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<SEC-DOCUMENT>0001003297-09-000152.txt : 20090706
<SEC-HEADER>0001003297-09-000152.hdr.sgml : 20090703
<ACCEPTANCE-DATETIME>20090706164842
ACCESSION NUMBER:		0001003297-09-000152
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20090630
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090706
DATE AS OF CHANGE:		20090706

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:		09931216

	BUSINESS ADDRESS:	
		STREET 1:		2361 MCGAW AVENUE
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614
		BUSINESS PHONE:		949-769-3200

	MAIL ADDRESS:	
		STREET 1:		2361 MCGAW AVENUE
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>esprodex8k.htm
<TEXT>
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<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center;
page-break-after:avoid'><b><font style="font-size: 11.0pt">SECURITIES AND
EXCHANGE COMMISSION<br>Washington, D.C. 20549</font></b></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center;
page-break-after:avoid'><b><font style="font-size: 11.0pt">FORM 8-K</font></b></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid'>
<b><font style="font-size: 11.0pt">CURRENT REPORT</font></b></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center;
page-break-after:avoid'><b><font style="font-size: 11.0pt">PURSUANT TO SECTION
13 OR 15(d) OF<br>THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
0in;margin-bottom:.0001pt;text-align:justify'><font style="font-size: 11.0pt">&nbsp;</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'>
<font style="font-size: 11.0pt">Date of Report</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'>
<font style="font-size: 11.0pt">(Date of earliest event reported)</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'>
<b><font style="font-size: 11.0pt">June 30, 2009</font></b></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center;
page-break-after:avoid'>&nbsp;</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center;
page-break-after:avoid'><b><u><font style="font-size: 11.0pt">Pro-Dex, Inc.</font></u></b></p>
<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center;
page-break-after:avoid; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">(Exact name of registrant
as specified in its charter)</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify'>
<font style="font-size: 11.0pt">&nbsp;</font></p>
<div align="left">
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
	<tr>
		<td width=491 valign=top style='padding-top:0in; padding-bottom:0in'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'>
		<u><font style="font-size: 11.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Colorado&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font></u></p>
		<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
		<font size="2">(State or other jurisdiction</font></p>
		<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
		<font size="2">of incorporation)</font></p></td>
		<td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'>
		<b><u><font style="font-size: 11.0pt">0-14942</font></u></b></p>
		<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
		<font size="2">(Commission</font></p>
		<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
		<font size="2">File Number)</font></p></td>
		<td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'>
		<b><u><font style="font-size: 11.0pt">84-1261240</font></u></b></p>
		<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
		<font size="2">(IRS Employer</font></p>
		<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
		<font size="2">Identification No.)</font></p></td>
	</tr>
</table>
</div>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:center'><b><u>
<font style="font-size: 11.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2361 McGaw Avenue Irvine, California,&nbsp;&nbsp;&nbsp;&nbsp; 92614&nbsp;&nbsp;&nbsp;</font></u></b><u><font style="font-size: 11.0pt">&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></font></u><font size="2">(Address of principal executive
offices)&nbsp; &nbsp;&nbsp; (Zip Code)</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:center'><b>
<font style="font-size: 11.0pt">(949) 769-3200</font></b><font style="font-size: 11.0pt">
</font></p>
<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:center'>
<font size="2">Registrant&#8217;s telephone number, including area
code</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify'>
<font style="font-size: 11.0pt">&nbsp;</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify'>
<font style="font-size: 11.0pt">&nbsp;</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:6.0pt;margin-right:0in;margin-bottom:0in;margin-left:0in;
margin-bottom:.0001pt;text-align:justify;text-indent:10.5pt'>
<font style="font-size: 11.0pt">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):</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:13.0pt'>
<font style="font-size: 11.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
<font face="Wingdings">&#111;</font><font style="font-size: 11.0pt">&nbsp;&nbsp; Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:13.0pt'>
<font style="font-size: 11.0pt">&nbsp;</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:13.0pt'>
