<SEC-DOCUMENT>0001193125-11-194445.txt : 20110722
<SEC-HEADER>0001193125-11-194445.hdr.sgml : 20110722
<ACCEPTANCE-DATETIME>20110722113131
ACCESSION NUMBER:		0001193125-11-194445
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110719
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110722
DATE AS OF CHANGE:		20110722

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:		11981799

	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>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 OR 15(d) of the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>(Date of earliest event reported) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>July&nbsp;19, 2011 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>PRO-DEX, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>COLORADO</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>0-14942</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>84-1261240</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification Number)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2361 McGaw Avenue </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Irvine, Ca. 92614 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices, zip code)
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(949) 769-3200 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">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 ( <I>see </I>General Instruction A.2. below): </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
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<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Item&nbsp;5.02</U></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Departure of Directors or Certain Officers; Election of Directors;</U> <U> </U></B></FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </U></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(e) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Change of Control Agreement
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On June 30, 2011, the Board of Directors of Pro-Dex, Inc. (the &#147;Company&#148;) approved a standard form of change of
control agreement for the Company to enter into with eligible officers of the Company as identified and approved by its Compensation Committee. On July 19, 2011, the Compensation Committee approved a change of control agreement (the &#147;Change of
Control Agreement&#148;) for Harold A. Hurwitz, the Company&#146;s Chief Financial Officer (the &#147;Executive&#148;). The Change of Control Agreement provides that if the Executive&#146;s employment with the Company involuntarily terminates (as
such term is defined in the Change of Control Agreement) within 12 months after a change of control (as such term is defined in the Change of Control Agreement) of the Company, the Executive will receive, subject to signing a release of claims in
favor of the Company, (i) a lump sum amount equal to thirty (30) weeks base compensation of the Executive at the time of such termination and (ii) one hundred percent (100%) Company-paid health, dental and life insurance coverage as provided to the
Executive immediately prior to the Executive&#146;s termination for twelve (12) months following termination or until the Executive becomes covered under another employer&#146;s group health, dental or life insurance plan. In addition, the Executive
shall be entitled to receive bonus or compensation award payments, if any, in accordance with the terms of the Company&#146;s Annual Incentive Plan and Long Term Incentive Plan and the Company shall pay the Executive all of the Executive&#146;s
accrued and unused vacation, if any, through the date of termination. If the Executive receives a payment under the terms of the Change of Control Agreement, he will not be eligible to receive a severance payment under the Company&#146;s severance
policy in existence at the time of such payment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Change of Control Agreement shall terminate upon the earlier of
(i)&nbsp;the date that all obligations of the parties under the Change of Control Agreement have been satisfied or (ii)&nbsp;three years after the effective date of the Change of Control Agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This foregoing description is qualified in its entirety by reference to the Change of Control Agreement which is attached hereto as
Exhibit 10.1 and is incorporated herein by reference. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Item&nbsp;9.01</U></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Financial Statements and Exhibits.</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibits. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit 10.1 Change
of Control Agreement entered into between Pro-Dex, Inc. and Harold A. Hurwitz, dated July&nbsp;19, 2011. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">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="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: July 22, 2011</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PRO-DEX, I<SMALL>NC</SMALL> (R<SMALL>EGISTRANT</SMALL>).</B></FONT></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Harold A. Hurwitz</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Harold A. Hurwitz</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Financial Officer</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>INDEX TO EXHIBITS </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="88%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:28pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:39pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>


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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit&nbsp;10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Change of Control Agreement entered into between Pro-Dex, Inc. and Harold A. Hurwitz, dated July 19, 2011.</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>dex101.htm
<DESCRIPTION>CHANGE OF CONTROL AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Change of Control Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>PRO-DEX, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CHANGE OF CONTROL AGREEMENT </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">THIS CHANGE OF CONTROL AGREEMENT (the &#147;<U>Agreement</U>&#148;) is made and entered into effective as of July&nbsp;19, 2011 (the
&#147;<U>Effective Date</U>&#148;), by and between Harold A. Hurwitz, an individual (the &#147;<U>Employee</U>&#148;) and Pro-Dex, Inc., a Colorado corporation (the &#147;<U>Company</U>&#148;). </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>R</U> <U>E</U> <U>C</U> <U>I</U> <U>T</U> <U>A</U> <U>L</U> <U>S</U> </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A. It is expected that the Company may from time to time consider the possibility of a Change of Control (as defined below) of the
Company. The Board of Directors of the Company has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication and objectivity of the Employee, notwithstanding the
possibility, threat or occurrence of a Change of Control of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">B. The Board believes that it is in the best
interests of the Company and its shareholders to provide the Employee with an incentive to continue his/her employment and to motivate the Employee to maximize the value of the Company upon a Change of Control in the form of certain benefits upon
the Employee&#146;s termination of employment following a Change of Control. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>A</U> <U>G</U> <U>R</U> <U>E</U> <U>E</U>
<U>M</U> <U>E</U> <U>N</U> <U>T</U> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOW, THEREFORE, in consideration of the mutual covenants herein contained, and in
consideration of the continuing employment of Employee by the Company, the parties agree as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. <B><U>Definitions</U></B>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.1 <B><U>Cause</U></B>. &#147;<U>Cause</U>&#148; shall mean: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Employee has been convicted of a felony involving theft or moral turpitude; or </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Employee has engaged in conduct that constitutes willful gross neglect or willful gross misconduct with respect to
employment duties resulting in demonstrable material economic harm to Company; provided, however, that for the purposes of determining whether conduct constitutes willful gross neglect or willful gross misconduct, no act or omission on
Employee&#146;s part shall be considered &#147;willful&#148; unless it is done, or omitted to be done, by Employee in bad faith and without any reasonable belief that Employee&#146;s action or omission was in the best interests of the Company.
