SEC Contract Filing

Filing Date: 2016-03-10

Document Content:
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<TYPE>EX-10.2
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<FILENAME>d156543dex102.htm
<DESCRIPTION>EX-10.2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CHANGE IN TERMS AGREEMENT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Borrower:</B></TD>
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<TD VALIGN="top"><B>Nanophase Technologies Corporation</B></TD>
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<TD VALIGN="top"><B>Lender:</B></TD>
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<TD VALIGN="top"><B>Libertyville Bank and Trust Company</B></TD></TR>
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<TD VALIGN="top"><B>1319 Marquette Drive</B></TD>
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<TD VALIGN="top"><B>507 N. Milwaukee Ave</B></TD></TR>
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<TD VALIGN="top"><B>Romeoville, IL 60446</B></TD>
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<TD VALIGN="top"><B>Libertyville, IL 60048</B></TD></TR>
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<TD VALIGN="top"><B>(847) 367-6800</B></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Principal Amount:&nbsp;&nbsp;
$300,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of Agreement: March&nbsp;4, 2016 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DESCRIPTION OF EXISTING
INDEBTEDNESS. </B>Original Promissory Note dated March&nbsp;4, 2015, in the original principal amount of $300,000.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
substitutions for the promissory note or agreement </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DESCRIPTION OF CHANGE IN TERMS. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Extending the Maturity Date from March&nbsp;4, 2016 to March&nbsp;4, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PAYMENT. Borrower will pay this loan in full immediately upon Lender&#146;s demand. If no demand is made, Borrower will pay this loan in one payment of all
outstanding principal plus all accrued unpaid interest on March&nbsp;4, 2017. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning April&nbsp;4, 2016, with all subsequent
interest payments to be due on the same day of each month after that. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VARIABLE INTEREST RATE. </B>The interest rate on this loan is subject to
change from time to time based on changes in an index which is Lender&#146;s Prime Rate (the &#147;Index&#148;). This is the rate Lender charges, or would charge, on 90-day unsecured loans to the most creditworthy corporate customers. This rate may
or may not be the lowest rate available from Lender at any given time. Lender will tell Borrower the current Index rate upon Borrower&#146;s request. The interest rate change will not occur more often than each daily. Borrower understands that
Lender may make loans based on other rates as well. <B>The Index currently is 3.500%&nbsp;per annum. </B>Interest on the unpaid principal balance of this loan will be calculated as described in the &#147;INTEREST CALCULATION METHOD&#148; paragraph
using a rate of 1.000 percentage point over the Index, rounded to the nearest 0.001 percent, resulting in an initial rate of 4