SEC Contract Filing

Filing Date: 2021-06-14

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>EXCLUSIVE SUPPLY AGREEMENT
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0 0 0in; font-size: 10pt"><A HREF="nanx-8k_061421.htm">Nanophase Technologies Corporation 8-K</A></P>

<P STYLE="margin: 0 0 12pt; font-size: 10pt; font-weight: bold; text-align: right">Exhibit 10.1</P>

<P STYLE="text-align: left; margin: 1.95pt 0 0; font-size: 10pt">CERTAIN INFORMATION, MARKED IN THIS EXHIBIT WITH BRACKETS, HAS
BEEN EXCLUDED FROM THIS EXHIBIT IN RELIANCE ON REGULATION S-K, ITEM 601(B)(10)(IV) BECAUSE SUCH INFORMATION IS BOTH NOT MATERIAL AND
WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED.</P>

<P STYLE="margin: 1.95pt 0 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; margin-top: 1.95pt; margin-bottom: 0; font-size: 10pt"><B>EXCLUSIVE SUPPLY AGREEMENT</B></P>

<P STYLE="text-align: left; margin: 0.3pt 0 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">THIS EXCLUSIVE SUPPLY AGREEMENT (&ldquo;Agreement&rdquo;),
made as of <B>April 1 st 2021</B> (&quot;Effective Date&quot;), is by and between <B>SOLESENCE, LLC</B> (&quot;SUPPLIER&quot;) and ILIA
Beauty, Inc., 1100 S. Coast Hwy #318, Laguna Beach, CA (&ldquo;ILIA&rdquo;).</P>

<P STYLE="text-align: left; margin: 0.3pt 0 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">SUPPLIER and ILIA agree as follows:</P>

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<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: left">SUPPLIER represents and warrants that it owns all intellectual
property rights, including any existing utility/design patents and copyright, in [************] and associated features listed in Addendum
1 (&ldquo;PRODUCT&rdquo;). SUPPLIER agrees it will not sell, or otherwise make available, the PRODUCT or any product which may serve
as a reasonable substitute for the PRODUCT, to any other party during the term of the Agreement. In the event that ILIA&rsquo;s purchases
do not meet the aggregate forecasts after the 2nd year, the parties agree, upon written notice from either party, to attempt to renegotiate
this agreement in good faith for a period of 30 days and suspend its automatic renewal. If the parties are unable to agree to amended
terms within that thirty-day period, then either party may promptly terminate the agreement without penalty.</TD>
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<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: left">ILIA&rsquo;s annual forecasts for purchases of the PRODUCT
are: [****] units, 2021; [****] units 2022, [****] units, 2023, provided that these forecasts are not binding on ILIA. The parties agree
that ILIA&rsquo;s actual purchase orders may deviate from these forecasts and SUPPLIER confirms that it has the capacity to produce at
least [****] units of PRODUCT annually. If the ordered quantities on a given year fail to reach [****]% of the forecasted quantity, ILIA
will either place a one-time purchase order to reach [****]% or issue payment to SUPPLIER for an amount equivalent to [****]% of the
value of missing purchases.</TD>
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<P STYLE="text-align: left; margin: 0; font-size: 10pt">&nbsp;</P>

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<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: left">The pricing for the PRODUCT for the first year of the Term
shall be per Addendum 2 and SUPPLIER confirms that any subsequent price increase will not occur more than once per year at a maximum
of [*]% per annum, to be communicated to ILIA in writing at least ninety (90) days in advance of any such increase. The pricing for the
product will decrease by the following scale in the case that the quantities purchased by ILIA exceed the forecasts: Quantity &gt;-[****]%,
price &ndash;[****]; Qty &gt;[****]%, price &ndash;[****]%; Qty &gt;[****]%, price &ndash;[****]%; Qty &gt;[****]%, price &ndash;[****]%
on all purchases of the following year (e.g. if ILIA purchases [****]% of the annual forecast for year one, the pricing for year two
will be reduced by [****]%).</TD>
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<P STYLE="text-align: left; margin: 0; font-size: 10pt">&nbsp;</P>

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<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: left">This Agreement shall become effective on the &ldquo;Effective
Date&rdquo; and shall continue until April 1st 2024 (the &ldquo;Initial Term&rdquo;). The Agreement shall then automatically renew for
successive 12-month terms (each 12-month term an &ldquo;Extension Term&rdquo; and collectively, &ldquo;Extension Terms&rdquo;), unless
ILIA provides the other party written notice 90 days prior to the end of the current Extension Term that it is terminating the Agreement
upon