<font style="font-size: 11.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
<font face="Wingdings">&#111;</font><font style="font-size: 11.0pt">&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:13.0pt'>
<font style="font-size: 11.0pt">&nbsp;</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:13.0pt'>
<font style="font-size: 11.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
<font face="Wingdings">&#111;</font><font style="font-size: 11.0pt">&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:13.0pt'>
<font style="font-size: 11.0pt">&nbsp;</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:13.0pt'>
<font style="font-size: 11.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
<font face="Wingdings">&#111;</font><font style="font-size: 11.0pt">&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:13.0pt'>
&nbsp;</p><hr>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:13.0pt'>
&nbsp;</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:13.0pt'>
&nbsp;</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:13.0pt'>
&nbsp;</p>
<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>
	&nbsp;</div>
<hr color="#000080"><br clear=all
style='page-break-before:always'>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify'>
<b><font style="font-size: 10.0pt">Item 2.03.&nbsp;&nbsp; Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a
Registrant</font></b></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-indent:38.5pt'>
<font style="font-size: 10.0pt">On
June 30, 2009, Pro-Dex, Inc. (the &#8220;Company&#8221;) amended its November
17, 2007 Credit Agreement (the &#8220;Credit Agreement&#8221;) with Wells Fargo
Bank, N.A. (the &#8220;Bank&#8221;), effective as of June 22, 2009 to waive the
existing covenant violations as of March 31, 2009 and referenced by the
Forbearance Agreement dated May 12, 2009.&nbsp; On July 2, 2009, the Credit
agreement was further amended to change two of the existing covenant
definitions.&nbsp; </font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-indent:38.5pt'>
<font style="font-size: 10.0pt">The
amendments provided for;</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-left:.75in;text-align:justify;text-indent:-.5in'>
<font style="font-size: 10.0pt">A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank to waive the covenant
violations that were subject to the Forbearance agreement dated May 12, 2009.</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-left:.75in;text-align:justify;text-indent:-.5in'>
<font style="font-size: 10.0pt">B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Line of Credit to be modified
to change the allowable indebtedness under the Credit Line Note from time to
time at its option any amounts up to $1,000,000.</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-left:.75in;text-align:justify;text-indent:-.5in'>
<font style="font-size: 10.0pt">C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An introduction of a borrowing
base if the outstanding borrowings under the line exceed $500,000. If
borrowings under the Credit Line exceed $500,000, the maximum amount of
borrowing would be limited to 70% of the eligible accounts receivable plus 40%
of the eligible inventory.</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-left:.75in;text-align:justify;text-indent:-.5in'>
<font style="font-size: 10.0pt">D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The income based covenants to be
adjusted to exclude the non-cash charges taken in the quarter ended March 31,
2009 of $1,930,000 for the deferred tax asset allowance and $997,000 for the
impairment of the patent asset.</font></p><hr>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-indent:38.5pt'>
<font style="font-size: 10.0pt">Among
other remedies offered to the Bank upon an event of default under the Loan
Documents, the Bank may, at its option, cause the entire balance of principal,
interest, fees and other charges under the Loan Documents or any other
agreement between the Company and the Bank to become immediately due and
payable.&nbsp; Pursuant to the terms of the Loan Documents, the above
referenced events of default, as well as all other provisions of the Credit
Agreement, shall apply to the Company&#8217;s commercial credit accommodations
from the Bank, whether now existing or hereafter established.</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
0in;margin-bottom:.0001pt;text-align:justify;text-indent:40.5pt'>
<font style="font-size: 10.0pt">Copies of the Amendments are attached hereto as
Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.
The foregoing descriptions of each of the Loan Documents are qualified in their
entirety by reference to the full text of the respective agreements.</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
0in;margin-bottom:.0001pt;text-align:justify;text-indent:40.5pt'>
&nbsp;</p>
<hr>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
0in;margin-bottom:.0001pt;text-align:justify;text-indent:40.5pt'>
&nbsp;</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
0in;margin-bottom:.0001pt;text-align:justify;text-indent:40.5pt'>
<font style="font-size: 10.0pt">On July 6, 2009, Pro-Dex, Inc. issued a press release
