10-Q/A

RELL FORM 10-Q/A (2) FY05Q3 File:20050518-FY05Q3

Cover Page Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Mark One)
[	X	]	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
			For the quarterly period ended :	February 26, 2005
[		]	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
			For the transition period from :		to

 

 

 

RICHARDSON ELECTRONICS, LTD.
(Exact name of registrant as specified in its charter)
Delaware	0-12906	36-2096643
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)
40W267 Keslinger Road, P.O. Box 393, LaFox, Illinois		60147-0393
(Address of principal executive offices)		(Zip Code)
Registrant's telephone number, including area code:		(630) 208-2200
(Former name or former address, if changed since last report.)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[     ] Yes     [ X ] No

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

[ X ] Yes     [     ] No

As of May 13, 2005, there were outstanding 17,324,822 shares of Common Stock, $.05 par value, inclusive of 3,119,902 shares of Class B Common Stock, $.05 par value, which are convertible into Common Stock of the registrant on a share for share basis.

Table of Contents Top of Page

RICHARDSON ELECTRONICS, LTD.
FORM 10-Q/A
TABLE OF CONTENTS

INDEX	PAGE
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements		3
Condensed Consolidated Balance Sheets as of February 26, 2005 and May 29, 2004		3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the        Three-Month and Nine-Month Periods Ended February 26, 2005 and February 28, 2004 (as restated)		4
Condensed Consolidated Statements of Cash Flows for the        Nine-Month Periods Ended February 26, 2005 and February 28, 2004 (as restated)		5
Notes to Condensed Consolidated Financial Statements		6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		13
Item 3. Quantitative and Qualitative Disclosures About Market Risk		17
Item 4. Controls and Procedures		17
PART II - OTHER INFORMATION
Item 1. Legal Proceedings		18
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		18
Item 3. Defaults upon Senior Securities		19
Item 4. Submission of Matters to a Vote of Security Holders		19
Item 5. Other Information		19
Item 6. Exhibits		19
Signature		19
Exhibit Index		20
Download FORM 10-Q/A in PDF format
EXPLANATORY NOTE      Richardson Electronics, Ltd. (the "Company") is filing this Amendment No. 2 to its Quarterly Report on Form 10-Q for the fiscal quarter ended February 26, 2005, which was filed with the Securities and Exchange Commission (the "SEC") on May 16, 2005 (the "original filing date"), to file new Exhibits 31.1 and 31.2 that conform to the form of certification required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. This Form 10-Q/A speaks as of the original filing date and has not been updated to reflect events occurring subsequent to the original filing date.

Part I Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RICHARDSON ELECTRONICS, LTD
CONDENSED CONSOLIDATED BALANCE SHEETS

				As of
				February 26,		May   29,
(in thousands, except per share amounts)				2005		2004
				(unaudited)
ASSETS
Current Assets
	Cash		$	22,737		$	16,927
	Receivables, less allowance of $2,280 and $2,516			109,920			106,130
	Inventories, net			107,116			92,297
	Prepaid expenses			5,236			3,817
	Deferred income taxes, net			2,386			15,922
	Total current assets			247,395			235,093
Property, plant and equipment, net				33,541			30,589
Goodwill				5,996			5,613
Deferred income taxes, net				3,708			6,733
Other assets				5,631			4,917
Total assets			$	296,271		$	282,945
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
	Accounts payable		$	37,439		$	33,473
	Accrued liabilities			20,904			23,224
	Current portion of long-term debt			12			4,027
		Total current liabilities		58,355			60,724
Long-term debt, less current portion				134,042			133,813
Non-current liabilities				1,117			241
		Total liabilities		193,514			194,778
Stockholders’ Equity
	Common stock ($.05 par value; issued 15,594 shares at      February 26, 2005 and 12,524 shares at May 29, 2004)			780			626
	Class B common stock, convertible ($.05 par value; issued      3,120 shares at February 26, 2005 and 3,168 shares at May 29, 2004)			156			158
	Preferred stock ($1.00 par value; no shares issued)			-			-
	Additional paid-in capital			122,130			93,877
	Common stock in treasury, at cost (1,399 shares at      February 26, 2005 and 1,437 shares at May 29, 2004)			(8,291	)		(8,515	)
	Retained earnings (accumulated deficit)			(12,444	)		3,408
	Accumulated other comprehensive income (loss)			426			(1,387	)
		Total stockholders’ equity		102,757			88,167
Total liabilities and stockholders' equity			$	296,271		$	282,945
See notes to condensed consolidated financial statements.

3

RICHARDSON ELECTRONICS, LTD
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED FEBRUARY 26, 2005 AND FEBRUARY 28, 2004

		Three months ended						Nine months ended
(unaudited, in thousands, except per share amounts)		February 26, 2005			February 28, 2004			February 26, 2005			February 28, 2004
						(as restated)						(as restated)
Net sales		$	141,700		$	127,267		$	431,421		$	374,523
Cost of products sold			108,033			95,802			327,271			283,102
	Gross margin		33,667			31,465			104,150			91,421
Selling, general and administrative expenses			34,009			27,030			95,273			78,269
	Operating (loss) income		(342	)		4,435			8,877			13,152
Other expense
	Interest expense		2,234			2,577			6,675			7,682
	Other, net		(451	)		(416	)		(2,927	)		483
	Total other expense		1,783			2,161			3,748			8,165
	(Loss) Income before income taxes		(2,125	)		2,274			5,129			4,987
Income tax provision			16,540			790			18,943			1,533
	Net (loss) income	$	(18,665	)	$	1,484		$	(13,814	)	$	3,454
Net (loss) income per share - basic:
	Net (loss) income per share	$	(1.08	)	$	0.11		$	(0.82	)	$	0.25
	Average shares outstanding		17,299			14,102			16,818			14,002
Net (loss) income per share - diluted:
	Net (loss) income per share	$	(1.08	)	$	0.10		$	(0.82	)	$	0.24
	Average shares outstanding		17,299			14,560			16,818			14,374
Dividends per common share		$	0.04		$	0.04		$	0.12		$	0.12
Statement of comprehensive (loss) income:
	Net (loss) income	$	(18,665	)	$	1,484		$	(13,814	)	$	3,454
	Currency translation		(650	)		904			1,038			2,115
	Fair value adjustment to market appreciation on investment,
	net of income tax effect		40			125			99			256
	Cash flow hedges,
	net of income tax effect		-			108			41			322
	Comprehensive (loss) income	$	(19,275	)	$	2,621		$	(12,636	)	$	6,147
See notes to condensed consolidated financial statements.

4

RICHARDSON ELECTRONICS, LTD
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED FEBRUARY 26, 2005 AND FEBRUARY 28, 2004

(unaudited, in thousands)		Nine months ended
		February 26, 2005			February 28, 2004
OPERATING ACTIVITIES						(as restated)
Net income (loss)		$	(13,814	)	$	3,454
Adjustments to reconcile net income (loss) to net cash    provided by (used in) operating activities:
	Depreciation		3,693			3,788
	Amortization of intangibles and financing costs		280			225
	Deferred income taxes		18,920			1,533
	Other non-cash items in net income		(3,318	)		896
	Other non-current liabilities		782			1,753
	Receivables		886			(8,864	)
	Inventories		(11,577	)		4,324
	Other current assets		(1,259	)		(511	)
	Accounts payable		(2,454	)		7,593
Net cash provided by (used in) operating activities			(7,861	)		14,191
FINANCING ACTIVITIES
	Proceeds from borrowings		100,122			29,105
	Payments on debt		(106,134	)		(36,713	)
	Net proceeds from stock issuance		28,375			1,537
	Cash dividends		(2,039	)		(1,651	)
	Loan restructuring fees		(605	)		-
Net cash provided by (used in) financing activities			19,719			(7,722	)
INVESTING ACTIVITIES
	Capital expenditures		(6,493	)		(3,861	)
	Earnout payment and business acquisitions		(881	)		(1,008	)
	Proceeds from sales of available-for-sale securities		2,608			3,369
	Purchases of available-for-sale securities		(2,608	)		(3,369	)
Net cash used in investing activities			(7,374	)		(4,869	)
	Effect of exchange rate changes on cash		1,326			1,253
Net increase in cash			5,810			2,853
	Cash at beginning of period		16,927			16,874
Cash at end of period		$	22,737		$	19,727
See notes to condensed consolidated financial statements.

5

RICHARDSON ELECTRONICS, LTD
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except per share amounts and except where indicated)

     Note A – Basis of Presentation

     The accompanying unaudited Condensed Consolidated Financial Statements (Statements) have been prepared in accordance with United States generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by United States generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments necessary for a fair presentation of the results of interim periods have been made and such adjustments were of a normal and recurring nature. The results of operations and cash flows for the nine-month period ended February 26, 2005 are not necessarily indicative of the results that may be expected for the year ended May 28, 2005.
     For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K/A for the fiscal year ended May 29, 2004. Certain fiscal 2004 balances have been reclassified to conform to the 2005 presentation. Certain fiscal 2005 amounts for previous quarters have been restated - see Note K.

     Note B - Investment in Marketable Equity Securities

     The Company’s investments are primarily equity securities, all of which are classified as available-for-sale and are carried at their fair value based on the quoted market prices. Proceeds from the sale of the securities were $2,608 and $3,369 during the first nine-month periods of fiscal 2005 and 2004, respectively, all of which were subsequently reinvested and presented in the Condensed Consolidated Balance Sheets under Other Assets. Gross realized gains on those sales were $338 in the first nine months of fiscal 2005 and $287 in the first nine months of fiscal 2004. Gross realized losses on those sales were $90 and $37 in the first nine-month periods of fiscal 2005 and 2004, respectively. A net unrealized holding gain of $160 and a net unrealized holding gain of $413 have been included in accumulated other comprehensive income as of February 26, 2005 and February 28, 2004, respectively. The following table is the disclosure under SFAS No. 115 for investments in marketable equity securities:

Description of	Marketable security holding length				Total
Securities	Less than 12 months		More than 12 months
Period ended on	Fair Value	Unrealized losses	Fair Value	Unrealized losses		Fair Value	Unrealized losses
February 26, 2005
Common Stock	$   1,912	$       16	$     1,050	$        -		$   2,962	$       16
May 29, 2004
Common Stock	$   1,979	$       63	$          370	$        7		$   2,349	$       70

     Note C – Restructuring Charges

     As a result of the Company's fiscal 2005 restructuring initiative, a restructuring charge, including severance and lease termination costs of $2,152, was recorded in selling, general and administrative expenses for the quarter ended February 26, 2005. Severance costs of $249 were paid in the third quarter of fiscal 2005. The remaining balance payable in fiscal 2005 and 2006 has been included in accrued liabilities. Terminations affected over 60 employees across various business functions, operating units and geographic regions. As of February 26, 2005, the following table depicts the amounts associated with the activity related to the restructuring balance by reportable segments which include RF & Wireless Communications Group (RFWC), Industrial Power Group (IPG), Security Systems Division (SSD), and Display Systems Group (DSG):

Restructuring liability
as of	By Business Unit
February 26, 2005	RFWC		IPG		SSD		DSG		Other		Total
Employee severance and related costs	$	805	$	239	$	87	$	409	$	329	$	1,869
Lease termination costs		-		-		35		-		-		35
Total	$	805	$	239	$	122	$	409	$	329	$	1,904

     Note D – Goodwill and Other Intangible Assets

     On December 17, 2004, the Company acquired certain assets and assumed liabilities from Evergreen Trading Company, a leading distributor of power components in China, for a net cash payment of $336. The table below provides changes in the carrying values of goodwill and intangible assets not subject to amortization by reportable segment:

	Goodwill and intangible assets not subject to amortization
			RFWC		IPG		SSD		DSG		Total
Balance at May 29, 2004		$	-	$	876	$	1,739	$	3,420	$	6,035
Additions			-		220		-		-		220
Modification of earnout payment			-		-		-		26		26
Foreign currency translation			-		10		168		-		178
Balance at February 26, 2005		$	-	$	1,106	$	1,907	$	3,446	$	6,459

6

     Intangible assets subject to amortization are presented in the Condensed Consolidated Balance Sheets under Other assets. The balance as of February 26, 2005 and May 29, 2004 are as follows:

	February 26, 2005				May 29, 2004
		Gross		Accumulated		Gross		Accumulated
		Amount		Amortization		Amount		Amortization
Intangible assets subject to amortization:
Deferred financing costs	$	2,935	$	2,209	$	2,192	$	1,935
Patents, trademarks and customer lists		478		471		478		461
Total	$	3,413	$	2,680	$	2,670	$	2,396

     Amortization expense for the three-month and nine-month periods ended February 26, 2005 and February 28, 2004 is as follows:

	Amortization expense for the
	Third Quarter				Nine Months
		FY 2005		FY 2004		FY 2005		FY 2004
Intangible assets subject to amortization:
Deferred financing costs	$	100	$	71	$	271	$	215
Patents and trademarks		3		4		10		10
Total	$	103	$	75	$	281	$	225

     The amortization expense associated with the existing intangible assets subject to amortization is expected to be $325, $167, $154, $151, $90, $49, $48, and $28, in fiscal 2005, 2006, 2007, 2008, 2009, 2010, 2011 and 2012, respectively. The weighted average number of years of amortization expense remaining is 5.18.

     Note E – Warranties

     The Company offers warranties for specific products it manufactures. The Company also provides extended warranties for some products it sells, which are manufactured by others, that lengthen the period of coverage specified in the manufacturer's original warranty. Terms generally range from one to three years.
     The Company estimates the cost to perform under its warranty obligation and recognizes this estimated cost at the time of the related product sale. The Company reports this expense as an element of cost of products sold in its statement of operations. Each quarter, the Company assesses actual warranty costs incurred, on a product-by-product basis, as compared to its estimated obligation. The estimates with respect to products under extended warranty are based generally on knowledge of the manufacturers’ experience and are extrapolated to reflect the extended warranty period, and are refined each quarter as better information with respect to warranty experience becomes known.
     Warranty reserves are established for costs that are expected to be incurred after the sale and delivery of products under warranty. The warranty reserves are determined based on known product failures, historical experience, and other currently available evidence.
     Changes in the warranty reserve for the nine months ended February 26, 2005 were as follows:

		Warranty Reserve
Balance at May 29, 2004	$	802
Accruals for products sold		1,018
Utilization		(455	)
Balance at February 26, 2005	$	1,365

     The increase in the warranty accrual represents warranties primarily related to products under a three year extended warranty offered by the Company’s Display Systems Group beginning in the third quarter of fiscal 2003.

