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<title>Pro-Dex 8-K</title>



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<p align="center"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington</b><b>,
 D.C.</b><b>&nbsp; 20549</b></p>





<p align=center style='text-align:center'><b>FORM 8-K</b></p>

<p align="center"><b>CURRENT REPORT<br>
Pursuant to Section 13 OR 15(d) of the<br>
Securities Exchange Act of 1934</b></p>



<p align=center style='text-align:center'>Date of Report <br>
(Date of earliest event reported)<b> <br>
October 27, 2004</b></p>





<p align=center style='text-align:center'><b>PRO-DEX, INC.<br>
</b>(Commission File Number: 0-14942)</p>



<p align=center style='text-align:center'>(Exact name of registrant as specified in its charter)</p>



<p align="center"><b>COLORADO<br>
</b>(State or other jurisdiction of incorporation)</p>



<p align=center style='text-align:center'><b>84-</b><b>1261240<br>
</b>(IRS Employer Identification Number)</p>

<p align=center style='text-align:center'><b>151 East Columbine Avenue<br>
Santa Ana</b><b>, California </b><b>92707<br>
</b>(Address of Principal Executive Offices)<br>
<b>(714) 241-4411<br>
</b>(Registrant's Telephone Number, Including Area Code)</p>



<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>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 ( <i>see </i>General
Instruction A.2. below): </p>

<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>
<font size="2">[ ]
&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>
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&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
</font> </p>

<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>
<font size="2">[ ]
&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)) </font> </p>

<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>
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&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</font> </p>





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<p><b><u>Item 1.01</u></b><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Entry into a Material
Definitive Agreement. </u></b></p>

<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On October 27, 2004, Pro-Dex, Inc. and Ronald G. Coss entered into a Termination Agreement and General Release of All Claims (the &quot;Agreement&quot;).&nbsp; Mr. Coss is a former employee, officer and director of Pro-Dex, Inc. and, according to filings with the Securities and Exchange Commission, is the beneficial owner of approximately 21% of its issued and outstanding common stock.&nbsp; As a result of the Agreement, (i) the parties have terminated the Non-Competition Agreement dated July 26, 1996 by and between Mr. Coss and Pro-Dex, Inc., (ii) amounts payable thereunder have been paid in full, (iii) Mr. Coss has paid in full the balance of his promissory note owing to Pro-Dex, Inc., and (iv) each party has provided a general release to the other. A copy of the Agreement is attached to this Form&nbsp;8-K as Exhibit&nbsp;10.1.</p>





<p><b><u>Item 9.01</u></b><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Financial Statements and
Exhibits</u></b></p>

<p>&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</p>



<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit
10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination Agreement and General Release of All Claims dated October
27, 2004.&nbsp; </p>
<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
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margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
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margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
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margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
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margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;' align="center">2</p>
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<p align=center style='text-align:center'><b>SIGNATURES</b></p>





<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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>





<p>Date:&nbsp; October 27, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>PRO-DEX, Inc.</b></p>





<p style='margin-left:3.25in'>By:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/&nbsp; Patrick Johnson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Johnson<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer</p>
<p style='margin-left:3.25in'>&nbsp;</p>
<p style='margin-left:3.25in'>&nbsp;</p>
<p style='margin-left:3.25in'>&nbsp;</p>
<p style='margin-left:3.25in'>&nbsp;</p>
<p style='margin-left:3.25in'>&nbsp;</p>
<p align="center">3</p><hr color="#000000">
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<p align=center style='text-align:center'><b>INDEX TO EXHIBITS</b></p>

<p><b>&nbsp;</b></p>

<p><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b></p>

<p>&nbsp;<b>&nbsp;  Exhibit</b><br>
<b><u>&nbsp; Number&nbsp; </u></b><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Description&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></b>
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<p style='margin-left:1.0in;text-indent:-.75in'>10.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination
Agreement and General Release of All Claims dated October 27, 2004.</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>



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Pro-Dex 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington
,
 D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
October 27, 2004
PRO-DEX, INC.
(Commission File Number: 0-14942)
(Exact name of registrant as specified in its charter)
COLORADO
(State or other jurisdiction of incorporation)
84-
1261240
(IRS Employer Identification Number)
151 East Columbine Avenue
Santa Ana
, California
92707
(Address of Principal Executive Offices)
(714) 241-4411
(Registrant's Telephone Number, Including Area Code)
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 (
see
General
Instruction A.2. below):
[ ]
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
 Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ]
 Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material
Definitive Agreement.
On October 27, 2004, Pro-Dex, Inc. and Ronald G. Coss entered into a Termination Agreement and General Release of All Claims (the "Agreement").  Mr. Coss is a former employee, officer and director of Pro-Dex, Inc. and, according to filings with the Securities and Exchange Commission, is the beneficial owner of approximately 21% of its issued and outstanding common stock.  As a result of the Agreement, (i) the parties have terminated the Non-Competition Agreement dated July 26, 1996 by and between Mr. Coss and Pro-Dex, Inc., (ii) amounts payable thereunder have been paid in full, (iii) Mr. Coss has paid in full the balance of his promissory note owing to Pro-Dex, Inc., and (iv) each party has provided a general release to the other. A copy of the Agreement is attached to this Form 8-K as Exhibit 10.1.
Item 9.01
Financial Statements and
Exhibits
(c)       Exhibits.
Exhibit
10.1      Termination Agreement and General Release of All Claims dated October
27, 2004.
2
SIGNATURES
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.
Date:  October 27, 2004
PRO-DEX, Inc.
By:
/s/  Patrick Johnson
Patrick Johnson
Chief Executive Officer
3
INDEX TO EXHIBITS
Exhibit
Number
Description
10.1           Termination
Agreement and General Release of All Claims dated October 27, 2004.