Ownership Submission
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 OF SECURITIES

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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(Print or Type Responses)
1. Name and Address of Reporting Person *
PERKINS DONALD S
   2. Issuer Name and Ticker or Trading Symbol
NANOPHASE TECHNOLOGIES CORPORATION [NANX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
1319 MARQUETTE DRIVE		 3. Date of Earliest Transaction (Month/Day/Year)
01/31/2011
(Street)

ROMEOVILLE, IL 60446		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               48,811 D  

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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. Conversion or Exercise Price of Derivative 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 and Expiration Date
(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. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) $ 9.92             06/05/2002(1) 06/05/2011 Common Stock 2,000   2,000 D  
Stock Option (right to buy) $ 3.78             11/25/2003(1) 11/25/2012 Common Stock 2,000   2,000 D  
Stock Option (right to buy) $ 5.07             06/26/2004(1) 06/26/2013 Common Stock 2,000   2,000 D  
Stock Option (right to buy) $ 3.13             01/22/2009(2) 01/22/2018 Common Stock 15,000   15,000 D  
Stock Option (right to buy) $ 1.36 (1) 01/31/2011   A   15,000   01/31/2014 01/31/2021 Common Stock 15,000 $ 1.36 15,000 D  
Deferred Common Stock (3)               (4)   (4)(5) Common Stock 2,750   24,727 D  
Stock Appreciation Right (6) $ 0.99               (6)   (6) Common Stock 2,750   19,250 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
PERKINS DONALD S
1319 MARQUETTE DRIVE
ROMEOVILLE, IL 60446		   X      

Signatures

 By Jess Jankowski under UPA for Donald S. Perkins   02/01/2011
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Subject to certain rights and restrictions, beginning on this date, options vest in three equal annual installments.
(2) Subject to certain restrictions, beginning on this date, options vest in two equal annual installments.
(3) Each share of deferred common stock represents a right to receive one share of common stock.
(4) The deferred common stock becomes payable upon the reporting person's termination of service as a director of the Company.
(5) Pursuant to such plan, the reporting person elected to defer receipt of such shares and receive a cumulative total of 24,727 shares of deferred common stock which will all be accounted for under the Company's Non-Employee Director Deferred Compensation Plan.
(6) The stock appreciation right becomes payable upon the reporting person's termination of service as a director of the Company. 2,750 were issued 4/8/2009 at a conversion price of $0.90, 2,750 were issued 7/1/2009 at a conversion price of $1.05, 2,750 were issued 10/1/2009 at a conversion price of $1.18, 2,750 were issued 1/4/2010 at a conversion price of $0.84, 2,750 were issued 4/1/2010 at a conversion price of $1.85, 2,750 were issued 7/1/2010 at a conversion price of $1.10, and 2,750 were issued 10/1/2010 at a conversion price of $0.99.

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