<SEC-DOCUMENT>0001553350-18-000360.txt : 20180417
<SEC-HEADER>0001553350-18-000360.hdr.sgml : 20180417
<ACCEPTANCE-DATETIME>20180417160019
ACCESSION NUMBER:		0001553350-18-000360
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180416
ITEM INFORMATION:		Entry into a Material Definitive Agreement
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:		20180417
DATE AS OF CHANGE:		20180417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRO DEX INC
		CENTRAL INDEX KEY:			0000788920
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14942
		FILM NUMBER:		18758976

	BUSINESS ADDRESS:	
		STREET 1:		2361 MCGAW AVENUE
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614
		BUSINESS PHONE:		949-769-3231

	MAIL ADDRESS:	
		STREET 1:		2361 MCGAW AVENUE
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRO-DEX, INC.
		DATE OF NAME CHANGE:	20151110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONTEXT CAPITAL FUNDS
		DATE OF NAME CHANGE:	20151104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRO DEX INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>pdex_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Current Report</TITLE>
<META NAME="author" CONTENT="EDGAR FILING LLC">
<META NAME="date" CONTENT="02/14/2017">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<A NAME="eolPage1"></A><A NAME="V242690_8K_HTM"></A><A NAME="V242690_8K_HTM_EOLPAGE1"></A><A NAME="FIS_TOP_OF_DOCUMENT"></A><A NAME="V242690_8K_HTM_V241347_8K_HTM"></A><A NAME="FIS_FORM"></A><A NAME="FIS_UNIDENTIFIED_TABLE"></A><P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:2.2px; padding-bottom:4px; border-bottom:4px solid #000000" align=right>&nbsp;</P>
<P style="margin:0px; padding-top:4px; border-top:1.333px solid #000000" align=right>&nbsp;</P>
<P style="margin:0px; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0px; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>Date of Report (Date of earliest event reported): <B>April 16, 2018</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:16pt" align=center><B>PRO-DEX, INC.</B></P>
<P style="margin:0px; font-size:8pt" align=center><I>(Exact name of registrant as specified in its charter)</I></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=214.4 /><TD width=214.467 /><TD width=214.333 /></TR>
<TR><TD style="margin-top:0px" valign=top width=214.4><P style="margin:0px; padding-right:2.133px" align=center><B>COLORADO</B></P>
</TD><TD style="margin-top:0px" valign=top width=214.467><P style="margin:0px; padding-right:2.133px" align=center><B>0-14942</B></P>
</TD><TD style="margin-top:0px" valign=top width=214.333><P style="margin:0px; padding-right:2.133px" align=center><B>84-1261240</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=214.4><P style="margin:0px; padding-right:2.133px; font-size:8pt" align=center><I>(State or other jurisdiction of incorporation)</I></P>
</TD><TD style="margin-top:0px" valign=top width=214.467><P style="margin:0px; padding-right:2.133px; font-size:8pt" align=center><I>(Commission File Number)</I></P>
</TD><TD style="margin-top:0px" valign=top width=214.333><P style="margin:0px; padding-right:2.133px; font-size:8pt" align=center><I>(I.R.S. Employer Identification Number)</I></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Times,Times New Roman" align=center><B>2361 McGaw Avenue</B></P>
<P style="margin:0px; font-family:Times,Times New Roman" align=center><B>Irvine, California 92614</B></P>
<P style="margin:0px; font-size:8pt" align=center><I>(Address of principal executive offices, zip code)</I></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>(949) 769-3200</B></P>
<P style="margin:0px; font-size:8pt" align=center><I>(Registrant&#146;s telephone number including area code)</I></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">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:</P>
<P style="margin:0px">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=44.133 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=44.133><P style="margin:0px; padding-right:1.067px; font-family:Wingdings">&#168;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=44.133 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=44.133><P style="margin:0px; padding-right:1.067px; font-family:Wingdings">&#168;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=44.267 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=44.267><P style="margin:0px; padding-right:2.133px; font-family:Wingdings">&#168;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:2.133px">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=44.267 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=44.267><P style="margin:0px; padding-right:2.133px; font-family:Wingdings">&#168;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:2.133px">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>
<P style="line-height:6pt; margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=319.067 /><TD width=319.333 /></TR>
<TR><TD style="margin-top:0px" valign=top width=319.067><P style="margin:0px" align=justify>Emerging growth company &nbsp;<FONT style="font-family:Wingdings">&#168;</FONT></P>
</TD><TD style="margin-top:0px" valign=top width=319.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:6pt; margin:0px"><BR></P>
<P style="margin:0px">If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;<FONT style="font-family:Wingdings">&#168;</FONT></P>
<P style="margin:0px"><BR></P>
<A NAME="V242690_8K_HTM_EOLPAGE2"></A><P style="margin-top:0px; margin-bottom:2.2px; padding-bottom:4px; border-bottom:1.333px solid #000000">&nbsp;</P>
