NANOPHASE TECHNOLOGIES CORPORATION (OTCMKTS:NANX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
Nanophase Technologies Corporation (the “Company”) entered into a Joint Development Agreement, effective as of July 31, 2019 (the “JDA”), with Sumitomo Corporation of Americas (“SCOA”). to the JDA, the Company has agreed, on an exclusive basis, to jointly develop certain coated materials for use in the personal care markets. The JDA excludes any applications relating to UV attenuation. Presuming the Company and SCOA develop commercially viable products, in terms of cost and efficacy, the Company agrees to supply these materials to SCOA and SCOA agrees to purchase these materials from the Company.
In return for the Company’s exclusive efforts on SCOA’s behalf, SCOA has agreed to pay a commitment fee of $250,000 within thirty (30) days of the execution of the JDA. The JDA includes product development milestones that, if met, will result in two subsequent payments of $125,000 each, expected to be earned over the next several years. Further, SCOA has agreed to pay the Company for its agreed upon costs of product development during the term of the agreement. Pricing of new products developed under the JDA will be determined by a Steering Committee (as defined), and included in subsequent Joint Development Project Plans (as defined).
The JDA has an initial term of ten years from July 31, 2019. Either party may terminate the JDA at any time by written notice for a series of reasons, ranging from convenience to failure to perform. In some cases, terminations can result in the return of fees by the Company or, at maximum, a $250,000 termination fee due either party if certain conditions are met.
The foregoing description of the JDA does not purport to be complete and is qualified in its entirety by reference to the text of the JDA, which is filed, with confidential portions redacted, as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
The following item is filed as an exhibit to this Current Report on Form 8-K:
| 10.1 | Joint Development Agreement, dated as of July 31, 2019, between the Company and Sumitomo Corporation of Americas |
NANOPHASE TECHNOLOGIES Corp Exhibit
EX-10.1 2 ex10-1.htm JOINT DEVELOPMENT AGREEMENT,…
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About NANOPHASE TECHNOLOGIES CORPORATION (OTCMKTS:NANX)
Nanophase Technologies Corporation is a materials and applications developer and commercial manufacturer with an integrated family of materials technologies. The Company produces engineered nano and sub-micron materials for use in a range of markets, including personal care, including sunscreens, architectural coatings, industrial coating applications, abrasion-resistant additives, plastics additives, medical diagnostics, energy, and a range of surface finishing technologies (polishing) applications, including optics. The technologies are designed to offer nanomaterial solutions for a targeted market or a specific customer application. The Company’s nanomaterials platform includes over two distinct manufacturing processes (Plasma Vapor Synthesis (PVS) and NanoArc Synthesis (NAS)) to make nanomaterials or nanoparticles. The Company’s products include Aluminum Oxide, Antimony Tin Oxide, Bismuth Oxide, Cerium Oxide, Iron Oxide and Zinc Oxide.