     Note F – Income Taxes

      As of February 26, 2005, domestic net operating loss carryforwards (NOL) amount to approximately $19.5 million. These NOLs expire in 2024. Foreign net operating loss carryforwards total approximately $15.3 million. In the second quarter of fiscal 2005, the Company recorded a valuation allowance of approximately $.6 million primarily relating to certain foreign subsidiaries recording deferred tax assets on net operating losses.
      Net domestic deferred tax assets, including the domestic NOL, are approximately $14.5 million at February 26, 2005. Due to changes in the level of certainty regarding realization, a valuation allowance of approximately $12.2 million was established in the third quarter of fiscal 2005 to offset certain domestic deferred tax assets and domestic net operating loss carryforwards.
     At the end of fiscal 2004, all of the positive earnings of the Company's foreign subsidiaries were considered permanently reinvested pursuant to Accounting Principal Board Opinion (APB) No. 23, Accounting for Income Taxes-Special Areas. As such, U.S. taxes were not provided on these amounts. In the third quarter of fiscal 2005, the Company determined that approximately $12.4 million of its subsidiaries' earnings may be distributed in future years. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to both U.S. income tax and foreign withholding taxes. As such, the Company has established a deferred tax liability of approximately $4.8 million.
     The effective income tax rates for the nine-month periods ended February 26, 2005 and February 28, 2004 were 38.0% and 30.7%, respectively, excluding the establishment of the domestic valuation allowance and deferred tax liabilities in the third quarter of fiscal 2005. The difference between the effective tax rate and the U.S. statutory rate of 34% primarily results from the Company's geographic distribution of taxable income and losses and certain non-tax deductible charges, and certain foreign tax exposures and assessments.

7

     The Company's tax status is subject to the provisions of the American Jobs Creation Act of 2004 (the Act). The repatriation provision of the Act provides an incentive for U.S. companies to repatriate foreign earnings. The domestic manufacturing deduction provision creates a deduction for qualified domestic production activities. The Company is still evaluating the effects of the repatriation provision, and has not made a determination as to whether the Act has an effect on income taxes for the period.

     Note G – Calculation of Earnings per Share

     Basic earnings per share is calculated by dividing net (loss) income by the weighted average number of Common and Class B Common shares outstanding. Diluted earnings per share is calculated by dividing net (loss) income, adjusted for interest savings, net of tax, on assumed bond conversions, by the actual shares outstanding and share equivalents that would arise from the exercise of stock options, certain restricted stock awards and the assumed conversion of convertible bonds when dilutive. The Company’s 8¼%, 7¾% and 7¼% convertible debentures are excluded from the calculation in fiscal 2005 and the Company’s 8¼% and 7¼% convertible debentures are excluded from the calculation in fiscal 2004, as assumed conversion and the effect of interest savings would be anti-dilutive. The per share amounts presented in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) are based on the following amounts:

	Third Quarter					Nine Months
		FY 2005			FY 2004		FY 2005			FY 2004
				(as restated)					(as restated)
Numerator for basic and diluted EPS:
Net (loss) income	$	(18,665	)	$	1,484	$	(13,814	)	$	3,454
Denominator:
Denominator for basic EPS
Weighted average common shares outstanding		17,299			14,102		16,818			14,002
Effect of dilutive securities:
Unvested restricted stock awards		-			31		-			35
Dilutive stock options		-			427		-			337
Shares applicable to diluted income (loss) per common share		17,299			14,560		16,818			14,374

     The effect of potentially dilutive stock options is calculated using the treasury stock method. Certain stock options are excluded from the calculations because the average market price of the Company’s stock during the period did not exceed the exercise price of those options. For the nine-month period ended February 26, 2005, there were 609 such options. However, some or all of the above mentioned options may be potentially dilutive in the future.

     Note H – Stock-Based Compensation

     The Company has stock-based compensation plans under which stock options are granted to key managers at the market price of the common stock on the date of grant. Most of these new grants are fully exercisable after five years and have a ten-year life. Two stock awards totaling 7,882 restricted shares and 288,279 stock options were granted during the nine months ended February 26, 2005.
     The Company applies the intrinsic value-based method of accounting prescribed by Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations including FASB interpretation No. 44, Accounting for Certain Transactions Involving Stock Compensation, an interpretation of APB Opinion 25, issued in March 2000, to account for its stock options. Under this method, compensation expense is recorded on the date of grant only if the current market price of the underlying stock exceeds the exercise price. Statement of Financial Accounting Standard ("SFAS") No. 123, Accounting for Stock-Based Compensation, established accounting and disclosure requirements using a fair value-based method of accounting for stock-based employee compensation plans. As allowed by SFAS No.123, the Company has elected to continue to apply the intrinsic value-based method of accounting described above, and has adopted only the disclosure requirements of SFAS No.123. The following table illustrates the pro-forma effect on net income if the fair value-based method had been applied to all outstanding and unvested awards and option grants in each period.

	Third Quarter						Nine Months
		FY 2005			FY 2004			FY 2005			FY 2004
					(as restated)						(as restated)
Net (loss) income, as reported	$	(18,665	)	$	1,484		$	(13,814	)	$	3,454
Add: Stock-based compensation expense included in   reported net (loss) income, net of tax		55			74			157			193
Deduct: Stock-based compensation expense determined under fair value-based method for all awards, net of taxes		(220	)		(286	)		(651	)		(830	)
Pro-forma net (loss) income	$	(18,830	)	$	1,272		$	(14,308	)	$	2,817
Net (loss) income per share, basic:
Reported net (loss) income	$	(1.08	)	$	0.11		$	(0.82	)	$	0.25
Pro-forma compensation expense, net of taxes		(0.01	)		(0.02	)		(0.03	)		(0.05	)
Pro-forma net (loss) income per share	$	(1.09	)	$	0.09		$	(0.85	)	$	0.20
Net (loss) income per share, diluted:
Reported net income	$	(1.08	)	$	0.10		$	(0.82	)	$	0.24
Pro-forma compensation expense, net of taxes		(0.01	)		(0.01	)		(0.03	)		(0.04	)
Pro-forma net (loss) income per share	$	(1.09	)	$	0.09		$	(0.85	)	$	0.20

8

     Note I – Segment Information

     The marketing, sales, product management, and purchasing functions of the Company consist of four strategic business units (SBU’s): RF & Wireless Communications Group (RFWC), Industrial Power Group (IPG), Security Systems Division (SSD), and Display Systems Group (DSG).
     RFWC serves the expanding global RF and wireless communications market, including infrastructure and wireless networks, as well as the fiber optics market. The Company’s team of RF and wireless engineers assists customers in designing circuits, selecting cost effective components, planning reliable and timely supply, prototype testing, and assembly. The group offers its customers and vendors complete engineering and technical support from the design-in of RF and wireless components to the development of engineered solutions for their system requirements.
     IPG serves the industrial market’s need for both vacuum tube and solid-state technologies. The group provides replacement products for systems using electron tubes as well as design and assembly services for new systems employing power semiconductors.  As electronic systems increase in functionality and become more complex, the Company believes the need for intelligent, efficient power management will continue to increase and drive power conversion demand growth.
     SSD is a global provider of closed circuit television, fire, burglary, access control, sound, and communication products and accessories for the residential, commercial, and government markets. The division specializes in closed circuit television design-in support, offering extensive expertise with applications requiring digital technology. SSD products are primarily used for security and access control purposes but are also utilized in industrial applications, mobile video, and traffic management.
     DSG is a global provider of integrated display products and systems to the public information, financial, point-of-sale, and medical imaging markets. The group works with leading hardware vendors to offer the highest quality liquid crystal display, plasma, cathode ray tube, and customized display monitors. DSG engineers design custom display solutions that include touch screens, protective panels, custom enclosures, specialized finishes, application specific software, and privately branded products.
     Each SBU is directed by a Vice President and General Manager who reports to the President and Chief Operating Officer. The President evaluates performance and allocates resources, in part, based on the direct operating contribution of each SBU. Direct operating contribution is defined as gross margin less product management and direct selling expenses.
     Accounts receivable, inventory, goodwill, and some intangible assets are identified by SBU. Cash, net property and other assets are not identifiable by SBU. Operating results for each SBU are summarized in the following table:

		Sales		Gross	Direct Operating				Assets	Goodwill and
				Margin		Contribution				Intangibles
	Third Quarter							As of
FY 2005								February 26, 2005
RFWC	$	65,268	$	13,533		$	5,330	$	96,241	$	-
IPG		29,657		8,891			5,440		54,087		1,106
SSD		25,607		6,260			2,275		37,357		1,907
DSG		19,498		4,097			1,319		24,614		3,446
Total	$	140,030	$	32,781		$	14,364	$	212,299	$	6,459
	Third Quarter							As of
FY 2004								May 29, 2004
RFWC	$	55,973	$	13,162		$	6,787	$	87,097	$	-
IPG		27,514		8,383			5,872		50,403		876
SSD		25,260		6,394			3,495		33,257		1,739
DSG		16,813		4,146			2,294		23,358		3,420
Total	$	125,560	$	32,085		$	18,448	$	194,115	$	6,035
	Nine Months
FY 2005
RFWC	$	197,053	$	43,864		$	21,767
IPG		90,608		27,525			17,887
SSD		78,728		20,062			10,095
DSG		60,040		13,528			5,927
Total	$	426,429	$	104,979		$	55,676
	Nine Months
FY 2004
RFWC	$	163,493	$	37,190		$	19,514
IPG		81,232		24,730			17,570
SSD		76,541		19,419			10,829
DSG		47,756		12,132			6,648
Total	$	369,022	$	93,471		$	54,561

9

      A reconciliation of sales, gross margin, direct operating contribution and assets to the relevant consolidated amounts is as follows. Other assets not identified include miscellaneous receivables, manufacturing inventories and other assets.

	Third Quarter						Nine Months
		FY 2005			FY 2004			FY 2005			FY 2004
Sales - segments total	$	140,030		$	125,560		$	426,429		$	369,022
Other sales		1,670			1,707			4,992			5,501
Sales	$	141,700		$	127,267		$	431,421		$	374,523
Gross margin - segments total	$	32,781		$	32,085		$	104,979		$	93,471
Gross margin on other sales		886			(620	)		(829	)		(2,050	)
Gross margin	$	33,667		$	31,465		$	104,150		$	91,421
Segment direct operating contribution	$	14,364		$	18,448		$	55,676		$	54,561
Gross margin on other sales		886			(620	)		(829	)		(2,050	)
Regional selling expenses		(4,817	)		(4,622	)		(14,063	)		(13,452	)
Administrative expenses		(10,775	)		(8,771	)		(31,907	)		(25,907	)
Operating income (loss)	$	(342	)	$	4,435		$	8,877		$	13,152
		As of
	February 26,				May 29,
	2005				2004
Segment assets	$	212,299		$	194,115
Cash		22,737			16,927
Other current assets		29,461			30,086
Net property		33,541			30,589
Other assets		(1,767	)		11,228
Total assets	$	296,271		$	282,945

     The Company sells its products to companies in diversified industries and performs periodic credit evaluations of its customers' financial condition. Terms are generally on open account, payable net 30 days in North America, and vary throughout Europe, Asia/Pacific and Latin America. Estimates of credit losses are recorded in the financial statements based on periodic reviews of outstanding accounts and actual losses have been consistently within management's estimates.
     Sales, percentage change from the prior year, gross margin, and gross margin percent of sales by geographic area are summarized in the following table. Previously reported sales under the caption “Direct Export” and some of the “Corporate” sales were identified by geographic area and reclassified accordingly. The caption “Corporate” consists primarily of Freight and Corporate provisions.  

By Geographic Area:
	SALES				GROSS MARGIN
		FY 2005		FY 2004		FY 2005			FY 2004
Third Quarter
North America	$	73,443	$	68,392	$	19,047		$	17,681
Europe		31,118		29,124		9,425			8,480
Asia/Pacific		30,652		23,630		7,104			5,640
Latin America		5,544		5,428		1,458			1,243
Corporate		943		693		(3,367	)		(1,579	)
Total	$	141,700	$	127,267	$	33,667		$	31,465
Nine Months
North America	$	227,548	$	199,468	$	58,783		$	52,244
Europe		94,284		86,025		27,047			24,825
Asia/Pacific		91,217		71,120		21,560			16,227
Latin America		15,392		15,102		4,184			3,541
Corporate		2,980		2,808		(7,424	)		(5,416	)
Total	$	431,421	$	374,523	$	104,150		$	91,421

10

     Note J – Financing Activities

     On July 8, 2004, the Company completed an offering of 3,000,000 shares of its common stock, which resulted in net proceeds to the Company of $27,826 after the offering cost of $1,310.
     On February 14, 2005, the Company entered into separate exchange agreements pursuant to which a small number of holders of Richardson’s existing 7¼% Convertible Subordinated Debentures due December 15, 2006, or the 7¼% debentures, and 8¼% Convertible Senior Subordinated Debentures due June 15, 2006, or the 8¼% debentures, agreed to exchange approximately $22.2 million in aggregate principal amount of 7¼% debentures and approximately $22.5 million in aggregate principal amount of 8¼% debentures for approximately $44.7 million in aggregate principal amount of newly-issued 7¾% Convertible Senior Subordinated Notes (the Notes) due 2011. Based on recent Schedule 13G filings, two of the holders, Loomis Sayles & Company and T. Rowe Price Associates, Inc., each beneficially owns more than 5% of the Company's common stock. Loomis exchanged approximately $14.9 million aggregate principal amount of 7¼% debentures, and T. Rowe Price e xchanged approximately $4.1 million aggregate principal amount of 7¼% debentures.
     On February 15, 2005, the Company issued the Notes pursuant to an indenture with J.P. Morgan Trust Company dated February 14, 2005. The Notes bear interest at the rate of 7¾% per anum. Interest is due on June 15 and December 15 of each year. The Notes mature on December 15, 2011. The Notes are convertible at the option of the holder, at any time on or prior to maturity, into shares of the Company's common stock at a price equal to $18.00 per share, subject to adjustment in certain circumstances. On or after December 19, 2006, the Company may elect to automatically convert the Notes into shares of common stock if the trading price of the common stock exceeds 125% of the conversion price of the Notes for at least twenty trading days during any thirty trading day period.
     The indenture provides that on or after December 19, 2006, the Company has the option of redeeming the Notes, in whole or in part, for cash, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. However, from December 19, 2006 until December 19, 2007, the Notes will be redeemable only if the trading price of the Company's common stock exceeds 125% of the conversion price of the Notes for at least twenty trading days during any thirty trading day period.
     Holders may require the Company to repurchase all or a portion of their Notes for cash upon a change-of-control event, as described in the indenture, at a repurchase price equal to 101% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding the repurchase date. The Company may, at its option, pay the change of control purchase price in cash, shares of its common stock (valued at 97.5% of the market price), or a combination thereof.
     The Notes are unsecured and subordinated to the Company's existing and future senior debt and senior to the Company's existing 7¼% Convertible Subordinated Debentures due December 15, 2006 and 8¼% Convertible Subordinated Debentures due June 15, 2006.
     The Notes were issued through a private offering to qualified institutional buyers under Section 4(2) of the Securities Act of 1933 and Rule 506 promulgated thereunder. In connection with the exchange, on February 15, 2005, the Company also entered into a resale registration rights agreement with the existing holders who participated in the exchange offer. Pursuant to the resale registration rights agreement, the Company has agreed to file a registration statement for the resale of the Notes and the shares of common stock issuable upon conversion of the Notes on or before May 16, 2005 and to use its best efforts to cause such registration statement to become effective as promptly as is practicable, but in no event later than August 15, 2005. The Company has also agreed to keep the shelf registration statement effective until two years after the latest date on which it issues Notes in connection with the exchange, subject to certain terms and conditions.

