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<SEC-DOCUMENT>0001003297-05-000393.txt : 20051128
<SEC-HEADER>0001003297-05-000393.hdr.sgml : 20051128
<ACCEPTANCE-DATETIME>20051128163727
ACCESSION NUMBER:		0001003297-05-000393
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20051122
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051128
DATE AS OF CHANGE:		20051128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRO DEX INC
		CENTRAL INDEX KEY:			0000788920
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				841261240
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14942
		FILM NUMBER:		051228443

	BUSINESS ADDRESS:	
		STREET 1:		MICRO MOTORS, INC.
		STREET 2:		151 EAST COLUMBINE
		CITY:			SANTA ANA
		STATE:			CA
		ZIP:			92707
		BUSINESS PHONE:		714-241-4411

	MAIL ADDRESS:	
		STREET 1:		MICRO MOTORS INC.
		STREET 2:		151 EAST COLUMBINE
		CITY:			SANTA ANA
		STATE:			CA
		ZIP:			92707
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>prodex8k.htm
<TEXT>
<html>

<head>


<title>Prepared by E-Services - www.edgar2.com</title>


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<p
style='text-align:center'>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, D.C. 20549</p><p
style='text-align:center'>FORM 8-K</p><p
style='text-align:center'>CURRENT REPORT<br>
PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</p>
<p
style='text-align:center'>Date of Report<br>
(Date of earliest event reported)<br>
November 22, 2005</p><p
style='text-align:center'>PRO-DEX, INC.<br>
(Exact name of registrant as specified in its charter)</p>
<p>&nbsp;</p>
<div align="center">
	<table border="0" width="100%" id="table1">
		<tr>
			<td align="center"><p
style='text-align:center'>COLORADO</p></td>
			<td align="center">0-14942</td>
			<td align="center">84-1261240</td>
		</tr>
		<tr>
			<td align="center">
<p
style='text-align:center'>(State or other&nbsp; jurisdiction of incorporation)</p>
			</td>
			<td align="center">(Commission File Number)</td>
			<td align="center">(IRS Employer Identification Number)</td>
		</tr>
	</table>
</div>
<p>&nbsp;</p><p
style='text-align:center'>151 East Columbine Avenue<br>
Santa Ana, California 92707<br>
(Address of Principal Executive Offices)</p><p
style='text-align:center'>(714) 241-4411<br>
(Registrant's Telephone Number, Including Area Code)</p>
<p>&nbsp;</p><p>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</p>
<p>[ ]&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p><p>[ ]&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p><p>[ ]&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
<p>[ ]&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p><p>&nbsp;</p>
<hr color="#000080"> <p style="page-break-after: always"></p>
<p>&nbsp;</p><p>Item 1.01&nbsp;&nbsp; Entry Into a Material Definitive Agreement.</p>

<p align="justify" style="text-indent: 60px">On November 22, 2005, the Pro-Dex, Inc. (referred
herein to as the &quot;Company,&quot; &quot;Registrant&quot; or
&quot;Pro-Dex&quot;), entered into an employment agreement (the &quot;Agreement&quot;)
with the Company's current Chief Executive Officer and President, Patrick
Johnson.&nbsp; Under the general&nbsp; terms of the Agreement (qualified by and subject
to the full text of the Agreement attached as an exhibit to this Form 8-K),&nbsp;
Mr. Johnson shall serve as the Company's Chief Executive Officer and President
for a period effective as of October 1, 2005 and ending on September 30, 2008
(the &quot;Employment Term&quot;) and thereafter at will, terminable on 120 days notice.&nbsp;
If Mr. Johnson is terminated by the Company other than for cause (as defined in
the Agreement and summarized below), disability, or a violation of certain of
the Company's intellectual property rights, Mr. Johnson shall be entitled to
continued payment of base salary due under the Agreement for the remainder of
the Employment Term, and to the bonus as set forth in the Agreement and
described below, for a fiscal year ending prior to such termination.&nbsp; As used
in the Agreement, the term &quot;<u>cause</u>&quot; means any one or more of the
following: (i) Mr. Johnson's material breach of his obligations under the
Agreement or his failure or refusal to perform reasonable services customarily
performed by Mr. Johnson or requested to be performed by the Board of Directors
(other than by reason of disability), which breach, failure or refusal is not
cured within thirty (30) days after written notice thereof from the Company's
Board of Directors; (ii) Mr. Johnson's engaging in misconduct or omission which
the Board of Directors determines is significantly, imminently and materially
injurious to the business, operations or reputation of the Company, including
but not limited to any violation of the Company's self-imposed Code of Ethics,
Insider Trading Policy, or any other such internally-established policy; (iii)
Mr. Johnson's willful dereliction of duty or intentional or malicious conduct
contrary to the best interests of the Company, its personnel or its business
prospects, properties or affairs; or (iv) Mr. Johnson's being convicted of the
commission of a felony or his failure to cooperate with governmental
investigations concerning the Company's activities, which the Board of&nbsp;&nbsp;
Directors determines is significantly and materially injurious to the business,
operations or reputation of the Company.</p>

