Exhibit 10.1
FIRSTAMENDMENTTOLEASE-July2013
ThisFIRST AMENDMENTTOLEASE(this"Amendment")ismadeandenteredintoasof July1,2013,byandbetweenIrvine Business Properties, a California General Partnership("Lessor"), and Pro-Dex,Inc. a Colorado Corporation ('Lessee")with respect to that certain Standard IndustrialCommercial Multi-Tenant Lease-NetLease between Lessor and Lessee datedas of August 3, 2007(the Lease).
ThisAmendmentconfirmsPro-Dex,Inc.hasnotexerciseditsOptiontoTerminate.The baserentwillbereducedfrom$38,043.00permonth ($1.35 per SQ FT)to $33,816.00 ($1.20 per SQ. FT) beginningJuly l,2013 forone year. The followingyearandeach yearthereafter, the rentwill increase by $.05 perSQ FT added to the previous year. See rateslistedbelow for Base Rent Schedule. All other terms of the lease will remain unchanged.
BaseRentSchedule:
| July1,2013 –June30, 2014 | $33,816($1.20/sf)permonth |
| July1,2014 –June30,2015 | $35,225($1.25/sf) permonth |
| July1,2015 –June30, 2016 | $36,634($1.30/sf)permonth |
| July1,2016 –June30, 2017 | $38,043($1.35/sf)per month |
| July1,2017–April3,2018 | $39,452($1.40/sf) permonth |
INWITNESSWHEREOF,thepartiesheretohaveexecutedthisAmendmentonthedate firstsetforth above.
LESSOR:
IRVINEBUSINESSPROPERTIES
A California general partnership, General Partner
By: /s/ Patrick Carrier
PatrickCarrier,ChiefFinancialOfficer
July 9, 2013
Date
LESSEE:
PRO-DEX, INC.
AColoradoCorporation
By: /s/ Harold A. Hurwitz
Hal Hurwitz CEO & CFO
July 15, 2013
Date