SEC Form 4
FORM 4

[  ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Jankowski, Jess

(Last)                      (First)                      (Middle)
1319 Marquette Drive

(Street)
Romeoville,    IL   60446

(City)                      (State)                      (Zip)

2. Issuer Name
and Ticker or Trading Symbol

Nanophase Technologies Corporation
NANX

3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
4. Statement for
    (Month/Day/Year

03/24/2003


5. If Amendment,
    Date of Original
    (Month/Day/Year)

6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

   Director      10% Owner
X Officer (give title below)        Other (specify below)

Description           VP - Controller (Principal Finance & Accounting Officer)

7. Individual or Joint/Group
    Filing (Check Applicable Line)

X   Form filed by One Reporting Person
     Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
    (Instr. 3)

2.Transaction
Date
(Month/Day/Year)
2A. Deemed Execution Date, if any
(Month/Day/Year)
3. Transaction
    Code
    (Instr. 8)
4. Securities Acquired (A) or Disposed Of (D)
    (Instr. 3, 4, and 5)
5. Amount of
    Securities
    Beneficially
    Owned Following
    Reported Transaction(s)

    (Instr. 3 and 4)
6. Owner-
    ship
    Form:
    Direct (D)
    or
    Indirect (I)

    (Instr. 4)
7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)
Code
V
Amount
A/D
Price
Common Stock
$
1,000
I
Spouse's IRA
Common Stock
$
300
D


Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
    (Instr. 3)
2. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    Security
3. Transaction Date

(Month/
Day/
Year)
3A. Deemed Execution Date, if any

(Month/
Day/
Year)
4. Transaction Code
    (Instr.8)
5. Number of Derivative
    Securities Acquired (A)
    or Disposed Of (D)

    (Instr. 3, 4 and 5)
6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)
7. Title and Amount of
    Underlying Securities
    (Instr. 3 and 4)
8. Price
    of
    Derivative
    Security
    (Instr.5)
9. Number of
    Derivative
    Securities
    Beneficially
    Owned
    Following
    Reported
    Transaction(s)
    (Instr.4)
10. Owner-
ship
Form of
Deriv-
ative
Securities:
Direct (D)
or
Indirect (I)

(Instr.4)
11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)
Code
V
A
D
DE
ED
Title
Amount or Number of Shares
Stock option (right to buy) $3.886
             
11/07/1997 (1)
11/07/2006
Common Stock
14,475
$
4,886
D
Stock option (right to buy) $3.8125
             
07/31/1999 (2)
07/31/2008
Common Stock
11,600
$
6,960
D
Stock option (right to buy) $1.75
             
07/27/2000 (3)
07/27/2009
Common Stock
8,000
$
5,334
D
Stock option (right to buy) $7.6875
             
05/24/2001 (3)
05/24/2010
Common Stock
21,775
$
21,775
D
Stock option (right to buy) $10.875
             
01/26/2002 (3)
01/26/2011
Common Stock
13,000
$
13,000
D
Stock option (right to buy) $7.0625
             
02/28/2002 (3)
02/28/2011
Common Stock
13,000
$
13,000
D
Stock option (right to buy) $6.65
             
01/03/2003 (3)
01/03/2012
Common Stock
20,000
$
20,000
D
Stock option (right to buy) $3.66 03/24/2003
A
18,000       
03/24/2004 (3)
03/24/2013
Common Stock
18,000
$
18,000
I

Explanation of Responses:

 
(1) Subject to certain restrictions, 11,986 of these options vest in five equal
    annual installments beginning on 11/07/1997, with the remainder vesting
    on 11/07/2004.

(2) Subject to certain restrictions, beginning on this date, options vest in five equal
    annual installments.

(3) Subject to certain restrictions, beginning on this date, options vest in three equal
    annual installments.

By: Date:
/s/ Jess Jankowski 03/26/2003
** Signature of Reporting Person
SEC 1474 (9-02)


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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