<p align="justify" style="text-indent: 60px">If Mr. Johnson resigns from his employment other than for Good
Reason, (as defined in the Agreement and summarized below), Mr. Johnson shall
be entitled to payment of his base salary accrued through and including the
date of such termination or resignation, but shall not be entitled to any other
compensation or benefits under the Agreement not due as of such date nor with
respect to the year of such termination or resignation or any subsequent year.&nbsp;
If, prior to the expiration of the Employment Term, Mr. Johnson resigns from his
employment hereunder for Good Reason (as defined in the Agreement and
summarized below), Mr. Johnson shall be entitled to continued payment of base
compensation for the remainder of the Employment Term (such remainder of the
employment term being referred to herein as the &quot;Remainder Period&quot;) but shall
not be entitled to any other compensation or benefits under the Agreement with
respect to the year of such termination or resignation or any subsequent year.&nbsp;
If Mr. Johnson provides services for pay to anyone other than the Company or
any of its affiliates or subsidiaries during the Remainder Period, the amount
of base compensation paid to Mr. Johnson during the Remainder Period shall be
reduced by 75% of the amounts of salary, bonus and other cash compensation
earned by Mr. Johnson during such period as a result of his performing such
services during such period.&nbsp;&nbsp; For purposes of the Agreement, &quot;Good Reason&quot;
means (i) a material reduction in, or the assignment to Mr. Johnson of duties
which would be inconsistent with, Mr. Johnson's positions or responsibilities
as described herein; or (ii) a reduction in Mr. Johnson's Salary as then in
effect or the repeated failure of the Company to pay any amount owing to Mr.
Johnson hereunder when due.</p>

<hr color="#000080"> <p style="page-break-after: always"></p>

<p align="justify" style="text-indent: 60px">Mr. Johnson is to be paid a base monthly salary of eighteen
thousand four hundred fifty nine dollars and 48 cents ($18,459.48), which
monthly base salary shall increase as of July 1 of each subsequent employment
year (commencing July 1, 2006) during the term of the Agreement by the
percentage increase, if any, in the consumer price index as set forth in the
Agreement.&nbsp; Mr. Johnson shall also be entitled to a formula based bonus in
accordance with Exhibit&nbsp;A of the Agreement, but shall not be eligible to
participate in any other profit sharing or bonus plan of the Company, except as
provided specifically in the Agreement.&nbsp; Simultaneous with the payment of the
bonus described in Exhibit A of the Agreement and subject to the same
conditions as to eligibility for payment, Mr. Johnson shall receive options to
purchase twelve thousand (12,000) shares of common stock of the Company for
each of the three years covered by the Agreement at the market value of the
Company's stock at the date of issuance and in accordance with other terms the
Company's existing employee stock option plan.</p>

<p align="justify" style="text-indent: 60px">&nbsp;In the event:&nbsp; (i) either of the events constituting a Change of
Control (as defined in the Agreement and summarized below) shall have
occurred;&nbsp; and (ii) within one (1) year from the date of such Change of Control
or to the end of the term of the Agreement, whichever is sooner, there shall
have occurred any of (A) a breach of the Agreement by the Company, or (B) a
substantial diminution in Mr. Johnson's duties, titular office,
responsibilities, benefits, or (C) a change in Mr. Johnson's primary employment
venue to a location outside of Orange County, California; then (iii) the
Agreement may be terminated by Mr. Johnson upon sixty (60) days written notice
to the Company, and upon such termination Mr. Johnson shall be entitled to (A)
certain payments described in the Agreement and (B) to the extent permitted by
the Company's insurance policies, certain continued insurance benefits. In the
event such insurance coverage is not available, then Employee shall be provided
reimbursement for the acquisition of a policy or policies providing
substantially similar coverage for such period.&nbsp; Under the Agreement, &quot;Change
in Control&quot; shall mean any one of the following: (i) when any &quot;person,&quot; as such
term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) a
greater than 5% shareholder of the Company on the date of this Agreement, (B) a
subsidiary or (C) a Company Employee Benefit Plan, (including any trustee of
such Plan acting as trustee)) becomes, after the date of this Agreement, the
&quot;beneficial owner&quot; (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing 35% or more of the
combined voting power of the Company's then outstanding voting equity
securities; or (ii) the occurrence of a transaction requiring shareholder
approval and involving the sale of all or substantially all of the assets of
the Company or the merger of the Company with or into another corporation. </p>



<hr color="#000080"> <p style="page-break-after: always"></p><p
style='text-align:justify; text-indent:60px'>In connection with the entry into the Agreement, the Company's Board of Directors approved revisions to the Company's bonus compensation program for its President/Chief Executive Officer (as set forth in Exhibit A to the Agreement (an illustrative table is included in Exhibit A to the Agreement)) which provides that the President/Chief Executive Officer shall be entitled to receive a bonus, up to a maximum of $125,000, pursuant to a formula that is based upon increases in pre tax earnings per share.</p>
<p
style='text-align:justify'>&nbsp;</p><p>Item 9.01 Financial Statements and Exhibits</p>
<p>(d)&nbsp;&nbsp; Exhibits</p><p>Exhibit<br>
Number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Description<br>
- -------&nbsp;&nbsp;&nbsp;&nbsp; -----------</p><p>10.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employment Agreement dated November 22, 2005 by and between Pro-Dex, Inc. and Patrick Johnson. *</p>
<p>----------</p><p>(*)&nbsp;&nbsp; Management contract or compensatory plan, contract or arrangement.</p>
<p>&nbsp;</p>
<p
style='text-align:center'>SIGNATURES</p><p>&nbsp;</p>
<p
style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>
<p>&nbsp;</p>
<div align="left">
	<table border="0" width="740" id="table2">
		<tr>
			<td>Date: November 28, 2005</td>
			<td width="297">PRO-DEX, INC.</td>
		</tr>
		<tr>
			<td>&nbsp;</td>
			<td width="297">&nbsp; </td>
		</tr>
		<tr>
			<td>&nbsp;</td>
			<td width="297">&nbsp; </td>
		</tr>
		<tr>
			<td>&nbsp;</td>
			<td width="297">By: /s/ JEFF RITCHEY</td>
		</tr>
		<tr>
			<td>&nbsp;</td>
			<td width="297">------------------------------------</td>
		</tr>
		<tr>
			<td>&nbsp;</td>
			<td width="297">Jeff Ritchey</td>
		</tr>
		<tr>
			<td>&nbsp;</td>
			<td width="297">Chief Financial Officer</td>
		</tr>
	</table>
</div>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>exhibit10-01.htm
<TEXT>
<html>