<P style="margin:0px; padding-top:4px; border-top:4px solid #000000">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center>&nbsp;</P>
<A NAME="eolPage2"></A><A NAME="FIS_SECTION_3_SECURITIES_AND_TRADING_MAR"></A><A NAME="FIS_SALE_OF_EQUITY"></A><A NAME="FIS_SECTION_5_CORPORATE_GOVERNANCE"></A><A NAME="FIS_CHANGE_IN_DIRECTORS_OR_PRINCIPAL_OFF"></A><P style="margin:0px"><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:72px; float:left"><B>Item 1.01 </B></P>
<P style="margin:0px; padding-left:72px; text-indent:-2px"><B>Entry into a Material Definitive Agreement.</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px" align=justify><I>Extension of Business Loan Agreement</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>As previously disclosed in the Company&#146;s Current Report on Form 8-K filed with the Securities and Exchange Commission (&#147;SEC&#148;) on April 21, 2017, the Company previously entered into a Business Loan Agreement (the &#147;Loan Agreement&#148;), dated effective March 28, 2017, with Farmers &amp; Merchants Bank of Long Beach (&#147;FMB&#148;) providing for a $500,000 revolving loan facility (the &#147;Revolving Loan Facility&#148;). &nbsp;The Revolving Loan Facility is secured by substantially all of the assets of the Company. The Loan Agreement expired pursuant to its terms on March 28, 2018 and no principal amounts had been borrowed during the initial term of the Revolving Loan Facility.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>On April 16, 2018, the Company and FMB entered into a Change in Terms Agreement and an Amendment&nbsp;#1 to Business Loan Agreement, each dated effective April&nbsp;6, 2018 (collectively, the &#147;Loan Amendments&#148;), which extend the maturity date of the Revolving Loan Facility to March&nbsp;28, 2019 and contain other amendments and provisions customary for a loan facility of this type.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>A copy of the Loan Amendments are attached as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and a copy of the original Loan Agreement (prior to giving effect to the Loan Amendments) is attached as Exhibit 10.1 to the Company&#146;s Current Report on Form 8-K filed with the SEC on April 21, 2017. &nbsp;The above descriptions are qualified by reference to the complete text of the Loan Agreement and Loan Amendments, provided that the representations and warranties contained in the Loan Agreement and Loan Amendments are not intended for investors and the public to obtain factual information about the Company. &nbsp;Rather, investors and the public should look to disclosures contained in the Company&#146;s reports under the Securities Exchange Act of 1934, as amended.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:72px; float:left"><B>Item 2.03 </B></P>
<P style="margin:0px; padding-left:72px; text-indent:-2px"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px" align=justify>The disclosures contained in Item 1.01 above are incorporated into this Item 2.03 by this reference. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:-0.067px; width:72px; float:left"><B>Item&nbsp; 9.01</B></P>
<P style="margin:0px; padding-left:72px; text-indent:-2px"><B>Financial Statements and Exhibits. </B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px">(d) Exhibits. </P>
<P style="margin:0px">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=88 /><TD width=16.067 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=88><P style="margin:0px" align=justify>Exhibit&nbsp;10.1</P>
</TD><TD style="margin-top:0px" valign=top width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><A HREF="pdex_ex10z1.htm"><U>Change in Terms Agreement, dated April&nbsp;6, 2018, by between Farmers and Merchants Bank of Long Beach and Pro-Dex, Inc.</U></A></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=88><P style="margin:0px" align=justify>Exhibit&nbsp;10.2</P>
</TD><TD style="margin-top:0px" valign=top width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><A HREF="pdex_ex10z2.htm"><U>Amendment&nbsp;#1 to Business Loan Agreement, dated April&nbsp;6, 2018, by between Farmers and Merchants Bank of Long Beach and Pro-Dex, Inc.</U></A></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>SIGNATURES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=34.6 /><TD width=232.6 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:2.133px">Date:&nbsp;&nbsp;April 17, 2018</P>
</TD><TD style="margin-top:0px" valign=top width=267.2 colspan=2><P style="margin:0px; padding-right:4.8px"><B>PRO-DEX, I</B><FONT style="font-size:6pt"><B>NC</FONT>. </B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=267.2 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=34.6><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=232.6><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=34.6><P style="margin:0px; padding-right:2.133px">By:</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=232.6><P style="margin:0px; padding-right:3.133px">/s/ Alisha K. Charlton</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=34.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=232.6><P style="margin:0px; padding-right:3.133px">Alisha K. Charlton</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=34.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=232.6><P style="margin:0px; padding-right:4.8px">Chief Financial Officer </P>
