Company: PDEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001079973-25-000729
Chunk: 17

Company: PRO DEX INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 17
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 an event of default under any of the Loans, the
interest rate of all Loans will be increased by 3% and MBT may, at its option, declare all of the Loans immediately due and payable in
full. The Loans are secured by substantially all of the Company’s assets pursuant to a Security Agreement entered into between the
Company and MBT. The Property Loan is secured by the Franklin Property pursuant to a Deed of Trust with Assignment of Leases and Rents,
Security Agreement and Fixture Filing in favor of MBT and by an assignment of Leases and Rents by PDEX Franklin in favor of MBT (collectively,
the “Property Loan Security Agreements”).

The Amended Credit Agreement, Security Agreement, Property Loan Security
Agreements, Term Loan A, Term Loan B, Term Loan C, Property Loan, and Amended Revolving Loan contain representations and warranties, affirmative,
negative and financial covenants, and events of default that are customary for loans of this type. We believe that we are in compliance
with all of our debt covenants as of March 31, 2025, but there can be no assurance that we will remain in compliance for the duration
of the term of the Loans.

NOTE 12. COMMON STOCK

Share Repurchase Program

In
December 2019, our Board approved a new share repurchase program authorizing us to repurchase up to one million shares of our common stock,
as the prior repurchase plan authorized by our Board in 2013 was nearing completion. In accordance with, and as part of, these share repurchase
programs, our Board approved the adoption of several prearranged share repurchase plans intended to qualify for the safe harbor provided
by Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“10b5-1 Plan” or “Plan”). During the three
months ended March 31, 2025, we did not repurchase any shares. During the nine months ended March 31, 2025, we repurchased 130,148 shares
at an aggregate cost, inclusive of fees under the Plan of $3.5 million. During the three and nine months ended March 31, 2024, we repurchased
90,605 and 96,890 shares, respectively, at an aggregate cost, inclusive of fees under the Plan, of $1,723,000 and $1,830,000, respectively.
 On a cumulative