<head>


<title>Exhibit 10.01</title>


</head>

<body lang=EN-US>



<p style='margin-top:0pt' align="center"><b>EMPLOYMENT AGREEMENT</b></p>

<p align="justify" style="text-indent: 30px">THIS EMPLOYMENT AGREEMENT (the &quot;<u>Agreement</u>&quot;) is made this 22nd
day of November 2005, between Pro-Dex, Inc., a Colorado corporation (&quot;<u>Pro-Dex</u>&quot;
or the &quot;<u>Company</u>&quot;), and Patrick Johnson, (&quot;<u>Employee</u>&quot;)
(collectively the &quot;<u>Parties</u>&quot;) with reference to the following facts: </p>

<p align="justify" style="text-indent: 30px">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Dex, Inc. designs, develops and manufactures
medical, dental and motion control devices. The Company's principal offices are
located at 151 E. Columbine Ave., Santa Ana, CA, 92707. </p>

<p align="justify" style="text-indent: 30px">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company desires to employ Employee as the Chief
Executive Officer (&quot;<u>CEO</u>&quot;) and President of the Company and Employee
desires to accept such employment subject to the terms and conditions of this
Agreement. </p>

<p align="justify" style="text-indent: 30px">NOW, THEREFORE, in consideration of the facts recited above, the
covenants contained in this Agreement, and other valuable consideration, the
parties agree as follows:</p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>EMPLOYMENT</u></b>.</p>

<p align="justify" style="text-indent: 30px">The Company hereby employs the Employee, and the Employee accepts
such employment, in the capacity of CEO and President of the Company in
accordance with the terms of this Agreement, the bylaws of the Company and
applicable law. </p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>SERVICES AND DUTIES</u></b>.
</p>

<p align="justify" style="text-indent: 30px">Employee shall perform all services, acts or other things
necessary or advisable, and as may be determined and assigned to Employee from
time to time by the Board of Directors, to manage the business of the Company
and have general supervision, direction and control over the business and
affairs of the Company and its employees, subject to the control and direction
of the Board of Directors.</p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>STANDARD OF PERFORMANCE</u></b>.
</p>

<p align="justify" style="text-indent: 30px">Employee agrees that at all times during the Employment Term
(defined herein) he will diligently, competently, and to the best of his
ability and experience, perform all of the services and duties that are
required as the CEO and President of the Company. </p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>EXCLUSIVE EMPLOYMENT</u></b>.
</p>

<p align="justify" style="text-indent: 30px">Employee shall not, while employed by the Company, render
services of any kind to others for compensation, or engage in any other
business activity without the prior written consent of the Board of Directors
of the Company (in the event Employee is a member of the Board of Directors at
such time, he shall not participate in the vote concerning such consent).
During the Employment Term, Employee shall not, directly or indirectly, whether
as a partner, employee, creditor, shareholder, or otherwise, promote,
participate, or engage in any activity or business competitive with the
Company's business.&nbsp;&nbsp; However, nothing in this Agreement shall be deemed to
prevent or limit the right of the Employee to invest any of his funds in the
capital stock or other securities of any entity whose stock or securities are
publicly owned or are regularly traded on any public exchange, so long as (i)
such entity does not engage in a business that is in competition with the
Company's business as of the date of such investment; (ii) the investment does
not exceed 2% of the outstanding voting equity interests of such entity; and
(iii) the management of that investment does not materially interfere with the
performance of his duties hereunder. </p>



<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p style='margin-left:0pt;text-indent:0pt' align="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>LOCATION OF EMPLOYMENT</u></b>.</p>

<p align="justify" style="text-indent: 30px">Employee's performance under this Agreement shall be rendered at
151 E. Columbine Ave., Santa Ana, CA, 92707, or at such other place that (i)
the Board of Directors of the Company reasonably requires or (ii) that the
interests, needs, business and opportunities of the Company require or make
advisable.</p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>TERM OF EMPLOYMENT</u></b>.
</p>

<p style='margin-left:0pt;text-align:justify; text-indent:30px'>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless terminated earlier pursuant to this <u>Section&nbsp;6</u> or <u>Sections
11, 12, or 13</u> of this Agreement, Employee shall be employed for a term
commencing as of 1 October, 2005 and ending on 30 September 2008 (the &quot;<u>Employment
Term</u>&quot;). Thereafter, the Employment Term shall continue on an &quot;at-will&quot;
basis until terminated at the option of either party upon one hundred twenty
(120) days prior written notice to the other party.&nbsp;&nbsp; This Agreement may be
terminated at any time by written agreement of the parties, or as provided in <u>Sections
11, 12, or 13.</u></p>

<p style='margin-left:0pt;text-align:justify; text-indent:30px'>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Employee is terminated by the Company other than pursuant to this <u>Section&nbsp;6</u>
or <u>Sections 11, 12, or 13</u> of this Agreement, Employee shall be entitled
to continued payment of compensation due under <u>Section&nbsp;7.1</u>for the
remainder of the Employment Term, and to the bonus described in Exhibit A for a
fiscal year ending prior to such termination.</p>

<p style='margin-left:0pt;text-align:justify; text-indent:30px'>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Employee resigns from his employment hereunder other than for Good
Reason, (as defined in <u>Section 6.6</u>), the Employee shall be entitled to
payment of his base salary accrued through and including the date of such
termination or resignation, but shall not be entitled to any other compensation
or benefits under this Agreement (including without limitation any Bonus or
options provided for in <u>Section 7</u>) not due as of such date nor with
respect to the year of such termination or resignation or any subsequent year.</p>

