offering by Nanophase Technologies Corporation (the &ldquo;Company&rdquo;) of
shares of its common stock, par value $0.01 per share, pursuant to non-transferable subscription rights distributed to all stockholders
of record of the Company at 5:00 p.m., New York City time, on December 20, 2023 (the &ldquo;Record Date&rdquo;). The subscription
rights and common stock are described in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the rights offering, the Company is offering an aggregate
of 5,000,000 shares of its common stock, as described in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The subscription rights will expire if not exercised prior to
5:00 p.m., New York City time, on January 19, 2024, unless extended (the &ldquo;Expiration Time&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As described in the Prospectus, you will receive one subscription
right for each share of common stock owned at 5:00 p.m., New York City time, on the Record Date. Each subscription right will allow
you to subscribe for 0.1 shares of common stock (the &ldquo;basic subscription privilege&rdquo;) at the cash price of $0.40 per
full share (the &ldquo;subscription price&rdquo;). For example, if you owned 100 shares of common stock as of 5:00 p.m., New York
City time, on the Record Date, you would receive 100 subscription rights and would have the right to purchase 10 shares of common
stock (rounded down to the nearest whole share, with the total subscription payment being adjusted accordingly, as discussed below)
at the subscription price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you fully exercise your basic subscription privilege and
other stockholders do not fully exercise their basic subscription privileges, you may also exercise an over-subscription right
to purchase additional shares of common stock that remain unsubscribed at the expiration of the rights offering, subject to the
availability and pro rata allocation of shares among persons exercising this over-subscription right, and limited to 1.6 times
the number of shares that you purchased under the basic subscription privilege. To the extent the number of the unsubscribed shares
is not sufficient to satisfy all of the properly exercised over-subscription rights requests, then the available shares will be
prorated among those who properly exercised over-subscription rights based on the number of shares each subscription rights holder
subscribed for under the basic subscription privilege. If this pro rata allocation results in any stockholder receiving a greater
number of common shares than the stockholder subscribed for pursuant to the exercise of the over-subscription privilege, then such
stockholder will be allocated only that number of shares for which the stockholder oversubscribed, and the remaining common shares
will be allocated among all other stockholders exercising the over-subscription privilege on the same pro rata basis described
above. The proration process will be repeated until all shares have been allocated or all over-subscription exercises have been
fulfilled, whichever occurs earlier.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to properly exercise your over-subscription privilege,
you must deliver the subscription payment related to your over-subscription privilege prior to the expiration of the rights offering.
Because the Company will not know the total number of unsubscribed shares prior to the expiration of the rights offering, if you
wish to maximize the number of shares you purchase pursuant to your over-subscription privilege, you will need to deliver payment
in an amount equal to the aggregate subscription price for the maximum number of shares of common stock available to you, assuming
that no stockholder other than you has purchased any shares of common stock pursuant to their basic subscription privilege and
over-subscription privilege. Fractional shares of common stock resulting from the exercise of the basic subscription privileges
and the over-subscription privileges will be eliminated by rounding down to the nearest whole share, with the total subscription
payment being adjusted accordingly. Any excess subscription payments received by the subscription agent will be returned, without
interest, as soon as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company can provide no assurances that you will actually
be entitled to purchase the number of shares issuable upon the exercise of your over-subscription privilege in full at the expiration
of the rights offering. The Company will not be able to satisfy your exercise of the over-subscription privilege if all of its
stockholders exercise their basic subscription privileges in full, and the Company will only honor an over-subscription privilege
to the extent sufficient shares of its common stock are available following the exercise of subscription rights under the basic
subscription privileges.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the amount you pay in connection with the exercise of your
over-subscription privilege exceeds the subscription price of the number of shares allocated to you, you will be allocated only
the number of unsubscribed shares available to you, and any excess subscription payment will be returned to you, without interest,
as soon as practicable. If the amount you pay in connection with the exercise of your over-subscription privilege is less than
the subscription price of the maximum number of unsubscribed shares available for purchase under your over-subscription privilege,
you will be allocated only the number of shares for which you actually paid the subscription price. See &ldquo;The Rights Offering&mdash;The
Subscription Rights&rdquo; in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The subscription rights are evidenced by a Subscription Rights
Certificate issued to stockholders of record and will cease to have any value at the Expiration Time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE MATERIALS ENCLOSED ARE BEING FORWARDED TO YOU AS THE BENEFICIAL
OWNER OF COMMON STOCK CARRIED BY US IN YOUR ACCOUNT BUT NOT REGISTERED IN YOUR NAME. THE SUBSCRIPTION RIGHTS MAY BE EXERCISED ONLY
BY US AS THE RECORD OWNER AND PURSUANT TO YOUR INSTRUCTIONS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, we request instructions as to whether you wish
us to elect to subscribe for any shares of common stock to which you are entitled pursuant to the terms and subject to the conditions
set forth in the Prospectus. However, we urge you to read the document carefully before instructing us to exercise your subscription
rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you wish to have us, on your behalf, exercise the subscription
rights for any shares of common stock to which you are entitled, please so instruct us by completing, executing and returning to
us the Beneficial Owner Election form.</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your Beneficial Owner Election form to us should be forwarded
as promptly as possible in order to permit us to exercise your subscription rights on your behalf in accordance with the provisions
of the rights offering. The rights offering will expire at the Expiration Time. Please contact us for our deadline with respect
to your submission of the Beneficial Owner Election form. Once you have exercised your basic subscription privilege and/or over-subscription
privilege, such exercise may not be revoked, even if you later learn information that you consider to be unfavorable
to the exercise of your subscription rights and even if the rights offering is extended by the board of directors of the Company.
However, if the Company amends the rights offering to allow for an extension of the rights offering for a period of more than 30
days or makes a fundamental change to the terms set forth in the Prospectus, you may cancel your subscription and receive a refund
of any money you have advanced.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional copies of the enclosed materials may be obtained
from Broadridge Corporate Issuer Solutions, LLC, the subscription agent for the rights offering, by calling 1-800-789-8409 (toll
free). Any questions or requests for assistance concerning the rights offering should be directed to the subscription agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very Truly Yours,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nanophase Technologies Corporation</P>