     Note K – Correction of Error

     The Company filed Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission on April 8, 2005, notifying of a delay in filing of the Company's third quarter Form 10-Q for the period ended February 26, 2005.
     In connection with our independent registered public accounting firm's review of the Company's Form 10-Q for the third quarter of fiscal 2005, an error was identified that occurred in the application of Financial Accounting Standards Board Statement No. 52, Foreign Currency Translation, on intercompany indebtedness with its subsidiaries, which affected previously reported foreign currency translation. The consolidated financial statements for fiscal 2002 and 2003, the selected quarterly financial data for fiscal 2003 and 2004, and the first two quarters of fiscal 2005 have been restated to correct this error. The restatement increased diluted earnings per share to $0.10 for the third quarter of fiscal 2004 versus the $0.07 previously reported and decreased diluted earnings per share to $0.24 for the nine month period of fiscal 2004 versus the $0.25 previously reported. The Company filed Form 10-K/A for fiscal 2004 on May 16, 2005 to reflect these changes.
     A reconciliation of reported net income to restated net income, including the impact of the currency translation adjustment for the three and nine months ended February 28, 2004, is provided in the following table:

	Three Months Ended		Nine Months Ended
	February 28, 2004			February 28, 2004
Previously reported net income (loss)	$	1,000		$	3,597
Currency Translation Adjustment		484			(143	)
Restated net income	$	1,484		$	3,454
Previously reported basic income (loss) per share	$	0.07		$	0.26
Currency Translation Adjustment		0.04			(0.01	)
Restated basic net income (loss) per share	$	0.11		$	0.25
Previously reported diluted income (loss) per share	$	0.07		$	0.25
Currency Translation Adjustment		0.03			(0.01	)
Restated basic net income (loss) per share	$	0.10		$	0.24

11

     In connection with our independent auditor's review of the Company's Form 10-Q for the second quarter of fiscal 2005, an error was discovered with respect to the accounting treatment of certain foreign exchange gains and losses incurred during fiscal 2001 and 2002. These foreign exchange items related to the acquisition in 2001 of AVIV Electronics by one of the Company's subsidiaries, and the reporting of subsequent intercompany transactions between the subsidiary and parent. The terms of the related acquisition agreement obligated the Company's subsidiary to settle an acquisition-related obligation in U.S. dollars, which is not the subsidiary's functional currency. Related foreign exchange losses incurred by the subsidiary during the period from the inception of the obligation through the date of the parent's assumption of the obligation were accounted for in error as an element of accumulated other comprehensive income, rather than as an element of net income. The correction of this error amounts to $580 on a cumulative, net of tax basis, which was recorded as an adjustment to both retained earnings and accumulated other comprehensive loss as of May 29, 2004.
     Management and the Company's audit committee, in consultation with the Company's former auditor, have determined that the impact of the correction of the error in either fiscal 2001 or 2002 is not material, and in consultation with its current auditor, have determined that the correction of the error through an adjustment to both retained earnings and accumulated other comprehensive (loss) as of May 29, 2004 is not material. The Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) presented herein are not affected by the correction of this error.

     Note L – Recently Issued Pronouncements

     In December 2004, the FASB issued FASB Statement No. 123 (Revised 2004), Accounting for Stock-Based Compensation. This Statement establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity's equity instruments or that may be settled by the issuance of those equity instruments. This Statement focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions. Statement 123(R) is effective at the beginning of the next fiscal year that begins after June 15, 2005. The Company is evaluating the impact of the adoption of SFAS 123R on the financial statements.

     Note M – Subsequent Events

     The Company was in compliance with all debt covenants as of February 26, 2005. Subsequently, the Company's late filing of its third quarter Form 10-Q (see Note K) and restatement of prior fiscal periods resulted in defaults of the Company's credit agreement with respect to timely and correct financial statements and Form 10-Q reports. The Company has received a waiver from its lending group for the defaults and, with the filing of this Form 10-Q and amended Form 10-K and Form 10-Q reports for the affected prior periods, has satisfied the conditions of the waiver.
     On April 19, 2005, the Company received a Nasdaq Staff Determination Letter indicating that the Company is subject to potential delisting from the Nasdaq National Market as it is not in compliance with Nasdaq Marketplace Rule 4310(c)(14) as a result of the Company's inability to timely file its Form 10-Q for the quarter ended February 26, 2005. The Company has requested a hearing before a Nasdaq Listing Qualifications Panel to appeal the Nasdaq staff's notification and request continued listing, which stays the delisting until the appeal has been heard and the panel has rendered its decision. The Company's hearing is scheduled for May 26, 2005. Until a decision is made on the appeal the Company's trading symbol will be "RELLE".

12

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (in thousands, except per share amounts and except where indicated)

     Except for the historical information contained herein, the matters discussed in this quarter report on Form 10-Q are forward-looking statements relating to future events, which involve certain risks and uncertainties. Further, there can be no assurance that the trends reflected in historical information will continue in the future.
     Investors should consider carefully the following risk factors, in addition to the other information included and incorporated by reference in this quarter report on Form 10-Q. All statements other than statements of historical facts included in this report are statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. The words "expect," "estimate," "anticipate," "predict," "believe" and similar expressions and variations thereof are intended to identify forward-looking statements. Such statements appear in a number of places in this report and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) trends affecting the Company’s financial condition or results of operations; (ii) the Company’s financing plans; (iii) the Company’s business and growth st rategies, including potential acquisitions; and (iv) other plans and objectives for future operations. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those predicted in the forward-looking statements or which may be anticipated from historical results or trends.
     In addition to the information contained in the Company’s other filings with the Securities and Exchange Commission, factors that could affect future performance include, among others, the following:

-   The Company has had significant operating and net losses in the past and may have future losses.

-   The Company maintains a significant investment in inventory and has incurred significant charges for inventory obsolescence and overstock, and may incur similar charges in the future.

-   If the Company does not maintain effective internal controls over financial reporting, it could be unable to provide timely and reliable financial information.

-   Because the Company derives a significant portion of its revenue by distributing products designed and manufactured by third parties, it may be unable to anticipate changes in the marketplace and, as a result, could lose market share.

-   The Company has exposure to economic downturns and operates in cyclical markets.

-   The Company has significant debt, which could limit its financial resources and ability to compete and may make it more vulnerable to adverse economic events.

-   The Company’s ability to service its debt and meet its other obligations depends on a number of factors beyond its control.

-   The Company’s success depends on its executive officers and other key personnel.

-   The Company’s credit agreement and the indentures for its outstanding debentures impose restrictions with respect to various business matters.

-   Potential changes in accounting standards regarding stock option plans could limit the desirability of granting stock options, which could harm the Company’s ability to attract and retain employees, and could also negatively impact its results of operations.

-   The Company faces intense competition in the markets it serves and, if it does not compete effectively, it could significantly harm its operating results.

-   The Company may not be able to continue to make the acquisitions necessary for it to realize its growth strategy or integrate acquisitions successfully.

-   If the Company does not continue to reduce its costs, it may not be able to compete effectively in its markets.

-   The Company’s Industrial Power Group is dependent on a limited number of vendors to supply it with essential products.

-   Economic, political and other risks associated with international sales and operations could adversely affect the Company’s business.

-   The Company is exposed to foreign currency risk.

-   Because the Company generally does not have long-term contracts with its vendors, it may experience shortages of products that could harm its business and customer relationships.

-   The outbreak of severe acute respiratory syndrome, or SARS, or any other disease epidemic, may adversely affect the Company’s business, financial condition and results of operations.

     For more discussion of such risks, see "Risk Factors" in the Company’s Form 10-K/A filed with the Securities and Exchange Commission on May 16, 2005.
     These risks are not exhaustive. Other sections of this report may include additional factors, which could adversely affect the Company’s business and financial performance. Moreover, the Company operates in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
     Investors should also be aware that while the Company does, from time to time, communicate with securities analysts, it is against the Company’s policy to disclose to them any material non-public information or other confidential commercial information. Accordingly, stockholders should not assume that the Company agrees with any statement or report issued by any analyst irrespective of the content of the statement or report. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not the responsibility of the Company.

13

     Overview

     Richardson Electronics, Ltd. is a global provider of engineered solutions and a distributor of electronic components to the radio frequency, or RF, and wireless communications, industrial power conversion, security, and display systems markets. The marketing, sales, product management and purchasing functions of the Company are organized as four strategic business units "SBUs": RF & Wireless Communications Group "RFWC", Industrial Power Group "IPG", Security Systems Division "SSD", and Display Systems Group "DSG", with operations in the major economic regions of the world: North America, Europe, Asia/Pacific, and Latin America. In December 2004, Richardson Electronics, Ltd. acquired the assets of Evergreen Trading Company, a distributor of passive components in China. Evergreen Trading Company will be integrated into IPG. Evergreen Trading Company is similar to Richardson in that they also emphasize engineered solutions by offering technical services and design assistance. This acquisition is intended to provide IPG infrastructure and a selling organization to more aggressively expand its business throughout China.
     In December 2004, a joint venture was formed with Light Speed Labs, LP to support SSD and DSG. The joint venture was organized as a Limited Liability Company (LLC) under the name VConex, LLC and is expected to develop distinctive and proprietary security and display solutions which will be exclusively marketed through Richardson Electronics, Ltd. This venture is expected to provide Richardson with engineering resources and expertise to develop network video technology applications for large national accounts such as retail and hospitality chains for security and display solutions needs. Sales increased for all four strategic business units and all four geographic areas for the three- and nine-month periods over the prior year. The third quarter of fiscal 2005 was the eleventh consecutive quarter of year-over-year sales growth for the Company. Net loss for the quarter was $18,665 or $1.08 per share on a diluted basis as compared to net income of $1,484 or $0.10 per share on a dil uted basis a year ago. Net loss for the quarter included incremental tax provisions, restructuring and other charges of $19.9 million after-tax ($4.2 million pre-tax). Incremental tax provisions of $17.2 million were established in the quarter primarily to reduce the Company's deferred tax assets (see Note F). The Company implemented restructuring actions at the end of the third quarter of fiscal 2005, which included changes in management and a reduction in workforce, to accelerate the alignment of operations with the Company's engineered solutions strategy and improve operating efficiency. Severance charges of $2.2 million and inventory write-down charges of $0.9 million were recorded in the quarter. The Company also recorded incremental costs of $0.8 million associated with previously capitalized freight, which will now be reported as a period expense, and an incremental bad debt provision of $0.3 million. The severance and bad debt charges were recorded to selling, general and administrative expense. Th e Company experiences moderate seasonality in its business and typically realizes higher sequential sales in its second and fourth quarters, reflecting increased transaction volume after the summer and holiday months in its first and third quarter periods. Based on the period from fiscal 1993 to 2004, sales in the fourth quarter were, on average, approximately 9-10% higher sequentially. Management expects fourth quarter sales in fiscal 2005 will increase sequentially over the third quarter of fiscal 2005 in line with the historical average.

     Results of Operations

Sales and Gross Margins

     Consolidated sales for the third quarter ended February 26, 2005 increased $14.4 million or 11.3% from the prior year to $141.7 million. Sales increased for all four strategic business units and all four geographic areas over the prior year, as discussed below and shown in Note I of the Notes to Condensed Consolidated Financial Statements. For the nine-month period, sales were up 15.2% to $431.4 million. Consolidated gross margin as a percentage of sales decreased 90 basis points for the quarter and 30 basis points for the nine-months from the corresponding periods of the prior year primarily due to the write-downs of inventory and previously capitalized freight from the restructuring actions taken in the third quarter of fiscal 2005. Sales, percentage changes from the prior year, gross margins and gross margin percent of sales by SBU are summarized in the following table. Freight, Logistics business, and miscellaneous costs are included unde r the caption "Other."

By Business Unit:
				SALES								GROSS MARGIN
		FY 2005		FY 2004	%  Change				FY 2005		% of Sales				FY 2004		% of Sales
Third Quarter
RFWC	$	65,268	$	55,973		16.6	%	$	13,533			20.7	%	$	13,162			23.5	%
IPG		29,657		27,514		7.8	%		8,891			30.0	%		8,383			30.5	%
SSD		25,607		25,260		1.4	%		6,260			24.4	%		6,394			25.3	%
DSG		19,498		16,813		16.0	%		4,097			21.0	%		4,146			24.7	%
Other		1,670		1,707					886						(620	)
Total	$	141,700	$	127,267		11.3	%	$	33,667			23.8	%	$	31,465			24.7	%
Nine Months
RFWC	$	197,053	$	163,493		20.5	%	$	43,864			22.3	%	$	37,190			22.7	%
IPG		90,608		81,232		11.5	%		27,525			30.4	%		24,730			30.4	%
SSD		78,728		76,541		2.9	%		20,062			25.5	%		19,419			25.4	%
DSG		60,040		47,756		25.7	%		13,528			22.5	%		12,132			25.4	%
Other		4,992		5,501					(829	)					(2,050	)
Total	$	431,421	$	374,523		15.2	%	$	104,150			24.1	%	$	91,421			24.4	%

14

     RFWC sales grew 16.6% and 20.5% for the quarter and nine months, respectively, from the comparable periods in fiscal 2004. In the third quarter of fiscal 2005, Infrastructure and Network Access product sales increased 24.6% and 21.5% to $19.3 million and $25.7 million, respectively. In the first nine months of fiscal 2005, Passive/Interconnect, Network Access, and Infrastructure product sales were up 28.4%, 23.9% and 17.6% to $39.9 million, $75.1 million and $56.2 million, respectively. Gross margin as a percentage of sales decreased 280 basis points for the quarter and 40 basis points for the nine months compared to the prior year primarily due to inventory write-downs of $1.3 million recorded in the third quarter of fiscal 2005.
     IPG sales increased 7.8% and 11.5% for the quarter and nine months, respectively, compared to the same periods in the prior year. Solid State Power Components product sales were up 9.0% and 24.6% for the quarter and nine months to $9.5 million and $30.2 million, respectively. Tube product sales grew 6.2% and 4.9% to $19.8 million and $59.4 million for the quarter and nine months, respectively. IPG gross margin as a percentage of sales decreased 50 basis points for the quarter compared to the prior year due to additional freight expenses of $0.2 million.
     SSD sales were up 1.4% and 2.9% for the quarter and nine months, respectively, from the comparable periods in fiscal 2004. Private label product sales increased 14.1% and 13.4% for the quarter and nine months to $8.1 million and $23.4 million, respectively. Gross margin as a percentage of sales decreased 90 basis points for the quarter compared to the prior year due to inventory write-downs of $0.3 million and additional freight expenses of $0.4 million.
     DSG sales grew 16.0% and 25.7% for the quarter and nine months, respectively, compared to the same periods in the prior year. In the quarter, Custom Displays and Medical Monitors product sales were up 90.1% and 1.5% to $6.3 million and $7.2 million, respectively. In the nine months, Custom Displays and Medical Monitors product sales increased 80.5% and 25.4% to $17.0 million and $24.0 million, respectively. DSG gross margin as a percentage of sales decreased 370 basis points for the quarter and 290 basis points for the nine months compared to the prior year primarily due to declining average selling prices for Medical Monitors.
     Sales, percentage change from the prior year, gross margin, and gross margin percent of sales by geographic area are summarized in the following table. Previously reported sales under the caption "Direct Export" and some of the "Corporate" sales were identified by geographic area and reclassified accordingly. The caption "Corporate" consists primarily of Freight and Corporate provisions.