<p style='margin-left:0pt;text-align:justify; text-indent:30px'>6.4&nbsp;&nbsp;&nbsp;&nbsp;
If, prior to the expiration of the Term, the Employee resigns from his
employment hereunder for Good Reason (as defined in <u>Section 6.6</u>),
Employee shall be entitled to continued payment of base compensation due under <u>Section&nbsp;7</u>
for the remainder of the Employment Term (such remainder of the Employment Term
being referred to herein as the &quot;<u>Remainder Period</u>&quot;) but shall not be
entitled to any other compensation or benefits under this Agreement (including
without limitation any Bonus provided for in <u>Section 7.2</u>) with respect
to the year of such termination or resignation or any subsequent year.&nbsp;&nbsp;&nbsp;
Anything in this Agreement to the contrary notwithstanding, if the Employee
provides services for pay (including as an independent consultant or
independent contractor) to anyone other than the Company or any of its affiliates
or subsidiaries during the Remainder Period, the amount of base compensation
paid to the Employee during the Remainder Period shall be reduced by [75%] of
the amounts of salary, bonus and other cash compensation earned by the Employee
during such period, including any amounts the payment of which is deferred at
the election, or with the agreement, of the Employee until after expiration of
such Remainder Period, as a result of his performing such services during such
period (it being understood that bonus compensation earned for services
rendered during the Remainder Period but paid after expiration of the Remainder
Period shall be considered compensation that will reduce the amount of
Remainder Period base compensation paid to the Employee as provided herein).&nbsp;
The Employee agrees to notify the Company promptly in writing of any
arrangement during the Remainder Period in which he performs services for pay,
to cooperate fully with the Company in determining the amount of any such
reduction to the Remainder Period base compensation provided in this <u>Section
6.4</u>, and to repay the Company any Remainder Period base compensation
previously paid to the Employee and owing to the Company if required by the
terms of the previous sentence. </p>
<p style='margin-left:0pt;text-align:justify; text-indent:30px'>&nbsp;</p>
<p style='margin-left:0pt;text-align:center; '>-2-</p>



<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p style='margin-left:0pt;text-align:justify; text-indent:30px'>6.5&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement will terminate immediately upon Employee's death in which
case the Employee's estate shall be entitled to payment of his base salary
accrued through and including the date of death, but shall not be entitled to
any other compensation or benefits under this Agreement (including without
limitation any Bonus provided for in <u>Section 7.2</u>) with respect to the
year of death or any subsequent year.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">6.6&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Agreement, &quot;<u>Good Reason</u>&quot; shall mean:</p>

<p align="justify" style="text-indent: -30px; margin-left: 90px">(a)&nbsp;&nbsp;&nbsp;a material reduction in, or the assignment to the Employee of
duties which would be inconsistent with, the Employee's positions or
responsibilities as described herein; or</p>

<p align="justify" style="text-indent: -30px; margin-left: 90px">(b)&nbsp;&nbsp;&nbsp;a reduction in the Employee's Salary as then in effect or the
repeated failure of the Company to pay any amount owing to the Employee
hereunder when due.</p>

<p align="justify" style="text-indent: 30px; margin-left: 30px">Unless the Employee provides written notification of an
event described in causes (a) or (b) of the preceding sentence within 45 days
after the Employee knows or has reason to know of the occurrence of any such
event, the Employee shall be deemed to have consented thereto and such event
shall no longer constitute Good Reason for purposes of this Agreement.&nbsp; If the
Employee provides such written notice of the Company, the Company shall have 20
business days from the date of receipt of such notice to effect a cure of the
event described therein and, upon cure thereof by the Company, such event shall
no longer constitute Good Reason for purposes of this Agreement.</p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>COMPENSATION</u></b>.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">7.1&nbsp;&nbsp;&nbsp;Company shall pay Employee a base monthly salary of eighteen thousand
four hundred fifty nine dollars and 48 cents ($18,459.48), which monthly base
salary shall increase (but not decrease) as of 1 July (the &quot;<u>Adjustment Date</u>&quot;)
of each subsequent employment year (commencing 1 July 2006) during the
Employment Term by the percentage increase, if any, in the &quot;<u>Current Index</u>&quot;
over the &quot;<u>Base Index</u>.&quot; </p>
<p style='margin-left:0pt; text-indent:30px' align="justify">&nbsp;</p>
<p style='margin-left:0pt; text-indent:30px' align="justify">&nbsp;</p>
<p style='margin-left:0pt;text-align:center; '>-3-</p>



<p style='margin-left:0pt; text-indent:30px' align="justify">&nbsp;</p>



<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p align="justify" style="text-indent: 30px">The adjustments described above shall be calculated on the basis
of the United States Department of Labor, Bureau of Labor Statistics, &quot;Consumer
Price Index For All Urban Consumers, Los Angeles-Anaheim-Riverside Area&quot; (the &quot;<u>Index</u>&quot;).
The Index for April preceding the immediately prior employment year shall be
considered the &quot;Base Index,&quot; and the April preceding the employment year for
which the adjustment shall become effective shall be the &quot;Current Index.&quot;
Salary shall be payable in accordance with the Company's usual payroll method
for corporate executives.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">7.2&nbsp;&nbsp;&nbsp;<b><u>Additional Compensation</u></b>. Employee shall be entitled to a
Bonus in accordance with <u>Exhibit&nbsp;A</u> attached hereto and incorporated
by this reference, but shall not be eligible to participate in any other profit
sharing or bonus plan of the Company, except as provided herein.</p>

<p style='text-indent:30px' align="justify">7.3&nbsp;&nbsp;&nbsp; <b><u>Options</u></b>:
Simultaneous with the payment of the Bonus described in Exhibit A and subject
to the same conditions as to eligibility for payment, Employee shall receive
options to purchase twelve thousand (12,000) shares of common stock of the
Company for each of the three years covered by this Agreement at the market
value of the Company's stock at the date of issuance and in accordance with
other terms the Company's Employee Stock Option Plan.&nbsp; </p>

