Document:

Amendment No. 3 to Zinc Oxide Supply Agreement, Entered Into on December 2, 2012

 EXHIBIT 10.1 
 Portions of this Exhibit have been redacted pursuant to a request for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together with such request for confidential treatment. 

AMENDMENT NO. 3 TO ZINC 
 OXIDE SUPPLY AGREEMENT 
 THIS AMENDMENT NO. 3 TO ZINC OXIDE SUPPLY
AGREEMENT is entered into as of September 30, 2012 by and between BASF CORPORATION, a Delaware corporation (“BASF”) and NANOPHASE TECHNOLOGIES CORPORATION, a Delaware corporation (“Nanophase”). 

RECITALS 
 A. Nanophase and BASF (as successor-in-interest to Sun Smart, Inc.) entered into that certain Zinc Oxide Supply Agreement, dated September 16, 1999 (the “Agreement”), as amended by that
certain Amendment No. 1 to Zinc Oxide Supply Agreement dated January 2001 and Amendment No. 2 to Zinc Oxide Supply Agreement dated March 17, 2003 (collectively the “Amendments”). 

B. BASF and Nanophase desire to amend the Agreement and Amendments as set forth herein. 

NOW THEREFORE, BE IT RESOLVED, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows: 
 1. The “Triggering Event” set forth in Section 5.01(e)(i) of the Agreement, as
amended by Paragraph 1 of Amendment No. 2 to the Agreement, is hereby further amended to temporarily delete the language in Section 5.01(e)(i) of the Agreement and Paragraph 1 of Amendment No. 2 and replace it with the following
language: 
 “(i) Earnings of Nanophase for the twelve month period ending on the date of Nanophase’s most recent
published quarterly financial statements (calculated in accordance with generally accepted accounting principles applied on a consistent basis) shall be less than $0 and cash, cash equivalents of Nanophase at the end of such period (calculated in
accordance with generally accepted accounting principles applied on a consistent basis) shall be less than $1,000,000;” 

 Portions of this Exhibit have been redacted pursuant to a request for confidential treatment under
Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together with such request
for confidential treatment. 
  

 2. Section 1.04 (f) of the Agreement is hereby amended to delete the language
in that section and replace it with the following language: 
 “The pricing set forth in Exhibit B will be subject to
increases or decreases based upon changes in Nanophase’s costs for electricity, labor, and Zinc metal, as set forth in Exhibit C.” 
 3. Exhibit C of the Agreement is hereby amended to delete the language in Exhibit C and replace it with the following language: 

“Beginning January 1, 2010, the pricing set forth in Exhibit B shall be subject to changes in Nanophase’s
electricity, labor, and Zinc metal costs as follows: 
 1. For Zinc Metal: If Nanophase’s cost of Zinc metal
exceeds $[*]/kg, [*]% of the cost per kilogram above $[*]/kg will be added to all Zinc-based products sold to BASF as a Zinc Surcharge. If Nanophase’s cost of Zinc metal falls below $[*]/kg, [*]% of the cost per kilogram below $[*]/kg will be
deducted from all Zinc-based products sold to BASF as a Zinc Credit. If Nanophase’s cost of Zinc metal exceeds $[*]/kg, [*]% of the cost per kilogram above $[*]/kg will be added to all Zinc-based products sold to BASF as a Zinc Surcharge.
Pricing adjustments will be made approximately 30 days after the purchase of the Zinc metal by Nanophase. Although Nanophase intends to purchase Zinc metal once per quarter to service BASF’s Rolling Forecasted product requirements, the
frequency of such Nanophase purchases may change from time to time at Nanophase’s discretion. Nanophase agrees to consult with BASF Procurement 15 days prior to any Zn metal purchases. 

2. For Electricity: If Nanophase’s average annual electricity costs for a current year (defined
as the average cost per consistent unit of electricity, such as USD per megawatt hour, for as many of the twelve (12) calendar months as such data is available before setting pricing for the following year) increase or decrease by [*]% or more
compared to the same period of the previous year, [*]% of the change in cost will be added to or subtracted from the current pricing table for uncoated nanocrystalline formulations of zinc oxide, on a per kilogram basis. Electricity prices will be
fixed without further adjustment for twelve (12) months after such prices become effective, as of the
1st day of January following the year of measure, unless
otherwise agreed by both parties. 
 3. For Labor: If the Average Hourly Wages reported in the U.S. Government
Monthly Labor Report for non-farm jobs increase or decrease, [*]% of the change in such labor cost will be added to or subtracted from the current pricing table for uncoated nanocrystalline formulations of Zinc oxide, on a per kilogram basis. Labor
prices will be fixed without further adjustment for twelve 

 
(12) months after such prices become effective, as of the
1st day of January following the adjustment, unless
otherwise agreed by both parties.” 
 4. All other terms and conditions of the Agreement and the Amendments shall remain in
full effect in accordance with their terms 
 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first set forth above. 
  