Notwithstanding the foregoing, Company may not terminate Employee&#146;s employment for Cause under this sub-section (b)&nbsp;unless (i)&nbsp;a determination that Cause exists and is not reasonably curable within thirty (30)&nbsp;days is made and
approved by a majority of the Company&#146;s Board of Directors, (ii)&nbsp;Employee is given at least thirty (30)&nbsp;days written notice of the Board of Directors meeting called to make such determination, and (iii)&nbsp;Employee and his/her legal
counsel are given the opportunity to address such meeting. </FONT></P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.2 <B><U>Change of Control</U></B>. &#147;<U>Change of Control</U>&#148; shall mean the
occurrence of any of the following events: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Any &#147;<U>person</U>&#148; or &#147;<U>group</U>&#148; (as
such term is used in <U>Sections 13(d) and 14(d)</U> of the Securities Exchange Act of 1934, as amended) is or becomes the &#147;beneficial owner&#148; (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company
representing fifty percent (50%)&nbsp;or more of the total voting power represented by the Company&#146;s then outstanding voting securities; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) A change in the composition of the Board of Directors of the Company occurring within a one-year period, resulting in the change of sixty percent or more of the directors serving on the Board from the
beginning of the of the one-year period to the end of the one-year period; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) There is a merger or
consolidation of the Company in which the Company does not survive as an independent public company; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)
The acquisition of all or substantially all the Company&#146;s assets in a transaction or series of related transactions with a third-party purchaser. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">1.3 <B><U>Death; Disability</U></B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) This Agreement shall
terminate automatically upon Employee&#146;s death. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If Company determines in good
faith that the Disability of Employee has occurred (pursuant to the definition of &#147;Disability&#148; set forth below), it may give to Employee written notice of its intention to terminate Employee&#146;s employment. In such event,
Employee&#146;s employment with Company shall terminate effective on the thirtieth (30</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;day after receipt by Employee of such notice given (i)&nbsp;at any time after a period of one hundred twenty (120)&nbsp;consecutive days of Disability or a period of one hundred eighty
(180)&nbsp;days of Disability within any twelve (12)&nbsp;consecutive months, and (ii), in either case, while such Disability is continuing; provided that, within the thirty (30)&nbsp;days after such receipt, Employee shall not have returned to
full-time performance of Employee&#146;s duties. Until such 30</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> day after receipt of such notice delivered in accordance with this Section&nbsp;1.3(b), Employee shall be entitled to all compensation and benefits for which he is eligible hereunder. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) For purposes of this Agreement, &#147;Disability&#148; means Employee&#146;s inability substantially to perform his
duties with reasonable accommodation, as evidenced by a certificate signed either by a physician mutually acceptable to Company and Employee or, if Company and Employee cannot agree upon a physician, by a physician selected by agreement of a
physician designated by Company and a physician designated by Employee; provided, however, that if such physicians cannot agree upon a third physician within thirty (30)&nbsp;days, such third physician shall be designated by the Chief Medical
Officer of St. Joseph Hospital, Orange California; or, in the event the Chief Medical Officer declines to make such designation, Company or Employee may file a petition with the Presiding Judge of the Orange County Superior Court for the designation
of such third physician. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-2-
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.4 <B><U>Involuntary Termination</U></B>. &#147;<U>Involuntary Termination</U>&#148; shall
mean: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) any involuntary separation of Employee&#146;s employment other than for Death, Disability, or Cause;
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Employee&#146;s resignation as a result of any of the following reasons; provided that Employee provides
written notice to the Company of the reason within 60 days of its occurrence and such reason is not remedied by the Company within 30 days after such notice. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) the continued assignment to Employee of any duties or the continued significant reduction of Employee&#146;s duties, either of which is substantially inconsistent with the level of Employee&#146;s
position with the Company, for a period of thirty (30)&nbsp;days after notice thereof from Employee to the Chief Executive Officer of the Company setting forth in reasonable detail the respect in which Employee believes such assignments or duties
are substantially inconsistent with the level of Employee&#146;s position; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) a material reduction in
Employee&#146;s salary, other than any such reduction which is part of, and generally consistent with, a general reduction of salaries of employees in the same or similar position; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) a material reduction by the Company in the kind or level of employee benefits (other than salary and bonus) to which
