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EXHIBIT 10.21
October 28, 0000
Xxxxxx X. Xxxxx
Nanophase Technologies Corporation
000 Xxxxxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxxx 00000
RE: Agreement For Continued Employment and Separation
Dear Xxx:
This will confirm that subject to approval of the Board of Directors and the
Compensation Committee this letter agreement will constitute my agreement with
Nanophase Technologies ("Nanophase") concerning my continued employment with and
separation from Nanophase. We have agreed that I will continue in my employment
until March 31, 1999, at which time I will receive severance pay equal to 9
months salary. Beginning April 1, 1999 and continuing through to March 31, 2000,
I will serve as an independent consultant to Nanophase solely relating to
existing PVS process technology for a period of twelve months. Nanophase will
pay me a consulting fee on a monthly basis at a rate equal to half my gross
salary. I agree to be reasonably available to perform such consulting, but it is
understood by Nanophase that during the period of my consulting, I will be free
to seek and obtain other employment, and that the scheduling of my consulting
work for Nanophase will not conflict with the work schedule of such employment.
During the consulting period my stock options will continue to vest on the
current schedule. At the conclusion of the consulting period, all stock options
to which I am or may become entitled will vest, with the exception of the 8,985
options that vest on November 7, 2004 at $3.89, and 25,520 of the options that
vest on July, 31 with a strike price of $3.81, as to which I will thereafter
have no further interest. I will have two years from the end of the consulting
period in which to exercise any stock options that have vested.
During the period of my consulting, Nanophase will pay my health insurance
provided under COBRA, until such time as I obtain another job. We also agree
that in the event that we agree to a shorter period of employment the rest of
the terms of this agreement shall remain effective.
Very truly yours, Agree to:
/s/ Xxxx X. Xxxxxx /s/ Xxxxxx Xxxxx
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Xxxx X. Xxxxxx Nanophase Technologies Corporation
By: Xxxxxx X. Xxxxx, President and CEO