									
	Nanophase Technologies Corporation	 		 	BASF Corporation
					
	By:	 	 /s/ Jess Jankowski
	 		 	By:	 	 /s/ Mark Miller

	Name:	 	Jess Jankowski	 		 	Name:	 	Mark Miller
	Title:	 	President and CEO	 		 	Title:	 	Vice President
	Date: 11-13-2012	 		 	Date: 12-2-2012Note Dated December 4, 2012 issued to Union Bank, N.A.

 Exhibit 10.1 
 NOTE 
  

			
	$25,000,000.00	  	December 4, 2012

 FOR VALUE RECEIVED, THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P., WILL PARTNERS REIT, LLC, THE GC
NET LEASE (SYLMAR) INVESTORS, LLC, RENFRO PROPERTIES LLC, THE GC NET LEASE (LOVELAND) INVESTORS, LLC, THE GC NET LEASE (REDMOND) INVESTORS, LLC, THE GC NET LEASE (CRANBERRY) INVESTORS, LLC, THE GC NET LEASE (GREENWOOD VILLAGE) INVESTORS, LLC, THE GC
NET LEASE (LIBERTYVILLE) INVESTORS, LLC and THE GC NET LEASE (BEAVER CREEK) INVESTORS, LLC (collectively, the “Maker”) jointly and severally promise to pay without offset or counterclaim to the order of UNION BANK, N.A.
(“Payee”), the principal amount equal to the lesser of (x) TWENTY-FIVE MILLION AND 00/100 DOLLARS ($25,000,000.00) or (y) the outstanding amount advanced by Payee as a Loan (or Loans) under the Credit Agreement (as hereinafter
defined), payable in accordance with the terms of the Credit Agreement. 
 Maker also promises to pay interest on the unpaid
principal amount of this Note (this “Note”) at the rates and at the times which shall be determined in accordance with the provisions of that certain Amended and Restated Credit Agreement dated November 18, 2011, among Maker, the
Lenders named therein, and KeyBank, National Association, as Administrative Agent for itself and the Lenders, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of March 16, 2012, among Maker, the
Lenders named therein, and KeyBank, National Association, as Administrative Agent for itself and the Lenders and as amended by that certain Second Amendment to Amended and Restated Credit Agreement dated as of October 2, 2012, among Maker, the
Lenders named therein, and KeyBank, National Association, as Administrative Agent for itself and the Lenders (as further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used
herein without definition shall have the meanings set forth in the Credit Agreement. 
 Subject to the terms and provisions of
the Credit Agreement, amounts borrowed may be repaid and reborrowed at any time prior to the termination of the Availability Period. No Lender shall have any obligation to make a Loan to the extent such Loan would cause the sum of the total
Revolving Credit Exposures to exceed the total Maximum Loan Available Amount. 
 This Note is subject to (a) mandatory
prepayment and (b) prepayment at the option of the Maker, as provided in the Credit Agreement. 
 This Note is issued
pursuant to the Credit Agreement and is entitled to the benefits of the Credit Agreement, reference to which is hereby made for a more complete statement of the terms and conditions under which the Loan evidenced hereby is made and is to be repaid.

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. MAKER AGREES THAT
JURISDICTION AND VENUE FOR ANY ACTION REGARDING THIS NOTE SHALL BE AS SET FORTH IN THE CREDIT AGREEMENT. 

 Upon the occurrence of an Event of Default, the unpaid balance of the principal amount of
this Note may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement. 
 Maker promises to pay all fees, costs and expenses incurred in the collection and enforcement of this Note in accordance with the terms of the Credit Agreement. Maker and any endorser of this Note hereby
consents to renewals and extensions of time at or after the maturity hereof, without notice, and hereby waive diligence, presentment, protest, demand and notice of every kind (except such notices as may be expressly required under the Credit
Agreement or the other Loan Documents) and, to the full extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder. 
 Whenever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be prohibited by or invalid
under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note. 

[Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, Maker has caused this Note to be executed and delivered by its duly
authorized officer, as of the day and year first written above. 
  

