Company: PDEX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001079973-25-001655
Chunk: 15

Company: PRO DEX INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 8
Chunk 15
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 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 on September 6, 2018, between the Company and UMB. 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
UMB and by an assignment of Leases and Rents by PDEX Franklin in favor of UMB (collectively, the “Property Loan Security Agreements”).

The
Amended Credit Agreement, Amended Security Agreement, Property Loan Security Agreement, 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 September
30, 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 1 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 has approved the adoption of several prearranged share repurchase plans intended to qualify for the safe
harbor Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“10b5-1 Plan” or “Plan”). During the
three months ended September 30, 2025, we did not repurchase any shares. During the three months ended September 30, 2024, we repurchased
91,976 shares at an aggregate cost, inclusive of fees under the Plan, of $2.3 million. On a cumulative basis since 2013, we have repurchased
a total of 1,511,497 shares under the share repurchase programs at an aggregate cost, inclusive of fees, of $24.2 million. All repurchases
under the 10b5-1 Plans were administered through an independent broker.

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