Employee is entitled immediately prior to such reduction with the result that Employee&#146;s overall benefits package (other than salary and bonus) is substantially reduced (other than any reduction applicable to employees in the same or similar
position); or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) the relocation of Employee&#146;s principal place for the rendering of the services to be
provided by him hereunder to a location which both increases the Employee&#146;s commuting distance and makes the Employee&#146;s one-way commute more than thirty (30)&nbsp;miles, determined based upon the Employee&#146;s place of residence when the
change in work location was announced. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.5 <B><U>Termination Date</U></B>. &#147;<U>Termination Date</U>&#148; shall mean
(a)&nbsp;if the Employee&#146;s employment is terminated by the Company for Disability, thirty (30)&nbsp;days after notice of termination is given to the Employee (provided that the Employee shall not have returned to the performance of the
Employee&#146;s duties on a full-time basis during such thirty (30)&nbsp;day period), (b)&nbsp;if the Employee&#146;s employment is terminated by the Company for any other reason, the date on which a notice of termination is given, or (c)&nbsp;if
the Agreement is terminated by the Employee, the date on which the Employee delivers the notice of termination to the Company. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-3-
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. <B><U>Change of Control Payment</U></B>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Employee&#146;s employment with the Company terminates at any time within twelve (12)&nbsp;months after a Change of Control, then,
subject to <U>Section&nbsp;3</U>, the Employee shall be entitled to receive benefits as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1 <B><U>Involuntary
Termination</U></B>. If the Employee&#146;s employment terminates as a result of Involuntary Termination: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)
Within ten (10)&nbsp;business days following the satisfaction of the requirements of Section&nbsp;3.3, the Company shall pay the Employee a lump sum amount equal to thirty (30)&nbsp;weeks base compensation of the Employee at the time of such
termination (without giving effect to any reduction in base compensation that resulted in such Involuntary Termination). Base compensation shall not include overtime, bonuses, commissions, premium pay, employee benefits and expense reimbursement or
other similar pay. It shall include base pay not received because of elections under Internal Revenue Code Section&nbsp;125 and 401(k). In addition, the Employee shall be entitled to receive bonus or compensation award payments, if any, in
accordance with the terms of the Company&#146;s Annual Incentive Plan and Long Term Incentive Plan. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The
Employee shall receive one hundred percent (100%)&nbsp;Company-paid health, dental and life insurance coverage as provided to such Employee immediately prior to the Employee&#146;s termination (the &#147;<U>Company Paid Coverage</U>&#148;). If such
coverage included the Employee&#146;s dependents immediately prior to the Employee&#146;s termination, such dependent shall also be covered at the Company&#146;s expense. Company Paid Coverage shall continue for twelve (12)&nbsp;months following
termination or until the Employee becomes covered under another employer&#146;s group health, dental or life insurance plan. In addition, the Company shall pay the Employee all of the Employee&#146;s accrued and unused vacation through the
Termination Date promptly upon termination and within the period of time mandated by law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.2 <B><U>Voluntary Resignation;
Termination for Cause</U></B>. If the Employee&#146;s employment terminated by reason of the Employee&#146;s voluntary resignation (other than for those reasons set forth in Section&nbsp;1.4(b)) or if the Employee is terminated for Cause, the
Employee shall not be entitled to receive a Change of Control payment or other benefits except for those (if any) as may be established under the Company&#146;s then-existing benefits plans and policies at the time of such termination. If Employee
receives a Change of Control payment hereunder, such Employee shall not be eligible to receive a severance payment under the Company&#146;s Severance Policy, if any, in existence at such time. Employee&#146;s refusal to accept continued employment
following a Change of Control or with a successor company under the terms of Section&nbsp;6.1, below, on terms that do not otherwise constitute an Involuntary Termination, shall constitute a voluntary resignation. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3 <B><U>Disability; Death</U></B>. If the Company terminates the Employee&#146;s employment as a result of the Employee&#146;s
Disability, or such Employee&#146;s employment is terminated due to the death of the Employee, then the Employee shall not be entitled to receive benefits except for those (if any) as may then be established (and applicable) under the Company&#146;s
then existing severance and benefits plans and policies at the time of such Disability or death. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-4-
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <B><U>Limitation on Payments and Benefits; Condition to Payment</U></B>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1 <B><U>Limitation</U></B>. To the extent that any of the payments and benefits provided for in this Agreement constitute