<p style='margin-left:0pt;text-indent:0pt;page-break-after:avoid' align="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>BENEFITS</u></b>.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">8.1&nbsp;&nbsp;&nbsp;
<b><u>Pension Plan Participation</u></b>. Employee shall be entitled to
participate, on the same basis as all other eligible employees, in any pension
benefit plan adopted by the Company, subject to the terms, conditions and
overall administration of any such plan.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Paid Time Off</u></b>. Employee shall be entitled to Paid Time Off
in accordance with policies delineated in the Company's Employee Handbook. </p>

<p style='margin-left:0pt; text-indent:30px' align="justify">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Insurance</u></b>. Employee shall be entitled to the following
insurance benefits: </p>

<p align="justify" style="text-indent: 30px">Participation for Employee in the Company's group medical and
dental insurance plan:</p>

<p style='margin-left:30px; text-indent:30px' align="justify">(a)&nbsp;&nbsp;&nbsp;participation for Employee in an executive medical reimbursement plan if
later adopted by the Company and under the terms and conditions of any Plan if
so adopted; </p>

<p style='margin-left:30px; text-indent:30px' align="justify">(b)&nbsp;&nbsp;&nbsp;such life insurance as is associated with the group medical policy
described above; and</p>

<p style='margin-left:30px; text-indent:30px' align="justify">(c)&nbsp;&nbsp;&nbsp;participation in the Company's group disability plan, as well as the
supplemental disability coverage as shall be made available to Company
executives if, and when, adopted.</p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>BUSINESS EXPENSES</u></b>.
</p>

<p align="justify" style="text-indent: 30px">Employee will be required to incur travel, entertainment and
other business expenses on behalf of the Company in the performance of
Employee's duties hereunder. Employee shall submit expense reports and
supporting documentation for all such expenses and be reimbursed for all
reasonable and necessary expenses paid by him. Use of a personal automobile
shall be reimbursed on a mileage basis. The Company shall make available a
corporate credit card to pay business expenses that Employee shall reasonably
incur in the performance of Employee's duties under this Employment Agreement.
Employee shall reimburse Employer for any business expenses disallowed for
deduction under the Internal Revenue Code of 1986, as amended, unless approved
in writing by the Board of Directors of the Company (in the event Employee is a
member of the Board of Directors at such time, he shall not participate in the
vote concerning such approval).</p>
<p align="justify" style="text-indent: 30px">&nbsp;</p>
<p style='margin-left:0pt;text-align:center; '>-4-</p>



<p align="justify" style="text-indent: 30px">&nbsp;</p>



<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p style='margin-left:0pt;text-indent:0pt' align="justify">10.&nbsp;&nbsp;&nbsp;<b><u>INVENTIONS AND PATENTS</u></b>.
</p>

<p align="justify" style="text-indent: 30px">All processes, inventions, computer software, patents,
copyrights, trademarks, and other intangible rights (collectively the &quot;<u>Intellectual
Property</u>&quot;) that may be conceived or developed by Employee during the
Employment Term, either alone or with others, shall be the sole property of
Company except Intellectual Property that Employee develops entirely on his own
time without using the equipment, supplies, facilities or trade secret
information of the Company, and which do not (a) relate to the business of the Company,
or to the Company's actual or demonstrably anticipated research or development;
or (b) result form any work performed by Employee for&nbsp; the Company (&quot;<u>Employee's
Intellectual Property</u>&quot;). </p>

<p align="justify" style="text-indent: 30px">Employee shall disclose to Company all Intellectual Property conceived
by Employee during the Employment Term whether or not the Intellectual Property
is Employee's Intellectual Property under the terms of the preceding sentence
(provided that the disclosure of any of Employee's Intellectual Property shall
be received and maintained in confidence). Employee shall execute all documents
reasonably required by Company, including patent applications and assignments,
necessary to establish the Company's rights to the Intellectual Property under
this <u>Section&nbsp;10</u>.</p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">11.&nbsp;&nbsp;&nbsp;<b><u>TERMINATION FOR CAUSE</u></b>.
</p>

<p align="justify" style="text-indent: 30px">The Company may, in writing and, in the case of <u>Sections&nbsp;11(b),
(c) and (d)</u> without prior notice, terminate Employee's employment under
this Agreement for cause at any time. For purposes of this Agreement, the term
&quot;<u>cause</u>&quot; shall mean any one or more of the following: </p>

<p align=left style='margin-left:30px;text-align:justify;text-indent:30px'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee's material breach of his obligations under this Agreement or
failure or refusal to perform reasonable services customarily performed by
Employee or requested to be performed by the Board of Directors (other than by
reason of disability), which breach, failure or refusal is not cured within
thirty (30) days after written notice thereof from the Company's Board of
Directors; </p>

<p align=left style='margin-left:30px;text-align:justify;text-indent:30px'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee's engaging in misconduct or omission which the Board of&nbsp;&nbsp;
Directors determines is significantly, imminently and materially injurious to
the business, operations or reputation of the Company, including but not
limited to any violation of the Company's self-imposed Code of Ethics, Insider
Trading Policy, or any other such internally-established policy; </p>

<p align=left style='margin-left:30px;text-align:justify;text-indent:30px'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee's willful dereliction of duty or intentional or malicious
conduct contrary to the best interests of the Company, its personnel or its
business prospects, properties or affairs; or </p>
<p align=left style='margin-left:30px;text-align:justify;text-indent:30px'>&nbsp;</p>
<p style='margin-left:0pt;text-align:center; '>-5-</p>



<p align=left style='margin-left:30px;text-align:justify;text-indent:30px'>&nbsp;</p>



<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p align=left style='margin-left:30px;text-align:justify;text-indent:30px'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee's being convicted of the commission of a felony or his failure
to cooperate with governmental investigations concerning the Company's
activities, which the Board of&nbsp;&nbsp; Directors determines is significantly and
materially injurious to the business, operations or reputation of the Company
(in the event Employee is a&nbsp; member of the Board of Directors at such time, he
shall not participate in such determination). </p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">12.&nbsp;&nbsp;&nbsp;<b><u>OPTION TO TERMINATE CONTRACT UPON DISABILITY OF EMPLOYEE</u></b>.</p>