</TD><A NAME="FIS_EXHIBIT_10"></A></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>INDEX TO EXHIBITS</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=88 /><TD width=16.067 /><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=88><P style="margin:0px"><B>Exhibit<BR>
Number</B></P>
</TD><TD style="margin-top:0px" valign=top width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px"><B>Description</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=88><P style="margin:0px" align=justify>Exhibit&nbsp;10.1</P>
</TD><TD style="margin-top:0px" valign=top width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><A HREF="pdex_ex10z1.htm"><U>Change in Terms Agreement, dated April&nbsp;6, 2018, by between Farmers and Merchants Bank of Long Beach and Pro-Dex, Inc.</U></A></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=88><P style="margin:0px" align=justify>Exhibit&nbsp;10.2</P>
</TD><TD style="margin-top:0px" valign=top width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><A HREF="pdex_ex10z2.htm"><U>Amendment&nbsp;#1 to Business Loan Agreement, dated April&nbsp;6, 2018, by between Farmers and Merchants Bank of Long Beach and Pro-Dex, Inc.</U></A></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>pdex_ex10z1.htm
<DESCRIPTION>CHANGE IN TERMS AGREEMENT
<TEXT>
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<HEAD>
<TITLE>CHANGE IN TERMS AGREEMENT</TITLE>
<META NAME="keywords" CONTENT="&#10; &nbsp;">
<META NAME="author" CONTENT="Hal Hurwitz">
<META NAME="date" CONTENT="04/17/2018">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px; padding-left:0.4px" align=right><B>Exhibit 10.1</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; padding-right:24px; font-family:Arial; font-size:14pt" align=center><B>CHANGE IN TERMS AGREEMENT</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=88.8 /><TD width=83 /><TD width=85.667 /><TD width=101.333 /><TD width=88 /><TD /><TD width=54.467 /><TD width=60.133 /></TR>
<TR><TD style="margin-top:0px; border:1px solid #000000" valign=top width=88.8><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>Principal</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=83><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>Loan Date</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=85.667><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>Maturity</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=101.333><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>Loan No</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=88><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>Call / Coll</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>Account</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=54.467><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>Officer</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=60.133><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>Initials</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=88.8><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>$500,000.00</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=83><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>03-28-2017</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=85.667><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>03-28-2019</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=300.6 colspan=3><P style="line-height:12pt; margin:0px; padding-right:175px; font-family:Arial" align=justify><B>&nbsp;&nbsp;90-102-0892-3</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=54.467><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>TC3</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=60.133><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>&nbsp;TC</B></P>
</TD></TR>
</TABLE>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt">References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing &quot;***&quot; has been omitted due to text length limitations.</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=85.267 /><TD width=184.4 /><TD width=79.133 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=85.267><P style="line-height:10pt; margin:0px; padding-right:6.4px; font-family:Arial,Times New Roman" align=justify><B>Borrower:</B></P>
</TD><TD style="margin-top:0px" valign=top width=184.4><P style="line-height:9pt; margin:0px; padding-right:41.6px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>PRO-DEX, INC.</B></P>
<P style="line-height:9pt; margin:0px; padding-right:41.6px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>2361 MCGAW AVENUE</B></P>
<P style="line-height:9pt; margin:0px; padding-right:41.6px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>IRVINE, CA &nbsp;92614</B></P>
</TD><TD style="margin-top:0px" valign=top width=79.133><P style="line-height:10pt; margin:0px; padding-right:6.4px; font-family:Arial,Times New Roman" align=justify><B>Lender:</B></P>
</TD><TD style="margin-top:0px" valign=top><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Farmers and Merchants Bank of Long Beach, a CA Corp</B></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Lake Forest Office</B></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>23772 Rockfield Boulevard</B></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Lake Forest, CA &nbsp;92630</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=184.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=79.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=343.2 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman" align=justify><B>Principal Amount: &nbsp;$500,000.00</B></P>