announcing the changes to the bank agreement and preliminary financial data for
its fiscal fourth quarter ending June 30, 2009.&nbsp; A copy of the news
release is attached to this Form 8-K as exhibit 99.1</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p><hr>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p><hr color="#000080"><p style="page-break-after: always"></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'><b>
<font style="font-size: 10.0pt">Item
9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.</font></b></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'><b>
<font style="font-size: 10.0pt">(d)
Exhibits:</font></b></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;page-break-after:avoid'>
<font style="font-size: 11.0pt">&nbsp;</font></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
	<tr style='page-break-inside:avoid'>
		<td valign=top style='padding:.05in 5.75pt .05in 5.75pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
  0in;margin-bottom:.0001pt;text-align:justify'><u>
		<font style="font-size: 10.0pt">Number</font></u></p></td>
		<td valign=top style='padding:.05in 5.75pt .05in 5.75pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
  0in;margin-bottom:.0001pt;text-align:justify'><font style="font-size: 10.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  		<u>Description</u></font></p></td>
	</tr>
	<tr style='page-break-inside:avoid'>
		<td valign=top style='padding:.05in 5.75pt .05in 5.75pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify'>
		<font style="font-size: 10.0pt">10.1</font></p></td>
		<td valign=top style='padding:.05in 5.75pt .05in 5.75pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>
		<font style="font-size: 10.0pt">Third Amendment to Credit Agreement
  effective June 22, 2009, dated June 30, 2009, by Pro-Dex, Inc. in favor of
  Wells Fargo Bank, National Association.</font></p></td>
	</tr>
	<tr style='page-break-inside:avoid'>
		<td valign=top style='padding:.05in 5.75pt .05in 5.75pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify'>
		<font style="font-size: 10.0pt">10.2</font></p></td>
		<td valign=top style='padding:.05in 5.75pt .05in 5.75pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>
		<font style="font-size: 10.0pt">Fourth Amendment to Credit Agreement
  effective June 30, 2009, dated July 2, 2009, by Pro-Dex, Inc. in favor of
  Wells Fargo Bank, National Association.</font></p></td>
	</tr>
	<tr style='page-break-inside:avoid'>
		<td valign=top style='padding:.05in 5.75pt .05in 5.75pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:justify'>
		<font style="font-size: 10.0pt">99.1</font></p></td>
		<td valign=top style='padding:.05in 5.75pt .05in 5.75pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>
		<font style="font-size: 10.0pt">Press release dated July 6, 2009 of Pro-Dex
  Inc.</font></p></td>
	</tr>
</table>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:6.0pt;margin-right:0in;margin-bottom:0in;margin-left:0in;
margin-bottom:.0001pt;text-align:justify'><font style="font-size: 11.0pt">&nbsp;</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid'>
<b><font style="font-size: 10.0pt">SIGNATURE</font></b></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-indent:.5in'>
<font style="font-size: 10.0pt">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.</font></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-indent:.5in'>
&nbsp;</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-indent:.5in'>
&nbsp;</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-indent:.5in'>
<font style="font-size: 10.0pt">&nbsp;&nbsp; </font></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
	<tr>
		<td width="18%" style='width:18.86%;padding:.75pt .75pt .75pt .75pt'>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>
		<font style="font-size: 10.0pt">Date:&nbsp; July 6, 2009</font></p></td>
		<td width="81%" style='width:81.14%;padding:.75pt .75pt .75pt .75pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>
		<font style="font-size: 10.0pt">Pro-Dex, Inc.</font></p></td>
	</tr>
	<tr>
		<td width="18%" style='width:18.86%;padding:.75pt .75pt .75pt .75pt'>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
		</td>
		<td width="81%" style='width:81.14%;padding:.75pt .75pt .75pt .75pt'>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;&nbsp;&nbsp;
		</p></td>
	</tr>
	<tr>
		<td width="18%" style='width:18.86%;padding:.75pt .75pt .75pt .75pt'>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
		</td>
		<td width="81%" style='width:81.14%;padding:.75pt .75pt .75pt .75pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>
		<font style="font-size: 10.0pt">By: <u>/s/ Jeffrey J. Ritchey </u>
		</font></p></td>
	</tr>
	<tr>
		<td width="18%" style='width:18.86%;padding:.75pt .75pt .75pt .75pt'>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
		</td>
		<td width="81%" style='width:81.14%;padding:.75pt .75pt .75pt .75pt'>
		<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>
		<font style="font-size: 10.0pt">Jeffrey J. Ritchey, Chief Financial
  Officer,&nbsp; <br>Secretary and Vice President</font></p></td>
	</tr>
</table>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>ex10-1.htm
<TEXT>
<html>

