<SEC-DOCUMENT>0001553350-19-001027.txt : 20191001
<SEC-HEADER>0001553350-19-001027.hdr.sgml : 20191001
<ACCEPTANCE-DATETIME>20191001163023
ACCESSION NUMBER:		0001553350-19-001027
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190930
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:		20191001
DATE AS OF CHANGE:		20191001

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:		191129472

	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">
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<HEAD>
<TITLE>Current Report</TITLE>
<META NAME="date" CONTENT="02/14/2017">
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<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>
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<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>September 30, 2019</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 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>(IRS 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=46.067 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=46.067><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="line-height:8pt; 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=46.067 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=46.067><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="line-height:8pt; 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=46.267 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=46.267><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="line-height:8pt; 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=46.267 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=46.267><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="line-height:8pt; margin:0px"><BR></P>
<P style="margin:0px" align=justify>Securities registered pursuant to Section 12(b) of the Act:</P>
<P style="line-height:8pt; 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=254 /><TD width=164.8 /><TD width=253.867 /></TR>
<TR><TD style="margin-top:0px; border:1px solid #000000" valign=top width=254><P style="margin:0px; font-size:8pt" align=center><B>Title of each class</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=164.8><P style="margin:0px; font-size:8pt" align=center><B>Trading Symbol(s)</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=253.867><P style="margin:0px; font-size:8pt" align=center><B>Name of each exchange on which registered</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=bottom width=254><P style="margin:0px" align=center>Common Stock, no par value</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=164.8><P style="margin:0px" align=center>PDEX</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=253.867><P style="margin:0px" align=center>NASDAQ Capital Market</P>
</TD></TR>
</TABLE>
<P style="line-height:8pt; margin:0px"><BR></P>
<P style="margin:0px">Indicate by check mark whether the registrant is an emerging growth company as defined 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>
<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>
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<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" align=center><BR>
<BR></P>
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<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" align=justify><BR></P>
<P style="margin:0px" align=justify><I>Extension of Revolving Loan</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>As previously disclosed in Pro-Dex, Inc.<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s (the <font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>Company<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font>) Current Report on Form 8-K filed with the Securities and Exchange Commission (<font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>SEC<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font>) on September 7, 2018, the Company previously entered into a revolving loan (the &#147;Revolving Loan&#148;), dated effective September 6, 2018, with Minnesota Bank &amp; Trust, a Minnesota state banking corporation (&#147;MBT&#148;), providing for a $2,000,000 revolving credit note (the &#147;Revolving Credit Note&#148;). &nbsp;The Revolving Credit Note is secured by substantially all of the assets of the Company.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>On Sptember 30, 2019, the Company and MBT entered into a Change in Terms Agreement (the &#147;Amendment&#148;) dated effective September 6, 2019, which extends the maturity date of the Revolving Credit Note to November 6, 2020 and contains other provisions customary for an amendment of this type. &nbsp;The Company will pay MBT a $5,000 fee in consideration for the Amendment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>A copy of the Amendment is attached as Exhibit 10.1 to this Current Report on Form 8-K and a copy of the original Revolving Loan (prior to giving effect to the Amendment) is attached as Exhibit 10.4 to the Company&#146;s Current Report on Form 8-K filed with the SEC on September 7, 2018. &nbsp;The above descriptions are qualified by reference to the complete text of the Revolving Loan and the Amendment, provided that the representations and warranties contained in the Revolving Loan and the Amendment 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"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:72px; float:left"><B>Item 9.01</B></P>
<P style="margin:0px; padding-left:72px; text-indent:-2px"><B>Financial Statements and Exhibits.</B></P>
<P style="margin-top:13.333px; margin-bottom:0px; text-indent:48px; clear:left" align=justify>(d) Exhibits</P>
<P style="margin:0px" align=justify><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=108.6 /><TD width=25.133 /><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108.6><P style="margin:0px; font-size:8pt" align=justify><B>Exhibit Number </B></P>
</TD><TD style="margin-top:0px" valign=top width=25.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; font-size:8pt" align=justify><B>Description</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=108.6><P style="margin:0px" align=justify>10.1</P>
</TD><TD style="margin-top:0px" valign=top width=25.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px"><A HREF="pdex_ex10z1.htm"><U>Change in Terms Agreement, dated September 6, 2019, by and between Minnesota Bank &amp; Trust and Pro-Dex, Inc.</U></A></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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<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=36.133 /><TD width=243 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:2.133px">Date:&nbsp;&nbsp;October 1, 2019</P>
</TD><TD style="margin-top:0px" valign=top width=279.133 colspan=2><P style="margin:0px; padding-right:4.8px"><B>Pro-Dex, Inc. </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=279.133 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=36.133><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=243><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=36.133><P style="margin:0px; padding-right:2.133px">By:</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=243><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=36.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=243><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=36.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=243><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>
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<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>
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<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=108.6 /><TD width=25.133 /><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108.6><P style="margin:0px; font-size:8pt" align=justify><B>Exhibit Number </B></P>
</TD><TD style="margin-top:0px" valign=top width=25.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; font-size:8pt" align=justify><B>Description</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=108.6><P style="margin:0px" align=justify>10.1</P>
</TD><TD style="margin-top:0px" valign=top width=25.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px"><A HREF="pdex_ex10z1.htm"><U>Change in Terms Agreement, dated September 6, 2019, by and between Minnesota Bank &amp; Trust 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></P>