By Geographic Area:
	SALES										GROSS MARGIN
		FY 2005		FY 2004	%  Change				FY 2005		% of Sales				FY 2004		% of Sales
Third Quarter
North America	$	73,443	$	68,392		7.4	%	$	19,047			25.9	%	$	17,681			25.9	%
Europe		31,118		29,124		6.8	%		9,425			30.3	%		8,480			29.1	%
Asia/Pacific		30,652		23,630		29.7	%		7,104			23.2	%		5,640			23.9	%
Latin America		5,544		5,428		2.1	%		1,458			26.3	%		1,243			22.9	%
Corporate		943		693					(3,367	)					(1,579	)
Total	$	141,700	$	127,267		11.3	%	$	33,667			23.8	%	$	31,465			24.7	%
Nine Months
North America	$	227,548	$	199,468		14.1	%	$	58,783			25.8	%	$	52,244			26.2	%
Europe		94,284		86,025		9.6	%		27,047			28.7	%		24,825			28.9	%
Asia/Pacific		91,217		71,120		28.3	%		21,560			23.6	%		16,227			22.8	%
Latin America		15,392		15,102		1.9	%		4,184			27.2	%		3,541			23.4	%
Corporate		2,980		2,808					(7,424	)					(5,416	)
Total	$	431,421	$	374,523		15.2	%	$	104,150			24.1	%	$	91,421			24.4	%

     Sales in North America increased 7.4% and 14.1%, respectively, for the quarter and nine months from the comparable periods in fiscal 2004. Gross margin as a percentage of sales was flat for the quarter and decreased 40 basis points for the nine months compared to the prior year. DSG sales in the United States grew 26.8% and 29.1% for the quarter and nine months to $15.3 million and $45.8 million, respectively. SSD sales in Canada were up 19.2% and 12.8% to $14.4 million and $43.4 million for the quarter and nine months, respectively.
      Sales in Europe grew 6.8% and 9.6%, respectively, for the quarter and nine months from the comparable periods in fiscal 2004. Gross margin as a percentage of sales increased 120 basis points for the quarter and decreased 20 basis points for the nine months compared to the prior year. RFWC sales in Europe increased 17.6% and 19.4% for the quarter and nine months to $16.7 million and $51.2 million, respectively.
      Sales in Asia/Pacific were up 29.7% and 28.3%, respectively, for the quarter and nine months from the comparable periods in fiscal 2004. Gross margin as a percentage of sales decreased 70 basis points for the quarter and increased 80 basis points for the nine months compared to the prior year. RFWC sales in Asia/Pacific grew 42.1% and 30.4% to $24.1 million and $67.8 million for the quarter and nine months, respectively. Sales in China increased 87.3% and 85.2% to $11.2 million and $29.4 million for the quarter and nine months, respectively, led by strong wireless and industrial power demand.
      Sales in Latin America grew 2.1% and 1.9%, respectively, for the quarter and nine months from the comparable periods in fiscal 2004. Gross margin as a percentage of sales increased 340 basis points for the quarter and increased 380 basis points for the nine months compared to the prior year. RFWC sales in Latin America were up 27.1% and 15.9% for the quarter and nine months to $2.2 million and $5.8 million, respectively.

15

Selling, General and Administrative Expenses

     Selling, general and administrative (SG&A) expenses increased by 25.8% and 21.7% to $34.0 million and $95.3 million for the quarter and nine months, respectively, from the comparable periods in fiscal 2004. Selling, general and administrative expenses as a percentage of sales increased 2.8% and 1.2% to 24.0% and 22.1% of sales for the quarter and nine months, respectively, compared to the prior year. The Company implemented restructuring actions at the end of the third quarter of fiscal 2005, which included changes in management and a reduction in workforce, to accelerate the alignment of operations with the Company's engineered solutions strategy and improve operating efficiency. Compared to the third quarter of fiscal 2004, SG&A expenses increased $7.0 million, which included $2.0 million of severance costs, $2.2 million of payroll and fringes, $0.4 million of depreciation and expense associated with the PeopleSoft implementation, $0.3 million of audit, tax and Sarbanes-Oxley compliance fees, $0.3 million of bad debt expense and $0.2 million of engineering services related to the VConex joint venture.

Other Expenses

     Interest expense decreased 13.3% and 13.1% to $2.2 million and $6.7 million for the quarter and nine months, respectively, compared to the same periods in the prior year as a result of the equity offering and elimination of a fixed rate swap offset by interest on incremental borrowings to fund working capital requirements. Cash payments for interest were $8.3 million for the nine-month period ended February 26, 2005. Other, net expenses included a foreign exchange gain of $2.6 million and investment income of $286 for the first nine months in fiscal 2005 compared to a foreign exchange loss of $252 and investment income of $127 for the first nine months in fiscal 2004.
     An error was identified in the application of Financial Accounting Standards Board Statement No. 52, Foreign Currency Translation, on intercompany indebtedness with its subsidiaries, which affected previously reported currency translation. The financial statements for fiscal 2002 and 2003, selected quarterly financial data for fiscal 2003 and 2004, and the first two quarters of fiscal 2005 have been restated to correct this error. The restatement increased other (income) by $484 for the third quarter of fiscal 2004 and increased other expense by $143 for the nine month period of fiscal 2004. The Company filed Form 10-K/A for fiscal 2004 on May 16, 2005 to reflect these changes (see Note K).

Income Tax Provision

       As of February 26, 2005, domestic net operating loss carryforwards (NOL) amount to approximately $19.5 million. These NOLs expire in 2024. Foreign net operating loss carryforwards total approximately $15.3 million. In the second quarter of fiscal 2005, the Company recorded a valuation allowance of approximately $.6 million primarily relating to certain foreign subsidiaries recording deferred tax assets on net operating losses.
     Net domestic deferred tax assets, including the domestic NOL, are approximately $14.5 million at February 26, 2005. Due to changes in the level of certainty regarding realization, a valuation allowance of approximately $12.2 million was established in the third quarter of fiscal 2005 to offset certain domestic deferred tax assets and domestic net operating loss carryforwards.
     At the end of fiscal 2004, all of the positive earnings of the Company's foreign subsidiaries were considered permanently reinvested pursuant to Accounting Principal Board Opinion (APB) No. 23, Accounting for Income Taxes-Special Areas. As such, U.S. taxes were not provided on these amounts. In the third quarter of fiscal 2005, the Company determined that approximately $12.4 million of its subsidiaries' earnings may be distributed in future years. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to both U.S. income tax and foreign withholding taxes. As such, the Company has established a deferred tax liability of approximately $4.8 million.
     The effective income tax rates for the nine-month periods ended February 26, 2005 and February 28, 2004 were 38.0% and 30.7%, respectively, excluding the establishment of the domestic valuation allowance and deferred tax liabilities in the third quarter of fiscal 2005. The difference between the effective tax rate and the U.S. statutory rate of 34% primarily results from the Company's geographic distribution of taxable income and losses and certain non-tax deductible charges, and certain foreign tax exposures and assessments.
     Future effective tax rates could be adversely affected by lower than anticipated earnings in countries where the Company has lower statutory rates, changes in the valuation of certain deferred tax assets or liabilities, or changes in tax laws or interpretations thereof. In addition, the Company is subject to the examination of its income tax returns by U.S. and foreign tax authorities and regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes.

Net Income

     Net loss for the third quarter of fiscal 2005 was $18.7 million or $1.08 per share on a diluted basis as compared to net income of $1.5 million or $0.10 per share on a diluted basis a year ago. Net income for the quarter was down from the prior year primarily due to incremental tax provisions, restructuring and other charges. Net loss for the first nine months of fiscal 2005 was $13.8 million or $0.82 per share on a diluted basis compared to net income of $3.5 million or $0.24 per share on a diluted basis in the first nine months of the prior year.

     Liquidity and Capital Resources

     Cash was $22.7 million at February 26, 2005, an increase of $5.8 million from the beginning of the fiscal year. During the first nine months of fiscal 2005, the Company used $7.9 million of cash in operating activities. Working capital increased $14.4 million for the nine months, primarily as the result of an increase of $11.6 million in inventory.
     Inventory days were approximately 90 in the third quarter of fiscal 2005, compared with 85 days in the second quarter of fiscal 2005 and 77 days at the end of fiscal 2004. Initial stocking packages for exclusive supplier agreements caused inventory to increase during the first half of fiscal 2005. Days sales outstanding were approximately 61 in the third quarter of 2005 compared with 58 days in the second quarter of 2005 and 52 days at the end of fiscal 2004. In the third quarter of 2005 as compared to the second quarter of 2005, Europe and Asia receivables combined increased from 54% to 57% of total Company receivables with days sales outstanding of approximately 78 days while North America's receivables decreased from 41% to 38% of total Company receivables with days sales outstanding of approximately 46 days.

16

     In October 2004, the Company renewed its multi-currency revolving credit agreement with the current lending group in the amount of $109.0 million. The new agreement matures in October 2009 and is principally secured by the Company's trade receivables and inventory. This agreement includes lower interest rate spreads, relaxed leverage and coverage ratios, and increased borrowing base advance rates than the prior agreement while also adding an accordion feature that can increase the credit line by up to an additional $25 million. The facility bears interest at applicable LIBOR rates plus a margin, varying with certain financial performance criteria. At February 26, 2005, the applicable margin was 150 basis points and $67.1 million was outstanding. Of the $41.9 million which was unborrowed under the total facility, $28.7 million was available due to the borrowing base limitations.
     The Company was in compliance with all debt covenants as of February 26, 2005. Subsequently, the Company's late filing of its third quarter Form 10-Q and restatement of prior fiscal periods resulted in defaults of the Company's credit agreement with respect to timely and correct financial statements and Form 10-Q reports. The Company has received a waiver from its lending group for the defaults and, with the filing of this Form 10-Q and amended Form 10-K and Form 10-Q reports for the affected prior periods, has satisfied the conditions of the waiver.
     In February 2005, the Company issued $44.7 million of 7¾% convertible senior subordinated notes due 2011 in exchange for $22.2 million of its 7¼% convertible debentures due December 2006 and $22.5 million of its 8¼% convertible senior subordinated debentures due June 2006. The new notes are convertible at the holder's option into shares of the Company's common stock at a price of $18.00 per share. Richardson Electronics, Ltd. may redeem the new notes at par on or after December 19, 2006, except that from December 19, 2006 until December 19, 2007, the new notes are redeemable only if the trading price of the Company's common stock exceeds certain levels. Subsequent to the exchange, the Company has outstanding $4.8 million of 7¼% convertible debentures due December 2006, $17.5 million of 8¼% convertible senior subordinated debentures due June 2006 and $44.7 million of 7¾% convertible senior subordinated notes due December 2011.

     Net cash provided by financing activities was $19.7 million during the first nine months of fiscal 2005. During the first quarter, the Company had an equity offering for 3 million shares of stock that contributed $27.8 million in proceeds that was used to reduce debt by $13.3 million and fund working capital requirements. For investing activities, the Company spent $6.5 million on capital projects during the first nine months of fiscal 2005, primarily related to PeopleSoft development costs and ongoing investments in information technology infrastructure. A $545 earn out payment was made in the first quarter of fiscal 2005 associated with the Pixelink acquisition as the business unit achieved certain operating performance criteria. The Company also made a net cash payment of $336 for the Evergreen Trading Company acqusition in the third quarter of fiscal 2005.

     New Accounting Pronouncements

     In December 2004, the FASB issued FASB Statement No. 123 (Revised 2004), Accounting for Stock-Based Compensation. This Statement establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity's equity instruments or that may be settled by the issuance of those equity instruments. This Statement focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions. Statement 123(R) is effective at the beginning of the next fiscal year that begins after June 15, 2005. The Company is evaluating the impact of the adoption of SFAS 123R on the financial statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     For a description of the Company’s market risks, see “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management and Market Sensitive Financial Instruments” in the Company’s Annual Report on Form 10-K/A for the fiscal year ended May 29, 2004.

ITEM 4. CONTROLS AND PROCEDURES

     The Company maintains a set of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15(d)-15(e) under the Securities Act of 1934, as amended (the "Exchange Act")) designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. Any controls and procedures, no matter how well designed and operated, can provide only a reasonable assurance of achieving the desired control objectives. As of May 16, 2005, an evaluation was carried out under the supervision and with the participation of the Company's management, including Chairman of the Board and Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the Company's disclosure controls and procedures. Based on that evaluation, the CEO and CFO have c oncluded that the Company's disclosure controls and procedures are effective in providing a reasonable assurance of achieving their objective.

     During the fiscal third quarter the Company's independent auditors reported to management and to the audit committee on certain matters involving internal controls that they considered to be material weaknesses. As communicated by the Company's independent auditors, these internal controls related to (i) inappropriate application of certain provisions of Financial Accounting Standards Board Statement No. 52, Foreign Currency Translation, affecting previously issued consolidated financial statements and (ii) the origination and maintenance of contemporaneous documentation of the factual support or key judgments made in connection with the execution of several legal documents that represented important accounting events. The misapplication affected reported currency translation in previously issued consolidated financial statements for fiscal years ending 2002 and 2003, the four quarters of fiscal 2004 and the first two quarters of fiscal 2005.

17

Part II Table of Contents

     Also during the fiscal third quarter, the Company's independent auditors reported to management and to the audit committee on certain matters involving internal controls regarding income taxes that they considered to be material weaknesses, including (i) lack of appropriate quarterly analysis of the valuation of deferred tax assets in accordance with Financial Accounting Standards Board Statement No. 109, Accounting for Income Taxes, (ii) lack of consideration of Accounting Principle Board Opinion (APB) No. 23, Undistributed Earnings of Subsidiaries, and (iii) lack of appropriate quarterly analysis of tax liabilities.

