Memorandum on Royalty Payment between Nanophase Technologies Corporation and CIK NanoTek Corporation

Summary

Nanophase Technologies Corporation (NTC) and CIK NanoTek Corporation (CIKN) have agreed on the payment terms for royalties under their existing license and sublicense agreements. CIKN will pay NTC the remaining minimum royalty for April 2012 and a discounted minimum royalty for April 2013, provided both are paid by the end of April 2012. Once these payments are made, CIKN will have fulfilled all royalty payment obligations under the license agreements. This memorandum was signed by both parties on March 31, 2012.

EX-10.2 3 d329220dex102.htm EX-10.2 EX-10.2

Exhibit 10.2

Memorandum on the payment of royalty

Nanophase Technologies Corporation (“NTC”) and CIK NanoTek Corporation (“CIKN”) agree as follows with respect to the License Agreement made and entered into as of December 30th, 1997, Amendment No.l to License Agreement 2004.7.13, Amendment No.2 to License Agreement 2008.4.2 by and between C.I. Kasei Co., Ltd. (“CIK”) and NTC, and the Sublicense Agreement made and entered into as of April 1st, 2009 by CIK and CIKN (jointly “License Agreements”).

In consideration of the payment under the License Agreements, the royalties CIKN shall pay to NTC are as follows:

(1) The remaining balance of minimum royalty due in April of 2012: $271,053.33(USD)

(2) The minimum royalty due in April of 2013: $300,000 (USD)

For the payments above, NTC and CIKN agree as follows:

NTC shall give CIKN 7% discount against the minimum royalty due in April of 2013, provided that CIKN advances the payment in April of 2012.

NOW THEREFORE, CIKN shall pay the remaining balance of minimum royalty due in April of 2012 and the discounted minimum royalty due in April of 2013 by the end of April, 2012.

Upon the payments by CIKN as provided herein, all obligations for the payments provided in License Agreements shall be completed.

IN WITNESS WHEREOF, the parties made the Memorandum in duplicate and each party shall retain one copy after affixing its signature.

Date: March 31, 2012

 

Nanophase Technologies Corporation     CIK NanoTek Corporation

1319 Marquette Drive

Romeoville, IL 60446 USA

   

18-1, 1-Chome, Kyobashi, Chuo-ku, Tokyo

JAPAN

By:  

Jess Jankowski, President and Chief

Executive Officer

    By:   Akihiro Onishi, President
       
/s/ Jess Jankowski     /s/ Akihiro Onishi