<head>
<!-- Document Prepared With EDGARSTAR Software-->
<!-- Copyright 2007 EDGARSTAR TRADEMARK-->
<!-- All rights reserved EDGAR2.com -->



<title>Exhibit 10.1</title>


</head>

<body lang=EN-US>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>
<b>EXHIBIT 10.1</b></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-align:center'>THIRD
AMENDMENT TO CREDIT AGREEMENT</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS AMENDMENT TO CREDIT
AGREEMENT (this &#147;Amendment &#147;) is entered into as of June 22, 2009, by and
between PRO-DEX, INC., a Colorado corporation (&#147;Borrower&#148;), and WELLS FARGO
BANK, NATIONAL ASSOCIATION (&#147;BANK&#148;).</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt' align="center">
<u>RECITALS </u></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:.5in'>WHEREAS,
Borrower is currently indebted to Bank pursuant to the terms and conditions of
that certain Credit Agreement between Borrower and Bank dated as of November 1,
2007, as amended from time to time (&#147;Credit Agreement&#148;).</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:27.0pt;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, Bank and
Borrower have previously entered into a forbearance agreement dated May 12,
2009 (the &#147;Forbearance Agreement&#148;) in connection with certain violations of the
Credit Agreement defined in the Forbearance Agreement as the &#147;Existing
Violations&#148;).</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:.5in'>WHEREAS, Bank
is now willing to waive the Existing Violations pursuant to the terms and
conditions set forth in the Amendment; </p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:27.0pt;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE, for
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that the Credit Agreement shall be
amended as follows:</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:27.0pt;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1. is hereby deleted in its entirety, and the following
substituted therefor:</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:27.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;SECTION 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LINE OF CREDIT.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:.5in'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Line
of Credit.</u>&nbsp;  Subject to the terms and conditions of this Agreement, Bank
hereby agrees to make advances to Borrower from time to time up to and
including November 1, 2009, not to exceed at any time principal amount of One
Million Dollars ($1,000,000)&nbsp; (&#147;Line of Credit&#148;), the proceeds of which shall
be used to finance Borrower&#146;s working capital needs.&nbsp; Borrower&#146;s obligation to
repay advances under the Line of Credit shall be evidenced by a promissory note
dated November 1, 2007 (as amended, the &#147;Line of Credit Note&#148;), all terms of
which are incorporated herein by reference.&nbsp; </p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p><hr color="#000080">
<p style="page-break-after: always"></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:.5in'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Limitation
on Borrowings.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Outstanding borrowings under the Line of Credit, to
a maximum of the principal amount set for the above, shall not at any time after
the occurrence of the Borrowing Base Event (as defined below) exceed the
aggregate of seventy percent (70%) of Borrower&#146;s eligible accounts receivable,
plus 40% (40%) of the value of&nbsp; Borrower&#146;s eligible inventory (exclusive of
work in process and inventory which is obsolete, unsalable or damaged), with
value defined as the lower of cost or market.&nbsp; All the foregoing shall be
determined by Bank upon receipt and review of all collateral reports required
hereunder and such other documents and collateral information as Bank may from
time to time require. Borrower acknowledges that said borrowing base was
established by Bank with the understanding that, among other items, the
aggregate of all returns, rebates, discounts, credits and allowances for the
immediately preceding three (3) months at all times shall be less than five
percent (5%) of the Borrower&#146;s gross sales for said period.&nbsp; If such dilution
of Borrower&#146;s accounts for the immediately preceding three (3) months at any
time exceeds five percent (5%) of Borrower&#146;s gross sales for said period, or if
there at any time exists any other matters, events, conditions or
contingencies, which Bank reasonably believes may affect payment of any portion
of Borrower&#146;s accounts, Bank, in its sole discretion, may reduce the foregoing
