<SEC-DOCUMENT>0001171843-24-001961.txt : 20240411
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<ACCEPTANCE-DATETIME>20240411141931
ACCESSION NUMBER:		0001171843-24-001961
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20240410
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240411
DATE AS OF CHANGE:		20240411

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22333
		FILM NUMBER:		24838126

	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
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<p style="margin: 0pt 0; font-size: 10pt; text-align: center"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center">UNITED STATES</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center">SECURITIES AND EXCHANGE COMMISSION</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center">Washington, D.C. 20549</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: center">Pursuant to Section 13 or 15(d) of the</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center">Securities Exchange Act of 1934</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center">Date of Report (Date of earliest event reported): April 11, 2024 (<span id="xdx_90B_edei--DocumentPeriodEndDate_c20240410__20240410_zqWWcdsDjsR5"><ix:nonNumeric format="ixt:datemonthdayyearen" contextRef="AsOf2024-04-10" name="dei:DocumentPeriodEndDate" id="ixv-257">April 10, 2024</ix:nonNumeric></span>)</p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center">&#160;</p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: center; background-color: white">(Former name or former address, if changed since
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<p style="margin: 0pt 0; font-size: 10pt; text-align: center; background-color: white">_______________________________</p>

<p style="margin: 0pt 0; font-size: 10pt; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; background-color: white">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="margin: 0pt 0; font-size: 10pt; background-color: white">&#160;</p>

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    <td style="vertical-align: top"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Securities registered pursuant to Section 12(b) of the Act: None.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule
405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

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<p style="margin: 0pt 0; font-size: 10pt; text-indent: 5in">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">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 13(a)
of the Exchange Act. &#9744;</p>

<p style="margin: 0pt 0; font-size: 10pt"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt"><b></b></p>

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<p style="margin: 0pt 0; font-size: 10pt"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt"></p>

<p style="margin: 0pt 0; font-size: 10pt"><b>Item 1.01 Entry into a Material Definitive Agreement.</b></p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt; background-color: white">In connection with the Settlement
Agreement (as defined below), on April 10, 2024, Nanophase Technologies Corporation (&#8220;Nanophase&#8221;) and BASF Corporation (&#8220;BASF&#8221;)
entered into an Amendment No. 5 (the &#8220;Amendment&#8221;) to Zinc Oxide Supply Agreement, dated as of September 16, 1999, as amended
(the &#8220;Agreement&#8221;), and a Binding Memorandum of Understanding regarding Nanophase using its commercially reasonable efforts
to develop a modified zinc oxide product for BASF&#8217;s exclusive purchase under the Agreement (the &#8220;Modified Product MOU&#8221;).
The Amendment includes provisions (a) amending the exclusivity section of the Agreement to provide that (i) BASF has the exclusive right
to use zinc oxide materials that Nanophase develops, makes, or sells to BASF as an ingredient for uses designated under the Agreement
(the &#8220;Field&#8221;), and (ii) Nanophase or its affiliates, including its subsidiary, Sol&#233;sence, LLC (&#8220;Sol&#233;sence&#8221;),
can supply and sell both certain finished products containing zinc oxide for use in the Field to customers anywhere in the world and certain
zinc oxide dispersions that Nanophase developed or develops for a particular customer, and (b) amending the provisions of the Agreement
concerning order forecasting and procedures, operational planning, inventory and capacity requirements, and periodic facility shutdown
arrangements, to more effective serve each party&#8217;s business needs with respect to all product that BASF purchases from Nanophase
under the Agreement.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white"><b>Item 7.01. Regulation FD Disclosure.</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt; background-color: white">On April 11, 2024, Nanophase
issued a press release related to the Amendment and the Settlement Agreement. A copy of that press release is furnished as Exhibit 99.1
and incorporated herein by reference.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-indent: 36pt; background-color: white">The information in this Item 7.01 and Item 9.01,
including Exhibit 99.1, shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any Company filing
under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth
by specific reference in such filing.</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><b>Item 8.01 Other Events.</b></p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt; background-color: white">As previously reported, on
August 9, 2022, BASF filed a complaint (the &#8220;Complaint&#8221;) in the Superior Court of New Jersey (&#8220;SCNJ&#8221;) alleging
claims including that Nanophase breached the exclusivity provisions of the Agreement by selling zinc oxide to entities other than BASF.
On February 28, 2023, Nanophase answered BASF&#8217;s Complaint, denying all wrongdoing and filed counterclaims, including a request for
a declaration that contrary to BASF&#8217;s views, the exclusivity provision of the Agreement does not apply to all products containing
zinc oxide as an ingredient for uses in the Field nor does the exclusivity provision prohibit Nanophase&#8217;s sales through Sol&#233;sence
of products containing zinc oxide as an ingredient (<i>BASF Corp. v. Nanophase Technologies Corp., </i>Docket No. MRS-L-1396-22 (Sup.
Ct. Law Div. N.J.)) (the &#8220;New Jersey Litigation&#8221;).</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt; background-color: white">Following certain discovery
and the parties&#8217; extensive negotiations, Nanophase and BASF entered into a Settlement Agreement and General Release on April 10,
2024 (the &#8220;Settlement Agreement&#8221;), providing for settlement of the New Jersey Litigation and resolution of the parties&#8217;
disputes. Under the Settlement Agreement, Nanophase and BASF agreed to enter into the Amendment in exchange for (i) a mutual release of
all claims related to the New Jersey Litigation and any claims based on similar facts or legal theories (collectively, the &#8220;Claims&#8221;),
(ii) the filing of a Stipulation of Dismissal with the SCNJ within five business days after the effective date of the Settlement Agreement
voluntarily dismissing the New Jersey Litigation with prejudice, (iii) mutual covenants by Nanophase and BASF not to sue the other party
for the Claims, (iv) Nanophase and BASF on entering into the Modified Product MOU, (v) mutual indemnification as to certain claims arising
out of the making, use, purchase, sale, or development of products in connection with the Modified Product MOU, and (vi) provisions regarding
confidentiality of settlement terms and other customary settlement terms.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt; background-color: white"><span style="background-color: white">The
descriptions of the terms and conditions of the Amendment and the Settlement Agreement do not purport to be complete and are qualified
in their entirety by the full text of the Amendment and the Settlement Agreement, which are filed as exhibits to this Current Report on
Form 8-K.</span></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white"><b><i>Forward-Looking Statements</i></b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt; background-color: white">Certain statements in this
Current Report on Form 8-K are forward-looking statements that involve a number of risks and uncertainties. For such statements, Nanophase
claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Nanophase&#8217;s
expectations. Additional factors that could cause actual results to differ materially from those stated or implied by Nanophase&#8217;s
forward-looking statements are disclosed in the Nanophase&#8217;s reports filed with the Securities and Exchange Commission.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><b>Item 9.01 Financial Statements and Exhibits.</b></p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

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    <td style="border-bottom: Black 1pt solid; width: 89%"><span style="font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt"><a href="exh_101.htm">10.1</a></span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt"><a href="exh_101.htm">Amendment No. 5, effective as of April 10, 2024, to Zinc Oxide Supply Agreement, dated as of September 16, 1999, between Nanophase Technologies Corporation and BASF Corporation.*</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt"><a href="exh_991.htm">99.1</a></span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt"><a href="exh_991.htm">Press Release, dated April 11, 2024.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><a href="exh_992.htm"><span style="font-size: 10pt">99.2</span></a></td>
    <td>&#160;</td>
    <td><a href="exh_992.htm"><span style="font-size: 10pt">Settlement Agreement and General Release, dated April 10, 2024, between Nanophase Technologies Corporation
        and BASF Corporation.*</span></a></td></tr>
  <tr style="vertical-align: top; background-color: transparent">
    <td><span style="font-size: 10pt">104</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Cover page from this Current Report on Form 8-K, formatted as Inline XBRL.</span></td></tr>
  </table>

<p style="margin: 0pt 0 0pt 72pt; font-size: 10pt; text-indent: -72pt">&#160;</p>

<p style="margin: 0pt 0 0pt 72pt; font-size: 10pt; text-indent: -72pt">* Confidential portions of this exhibit have been redacted.		</p>

<p style="margin: 0pt 0 0pt 72pt; font-size: 10pt; text-indent: -72pt">&#160;</p>

<p style="margin: 0pt 0 0pt 72pt; font-size: 10pt; text-indent: 0pt"></p>

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<p style="margin: 0pt 0 0pt 72pt; font-size: 10pt; text-indent: 0pt">&#160;</p>

<p style="margin: 0pt 0 0pt 72pt; font-size: 10pt; text-indent: 0pt"></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center"><b>SIGNATURES</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-indent: 72pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-indent: 72pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">Dated: April 11, 2024</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-size: 10pt; width: 100%">
  <tr style="vertical-align: top; text-align: left">
    <td>&#160;</td>
    <td colspan="2">NANOPHASE TECHNOLOGIES CORPORATION</td></tr>
  <tr style="vertical-align: top; text-align: left">
    <td style="width: 50%">&#160;</td>
    <td style="width: 3%">&#160;</td>
    <td style="width: 47%">&#160;</td></tr>
  <tr style="vertical-align: top; text-align: left">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; text-align: left">
    <td>&#160;</td>
    <td>By:</td>
    <td style="border-bottom: Black 1pt solid">/s/ JESS JANKOWSKI</td></tr>
  <tr style="vertical-align: top; text-align: left">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>Name: Jess Jankowski</td></tr>
  <tr style="vertical-align: top; text-align: left">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>Title: Chief Executive Officer</td></tr>
  </table>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><b></b></p>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
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<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>EXHIBIT 10.1</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><B>AMENDMENT NO. 5 TO ZINC OXIDE SUPPLY
AGREEMENT</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>THIS AMENDMENT NO. 5 </B>(&#8220;<B>Amendment No. 5</B>&#8221;) to the Zinc Oxide Supply
Agreement is entered into as of April 10, 2024, (&#8220;<B>Amendment No. 5 Effective Date</B>&#8221;) and is made by and between <B>BASF
CORPORATION</B>, a Delaware corporation (&#8220;<B>BASF</B>&#8221; or &#8220;<B>Purchaser</B>&#8221;) and <B>NANOPHASE TECHNOLOGIES CORPORATION</B>,
a Delaware corporation (&#8220;<B>Nanophase</B>&#8221;). Nanophase and BASF are occasionally individually referred to herein as a &#8220;<B>Party</B>&#8221;
and collectively as the &#8220;<B>Parties</B>.&#8221;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>RECITALS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">A.</TD><TD>Nanophase and BASF (as successor-in-interest to Sun Smart, Inc.) entered into that certain Zinc Oxide Supply Agreement, dated September
16, 1999 (the &#8220;<B>Agreement</B>&#8221;), as amended by that certain Amendment No. 1 to Zinc Oxide Supply Agreement dated January
2001, Amendment No. 2 to Zinc Oxide Supply Agreement dated March 17, 2003, Amendment No. 3 to Zinc Oxide Supply Agreement dated September
30, 2012, and Amendment No. 4 to Zinc Oxide Supply Agreement dated January 1, 2019 (collectively the &#8220;<B>Amendments</B>&#8221;).</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">B.</TD><TD>Nanophase and BASF entered into a memorandum of understanding named Binding Memorandum of Understanding, Regarding Purchase and Supply
of Zinc Oxide under the 1999 Zinc Oxide Supply Agreement and its Amendments Between BASF Corp. and Nanophase Technologies Corp. dated
December 21, 2023 and a memorandum of understanding named Binding Memorandum of Understanding, Regarding Zinc Oxide Exclusivity in the
1999 Zinc Oxide Supply Agreement and its Amendments Between BASF Corp. and Nanophase Technologies Corp. dated November 27, 2023 (collectively
the &#8220;<B>MOUs</B>&#8221;).</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">C.</TD><TD>Nanophase and BASF desire to amend the Agreement and Amendments to incorporate the understanding of the Parties as reflected in the
MOUs as set forth herein.<BR>
<BR>
</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">D.</TD><TD>Nanophase and BASF agree that this Amendment No. 5 shall supersede the MOUs as of the Amendment No. 5 Effective Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>NOW THEREFORE</B>, for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Parties agree as follows:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt"><B>1.</B></TD><TD><B>AMENDMENTS TO AGREEMENT </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 18pt; margin: 0pt 0 0pt 36pt">The Agreement is amended as follows:</P>

<P STYLE="font-size: 10pt; text-indent: 18pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.1</TD><TD>Exhibit B of the Agreement (<I>Pricing Schedule</I>) is hereby replaced with the attached new Exhibit B, which shall be fully incorporated
and supersede any prior versions as of the Amendment No. 5 Effective Date.<BR>
<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><BR>
</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.2</TD><TD>Section 1.01 of the Agreement (<I>Agreement to Purchase and Sell</I>) is hereby amended by deleting the last sentence.<BR>
<BR>
</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.3</TD><TD>Section 1.02 of the Agreement (<I>Forecasts</I>) is hereby deleted in its entirety and amended and replaced with the following language:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&#8220;Forecasts.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>Yearly Volume Outlook. No later than [**] of each year, BASF shall provide Nanophase with a non-binding volume outlook for BASF&#8217;s
expected purchase of Products for the following year (the &#8220;<B>Total Volume Outlook</B>&#8221;). For the avoidance of doubt, the
Total Volume Outlook shall not itself constitute a purchase order for Product.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>[**] Forecasts. BASF shall provide Nanophase with non-binding, [**] forecasts for BASF&#8217;s expected purchase of Products by [**]
of each year for the [**] of the following year and by [**] of each year for the [**] months of the year (each a &#8220;[**] <B>Forecast</B>&#8221;).
In the [**] Forecasts, and/or at the [**] meeting described in (c) below, BASF shall provide Nanophase with notice of any anticipated
requirements exceeding [***] in any given month. For purposes of this Section 1.02 and any other references in the Agreement and its Amendments
to the term &#8220;[*] Forecast&#8221; shall be deleted and replaced with the term &#8220;[**] Forecast&#8221;. For the avoidance of doubt,
the [**] Forecasts shall not themselves constitute purchase orders for Product.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>Sales and Operation Planning. Representatives from BASF and Nanophase shall meet in [*] and [*] of each year during the term of the
Agreement to review and discuss the [**] Forecasts, [*****] to BASF, [****], and the Product Supply Details in Appendix 1 to this Amendment
No. 5, provided that such meetings may be held by audio or video teleconference at the request of either Party. The Product Supply Details
in Appendix 1 to this Amendment No. 5 may be amended by mutual, written agreement by the Parties in response to objective and demonstrable
changes in market demand for the Products.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>Operational Check-Ins. Representatives from BASF&#8217;s supply chain and Nanophase&#8217;s customer service shall meet [*] to review
and discuss the status of [*****], and other operational topics (the &#8220;[*] <B>Operational Check-In Meeting</B>&#8221;),</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 126pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 126pt"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 126pt; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 126pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 126pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 126pt">provided that the [*] Operational Check-In Meeting may be held by audio or video teleconference
at the request of either Party. Nanophase shall provide BASF with a [*] report of [***] [**] Business Days prior to each [*] Operational
Check-In Meeting. Such monthly report shall include status on all [**] received as of [**] Business Days prior to the due date of the
[*] report, status of [***], and the [*] of the Total Volume Outlook for which [**] have been issued as of the report date. During each
[*] Operational Check-In Meeting, the Parties shall agree to the date and time of the next [*] Operational Check-In Meeting.&#8221;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.4</TD><TD>Section 1.03 of the Agreement (<I>Orders</I>) is hereby deleted in its entirety and amended and replaced with the following language:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&#8220;Orders.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>Each order for Product will be made by a written purchase order issued by a representative of BASF that will set forth the amount
of Product ordered, the price initially payable, and the delivery date. The amount of Product ordered and the delivery date shall take
into account the ****] and [**] for purchase orders specified in Appendix 1 of this Amendment No. 5. Nanophase shall acknowledge and provide
BASF with a written acceptance of each purchase order, including the [*****] within [**] Business Days of its receipt of a purchase order.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>Nanophase shall advise BASF within [**] Business Days of any unplanned delivery date changes that occur within [***] prior to the
delivery date, including any deviations from any specifications set by BASF including, but not limited to, product specifications and
packaging specifications. Nanophase shall not make any such deviations without the prior written approval of BASF. Any change to the delivery
date specified on a purchase order must be mutually agreed to by the Parties in writing within [***] of Nanophase&#8217;s receipt of the
purchase order.&#8221;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.5</TD><TD>Section 1.04(a) of the Agreement (<I>Price</I>) is hereby deleted in its entirety and amended and replaced with the following language:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 108pt">&#8220;(a)&#9;The price payable per kilogram of Product ordered shall be
determined in accordance with the Total Volume Outlook and the price levels as set forth in Exhibit B, attached to this Amendment
No. 5. Pricing shall be subject to adjustment as set forth in subsections 1.04 (b) and (c).&#8221;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 108pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 108pt"></P>