     The Company has begun remediating these weaknesses, including implementing the following measures:

     -   The Company has engaged a third party provider to provide global compliance and reporting services, in order to improve the quarterly analysis of tax liabilities.

     -   The Company is reviewing and will update its policy regarding inter company loan agreements, including the initiation, approval and maintenance of inter company loans.

     -   The Company is reviewing and will update its policies and procedures surrounding the accounting for inter company transactions to ensure compliance with SFAS 52.

     -   The Company has reviewed all inter company loans currently in existence to ensure loan documentation exists and supports the accounting treatment of the loans.

     -   The Company performs a monthly variance analysis of foreign currency activity as part of its standard operating procedures.

     During fiscal 2005, the Company has made significant progress on remediating the material weaknesses previously described in the Company's Annual Report on Form 10-K/A for the year ended May 29, 2004, including implementation of the following measures:

-   The Company developed formal procedures for financial statement variance analysis and balance sheet reconciliations. The monthly closing schedule was formally communicated to all subsidiaries. The procedures were put in place during the second quarter of fiscal 2005 and are currently being tested as part of the Sarbanes-Oxley assessment process this quarter.

-   The Company improved documentation of management review and reconciliation performance through policies, education and re-enforcement, a balance sheet listing of account owners and approvers, and the implementation of Financial Services Manager, Accounting Manager, Corporate Controller and CFO checklists. These measures were put in place during the second and third quarters of fiscal 2005 and will be tested as part of the Sarbanes-Oxley assessment process this fiscal year.

-   Improvements to the reconciliation process during the migration from local accounting systems to PeopleSoft financials have been made and are expected to continue throughout fiscal 2005 in conjunction with the Company's Sarbanes-Oxley compliance plan.

-   The Information Systems group is in the process of installing several software packages which the Company believes will remediate the internal control issues regarding change management and system monitoring. These remediation efforts are expected to be completed before the end of fiscal 2005 in conjunction with the Company's Sarbanes-Oxley compliance plan. Except as noted above, there have been no other changes in the Company's internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect the Company's internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS (in thousands, except where indicated)

     No material developments have occurred in the matters reported under the category "Legal Proceedings" in the Registrant's Report on Form 10-K/A for the fiscal year ended May 29, 2004, except that (i) the claim of one of the two customers of the Company's German subsidiary who made a claim in fiscal year 2003 in connection with heterojunction field effect transistors was settled on August 17, 2004 without any admission of liability on the part of the Company and without any material consideration from the Company, the settlement amount being paid by the Company's insurance carrier, and the Company was released from any liability with respect to the claim; (ii) the Company settled a dispute with Microsemi Corporation on May 2, 2005, against whom the Company filed a complaint to recover damages in excess of $814 for breach of contract (in the Circuit Court of the Sixteenth Judicial Circuit, Kane County, Illinois, Case No. 04LK71), and who th ereafter filed a complaint against the Company (in the U.S. District Court, Central District of California, Case No. CV04-6108 GHK (JWJx)) claiming trademark infringement and unfair competition, resulting in no admission of liability by either party and a payment by Microsemi to the Company of $225; and (iii) the Company entered into a settlement agreement in February 2005 with Enron Corp. in connection with the Company's proof of claim filed against Enron Corp. in the bankruptcy proceeding pending in the U.S. Bankruptcy Court, Southern District of New York, Case No. 01-16034, arising out of unpaid invoices for products sold to Enron Corp. and alleged preferential payments, resulting in payment of $300 to Enron Corp.
 

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Not applicable.
 

18

Signatures Table of Contents

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

The Company was in compliance with all debt covenants as of February 26, 2005. Subsequently, the Company's late filing of its third quarter Form 10-Q (see Note K) and restatement of prior fiscal periods resulted in defaults of the Company's credit agreement with respect to timely and correct financial statements and Form 10-Q reports. The Company has received a waiver from its lending group for the defaults and, with the filing of this Form 10-Q and amended Form 10-K and Form 10-Q reports for the affected prior periods, has satisfied the conditions of the waiver.
 

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.
 

ITEM 5.  OTHER INFORMATION

On April 4, 2005, the Company announced that Kelly Phillips has been appointed Chief Financial Officer on an interim basis replacing Dario Sacomani who has taken an medical leave of absence from the Company. Ms. Phillips has been Controller since joining Richardson Electronics in 2003. Prior to joining Richardson Electronics, Ms. Phillips was Director of Accounting, Global Financial Shared Services for Motorola since 1998. Prior to that she was employed by Motorola as Controller, Cellular Infrastructure Group from 1996 to 1998 and held various financial positions with Motorola since 1985.

ITEM 6.  EXHIBITS

See Exhibit Index.

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.
RICHARDSON ELECTRONICS, LTD.
Date:	May 18, 2005	By:	/s/  KELLY PHILLIPS
		Name:	Kelly Phillips
		Title:	Chief Financial Officer
		(on behalf of the Registrant and as Principal financial and accounting officer)

19

Exhibit Index Table of Contents

EXHIBIT INDEX
	3(b)	By‑laws of the Company, as amended, incorporated by reference to Exhibit 3(b) to the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 1997.
	4(a)	Restated Certificate of Incorporation of the Company, incorporated by reference to Appendix B to the Proxy Statement / Prospectus dated November 13, 1986, incorporated by reference to the Company’s Registration Statement on Form S‑4, Commission File No. 33‑8696.
	4(e)	Indenture dated February 14, 2005 between the Company and J.P. Morgan Trust Company, as Trustee, for 7¾% Convertible Senior Subordinated Notes due 2011 (including form of 7¾% Convertible Senior Subordinated Notes due 2011), incorporated by reference to Exhibit 10 of the Company’s Report on From 8-K dated February 15, 2005.
	10 (af)	Amended and Restated Revolving Credit Agreement, dated October 29, 2004, by and among the Company, Burtek Systems, Inc., Richardson Electronics Canada, Ltd., Richardson Electronics Limited, RESA, SNC, Richardson Electronique sNC, Richardson Electronics Iberica, S.A., Richardson Electronics GmbH, Richardson Electronics Benelux B.V., Richardson Sweden Holding AB, Richardson Electronics KK, Bank One, NA, London Branch, Bank One, NA, Canada Branch, Bank One, NA, Tokyo Branch and Bank One, NA, incorporated by reference to the Company’s Reports on Form 8-K dated November 1, 2004 and on Form 8-K dated November 5, 2004.
	10 (g)(1)	Form of Additional Option Agreement issued under Company's 1996 Stock Option Plan for Non-Employee Directors
	10 (k)(1)	Form of Incentive Stock Option issued under Company's Employees 1998 Incentive Compensation Plan
	10 (k)(2)	Form of Restricted Stock Award issued under Company's Employees 1998 Incentive Compensation Plan
	31.1	Certification of Edward J. Richardson pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	31.2	Certification of Kelly Phillips pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	32	Certification of Edward J. Richardson and Kelly Phillips pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

20

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M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@ M("`@("`@("`@(`H\/WAP86-K970@96YD/2=W)S\^#0IE;F1S=')E86T-96YD M;V)J#3 EX-10 3 exhibit10_g1.htm EXHIBIT 10.G.1

Exhibit 10(g)(1)

RICHARDSON ELECTRONICS, LTD.

1996 STOCK OPTION FOR NON-EMPLOYEE DIRECTOR

ADDITIONAL OPTION AGREEMENT

Option Number: _____ Plan - _____

THIS OPTION AGREEMENT, made and entered into as of the ____th day of April, ____, by and between Richardson Electronics, Ltd., a Delaware corporation (the "Company"), and ________ (the "Optionee"), under and pursuant to the Richardson Electronics, Ltd. 1996 Stock Option Plan For Non-Employee Directors (the "Plan").

Except where the context otherwise requires, all capitalized terms used herein which are not defined herein shall have the meaning ascribed to them in the Plan.

1. Grant of Option. In consideration of the services previously rendered and to be rendered to the Company by the Optionee and in accordance with the terms of the Plan, the Company hereby grants to the Optionee a Non-Qualified Stock Option to purchase a total of 5,000 shares of the Common Stock, $.05 per share par value, of the Company (the "Option Shares"), at a purchase price of $_____ per share, upon and subject to the terms and conditions set forth herein (the "Option").

2. Acknowledgment by Optionee. The Optionee hereby acknowledges

(i) that he has had an opportunity to review a copy of the Plan, the Company's Registration Statement, Annual and Quarterly Reports on form 10-K and 10-Q and other pertinent filings with the Securities and Exchange Commission; and

(ii) that any question pertaining to the Plan, the Option and the Option Shares have been answered by the Company to his satisfaction; and

(iii) that he understands that the Plan is incorporated herein by reference and is made a part of this Agreement as if fully set forth herein; and

(iv) that the Plan shall control in the event that there is any conflict between the Plan and this Agreement, and on such matters as are not contained in this Agreement.

3. Time of Exercise.

(a) Subject to the provisions of this Section 3, the Option may only be exercised, in whole or in part, and the Option Shares may only be purchased by the Optionee (or, in the event of the Optionee's death, by Optionee's legal representative) in accordance with the provisions of Section 4 below at any time after the date of this Option Grant.

During the term set forth in this Section 3, the Optionee (or, if applicable, the Optionee's legal representative) may exercise any Option as to which the Optionee's rights have become vested but which has not yet been exercised; provided, however that, except as otherwise provided in paragraphs (b) and (c) below of this Section 3, the Option may not be exercised after the earliest to occur of the following dates: (1) May 30, _______, (ii) the date which is ninety (90) days after the date on which the Optionee shall cease to be a member of the Board for any reason other than for Disability or death, Retirement, or removal from the Board within one year after a Change of Control, or (iii) the date which is one year after the date on which the Optionee ceases to be a member of the Board as a consequence of Disability or death.

(b) If an Optionee dies while a member of the Board or within ninety (90) days (or one year in the case of a disabled Optionee) after cessation of such Board membership, his estate, personal representative or the person that acquires his Option by bequest or inheritance or by reason of such death shall have the right to exercise such Option before the date that the right to exercise the Option would otherwise have expired, but only as to the number of shares as to which such Option was exercisable on the date of death.

(c) The Option may not be exercised for fewer than one hundred (100) shares of Common Stock at any time unless the number of shares so purchased is the total number of Shares for which the Option may be exercised at that time.

4. Manner of Exercise. The Option may be exercised only by appropriate written notice delivered to the Company in person or sent to the Company by registered or certified mail, return receipt requested, postage prepaid, at its principal offices at 40W267 Keslinger Road, P.O. Box 393, LaFox, Illinois 60147-0393. Each such notice of exercise shall state the number of Option Shares in respect of which the Option is being exercised and shall be signed by the Optionee (or, in the event that the Option is being exercised by the legal representative, estate, heir or legatee of the Optionee, shall be signed by such legal representative, estate, heir or legatee and shall be accompanied by a copy of the Optionee's death certificate and such other proof, satisfactory to counsel for the Company, of the right of such person to exercise the Option). Notices sent by registered or certified mail shall be effective only when received by the Company. Each such notice shall be accompanied by (a) th e original executed copy of this Option Agreement, (b) payment of the full aggregate purchase price of the Option Shares purchased, and (c) such other funds, documents or instruments as the Company may require to comply with the then current Federal or state income tax or securities laws. No Option Shares shall be issued in connection with an exercise of the Option until payment for such shares has been made. The obligation to issue Shares is also subject to all conditions specified in the Plan, including, without limitation, Section 11 thereof.

5. Delivery of Certificates. The Company shall not be required to issue or deliver any certificate for the Option Shares upon the exercise of the Option prior to compliance by the Company with any requirements of the then current Federal or state securities laws or of any stock exchange on which the Option Shares may at that time be listed. The Optionee (or his legal representative, estate, heir or legatee) shall have no interest in the Option Shares unless and until certificates for such Option Shares are issued to him.

6. Anti-Dilution Adjustment. In the event that the number of outstanding shares of the common stock of the Company shall be changed by reason of split-ups or combinations of shares or recapitalizations or by reason of stock dividends, the number of Option Shares and the purchase price per Option Share shall be appropriately adjusted, as determined by the Company, to give proper effect to such changes as provided in Section 12 of the Plan.

7. Non-Transferability. The Option may not be assigned, transferred, pledged, or hypothecated in any way whether by operation of law or otherwise (except for the laws of descent and distribution). The Option may be exercised only by the Optionee (or in the event of the Optionee's incompetency by the Optionee's guardian or legal representative) during the Optionee's lifetime and, after the Optionee's death, may be exercised only by the Optionee's legal representative, heir or legatee.

8. Miscellaneous.

(a) The Option may not be exercised with respect to a fraction of any Option Share.

(b) This Agreement and the Plan contain all of the undertakings and understandings between the Company and the Optionee regarding the subject matter of the Option. No oral or unwritten undertaking or understandings exist with regard to this Option and if claimed or believed by any person to exist shall be disregarded and shall not be relied upon for any purpose. No modification or amendment of any of the terms of the Option shall be valid if not made in writing and no such writing shall be binding on the Company if not signed by its chief executive officer and attested by its secretary or assistant secretary.

(c) Anything to the contrary notwithstanding, the provisions of the Plan shall be incorporated herein and made a part hereof and shall govern and control to the extent of any inconsistency between the Plan and this Agreement and on such matters as are not contained in this Agreement.

(d) This Option shall be governed by and construed in accordance with the laws of the State of Illinois.

(e) It is the intent of Optionee to serve as a director of the Company for the remainder of the term during which this Option was granted.

IN WITNESS WHEREOF, the Company has caused this Option Agreement to be executed by its duly authorized corporate officers, and the Optionee has hereunto set his hand and seal, all as of the date and year first above written.

RICHARDSON ELECTRONICS, LTD.

By:

Edward J. Richardson

Chairman

ATTEST:

William G. Seils

Secretary

OPTIONEE:

___________________ _

RICHARDSON ELECTRONICS, LTD.

1996 STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS

RECEIPT

Additional Option Agreement No. ____ - 1996 Plan

Dated: April 30, _______

For 5,000 shares of common stock of Richardson Electronics, Ltd.

Issued to: ______________

I, _____________, received Option Agreement No. ________ - 1996 Plan, this day of , .

_______________________________

Optionee

EX-10 4 exhibit10_k1.htm EXHIBIT 10.K.1

Exhibit 10(k)(1)

RICHARDSON ELECTRONICS, LTD.

EMPLOYEES' [Plan] INCENTIVE COMPENSATION PLAN

INCENTIVE STOCK OPTION

Agreement Number: 20__ - [No]

THIS OPTION AGREEMENT, made and entered into as of the ___th day of ______, ____, (the "Grant Date") by and between Richardson Electronics, Ltd., a Delaware corporation (the "Company"), and [First_Name] [Last_Name] (the "Grantee"), under and pursuant to the Richardson Electronics, Ltd. Employees [Plan] Incentive Compensation Plan (the "Plan").