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

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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>12
<FILENAME>ex99-5.htm
<DESCRIPTION>FORM OF BENEFICIAL OWNER ELECTION
<TEXT>
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<P STYLE="margin: 0"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nano-s1a_121923.htm">Nanophase Technologies Corporation S-1/A</A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.5 </B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I (We), the beneficial owner(s) of shares of common stock, par
value $0.01 per share (the &ldquo;Common Stock&rdquo;), of Nanophase Technologies Corporation (the &ldquo;Company&rdquo;), acknowledge
receipt of your letter, the prospectus (the &ldquo;Prospectus&rdquo;) which forms a part of the Registration Statement on Form
S-1, first filed with the Securities and Exchange Commission on November 21, 2023, as amended or supplemented from time to time,
and the other enclosed materials relating to the offering of shares of Common Stock issuable upon the exercise of subscription
rights (&ldquo;Subscription Rights&rdquo;) as described in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In this form, I (we) instruct you whether to exercise Subscription
Rights to purchase shares of Common Stock distributed with respect to the Common Stock held by you for my (our) account, pursuant
to the terms and subject to the conditions set forth in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I (We) hereby instruct you as follow:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(CHECK THE APPLICABLE BOXES AND PROVIDE ALL REQUIRED INFORMATION)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Box 1.  &#9744;&nbsp;Please DO NOT EXERCISE SUBSCRIPTION RIGHTS for shares
of Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Box 2.  &#9744;&nbsp;Please EXERCISE SUBSCRIPTION RIGHTS for shares of Common
Stock as set forth below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of Subscription Rights for which the undersigned
gives instructions for exercise under the basic subscription privilege should not exceed the number of Subscription Rights that
the undersigned is entitled to exercise.</P>

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    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
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    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 0%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Shares of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Common Stock</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Subscribed For</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Per Share</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Subscription</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Price</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Payment</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Basic subscription privilege</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">x</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.40 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">$ (Line 1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Over-subscription privilege*</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">x</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.40 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">$ (Line 2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Total Payment Required</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">$ (Sum of Lines 1 and 2)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Stockholders must fully exercise their basic subscription privilege to exercise their over-subscription privilege. If you fully exercise your basic subscription privilege, shares requested under your over-subscription privilege can be up to 1.6 times the number of shares you are purchasing under your basic subscription privilege. If sufficient shares of Common Stock are available, the Company will seek to honor your over-subscription request in full. If, however, over-subscription requests exceed the number of shares of Common Stock available for sale in the rights offering, the Company will allocate the available shares of Common Stock pro rata among each stockholder exercising its over-subscription privilege as described in the Prospectus. See the discussion under the heading &ldquo;The Rights Offering&mdash;The Subscription Rights&rdquo; in the Prospectus. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Box 3.  &#9744;&nbsp;Payment in the following amount is enclosed: $ .</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Box 4.  &#9744;&nbsp;Please deduct payment of $ from the following account
maintained by you as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(The total of Box 3 and Box 4 must equal the total payment specified
above)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Account Account No.</P>

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

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I (We) on my (our) own behalf, or on behalf of any other person(s)
on whose behalf, or under whose directions, I am (we are) signing this form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">irrevocably elect to purchase the number of shares of Common Stock indicated above upon the terms and conditions specified in the Prospectus; and </FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">agree that if I (we) fail to pay for the shares of Common Stock I (we) have elected to purchase, you may exercise any remedies available to you under law. </FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20%; padding: 0.25pt"></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 37%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 41%; padding: 0.25pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name of beneficial owner(s): </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Signature of beneficial owner(s): </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are signing in your capacity as a trustee, executor,
administrator, guardian, attorney-in-fact, agent, officer of a corporation or another acting in a fiduciary or representative capacity,
please provide the following information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 45%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 8%"><FONT STYLE="font-size: 10pt">Capacity: </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; width: 46%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 44%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 21%"><FONT STYLE="font-size: 10pt">Address (including Zip Code): </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; width: 54%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 23%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 15%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Telephone</FONT></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Number: </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; width: 43%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 40%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PLEASE NOTE:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you check Box 1, please sign and date this form and mail
it to your broker, custodian bank or your other nominee that holds your shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you do not check Box 1, please do the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Check Box 2 and fill out the table shown in Box 2. </FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding: 0.25pt; font-size: 10pt">&#9679;</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Check Box 3 and/or Box 4 and fill out the information indicated under Box 3 and/or Box 4. </FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Sign and date this form and mail it to your broker, custodian bank or other nominee that holds your shares. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PLEASE MAKE SURE THAT YOU USE THE CORRECT ADDRESS. You may want
to check this address with your broker.</P>