</TD><TD style="margin-top:0px" valign=top width=343.2><P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman" align=right><B>Date of Agreement: &nbsp;April 6, 2018</B></P>
</TD></TR>
</TABLE>
<P style="line-height:10pt; margin:0px" align=justify><BR></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>DESCRIPTION OF EXISTING INDEBTEDNESS. &nbsp;</B>A loan evidenced by a promissory note dated 03-28-2017, in the original amount of $500,000.00 and referencing loan number 90-102-0892-3 (&#147;Note&#148;). &nbsp;The outstanding principal balance due under the Note, as of the date of this Agreement, is $0.00. &nbsp;The principal balance remaining undisbursed is $500,000.00.</P>
<P style="line-height:10pt; margin:0px" align=justify><BR></P>
<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>DESCRIPTION OF COLLATERAL.</B> &nbsp;A security interest in certain assets of Borrower described in that certain Commercial Security Agreement dated 03-28-2017 and executed by Borrower in favor of Lender (&#147;Security Instrument&#148;).</P>
<P style="line-height:10pt; margin:0px" align=justify><BR></P>
<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>DESCRIPTION OF CHANGE IN TERMS. &nbsp;</B>Effective as of the date of this Agreement, the Note is hereby modified as follows:</P>
<P style="line-height:9pt; margin:0px" align=justify><BR></P>
<P style="line-height:9pt; margin-top:0px; margin-bottom:-2px; width:24px; font-family:Arial,Times New Roman; font-size:8pt; float:left">(1)</P>
<P style="line-height:9pt; margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The date on which all outstanding principal is due and payable (together with any accrued but unpaid interest thereon) (&#147;Maturity Date&#148;) is hereby extended to 03-28-2019.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-2px; width:24px; font-family:Arial,Times New Roman; font-size:8pt; clear:left; float:left">(2)</P>
<P style="line-height:10pt; margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The payment schedule reflected in the &#147;Payment&#148; paragraph of the Note is amended to require continuing monthly payments of interest only until the Maturity Date as extended above.</P>
<P style="line-height:10pt; margin:0px; clear:left" align=justify><BR></P>
<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>CONTINUING VALIDITY.</B> &nbsp;Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements as evidenced or securing the obligation(s), remain unchanged and in full force and effect. &nbsp;Consent by Lender to this Agreement does not waive Lender&#146;s right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. &nbsp;Nothing in this Agreement will constitute a satisfaction of the obligation(s). &nbsp;It is the intention of the Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing. &nbsp;Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. &nbsp;This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.</P>
<P style="line-height:10pt; margin:0px" align=justify><BR></P>
<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>RESOLUTION, AUTHORIZATION AND/OR CERTIFICATE TO BORROW/GRANT COLLATERAL/GUARANTY ACKNOWLEDGMENT</B>. &nbsp;The Undersigned hereby acknowledges that except for any changes that are reflected in any Resolutions, Authorizations and/or Certificates of even date &nbsp;&nbsp;herewith, if any, the information set forth in the existing Loan Documents, including but not limited to any Resolutions, Authorizations and/or Trust Certificates, is current and accurate as of the date of this Agreement.</P>
<P style="line-height:10pt; margin:0px" align=justify><BR></P>
<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>DOCUMENT EXECUTED IN COUNTERPARTS.</B> &nbsp;This document may be executed in counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.</P>
<P style="line-height:10pt; margin:0px" align=justify><BR></P>
<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>BUSINESS LOAN AGREEMENT.</B> &nbsp;This change in Terms Agreement is subject to the terms and conditions as set forth in that certain &#147;Business Loan Agreement&#148; dated 03-28-2017 as modified by &#147;Amendment #1 to Business Loan Agreement&#148; of even date herewith.</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. &nbsp;BORROWER AGREES TO THE TERMS OF THE AGREEMENT.</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>CHANGE IN TERMS SIGNERS:</B></P>
<P style="line-height:10pt; margin:0px" align=justify><BR></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>PRO-DEX, INC.</B></P>
<P style="line-height:9pt; margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=24.067 /><TD width=244.733 /><TD width=134.4 /><TD width=20.8 /><TD width=248 /></TR>
<TR><TD style="margin-top:0px" valign=top width=24.067><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>By:</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=244.733><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>/s/ Richard VanKirk</B></P>
</TD><TD style="margin-top:0px" valign=top width=134.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=20.8><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>By:</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=248><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>/s/ Alisha Charlton</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=268.8 colspan=2><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>RICHARD LEE VANKIRK, JR., President of <BR>
PRO-DEX, INC.</B></P>