<p align="justify" style="text-indent: 30px">Company shall have the right to terminate this Agreement in the
event that Employee becomes disabled during the Employment Term. For purposes
of this Agreement, &quot;<u>disabled</u>&quot; shall mean the possession of any physical
or mental disease, defect, or condition which either renders Employee unfit or
unable to perform and satisfy the material duties of his employment with
Company for a period or periods aggregating more than ninety (90) business days
in any period of twelve (12) months (&quot;<u>Disability Threshold</u>&quot;). The
existence of any disability will be determined by a licensed physician selected
by the Company, whose determination will be conclusive and binding on all
parties.&nbsp; Such physician determination may be requested by either party upon
Employee achieving the Disability Threshold. </p>

<p align="justify" style="text-indent: 30px">Subject to the use of his allotted sick days, Employee shall not
be entitled to any compensation for days missed as a result of illness or
accident prior to a determination of disability. If, during the term hereof,
Employee is determined to have become &quot;disabled,&quot; then Company shall pay
Employee his regular base compensation until such time as Employee's disability
insurance coverage, if any, commences payment.&nbsp; In the event that there shall
be no disability insurance coverage, then such payments shall continue for a
period not to exceed one hundred fifty (150) days from the date Employee became
&quot;disabled.&quot;</p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">13.&nbsp;&nbsp;&nbsp;<b><u>CHANGE IN CONTROL</u></b>.
</p>

<p align="justify" style="text-indent: 30px">For purposes of this <u>Section&nbsp;13</u>, &quot;<u>Change in
Control</u>&quot; shall mean any one of the following: (i) when any &quot;person,&quot; as
such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than
(A) a greater than 5% shareholder of the Company on the date of this Agreement,
(B) a subsidiary or (C) a Company Employee Benefit Plan, (including any trustee
of such Plan acting as trustee)) becomes, after the date of this Agreement, the
&quot;beneficial owner&quot; (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing 35% or more of the
combined voting power of the Company's then outstanding voting equity
securities; or (ii) the occurrence of a transaction requiring shareholder
approval and involving the sale of all or substantially all of the assets of
the Company or the merger of the Company with or into another corporation. </p>

<p align="justify" style="text-indent: 30px">In the event:&nbsp; </p>

<p align="justify" style="text-indent: 30px">&nbsp;(i) either of the events described above constituting a Change
of Control shall have occurred;&nbsp; and </p>

<p align="justify" style="text-indent: 30px">(ii)&nbsp; within one (1) year from the date of such Change of Control
or to the end of the Employment Term, whichever is sooner, there shall have
occurred any of (A) a breach of this Agreement by the Company, or (B) a substantial
diminution in Employee's duties, titular office, responsibilities, benefits, or
(C) a change in Employee's primary employment venue to a location outside of
Orange County, California; then</p>
<p align="justify" style="text-indent: 30px">&nbsp;</p>
<p style='margin-left:0pt;text-align:center; '>-6-</p>



<p align="justify" style="text-indent: 30px">&nbsp;</p>



<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p align="justify" style="text-indent: 30px">(iii) this Agreement may be terminated by Employee, upon sixty
(60) days written notice to the Company, and upon such termination Employee
shall be entitled to (i) the compensation described in <u>Section&nbsp;7.1</u>
and (ii) to the extent permitted by the Company's insurance policies, continued
insurance benefits described in <u>Section&nbsp;8.3</u> of this Agreement
during the remainder of the Employment Term. In the event such insurance
coverage is not available, then Employee shall be provided reimbursement for
the acquisition of a policy or policies providing substantially similar coverage
for such period.</p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">14.&nbsp;&nbsp;&nbsp;<b><u>COMPANY TRADE SECRETS</u></b>.
</p>

<p align="justify" style="text-indent: 30px">Employee agrees that he shall not at any time, either during or
subsequent to the Employment Term, unless expressly consented to in writing by
Company, either directly or indirectly, use or disclose to any person or entity
any confidential information of any kind, nature, or description which
information Employee learned as a result of his employment with the Company
concerning any matters affecting or relating to the business of the Company,
including, but not limited to, the names, addresses, buying habits or business
practices of any of its customers; marketing methods, programs and related
data; other written records used in business; compensation paid to employees
and independent contractors and other terms of their employment; or contractual
information concerning the business of the Company, confidential information
regarding operations, computer software, specific business practices, or other
confidential data of any kind, nature, or description. </p>

<p align="justify" style="text-indent: 30px">Employee agrees that the above information and items are
important, material, and confidential trade secrets and these affect the
successful conduct of the Company's business and its good will. Employee agrees
that all business procured by Employee while employed by Company is and shall
remain the permanent and exclusive property of the Company. Employee further
agrees that the Company's relationships with its employees and independent
contractors are a significant and valuable asset of the Company. Any interference
with the Company's business, property, confidential information, trade secrets,
clients, customers, employees or independent contractors by Employee or any of
Employee's agents, during or after the Employment Term, shall be deemed a
material breach of this Agreement.</p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">15.&nbsp;&nbsp;&nbsp;<b><u>NON-SOLICITATION</u></b>.
</p>

<p align="justify" style="text-indent: 30px">Employee hereby acknowledges and agrees that he will be exposed
to a significant amount of confidential information concerning the Company's
business methods, operations, and customers while employed under this
Agreement, that such information might be retained by Employee in tangible
form, or simply retained in Employee's memory, and that the protection of the
Company's exclusive rights to such confidential information, trade secrets, and
customer or client relationships can best be ensured by means of a restriction
on Employee's activities after termination of employment. </p>