advance rate against eligible accounts receivable to a percentage appropriate
to reflect such additional dilution and/or establish additional reserves
against Borrower&#146;s eligible accounts receivable.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:.5in'>As used herein,
the &#147;Borrowing Base Event&#148; shall be deemed to have occurred when outstanding
borrowings under the Line of Credit exceed Five Hundred Thousand Dollars
($500,000.00), and shall be deemed to be continuing at all times thereafter,
notwithstanding any subsequent decrease below such amount in the borrowings
outstanding under the Line of Credit.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:.5in'>As used herein,
&#147;eligible accounts receivable&#148; shall consist solely of trade accounts created
in the ordinary course of Borrower&#146;s business, upon which Borrower&#146;s right to
receive payment is absolute and not contingent upon the fulfillment of any
condition whatsoever, and in which Bank has a perfected security interest of
first priority, which shall not include:</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;Any
account which is more than ninety (90) days past due;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>(ii)&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;that portion
of any account for which there exists any right of setoff, defense, or discount
(except regular discounts allowed in the ordinary course of business to promote
prompt payment) or for which any defense or counterclaim has been asserted;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>(iii)&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;any account
which represents an obligation of any state or municipal government or of the
United States government or any political subdivision thereof (except accounts
which represent obligations of the United States government and for which the
assignment provisions of the Federal Assignment of Claims Act, as amended or recodified from time to time, have been complied with to the Bank&#146;s
satisfaction);</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p><hr color="#000080">
<p style="page-break-after: always"></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>(iv)&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any account which
represents an obligation of an account debtor located in a foreign country,
except to the extent any such account, in Bank&#146;s determination, is supported by
a letter of credit or insured under a policy of foreign credit insurance, in
each case in form, substance, and issued by a party acceptable to Bank;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>(v)&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;any
account which arises from the sale or lease to or performance of services for,
or represents an obligation of, an employee, affiliate, partner, member, parent
or subsidiary of Borrower;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>(vi)&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that portion of any
account, which represents interim or progress billings or retention rights on
the part of the account debtor;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>(vii) &nbsp;&nbsp;&nbsp;&nbsp; any account which represents an
obligation of any account debtor when twenty percent (20%) or more of
Borrower&#146;s accounts from such account debtor are not eligible pursuant to (i)
above;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that portion of any account from an account debtor which represents the
amount by which Borrower&#146;s total accounts from said account debtor exceeds
twenty-five percent (25%) of Borrower&#146;s total accounts;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.75in;margin-bottom:.0001pt;text-indent:-.5in'>(ix)&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; any account deemed
ineligible by Bank when Bank, in its sole discretion, deems the
creditworthiness or financial condition of the account debtor, or the industry
in which the account debtor is engaged, to be unsatisfactory.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:.5in'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Borrowing and Repayment</u>.&nbsp; Borrower may from time to time during
the term of the Line of Credit borrow, partially or wholly repay its
outstanding borrowings, and reborrow, subject to all of the limitations, terms
and conditions contained herein or in the line of Credit Note; provided
however, that the total outstanding borrowings under the Line of Credit shall
not at any time exceed the maximum principal amount available thereunder, as
set forth above.&#148;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:27.0pt;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Section 4.3 (c) is hereby redesignated as Section 4.3(d) and the