</TD><TD style="margin-top:0px" valign=top width=134.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=268.8 colspan=2><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>ALISHA KRISTIN CHARLTON, CFO &amp; Secretary of <BR>
PRO-DEX, INC.</B></P>
</TD></TR>
</TABLE>
<P style="line-height:4pt; margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=68.333 /><TD width=252.067 /><TD width=75.933 /><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=68.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=252.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=75.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>pdex_ex10z2.htm
<DESCRIPTION>AMENDMENT #1 TO BUSINESS LOAN AGREEMENT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>AMENDMENT #1 TO BUSINESS LOAN AGREEMENT</TITLE>
<META NAME="keywords" CONTENT="&#10; &nbsp;">
<META NAME="author" CONTENT="Hal Hurwitz">
<META NAME="date" CONTENT="04/17/2018">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=right><B>Exhibit 10.2</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; padding-right:24px; font-family:Arial; font-size:14pt" align=center><B>AMENDMENT #1 TO BUSINESS LOAN AGREEMENT</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=106.467 /><TD width=79.8 /><TD width=84.333 /><TD width=90.933 /><TD width=85.267 /><TD /><TD width=54.467 /><TD width=60.133 /></TR>
<TR><TD style="margin-top:0px; border:1px solid #000000" valign=top width=106.467><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>Principal</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=79.8><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>Loan Date</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=84.333><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>Maturity</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90.933><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>Loan No</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=85.267><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>Call / Coll</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>Account</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=54.467><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>Officer</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=60.133><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>Initials</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=106.467><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>$500,000.00</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=79.8><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>03-28-2017</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=84.333><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>03-28-2019</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=287.467 colspan=3><P style="line-height:12pt; margin:0px; padding-right:157px; font-family:Arial" align=justify><B>&nbsp;90-102-0892-3</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=54.467><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>TC3</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=60.133><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>&nbsp;TC</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt">References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing &quot;***&quot; has been omitted due to text length limitations.</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=78.333 /><TD width=176.2 /><TD width=71.8 /><TD width=168.667 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=78.333><P style="line-height:10pt; margin:0px; padding-right:6.4px; font-family:Arial,Times New Roman" align=justify><B>Borrower:</B></P>
</TD><TD style="margin-top:0px" valign=top width=176.2><P style="line-height:9pt; margin:0px; padding-right:41.6px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>PRO-DEX, INC.</B></P>
<P style="line-height:9pt; margin:0px; padding-right:41.6px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>2361 MCGAW AVENUE</B></P>
<P style="line-height:9pt; margin:0px; padding-right:41.6px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>IRVINE, CA &nbsp;92614</B></P>
</TD><TD style="margin-top:0px" valign=top width=71.8><P style="line-height:10pt; margin:0px; padding-right:6.4px; font-family:Arial,Times New Roman" align=justify><B>Lender:</B></P>
</TD><TD style="margin-top:0px" valign=top width=345.667 colspan=2><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Farmers and Merchants Bank of Long Beach, a CA Corp</B></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Lake Forest Office</B></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>23772 Rockfield Boulevard</B></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Lake Forest, CA &nbsp;92630</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=78.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=248 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=168.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt">The undersigned hereby acknowledges and agrees to the following amendments to that certain Business Loan Agreement between Borrower and Lender dated 03-28-2017 (&#147;Agreement&#148;).</P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>DEFINITIONS:</B> &nbsp;&nbsp;Capitalized terms not defined in this Amendment shall have the meaning given to such terms in the Agreement.</P>
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<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Effective as of 04-06-2018 the Agreement is hereby modified as follows:</B></P>