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<P STYLE="margin: 0pt 0 0pt 108pt; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 108pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 108pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 108pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.6</TD><TD>Section 1.05 of the Agreement (<I>Shipping Date</I>) is hereby deleted in its entirety and amended and replaced with the following
language:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 108pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 108pt">Shipping Date. Nanophase will have Product available for shipment F.O.B. its facility
and will deliver Product to the carrier at the Nanophase loading dock, packaged and labeled in accordance with Exhibit A, by the date
set forth in the relevant purchase order; provided that Nanophase shall not be required to so ship in any month an amount of more than
[*]% of the amount shown for such month in the then current [**] Forecast. Risk of loss or damage to Product will pass to Purchaser upon
shipment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 108pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.7</TD><TD>Section II of the Agreement (EXCLUSIVITY; REQUIREMENTS) is hereby amended by the addition of a new Section 2.0 as follows:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&#8220;Definitions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(a)</TD><TD>&#8220;<B>Affiliate</B>&#8221; means a person or corporate entity that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, a specified person or corporate entity.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 130.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(b)</TD><TD>&#8220;<B>BASF Zinc Oxide</B>&#8221; means (a) Zinc Oxide and Zinc Oxide compositions developed, made, manufactured, processed, supplied,
or sold by Nanophase (or its Affiliates) for or to BASF at any time prior to the Exclusivity MOU Effective Date, and (b) and modifications
or variations of (a), made at any time, that would not require a [***].<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(c)</TD><TD><B>&#8220;Business Day</B>&#8221; means any day except Saturday, Sunday, and any other day that is a federal legal holiday or any
day on which banking institutions are authorized or required by law or other governmental action to close.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(d)</TD><TD>&#8220;<B>Custom Dispersions</B>&#8221; means Zinc Oxide or a Zinc Oxide composition in any form other than powder having a Zinc Oxide
content of greater than [*]%, but not to exceed [*]%, by weight of composition, that Nanophase or its Affiliates solely developed for
a particular customer.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.3pt">(e)</TD><TD>&#8220;<B>Exclusivity MOU Effective Date</B>&#8221; means November 27, 2023.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(f)</TD><TD>&#8220;<B>Field</B>&#8221; means hair care products, sun care products, oral care products, baby care products, toiletries, color
cosmetics, topical human sunscreen products, and skin care products, which shall include, without limitation, deodorants and antiperspirants.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(g)</TD><TD>&#8220;<B>Finished Good</B>&#8221; means a product containing Zinc Oxide that, except for packaging or labeling, is in final dosage
form, a form for use in final consumer market products (containing all active and inactive ingredients). Finished Goods for commercial
use shall not be modified, manufactured, processed, compounded, altered, or changed in any way by Nanophase (or its Affiliates) or any
third party following the transfer, shipping or sending of such product by Nanophase (or Affiliates) to any third party.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(h)</TD><TD>&#8220;<B>Ingredient</B>&#8221; means any Zinc Oxide or composition containing Zinc Oxide, including coated or uncoated powder, dispersions,
and mixtures, that is not a Finished Good or Custom Dispersion.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(i)</TD><TD>&#8220;<B>Nanophase-Developed Finished Product</B>&#8221; means a Finished Good containing Zinc Oxide that, if the composition of
such Finished Good were patented or patentable in the United States, at least one inventor of such patent would, at the time of invention,
be a Nanophase (or its Affiliate) employee or agent under U.S. patent law. For avoidance of doubt, a Finished Good need not be actually
patented or patentable to be a Nanophase-Developed Finished Product.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(j)</TD><TD>&#8220;<B>Other Zinc Oxide</B>&#8221; means Zinc Oxide and Zinc Oxide compositions that are, on or after the Exclusivity MOU Effective
Date, under development or first developed, manufactured, made or produced by Nanophase (or its Affiliates), and which are not BASF Zinc
Oxide. <B><BR>
<BR>
</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(k)</TD><TD><B>&#8220;Product</B>&#8221; means BASF Zinc Oxide. <B><BR>
<BR>
</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(l)</TD><TD>&#8220;<B>Zinc Oxide</B>&#8221; means a mineral composition containing zinc oxide.&#8221;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 130.5pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.8</TD><TD>Section 2.01 of the Agreement (<I>Nanophase Exclusivity</I>) is hereby deleted in its entirety and amended and replaced with the following
language:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&#8220;Nanophase Exclusivity.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 108pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>BASF has the exclusive right to use BASF Zinc Oxide as an Ingredient in the Field anywhere in the world, except as Nanophase is permitted
under (b) and (c) below. Nanophase shall not supply, offer for sale, or sell BASF Zinc Oxide, including any Finished Good containing BASF Zinc Oxide, except
as Nanophase is permitted under (d) below, to any customer, except for BASF, in the Field anywhere in the world.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 126pt"><B></B></P>

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<P STYLE="margin: 0pt 0 0pt 126pt; font-size: 10pt; text-align: center"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 126pt"></P>

<P STYLE="margin: 0pt 0 0pt 126pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>Nanophase can supply and sell Zinc Oxide sold under the brand name ZO-S1 (which may be encompassed within one of the following current
INCI names: Zinc Oxide (and) [*****]; Zinc Oxide (and) [****]; or currently proposed future INCI names: Zinc Oxide (and) [*] (and) [*]
(and) [**]; or Zinc Oxide (and) [*]) for use as an Ingredient in any product sold in the Field only to the single customer to which Nanophase
supplied such ZO-S1 powder prior to the Exclusivity MOU Effective Date and only with a composition identical to that supplied to such
customer prior to the Exclusivity MOU Effective Date provided, however, that Nanophase may after the Exclusivity MOU Effective Date substitute
an ingredient in such composition only to the extent required to comply with governmental regulations and if the composition has essentially
the same [*****]) as before and after the ingredient substitution.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>Nanophase (or its Affiliates) can supply and sell Custom Dispersions for use in the Field to the extent that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 18pt">i.</TD><TD>Nanophase (or its Affiliates) began selling such Custom Dispersion to a customer prior to the Exclusivity MOU Effective Date and sells
that Custom Dispersion only to that customer (including its Affiliates); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 18pt">ii.</TD><TD>Nanophase (or its Affiliates) first sells such Custom Dispersion on or after the Exclusivity MOU Effective Date and sells that Custom
Dispersion only to the customer (including its Affiliates) for whom it was developed up to a maximum amount of [***] metric tons per [*],
as measured by the content of Zinc Oxide by weight of composition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>Nanophase (or its Affiliates) can supply, offer for sale, or sell Nanophase-Developed Finished Products, in either final packaging
or bulk form to be repackaged, to customers in the Field anywhere in the world.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD>Nanophase hereby grants to BASF an exclusive right of first refusal for the worldwide exclusive right to use as an Ingredient any
and all Other Zinc Oxide in any product sold in the Field, except as provided in (c)(ii) above. Specifically, and without limiting the
foregoing, except in compliance with the terms of this Section 2.01(e), neither Nanophase nor its Affiliates shall enter into any agreement
or consummate any transaction with any person or entity other than BASF to supply, offer
for sale, or sell as an Ingredient any Other Zinc Oxide in the Field anywhere in the world.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 126pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 126pt"></P>

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<P STYLE="margin: 0pt 0 0pt 126pt; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 126pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 126pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 18pt">i.</TD><TD>If Nanophase or its Affiliate desires to supply, offer for sale, or sell as an Ingredient Other Zinc Oxide in the Field anywhere in
the world, Nanophase shall first exclusively offer such Other Zinc Oxide to BASF (&#8220;<B>Offer</B>&#8221;) and provide BASF with such
Other Zinc Oxide in quantities sufficient for BASF&#8217;s evaluation and assessment of the Other Zinc Oxide (&#8220;<B>Evaluation Material</B>&#8221;).
Such Offer shall be in writing and include the material commercial terms, such commercial terms to include, without limitation, [****],
under which Nanophase is willing to supply such Other Zinc Oxide to BASF. For a period of [***] commencing on the date BASF has possession
of both the Offer and Evaluation Material (the &#8220;<B>Acceptance Period</B>&#8221;), BASF shall have the exclusive right, but not the
obligation, to accept the Offer and negotiate in good faith the remaining terms and conditions of an agreement under which Nanophase (or
its Affiliate) will exclusively supply to BASF such Other Zinc Oxide in the Field. For the avoidance of doubt, Nanophase (or its Affiliate)
shall not supply, offer for sale, or sell such Other Zinc Oxide in the Field to any third party during the Acceptance Period. If BASF
does not accept the Offer or the Parties are unable to mutually agree in writing on the terms and conditions for the supply to BASF of
such Other Zinc Oxide in the Field, then after the Acceptance Period, Nanophase may offer to supply or sell such Other Zinc Oxide in the
Field to any third party, provided, however, that if Nanophase (or its Affiliate) contracts with any third party for [*****] such Other
Zinc Oxide or the Zinc Oxide used in such Other Zinc Oxide on [*****], Nanophase shall promptly notify BASF of such [***] and offer to
supply such Other Zinc Oxide or Zinc Oxide to BASF [*****].</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(f)</TD><TD>Except for supply or sale of Zinc Oxide or Zinc Oxide compositions permitted in this Section 2.01, Nanophase cannot supply or sell
Zinc Oxide or Zinc Oxide compositions for use in the Field anywhere in the world. For the avoidance of doubt, nothing in this Agreement
limits Nanophase in any respect outside of the Field.&#8221;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.9</TD><TD>Section 3.04 of the Agreement (<I>Inventory</I>) is hereby deleted in its entirety and amended and replaced with the following language:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&#8220;Nanophase shall maintain [**] of manufactured Products available to fill purchase
orders from BASF [****] than the amounts, if any, stated under the &#8220;Safety Stock (kg) Inventory&#8221; column in Appendix 1 of this
Amendment No. 5. When Nanophase uses safety stock to supply orders in excess of [***] of Z-[***] for a specific [*], Nanophase will have
[***] time to replenish the [**] of Z-[*] to the required level specified in Appendix 1 of this Amendment No. 5 for such contract year.&#8221;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.10</TD><TD>Section III of the Agreement (<I>Capacity</I>) is hereby amended by the addition of the following as Section 3.07:<BR>
<BR>
</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&#8220;Maximum Capacity. Notwithstanding anything herein to the contrary, Nanophase
will not be required to produce or deliver to BASF more than [*] metric tons in the aggregate (&#8220;Max Capacity&#8221;) of all Products
in any contract year. If the Total Volume Outlook in any given year exceeds [*]% of the Max Capacity, BASF and Nanophase shall use commercially
reasonable efforts to agree on a path forward to increase the Max Capacity as necessary based on the market changes impacting such demand.&#8221;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.11</TD><TD>Section III of the Agreement (<I>Capacity</I>) is hereby amended by the addition of the following as Section 3.08:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&#8220;Shutdowns.</P>

<P STYLE="font-size: 10pt; text-indent: -22.5pt; margin: 0pt 0 0pt 108pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(a)</TD><TD>Nanophase shall advise BASF in writing of any planned shutdown of its facilities that could impact its ability to deliver Products
to BASF (&#8220;<B>Shutdown Notice</B>&#8221;). Nanophase shall deliver the Shutdown Notice to BASF no later than [***] prior to start
of the shutdown. The Shutdown Notice shall include estimated dates and down time of the shutdown. Once shut down details are confirmed,
Nanophase shall communicate firm dates and planned down time to BASF in writing within [**] of confirmation of such details.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 130.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(b)</TD><TD>In preparation for any planned shutdown, Nanophase shall manufacture in advance of such planned shutdown an inventory of Z-[*] at
[**] the most recent forecasted volume for the anticipated shutdown period.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 36pt; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 36pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 130.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(c)</TD><TD>Nanophase shall advise BASF within [**] Business Days of any unplanned shutdown of its facilities that impacts its ability to deliver
Products to BASF.&#8221;<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt">1.12</TD><TD>Section 7.05 of the Agreement (<I>Governing Law</I>) is hereby deleted in its entirety and amended and replaced with the following
language:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 54pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 72pt">&#8220;Governing Law; Dispute Resolution. This Agreement shall be governed by and construed
in accordance with the laws of New York. Any dispute, controversy or claim arising out of or in connection with this Agreement, including
but not limited to any question regarding its existence, interpretation, performance, validity or termination shall be exclusively submitted
to and finally resolved by the courts of the State of New Jersey.&#8221;</P>

<P STYLE="margin: 0pt 0 0pt 72pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt"><B>2.</B></TD><TD><B>CONTINUING FORCE AND EFFECT; ENTIRE AGREEMENT</B></TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0 0pt 72pt; font-size: 10pt">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 18pt">Except as otherwise amended under the terms of Section 1 herein, the Agreement shall
remain in full force and effect. This Amendment No. 5 and the Agreement, together with any exhibits and appendices and amendments (and
as such exhibits and appendices may be amended, amended and restated, or replaced from time to time), which are hereby incorporated by
reference, constitute the entire agreement of the Parties with respect to its subject matter and merges and supersedes all prior discussions
and writings with respect to thereto. Except as otherwise set out herein, no modification or alteration of this Amendment No. 5 or the
Agreement shall be binding upon the Parties unless contained in a writing signed by a duly authorized agent for each respective Party
and specifically referring to hereto or thereto. If there is any conflict between the terms of the Agreement and the Amendments and this
Amendment No. 5, the terms of this Amendment No. 5 shall prevail.</P>

<P STYLE="margin: 0pt 0 0pt 18pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt"><B>3.</B></TD><TD><B>LAW AND DISPUTES</B></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 18pt">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 18pt">Any controversy, claim, counterclaim, dispute, difference or misunderstanding arising
out of or relating to the interpretation or application of any term or provision of this Amendment No. 5, or claim arising out of or in
connection with this Amendment No. 5 (including non-contractual disputes or claims) shall be governed by and construed under the terms
of the Agreement, including but not limited to, the Governing Law and Limitation of Warranties provisions in the Agreement.</P>

<P STYLE="margin: 0pt 0 0pt 18pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt"><B>4.</B></TD><TD><B>COUNTERPARTS; FACSIMILE</B></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 18pt">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 18pt">This Amendment No. 5 may be executed in one or more counterparts, all of which
shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of
the Parties hereto and delivered to the other party, it being understood that all Parties need not sign the same counterpart. This
Amendment No. 5 may be executed and delivered by facsimile transmission, by electronic mail in &#8220;portable document
format&#8221; (&#8220;.pdf&#8221;) form, or by any other electronic means intended to preserve the original graphic and pictorial
appearance of a document, or by combination of such means.</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 36pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">[signatures on following page]</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">IN WITNESS WHEREOF, the Parties hereto have caused this Amendment No. 5 to
be duly executed and delivered as of the Amendment No. 5 Effective Date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">SIGNED for and on behalf of </FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">SIGNED for and on behalf of</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>BASF CORPORATION</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>NANOPHASE TECHNOLOGIES CORP.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Name: <B>Nader Mahmoud</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"></P></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;<B>Jess Jankowski</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Position:</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Vice President</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Business Management, Personal Care</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Care Chemicals North America</B></P></TD>
    <TD>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Position:</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>President &amp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Chief Executive Officer</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Signature: /s/________________________</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Signature: /s/__________________________</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date:&nbsp;<B>April 10, 2024</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Date: <B>April 10, 2024</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 36pt; font-size: 10pt; text-indent: 0pt">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-indent: 0pt; margin: 0pt 0 0pt 36pt">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Appendix 1 &#8211; Product Supply Details </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Product Name</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Commercial</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Pack Size</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(kg)</B></P></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;Package Material Description</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>MOQ <BR>
(kg)</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Batch Size</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(kg)</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Lead <BR>
Time for <BR>
P.O.s <BR>
(wks)</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Order <BR>
Confirmation <BR>
after receipt of <BR>
PO</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Safety Stock (kg) Inventory </B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Recent Lead Time (wks)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;Corrugated Boxes with Plastic Liners</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] kg</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;Corrugated Boxes with Plastic Liners</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[***]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*****] of Total Volume Outlook</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Corrugated Boxes with Plastic Liners</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;Corrugated Boxes with Plastic Liners</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Corrugated Boxes with Plastic Liners</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[**] Fiberboard Box</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>EXHIBIT B</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicated below is Q1 2024 pricing schedule for Product; F.O.B Nanophase&#8217;s plant.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #091438">
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid; border-left: white 1pt solid"><FONT STYLE="color: White"><B>Price
    Component</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: White"><B>Z-[*]</B></FONT></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: White">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: White"><B>([*] kg Box)</B></FONT></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: White">&nbsp;</FONT></P></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="color: White"><B>[*]</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="color: White"><B>[**]</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="color: White"><B>Z-[*]</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="color: White"><B>Z-[**]</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCCCCE">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">Base Price- 2024 [**] MT Level</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD></TR>
  <TR STYLE="background-color: #E7E7E8">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">Q1 2024 [**]<SUP>1</SUP></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD></TR>
  <TR STYLE="background-color: #CCCCCE">
    <TD STYLE="border-left: white 1pt solid; border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid">Coating &amp; Packaging<SUP>2,3</SUP></TD>
    <TD STYLE="border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid">$[*]/kg ([*]/kg)</TD>
    <TD STYLE="border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="background-color: #E7E7E8">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">Q1 2024 Total<SUP>3</SUP></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 40%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #091438">
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid; border-left: white 1pt solid"><FONT STYLE="color: White"><B>Price
    Component</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="color: White"><B>Z-[*]</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCCCCE">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">Q1 2024 Price<SUP>4</SUP> - 2024 </TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP></SUP></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>1</SUP> [*] may change for specific shipments based upon the actual NTC [***] price.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>2</SUP> Includes annual adjustment for [**], and [**] totaling $[*].</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>3</SUP> Prices in parentheses are for [*] shipments only. The additional cost for packaging
is $[*]/kg.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>4 </SUP>Includes [**], and [*] adjustments per Agreement and prior Amendments, as defined
in Amendment No. 5.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Page 12 of 12</P>