following is hereby added as Section 4.3 (c)&#148; </p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:99.0pt;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-indent:.5in'>&#147;(c) Within 15
days after the occurrence of the Borrowing Base Event, a borrowing base
certificate for the month ending immediately prior to the Borrowing Base Event,
an inventory collateral report for such month, an aged accounts receivable and
accounts payable for such month, and a reconciliation of accounts for such
month; thereafter, not later than 15 days after and as of the end of the month,
a borrowing base certificate, an inventory collateral report, an aged listing
of accounts receivable and accounts payable and a reconciliation of accounts,
and immediately upon each request from Bank, a list of the names and addresses
of all Borrower&#146;s account debtors;&#148; </p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p><hr color="#000080">
<p style="page-break-after: always"></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:27.0pt;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Section 4.1 is hereby amended by adding at the end thereof, before
the period, following the clause: &#147;, and immediately upon demand by Bank, the
amount by which the outstanding principal balance of any credit subject hereto
at any time exceeds any limitation on borrowings applicable thereto.&#148;&nbsp;
</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:27.0pt;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Bank hereby waives the Existing Violations.&nbsp; Such waiver by Bank
shall not be deemed an agreement by Bank to waive any new violation which may
occur, including without limitation any new violation of the provisions which
are the subject of the Existing Violation.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as specifically provided herein, all terms and conditions of the
Credit Agreement remain in full force and effect, without waiver or
modification. &nbsp;All terms defined in the Credit Agreement shall have the same
meaning when used in this Amendment. This Amendment and the Credit Agreement
shall be read together, as one document.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:9.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:9.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrower hereby remakes all representations and warranties contained in
the Credit Agreement and reaffirms all covenants set forth therein. Borrower
further certifies that as of the date of this Amendment there exists no Event
of Default as defined in the Credit Agreement, nor any condition, act or event
which with the giving of notice or the passage of time or both would constitute
any such Event of Default.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be executed as of the day and year first
written above. </p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<div align="left">
	<table border="0" style="border-collapse: collapse" width="100%" id="table1">
		<tr>
			<td>
			<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
			</td>
			<td>WELLS FARGO BANK,</td>
		</tr>
		<tr>
			<td>
			<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>PRO-DEX,
			INC.</p></td>
			<td>NATIONAL ASSOCATION</td>
		</tr>
		<tr>
			<td>
			<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
			</td>
			<td>&nbsp;</td>
		</tr>
		<tr>
			<td>
			<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>By:<u> &nbsp; /s/&nbsp;&nbsp; Jeffrey
Ritchey</u>&nbsp;</p></td>
			<td>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Manishi G. Parikh</u>
			</td>
		</tr>
		<tr>
			<td>
			<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey Ritchey</p>
			</td>
			<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manishi
G. Parikh</td>
		</tr>
		<tr>
			<td>
			<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
			Chief Financial Officer, </p></td>
			<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
			Vice President</td>
		</tr>
		<tr>
			<td>
			<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:.5in'>Treasurer,
Secretary&nbsp;</p></td>
			<td>&nbsp;</td>
		</tr>
		<tr>
			<td>
			<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
			</td>
			<td>&nbsp;</td>
		</tr>
		<tr>
			<td>
			<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>By: &nbsp;<u>&nbsp;&nbsp; /s/&nbsp;&nbsp; Mark P. Murphy</u></p>
			</td>
			<td>&nbsp;</td>
		</tr>
		<tr>
			<td>
			<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark P. Murphy
			</p></td>
			<td>&nbsp;</td>
		</tr>
		<tr>
			<td>
			<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer&nbsp;&nbsp;&nbsp;
			</p></td>
			<td>&nbsp;</td>
		</tr>
	</table>
</div>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>ex10-2.htm
<TEXT>
<html>