<P style=margin-top:4px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:10pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; font-size:8pt; float:left">(a)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; padding-right:7.667px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Item &#147;(3)&#148; located in the &#147;Additional Requirements&#148; sub-paragraph of the &#147;Financial Statements&#148; paragraph under the &#147;Affirmative Covenants&#148; section is hereby modified as follows:</P>
<P style="line-height:9pt; margin-top:5px; margin-bottom:0px; padding-left:72px; padding-right:8px; font-family:Arial,Times New Roman; font-size:8pt; clear:left" align=justify>(3) As soon as available, but in no event later than 45 days after the end of each half-year, the following reports, prepared by the Borrower, in a form and substance acceptable to Lender:</P>
<P style="margin:0px; padding-left:84px; padding-right:7.667px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>(A) Accounts Receivable Aging</P>
<P style="margin:0px; padding-left:84px; padding-right:7.667px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>(B) Accounts Payable Aging</P>
<P style=margin-top:4px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:10pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; font-size:8pt; float:left">(b)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; padding-right:7.667px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The &#147;Working Capital Requirements&#148; sub-paragraph located under the &#147;Financial Covenants and Ratios&#148; section is hereby restated in its entirety as follows:</P>
<P style="margin-top:4px; margin-bottom:0px; padding-left:72px; padding-right:24px; font-family:Arial,Times New Roman; font-size:8pt; clear:left" align=justify><B>Working Capital Requirements</B>. &nbsp;&nbsp;Maintain Working Capital in excess of $750,000.00, to be measured after the end of each quarter.</P>
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<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt">Except as provided above, all computations made to determine compliance with the requirements contained in this paragraph shall be made in accordance with generally accepted accounting principles, applied on a consistent basis, and certified by Borrower as being true and correct.</P>
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<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt">All other provisions of the Agreement are to remain unchanged and in full force and effect.</P>
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<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>PRIOR TO SIGNING THIS AMENDMENT, EACH BORROWER ACKNOWLEDGES THEY HAVE READ AND UNDERSTOOD ALL THE PROVISIONS THEREOF, AND EACH BORROWER AGREES TO THE TERMS OF THE AMENDMENT. &nbsp;THIS AMENDMENT TO BUSINESS LOAN AGREEMENT IS DATED April 6, 2018.</B></P>
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<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>BORROWER:</B></P>
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<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>PRO-DEX, INC.</B></P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=24.067 /><TD width=244.733 /><TD width=134.4 /><TD width=20.8 /><TD width=248 /></TR>
<TR><TD style="margin-top:0px" valign=top width=24.067><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>By:</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=244.733><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>/s/ Richard VanKirk</B></P>
</TD><TD style="margin-top:0px" valign=top width=134.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=20.8><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>By:</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=248><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>/s/ Alisha Charlton</B></P>
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<TR><TD style="margin-top:0px" valign=top width=268.8 colspan=2><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>RICHARD LEE VANKIRK, JR., President of <BR>
PRO-DEX, INC.</B></P>
</TD><TD style="margin-top:0px" valign=top width=134.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=268.8 colspan=2><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>ALISHA KRISTIN CHARLTON, CFO &amp; Secretary of <BR>
PRO-DEX, INC.</B></P>
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<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>LENDER:</B></P>
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<P style="line-height:10pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>FARMERS AND MERCHANTS BANK OF LONG BEACH, A CA CORP</B></P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=24 /><TD width=336 /></TR>
<TR><TD style="margin-top:0px" valign=top width=24><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>By: </B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=336><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>/s/ Tony Craig</B></P>
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<TR><TD style="margin-top:0px" valign=top width=360 colspan=2><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Tony Craig, Vice President</B></P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=73.8 /><TD /><TD width=70.667 /><TD width=256.867 /></TR>
<TR><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=73.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=70.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=256.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
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