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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p>

<p style="text-align: center;"><font style="font-size: 14pt;"><strong>Nanophase Announces Successful Litigation Settlement</strong></font></p>

<p style="text-align: center;"><strong></strong></p>

<p></p>

<p align="justify">ROMEOVILLE, Ill., April 11, 2024 (GLOBE NEWSWIRE) -- Nanophase Technologies Corporation (OTCQB: NANX), a leader in
mineral-based and scientifically-driven health care solutions across beauty and life science categories &#8212; with innovations that
protect skin from environmental aggressors and aid in medical diagnostics &#8212; announced today that it has agreed to a successful and
amicable resolution of all ongoing litigation with BASF. The parties have executed a Settlement Agreement, an amendment to their existing
supply contract, and a joint stipulation to dismiss the case with prejudice to be filed in the Superior Court of New Jersey within the
next five business days.<br /></p>

<p align="justify">&#8220;We are happy to conclude this litigation on positive terms. BASF has been a good partner to Nanophase over the
years, and we expect that partnership to continue to bear fruit in the future,&#8221; said Nanophase President and Chief Executive Officer,
Jess Jankowski. &#8220;Our commercial teams have remained aligned throughout the litigation process, but I know that all of us are excited
and looking forward to focusing all of our energies on enhancing the commercial success of our businesses. Completion of the settlement
allows Nanophase and Sol&#233;sence to focus on what we do best, while continuing to support our sale of mineral-based Active Pharmaceutical
Ingredients (&#8220;API&#8221;), into a market that recognizes the benefits these solutions bring,&#8221; continued Jankowski. &#8220;With
this behind us, we expect our API and Sol&#233;sence finished products business to continue to grow, enhanced further by now having the
benefit of our undivided attention.&#8221;</p>

<p align="justify"><strong><u>About Nanophase Technologies</u></strong></p>

<p align="justify">Nanophase Technologies Corporation (OTCQB: NANX),&#160;www.nanophase.com, is a leading innovator in mineral-based and
scientifically driven healthcare solutions across beauty and life science categories, as well as other legacy advanced materials applications.
Leveraging a platform of integrated, patented, and proprietary technologies, the Company creates products with unique performance, enhancing
consumers' health and well-being. We deliver commercial quantity and quality engineered materials both as ingredients and as part of fully
formulated products in a variety of formats.</p>

<p align="justify"><strong><u>About Sol&#233;sence Beauty Science</u></strong></p>

<p align="justify">Sol&#233;sence,&#160;www.solesence.com, a wholly owned subsidiary of Nanophase Technologies, is changing the face of
skin health with patented, mineral-based technology that is embraced by leading performance-driven and clean beauty brands alike. Our
patented products for brands transform the way mineral actives look, feel and function &#8212; enabling textures never-before-seen in
the mineral space and inclusivity never-before-seen in the sun care space. Sol&#233;sence&#8217;s innovative formulations offer best-in-class
UV protection, unparalleled free radical prevention to protect against pollution, and enhanced antioxidant performance.</p>

<p align="justify"><strong><u>Forward-Looking Statements</u></strong></p>

<p align="justify"><em>This press release contains words such as &#8220;expects,&#8221; &#8220;shall,&#8221; &#8220;will,&#8221; &#8220;believes,&#8221;
and similar expressions that are intended to identify forward-looking statements within the meaning of the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995. Such statements in this announcement are made based on the Company&#8217;s current beliefs,
known events and circumstances at the time of publication, and as such, are subject in the future to unforeseen risks and uncertainties
that could cause the Company&#8217;s results of operations, performance, and achievements to differ materially from current expectations
expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, without limitation, the following:
a decision by a customer to cancel a purchase order or supply agreement in light of the Company&#8217;s dependence on a limited number
of key customers; uncertain demand for, and acceptance of, the Company&#8217;s engineered materials, ingredients, and fully formulated
products; the Company&#8217;s manufacturing capacity and product mix flexibility in light of customer demand; the Company&#8217;s limited
marketing experience; changes in development and distribution relationships; the impact of competitive products and technologies; the
Company&#8217;s dependence on patents and protection of proprietary information; the resolution of litigation in which the Company may
become involved; the impact of any potential new government regulations that could be difficult to respond to or too costly to comply
with while remaining financially viable; the ability of the Company to maintain an appropriate electronic trading venue; and other factors
described in the Company&#8217;s Form 10-K filed </em><em>March 28, 2024</em><em>. In addition, the Company&#8217;s forward-looking statements
could be affected by general industry and market conditions and growth rates. Except as required by federal securities laws, the Company
undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties, or other contingencies.</em></p>

<p align="justify"><strong><u>Investor Relations Contact:</u></strong><br />Phone: (630) 771-6736</p>

<p />

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<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>exh_992.htm
<DESCRIPTION>EXHIBIT 99.2
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<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.6pt"><B>Exhibit 99.2</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.6pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.6pt"><B><U>SETTLEMENT AGREEMENT AND GENERAL
RELEASE</U></B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">This Settlement Agreement and General Release (&ldquo;Agreement&rdquo;)
is made and entered into by and between BASF Corp. (&ldquo;BASF&rdquo;) and Nanophase Technologies Corp. (&ldquo;Nanophase&rdquo;) (as
defined herein) (each a &ldquo;Party,&rdquo; and collectively, the &ldquo;Parties&rdquo;).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">WHEREAS, BASF filed the Lawsuit against Nanophase arising
from the Parties&rsquo; Zinc Oxide Supply Agreement, amendments to same and alleged breaches thereof <I>(BASF Corp. v. Nanophase Technologies
Corp., </I>Docket No. MRS-L-1396-22 (Sup. Ct. Law Div. N.J.) (the &ldquo;Lawsuit&rdquo;);</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">WHEREAS, Nanophase subsequently plead counterclaims
against BASF in the Lawsuit;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.15pt">WHEREAS, arm&rsquo;s
length settlement negotiations have taken place between BASF and Nanophase, and this Agreement embodies all of the terms and conditions
of the good-faith settlement between BASF and Nanophase, and has been reached as a result of the Parties&rsquo; negotiations;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.25pt">WHEREAS, BASF
and Nanophase have concluded, after due investigation and after carefully considering the relevant circumstances including, without limitation,
the Parties&rsquo; respective Claims that the other Party engaged in unlawful activity in connection with the Parties&rsquo; Zinc Oxide
Supply Agreement and subsequent amendments to same, the Parties&rsquo; legal and factual defenses thereto, and the applicable law, that
it would be in the best interests of the Parties to enter into this Agreement in order to avoid the uncertainties and expense, risk, and
burden of litigation, to obtain the settlement consideration and releases contemplated by this Agreement, and to put to rest with finality
all claims that have been or could have been asserted against the BASF </FONT>Releasees and the Nanophase Releasees (as defined herein)
by the BASF Releasors or Nanophase Releasors (as defined herein);</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">WHEREAS, each Party to the Agreement expressly denies
that it committed any unlawful conduct in connection with any of the Claims;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">WHEREAS, the Parties have been and are represented
by independent legal counsel with regard to this Agreement, and have been fully advised of any and all legal rights they may have;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">NOW THEREFORE, in consideration of the mutual promises
and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
by each Party to the Agreement, it is hereby covenanted and agreed by and between the Parties hereto as follows:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.15in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Recitations</U>. The recitations set forth above are incorporated herein by reference and are expressly made part of this Agreement.</P>

<P STYLE="margin: 0pt 0.15in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Definitions</U>. The following capitalized terms, as used in this Agreement, have the following meanings:</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>&ldquo;Amendment No. 5 to Zinc Oxide Supply Agreement&rdquo;</I> shall refer to the Amendment No. 5 to Zinc Oxide Supply Agreement
attached as Exhibit D to this Settlement Agreement, which superseded the ZnO Exclusivity MOU and the Supply MOU.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>&ldquo;Nanophase&rdquo; </I>means Nanophase Technologies Corporation.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.05in; font-size: 10pt; text-align: left; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>&ldquo;Nanophase Releasees&rdquo; </I>shall refer jointly and severally, individually, and collectively to (i) Nanophase; (ii) the
present and former direct and indirect parents, subsidiaries, divisions, affiliates, or associates of Nanophase; and (iii) the present
and former officers, directors, members, partners, managers, agents, employees, legal representatives, trustees, heirs, executors, <FONT STYLE="letter-spacing: 0.2pt">administrators,
purchasers, insurers, predecessors, successors, and assigns of each of the foregoing.</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.05in; font-size: 10pt; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><FONT STYLE="letter-spacing: 0.2pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.05in; font-size: 10pt; text-align: left; text-indent: 1in"></P>

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<P STYLE="margin: 0pt 0 0pt 0.05in; font-size: 10pt; text-align: left; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.2pt"><I>&ldquo;Nanophase Releasors&rdquo; </I>shall refer jointly and severally, individually, and collectively
to (i) Nanophase; (ii) the present and former direct and indirect parents, subsidiaries, divisions, affiliates, or associates of Nanophase;
and (iii) the present and former officers, directors, members, partners, managers, agents, employees, legal representatives, trustees,
heirs, executors, administrators, purchasers, insurers, predecessors, successors, and assigns of each of the foregoing.</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.05in; font-size: 10pt; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.05in; font-size: 10pt; text-align: left; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.2pt"><I>&ldquo;Claims&rdquo; </I>means all manner of allegations, demands, prayers for relief, causes of
action, damages, liabilities, costs, expenses, penalties, and attorneys&rsquo; fees asserted by the BASF Releasors and Nanophase Releasors,
whether directly, representatively, derivatively, or in any other capacity, </FONT>asserted in the Lawsuit or based on the same or substantially
similar facts and legal theories as those asserted, or those that could have been asserted based on any fact known by the relevant Party
or Releasor at the time of this settlement and related to the underlying suit or claims pursued in the underlying Lawsuit. The Parties
expressly do not release and expressly reserve any unknown claims;</P>

<P STYLE="margin: 0pt 0 0pt 0.05in; font-size: 10pt; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: left; font-size: 10pt; text-indent: 1in; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.25pt">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="letter-spacing: 0.2pt"><I>&ldquo;Execution Date&rdquo; </I>means April 10, 2024.</FONT></P>

<P STYLE="text-align: left; font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font-size: 10pt; text-indent: 1in; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.25pt">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>&ldquo;BASF&rdquo; </I>means BASF Corp.</FONT></P>

<P STYLE="text-align: left; font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: 0.25pt">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="letter-spacing: 0.3pt"><I>&ldquo;BASF Releasees&rdquo; </I>shall refer jointly and severally, individually, and collectively
to (i) BASF; (ii) the present and former direct and indirect parents, subsidiaries, divisions, affiliates, or associates of BASF; and
(iii) the present and former officers, directors, members, partners, managers, agents, employees, legal representatives, </FONT>trustees,
heirs, executors, administrators, purchasers, insurers, predecessors, successors, and assigns of each of the foregoing.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: 0.25pt">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="letter-spacing: 0.2pt"><I>&ldquo;BASF Releasors&rdquo; </I>shall refer jointly and severally, individually, and collectively
to (i) BASF; (ii) the present and former direct and indirect parents, subsidiaries, divisions, affiliates, or associates of BASF; and
(iii) the present and former officers, directors, members, partners, managers, agents, employees, legal representatives, trustees, heirs,
executors, administrators, purchasers, insurers, predecessors, successors, and assigns of each of the foregoing.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: 0.25pt">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="letter-spacing: 0.2pt"><I>&ldquo;Binding Memoranda of Understanding&rdquo; </I>shall refer collectively to: (1) the
Binding Memorandum of Understanding Regarding Zinc Oxide Exclusivity in the 1999 Zinc Oxide Supply Agreement and its Amendments between
BASF Corp. and Nanophase Technologies Corp., dated November 27, 2023 (the &ldquo;ZnO Exclusivity MOU&rdquo;); (2) the Binding Memorandum
of Understanding Regarding Development of a Modified Zinc Oxide Powder for Purchase and Supply Under the 1999 Zinc Oxide Supply Agreement
and its Amendments between BASF Corp. and Nanophase Technologies Corp., dated December 21, 2023 (the &ldquo;[*] Exclusivity MOU&rdquo;);
and, (3) the Binding Memorandum of Understanding Regarding the Purchase and Supply of Zinc Oxide Under the 1999 Zinc Oxide Supply Agreement
and its Amendments between BASF Corp. and Nanophase Technologies Corp., dated December 21, 2023 (the &ldquo;Supply MOU&rdquo;).</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: 0.25pt">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>&ldquo;Lawsuit&rdquo; </I>means <I>BASF Corp. v. Nanophase Technologies Corp.</I>, Docket No. MRS-L-1396-22 (Sup. Ct. Law Div.
N.J.) (filed August 9, 2022).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>All
Claims Satisfied by the Binding Memoranda of Understanding and Amendment No. 5 to Zinc Oxide Supply Agreement</U>. The Binding
Memoranda of Understanding and Amendment No. 5 to Zinc Oxide Supply Agreement are hereby incorporated into this Settlement Agreement
(attached hereto as Exhibits A, B, C, and D, respectively). The Parties shall look solely to the Binding Memoranda of Understanding,
Amendment No. 5 to Zinc Oxide Supply Agreement, and other consideration expressly described therein for settlement and satisfaction
of all Claims released by this Agreement, including any associated fees, costs, or other expenses. The parties agree to execute
Amendment No. 5 to Zinc Oxide Supply Agreement at the time this Settlement Agreement is executed, at which time Amendment No. 5
shall supersede <FONT STYLE="letter-spacing: 0.2pt">the ZnO Exclusivity MOU and Supply MOU</FONT>. The Parties shall not be liable
for any costs or attorneys&rsquo; fees incurred by the other Party (or any third party).</P>

