Pro-Dex Inc (NASDAQ:PDEX) Files An 8-K

Pursuant to approval of the Compensation Committee, Richard L. Van Kirk, the Company’s Chief Executive Officer, had an increase in base salary from $205,000 to $225,000 to be retroactively effective as of October 1, 2016. Additionally, the Compensation Committee approved a quarterly incentive bonus in the amount of $15,000 for the first quarter of fiscal 2017 and $10,000 for the remaining quarters of fiscal 2017, based upon the Company’s EBITDA exceeding $100,000 per quarter, as determined by the Compensation Committee and subject to adjustment and/or repayment, at the discretion of the Compensation Committee based on its final determination of EBITDA for the applicable quarter. Mr. Van Kirk’s employment with the Company continues on an at-will basis.

Mr. Van Kirk may also continue to participate, on the same terms as other employees of the Company, in all health and welfare programs, life insurance and qualified retirement plans and other employee benefits which may be sponsored by the Company from time to time.

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