Except where the context otherwise requires, all capitalized terms which are not defined herein shall have the meaning set forth in the Plan.

1. Grant of Option.

The Company hereby grants to the Grantee an Option to purchase a total of [FY04_Grant] shares of the common stock, $.05 per share par value, of the Company (the "Option Shares"), at a purchase price of $_____ per share, upon and subject to the terms and conditions set forth herein (the "Option"). This Option is intended to be and shall be treated as an Incentive Stock Option within the meaning of Internal Revenue Code Section 422A; provided, however, that if Grantee has Incentive Stock Options which first become exercisable in any calendar year for shares with a Fair Market Value on the date of grant in excess of $100,000, then the Option with respect to the Option Shares in excess of such $100,000 in a calendar year shall not be treated as Incentive Stock Options within the meaning of Internal Revenue Code Section 422A but shall be Non-Qualified Stock Options for such excess Option Shares.

2. Acknowledgment by Grantee.

The Grantee hereby acknowledges:

(a) that he or she has had an opportunity to review a copy of the Plan and has received and has had the opportunity to review a copy of the Company's "Summary of the Richardson Electronics, Ltd. Employees' [Plan] Incentive Compensation Plan," and copies of any 10-K's and 8-K's of the Company filed subsequent to the date of the Summary of the Plan, and Annual Reports, Proxy Statements and other communications distributed to stockholders of the Company subsequent to the date of the Summary of the Plan; and

(b) that any questions pertaining to the Plan, the Option and to the Option Shares have been answered by the Company to his or her satisfaction; and

(c) that he or she understands that the Plan is incorporated herein by reference and is made a part of this Agreement as if fully set forth herein; and

(d) that the Plan shall control in the event that there is any conflict between the Plan and this Agreement, and on such matters as are not contained in this Agreement; and

(e) that the Option granted to the Grantee hereunder is intended by the Company to qualify as an incentive stock option within the meaning of Section 422A of the Internal Revenue Code of 1954, as amended (the "Code").

3. Time of Exercise.

(a) Subject to the provisions of this Section 3, the Option only may be exercised, in whole or in part, and the Option Shares may be purchased only by the Grantee (or, in the event of the Grantee's incompetency, by the Grantee's guardian or legal representative or, in the event of the Grantee's death, by Grantee's designated Beneficiary or, in the absence of such designation, by Grantee's legal representative or other successor in interest) in accordance with the provisions of Section 4 below, at any time or times after the Grant Date; provided, however, that, except as otherwise provided in paragraph (b) below, the Option may not be exercised after the earliest to occur of the following dates: (i) the date which is ten (10) years from the Grant Date, (ii) the date which is three months after the Grantee's death, (iii) the date which is three months after the Grantee's employment with the Company (or its Subsidiaries) is terminated due to his or her retirement or for any other reason wi th the consent of the Company (or twelve months if the Grantee's employment terminates as a result of being disabled within the meaning of Section 105(d)(4) of the Code), or (iv) the date that the Grantee's employment with the Company (or its Subsidiaries) is terminated for any other reason.

(b) In the event that the Grantee dies within three months after the Grantee's employment with the Company (or its Subsidiaries) is terminated due to retirement or for any other reason with the consent of the Company (or within twelve months if the Grantee's employment terminates as a result of being disabled within the meaning of Section 105(d)(4) of the Code), the Option may be exercised and the Option Shares may be purchased until the earliest to occur of the following dates: (i) the date which is ten (10) years from the Grant Date, or (ii) the date which is three months after the Grantee's death.

(c) Anything to the contrary notwithstanding, the Grantee may not exercise the Option, in whole or in part, unless and until the Grantee has either (i) prior to the Grantee's leaving the employ of the Company (or its subsidiaries) received a written notice from the Company's President that the option (or a stated portion thereof) is immediately exercisable, or (ii) completed the periods of continuous employment with the Company (or its subsidiaries) after the Grant Date as set forth below, in which event the Grantee shall be entitled to purchase the aggregate number of Option Shares as set forth below:

Periods of Continuous Aggregate Number of Option

Employment Until shares Eligible for Purchase

________________ [M_1st]

________________ [M_2nd]

________________ [M_3rd]

________________ [M_4th]

________________ [M_5th]

The right to purchase Option Shares under this Option shall be cumulative. Notwithstanding the foregoing vesting schedule, in the event that the Grantee's employment with the Company terminates as a result of his or her death or disability, the Option shall immediately vest and become fully exercisable as to all Option Shares still subject to the Option and unpurchased (whether vested or not pursuant to the schedule set forth above). Further, upon termination of Grantee's employment with the Company for any reason other than death or disability, without the Company giving notice to the Grantee that the Option (or a stated portion thereof) is exercisable, the Option with respect to all unexercised Option Shares shall be forfeited and the Grantee's right to purchase such Option Shares shall terminate. For purposes hereof, a transfer of employment between the Company and any Subsidiary or among Subsidiaries, shall not be deemed a termination of employment.

(d) Anything to the contrary notwithstanding, the Committee shall have the right, in its sole discretion, to terminate the Grantee's right to purchase all or any portion of the non-vested Option Shares (as determined pursuant to the schedule set forth in paragraph (c) above) if it determines that the Grantee is not satisfactorily performing the duties which were assigned to the Grantee on the Grant Date or duties of at least equal responsibility. In the event that the Committee makes such determination, a written notice of termination, which shall specify the reason for terminating the Option granted hereunder to the extent that it is not vested, shall be sent to the Grantee at the Grantee's most recent place of residence as indicated in the Company's personnel records.

4. Manner of Exercise.

The Option may be exercised only by the delivery of a written notice in person or sent by registered or certified mail, return receipt requested, postage prepaid, to the Company at its principal offices at 40W267 Keslinger Road, P.O. Box 393, LaFox, Illinois 60147-0393, Attn: Stock Option Committee/Legal Department. Each such notice of exercise shall state the number of Option Shares with respect to which the Option is being exercised and shall either be signed by the Grantee or, in the event that the Option is being exercised by the guardian or legal representative of the Grantee or the Grantee's designated Beneficiary, by such guardian, legal representative or Beneficiary and shall be accompanied by a copy of the Grantee's death certificate and such other proof, satisfactory to counsel for the Company, of the right of such person to exercise the Option. Notices sent by registered or certified mail shall be effective only when received by the Company. Each such notice shall be accompanied by (a) the original executed copy of this Agreement and (b) a certified or cashier's check in payment of the full aggregate purchase price of the Option Shares purchased; provided, however, the purchase price may be paid in such other manner or form as the Committee may approve, including, without limitation, by delivery of a certificate or certificates for shares of Common Stock owned by the Grantee having a Fair Market Value at the date of exercise equal to the purchase price for such Option Shares or any combination of the foregoing. Any stock certificate or certificates delivered to the Company must be endorsed, or accompanied by an appropriate stock power, to the order of the Company, with the signature guaranteed by a bank or trust company or member firm of the New York Stock Exchange. No Option Shares shall be issued in connection with an exercise of the Option until payment for such shares has been made.

5. Delivery of Certificates.

The Company shall not be required to issue or deliver any certificate for the Option Shares upon the exercise of the Option prior to compliance with any requirements of the then current federal and state or other applicable laws or of any stock exchange or national market system on which the Company's Common Stock may at that time be listed or quoted, as the case may be, including, without limitation, the requirement that a registration statement under the Securities Act of 1933, as amended, covering the Option Shares shall have been declared effective by the Securities and Exchange Commission and shall be in effect. The Grantee (or the guardian or legal representative of the Grantee or the Grantee's Beneficiary) shall have no interest in the Option Shares unless and until certificates for such Option Shares are issued.

6. Effect of Certain Changes.

In the event that the number of outstanding shares of the Common Stock of the Company shall be changed through the declaration of stock dividends or through a recapitalization which results in stock splits or reverse stock splits, the number of Option Shares and the purchase price per Option Share shall be appropriately adjusted, as determined by the Committee, to reflect any increase or decrease in the number of issued shares of Common Stock; provided, however, that any fractional shares resulting from such adjustment shall be eliminated to give proper effect to such changes.

7. Mergers, Recapitalization, Etc.

In the event that the Company enters into an agreement or plan to merge or consolidate with any other corporation, to reclassify, reorganize or otherwise substantially alter its capital or business structure, to sell all or a substantial part of its business or assets, or to dissolve, the Committee may make such changes in the terms of this Option, if outstanding, as may be equitable and appropriate in the context of such transaction, including without limitation substituting for the Option Shares equity interests in any entity which will succeed to the business of the Company pursuant to such transaction and providing that outstanding Option will lapse if not exercised during a reasonable period prior to such transaction.

8. Options are Non-Transferable.

The Option may not be assigned, transferred, pledged, or hypothecated in any way whether by operation of law or otherwise (except for the laws of descent and distribution). The Option may be exercised (to the extent vested) only by the Grantee (or in the event of the Grantee's incompetency by the Grantee's guardian or legal representative) during the Grantee's lifetime and, after the Grantee's death, may be exercised only by the Grantee's designated Beneficiary or, in the absence of such designation, by the Grantee's legal representative or other successor in interest.

9. No Guarantee of Employment.

Nothing in this Agreement shall be deemed or construed in any manner to constitute a contract of employment between the Company and the Grantee and shall not affect the right of the Company to terminate the employment of the Grantee.

10. Withholding.

The Company shall have the right to require the Grantee to remit to the Company or to withhold from other amounts due the Grantee as compensation or otherwise (including any Cash Bonus granted as part of the Option or Option Shares) an amount sufficient to satisfy all applicable withholding taxes.

11. Beneficiaries.

The Grantee may designate the person or persons (collectively the "Beneficiary") who, in the event of the death of the Grantee, may exercise the Option held by the Grantee at the time of his or her death. All Beneficiary designations shall be in writing, shall be signed by the Grantee, and shall be effective only when filed with the Committee. In the event that the Grantee fails to designate a Beneficiary or that none of his or her Beneficiaries survive the Grantee, the legal representative or other successor in interest of the Grantee may exercise the Grantee's vested Options to the same extent as a Beneficiary. A Beneficiary designation may be changed at any time and from time to time by the Grantee; provided, however, that any such change shall become effective only when filed with the Committee.

12. Miscellaneous.

(a) The Option may not be exercised with respect to a fraction of any Option Share.

(b) This Agreement contains all of the undertakings and understandings between the Company and the Grantee regarding the subject matter of the Option. No oral or unwritten undertaking or understandings exist with regard to this Option and if claimed or believed by any person to exist shall be disregarded and shall not be relied upon for any purpose. No modification or amendment of any of the terms of this Agreement shall be valid unless in writing and no such writing shall be binding on the Company unless it is signed by its Chairman, President or one of its Vice Presidents and attested by its Secretary or Assistant Secretary.

(c) Anything to the contrary notwithstanding, the provisions of the Plan shall be incorporated herein and made a part hereof and shall govern and control to the extent of any inconsistency between the Plan and this Agreement and on such matters as are not contained in this Agreement.

(d) This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized corporate officers, and the Grantee has hereunto set his or her hand and seal, all as of the date and year first above written.

RICHARDSON ELECTRONICS, LTD.

By: _______________________________

Chairman

ATTEST:

_________________________________

Secretary

Grantee:

___________________________________

[First_Name] [Last_Name]

RICHARDSON ELECTRONICS, LTD.

EMPLOYEES' [Plan] INCENTIVE COMPENSATION PLAN AGREEMENT

RECEIPT

Agreement No. _____-[No]

Dated: _______, _____

For: [FY04_Grant] shares of common stock of Richardson Electronics, Ltd.

Issued to: [First_Name] [Last_Name]

I, [First_Name] [Last_Name], received Agreement No. ____-[No], this day of , ______.

___________________________________

Grantee

I, [First_Name] [Last_Name], surrendered Agreement No. _____-[No], this day of , 20 .

___________________________________

Grantee

RICHARDSON ELECTRONICS, LTD.

EMPLOYEES' [Plan] INCENTIVE COMPENSATION PLAN AGREEMENT

BENEFICIARY DESIGNATION

Agreement No. ______-[No]

Dated: ___________

For: [FY04_Grant] shares of common stock of Richardson Electronics, Ltd.

Issued to: [First_Name] [Last_Name]

I, [First_Name] [Last_Name], do hereby designate , as Beneficiary, with respect to Agreement No. ______-[No], this day of , ______.

_____________________________________

Grantee

EX-10 5 exhibit10_k2.htm EXHIBIT 10.K.2

Exhibit 10(k)(2)

RICHARDSON ELECTRONICS, LTD.

EMPLOYEES' INCENTIVE COMPENSATION PLAN AGREEMENT

RESTRICTED STOCK AWARD

AGREEMENT NO. RSA-______-___

THIS RESTRICTED STOCK AWARD AGREEMENT (the "Agreement" or the "Stock Award") made and entered into as of the ___ day of _____, ____ (the "Grant Date"), by and between Richardson Electronics, Ltd., a Delaware corporation (the "Company"), and _______ (the "Grantee") under and pursuant to the Employees' Incentive Compensation Plan (the "Plan").

Except where the context otherwise requires, all capitalized terms which are not defined herein shall have the meaning set forth in the Plan.

The parties agree as follows:

1. Grant of Stock Award. In consideration of the services to be rendered to the Company (or its Subsidiaries) by the Grantee and upon the determination made by the Stock Option Committee of the Board of Directors of the Company that the Grantee is a key employee, the Company hereby grants to the Grantee ______ shares of the Common Stock, $.05 par value, of the Company (the "Shares"), upon and subject to the terms and conditions set forth herein, including, without limitation, the vesting schedule set forth in Section 3 below.

2. Acknowledgment by Grantee. The Grantee hereby acknowledges:

(a) that he has had an opportunity to review a copy of the Plan and has received and has had the opportunity to review a copy of the Company's "Employees' Incentive Compensation Plan" and copies of any 10-K's and 8-K's of the Company filed subsequent to the date of the Summary of the Plan and, Annual Reports, Proxy Statements and other communications distributed to stockholders of the Company subsequent to the date of the Summary of the Plan; and

(b) that any questions pertaining to the Plan and to the Shares have been answered by the Company to his or her satisfaction; and

(c) that he understands that the Plan is incorporated herein by reference and is made a part of this Agreement as if fully set forth herein; and

(d) that the Plan shall control in the event that there is any conflict between the Plan and this Agreement, and on such matters as are not contained in this Agreement.

3. Vesting of Stock Awards.

(a) This Stock Award shall vest and be non-forfeitable in the following amounts at the following times:

to the extent of _____ of the Shares on _______.

to the extent of _____ of the Shares on _______.

to the extent of _____ of the Shares on _______.

to the extent of _____ of the Shares on _______.

to the extent of _____ of the Shares on _______.