			
	 THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P., a Delaware limited

partnership

		
	By:	 	GRIFFIN CAPITAL NET LEASE REIT, INC., a Maryland corporation,
		 	its General Partner
		
	By:	 	 /s/ Joseph E. Miller

	Name:	 	Joseph E. Miller
	Title:	 	Chief Financial Officer

 
					
	
	WILL PARTNERS REIT, LLC, a Delaware limited liability company
		
	By:	 	 THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P.,
 a Delaware limited partnership

			
		 	By:	 	GRIFFIN CAPTIAL NET LEASE REIT, INC., a Maryland corporation, its General Partner
			
		 	By:	 	 /s/ Joseph E. Miller

		 	Name:	 	Joseph E. Miller
		 	Title:	 	Chief Financial Officer

  

					
	
	THE GC NET LEASE (SYLMAR) INVESTORS, LLC, a Delaware limited liability company
		
	By:	 	THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
			
		 	By:	 	GRIFFIN CAPITAL NET LEASE REIT, INC., a Maryland corporation, its General Partner
			
		 	By:	 	 /s/ Joseph E. Miller

		 	Name:	 	Joseph E. Miller
		 	Title:	 	Chief Financial Officer

 [Signature Page to Note (Union Bank, N.A.)] 

 
							
	 RENFRO PROPERTIES LLC, a California limited liability company

			
		 	By:	 	THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
				
		 		 	By:	 	GRIFFIN CAPITAL NET LEASE REIT, INC., a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ Joseph E. Miller

		 		 	Name:	 	Joseph E. Miller
		 		 	Title:	 	Chief Financial Officer
	
	THE GC NET LEASE (LOVELAND) INVESTORS, LLC, a Delaware limited liability company
			
		 	By:	 	 THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership

				
		 		 	By:	 	GRIFFIN CAPITAL NET LEASE REIT, INC., a Maryland corporation,
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ Joseph E. Miller

		 		 	Name:	 	Joseph E. Miller
		 		 	Title:	 	Chief Financial Officer

 [Signature Page to Note (Union Bank, N.A.)] 

 
									
	THE GC NET LEASE (REDMOND) INVESTORS, LLC, a Delaware limited liability company
			
		 	By:	 	 THE GC NET LEASE (REDMOND) MEMBER, LLC, a Delaware limited liability company

				
		 		 	By:	 	 THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P.,
 a Delaware limited partnership

					
		 		 		 	By:	 	GRIFFIN CAPITAL NET LEASE REIT, INC., a Maryland corporation, its General Partner
					
		 		 		 	By:	 	 /s/ Joseph E. Miller

		 		 		 	Name:	 	Joseph E. Miller
		 		 		 	Title:	 	Chief Financial Officer
	
	THE GC NET LEASE (CRANBERRY) INVESTORS, LLC, a Delaware limited liability company
			
		 	By:	 	 THE GC NET LEASE (CRANBERRY) MEMBER, LLC, a Delaware limited liability company

			
		 	By:	 	 THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership

				
		 		 	By:	 	GRIFFIN CAPITAL NET LEASE REIT, INC., a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ Joseph E. Miller

		 		 	Name:	 	Joseph E. Miller
		 		 	Title:	 	Chief Financial Officer

 [Signature Page to Note (Union Bank, N.A.)] 

 
							
	THE GC NET LEASE (GREENWOOD VILLAGE) INVESTORS, LLC, a Delaware limited liability company
		
	By:	 	THE GC NET LEASE (GREENWOOD VILLAGE) MEMBER, LLC, a Delaware limited liability company
			
		 	By:	 	THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
				
		 		 	By:	 	GRIFFIN CAPITAL NET LEASE REIT, INC., a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ Joseph E. Miller

		 		 	Name:	 	Joseph E. Miller
		 		 	Title:	 	Chief Financial Officer
	
	THE GC NET LEASE (LIBERTYVILLE) INVESTORS, LLC, a Delaware limited liability company
		
	By:	 	THE GC NET LEASE (LIBERTYVILLE) MEMBER, LLC, a Delaware limited liability company
			
		 	By:	 	THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
				
		 		 	By:	 	GRIFFIN CAPITAL NET LEASE REIT, INC., a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ Joseph E. Miller

		 		 	Name: Joseph E. Miller
		 		 	Title: Chief Financial Officer

 [Signature Page to Note (Union Bank, N.A.)] 

							
	
	THE GC NET LEASE (BEAVER CREEK) INVESTORS, LLC, a Delaware limited liability company
		
	By:	 	THE GC NET LEASE (BEAVER CREEK) MEMBER, LLC, a Delaware limited liability company
			
		 	By:	 	THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
				
		 		 	By:	 	GRIFFIN CAPITAL NET LEASE REIT, INC., a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ Joseph E. Miller

		 		 	Name: Joseph E. Miller
		 		 	Title:   Chief Financial Officer

 [Signature Page to Note (Union Bank, N.A.)]

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