&#147;parachute payments&#148; within the meaning of Section&nbsp;280G of the Internal Revenue Code (the &#147;<U>Code</U>&#148;) and, but for this <U>Section&nbsp;3</U>, would be subject to the excise tax imposed by Section&nbsp;4999 of the Code,
the aggregate amount of such payments and benefits shall be reduced such that the present value thereof (as determined under the Code and applicable regulations) is equal to 2.99 times Employee&#146;s &#147;base amount&#148; (as defined in the
Code). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.2 <B><U>Company Notice</U></B>. Within thirty (30)&nbsp;days the Termination Date of an Involuntary Termination, the
Company shall notify Employee in writing if it believes that any reduction in the payments and benefits that would otherwise be paid or provided to the Employee under the terms of this Agreement is required to comply with the provisions of
<U>Section&nbsp;3.1</U> hereof. If the Company determines that any such reduction is required, it will provide Employee with copies of the information used and calculations made by the Company to determine the amount of such reduction. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3 <B><U>Payment Conditioned Upon Receipt of Release</U></B>. In order to receive any Change of Control payment, the Employee must sign
a release (&#147;<U>Release</U>&#148;) of all claims the Employee had, has or may have against the Company, in form and content satisfactory to the Company and its legal counsel and within the time period required by the Company. If a revocation
period is applicable to the Release, the revocation period must expire without revocation having occurred before the Change of Control payment hereunder shall become payable. Employee shall not be required to release any rights afforded to Employee
under an executed Indemnification Agreement or any provisions concerning indemnification under the Company&#146;s Bylaws or Articles of Incorporation and the Company shall continue to indemnify Employee under such Agreement and provisions.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. <B><U>At-Will Employment</U></B>. The Company and the Employee acknowledge that the Employee&#146;s employment is and shall continue to be
at-will, as defined under applicable law. If the Employee&#146;s employment terminates for any reason, the Employee shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement, or as may
otherwise be available in accordance with the Company&#146;s established employee plans and practices or other agreements with the Company at the time of termination. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5. <B><U>Termination</U></B>. This Agreement shall terminate upon the earlier of (i)&nbsp;the date that all obligations of the parties hereunder have been satisfied or (ii)&nbsp;three years after the
Effective Date; provided however, that if a Change of Control occurs prior to the third anniversary of the Effective Date of this Agreement, the term shall automatically be extended to terminate one year from the date of the Change of Control.
Notwithstanding the foregoing, this Agreement may be extended for an additional period or periods by mutual written agreement of the Company and the Employee. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-5-
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. <B><U>Successors</U></B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">6.1 <B><U>Company&#146;s Successors</U></B>. Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or
substantially all of the Company&#146;s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be
required to perform such obligations in the absence of a succession. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2 <B><U>Employee&#146;s Successors</U></B>. The terms
of this Agreement and all rights of the Employee hereunder shall inure to the benefit of, and be enforceable by, the Employee&#146;s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and
legatees. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. <B><U>Notice</U></B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7.1 <B><U>General</U></B>. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by
U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of the Employee, mailed notices shall be addressed to him at the home address which he most recently communicated to the Company in writing. In the case of
the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7.2 <B><U>Notice of Termination</U></B>. Any termination or resignation of the Employee shall be communicated by a notice to the other party hereto given in accordance with <U>Section&nbsp;7</U> of this
Agreement. Such notice shall indicate the specific termination provision in this Agreement relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and
shall specify the Termination Date (which shall be not more than thirty (30)&nbsp;days after the giving of such notice). The failure by the Employee to include in the notice any fact or circumstances which contributes to a showing of Involuntary
Termination shall not waive any right of the Employee hereunder or preclude the Employee from asserting such fact or circumstance in enforcing his rights hereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8. <B><U>Arbitration; Venue</U></B>. If the parties fail to resolve the matter themselves within fifteen days after written notice that a dispute exists, the exclusive remedy for the resolution of any
dispute arising under or relating to this agreement, whether based on contract, tort, statute, or other legal or equitable theory, will be submission of the dispute final and binding arbitration in the County of Orange, State of California, before a
single arbitrator who shall be a retired California Superior Court Judge, a retired California Appellate Court or Supreme Court Justice, or a retired Federal Court Judge or Justice. If the parties are unable to agree to an arbitrator, the