<head>
<!-- Document Prepared With EDGARSTAR Software-->
<!-- Copyright 2007 EDGARSTAR TRADEMARK-->
<!-- All rights reserved EDGAR2.com -->



<title>Exhibit 10.2</title>


</head>

<body lang=EN-US>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>
<b>EXHIBIT 10.2</b></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt' align="center">FOURTH
AMENDMENT TO CREDIT AGREEMENT</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:.5in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS AMENDMENT TO CREDIT
AGREEMENT (this &#147;Amendment &#147;) is entered into as of June 30, 2009, by and
between PRO-DEX, INC., a Colorado corporation (&#147;Borrower&#148;), and WELLS FARGO
BANK, NATIONAL ASSOCIATION (&#147;BANK&#148;).</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt' align="center">
<u>RECITALS </u></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:.5in'>WHEREAS,
Borrower is currently indebted to Bank pursuant to the terms and conditions of
that certain Credit Agreement between Borrower and Bank dated as of November 1,
2007, as amended from time to time (&#147;Credit Agreement&#148;).</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:27.0pt;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, Bank and
Borrower have agreed to certain changes in the terms and conditions set forth
in the Credit Agreement and have agreed to amend the Credit Agreement to reflect
said changes.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:27.0pt;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE, for
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that the Credit Agreement shall be
amended as follows:</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:27.0pt;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections 4.9 (c) and (e) are hereby deleted in its entirety, and the
following substituted therefor:</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income after taxes not less than $1.00 on an annual basis,
determined as of each fiscal year end, <u>provided, however</u>, that Borrower
may incur a net loss for <u>either</u> the fiscal year ending 2009 or the
fiscal year ending 2010 of up to $2,957,000.00 resulting from the write-off of
the Borrower&#146;s &#147;Intraflow&#148; product during such year (&#147;Intraflow Write-off&#148;) and
the amount of the deferred tax asset allowance taken in the fiscal quarter
ending March 31, 2009.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-indent:-27.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Charge Coverage Ratio not less than 1.25 to 1.0 as of each
fiscal quarter end, determined on a rolling 4 quarter basis, with &#147;Fixed Charge
Coverage Ratio&#148; defined as the aggregate of net profit after taxes (excluding
any Intraflow Write-off during any period permitted herein and the mount of the
deferred tax asset allowance taken in the quarter ending March 31, 2009) plus
depreciation expense, cash capital contributions and increases in subordinated
debt minus dividends, distributions and decreases in subordinated debt, divided
by the aggregate of all principal payments made on CPLTD and all capitalized
lease payments.&#148;</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p><hr color="#000080">
<p style="page-break-after: always"></p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:12.0pt;margin-right:0in;margin-bottom:0in;margin-left:
1.0in;margin-bottom:.0001pt;text-indent:-1.0in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as specifically provided herein, all terms and conditions of the
Credit Agreement remain in full force and effect, without waiver or
modification. &nbsp;All terms defined in the Credit Agreement shall have the same
meaning when used in this Amendment. This Amendment and the Credit Agreement
shall be read together, as one document.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt;text-indent:9.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:45.0pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower hereby remakes all representations and warranties contained in
the Credit Agreement and reaffirms all covenants set forth therein. Borrower
further certifies that as of the date of this Amendment there exists no Event
of Default as defined in the Credit Agreement, nor any condition, act or event
which with the giving of notice or the passage of time or both would constitute
any such Event of Default.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be executed as of the day and year first
written above. </p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp;</p>
<table border="0" style="border-collapse: collapse" width="100%" id="table1">
	<tr>
		<td>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
		</td>
		<td>WELLS FARGO BANK,</td>
	</tr>
	<tr>
		<td>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>PRO-DEX,
		INC.</p></td>
		<td>NATIONAL ASSOCATION</td>
	</tr>
	<tr>
		<td>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
		</td>
		<td>&nbsp;</td>
	</tr>
	<tr>
		<td>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>By:
		<u>&nbsp; /s/&nbsp;&nbsp; Mark P. Murphy</u></p></td>
		<td>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/
Manishi G. Parikh</u></td>
	</tr>
	<tr>
		<td>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark P .Murphy</p>
		</td>
		<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manishi
G. Parikh</td>
	</tr>
	<tr>
		<td>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
		Chief Executive Officer </p></td>
		<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
		Vice President</td>
	</tr>
	<tr>
		<td>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
		</td>
		<td>&nbsp;</td>
	</tr>
	<tr>
		<td>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>By:
		<u>&nbsp; /s/&nbsp;&nbsp; Jeffrey
Ritchey </u></p></td>
		<td>&nbsp;</td>
	</tr>
	<tr>
		<td>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffrey Ritchey</p>
		</td>
		<td>&nbsp;</td>
	</tr>
	<tr>
		<td>
		<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial
Officer, Treasurer, Secretary</p></td>
		<td>&nbsp;</td>
	</tr>
</table>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:45.0pt'>&nbsp;</p>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex99.htm
<TEXT>
<html>

<head>
<!-- Document Prepared With EDGARSTAR Software-->
<!-- Copyright 2007 EDGARSTAR TRADEMARK-->
<!-- All rights reserved EDGAR2.com -->