<P STYLE="margin: 0pt 0.05in 0pt 0.5in; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Dismissal of the Lawsuit with Prejudice</U>. Not later than five (5) business days after the Execution Date of the Agreement, BASF
agrees to file a stipulation of dismissal (attached hereto as Exhibit E), signed by counsel for BASF and counsel for Nanophase, voluntarily
dismissing the Lawsuit with prejudice with each Party to bear its own fees and costs.</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.2pt"><U>Mutual Releases</U>. BASF and Nanophase hereby release each other from the Claims.</FONT></P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.15pt"><U>Nanophase&rsquo;s Covenant Not to Sue</U>. Nanophase covenants and agrees that it will forever
refrain from instituting, maintaining, prosecuting, or continuing to maintain or prosecute any suit, lawsuit, action, or administrative
proceeding, or collecting from, seeking to recover from, or proceeding against any of the BASF Releasees in connection with any of the
Claims, or to assist any third party in commencing or maintaining any suit against any BASF Releasee related in any way to any of the
Claims. Nanophase also covenants and agrees that BASF shall have the right to enforce Nanophase&rsquo;s covenant not to sue in any suit,
action, or other proceeding whether or not BASF is a party thereto.</FONT></P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.25pt"><U>BASF&rsquo;s Covenant Not to Sue</U>. BASF covenants and agrees that it will forever refrain
from instituting, maintaining, prosecuting, or continuing to maintain or prosecute any suit, lawsuit, action, or administrative proceeding,
or collecting from, </FONT><FONT STYLE="letter-spacing: 0.3pt">seeking to recover from, or proceeding against any of the Nanophase Releasees
in connection with any of the Claims, or to assist any third party in commencing or maintaining any suit against any Nanophase Releasee
in any way to any of the Claims or to assist any third party in commencing or maintaining any suit against any Nanophase Releasee related
in any way to the Claims. BASF also covenants and agrees that Nanophase shall have the right to enforce BASF&rsquo;s covenant not to
sue in any suit, action, or other proceeding whether or not Nanophase is a party thereto.</FONT></P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.25pt"><U>The Illinois Actio</U></FONT><U><FONT STYLE="letter-spacing: 0.2pt">n</FONT></U><FONT STYLE="letter-spacing: 0.2pt">.
Nanophase, on behalf of the Nanophase Releasors, represents and warrants that, as of the date of this Agreement and excluding the Lawsuit
and the previously dismissed with prejudice Illinois action (<I>Nanophase Technologies Corp., v. BASF Corp.</I>, No. 2022CH08863, (Cir.
Ct. Cook Cty. Ill., Ch. Div.)), they have not filed or asserted any Claims against a BASF Releasee in any court, tribunal, or other forum,
and this Agreement would operate as a complete bar and discharge of any such Claims. BASF, on behalf of the BASF Releasors, represents
and warrants that, as of the date of this Agreement and excluding the Lawsuit and the previously dismissed with prejudice Illinois action,
they have not filed or asserted any Claims against a Nanophase Releasee in any court, tribunal, or other forum, and this Agreement would
operate as a complete bar and discharge of any such Claims. </FONT></P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Binding Effect</U>. This Agreement shall be binding upon, and inure to the benefit of, the successors and assigns of the Parties hereto.</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.2pt"><U>No Admission</U>. The Parties expressly agree that this Agreement and any and all statements,
negotiations, documents, and discussions associated with it, shall not be deemed </FONT>or construed to be an admission or evidence of
any violation of any statute or law or of any liability or wrongdoing or of the truth of any of the Claims or any other pleading or filing,
and evidence thereof shall not be discoverable or used, directly or indirectly, in any way in any action or proceeding.</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.2pt"><U>Confidentiality</U>. The Parties agree not to reveal the terms and conditions of this Agreement,
the Binding Memoranda of Understanding, all documents or other information in any form concerning the development or other work performed
by or on behalf of any Party under or in connection with the [*] Exclusivity MOU, any aspect of the negotiation of this Agreement, Amendment
No. 5 to Zinc Oxide Supply Agreement, or the settlement that is the subject of this Agreement except as may be reasonably necessary:
(a) for the enforcement of this Agreement; (b) to comply with any applicable law or an order of a court of competent jurisdiction; or
(c) to comply with applicable securities law requirements (including, without limitation, Nanophase filing this Agreement and Amendment
No. 5 to Zinc Oxide Agreement, and its Appendix and Exhibit, with the U.S. Securities Exchange Commission, with a concurrent request
for confidential treatment of commercially sensitive information in those SEC filings) or for the purpose of financial reporting, the
preparation of financial records <I>(e.g., </I>tax returns, financial statements, etc.) or review in the ordinary course of business
by lending institutions or potential or actual third-party investors. Each Party shall give reasonable notice to the other Party before
complying with an order compelling disclosure, in order to give the other Party sufficient time to protect its interests. Nothing herein
shall prohibit a Party from disclosing any information regarding this Agreement to a parent or affiliate, so long as that parent or affiliate
is notified that the Agreement remains subject to this confidentiality agreement. Nor shall anything herein prohibit a Party from disclosing
to business partners or customers, in general terms and without providing specifics, that the Parties have successfully and amicably
resolved their dispute.</FONT></P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.2pt"><U>Non-Disparagement Clause.</U> The Parties agree that, unless required to do so by legal process,
both Parties, including all officers and directors, will not make any disparaging statements or representations related to the Lawsuit
or the Claims, either directly or indirectly, whether orally or in writing, by word or gesture, to any person whatsoever, about the other
Party, its affiliates, or any of its directors, officers, employees, attorneys, agents, or representatives. For purposes of this paragraph,
a disparaging statement or representation is any communication which, if publicized to another, would cause or tend to cause the recipient
of the communication to question the business condition, integrity, competence, good character, or product quality of the person or entity
to whom the communication relates.</FONT></P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.2pt"><U>Discovery or Subpoena</U>. In the event that any Party receives a subpoena or discovery request
in a civil action (&ldquo;Receiving Party&rdquo;) that would require production of this Agreement, disclosure of its terms, or disclosure
of documents related to negotiation of the settlement that is the subject of this Agreement to third parties, or, such Receiving Party
shall timely notify the other party (&ldquo;Other Party&rdquo;) and provide it with copies of any such subpoena and/or discovery </FONT>request.
Upon receipt of such notice, the Other Party may, in its discretion and so long as there is a reasonable basis for doing so, at the Other
Party&rsquo;s expense, oppose the discovery request and/or move to quash the subpoena, as the case may be, and the Receiving Party shall
fully cooperate with such opposition by the Other Party.</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Indemnification as to the [*] MOU Products</U>.</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.25in">(a)</TD><TD STYLE="text-align: left">Nanophase will, at its expense, defend against, hold BASF harmless from, and pay any final judgment against
BASF or any customer of BASF arising out of (1) any claim that a product made, used, purchased, sold, or developed in connection with the [*] Exclusivity
MOU (&ldquo;[*] MOU Products&rdquo;) infringed a patent, a trade secret or any other proprietary right (unless such claim results from
designs or specifications provided by BASF) or (2) any third-party claim arising out of Nanophase&rsquo;s gross negligence or willful
misconduct, except if caused wholly by BASF&rsquo;s own willful misconduct; provided that (i) BASF notifies Nanophase in writing of such
claim or action, and (ii) Nanophase shall conduct the defense of such claim or action subject to the effective participation of BASF.
In defending any claim or action referred to in clause (1) above, Nanophase may, at its option, agree to any settlement in which Nanophase
shall either (x) procure, for the benefit of BASF, the right to continue to make and have made, use and sell the [*] MOU Products; or
(y) modify the [*] MOU Products or the method of manufacture thereof so that their making, use and sale shall no longer infringe, to the
extent that the exercise of either such option does not result in a material adverse change in the [*] MOU Products or their cost. If
Nanophase shall fail to diligently and effectively defend any such claim or action, BASF shall have the right to assume the defense without
diminishing Nanophase&rsquo;s indemnity obligations hereunder.</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.25in">(b)</TD><TD STYLE="text-align: left">BASF will, at its expense, defend against, hold Nanophase harmless from, and pay any final judgment against
Nanophase arising out of (1) any claim that modifications of the [*] MOU Products by BASF or use of such products in the Field infringed
a patent, a trade secret or any other proprietary right (unless such claim results from infringements by Nanophase against which BASF
is indemnified in (a) above) or (2) any third-party claim arising out of sale of the [*] MOU Products (other than claims against which
BASF is indemnified in (a) above); provided that (i) Nanophase notifies BASF in writing of such claim or action, and (ii) BASF shall conduct
the defense of such claim or action subject to the effective participation of Nanophase. If BASF shall fail to diligently and effectively defend any such claim or action, Nanophase
shall have the right to assume the defense without diminishing BASF&rsquo;s indemnity obligations hereunder.</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

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<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Headings</U>. The headings used in this Agreement are intended for the convenience of the reader only and shall not affect the meaning
or interpretation of this Agreement.</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Interpretation and Construction</U>. Neither Party hereto shall be considered to be the drafter of this Agreement or any provision
hereof for the purpose of any statute, case law, or rule of interpretation or construction that would or might cause any provision to
be construed against the drafter hereof. This Agreement shall be construed and interpreted to effectuate the intent of the Parties, which
is to provide, through this Agreement, for a complete resolution of the Claims, as broadly defined.</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Choice of Law</U>. All terms of this Settlement Agreement shall be governed by and construed in accordance to the substantive laws
of the State of New York.</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.25pt"><U>Amendment: Waiver</U>. This Agreement shall not be modified in any respect except by a writing
executed by the Parties hereto, and the waiver of any rights conferred hereunder shall be effective only if made by written instrument
of the waiving Party. The waiver by any Party of any breach of this Agreement shall not be deemed or construed as a waiver of any other
breach, whether prior, subsequent, or contemporaneous, of this Agreement.</FONT></P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Execution in Counterparts</U>. This Agreement may be executed in counterparts. Facsimile or e-mailed .pdf signatures shall be considered
as valid signatures as of the date hereof, although the original signature pages shall thereafter be appended to this Agreement.</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Integrated
Agreement</U>. This Agreement, including the incorporated Binding Memoranda of Understanding and Amendment No. 5 to Zinc Oxide
Supply Agreement, contains an entire, complete, and integrated statement of each and every term and provision agreed to by the
Parties hereto, and is not subject to any condition not provided for herein. This Agreement supersedes any and all prior and
contemporaneous discussions; <FONT STYLE="letter-spacing: 0.15pt">negotiations, or agreements, written or oral, with respect to the
subject matter hereof. No other representations, covenants, undertakings, or other prior or contemporaneous agreements, oral or
written, respecting such matters, that are not specifically incorporated herein, shall be deemed in any way to exist or to bind the
Parties. The Parties may hereafter discover facts other than or different from those that they know or believe to be true with
respect to the subject matter of this settlement, but the subsequent discovery or existence of such different or additional facts
shall have no bearing on the validity of this Agreement once executed and shall not serve as a basis for the Parties to challenge or
otherwise seek to rescind, terminate, or cancel the settlement or this Agreement.</FONT></P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Severability</U>. If any provision of this Agreement shall be held invalid by operation of law or by any court of competent jurisdiction,
the remainder of this Agreement shall remain in full force and effect, and may be independently enforced to the fullest extent permitted
by law.</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="letter-spacing: 0.2pt"><U>Cure</U>. If it appears to either Party that the other Party may be in breach of its obligations
under this Agreement, they shall promptly notify the Party believed to be in breach and shall defer any action to enforce the terms of
the Agreement for ten (10) business days or such other period as may be agreed upon by the Parties. If the Party believed to be in breach
cures the potential breach (or demonstrates that no breach occurred) within that period, then the Party who provided notice of the potential
breach shall have no action to enforce the Agreement for the alleged breach.</FONT></P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Notice</U>. All communications to be provided pursuant to, or in connection with, this Agreement shall be in writing and shall be sent
by mail or overnight delivery, with a copy by e-mail, at the addresses set forth below, or to such other individuals and addresses as
each Party may designate in writing from time to time:</P>

<P STYLE="margin: 0pt 0.05in 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="text-align: left; margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="text-align: left; margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">If to BASF:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">Vincent J. Montalto&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">DLA Piper LLP&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">51 John F. Kennedy Pky&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">Short Hills, New Jersey 07081&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in"><FONT STYLE="letter-spacing: -0.05pt">(973) 220-2143&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt"><U>Vincent.montalto@us.dlapiper.com</U>&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in"><U>[Or the responsible relationship attorney for BASF Corp. at the time of Dispute]</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">If to Nanophase:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">David L. Weinstein&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">Taft Stettinius &amp; Hollister LLP&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">111 East Wacker Drive, Suite 2600&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">Chicago, Illinois 60601&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">(312) 836-4146&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">DWeinstein@taftlaw.com&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">[Or the responsible relationship attorney for Nanophase Technologies Corp. at the time
of Dispute]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.05in 0pt 0">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Authorization to Enter Agreement</U>. The undersigned representatives of BASF and Nanophase covenant and represent, respectively, that
each is fully authorized to enter into and to execute this Agreement on behalf of their respective clients.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.05in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF, </B>and intending to be legally
bound, each of the Parties hereto has caused this Settlement Agreement and Release to be executed as set forth below.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">AGREED AND ACCEPTED BY:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 4in; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">BASF Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt; padding-bottom: 1pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Dated: April 10,
    2024</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; font-size: 10pt; font-style: italic; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><U>/s/
    Vincent Montalo</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 4in; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 4in; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left"><FONT STYLE="font-size: 10pt">Counsel for BASF</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 4in; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Nanophase Technologies Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Dated: April 10, 2024</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><U>/s/ David
    L. Weinstein</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-indent: 4in; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left"><FONT STYLE="font-size: 10pt">Counsel for Nanophase</FONT></TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: 4in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.25pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.25pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B>Exhibit A</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.25pt"><B><U>BINDING MEMORANDUM OF UNDERSTANDING
</U></B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -0.2in; margin: 0pt 0 0pt 0.2in"><FONT STYLE="letter-spacing: -0.2pt"><B><U>REGARDING ZINC OXIDE
EXCLUSIVITY IN THE 1999 ZINC OXIDE SUPPLY AGREEMENT AND ITS AMENDMENTS BETWEEN BASF CORP. AND NANOPHASE TECHNOLOGIES CORP. </U></B></FONT></P>

