RICHARDSON ELECTRONICS, LTD.
For the period ended Oct 7, 2025. Filed Aug 25, 2025.
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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 7, 2025 · Filed Aug 25, 2025
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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
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| ☐ | 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 |
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40W267 Keslinger Road
P.O. Box 393
LaFox, Illinois 60147-0393
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON OCTOBER 7, 2025
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 2025 Annual Meeting of Stockholders (the “Annual Meeting”). The Annual Meeting will be held on Tuesday, October 7, 2025, 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 2026 Annual Meeting (Proposal 1);
To ratify the selection of BDO USA, P. C. as the Company’s independent registered public accounting firm for the 2026 fiscal year (Proposal 2);
To approve, on an advisory basis, the compensation of our Named Executive Officers (Proposal 3);
To approve an amendment to the Amended and Restated 2011 Long-Term Incentive Plan to increase the number of shares available for issuance under the plan (Proposal 4);
To approve the Second Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock (Proposal 5); 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 8, 2025 (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 25, 2025, 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 25, 2025.
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 2025 fiscal year available to stockholders electronically via the Internet. On or about August 25, 2025, 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 2025 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 25, 2025.
PROXY STATEMENT
TABLE OF CONTENTS
| ANNUAL MEETING INFORMATION | 4 |
|---|---|
| General | 4 |
| Record Date and Quorum | 4 |
| How to Vote | 4 |
| Vote Required, Abstentions and Broker Non-Votes | 5 |
| Revocability of Proxies | 6 |
| Proxy Solicitation | 6 |
| PROPOSAL 1 – ELECTION OF DIRECTORS | 7 |
| CORPORATE GOVERNANCE | 10 |
| Independence of Directors | 10 |
| Board Leadership Structure | 10 |
| Board and Committee Information | 10 |
| Board Role in Risk Oversight | 13 |
| Policies Related to Directors and Officers | 13 |
| Compensation of Directors | 13 |
| Fiscal Year 2025 Director Compensation Table | 14 |
| EXECUTIVE OFFICERS | 15 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 16 |
| PROPOSAL 2 – RATIFICATION OF THE SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 18 |
| AUDIT MATTERS | 19 |
| Audit Committee Report | 19 |
| Independent Auditor’s Fees | 20 |
| RELATED PARTY TRANSACTIONS | 21 |
| COMPENSATION DISCUSSION AND ANALYSIS | 22 |
| REPORT OF THE COMPENSATION COMMITTEE | 29 |
| COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION | 30 |
| PAY VERSUS PERFORMANCE | 31 |
| COMPENSATION OF NAMED EXECUTIVE OFFICERS | 37 |
| Summary Compensation Table | 37 |
| Grants of Plan Based Awards for Fiscal 2025 | 38 |
| Outstanding Equity Awards at Fiscal Year End | 39 |
| Option Exercises and Stock Vested | 41 |
| Employment Agreements | 41 |
| Potential Payment upon Termination or Change in Control | 42 |
| CEO Pay Ratio | 42 |
| PROPOSAL 3 – ADVISORY VOTE REGARDING COMPENSATION OF NAMED EXECUTIVE OFFICERS | 43 |
| PROPOSAL 4 - APPROVAL OF AMENDMENT ONE TO THE RICHARDSON ELECTRONICS, LTD. AMENDED AND RESTATED 2011 LONG-TERM INCENTIVE PLAN | 44 |
| PROPOSAL 5 - APPROVAL OF THE SECOND AMENDED AND RESTATED CERTIFICATE OF INCORPORATION | 53 |
| STOCKHOLDER PROPOSALS FOR 2026 ANNUAL MEETING | 55 |
| OTHER MATTERS | 56 |
| ANNEX I - AMENDMENT ONE TO THE RICHARDSON ELECTRONICS, LTD AMENDED AND RESTATED 2011 LONG-TERM INCENTIVE PLAN | 58 |
| ANNEX II - RICHARDSON ELECTRONICS, LTD AMENDED AND RESTATED 2011 LONG-TERM INCENTIVE PLAN | 59 |
| ANNEX III – SECOND AMENDED AND RESTATED CERTIFICATE OF INCORPORATION | 74 |
PROXY STATEMENT
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.