<p align="justify" style="text-indent: 30px">Therefore, Employee agrees that for a period of two (2) years
after the termination of his employment with the Company, he shall not directly
or indirectly solicit the employment of or hire any employee of the Company,
and shall not attempt to persuade any employee to leave the employment of the
Company.</p>
<p align="justify" style="text-indent: 30px">&nbsp;</p>
<p style='margin-left:0pt;text-align:center; '>-7-</p>



<p align="justify" style="text-indent: 30px">&nbsp;</p>



<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p style='margin-left:0pt;text-indent:0pt' align="justify">16.&nbsp;&nbsp;&nbsp;<b><u>INJUNCTIVE RELIEF</u></b>.
</p>

<p align="justify" style="text-indent: 30px">Employee hereby acknowledges and agrees that any violation of <u>Sections
14 and 15</u> above will cause damage to the Company in an amount difficult to
ascertain. Accordingly, in addition to any other relief to which the Company
may be entitled, the Company shall be entitled to temporary and/or permanent
injunctive relief for any breach or threatened breach by Employee of the terms
of such sections without proof of actual damages that have been or may be
caused to the Company as a result of such breach.</p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">17.&nbsp;&nbsp;&nbsp;<b><u>POLICIES, RULES AND REGULATIONS</u></b>.
</p>

<p align="justify" style="text-indent: 30px">Employee at all times during the Employment Term shall strictly
adhere to and obey all policies, rules and regulations in effect, or as
subsequently modified governing the conduct of employees of&nbsp; the Company.</p>

<p style='margin-left:0pt;text-indent:0pt' align="justify">18.&nbsp;&nbsp;&nbsp;<b><u>GENERAL PROVISIONS</u></b>.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">18.1&nbsp;&nbsp;&nbsp;&nbsp;
<b><u>Further Assurances</u></b>. The Parties agree that, at any time
and from time to time during the Employment Term, they will take any action and
execute and deliver any document which any other party reasonably requests in
order to carry out the purposes of this Agreement.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">18.2&nbsp;&nbsp;&nbsp;&nbsp;
<b><u>Amendment to Agreement</u></b>. This Agreement may be amended or
supplemented only in writing, and no amendment or supplement will be effective
unless executed by all of the Parties.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Notices</u></b>. Any notice, consent, waiver, demand, or other
communications required or permitted to be given by or to any person pursuant
to this Agreement (collectively, &quot;<u>Notice</u>&quot;) will be in writing, and will
be given either by personal service, by certified mail (return receipt
requested), or by Federal Express or similar commercial overnight courier
service, to a party at the address set forth below: </p>

<p style='margin-left:36.0pt;text-indent:0pt'>&nbsp;</p>

<div align="left">
	<blockquote>
		<table border="0" width="700" id="table1">
			<tr>
				<td valign="top">IF TO COMPANY:</td>
				<td valign="top" width="418">
				<p align=left style='margin-right:0pt;
text-align:left;
'>Pro-Dex, Inc. <br>151 E. Columbine Avenue<br>Santa Ana, CA 92707<br>Attention: Chief Financial Officer</p>
				</td>
			</tr>
			<tr>
				<td valign="top">&nbsp;</td>
				<td valign="top" width="418">&nbsp; </td>
			</tr>
			<tr>
				<td valign="top">AND TO:</td>
				<td valign="top" width="418">
				<p align=left style='text-align:left;
'>Rutan &amp;
Tucker, LLP<br>611 Anton Blvd., 14th Floor<br>Costa Mesa, CA 92626<br>Attn: Thomas J. Crane
				</p></td>
			</tr>
			<tr>
				<td valign="top">&nbsp;</td>
				<td valign="top" width="418">&nbsp; </td>
			</tr>
			<tr>
				<td valign="top" height="62">IF TO EMPLOYEE:</td>
				<td valign="top" height="62" width="418">
				<p align=left style='text-align:left;
'>Patrick Johnson <br>10212 La Sierra Place <br>Cowan Heights, CA 92705</p></td>
			</tr>
		</table>
		<p align="left">&nbsp;</p>
		<p style='margin-left:0pt;text-align:center; '>-8-</p>



		<p align="left">&nbsp;</p>
	</blockquote>
</div>



<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p align="justify">&nbsp;</p>
<p align="justify">In the case of personal service, Notice will be deemed
effective on the date of service. In all other cases, Notice will be deemed
effective on the date of delivery, as shown on the return receipt or other
written evidence of delivery, if any, or three (3) days after dispatch if there
is no return receipt or written evidence of delivery. A party may change the
address at which Notice is to be given, at any time and from time to time, by
giving Notice of the new address to the other parties in accordance with this
section. </p>

<p style='margin-left:0pt; text-indent:30px' align="justify">18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b><u>Entire Agreement</u></b>.&nbsp; This Agreement, that certain
Indemnification Agreement between the Employee and the Company dated September
1, 2002, and the Stock Option Agreements entered into from time to time between
Employee and the Company, contain the entire understanding between the parties
concerning the employment of Employee, and supersedes all prior understanding
and agreements between them regarding its subject matter. There are no oral or
written representations, agreements, arrangements, or understandings between
the parties relating to the subject matter of this Agreement that are not fully
set forth herein.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b><u>Binding Effect: Assignment and Delegation</u></b>. This Agreement
is binding upon and inures to the benefit of the parties and their personal
respective heirs, executors, administrators, personal representatives,
successors, and assigns. Company may assign its rights or delegate its duties
under this Agreement at any time and from time to time. However, the parties acknowledge
that the availability of Employee to perform services was a material
consideration for Company to enter this Agreement. Accordingly, Employee may
not assign any of his rights or delegate any of his duties under this
Agreement, either voluntarily or by operation of law, without the prior written
consent of Company, which may be given or withheld by Company in its sole and
absolute discretion.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">18.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b><u>Applicable Law: Choice of Forum</u></b>. This Agreement has been
executed under, and will be construed and interpreted in accordance with, the
laws of the State of California without regard to its conflict of laws
provisions. The parties consent to the jurisdiction of the Superior Court of
the State of California and the United States District court located in the State
of California in any action or proceeding arising out of this Agreement, and
agree that in those actions or proceedings venue will be proper in Orange
County, California (if the action proceeding is brought in the California
Superior Court) or in the United States District Court for the District in
which Orange County is located (if the action is brought in the United States
District Court).</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">18.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b><u>Attorneys' Fees</u></b>. In any action or proceeding to enforce or
interpret this Agreement, or arising out of this Agreement, the prevailing
party or parties are entitled to recover a reasonable allowance for fees and
disbursements of counsel and costs of suit to be determined by the court in
which the action or proceeding is brought. </p>