(b) Notwithstanding the foregoing vesting schedule, in the even that the Grantee's employment with the Company terminates as a result of his (a) death, (b) disability, (c) retirement after both attaining the age of 65 years and having been employed by the Company for 15 years or more, or (d) pursuant to either Section 5.04 or 5.05 of the Employment, Nondisclosure and Non-Compete Agreement between the Company and the Grantee dated ______, ____ (the "Employment Agreement"), the Award and all Shares still subject to the Award and unvested pursuant to the schedule set forth above shall immediately vest. Further, upon termination of Grantee's employment with the Company in any other event, without the Company giving notice to the Grantee that the Award and all Shares still subject to the Award and unvested pursuant to the schedule set forth above are vested, the Grantee's Stock Award with respect to all unvested Shares shall be forfeited and the Grantee shall have no rights with respect to s uch Award or Shares. For purposes of this Agreement a transfer of employment between the Company and any Subsidiary or among Subsidiaries, shall not be deemed a termination of employment.

(c) Anything to the contrary notwithstanding, the Compensation/Stock Option Committee of the Board of Directors of the Company shall have the right, in its sole discretion, to forfeit the Grantee's right to all or any portion of the non-vested Shares (as determined pursuant to the schedule set forth in paragraph (a) above) if it determines that the Grantee is not satisfactorily performing the duties which were assigned to the Grantee on the Grant Date or duties of at least equal responsibility. In the event that the Stock Option Committee makes such determination, a written notice of forfeiture, which shall specify the reason for forfeiting the Stock Award granted hereunder to the extent that it is not vested, shall be sent to the Grantee at the Grantee's most recent place of residence as indicated in the Company's personnel records.

4. Stock Certificates.

(a) Upon grant of a Stock Award, the Company will cause a certificate or certificates representing the Shares to be registered in the name of the Grantee. Such certificate(s) shall bear the following legend:

"The shares represented by this certificate have been issued pursuant to the terms of a Restricted Stock Award made under the Employees' Incentive Compensation Plan and may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of until such time as is set forth in that certain Restricted Stock Agreement between Richardson Electronics, Ltd. and the shareholder."

(b) Immediately upon receipt of the certificate or certificates representing the Shares, the Grantee hereby agrees to deposit such certificates, together with stock powers and other instruments of transfer, appropriately endorsed in blank, with the Company or an escrow agent designated by the Company under an escrow agreement in such form as shall be determined by the Stock Option Committee. If such certificates are deposited with the Company, the Company may transfer such certificates to an escrow agent at any time in its sole discretion.

(c) At such time as any number of the Shares are no longer subject to the restrictions, terms, and conditions of this Agreement (the "Unrestricted Shares"), the Compensation/Stock Option Committee shall cause a new certificate to be delivered to the Grantee, without the legend set forth above, for the Unrestricted Shares. The Shares remaining subject to this Agreement shall either be canceled or, if appropriate, shall continue to be held by the Company or held in escrow subject to the restrictions, terms, and conditions of this Agreement.

(d) In the event that a Grantee becomes entitled to receive any new, additional, or different securities by virtue of a stock dividend, stock split, recapitalization, reorganization, merger, consolidation, split-up, or any similar change affecting the Shares ("Other Securities"), such Other Securities shall be subject to the restrictions, terms and conditions of this Agreement as if they were Shares, including, without limit, deposit with the Company or in escrow.

5. Stockholder Rights. During the term of this Agreement, the Grantee shall be entitled to receive all dividends paid on the Shares, to vote all Shares, and to enjoy all other stockholder rights, except that the Grantee shall neither (i) be entitled to the delivery of any certificate evidencing Shares and/or Other Securities except as provided in Section 4 above nor (ii) be able to sell, assign, transfer, pledge, hypothecate or otherwise dispose of the Shares and/or Other Securities until such time as he or she has received a certificate evidencing such shares.

6. Effect of Certain Changes. In the event that the number of outstanding shares of the Common Stock of the Company shall be changed through the declaration of stock dividends or through a recapitalization which results in stock splits or reverse stock splits, the number of Shares available for issuance under the Plan shall be appropriately adjusted, as determined by the Company, to reflect any increase or decrease in the number of issued shares of Common Stock; provided, however, that any fractional shares resulting from such adjustment shall be eliminated to give proper effect to such changes.

7. Awards are Non-Transferable. This Stock Award may not be assigned, transferred, pledged, or hypothecated in any way whether by operation of law or otherwise (except for the laws of descent and distribution). The Shares may be received (to the extent vested) only by the Grantee (or in the event of the Grantee's incompetency by the Grantee's legal representative) during the Grantee's lifetime. After the Grantee's death, any Shares (to the extent vested) which have not been previously delivered to the Grantee shall be distributed to his or her designated Beneficiary or, in the absence of such designation, to the Grantee's legal representative.

8. No Guarantee of Employment. Nothing in this Agreement shall be deemed or construed in any manner to constitute a contract of employment between the Company and the Grantee and shall not affect the right of the Company to terminate the employment of the Grantee.

9. Withholding. The Company shall have the right to require the Grantee to remit to the Company or to withhold from other amounts due the Grantee as compensation or otherwise, including any Cash Bonus granted as part of this Stock Award, in an amount sufficient to satisfy all applicable withholding taxes.

10. Beneficiaries. The Grantee may designate the person or persons (collectively the "Beneficiary") who, in the event of the death of the Grantee, may receive the Shares (to the extent vested) held by the Grantee at the time of his or her death. All Beneficiary designations shall be in writing, shall be signed by the Grantee, and shall be effective only when filed with the Stock Option Committee. In the event that the Grantee fails to designate a Beneficiary or that none of his or her Beneficiaries survive the Grantee, the legal representative of the Grantee may receive the Grantee's vested Shares to the same extent as a Beneficiary. A Beneficiary designation may be changed at any time and from time to time by the Grantee; provided, however, that any such change shall become effective only when filed with the Stock Option Committee.

11. Miscellaneous.

(a) This Agreement contains all of the undertakings and understandings between the Company and the Grantee regarding the subject matter of the Stock Award. No oral or unwritten undertaking or understandings exist with regard to this Option and if claimed or believed by any person to exist shall be disregarded and shall not be relied upon for any purpose. No modification or amendment of any of the terms of this Agreement shall be valid unless in writing and no such writing shall be binding on the Company unless it is signed by its Chairman, President or one of its Vice Presidents and attested by its Secretary or Assistant Secretary. Subject to the limitations set forth in the Plan, the Board of Directors, unilaterally, may amend this Agreement as it may from time to time determine (such as to accelerate the vesting of Shares) provided that such amendment does not impair or adversely alter the rights of the Grantee.

(b) Anything to the contrary notwithstanding, the provisions of the Plan shall be incorporated herein and made a part hereof and shall govern and control to the extent of any inconsistency between the Plan and this Agreement and on such matters as are not contained in this Agreement.

(c) This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized corporate officers, and the Grantee has hereunto set his or her hand and seal, all as of the date and year first above written.

RICHARDSON ELECTRONICS, LTD.

By: _________________________

Its: Chairman

ATTEST:

_____________________________

Secretary

Grantee:

________________________________

G:\legal\STOCK\RSAs\00bwj.frm

EMPLOYEES' INCENTIVE COMPENSATION PLAN AGREEMENT

RECEIPT

Restricted Stock Award Agreement No. RSA-_____-___

Dated: _____, ____

For ________ shares of common stock of Richardson Electronics, Ltd.

Issued to: _____________

I, ___________, received Restricted Stock Award Agreement No. RSA-____-____, this ____ day of _______, _____.

____________________________

Grantee

I, __________, surrendered Restricted Stock Award Agreement No. RSA-_____-___, this day of , .

____________________________

Grantee

EMPLOYEES' INCENTIVE COMPENSATION PLAN AGREEMENT

BENEFICIARY DESIGNATION

Restricted Stock Award Agreement No. RSA-____-___

Dated: _____, ____

For ______ shares of common stock of Richardson Electronics, Ltd.

Issued to: ________

I, __________, do hereby designate as Beneficiary, with respect to Restricted Stock Award Agreement No. RSA-_____-_____, this day of , ____.

_____________________________

Grantee

EX-31 6 exhibit31_1.htm EXHIBIT 31.1 IN HTM

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Edward J. Richardson, certify that:

1.	I have reviewed this quarterly report on Form 10-Q/A of Richardson Electronics, Ltd. for the period ended February 26, 2005;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:   May 18, 2005         

Signature: /s/ Edward J. Richardson     

Title: Chairman of the Board and Chief Executive Officer

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Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Kelly Phillips, certify that:

1.	I have reviewed this quarterly report on Form 10-Q/A of Richardson Electronics, Ltd. for the period ended February 26, 2005;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:   May 18, 2005         

Signature:  /s/ Kelly Phillips  

Title: Chief Financial Officer

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Exhibit 32

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Richardson Electronic, Ltd. (the "Company") on Form 10-Q/A for the period ending February 26, 2005 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Edward J. Richardson, Chairman of the Board and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

          (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

          (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

  /s/ Edward J. Richardson    

Edward J. Richardson

Chairman of the Board and Chief Executive Officer

May 18, 2005

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Richardson Electronic, Ltd. (the "Company") on Form 10-Q/A for the period ending February 26, 2005 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kelly Phillips, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

          (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

          (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 /s/ Kelly Phillips     

Kelly Phillips

Chief Financial Officer

May 18, 2005

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EX-10

EX-10

Exhibit 10(k)(1)

RICHARDSON ELECTRONICS, LTD.

EMPLOYEES' [Plan] INCENTIVE COMPENSATION PLAN

INCENTIVE STOCK OPTION

Agreement Number: 20__ - [No]

THIS OPTION AGREEMENT, made and entered into as of the ___th day of ______, ____, (the "Grant Date") by and between Richardson Electronics, Ltd., a Delaware corporation (the "Company"), and [First_Name] [Last_Name] (the "Grantee"), under and pursuant to the Richardson Electronics, Ltd. Employees [Plan] Incentive Compensation Plan (the "Plan").

Except where the context otherwise requires, all capitalized terms which are not defined herein shall have the meaning set forth in the Plan.

1. Grant of Option.

The Company hereby grants to the Grantee an Option to purchase a total of [FY04_Grant] shares of the common stock, $.05 per share par value, of the Company (the "Option Shares"), at a purchase price of $_____ per share, upon and subject to the terms and conditions set forth herein (the "Option"). This Option is intended to be and shall be treated as an Incentive Stock Option within the meaning of Internal Revenue Code Section 422A; provided, however, that if Grantee has Incentive Stock Options which first become exercisable in any calendar year for shares with a Fair Market Value on the date of grant in excess of $100,000, then the Option with respect to the Option Shares in excess of such $100,000 in a calendar year shall not be treated as Incentive Stock Options within the meaning of Internal Revenue Code Section 422A but shall be Non-Qualified Stock Options for such excess Option Shares.

2. Acknowledgment by Grantee.

The Grantee hereby acknowledges:

(a) that he or she has had an opportunity to review a copy of the Plan and has received and has had the opportunity to review a copy of the Company's "Summary of the Richardson Electronics, Ltd. Employees' [Plan] Incentive Compensation Plan," and copies of any 10-K's and 8-K's of the Company filed subsequent to the date of the Summary of the Plan, and Annual Reports, Proxy Statements and other communications distributed to stockholders of the Company subsequent to the date of the Summary of the Plan; and

(b) that any questions pertaining to the Plan, the Option and to the Option Shares have been answered by the Company to his or her satisfaction; and

(c) that he or she understands that the Plan is incorporated herein by reference and is made a part of this Agreement as if fully set forth herein; and

(d) that the Plan shall control in the event that there is any conflict between the Plan and this Agreement, and on such matters as are not contained in this Agreement; and

(e) that the Option granted to the Grantee hereunder is intended by the Company to qualify as an incentive stock option within the meaning of Section 422A of the Internal Revenue Code of 1954, as amended (the "Code").

3. Time of Exercise.

(a) Subject to the provisions of this Section 3, the Option only may be exercised, in whole or in part, and the Option Shares may be purchased only by the Grantee (or, in the event of the Grantee's incompetency, by the Grantee's guardian or legal representative or, in the event of the Grantee's death, by Grantee's designated Beneficiary or, in the absence of such designation, by Grantee's legal representative or other successor in interest) in accordance with the provisions of Section 4 below, at any time or times after the Grant Date; provided, however, that, except as otherwise provided in paragraph (b) below, the Option may not be exercised after the earliest to occur of the following dates: (i) the date which is ten (10) years from the Grant Date, (ii) the date which is three months after the Grantee's death, (iii) the date which is three months after the Grantee's employment with the Company (or its Subsidiaries) is terminated due to his or her retirement or for any other reason wi th the consent of the Company (or twelve months if the Grantee's employment terminates as a result of being disabled within the meaning of Section 105(d)(4) of the Code), or (iv) the date that the Grantee's employment with the Company (or its Subsidiaries) is terminated for any other reason.

(b) In the event that the Grantee dies within three months after the Grantee's employment with the Company (or its Subsidiaries) is terminated due to retirement or for any other reason with the consent of the Company (or within twelve months if the Grantee's employment terminates as a result of being disabled within the meaning of Section 105(d)(4) of the Code), the Option may be exercised and the Option Shares may be purchased until the earliest to occur of the following dates: (i) the date which is ten (10) years from the Grant Date, or (ii) the date which is three months after the Grantee's death.

(c) Anything to the contrary notwithstanding, the Grantee may not exercise the Option, in whole or in part, unless and until the Grantee has either (i) prior to the Grantee's leaving the employ of the Company (or its subsidiaries) received a written notice from the Company's President that the option (or a stated portion thereof) is immediately exercisable, or (ii) completed the periods of continuous employment with the Company (or its subsidiaries) after the Grant Date as set forth below, in which event the Grantee shall be entitled to purchase the aggregate number of Option Shares as set forth below:

Periods of Continuous Aggregate Number of Option

Employment Until shares Eligible for Purchase

________________ [M_1st]

________________ [M_2nd]

________________ [M_3rd]

________________ [M_4th]

________________ [M_5th]

The right to purchase Option Shares under this Option shall be cumulative. Notwithstanding the foregoing vesting schedule, in the event that the Grantee's employment with the Company terminates as a result of his or her death or disability, the Option shall immediately vest and become fully exercisable as to all Option Shares still subject to the Option and unpurchased (whether vested or not pursuant to the schedule set forth above). Further, upon termination of Grantee's employment with the Company for any reason other than death or disability, without the Company giving notice to the Grantee that the Option (or a stated portion thereof) is exercisable, the Option with respect to all unexercised Option Shares shall be forfeited and the Grantee's right to purchase such Option Shares shall terminate. For purposes hereof, a transfer of employment between the Company and any Subsidiary or among Subsidiaries, shall not be deemed a termination of employment.

