Skip to main content

RICHARDSON ELECTRONICS, LTD.

For the period ended Oct 8, 2024. Filed Aug 23, 2024.

View on SEC.gov

About this filing

What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

Oct 8, 2024 · Filed Aug 23, 2024

Use the contents to explore the available documents and sections.

RELL$17.56+6.2%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits

Cover page

Show cover page

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934

Filed by the Registrant☒ Filed by a Party other than the Registrant☐

Check the appropriate box:

☐Preliminary Proxy Statement
☐Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☒Definitive Proxy Statement
☐Definitive Additional Materials
☐Soliciting Material under Rule 14a-12

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than Registrant)

Payment of Filing Fee (Check the appropriate box):

☒No fee required
☐Fee paid previously with preliminary materials
☐Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

RICHARDSON ELECTRONICS, LTD.

40W267 Keslinger Road

P.O. Box 393

LaFox, Illinois 60147-0393

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON OCTOBER 8, 2024

Dear Stockholders:

On behalf of the board of directors (the "Board') and management of Richardson Electronics, Ltd. (“Richardson” or the “Company”), I invite you to attend the 2024 Annual Meeting of Stockholders (the “Annual Meeting”). The Annual Meeting will be held on Tuesday, October 8, 2024, at 2:00 p.m. Central Time, at our corporate headquarters at 40W267 Keslinger Road, LaFox, Illinois 60147-0393.

The purpose of the Annual Meeting is to consider and vote on the following matters:

To elect seven (7) directors nominated by the Board for a term expiring at the 2025 Annual Meeting (Proposal 1);

To ratify the selection of BDO USA, P. C. as the Company’s independent registered public accounting firm for the 2025 fiscal year (Proposal 2);

To approve, on an advisory basis, the compensation of our Named Executive Officers (Proposal 3); and

To act upon any other business that may properly come before the meeting or at any adjournment or postponement thereof.

We currently are not aware of any other matters scheduled to come before the Annual Meeting. All stockholders are invited to attend the meeting, although only stockholders of record at the close of business as of August 9, 2024 (the record date) are entitled to notice of, and to vote at, the Annual Meeting or at any adjournment or postponement thereof.

Whether or not you plan to attend the Annual Meeting, it is important that your shares be represented and voted. You may vote by telephone, via the Internet or by mail before the Annual Meeting or in person at the Annual Meeting. For specific instructions regarding the voting of your shares, please refer to the accompanying proxy card. We encourage you to vote by telephone, Internet or mail in advance of the Annual Meeting even if you currently plan to attend the Annual Meeting.

This year we are again furnishing proxy materials to stockholders via the Internet pursuant to Securities and Exchange Commission rules. On or about August 23, 2024, we will send notice of Internet availability of proxy materials to holders of our common stock as of the record date. The notice describes how stockholders can access electronic copies of our proxy materials beginning on August 23, 2024.

By Order of the Board of Directors,

EDWARD J. RICHARDSONChairman of the Board, Chief Executive Officer and President

Notice of Internet Availability of Proxy Materials

We are making this proxy statement and our annual report for the 2024 fiscal year available to stockholders electronically via the Internet. On or about August 23, 2024, we will mail to most of our stockholders a notice containing instructions on how to access this proxy statement and our annual report electronically via the Internet and to vote in advance of the 2024 Annual Meeting via the Internet or by telephone. Other stockholders, in accordance with their prior requests, will receive e-mail notification of how to access our proxy materials and vote via the Internet or by telephone, or will be mailed paper copies of our proxy materials and a proxy card on or about August 23, 2024.

PROXY STATEMENT

TABLE OF CONTENTS

ANNUAL MEETING INFORMATION4
General4
Record Date and Quorum4
How to Vote4
Vote Required, Abstentions and Broker Non-Votes5
Revocability of Proxies5
Proxy Solicitation5
PROPOSAL 1 – ELECTION OF DIRECTORS6
CORPORATE GOVERNANCE9
Independence of Directors9
Board Leadership Structure9
Board Diversity9
Board and Committee Information10
Board Role in Risk Oversight12
Policies Related to Directors and Officers12
Compensation of Directors13
Fiscal Year 2024 Director Compensation Table14
EXECUTIVE OFFICERS15
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT16
PROPOSAL 2 – RATIFICATION OF THE SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM18
AUDIT MATTERS19
Audit Committee Report19
Independent Auditor’s Fees20
RELATED PARTY TRANSACTIONS21
COMPENSATION DISCUSSION AND ANALYSIS22
REPORT OF THE COMPENSATION COMMITTEE29
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION30
PAY VERSUS PERFORMANCE31
COMPENSATION OF NAMED EXECUTIVE OFFICERS36
Summary Compensation Table36
Grants of Plan Based Awards for Fiscal 202437
Outstanding Equity Awards at Fiscal Year End38
Option Exercises and Stock Vested39
Employment Agreements40
Potential Payment upon Termination or Change in Control41
CEO Pay Ratio41
PROPOSAL 3 – ADVISORY VOTE REGARDING COMPENSATION OF NAMED EXECUTIVE OFFICERS42
STOCKHOLDER PROPOSALS FOR 2025 ANNUAL MEETING43
OTHER MATTERS44

RICHARDSON ELECTRONICS, LTD.

PROXY STATEMENT

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.