<P style="margin:0px" align=center><BR></P>
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<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="author" CONTENT="LeeAnn">
<META NAME="date" CONTENT="10/01/2019">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px; font-family:Arial" align=right><B>EXHIBIT 10.1</B></P>
<P style="margin:0px"><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="line-height:14pt; margin:0px" align=center><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=118.067 /><TD width=90 /><TD width=84 /><TD width=102 /><TD width=96 /><TD width=108 /><TD width=66 /><TD width=72 /></TR>
<TR><TD style="margin-top:0px; border:1px solid #000000" valign=top width=118.067><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=90><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><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=102><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=96><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 width=108><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=66><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=72><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>Initials</B></P>
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<TR><TD style="margin-top:0px; background-color:#BFBFBF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=118.067><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>$2,000,000.00</B></P>
</TD><TD style="margin-top:0px; background-color:#BFBFBF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="line-height:12pt; margin:0px; font-family:Arial" align=center><B>09-06-2018</B></P>
</TD><TD style="margin-top:0px; background-color:#BFBFBF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=84><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>11-06-2020</B></P>
</TD><TD style="margin-top:0px; background-color:#BFBFBF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>511416679</B></P>
</TD><TD style="margin-top:0px; background-color:#BFBFBF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#BFBFBF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>PRO DI00</B></P>
</TD><TD style="margin-top:0px; background-color:#BFBFBF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="line-height:12pt; margin:0px; padding-right:0.533px; font-family:Arial" align=center><B>06618</B></P>
</TD><TD style="margin-top:0px; background-color:#BFBFBF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=72><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
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<P style="line-height:4pt; margin:0px"><BR></P>
<P style="margin:0px; padding-left:24px; padding-right:24px; font-family:Arial,Times New Roman; font-size:8pt" align=center>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.</P>
<P style="margin:0px; padding-left:24px; padding-right:24px; font-family:Arial,Times New Roman; font-size:8pt" align=center>Any item above containing &quot;***&quot; has been omitted due to text length limitations.</P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=83.2 /><TD width=284.2 /><TD width=75.533 /><TD width=274 /></TR>
<TR><TD style="margin-top:0px" valign=top width=83.2><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=284.2><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=75.533><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=274><P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>MINNESOTA BANK &amp; TRUS</B></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>MINNETONKA</B></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>9800 Bren Road East, Suite 200</B></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Minnetonka, MN 55343-6400</B></P>
<P style="line-height:9pt; margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>(952) 936-7800</B></P>
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<TR><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=83.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=284.2><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=75.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=274><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=83.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=284.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=274><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
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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 /><TD width=367.067 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="line-height:9pt; margin-top:4px; margin-bottom:0px; padding-right:8px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Principal Amount: $2,000,000.00</B></P>
</TD><TD style="margin-top:0px" valign=top width=367.067><P style="line-height:9pt; margin-top:4px; margin-bottom:0px; padding-right:8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Date of Agreement: September 6, 2019</B></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>DESCRIPTION OF EXISTING INDEBTEDNESS.</B> &nbsp;&nbsp;PROMISSORY NOTE AS DESCRIBED ABOVE WITH A CURRENT PRINCIPALE BALANCE OF ZERO DOLLARS.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>DESCRIPTION OF CHANGE IN TERMS.</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>LENDER AND BORROWER AGREE TO EXTEND THE MATURITY DATE ON THIS LOAN FROM 09/06/2019 TO 11/06/2020.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>LENDER AND BORROWER AGREE THAT THE INTEREST WILL BE COLLECTED WITH THE NEXT REGULARLY SCHEDULED PAYMENT.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>BORROWER AGREES TO PAY A FEE OF $5,00 IN CONJUNCITON WITH THIS CHANGE IN TERMS AGREEMENT.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>LENDER AND BORROWER AGREE TO THE FOLLOWING PAYMENT SCHEDULE: (13) MONTHLY INTEREST ONLY PAYMENTS BEGINNING 10/06/2019 AND DUE ON THE SAME SAY OF EACH MOTNH THERAFTER. BORROWERS FINAL PAYMENT WILL BE DUE ON 11/06/2020, AND WILL BE FOR ALL PRINCIPAL AND ALL IACCRUED INTEREST NOT YET PAID.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="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 evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive the Lender&#146;s right to strict performance of the obligations(s) as changed, nor obligate the Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of 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. 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. This waiver applies not only to any initial extension, modification, or release, but also to all such subsequent actions.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>PRIOR TO SIGNING THIS AMENDMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.</B></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>BORROWER:</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>PRO-DEX, INC.</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=39.2 /><TD width=224 /></TR>
<TR><TD style="margin-top:0px" valign=top width=39.2><P style="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=224><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>/s/ Richard Van Kirk</B></P>
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<TR><TD style="margin-top:0px" valign=top width=263.2 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>RICHARD LEE VANKIRK, JR., Chief Executive Officer of PRO-DEX, INC.</B></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>LENDER:</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>MINNESOTA BANK &amp; TRUST</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=39.2 /><TD width=224 /></TR>
<TR><TD style="margin-top:0px" valign=top width=39.2><P style="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=224><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>/s/ Eric Gundersen</B></P>
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<TR><TD style="margin-top:0px" valign=top width=263.2 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Senior Vice President</B></P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=77.6 /><TD width=284.867 /><TD width=74.4 /><TD width=270.333 /></TR>
<TR><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=77.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=284.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=74.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=270.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
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