<title>Exhibit 99.1</title>


</head>

<body lang=EN-US link=blue vlink=purple>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:12.0pt;font-size:12.0pt;font-family:"Times New Roman";color:windowtext;text-align:left;line-height:normal'>
<img
width=265 height=53 src="image001.jpg">&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;
</p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:12.0pt;font-size:12.0pt;font-family:"Times New Roman";color:windowtext;'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:12.0pt;font-size:12.0pt;font-family:"Times New Roman";color:windowtext;'>&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; Contact:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeff
Ritchey, Chief Financial Officer</p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:12.0pt;font-size:12.0pt;font-family:"Times New Roman";color:windowtext;text-align:left;line-height:normal'>&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; (949)
769-3200</p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:12.0pt;font-size:12.0pt;font-family:"Times New Roman";color:windowtext;text-align:left'>&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;&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;&n
bsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify'>
<b><i>For Immediate Release</i></b>&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;
</p>
<h3 style='margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:11.0pt;font-family:"CG Times";color:windowtext;font-weight:bold;text-align:left'>&nbsp;</h3>
<h3 style='margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:11.0pt;font-family:"CG Times";color:windowtext;font-weight:bold;'>PRO-DEX,
INC. ANNOUNCES
AMENDMENTS TO BANK AGREEMENT</h3>
<h3 style='margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:11.0pt;font-family:"CG Times";color:windowtext;font-weight:bold;'>&nbsp;</h3>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:center'>
<i>Company reports
favorable resolution of its existing Wells Fargo credit facility</i></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:center'>
<i>&nbsp;</i></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify;text-indent:.5in'>
<b>IRVINE, CA,</b> July 6, 2009 - PRO-DEX, INC.
(NASDAQ: PDEX) today announced that it has resolved its previously described
covenant violations resulting from its fiscal Q3 operating results.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify;text-indent:.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify;text-indent:.5in'>As reported in May with its Q3 earnings release,
the loss reported by the Company
in the quarter ended March 31, 2009 resulted in violations of certain covenants related to the line of
credit issued by Wells Fargo Bank, who issued a forbearance letter concerning
the violations while it conducted a review.&nbsp; The bank has completed its review,
and has amended the loan agreement, waiving the covenant violations.&nbsp; </p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify;text-indent:.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify;text-indent:.5in'>The amount of available credit will
remain at the $1 million limit established in May.&nbsp; The amount available on the
credit line will remain unrestricted for the first $500,000 of borrowings.&nbsp; If,
at any time, an additional amount is borrowed above $500,000, the line will convert
to a formula based facility, with specific borrowing amounts allowed based on
eligible receivables and inventory, still carrying the overall $1 million cap.&nbsp;
The Company&#146;s current eligible accounts receivable and inventory support
borrowings well in excess of the $1 million limit, meaning that, in either
form, the Company believes that it will be in a position to access the full $1
million available to borrow.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify;text-indent:.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify;text-indent:.5in'>The Company has not borrowed against the
credit line since last March and continues to carry a zero balance on the
line.&nbsp; It has increased its balance of cash and cash equivalents from $504,000
on March 31, 2009 to over $1 million on June 30, 2009. </p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify;text-indent:.5in'>Pro-Dex, Inc., with operations in Irvine,
California, Beaverton, Oregon and Carson City, Nevada, provides a pathway to
product solutions rarely envisioned by customers.&nbsp; A unique blend of
creativity and systemic discipline enables us to develop and manufacture
innovative designs that powerfully complete a customer&#146;s strategic product
offering. Pro-Dex leverages extraordinary human collaboration and superior
technical capability to power and control products used in medical, aerospace,
military, research and industrial applications requiring high precision in
harsh environments.&nbsp; With expertise in multi-axis motion control,
fractional horsepower motors and rotary drive systems, we identify and create
unexpected value for our customers.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify;text-indent:.5in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify;text-indent:.5in'>For
more information, visit the Company's website at <u>www.pro-dex.com</u>.
</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"CG Times";color:windowtext;text-align:justify;text-indent:.5in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:justify;font-family:"Bookman Old Style";color:windowtext; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="1">Statements
herein concerning the Company's plans, growth and strategies may include
'forward-looking statements' within the context of the federal securities laws.
Statements regarding the Company's future events, developments and future
performance, as well as management's expectations, beliefs, plans, estimates or
projections relating to the future, are forward-looking statements within the
meaning of these laws. The Company's actual results may differ materially from
those suggested as a result of various factors. Interested parties should refer
to the disclosure concerning the operational and business concerns of the Company
set forth in the Company's filings with the Securities and Exchange Commission.</font></p>

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