<SEC-DOCUMENT>0001553350-21-000153.txt : 20210225
<SEC-HEADER>0001553350-21-000153.hdr.sgml : 20210225
<ACCEPTANCE-DATETIME>20210225160014
ACCESSION NUMBER:		0001553350-21-000153
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210223
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20210225
DATE AS OF CHANGE:		20210225

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14942
		FILM NUMBER:		21680126

	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>February 23, 2021</B></P>
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<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>(IRS Employer Identification Number)</I></P>
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<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)</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>
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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=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>
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<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>
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<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>
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<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>
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</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>
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<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>
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<P style=margin-top:12.533px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:72px; float:left"><B>Item&nbsp;5.02 </B></P>
<P style="margin:0px; padding-left:72px; text-indent:-2px" align=justify><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px" align=justify><I><U>Non-Qualified Stock Options</U></I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>On February 23, 2021, the Compensation Committee of the Board of Directors of Pro-Dex, Inc. (the &#147;Company&#148;) approved the issuance of non-qualified stock options under the Company&#146;s 2016 Equity Incentive Plan to the Company&#146;s directors and select employees, including stock options issued to Richard L. Van Kirk, the Company&#146;s Chief Executive Officer, and Alisha K. Charlton, the Company&#146;s Chief Financial Officer, which are summarized below:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><U>Vesting Target</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The number of options to purchase shares of the Company&#146;s common stock (&#147;Common Stock&#148;) to be awarded based upon the volume-weighted average price (&#147;VWAP&#148;) of the Common Stock reaching or exceeding $27.50 per share over the 60-trading day period immediately preceding the measurement period end date set forth in the table below (&#147;Vesting Target&#148;) is:</P>
<P style="margin:0px" align=justify><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=129.6 /><TD width=90.133 /><TD width=111.667 /><TD width=98.6 /></TR>
<TR><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=129.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D9D9D9; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=300.4 colspan=3><P style="margin-top:13.333px; margin-bottom:0px"><B>Measurement Period End Date</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D9D9D9; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=129.6><P style="margin-top:13.333px; margin-bottom:0px"><B>Name</B></P>
</TD><TD style="margin-top:0px; background-color:#D9D9D9; border-right:1px solid #000000; border-bottom:1px solid #000000" width=90.133><P style="margin:0px"><B>First Testing Date</B></P>
<P style="margin:0px"><B>07/01/2021</B></P>
</TD><TD style="margin-top:0px; background-color:#D9D9D9; border-right:1px solid #000000; border-bottom:1px solid #000000" width=111.667><P style="margin:0px"><B>Second Testing Date</B></P>
<P style="margin:0px"><B>01/01/2022<SUP> (1)</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#D9D9D9; border-right:1px solid #000000; border-bottom:1px solid #000000" width=98.6><P style="margin:0px"><B>Third Testing Date</B></P>
<P style="margin:0px"><B>07/01/2022<SUP>(1)(2)</SUP></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=129.6><P style="margin-top:13.333px; margin-bottom:0px">Richard Van Kirk</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90.133><P style="margin-top:13.333px; margin-bottom:0px">18,000</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=111.667><P style="margin-top:13.333px; margin-bottom:0px">9,000</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=98.6><P style="margin-top:13.333px; margin-bottom:0px; font-family:CG Times,Times New Roman">4,500</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=129.6><P style="margin-top:13.333px; margin-bottom:0px">Alisha Charlton</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90.133><P style="margin-top:13.333px; margin-bottom:0px">4,250</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=111.667><P style="margin-top:13.333px; margin-bottom:0px">2,125</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=98.6><P style="margin-top:13.333px; margin-bottom:0px; font-family:CG Times,Times New Roman">1,062</P>
</TD></TR>
</TABLE>
<P style=margin-top:5px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:36px; float:left"><B><SUP>(1) </SUP></B></P>
<P style="margin:0px; padding-left:36px; text-indent:-2px" align=justify>If the Vesting Target is met on or before the First Testing Date, no additional options are awarded on the Second Testing Date or Third Testing Date.</P>
<P style=margin-top:5px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:36px; clear:left; float:left"><B><SUP>(2)</SUP></B></P>
<P style="margin:0px; padding-left:36px; text-indent:-2px" align=justify>If the Vesting Target is met on or before the Second Testing Date, no additional options are awarded on the Third Testing Date.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px" align=justify>The Stock Option Agreements contain terms and provisions customary for awards of this type, including that, in most instances, the employee must continue to be employed by the Company at the time the relevant vesting target is achieved and the awarded options expire 10 years from the First Testing Date. &nbsp;A copy of the form of Stock Option Agreement is attached as an exhibit to our Current Report on Form 8-K filed with the SEC on December 11, 2020. &nbsp;The foregoing description of the Stock Option Agreements is qualified in its entirety by reference to the complete text of the form of Stock Option Agreement.</P>
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<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>
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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=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;February 25, 2021</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>
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<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>
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