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

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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>13
<FILENAME>ex99-6.htm
<DESCRIPTION>FORM OF NOMINEE HOLDER CERTIFICATION
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nano-s1a_121923.htm">Nanophase Technologies Corporation S-1/A</A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
99.6 </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NANOPHASE
TECHNOLOGIES CORPORATION </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
OF COMMON STOCK</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISSUABLE
UPON EXERCISE OF SUBSCRIPTION RIGHTS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOMINEE
HOLDER CERTIFICATION </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned, a bank, broker, trustee, depository or other nominee holder of subscription rights (the &ldquo;Subscription Rights&rdquo;)
to purchase shares of common stock, par value $0.01 per share (&ldquo;Common Stock&rdquo;), of Nanophase Technologies Corporation
(the &ldquo;Company&rdquo;), pursuant to the rights offering described in the Company&rsquo;s prospectus (the &ldquo;Prospectus&rdquo;)
which forms a part of the Registration Statement on Form S-1, first filed with the Securities and Exchange Commission on November
21, 2023, as amended or supplemented from time to time, hereby certifies to the Company and Broadridge Corporate Issuer Solutions,
LLC, as subscription agent for the rights offering, that (1) the undersigned has exercised on behalf of the beneficial owners
thereof (which may include the undersigned), the basic subscription privilege as to the number of shares of Common Stock specified
below on behalf of beneficial owners of Subscription Rights, (2) the undersigned has exercised on behalf of the beneficial owners
thereof (which may include the undersigned), the over-subscription privilege as to the number of shares of Common Stock specified
below, applicable only to those beneficial owners who have fully exercised their basic subscription privilege, listing separately
below for each beneficial owner the basic subscription privilege and any associated over-subscription privilege (without identifying
any such beneficial owner) and (3) with respect to any exercise of the over-subscription privilege described in (2) above, each
such beneficial owner&rsquo;s basic subscription privilege has been exercised in full:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 37%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER
                                         OF</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
OWNED</FONT>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ON
        RECORD DATE</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER
                                         OF SHARES</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBSCRIBED
        FOR</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURSUANT
        TO BASIC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBSCRIPTION
        PRIVILEGE</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER
                                         OF SHARES</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBSCRIBED
        FOR</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURSUANT
        TO OVER-</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBSCRIPTION</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRIVILEGE</FONT>&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Certification
continues on the following page]</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: black 1pt solid; padding: 0.4pt 0.25pt 0.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
                                         of Bank, Broker, Trustee, Depository or</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
        Nominee</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Signature</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(please
    print or type)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(please
    print or type)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide
    the following information if applicable:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 0.4pt 0.25pt 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depository
    Trust Company (&ldquo;DTC&rdquo;) participant number</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participant:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(please
    print or type)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(please
    print or type)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
    Subscription Confirmation Number(s)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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


<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>17
<FILENAME>filename17.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1319 Marquette Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Romeoville, Illinois 60446</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(630) 771-6708</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 19, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>VIA EDGAR</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Uwem Bassey</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Nanophase Technologies Corporation</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><B>Registration Statement on Form S-1</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><B>File No. 333-275696</B></TD></TR>
     </TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Rule 461 (&ldquo;Rule 461&rdquo;)
of Regulation C of the General Rules and Regulations under the Securities Act of 1933, as amended, Globalstar, Inc. (the &ldquo;Company&rdquo;)
<FONT STYLE="background-color: white">hereby requests that the above-referenced Registration Statement be declared effective at
4:15 p.m., Eastern Time, on December 21, 2023, or as soon as practicable thereafter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">If
there is any change in the acceleration request set forth above, the Company will promptly notify you of the change, in which case
the Company may be making an oral request of acceleration of the effectiveness of the Registration Statement in accordance with
Rule 461. The request may be made by an executive officer of the Company or by any attorney from the Company&rsquo;s counsel, Taft
Stettinius &amp; Hollister LLP.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 2%">By:</TD>
    <TD STYLE="text-align: left; width: 33%; border-bottom: Black 1pt solid">/s/ Jess A. Jankowski</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Name: Jess A. Jankowski</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Title: Chief Executive Officer</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">David L. Weinstein, Taft Stettinius &amp; Hollister LLP</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Blake T. Johnson, Taft
Stettinius &amp; Hollister LLP</P>

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

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