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^* Siegel, Richard W. (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
11/25/02
5. If Amendment,
    Date of Original
    (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
X Director      10% Owner    Officer (give title below)        Other (specify below)
Description           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							$	195,657	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

Common Stock (right to buy)

$0.112

2/15/95 (1)

2/15/04

Common Stock

14,475

$

14,475

D

Common Stock (right to buy)

$0.432

2/1/96 (1)

2/1/05

Common Stock

17,370

$

17,370

D

Common Stock (right to buy)

$1.727

3/1/97 (1)

3/1/06

Common Stock

13,896

$

13,896

D

Common Stock (right to buy)

$3.886

11/7/97 (2)

11/7/06

Common Stock

23,160

$

23,160

D

Common Stock (right to buy)

$5.250

6/10/99 (3)

6/10/08

Common Stock

2,000

$

2,000

D

Common Stock (right to buy)

$3.8125

7/31/99 (1)

7/31/08

Common Stock

11,600

$

11,600

D

Common Stock (right to buy)

$9.920

6/5/02 (3)

6/5/11

Common Stock

2,000

$

2,000

D

Common Stock (right to buy)

$3.780

11/25/02

A

11/25/03 (3)

11/25/12

Common Stock

2,000

$

2,000

D

Explanation of Responses:

(1) Subject to certain restrictions, beginning on this date, the options vest in five equal annual installments.
(2) Subject to certain restrictions, 19,177 of these options vest in five equal annual installments beginning on 11/7/97, with the remainder vesting on 11/7/04.
(3) Subject to certain restrictions, beginning on this date, the options vest in three equal annual installments.

Note: This form is being filed by Mr. Jankowski, who has been granted power of attorney, on behalf of Dr. Siegel.

By:
/s/ By Jess Jankowski, under UPA, for Richard W. Siegel                                                                                                11/26/02
** Signature of Reporting Person                                                                                    Date      

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).
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