<P STYLE="font-size: 10pt; text-indent: -0.2in; margin: 0pt 0 0pt 0.2in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.2pt"><B><U>SUBJECT TO NJRE 408 and INADMISSABLE
</U></B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">This Memorandum of Understanding (&quot;MOU&quot;) is entered into as of [November <FONT STYLE="font-size: 10pt">27
</FONT>2023](&quot;Effective Date&quot;) by Nanophase Technologies Corp., a Delaware corporation with principal place of business at 1319
Marquette Dr., Romeoville, IL, USA (&quot;Nanophase&quot;) on one side, BASF Corp., a Delaware corporation with principal place of business
at 100 Park Ave., Florham Park, NJ (&quot;BASF&quot;, and together with Nanophase, the &quot;Parties&quot;) on the other side:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.15pt">Preamble: The Definitions and Material Terms of this MOU
shall be binding upon the Parties as of the Effective Date of this MOU. The Parties agree to amend all provisions in the 1999 Zinc Oxide
Supply Agreement and its Amendments necessary to incorporate the terms agreed in this MOU. All other terms shall be finalized and memorialized
in a Settlement Agreement (&quot;Settlement Agreement&quot;) between the Parties. The Settlement Agreement, once fully executed, shall
serve as a full and final resolution of the case captioned <I>BASF Corp. v. Nanophase Technologies Corp., </I>Docket No. MRS-L-001396-22,
in the Superior Court of New Jersey, Morris County, and shall fully and finally resolve additional disputes related to BASF Zinc Oxide
[*] and supply chain/supply/inventory issues. This MOU shall be incorporated by reference in the Settlement Agreement. If that Settlement
Agreement is not fully executed by the Parties within thirty (&quot;30&quot;) days of the Effective Date, either party may uniformly and
upon written notice terminate this MOU and all binding terms contained herein. Neither this MOU, nor any of its terms, nor any of the
negotiations or proceedings connected with it shall be offered as evidence or received in evidence in any pending or future action or
proceeding of any type whatsoever provided, however, that the fully executed Settlement Agreement may be offered in order to enforce the
terms thereof.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.35pt"><B><U>Definitions </U></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.1pt"><B>Zinc Oxide </B>means a mineral composition containing
zinc oxide.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.05in 0pt 0"><B>Finished Good </B>means a product containing Zinc Oxide that, except for packaging
or labeling<SUB>;</SUB> is in final dosage form, a form for use in final consumer market products (containing all active and inactive
ingredients). Finished Goods for commercial use shall not be modified, manufactured, processed, compounded, altered, or changed in any
way by Nanophase (or its Affiliates) or any third party following the transfer, shipping or sending of such product by Nanophase (or Affiliates)
to any third party.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.05in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.35in 0pt 0"><FONT STYLE="letter-spacing: -0.2pt"><B>Ingredient </B>means any Zinc Oxide or composition
containing Zinc Oxide, including coated or uncoated powder, dispersions, and mixtures, that is not a Finished Good or Custom Dispersion.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0.35in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Custom Dispersions </B>means Zinc Oxide or a Zinc Oxide composition in any form other than
powder having a Zinc Oxide content of greater than [*]%, but not to exceed [*]%, by weight of composition, that Nanophase or its Affiliates
solely developed for a particular customer.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.2in 0pt 0"><FONT STYLE="letter-spacing: -0.15pt"><B>Nanophase-Developed Finished Product </B>means
a Finished Good containing Zinc Oxide that, if the composition of such Finished Good were patented or patentable in the United States,
at least one inventor of such patent would, at the time of invention, be a Nanophase (or its Affiliate) employee or agent under U.S. patent
law. For avoidance of doubt, a Finished Good need not be actually patented or patentable to be a Nanophase-Developed Finished Product.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Field </B>has the same meaning as in the prior agreement (as in Amendment No. 1, dated as
of January 2001). The Parties agree that &quot;skin care products,&quot; as that term is used in the Field definition, include, without
limitation, deodorants and antiperspirants.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.15in 0pt 0"><B>Affiliate </B>means a person or corporate entity that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with, a specified person or corporate entity.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.15in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.05in 0pt 0"><B>BASF Zinc Oxide </B>means (a) Zinc Oxide and Zinc Oxide compositions developed,
made, manufactured, processed, supplied, or sold by Nanophase (or its Affiliates) for or to BASF at any time prior to the Effective Date,
and (b) and modifications or variations of (a)), made at any time, that would, if made with respect to Zinc Oxide or a Zinc Oxide composition
to be sold in the [****].</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.05in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Other Zinc Oxide </B>means Zinc Oxide and Zinc Oxide compositions that are, on or after the
Effective Date of this Amendment, under development or first developed, manufactured, made or produced by Nanophase (or its Affiliates),
and which are not BASF Zinc Oxide.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.3pt"><B><U>Material Terms </U></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in">1.</TD><TD STYLE="padding-right: 0.05in">Nanophase (or its Affiliates) can supply, offer for sale or sell Nanophase-Developed Finished Products,
in either final packaging or bulk form to be repackaged, in the Field anywhere in the world.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in">2.</TD><TD><FONT STYLE="letter-spacing: -0.1pt">Nothing herein limits Nanophase in any respect outside of the Field.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in">3.</TD><TD STYLE="padding-right: 0.05in"><FONT STYLE="letter-spacing: -0.15pt">BASF has exclusive rights for use as an Ingredient in any product
sold in the Field anywhere in the world to any and all BASF Zinc Oxide. Nanophase can supply and sell Zinc Oxide sold under the brand
name ZO-S1 (which may be encompassed within one of the following current INCI names: Zinc Oxide (and) [*****]; Zinc Oxide (and) [****];
or currently proposed future INCI names: Zinc Oxide (and) [*****]; or Zinc Oxide (and) [*] for use as an Ingredient in any product sold
in the Field only to the single customer to which Nanophase supplied such ZO-S1 powder prior to the Effective Date and only with a composition
identical to that supplied to such customer prior to the Effective Date provided, however, that Nanophase may after the Effective Date
substitute an ingredient in such composition only to the extent required to comply with governmental regulations and if the composition
has essentially the same [*****] as before and after the ingredient substitution.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in">4.</TD><TD STYLE="padding-right: 0.05in">BASF has the right of first refusal for use as an Ingredient in any product sold in the Field anywhere
in the world to any and all Other Zinc Oxide. Nanophase must offer all Other Zinc Oxide to BASF for use as an Ingredient in any product
sold in the Field anywhere in the world on an exclusive basis, and may only offer or sell such Other Zinc Oxide to third parties upon
BASF's refusal thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in">5.</TD><TD STYLE="text-align: justify; padding-right: 0.15in">Nanophase (or its Affiliates) can supply and sell Custom Dispersions for use in
the Field to the extent that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="padding-right: 0.15in">Nanophase (or its Affiliates) began selling such Custom Dispersion to a customer prior to the Effective
Date of this MOU and sells that Custom Dispersion only to that customer (including its Affiliates); OR</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="padding-right: 0.35in">Nanophase (or its Affiliates) first sells such Custom Dispersion on or after the Effective Date of this
MOU and sells that Custom Dispersion only to the customer (including its Affiliates) for whom it was developed up to a maximum amount
of [*] metric tons per [*], as measured by the [**] Zinc Oxide by [**] composition.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="padding-right: 0.15in">Except for supply or sale of Zinc Oxide or Zinc Oxide compositions permitted above, Nanophase cannot
supply or sell Zinc Oxide or Zinc Oxide compositions for use in the Field anywhere in the world.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify; padding-right: 0.15in">Governing Law: This MOU, and the Settlement Agreement, if executed, shall be governed
by and construed in accordance with the laws of New York.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="padding-right: 0.15in">Dispute Resolution: Any dispute, controversy or claim arising out of or in connection with this MOU
and, if executed, the Settlement Agreement, including but not limited to any question regarding its existence, interpretation, performance,
validity or termination shall be exclusively submitted to and finally resolved by the courts of the State of New Jersey.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="padding-right: 0.35in">Except to the extent they require amendment to incorporate and reflect the terms set forth above, all
terms and conditions of the 1999 Zinc Oxide Supply Agreement and its Amendments shall remain in full effect in accordance with their terms.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-size: 10pt; padding-left: 2.1pt">/s/</TD><TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-size: 10pt">/s/</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 2.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -3.5in; padding-left: 3.5in">BASF CORP.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">NANOPHASE TECHNOLOGIES CORP.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: -3.5in; padding-left: 3.5in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -3.5in; padding-left: 3.5in">NAME: Nader Mahmoud</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">NAME: Jess Jankowski</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 0in; padding-left: 3.5in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">TITLE : VP, Business Management Personal Care, NA</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">TITLE: President &amp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 0.5in; padding-left: 4in">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 30pt; font-size: 10pt; text-align: left">Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 0.5in; padding-left: 4in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">DATE: November 27, 2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">DATE: November 27, 2023</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.05in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B></B></P>

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<P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit B</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.3pt"><B><U><BR>
BINDING MEMORANDUM OF UNDERSTANDING </U></B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.25pt"><B><U>REGARDING DEVELOPMENT OF A
MODIFIED ZINC OXIDE POWDER FOR PURCHASE AND<BR>
SUPPLY UNDER THE 1999 ZINC OXIDE SUPPLY AGREEMENT AND ITS AMENDMENTS BETWEEN</U></B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.35pt"><B><U>BASF CORP. AND </U></B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>NANOPHASE TECHNOLOGIES CORP.<BR>
SUBJECT TO NJRE 408 and INADMISSABLE </U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.2pt">This Memorandum of Understanding (&quot;MOU&quot;)
is entered into as of December 21, 2023 (&quot;Effective Date&quot;) by Nanophase Technologies Corp., a Delaware corporation with principal
place of business at 1319 Marquette Dr., Romeoville, IL, USA (&quot;Nanophase&quot;) on one side, BASF Corp., a Delaware corporation with
principal place of business at 100 Park Ave., Florham Park, NJ (&quot;BASF&quot;, and together with Nanophase, the &quot;Parties&quot;)
on the other side:</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.25pt">Preamble: The Definitions and Material
Terms of this MOU shall, once fully executed, be binding upon the Parties as of the Effective Date of this MOU. The terms of this MOU
shall be finalized and memorialized in a Settlement Agreement (&quot;Settlement Agreement&quot;) between the Parties. The Settlement Agreement,
once fully executed, shall serve as a full and final resolution of the case captioned <I>BASF Corp. v. Nanophase Technologies </I>Corp.,
Docket No. MRS-L-001396-22, in the Superior Court of New Jersey, Morris County, and shall fully and finally resolve additional disputes
related to BASF Zinc Oxide supply exclusivity and supply chain/supply/inventory issues. This MOU shall be incorporated by reference in
the Settlement Agreement. If that Settlement Agreement is not fully executed by the Parties within thirty (&quot;30&quot;) days of the
Effective Date, either party may uniformly and upon written notice terminate this MOU and all binding terms contained herein. The Parties
agree, upon successful conclusion of the [*] project that is the subject of this MOU, to amend all provisions in the 1999 Zinc Oxide Supply
Agreement and its Amendments, as amended as of the time the [*] project is completed (&quot;Zinc Oxide Agreement&quot;) necessary to incorporate
the terms agreed in this MOU, as applicable. Neither this MOU, nor any of its terms, nor any of the negotiations or proceedings connected
with it shall be offered as evidence or received in evidence in any pending or future action or proceeding of any type whatsoever provided,
however, that the fully executed Settlement Agreement may be offered in order to enforce the terms thereof.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><U>Definitions</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Zinc Oxide </B>means a mineral composition containing zinc oxide.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.05in 0pt 0"><B>Benchmark </B>means the average of [*] lots of [*****], procured by BASF, with
[*]% of each lot then shipped by BASF to Nanophase. In the event BASF is unable to secure [***] samples, then the parties will mutually
agree in writing on an alternative benchmark or means of comparison. Such writing shall be deemed an amendment to this MOU and shall substitute
that alternative benchmark as the defined Benchmark in this provision.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.05in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&quot;[**] Just Noticeable Difference&quot; or &quot;[**] JND&quot; </B>means the minimum
difference in [***] between two different Zinc Oxide samples that can be discerned in a consumer test panel at a statistically significant
level. The method of determining [**] JND is by (1) creating a test set of [*] samples of Zinc Oxide having different [***] (as measured
by methods described in [*]) that span a nominal [***], (2) having a consumer test panel visually evaluate the series of [*] samples and
report where [*] differences are observed from the nominal [**] sample, and (3) analyzing the observations
to determine the average [*] values (both low and high) of the samples reported to be different from the [*] value and closest in value
to the [*] value. The [**] JND represents the average minimum and maximum [**] values closest in value to but discernable from the [*]
value. BASF and Nanophase will agree in advance of testing on [***]. Zinc Oxide [*], and other necessary test parameters.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Internal</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><U>Material Terms </U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -0.25in; margin: 0pt 0.1in 0pt 0.5in">1. Nanophase must use its commercially reasonable efforts
to develop, scale up, and make available to BASF a Zinc Oxide powder with [**] compared to the Zinc Oxide powder sold as of the Effective
Date by Nanophase to BASF (&quot;Improved Product&quot;). The Improved Product will be offered to BASF on a commercial scale under the
parties' Zinc Oxide Agreement. Upon completion of the project contemplated herein, Nanophase and BASF agree to negotiate commercially
reasonable terms for Nanophase's supply of the Improved Product, consistent with the parties' approach in negotiating commercial terms
for Nanophase's supply of other Zinc Oxide products to BASF. Nothing herein obligates BASF to purchase the improved Product.</P>