<p style='margin-left:0pt; text-indent:30px' align="justify">18.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b><u>Provisions Severable</u></b>. Every provision of this Agreement is
intended to be severable from every other provision of this Agreement. If any
provision of this Agreement is held to be void or unenforceable, in whole or in
part, the remaining provisions will remain in full force and effect. If any provision
of this Agreement is held to be unreasonable or excessive in scope or in
duration, that provision will be enforced to the maximum extent permitted by
law.</p>
<p style='margin-left:0pt; text-indent:30px' align="justify">&nbsp;</p>
<p style='margin-left:0pt;text-align:center; '>-9-</p>



<p style='margin-left:0pt; text-indent:30px' align="justify">&nbsp;</p>



<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p style='margin-left:0pt; text-indent:30px' align="justify">18.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b><u>Waiver</u></b>. The waiver by either party of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of
any subsequent breach of this Agreement.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">18.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b><u>Computation of Time</u></b>. If any period of time in this
Agreement for the performance of any action ends on a Saturday, Sunday, or
legal holiday in the State of California that period will be deemed extended to
end on the next day which is not a Saturday, Sunday or legal holiday in the
State of California.</p>

<p style='margin-left:0pt; text-indent:30px' align="justify">18.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b><u>Counterparts</u></b>. This Agreement and any amendment or
supplement to this Agreement may be executed in two (2) or more counterparts,
each of which will constitute a single instrument. The parties have executed
this Agreement at the time and place set forth above. </p>

<p style='margin-left:0pt; text-indent:30px' align="justify">18.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b><u>Approvals</u></b>. This Agreement has been approved by the
Compensation Committee and Board of Directors of the Company. </p>

<p style='page-break-after:avoid'>IN WITNESS WHEREOF, the parties
have executed this Agreement effective as of the date first set forth above.</p>

<div align="left">
	<table border="0" width="740" id="table2">
		<tr>
			<td valign="top">&quot;COMPANY&quot;:</td>
			<td width="455" valign="top">

<p align=left style='text-align:left;
'>PRO-DEX,
Inc.,<br>
a Colorado corporation<u><br>
<br>
<br>
</u>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeff Ritchey, Chief Financial Officer</p>



			</td>
		</tr>
		<tr>
			<td valign="top">&nbsp;</td>
			<td width="455" valign="top">&nbsp; </td>
		</tr>
		<tr>
			<td valign="top">&quot;EMPLOYEE&quot;:</td>
			<td width="455" valign="top">



<p align=left style='text-align:left;
'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>PATRICK JOHNSON</p>



			</td>
		</tr>
	</table>
</div>
<p align="left">&nbsp;</p>
<p style='margin-left:0pt;text-align:center; '>-10-</p>



<p align="left">&nbsp;</p>



<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p align="center"><b>EXHIBIT A</b></p>

<p align="justify">The Bonus described below shall be payable for the fiscal years
ending during the term of this Agreement, provided Employee continues to be
employed by the Company as its Chief Executive Officer as of the date of filing
of the Company's Form&nbsp;10&#8209;K with the Securities and Exchange
Commission for such completed fiscal year, or if employee is terminated by the
Company other than pursuant to <u>Section&nbsp;6</u> or <u>Sections 11, 12, or
13</u> of this Agreement between the end of the just completed fiscal year and
the date of filing of the Company's Form&nbsp;10&#8209;K.</p>

<p align="justify">Employee shall be entitled to receive a bonus, up to a maximum of
$125,000, equal to the sum of a. and b. below:</p>

<p align="justify">a. $500 for each percentage point increase in Pre Tax Earnings
Per Share (PTEPS) for the just completed fiscal year vs. the PTEPS of the prior
year. The dollar amount of the bonus shall be calculated pro-rata for fractions
of a percent. In the event of a year-to-year decrease in PTEPS, the % decrease
will be applied against % increase(s) in subsequent years</p>

<p align="justify">b. $2,000 for each $0.01 increase in PTEPS for the just completed
fiscal year vs. the PTEPS of the prior year. The dollar amount of the bonus
shall be calculated pro-rata for fractions of a penny of PTEPS. In the event of
a year-to-year decrease in PTEPS, the decrease will be applied against
increase(s) in subsequent years.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p align="justify">For the purpose of calculating this bonus, Pre Tax Earnings Per
Share (PTEPS) shall be defined as the net income before taxes as reported by
the Company's auditors for each year for the businesses covered by that plan,
divided by the number of shares used to calculate fully diluted earnings per
share for each year with the exception that for the purpose of the bonus
calculation, the amount of the bonus accrued or paid to the CEO and CFO in both
the bonus year and the prior year shall be added back to net income before
taxes as reported by the Company's auditors.</p>

<p align="justify">The bonus shall be payable within 5 business days after the
filing of the Company's 10K for the year for which the bonus applies.&nbsp; The
following table illustrates the computation described above: </p>

<p>

<table cellpadding=0 cellspacing=0 align=left>
 <tr>
  <td></td>
  <td>
	<p align="center"><img width=624 height=295 src="image001.gif" align="left"></td>
 </tr>
</table>

 &nbsp;</p>



<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p style='margin-left:0pt;text-align:center; '>-11-</p>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
