Company: PDEX
Filing Date: 2025-01-30
Form Type: 10-Q
Source: 0001079973-25-000164
Chunk: 15

Company: PRO DEX INC
Filing Date: 2025-01-30
Form: 10-Q
Item: Item 2
Chunk 15
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 Agreements,Term Note A, Term Note B, Term Note C, Property
Note, and Amended Revolving Note 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 December
31, 2024, but there can be no assurance that we will remain in compliance for the duration of the term of the Loans.

    14 
    PRO-DEX, INC. AND SUBSIDIARYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED) 

NOTE
11. 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 and six months
ended December 31, 2024, we repurchased 38,172 and 130,148 shares, respectively, at an aggregate cost, inclusive of fees under the Plan,
of $1.2 million and $3.5 million, respectively. During both the three and six months ended December 31, 2023, we repurchased 6,285 shares
at an aggregate cost, inclusive of fees under the Plan, of $107,000. On a cumulative basis, since implementation of the share repurchase
program in 2013, we have repurchased a total of 1,511,497 shares under the share repurchase program at an aggregate cost, inclusive of
fees, of $24.2 million. All repurchases under the 10b5-1 Plans were administered through an independent broker.

NOTE
12. LEASES

Our operating lease right-of-use
asset and long-term liability are presented separately on our condensed consolidated balance sheets. The current portion of our operating
lease liability as of December 31, 2024, in the amount of $476,000, is presented within accrued