<P STYLE="font-size: 10pt; text-indent: -0.25in; margin: 0pt 0.1in 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in"><FONT STYLE="letter-spacing: 0.2pt">2. The Improved Product must:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="padding-right: 0.05in">have a [**] that is [*] than the sum of the maximum [**] JND and the [**] value of the Benchmark (Reference
methods: [*] where the Benchmark, [*] (control) and Improved Product are measured as [*] samples on[*****] formulated in a common vehicle,
at a common [***], and at a common Zinc Oxide [*], where the [**], and Zinc Oxide [*] are determined by agreement of the subject matter
experts at Nanophase and BASF to optimize the [*] for the comparison; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="padding-right: 0.15in"><FONT STYLE="letter-spacing: -0.05pt">in [**] testing, by [**] method at a [*] cm [*] using powder dispersed
to [*]% <I>wilw </I>in [*] using a common [****] (measured at [**]) and [*] (measured at [*] nm), have the same or higher [*] compared
to the Benchmark; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="padding-right: 0.1in">meet consumer acceptance, in comparison to Benchmark and [*], through [*] difference in [***] at Tarrytown
Consumer Testing Center using the Test Method &mdash; [****], as set forth in the attached SOP methodology; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="padding-right: 0.15in">be acceptable to a subset of BASF's potential customers, selected by BASF, based on customer feedback;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>pass Process Qualification and Stability testing completed to API standards conforming to [**] FDA guidance and requirements.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.25in"><FONT STYLE="letter-spacing: 0.15pt">i. Demonstrated minimum [*]-year shelf life.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: -0.05pt">3.</FONT></TD><TD STYLE="padding-right: 0.1in"><FONT STYLE="letter-spacing: -0.05pt">a. If a proposed Improved Product does not satisfy Sec. 2a. or
Sec. 2b., Nanophase must modify the product as necessary until either the product satisfies both Sec. 2a. and 2.b or the parties mutually agree in good faith and in writing that an Improved
Product is not achievable using commercially reasonable efforts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Internal</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="letter-spacing: -0.2pt">b.</FONT></TD><TD STYLE="padding-right: 0.15in"><FONT STYLE="letter-spacing: -0.2pt">Upon development of a potential Improved Product that has satisfied
Sec. 2.a and Sec. 2.b., if the potential Improved Product does not satisfy one or more requirements of Sec. 2.c through 2.e of this MOU,
Nanophase must modify the product up to [*] times to address the deficiencies. The modified potential Improved Product will be tested
under Section 2a through 2.e and subject to the other the terms of this MOU. For avoidance of doubt, after Nanophase has developed a proposed
Improved Product that satisfies Sec. 2.a and Sec. 2.b, Nanophase must develop up to [*] versions of a proposed Improved Product as necessary
to satisfy all requirements of Sec. 2.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="letter-spacing: -0.2pt">c.</FONT></TD><TD STYLE="padding-right: 0.15in">In making any modifications to proposed Improved Products under Sections 3.a or 3.b., Nanophase must
consider and implement all reasonable modification proposals and suggestions made by BASF.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: -0.15pt">4.</FONT></TD><TD STYLE="padding-right: 0.15in"><FONT STYLE="letter-spacing: -0.15pt">Nanophase must begin work on the Improved Product according to
the timeline/plan attached hereto within [*] business days after the later of (a) the Settlement Agreement being fully executed or (b)
Nanophase receiving its portion of the Benchmark samples. The Improved Product must be completed and available for commercial production
within [*] weeks of beginning work. If Nanophase modifies the proposed Improved Product in accordance with Sec. 3 of this MOU, the [*]-week
completion deadline shall be extended accordingly based on the point at which the prior proposed Improved Product failed and the modifications
necessary.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: -0.15pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.35in">Nanophase shall bear all costs of developing the Improved Product except that BASF
will bear its own costs of evaluating Nanophase's material.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: -0.15pt">6.</FONT></TD><TD STYLE="padding-right: 0.15in"><FONT STYLE="letter-spacing: -0.2pt">If Nanophase does not successfully develop an Improved Product
that meets the terms and conditions of each of Sections 2a, 2b, 2c, and 2e of this MOU, then BASF's [*] obligation under Section [*] of
the 1999 Zinc Oxide Supply Agreement, as amended as of the effective date of the Settlement Agreement (&quot;Settlement Amended Zinc Oxide
Agreement&quot;), shall [*] from [*]% of BASF's requirements to [*] of its requirements. For avoidance of doubt, the [*] on of BASF's
purchase obligation from [*]% to [*]% shall apply regardless of (a) the reason the proposed Improved Product does not satisfy Sections
2a, 2b, 2c, or 2e, (b) the stage of development of the proposed Improved Product upon its failure to satisfy Sections 2a, 2b, 2c, or 2e,
and (c) whether Nanophase satisfies it obligation to use commercially reasonable efforts but nonetheless does not achieve an Improved
Product satisfying Sections 2a, 2b, 2c, and 2e.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: -0.15pt">7.</FONT></TD><TD><FONT STYLE="letter-spacing: -0.2pt"><U>Intellectual Property.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="letter-spacing: -0.2pt">a.</FONT></TD><TD STYLE="padding-right: 0.15in"><FONT STYLE="letter-spacing: -0.2pt"><U>Previously Developed Technology.</U> Except as set forth
                                                                                                           in any other prior or future agreement between BASF and Nanophase, including, as applicable, the Zinc Oxide Agreement or Settlement
                                                                                                           Amended Zinc Oxide Agreement, as applicable, all technology owned or controlled by either party before the Effective Date, or
                                                                                                           developed or acquired by that party independent of activities undertaken in connection with Nanophase's developing and testing a
                                                                                                           [**] zinc oxide powder, shall remain in the sole ownership and/or control of that party or its
affiliate, assignee, licensee, or other designee.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Internal</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0.25in 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="letter-spacing: 0.2pt">b.</FONT></TD><TD STYLE="padding-right: 0.2in"><FONT STYLE="letter-spacing: 0.2pt"><U>[**] Development Technology.</U> Subject to BASF's rights herein
and in the Exclusivity MOU, as between the Parties Nanophase shall have the entire and exclusive worldwide rights, title, and interest
in and to all technology developments created by the Parties in their work on the [*] project set forth herein, relating to: (i) methods
of manufacturing [**] zinc oxide powder; (ii) use and sale of [**] zinc oxide powder or dispersions for Finished Goods and Custom Dispersions
(each as defined in the Exclusivity MOU) in the Field; and (iii) use and sale of [**] zinc oxide powder and dispersions other than for
uses in the Field. Nanophase, in its sole discretion and expense, shall have the right to prepare, file, prosecute, maintain, and enforce
patents and patent applications directed to (i), (ii), or (iii) above.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="letter-spacing: -0.15pt">8.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><U>Governing Law:</U> This MOU, and the Settlement Agreement, if executed, shall
be governed by and construed in accordance with the laws of New York.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="letter-spacing: -0.15pt">9.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><U>Dispute Resolution:</U> Any dispute, controversy or claim arising out of or in
connection with this MOU and, if executed, the Settlement Agreement, including but not limited to any question regarding its existence,
interpretation, performance, validity or termination shall be exclusively submitted to and finally resolved by the courts of the State
of New Jersey.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="letter-spacing: -0.15pt">10.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">Except to the extent they require amendment to incorporate and reflect the terms
set forth above upon successful conclusion of the project set forth herein, all terms and conditions of the Zinc Oxide Agreement or Settlement
Amended Zinc Oxide Agreement, as applicable, shall remain in full effect in accordance with their terms.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><B>BASF CORPORATION&#9;NANOPHASE TECHNOLOGIES CORP.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">/s/</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">/s/</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">SIGNATURE</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">SIGNATURE</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">PRINTED</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">PRINTED</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">NAME: Nader Mahmoud</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">NAME: Jess Jankowski</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">TITLE: VP, Business Management Personal
    Care, NA</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">TITLE: President &amp; Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">DATE: December 21, 2023</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">DATE: December 21, 2023</FONT></TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Internal</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD ROWSPAN="7" STYLE="width: 45%; border: black 1pt solid">
    <P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">.</FONT> <FONT STYLE="font-size: 24pt"><B>BASF</B></FONT></P>
    <P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0.55in 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">We create chemistry</P>
    <P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0.55in 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; width: 37%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Procedure Number: </B>TCTC-003-009.00</FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">Page: 1 of 2</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Location: </B>Tarrytown, New York</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Department: </B>Tarrytown Consumer Testing Center</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Supersedes: </B>New</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt"><B>Originated By: [*]</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.75pt"><FONT STYLE="font-size: 10pt"><B>Date: </B>11/28/23</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt"><B>Reviewed By: [*]</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.75pt"><FONT STYLE="font-size: 10pt"><B>Date: </B>11/29/23</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt"><B>Approved By: [*]</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.75pt"><FONT STYLE="font-size: 10pt"><B>Date: </B>11/29/23</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.25pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.35pt"><B>STANDARD OPERATING PROCEDURE</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.25pt"><FONT STYLE="font-size: 10pt">TITLE: Tarrytown Consumer Testing Center Descriptive Analysis &mdash;[*] Parameters</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"><FONT STYLE="letter-spacing: -1.3pt"><B>1.&nbsp;&nbsp;&nbsp; </B></FONT><B><FONT STYLE="letter-spacing: -1.1pt">OBJECTIVE</FONT></B></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in"><FONT STYLE="letter-spacing: -0.4pt">The following methodology outlines the best
practices to assess appearance and rub out properties (sensorially) of a cosmetic/cream base containing mineral [*] by an expert evaluator/panel.
This is a modification of the standard skin feel descriptive analysis method developed by the industry representatives of [***].</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.45in"><FONT STYLE="letter-spacing: -0.45pt">Specifically, this protocol standardizes
the procedure for grading the &quot;residual&quot; [****] once a product is absorbed. All grading is being conducted by an expert panel
at the BASF Tarrytown Consumer Testing Center.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.45in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"><FONT STYLE="letter-spacing: -1.3pt"><B>2.&nbsp;&nbsp;&nbsp; </B></FONT><B><FONT STYLE="letter-spacing: -1.1pt">GENERAL
TEST PROCEDURE</FONT></B></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in"><FONT STYLE="letter-spacing: -0.45pt">A modified descriptive analysis session involving
a group of trained evaluators will assess each product for appearance on [*] during [**] and upon full absorption across various [***]
(Fitzpatrick grading and pictures to be taken, before &amp; after grading).</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"><FONT STYLE="letter-spacing: -1.3pt"><B>3.&nbsp;&nbsp;&nbsp; </B></FONT><B><FONT STYLE="letter-spacing: -1.1pt">TEST
MATERIALS</FONT></B></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in"><FONT STYLE="letter-spacing: -0.5pt">&#9;3.1&#9;Product(s) to be evaluated: <I>(to
be detailed in protocol, product(s) must be blind to evaluators)</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in"><FONT STYLE="letter-spacing: -0.45pt">&#9;3.2&#9;[****]</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in"><FONT STYLE="letter-spacing: -0.4pt">&#9;3.3&#9;Syringes or pipettes</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in"><FONT STYLE="letter-spacing: -0.4pt">&#9;3.4&#9;Data entry ballot</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in"><FONT STYLE="letter-spacing: -0.55pt">&#9;3.5&#9;[*****] or nonabrasive soap such
as Ivory</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in"><FONT STYLE="letter-spacing: -0.45pt">&#9;3.6&#9;Images to be taken using standard
camera with consistent lighting/set up.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"><FONT STYLE="letter-spacing: -1.3pt"><B>4.&nbsp;&nbsp;&nbsp; </B></FONT><B><FONT STYLE="letter-spacing: -1.1pt">TEST
PANEL</FONT></B></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.15in 0pt 0.45in"><FONT STYLE="letter-spacing: -0.45pt">Expert Evaluators will rate the [*] of
each product on various [****]. Panel will be selected based on [******]. Full [***] sessions will transpire prior to the study.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0.15in 0pt 0.45in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"><FONT STYLE="letter-spacing: -1.3pt"><B>5.&nbsp;&nbsp;&nbsp; </B></FONT><B><FONT STYLE="letter-spacing: -1.1pt">SAMPLE
&amp; SKIN PRE-CONDITIONING</FONT></B></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in"><FONT STYLE="letter-spacing: -0.4pt">&#9;5.1&#9;Product samples will be preconditioned
for [*] hours prior to conducting panel at room </FONT>temperature.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45in"><FONT STYLE="letter-spacing: -0.5pt">&#9;5.2&#9;Panelist will [****] and [*]
with [**] for [*] seconds to </FONT>ensure no [**]. They will pat dry with paper towel and wait [*] minutes to allow [**] to
equilibrate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.1in 0pt 0.9in">Internal</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.1in 0pt 0.9in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0.1in 0pt 0.9in; font-size: 10pt; text-align: center"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: Red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD ROWSPAN="7" STYLE="width: 45%; border: black 1pt solid">
    <P STYLE="font-size: 24pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>BASF</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">We create chemistry</P>
    <P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0.55in 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; width: 37%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Procedure Number: </B>TCTC-003-009.00</FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.55pt"><FONT STYLE="font-size: 10pt">Page: 2 of 2</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Location: </B>Tarrytown, New York</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Department: </B>Tarrytown Consumer Testing Center</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Supersedes: </B>New</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 4.85pt"><FONT STYLE="font-size: 10pt"><B>Originated By: [*]</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.55pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.45pt">Date: 11/28/23</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 4.85pt"><FONT STYLE="font-size: 10pt"><B>Reviewed By: [*]</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.55pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.45pt">Date: 11/29/23</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 4.85pt"><FONT STYLE="font-size: 10pt"><B>Approved By: [*]</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.55pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.45pt">Date: 11/29/23</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.35pt"><B>STANDARD OPERATING PROCEDURE</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.8pt"><FONT STYLE="font-size: 10pt">TITLE: Tarrytown Consumer Testing Center Descriptive Analysis &mdash; [*] Parameters</FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.85pt"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="letter-spacing: -1.1pt">PROCEDURE</FONT></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.9in"><FONT STYLE="letter-spacing: -0.55pt">&#9;6.1.1&#9;At the beginning of the session,
a [**] will be used to make a [*]&rdquo; [*] on [****]</FONT><FONT STYLE="letter-spacing: -0.45pt">.</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.9in; font-size: 10pt"><FONT STYLE="letter-spacing: -0.45pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.9in; font-size: 10pt"><FONT STYLE="letter-spacing: -0.4pt">&#9;6.1.2&#9;[*]cc of product will be applied to the [*]
of the [*] using a syringe.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.9in; font-size: 10pt"><FONT STYLE="letter-spacing: -0.5pt">&#9;6.1.3&#9;Spread the
measured amount of product within the square using [****]</FONT><FONT STYLE="letter-spacing: -0.45pt">, using a gentle circular motion
&mdash;stroke at a rate of [*] rotations per [*].</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.9in; font-size: 10pt"><FONT STYLE="letter-spacing: -0.45pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.9in; font-size: 10pt"> 6.1.4 &#9;After [*] Rubs, evaluate for [*] (the amount of product remaining and degree of [**]. (none/high)</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.9in; font-size: 10pt"> <FONT STYLE="letter-spacing: -0.5pt">6.1.5</FONT> <FONT STYLE="letter-spacing: -0.5pt">
&#9;Continuing rubbing until product loses the [***] and [*] to continued pressure is perceived. <I>Maximum number of [*] or number of
[*] from initial application will be determined in calibration session and noted within protocol.</I></FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.9in; font-size: 10pt"> <FONT STYLE="letter-spacing: -0.6pt">6.1.6</FONT> <FONT STYLE="letter-spacing: -0.6pt">&#9;Visually analyze [*] and evaluate for [**] ([***]).</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.95in"><FONT STYLE="letter-spacing: -0.35pt">6.1.7&#9;Pictures
of sites will be taken.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.95in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="letter-spacing: -1.1pt"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATTACHMENTS</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in"><FONT STYLE="letter-spacing: -0.05pt">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**]
Method</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Internal</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">Based on [***] 9/12/2023</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Process Step</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Timing</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Owner</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Notes</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">prelim</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Establish [*****]: starting at [*] nm [*] and [*]% [*]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Start ASAP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">prelim</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Establish [****]: starting [*] [*]% in [**]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Start ASAP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">prelim</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Establish [****] powders using standard industry processing equipment</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[**]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Start ASAP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Establish [*****] Based on [****] for use in consumer panel evaluation</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">1 and 1A concurrent</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Trained Panel shows statistical consumer acceptance and [**] improvement for improved product over benchmark</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">1 and 1A concurrent</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Quantification By [**] &ndash; improved product shows [**] than benchmark</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">1 and 1A concurrent</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">1A</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[****] Study</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">1 and 1A concurrent</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">1A</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Establish [*], %[*], [**], [*] (preliminary product specs)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">1 and 1A concurrent</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[**] Adjustment (within spec to improve [*])</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">This can be [****], each equaling [*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Checkpoint</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #D9E2F3"><FONT STYLE="font-size: 10pt">Does Optimized Particle [******]?</FONT></TD>
    <TD STYLE="background-color: #D9E2F3"><FONT STYLE="font-size: 10pt">Yes/No</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #D9E2F3"><FONT STYLE="font-size: 10pt">Does Optimized Particle Meet BASF consumer acceptance requirement via [****]?</FONT></TD>
    <TD STYLE="background-color: #D9E2F3"><FONT STYLE="font-size: 10pt">Yes/No</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #D9E2F3"><FONT STYLE="font-size: 10pt">Does BASF formulation indicate Particle is appropriate for sampling [*****]?</FONT></TD>
    <TD STYLE="background-color: #D9E2F3"><FONT STYLE="font-size: 10pt">Yes/No</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] kg Sample Production of [**] Blender</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">[*] weeks each [***] pending checkpoint</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Customer Sampling and Validation</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">At [***] and [*], additional [**] can be produced</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Design of Experiment established by [*]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Regulatory</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #FBE4D5"><FONT STYLE="font-size: 10pt">Will BASF Accept [****]?</FONT></TD>
    <TD STYLE="background-color: #FBE4D5"><FONT STYLE="font-size: 10pt">Yes &ndash; move to [*]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #FBE4D5">&nbsp;</TD>
    <TD STYLE="background-color: #FBE4D5"><FONT STYLE="font-size: 10pt">No &ndash; move to [*****]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #FBE4D5"><FONT STYLE="font-size: 10pt">Will BASF Accept [*****]</FONT></TD>
    <TD STYLE="background-color: #FBE4D5"><FONT STYLE="font-size: 10pt">Yes &ndash; move to [***]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #FBE4D5"><FONT STYLE="font-size: 10pt">Will BASF Accept [*****]</FONT></TD>
    <TD STYLE="background-color: #FBE4D5"><FONT STYLE="font-size: 10pt">No &ndash; move to [*]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] x [*] kg Sample Production of [*****]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*****] and [*****]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*****] and [*****]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Checkpoint</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #D9E2F3"><FONT STYLE="font-size: 10pt">[*] Passed</FONT></TD>
    <TD STYLE="background-color: #D9E2F3"><FONT STYLE="font-size: 10pt">Yes/No</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Establish [**]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">run [*]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Create [**] Documentation</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">run [*]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Establish [*] Size and [*] Configuration</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">run [*]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Create [**] Plan</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] pending [**] discussion</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[**]</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Checkpoint</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #D9E2F3"><FONT STYLE="font-size: 10pt">Initiate [***]</FONT></TD>
    <TD STYLE="background-color: #D9E2F3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">First [***] as [*] and Placed on [***]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] pending [**] discussion/regulatory</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[**]</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">[*] allows for [*****] production</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Produce and Ship to [**]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[*] pending [**] discussion</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[**]</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">END OF PROCESS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B>Exhibit C</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>BINDING MEMORANDUM OF UNDERSTANDING </U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>REGARDING PURCHASE AND SUPPLY OF ZINC OXIDE UNDER THE 1999 ZINC OXIDE
SUPPLY<BR>
AGREEMENT AND ITS AMENDMENTS BETWEEN BASF CORP. AND </U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>NANOPHASE TECHNOLOGIES CORP. </U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>SUBJECT TO NJRE 408 and INADMISSABLE</U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This Memorandum of Understanding (&quot;MOU&quot;) is entered into as of
December 21, 2023(&quot;Effective Date&quot;) by Nanophase Technologies Corp., a Delaware corporation with principal place of business
at 1319 Marquette Dr., Romeoville, IL, USA (&quot;Nanophase&quot;) on one side, BASF Corp., a Delaware corporation with principal place
of business at 100 Park Ave., Florham Park, NJ (&quot;BASF&quot;, and together with Nanophase, the &quot;Parties&quot;) on the other side:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.05pt">Preamble: The Definitions and Material
Terms of this MOU shall, once fully executed, be binding upon the Parties as of the Effective Date of this MOU. The Parties agree to amend
all provisions in the 1999 Zinc Oxide Supply Agreement and its Amendments necessary to incorporate the terms agreed in this MOU. All other
terms shall be finalized and memorialized in a Settlement Agreement (&quot;Settlement Agreement&quot;) between the Parties. The Settlement
Agreement, once fully executed, shall serve as a full and final resolution of the case captioned <I>BASF Corp. v. Nanophase Technologies
Corp., </I>Docket No. MRS-L-001396-22, in the Superior Court of New Jersey, Morris County, and shall fully and finally resolve additional
disputes related to BASF Zinc Oxide supply exclusivity and whitening issues. This MOU shall be incorporated by reference in the Settlement
Agreement. If that Settlement Agreement is not fully executed by the Parties within thirty (&quot;30&quot;) days of the Effective Date,
either party may uniformly and upon written notice terminate this MOU and all binding terms contained herein. Neither this MOU, nor any
of its terms, nor any of the negotiations or proceedings connected with it shall be offered as evidence or received in evidence in any
pending or future action or proceeding of any type whatsoever provided, however, that the fully executed Settlement Agreement may be offered
in order to enforce the terms thereof.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Material Terms</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;<B><BR>
</B>1. <U>Forecasting: </U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 65%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Updated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Yearly Volume Outlook</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Volume tier (whole year outlook)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Yearly non-binding volume outlook due before [**] for the following year &mdash; volume tier determination (&quot;Total Volume Outlook&quot;). The Total Volume Outlook shall establish the basis for [**] for the Yearly Price Schedule.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Forecast</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">[*] Forecast for [*] months</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">[**] Forecast is due by [**] for [**] of the year and by [**]for [**] of the year. Forecast is non-binding and can be adjusted depending on (changing) market demand.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Purchase Order (PO)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">[*] lead time for PO</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">Purchase order is submitted per lead time listed in Product Supply Details table (before requested delivery date). Firm volume and delivery date commitment. Any changes to delivery date(s) to be mutually agreed upon within [***] of Nanophase's receipt of PO.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>S&amp;OP</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">[***]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">[*****]- Review of actuals and forecast to be included. The Product Supply Details, under Section 2 below, may be adjusted by mutual, written agreement in response to objective and demonstrable changes in market demand. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Operational Check-Ins</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">[*] operational calls (Nanophase customer service &amp; BASF supply chain). Review status of [****], and other operational topics. A [***] report will be issued [**] business days prior to the operational check-in by Nanophase The report shall include status on all [*] received [**] business days prior to the report due date, status of [**] levels, and the percentage of the Total </FONT><FONT STYLE="font-size: 10pt">Volume Outlook for which [**] have been issued as of the report date. All parties agree to set the date and time for the subsequent operational check-in during each meeting.</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">2. <U>Product Supply Details: </U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Product Name</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Commercial Pack size (kg)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Package Material Description</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>MOQ<BR>
(kg)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Batch Size<BR>
(kg)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Lead Time for P.O.s<BR>
(wks)</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Order Confirmation after receipt of PO</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Safety Stock (kg) Inventory (see &ldquo;2.a.&rdquo;)</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Recent Lead Time (wks)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Bag Fiberboard Box</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] kg</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Bag Fiberboard Box</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[***]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*****]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business days</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*****]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Bag Fiberboard Box</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business days</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Bag Fiberboard Box</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Bag Fiberboard Box</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Bag Fiberboard Box</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">[**] Fiberboard Box</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[**]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 0.5in">2. a.&nbsp; Replenishment of [**]:</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">When Nanophase uses [**] to supply orders in excess of [***] of Z-[**] for a specific
[*], Nanophase will have [***] time to replenish [**] to the required level for such contract year. BASF to provide notice through the
[**] forecast and/or [**] S&amp;OP meeting of any anticipated requirements exceeding [***].</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 0.5in">2. b.&nbsp; Maximum Capacity:</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.5in">Nanophase will not be required to produce more than [***] in the aggregate (&quot;Max
Capacity&quot;) of all zinc oxide product(s) in any contract year. If the Total Volume Outlook in any given year exceeds [*]% of the Max
Capacity, BASF and Nanophase shall use commercially reasonable efforts to agree on a path forward to increase the Max Capacity as necessary
based on the market changes impacting such demand.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.2pt">3.&nbsp;&nbsp; <U>Shutdowns:
</U></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Nanophase shall advise BASF of a <U>planned shutdown</U> with estimated
dates and down time no later than [**] prior to start of shut down. Once shut down details are confirmed, Nanophase shall communicate
firm dates and planned down time to BASF within [**] of confirmation.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Nanophase to pre-build inventory for [*] for <U>planned shutdown</U> at
[**], the most recent forecasted volume, for anticipated shut down period.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Nanophase shall advise BASF, within [*] business days, any <U>unplanned
shutdowns</U> that impact BASF delivery schedules.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.2pt">4.&nbsp;&nbsp; <U>Deviations: </U></FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Nanophase to advise BASF, within [*] business days of any unplanned delivery
date changes that occur within the firm order commitment window ([**] prior to delivery date).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Nanophase to advise BASF, within [*] business days of any deviations from
any specifications set by BASF. This includes but is not limited to, product specifications and packaging specifications. Deviations to
be approved by BASF.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.2pt">5.&nbsp;&nbsp; </FONT>Nanophase's
inventory requirements, and BASF's purchase order lead-time and forecast requirements, shall not be other than as stated in this MOU.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.2pt">6.&nbsp;&nbsp; </FONT><U>Governing
Law.</U> This MOU, and the Settlement Agreement, if executed, shall be governed by and construed in accordance with the laws of New York.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.2pt">7.&nbsp;&nbsp; </FONT><U>Dispute
Resolution:</U> Any dispute, controversy or claim arising out of or in connection with this MOU and, if executed, the Settlement Agreement,
including but not limited to any question regarding its existence, interpretation, performance, validity or termination shall be exclusively
submitted to and finally resolved by the courts of the State of New Jersey.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.2pt">8.&nbsp;&nbsp; </FONT>Except
to the extent they require amendment to incorporate and reflect the terms set forth above, all terms and conditions of the 1999 Zinc Oxide
Supply Agreement and its Amendments shall remain in full effect in accordance with their terms.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>BASF CORPORATION&#9;NANOPHASE TECHNOLOGIES CORP.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-size: 10pt">/s/</TD><TD STYLE="padding-bottom: 1pt; width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-size: 10pt">/s/</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">SIGNATURE</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">SIGNATURE</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">PRINTED</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">PRINTED</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">NAME: Nader Mahmoud</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">NAME: Jess Jankowski</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">TITLE: VP, Business Management Personal Care, NA</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">TITLE: President &amp; Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">DATE: December 21, 2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">DATE: December 21, 2023</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B>Exhibit D</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>EXECUTION VERSION </B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>AMENDMENT NO. 5 TO ZINC OXIDE SUPPLY AGREEMENT</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>THIS AMENDMENT NO. 5 </B>(&ldquo;<B>Amendment No. 5</B>&rdquo;) to the Zinc Oxide Supply
Agreement is entered into as of April 10, 2024, (&ldquo;<B>Amendment No. 5 Effective Date</B>&rdquo;) and is made by and between <B>BASF
CORPORATION</B>, a Delaware corporation (&ldquo;<B>BASF</B>&rdquo; or &ldquo;<B>Purchaser</B>&rdquo;) and <B>NANOPHASE TECHNOLOGIES CORPORATION</B>,
a Delaware corporation (&ldquo;<B>Nanophase</B>&rdquo;). Nanophase and BASF are occasionally individually referred to herein as a &ldquo;<B>Party</B>&rdquo;
and collectively as the &ldquo;<B>Parties</B>.&rdquo;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>RECITALS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Nanophase and BASF (as successor-in-interest to Sun Smart, Inc.) entered into that certain Zinc Oxide Supply Agreement, dated September
16, 1999 (the &ldquo;<B>Agreement</B>&rdquo;), as amended by that certain Amendment No. 1 to Zinc Oxide Supply Agreement dated January
2001, Amendment No. 2 to Zinc Oxide Supply Agreement dated March 17, 2003, Amendment No. 3 to Zinc Oxide Supply Agreement dated September
30, 2012, and Amendment No. 4 to Zinc Oxide Supply Agreement dated January 1, 2019 (collectively the &ldquo;<B>Amendments</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>Nanophase and BASF entered into a memorandum of understanding named Binding Memorandum of Understanding, Regarding Purchase and Supply
of Zinc Oxide under the 1999 Zinc Oxide Supply Agreement and its Amendments Between BASF Corp. and Nanophase Technologies Corp. dated
December 21, 2023 and a memorandum of understanding named Binding Memorandum of Understanding, Regarding Zinc Oxide Exclusivity in the
1999 Zinc Oxide Supply Agreement and its Amendments Between BASF Corp. and Nanophase Technologies Corp. dated November 27, 2023 (collectively
the &ldquo;<B>MOUs</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>Nanophase and BASF desire to amend the Agreement and Amendments to incorporate the understanding of the Parties as reflected in the
MOUs as set forth herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>Nanophase and BASF agree that this Amendment No. 5 shall supersede the MOUs as of the Amendment No. 5 Effective Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>NOW THEREFORE</B>, for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Parties agree as follows:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>1.</B></TD><TD><B>AMENDMENTS TO AGREEMENT </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin: 0pt 0 0pt 0.5in">The Agreement is amended as follows:</P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.1</TD><TD>Exhibit B of the Agreement (<I>Pricing Schedule</I>) is hereby replaced with the attached new Exhibit B, which shall be fully incorporated
and supersede any prior versions as of the Amendment No. 5 Effective Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B>EXECUTION VERSION </B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.2</TD><TD>Section 1.01 of the Agreement (<I>Agreement to Purchase and Sell</I>) is hereby amended by deleting the last sentence.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.3</TD><TD>Section 1.02 of the Agreement (<I>Forecasts</I>) is hereby deleted in its entirety and amended and replaced with the following language:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&ldquo;Forecasts.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Yearly Volume Outlook. No later than [**] of each year, BASF shall provide Nanophase with a non-binding volume outlook for BASF&rsquo;s
expected purchase of Products for the following year (the &ldquo;<B>Total Volume Outlook</B>&rdquo;). For the avoidance of doubt, the
Total Volume Outlook shall not itself constitute a purchase order for Product.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>[**] Forecasts. BASF shall provide Nanophase with non-binding, [**] forecasts for BASF&rsquo;s expected purchase of Products by [**]
of each year for the [**] of the following year and by [**] of each year for the [**] months of the year (each a &ldquo;[**] <B>Forecast</B>&rdquo;).
In the [**] Forecasts, and/or at the [**] meeting described in (c) below, BASF shall provide Nanophase with notice of any anticipated
requirements exceeding [***] in any given month. For purposes of this Section 1.02 and any other references in the Agreement and its Amendments
to the term &ldquo;[*] Forecast&rdquo; shall be deleted and replaced with the term &ldquo;[**] Forecast&rdquo;. For the avoidance of doubt,
the [**] Forecasts shall not themselves constitute purchase orders for Product.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Sales and Operation Planning. Representatives from BASF and Nanophase shall meet in [*] and [*] of each year during the term of the
Agreement to review and discuss the [**] Forecasts, [*****] to BASF, [****], and the Product Supply Details in Appendix 1 to this Amendment
No. 5, provided that such meetings may be held by audio or video teleconference at the request of either Party. The Product Supply Details
in Appendix 1 to this Amendment No. 5 may be amended by mutual, written agreement by the Parties in response to objective and demonstrable
changes in market demand for the Products.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Operational Check-Ins. Representatives from BASF&rsquo;s supply chain and Nanophase&rsquo;s customer service shall meet [*] to review
and discuss the status of [*****], and other operational topics (the &ldquo;[*] <B>Operational Check-In Meeting</B>&rdquo;), provided
that the [*] Operational Check-In Meeting may be held by audio or video teleconference at the request of either Party. Nanophase shall
provide BASF with a [*] report of [***] [**] Business Days prior to each [*] Operational Check-In Meeting. Such monthly report shall include
status on all [**] received as of [**] Business Days prior to the due date of the [*] report, status
of [***], and the [*] of the Total Volume Outlook for which [**] have been issued as of the report date. During each [*] Operational Check-In
Meeting, the Parties shall agree to the date and time of the next [*] Operational Check-In Meeting.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1.75in; font-size: 10pt; text-align: right"></P>