arbitration shall be submitted to JAMS, Inc., dba JAMS &#150; The Resolution Experts, pursuant to its then-current Employment Arbitration Rules and Procedures (&#147;Rules&#148;), with the exception of any optional rules not expressly provided for
herein or agreed to by Employee and Company. If the parties are unable to agree on a retired judge from the JAMS employment law panel, the arbitrator shall be selected from JAMS&#146; employment law panel pursuant to JAMS&#146; procedures. The
parties waive their rights to a jury trial. This agreement to arbitrate claims is governed by </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-6-
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and enforceable under the Federal Arbitration Act, 9 U.S.C. &#167; 1 <I>et seq.</I> (&#147;FAA&#148;). If for any reason the FAA is held not to apply to this agreement to arbitrate or any portion
of it, the agreement to arbitrate shall, to that extent, be governed by and enforceable under the California Arbitration Act, California Code of Civil Procedure &#167;&#167;&nbsp;1280 <I>et seq</I>. The party initiating the arbitration shall be
responsible for paying the initial filing fee, except that Company will pay any portion of the filing fee in excess of the then-current cost of filing a Complaint in the state or federal court having jurisdiction of the claim(s) asserted in the
arbitration. The Company shall be responsible for paying all other costs and expenses of the arbitration, including the fees of the arbitrator. Each party shall bear its, his or her own attorneys&#146; fees, expert fees, and other expenses
associated with the preparation for and presentation of that party&#146;s case in the arbitration, except that following issuance of the arbitration award, the arbitrator shall have authority to award costs (including arbitration fees) and
attorneys&#146; fees to the prevailing party to the same extent as would be permissible in a civil action in the state or federal court having jurisdiction of the claim(s) asserted in the arbitration. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. <B><U>Miscellaneous Provisions</U></B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9.1 <B><U>Waiver</U></B>. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Employee and by an
authorized office of the Company (other than the Employee). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or
provision or of the same condition or provision at another time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2 <B><U>Choice of Law</U></B>. Except with respect to the
agreement to arbitrate claims as set forth in Section&nbsp;8 above, which agreement is governed by the Federal Arbitration Act, this Agreement shall be governed by, and construed in accordance with, the laws of the State of California without regard
to principles of conflicts of law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.3 <B><U>Severability</U></B>. The invalidity or enforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9.4 <B><U>Employment Taxes</U></B>. All payments made pursuant to this Agreement will be subject to withholding of applicable income and employment taxes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.5 <B><U>Assignment by Company</U></B>. The Company may assign its rights under this Agreement to an affiliate, and an affiliate may
assign its rights under this Agreement to another affiliate of the Company or to the Company; provided, however, that no assignment shall be made if the net worth of the assignee is less than the net worth of the Company at the time of assignment.
In the case of any such assignment, the term &#147;<U>Company</U>&#148; when used in a section of this Agreement shall mean the corporation that actually employs the Employee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9.6 <B><U>Counterparts</U></B>. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-7-
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.7 <B><U>Conflicts.</U> </B>In the event of any conflict or inconsistency between any
provision in this Agreement and any provision in any unexpired written employment agreement between the Company and Employee, which agreement also was in effect as of the Effective Date of this Agreement (an &#147;Existing Agreement&#148;), the
provisions of the Existing Agreement will control. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the parties have executed this Agreement to be
effective as of the day and year first above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">COMPANY:</FONT></TD>
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<TD VALIGN="bottom" COLSPAN="7"><FONT STYLE="font-family:Times New Roman" SIZE="2">PRO-DEX, INC.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="bottom" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Mark P. Murphy</FONT></P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="7"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:&nbsp;&nbsp;Mark P. Murphy</FONT></P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="7"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer and President</FONT></P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="7"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Harold A. Hurwitz</FONT></P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="7"><FONT STYLE="font-family:Times New Roman" SIZE="2">Print: &nbsp;&nbsp;Harold A. Hurwitz</FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;21 Lexington</FONT></P></TD></TR>
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<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irvine, CA
92620</FONT></P></TD></TR>
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