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<P STYLE="margin: 0pt 0 0pt 1.75in; font-size: 10pt; text-align: right"><B>EXECUTION VERSION </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.4</TD><TD>Section 1.03 of the Agreement (<I>Orders</I>) is hereby deleted in its entirety and amended and replaced with the following language:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&ldquo;Orders.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Each order for Product will be made by a written purchase order issued by a representative of BASF that will set forth the amount
of Product ordered, the price initially payable, and the delivery date. The amount of Product ordered and the delivery date shall take
into account the ****] and [**] for purchase orders specified in Appendix 1 of this Amendment No. 5. Nanophase shall acknowledge and provide
BASF with a written acceptance of each purchase order, including the [*****] within [**] Business Days of its receipt of a purchase order.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Nanophase shall advise BASF within [**] Business Days of any unplanned delivery date changes that occur within [***] prior to the
delivery date, including any deviations from any specifications set by BASF including, but not limited to, product specifications and
packaging specifications. Nanophase shall not make any such deviations without the prior written approval of BASF. Any change to the delivery
date specified on a purchase order must be mutually agreed to by the Parties in writing within [***] of Nanophase&rsquo;s receipt of the
purchase order.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.5</TD><TD>Section 1.04(a) of the Agreement (<I>Price</I>) is hereby deleted in its entirety and amended and replaced with the following language:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.5in">&ldquo;(a)&#9;The price payable per kilogram of Product ordered shall be determined
in accordance with the Total Volume Outlook and the price levels as set forth in Exhibit B, attached to this Amendment No. 5. Pricing
shall be subject to adjustment as set forth in subsections 1.04 (b) and (c).&rdquo;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.6</TD><TD>Section 1.05 of the Agreement (<I>Shipping Date</I>) is hereby deleted in its entirety and amended and replaced with the following
language:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.5in">Shipping Date. Nanophase will have Product available for shipment F.O.B. its facility
and will deliver Product to the carrier at the Nanophase loading dock, packaged and labeled in accordance with Exhibit A, by the date
set forth in the relevant purchase order; provided that Nanophase shall not be required to so ship in any month an amount of more than [*]% of the amount
shown for such month in the then current [**] Forecast. Risk of loss or damage to Product will pass to Purchaser upon shipment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 1.5in"></P>

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<P STYLE="margin: 0pt 0 0pt 1.5in; font-size: 10pt; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.7</TD><TD>Section II of the Agreement (EXCLUSIVITY; REQUIREMENTS) is hereby amended by the addition of a new Section 2.0 as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&ldquo;Definitions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(a)</TD><TD>&ldquo;<B>Affiliate</B>&rdquo; means a person or corporate entity that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, a specified person or corporate entity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(b)</TD><TD>&ldquo;<B>BASF Zinc Oxide</B>&rdquo; means (a) Zinc Oxide and Zinc Oxide compositions developed, made, manufactured, processed, supplied,
or sold by Nanophase (or its Affiliates) for or to BASF at any time prior to the Exclusivity MOU Effective Date, and (b) and modifications
or variations of (a), made at any time, that would not require a [***].</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(c)</TD><TD><B>&ldquo;Business Day</B>&rdquo; means any day except Saturday, Sunday, and any other day that is a federal legal holiday or any
day on which banking institutions are authorized or required by law or other governmental action to close.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(d)</TD><TD>&ldquo;<B>Custom Dispersions</B>&rdquo; means Zinc Oxide or a Zinc Oxide composition in any form other than powder having a Zinc Oxide
content of greater than [*]%, but not to exceed [*]%, by weight of composition, that Nanophase or its Affiliates solely developed for
a particular customer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.3pt">(e)</TD><TD>&ldquo;<B>Exclusivity MOU Effective Date</B>&rdquo; means November 27, 2023.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(f)</TD><TD>&ldquo;<B>Field</B>&rdquo; means hair care products, sun care products, oral care products, baby care products, toiletries, color
cosmetics, topical human sunscreen products, and skin care products, which shall include, without limitation, deodorants and antiperspirants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(g)</TD><TD>&ldquo;<B>Finished Good</B>&rdquo; means a product containing Zinc Oxide that, except for packaging or labeling, is in final dosage
form, a form for use in final consumer market products (containing all active and inactive ingredients). Finished Goods for commercial
use shall not be modified, manufactured, processed, compounded, altered, or changed in any way by Nanophase (or its Affiliates) or any third party following the transfer,
shipping or sending of such product by Nanophase (or Affiliates) to any third party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 130.5pt"></P>

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<P STYLE="margin: 0pt 0 0pt 130.5pt; font-size: 10pt; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 130.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 130.5pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(h)</TD><TD>&ldquo;<B>Ingredient</B>&rdquo; means any Zinc Oxide or composition containing Zinc Oxide, including coated or uncoated powder, dispersions,
and mixtures, that is not a Finished Good or Custom Dispersion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(i)</TD><TD>&ldquo;<B>Nanophase-Developed Finished Product</B>&rdquo; means a Finished Good containing Zinc Oxide that, if the composition of
such Finished Good were patented or patentable in the United States, at least one inventor of such patent would, at the time of invention,
be a Nanophase (or its Affiliate) employee or agent under U.S. patent law. For avoidance of doubt, a Finished Good need not be actually
patented or patentable to be a Nanophase-Developed Finished Product.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(j)</TD><TD>&ldquo;<B>Other Zinc Oxide</B>&rdquo; means Zinc Oxide and Zinc Oxide
compositions that are, on or after the Exclusivity MOU Effective Date, under development or first developed, manufactured, made or produced
by Nanophase (or its Affiliates), and which are not BASF Zinc Oxide. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(k)</TD><TD><B>&ldquo;Product</B>&rdquo; means BASF Zinc Oxide. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(l)</TD><TD>&ldquo;<B>Zinc Oxide</B>&rdquo; means a mineral composition containing zinc oxide.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.8</TD><TD>Section 2.01 of the Agreement (<I>Nanophase Exclusivity</I>) is hereby deleted in its entirety and amended and replaced with the following
language:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&ldquo;Nanophase Exclusivity.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>BASF has the exclusive right to use BASF Zinc Oxide as an Ingredient in the Field anywhere in the world, except as Nanophase is permitted
under (b) and (c) below. Nanophase shall not supply, offer for sale, or sell BASF Zinc Oxide, including any Finished Good containing BASF
Zinc Oxide, except as Nanophase is permitted under (d) below, to any customer, except for BASF, in the Field anywhere in the world.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Nanophase can supply and sell Zinc Oxide sold under the brand name ZO-S1 (which may be encompassed within one of the following current
INCI names: Zinc Oxide (and) [*****]; Zinc Oxide (and) [****]; or currently proposed future INCI names: Zinc Oxide (and) [*] (and) [*]
(and) [**]; or Zinc Oxide (and) [*]) for use as an Ingredient in any product sold in the Field only to the single customer to which Nanophase
supplied such ZO-S1 powder prior to the Exclusivity MOU Effective Date and only with a composition identical to that supplied to such customer
prior to the Exclusivity MOU Effective Date provided, however, that Nanophase may after the Exclusivity MOU Effective Date substitute
an ingredient in such composition only to the extent required to comply with governmental regulations and if the composition has essentially
the same [*****]) as before and after the ingredient substitution.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 1.75in"></P>

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<P STYLE="margin: 0pt 0 0pt 1.75in; font-size: 10pt; text-align: right"><B>EXECUTION VERSION </B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 1.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Nanophase (or its Affiliates) can supply and sell Custom Dispersions for use in the Field to the extent that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>Nanophase (or its Affiliates) began selling such Custom Dispersion to a customer prior to the Exclusivity MOU Effective Date and sells
that Custom Dispersion only to that customer (including its Affiliates); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD>Nanophase (or its Affiliates) first sells such Custom Dispersion on or after the Exclusivity MOU Effective Date and sells that Custom
Dispersion only to the customer (including its Affiliates) for whom it was developed up to a maximum amount of [***] metric tons per [*],
as measured by the content of Zinc Oxide by weight of composition.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Nanophase (or its Affiliates) can supply, offer for sale, or sell Nanophase-Developed Finished Products, in either final packaging
or bulk form to be repackaged, to customers in the Field anywhere in the world.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>Nanophase hereby grants to BASF an exclusive right of first refusal for the worldwide exclusive right to use as an Ingredient any
and all Other Zinc Oxide in any product sold in the Field, except as provided in (c)(ii) above. Specifically, and without limiting the
foregoing, except in compliance with the terms of this Section 2.01(e), neither Nanophase nor its Affiliates shall enter into any agreement
or consummate any transaction with any person or entity other than BASF to supply, offer for sale, or sell as an Ingredient any Other
Zinc Oxide in the Field anywhere in the world.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>If Nanophase or its Affiliate desires to supply, offer for sale, or sell as an Ingredient Other Zinc Oxide in the Field anywhere
                                                             in the world, Nanophase shall first exclusively offer such Other Zinc Oxide to BASF (&ldquo;<B>Offer</B>&rdquo;) and provide BASF
                                                             with such Other Zinc Oxide in quantities sufficient for BASF&rsquo;s evaluation and assessment of the Other Zinc Oxide
                                                             (&ldquo;<B>Evaluation Material</B>&rdquo;). Such Offer shall be in writing and include the material commercial terms, such
                                                             commercial terms to include, without limitation, [****], under which Nanophase is willing to supply such Other Zinc Oxide to BASF.
                                                             For a period of [***] commencing on the date BASF has possession of both the Offer and Evaluation Material (the &ldquo;<B>Acceptance Period</B>&rdquo;),
BASF shall have the exclusive right, but not the obligation, to accept the Offer and negotiate in good faith the remaining terms and conditions
of an agreement under which Nanophase (or its Affiliate) will exclusively supply to BASF such Other Zinc Oxide in the Field. For the avoidance
of doubt, Nanophase (or its Affiliate) shall not supply, offer for sale, or sell such Other Zinc Oxide in the Field to any third party
during the Acceptance Period. If BASF does not accept the Offer or the Parties are unable to mutually agree in writing on the terms and
conditions for the supply to BASF of such Other Zinc Oxide in the Field, then after the Acceptance Period, Nanophase may offer to supply
or sell such Other Zinc Oxide in the Field to any third party, provided, however, that if Nanophase (or its Affiliate) contracts with
any third party for [*****] such Other Zinc Oxide or the Zinc Oxide used in such Other Zinc Oxide on [*****], Nanophase shall promptly
notify BASF of such [***] and offer to supply such Other Zinc Oxide or Zinc Oxide to BASF [*****].</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 2.25in"><B></B></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 2.25in; font-size: 10pt; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>Except for supply or sale of Zinc Oxide or Zinc Oxide compositions permitted in this Section 2.01, Nanophase cannot supply or sell
Zinc Oxide or Zinc Oxide compositions for use in the Field anywhere in the world. For the avoidance of doubt, nothing in this Agreement
limits Nanophase in any respect outside of the Field.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.9</TD><TD>Section 3.04 of the Agreement (<I>Inventory</I>) is hereby deleted in its entirety and amended and replaced with the following language:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&ldquo;Nanophase shall maintain [**] of manufactured Products available to fill purchase
orders from BASF [****] than the amounts, if any, stated under the &ldquo;Safety Stock (kg) Inventory&rdquo; column in Appendix 1 of this
Amendment No. 5. When Nanophase uses safety stock to supply orders in excess of [***] of Z-[***] for a specific [*], Nanophase will have
[***] time to replenish the [**] of Z-[*] to the required level specified in Appendix 1 of this Amendment No. 5 for such contract year.&rdquo;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.10</TD><TD>Section III of the Agreement (<I>Capacity</I>) is hereby amended by the addition of the following as Section 3.07:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&ldquo;Maximum Capacity. Notwithstanding anything herein to the contrary, Nanophase
will not be required to produce or deliver to BASF more than [*] metric tons in the aggregate (&ldquo;Max Capacity&rdquo;) of all Products
in any contract year. If the Total Volume Outlook in any given year exceeds [*]% of the Max Capacity, BASF and Nanophase shall use commercially reasonable efforts to agree on a
path forward to increase the Max Capacity as necessary based on the market changes impacting such demand.&rdquo;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right"></P>

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<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.11</TD><TD>Section III of the Agreement (<I>Capacity</I>) is hereby amended by the addition of the following as Section 3.08:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&ldquo;Shutdowns.</P>

<P STYLE="font-size: 10pt; text-indent: -22.5pt; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(a)</TD><TD>Nanophase shall advise BASF in writing of any planned shutdown of its facilities that could impact its ability to deliver Products
to BASF (&ldquo;<B>Shutdown Notice</B>&rdquo;). Nanophase shall deliver the Shutdown Notice to BASF no later than [***] prior to start
of the shutdown. The Shutdown Notice shall include estimated dates and down time of the shutdown. Once shut down details are confirmed,
Nanophase shall communicate firm dates and planned down time to BASF in writing within [**] of confirmation of such details.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(b)</TD><TD>In preparation for any planned shutdown, Nanophase shall manufacture in advance of such planned shutdown an inventory of Z-[*] at
[**] the most recent forecasted volume for the anticipated shutdown period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 22.5pt">(c)</TD><TD>Nanophase shall advise BASF within [**] Business Days of any unplanned shutdown of its facilities that impacts its ability to deliver
Products to BASF.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">1.12</TD><TD>Section 7.05 of the Agreement (<I>Governing Law</I>) is hereby deleted in its entirety and amended and replaced with the following
language:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&ldquo;Governing Law; Dispute Resolution. This Agreement shall be governed by and construed
in accordance with the laws of New York. Any dispute, controversy or claim arising out of or in connection with this Agreement, including
but not limited to any question regarding its existence, interpretation, performance, validity or termination shall be exclusively submitted
to and finally resolved by the courts of the State of New Jersey.&rdquo;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>2.</B></TD><TD><B>CONTINUING FORCE AND EFFECT; ENTIRE AGREEMENT</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">Except as otherwise amended under the terms of Section 1 herein, the Agreement shall
remain in full force and effect. This Amendment No. 5 and the Agreement, together with any exhibits and appendices and amendments (and as such exhibits and appendices may be
amended, amended and restated, or replaced from time to time), which are hereby incorporated by reference, constitute the entire agreement
of the Parties with respect to its subject matter and merges and supersedes all prior discussions and writings with respect to thereto.
Except as otherwise set out herein, no modification or alteration of this Amendment No. 5 or the Agreement shall be binding upon the Parties
unless contained in a writing signed by a duly authorized agent for each respective Party and specifically referring to hereto or thereto.
If there is any conflict between the terms of the Agreement and the Amendments and this Amendment No. 5, the terms of this Amendment No.
5 shall prevail.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>LAW AND DISPUTES</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">Any controversy, claim, counterclaim, dispute, difference or misunderstanding arising
out of or relating to the interpretation or application of any term or provision of this Amendment No. 5, or claim arising out of or in
connection with this Amendment No. 5 (including non-contractual disputes or claims) shall be governed by and construed under the terms
of the Agreement, including but not limited to, the Governing Law and Limitation of Warranties provisions in the Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>COUNTERPARTS; FACSIMILE</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">This Amendment No. 5 may be executed in one or more counterparts, all of which shall
be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Parties
hereto and delivered to the other party, it being understood that all Parties need not sign the same counterpart. This Amendment No. 5
may be executed and delivered by facsimile transmission, by electronic mail in &ldquo;portable document format&rdquo; (&ldquo;.pdf&rdquo;)
form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, or by combination
of such means.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">[signatures on following page]</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">IN WITNESS WHEREOF, the Parties hereto have caused this Amendment No. 5
to be duly executed and delivered as of the Amendment No. 5 Effective Date.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">SIGNED for and on behalf of </FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">SIGNED for and on behalf of</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>BASF CORPORATION</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>NANOPHASE TECHNOLOGIES CORP.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Name: <B>Nader Mahmoud</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jess Jankowski</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Position:</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Vice President&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Business Management, Personal Care&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Care Chemicals North America</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Position:</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>President &amp;&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Chief Executive Officer</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Signature: /s/________________________</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Signature: /s/__________________________</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date: &nbsp;<B>April 10, 2024</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>April 10, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Appendix 1 &ndash; Product Supply Details </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Product Name</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Commercial</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Pack Size</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(kg)</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;Package Material Description</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>MOQ <BR>
(kg)</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Batch Size</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(kg)</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Lead <BR>
Time for <BR>
P.O.s <BR>
(wks)</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Order <BR>
Confirmation <BR>
after receipt of <BR>
PO</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Safety Stock (kg) Inventory </B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Recent Lead Time (wks)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;Corrugated Boxes with Plastic Liners</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] kg</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;Corrugated Boxes with Plastic Liners</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[***]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">[*****] of Total Volume Outlook</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Corrugated Boxes with Plastic Liners</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;Corrugated Boxes with Plastic Liners</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Corrugated Boxes with Plastic Liners</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Z-[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[**] Fiberboard Box</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] business <BR>
days</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">[*] weeks</FONT></TD></TR>
  </TABLE>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B>EXECUTION VERSION</B></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>EXHIBIT B</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicated below is Q1 2024 pricing schedule for Product; F.O.B Nanophase&rsquo;s plant.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #091438">
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid; border-left: white 1pt solid"><FONT STYLE="color: White"><B>Price
    Component</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: White"><B>Z-[*]</B></FONT></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: White">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: White"><B>([*] kg Box)</B></FONT></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: White">&nbsp;</FONT></P></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="color: White"><B>[*]</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="color: White"><B>[**]</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="color: White"><B>Z-[*]</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="color: White"><B>Z-[**]</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCCCCE">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">Base Price- 2024 [**] MT Level</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD></TR>
  <TR STYLE="background-color: #E7E7E8">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">Q1 2024 [**]<SUP>1</SUP></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD></TR>
  <TR STYLE="background-color: #CCCCCE">
    <TD STYLE="border-left: white 1pt solid; border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid">Coating &amp; Packaging<SUP>2,3</SUP></TD>
    <TD STYLE="border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">$[*]/kg</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">([*]/kg)</P></TD>
    <TD STYLE="border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #1C1C1C 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="background-color: #E7E7E8">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">Q1 2024 Total<SUP>3</SUP></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">$[*]/kg&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">($[*]/kg)</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #091438">
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid; border-left: white 1pt solid"><FONT STYLE="color: White"><B>Price
    Component</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="color: White"><B>Z-[*]</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCCCCE">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">Q1 2024 Price<SUP>4</SUP> - 2024 </TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid">$[*]/kg</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>1</SUP> [*] may change for specific shipments based upon the actual NTC [***] price.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>2</SUP> Includes annual adjustment for [**], and [**] totaling $[*].</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>3</SUP> Prices in parentheses are for [*] shipments only. The additional cost for packaging
is $[*]/kg.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><SUP>4 </SUP>Includes [**], and [*] adjustments per Agreement and prior Amendments, as defined
in Amendment No. 5.</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B>Exhibit E</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0">Vincent Montalto (019062007)&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0"><B>DLA PIPER LLP (US)&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0">51 John F. Kennedy Parkway, Suite 120&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0">Short Hills, NJ 07078-2704&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0">vincent.montalto@us.dlapiper.com</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0.1in 0pt 0"><I>Attorneys for Plaintiff BASF Corporation </I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">BASF CORPORATION,&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.5in">Plaintiff,</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.5in">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0 0pt 38.9pt">v.</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0 0pt 38.9pt">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">NANOPHASE TECHNOLOGIES CORPORATION,</FONT></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Defendant<FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.05pt"><I>&nbsp;</I></FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 51%">
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">SUPERIOR COURT OF NEW JERSEY&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">LAW DIVISION, MORRIS COUNTY&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">DOCKET NO.: MRS-L-1396-22</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">CIVIL ACTION</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>STIPULATION OF DISMISSAL WITH PREJUDICE</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Pursuant to R. 4:37-l(a), the undersigned counsel hereby
stipulate that Plaintiff&rsquo;s Complaint and all claims of Plaintiff, BASF Corporation (&ldquo;BASF&rdquo;), against Defendant Nanophase
Technologies Corporation (&ldquo;Nanophase&rdquo;), and all counterclaims of Defendant Nanophase against Plaintiff BASF be dismissed in
their entirety with prejudice, each party to bear its own costs.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">DATED: April 10, 2024</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I><U>/s/ Vincent Montalto&#9;&nbsp;</U></I></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Vincent Montalto (019062007)&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>DLA PIPER LLP (US)&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">51 John F. Kennedy Parkway, Suite 120&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Short Hills, NJ 07078-2704&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">vincent.montalto@us.dlapiper.com&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><I>Attorneys for Plaintiff BASF Corporation</I></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I><U>/s/ Marissa Koblitz Kingman&#9;&nbsp;</U></I></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Robert J. Rohrberger&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Marissa Koblitz Kingman&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>FOX ROTHSCHILD LLP&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">49 Market Street&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Morrison, New Jersey 07960&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">rrohrberger@foxrothschild.com&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">mkingman@foxrothschild.com&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">David L. Weinstein&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Elizabeth A. Winkkowski&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>TAFT STETTINIUS &amp; HOLLISTER LLP&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">111 East Wacker Drive, Suite 2800&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Chicago, Illinois 60601&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">dweinstein@taftlaw.com&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">ewinkowski@taftlaw.com</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><I>Attorneys for Defendant Nanophase Technologies Corporation</I></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>5
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<DESCRIPTION>XBRL SCHEMA FILE
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<FILENAME>nanx-20240410_lab.xml
<DESCRIPTION>XBRL LABEL FILE
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
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<DESCRIPTION>XBRL PRESENTATION FILE
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      <link:presentationArc order="560" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCommonStockSharesOutstanding" xlink:type="arc" />
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      <link:presentationArc order="570" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" />
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140435051821344">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Apr. 10, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Apr. 10,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">0-22333<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">NANOPHASE
TECHNOLOGIES CORPORATION<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000883107<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">36-3687863<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1319
Marquette Drive<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Romeoville<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">IL<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">60446<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(630)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">771-6708<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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