(d) Anything to the contrary notwithstanding, the Committee shall have the right, in its sole discretion, to terminate the Grantee's right to purchase all or any portion of the non-vested Option Shares (as determined pursuant to the schedule set forth in paragraph (c) above) if it determines that the Grantee is not satisfactorily performing the duties which were assigned to the Grantee on the Grant Date or duties of at least equal responsibility. In the event that the Committee makes such determination, a written notice of termination, which shall specify the reason for terminating the Option granted hereunder to the extent that it is not vested, shall be sent to the Grantee at the Grantee's most recent place of residence as indicated in the Company's personnel records.

4. Manner of Exercise.

The Option may be exercised only by the delivery of a written notice in person or sent by registered or certified mail, return receipt requested, postage prepaid, to the Company at its principal offices at 40W267 Keslinger Road, P.O. Box 393, LaFox, Illinois 60147-0393, Attn: Stock Option Committee/Legal Department. Each such notice of exercise shall state the number of Option Shares with respect to which the Option is being exercised and shall either be signed by the Grantee or, in the event that the Option is being exercised by the guardian or legal representative of the Grantee or the Grantee's designated Beneficiary, by such guardian, legal representative or Beneficiary and shall be accompanied by a copy of the Grantee's death certificate and such other proof, satisfactory to counsel for the Company, of the right of such person to exercise the Option. Notices sent by registered or certified mail shall be effective only when received by the Company. Each such notice shall be accompanied by (a) the original executed copy of this Agreement and (b) a certified or cashier's check in payment of the full aggregate purchase price of the Option Shares purchased; provided, however, the purchase price may be paid in such other manner or form as the Committee may approve, including, without limitation, by delivery of a certificate or certificates for shares of Common Stock owned by the Grantee having a Fair Market Value at the date of exercise equal to the purchase price for such Option Shares or any combination of the foregoing. Any stock certificate or certificates delivered to the Company must be endorsed, or accompanied by an appropriate stock power, to the order of the Company, with the signature guaranteed by a bank or trust company or member firm of the New York Stock Exchange. No Option Shares shall be issued in connection with an exercise of the Option until payment for such shares has been made.

5. Delivery of Certificates.

The Company shall not be required to issue or deliver any certificate for the Option Shares upon the exercise of the Option prior to compliance with any requirements of the then current federal and state or other applicable laws or of any stock exchange or national market system on which the Company's Common Stock may at that time be listed or quoted, as the case may be, including, without limitation, the requirement that a registration statement under the Securities Act of 1933, as amended, covering the Option Shares shall have been declared effective by the Securities and Exchange Commission and shall be in effect. The Grantee (or the guardian or legal representative of the Grantee or the Grantee's Beneficiary) shall have no interest in the Option Shares unless and until certificates for such Option Shares are issued.

6. Effect of Certain Changes.

In the event that the number of outstanding shares of the Common Stock of the Company shall be changed through the declaration of stock dividends or through a recapitalization which results in stock splits or reverse stock splits, the number of Option Shares and the purchase price per Option Share shall be appropriately adjusted, as determined by the Committee, to reflect any increase or decrease in the number of issued shares of Common Stock; provided, however, that any fractional shares resulting from such adjustment shall be eliminated to give proper effect to such changes.

7. Mergers, Recapitalization, Etc.

In the event that the Company enters into an agreement or plan to merge or consolidate with any other corporation, to reclassify, reorganize or otherwise substantially alter its capital or business structure, to sell all or a substantial part of its business or assets, or to dissolve, the Committee may make such changes in the terms of this Option, if outstanding, as may be equitable and appropriate in the context of such transaction, including without limitation substituting for the Option Shares equity interests in any entity which will succeed to the business of the Company pursuant to such transaction and providing that outstanding Option will lapse if not exercised during a reasonable period prior to such transaction.

8. Options are Non-Transferable.

The Option may not be assigned, transferred, pledged, or hypothecated in any way whether by operation of law or otherwise (except for the laws of descent and distribution). The Option may be exercised (to the extent vested) only by the Grantee (or in the event of the Grantee's incompetency by the Grantee's guardian or legal representative) during the Grantee's lifetime and, after the Grantee's death, may be exercised only by the Grantee's designated Beneficiary or, in the absence of such designation, by the Grantee's legal representative or other successor in interest.

9. No Guarantee of Employment.

Nothing in this Agreement shall be deemed or construed in any manner to constitute a contract of employment between the Company and the Grantee and shall not affect the right of the Company to terminate the employment of the Grantee.

10. Withholding.

The Company shall have the right to require the Grantee to remit to the Company or to withhold from other amounts due the Grantee as compensation or otherwise (including any Cash Bonus granted as part of the Option or Option Shares) an amount sufficient to satisfy all applicable withholding taxes.

11. Beneficiaries.

The Grantee may designate the person or persons (collectively the "Beneficiary") who, in the event of the death of the Grantee, may exercise the Option held by the Grantee at the time of his or her death. All Beneficiary designations shall be in writing, shall be signed by the Grantee, and shall be effective only when filed with the Committee. In the event that the Grantee fails to designate a Beneficiary or that none of his or her Beneficiaries survive the Grantee, the legal representative or other successor in interest of the Grantee may exercise the Grantee's vested Options to the same extent as a Beneficiary. A Beneficiary designation may be changed at any time and from time to time by the Grantee; provided, however, that any such change shall become effective only when filed with the Committee.

12. Miscellaneous.

(a) The Option may not be exercised with respect to a fraction of any Option Share.

(b) This Agreement contains all of the undertakings and understandings between the Company and the Grantee regarding the subject matter of the Option. No oral or unwritten undertaking or understandings exist with regard to this Option and if claimed or believed by any person to exist shall be disregarded and shall not be relied upon for any purpose. No modification or amendment of any of the terms of this Agreement shall be valid unless in writing and no such writing shall be binding on the Company unless it is signed by its Chairman, President or one of its Vice Presidents and attested by its Secretary or Assistant Secretary.

(c) Anything to the contrary notwithstanding, the provisions of the Plan shall be incorporated herein and made a part hereof and shall govern and control to the extent of any inconsistency between the Plan and this Agreement and on such matters as are not contained in this Agreement.

(d) This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized corporate officers, and the Grantee has hereunto set his or her hand and seal, all as of the date and year first above written.

RICHARDSON ELECTRONICS, LTD.

By: _______________________________

Chairman

ATTEST:

_________________________________

Secretary

Grantee:

___________________________________

[First_Name] [Last_Name]

RICHARDSON ELECTRONICS, LTD.

EMPLOYEES' [Plan] INCENTIVE COMPENSATION PLAN AGREEMENT

RECEIPT

Agreement No. _____-[No]

Dated: _______, _____

For: [FY04_Grant] shares of common stock of Richardson Electronics, Ltd.

Issued to: [First_Name] [Last_Name]

I, [First_Name] [Last_Name], received Agreement No. ____-[No], this day of , ______.

___________________________________

Grantee

I, [First_Name] [Last_Name], surrendered Agreement No. _____-[No], this day of , 20 .

___________________________________

Grantee

RICHARDSON ELECTRONICS, LTD.

EMPLOYEES' [Plan] INCENTIVE COMPENSATION PLAN AGREEMENT

BENEFICIARY DESIGNATION

Agreement No. ______-[No]

Dated: ___________

For: [FY04_Grant] shares of common stock of Richardson Electronics, Ltd.

Issued to: [First_Name] [Last_Name]

I, [First_Name] [Last_Name], do hereby designate , as Beneficiary, with respect to Agreement No. ______-[No], this day of , ______.

_____________________________________

Grantee

EX-10

Exhibit 10(k)(2)

RICHARDSON ELECTRONICS, LTD.

EMPLOYEES' INCENTIVE COMPENSATION PLAN AGREEMENT

RESTRICTED STOCK AWARD

AGREEMENT NO. RSA-______-___

THIS RESTRICTED STOCK AWARD AGREEMENT (the "Agreement" or the "Stock Award") made and entered into as of the ___ day of _____, ____ (the "Grant Date"), by and between Richardson Electronics, Ltd., a Delaware corporation (the "Company"), and _______ (the "Grantee") under and pursuant to the Employees' Incentive Compensation Plan (the "Plan").

Except where the context otherwise requires, all capitalized terms which are not defined herein shall have the meaning set forth in the Plan.

The parties agree as follows:

1. Grant of Stock Award. In consideration of the services to be rendered to the Company (or its Subsidiaries) by the Grantee and upon the determination made by the Stock Option Committee of the Board of Directors of the Company that the Grantee is a key employee, the Company hereby grants to the Grantee ______ shares of the Common Stock, $.05 par value, of the Company (the "Shares"), upon and subject to the terms and conditions set forth herein, including, without limitation, the vesting schedule set forth in Section 3 below.

2. Acknowledgment by Grantee. The Grantee hereby acknowledges:

(a) that he has had an opportunity to review a copy of the Plan and has received and has had the opportunity to review a copy of the Company's "Employees' Incentive Compensation Plan" and copies of any 10-K's and 8-K's of the Company filed subsequent to the date of the Summary of the Plan and, Annual Reports, Proxy Statements and other communications distributed to stockholders of the Company subsequent to the date of the Summary of the Plan; and

(b) that any questions pertaining to the Plan and to the Shares have been answered by the Company to his or her satisfaction; and

(c) that he understands that the Plan is incorporated herein by reference and is made a part of this Agreement as if fully set forth herein; and

(d) that the Plan shall control in the event that there is any conflict between the Plan and this Agreement, and on such matters as are not contained in this Agreement.

3. Vesting of Stock Awards.

(a) This Stock Award shall vest and be non-forfeitable in the following amounts at the following times:

to the extent of _____ of the Shares on _______.

to the extent of _____ of the Shares on _______.

to the extent of _____ of the Shares on _______.

to the extent of _____ of the Shares on _______.

to the extent of _____ of the Shares on _______.

(b) Notwithstanding the foregoing vesting schedule, in the even that the Grantee's employment with the Company terminates as a result of his (a) death, (b) disability, (c) retirement after both attaining the age of 65 years and having been employed by the Company for 15 years or more, or (d) pursuant to either Section 5.04 or 5.05 of the Employment, Nondisclosure and Non-Compete Agreement between the Company and the Grantee dated ______, ____ (the "Employment Agreement"), the Award and all Shares still subject to the Award and unvested pursuant to the schedule set forth above shall immediately vest. Further, upon termination of Grantee's employment with the Company in any other event, without the Company giving notice to the Grantee that the Award and all Shares still subject to the Award and unvested pursuant to the schedule set forth above are vested, the Grantee's Stock Award with respect to all unvested Shares shall be forfeited and the Grantee shall have no rights with respect to s uch Award or Shares. For purposes of this Agreement a transfer of employment between the Company and any Subsidiary or among Subsidiaries, shall not be deemed a termination of employment.

(c) Anything to the contrary notwithstanding, the Compensation/Stock Option Committee of the Board of Directors of the Company shall have the right, in its sole discretion, to forfeit the Grantee's right to all or any portion of the non-vested Shares (as determined pursuant to the schedule set forth in paragraph (a) above) if it determines that the Grantee is not satisfactorily performing the duties which were assigned to the Grantee on the Grant Date or duties of at least equal responsibility. In the event that the Stock Option Committee makes such determination, a written notice of forfeiture, which shall specify the reason for forfeiting the Stock Award granted hereunder to the extent that it is not vested, shall be sent to the Grantee at the Grantee's most recent place of residence as indicated in the Company's personnel records.

4. Stock Certificates.

(a) Upon grant of a Stock Award, the Company will cause a certificate or certificates representing the Shares to be registered in the name of the Grantee. Such certificate(s) shall bear the following legend:

"The shares represented by this certificate have been issued pursuant to the terms of a Restricted Stock Award made under the Employees' Incentive Compensation Plan and may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of until such time as is set forth in that certain Restricted Stock Agreement between Richardson Electronics, Ltd. and the shareholder."

(b) Immediately upon receipt of the certificate or certificates representing the Shares, the Grantee hereby agrees to deposit such certificates, together with stock powers and other instruments of transfer, appropriately endorsed in blank, with the Company or an escrow agent designated by the Company under an escrow agreement in such form as shall be determined by the Stock Option Committee. If such certificates are deposited with the Company, the Company may transfer such certificates to an escrow agent at any time in its sole discretion.

(c) At such time as any number of the Shares are no longer subject to the restrictions, terms, and conditions of this Agreement (the "Unrestricted Shares"), the Compensation/Stock Option Committee shall cause a new certificate to be delivered to the Grantee, without the legend set forth above, for the Unrestricted Shares. The Shares remaining subject to this Agreement shall either be canceled or, if appropriate, shall continue to be held by the Company or held in escrow subject to the restrictions, terms, and conditions of this Agreement.

(d) In the event that a Grantee becomes entitled to receive any new, additional, or different securities by virtue of a stock dividend, stock split, recapitalization, reorganization, merger, consolidation, split-up, or any similar change affecting the Shares ("Other Securities"), such Other Securities shall be subject to the restrictions, terms and conditions of this Agreement as if they were Shares, including, without limit, deposit with the Company or in escrow.

5. Stockholder Rights. During the term of this Agreement, the Grantee shall be entitled to receive all dividends paid on the Shares, to vote all Shares, and to enjoy all other stockholder rights, except that the Grantee shall neither (i) be entitled to the delivery of any certificate evidencing Shares and/or Other Securities except as provided in Section 4 above nor (ii) be able to sell, assign, transfer, pledge, hypothecate or otherwise dispose of the Shares and/or Other Securities until such time as he or she has received a certificate evidencing such shares.

6. Effect of Certain Changes. In the event that the number of outstanding shares of the Common Stock of the Company shall be changed through the declaration of stock dividends or through a recapitalization which results in stock splits or reverse stock splits, the number of Shares available for issuance under the Plan shall be appropriately adjusted, as determined by the Company, to reflect any increase or decrease in the number of issued shares of Common Stock; provided, however, that any fractional shares resulting from such adjustment shall be eliminated to give proper effect to such changes.

7. Awards are Non-Transferable. This Stock Award may not be assigned, transferred, pledged, or hypothecated in any way whether by operation of law or otherwise (except for the laws of descent and distribution). The Shares may be received (to the extent vested) only by the Grantee (or in the event of the Grantee's incompetency by the Grantee's legal representative) during the Grantee's lifetime. After the Grantee's death, any Shares (to the extent vested) which have not been previously delivered to the Grantee shall be distributed to his or her designated Beneficiary or, in the absence of such designation, to the Grantee's legal representative.

8. No Guarantee of Employment. Nothing in this Agreement shall be deemed or construed in any manner to constitute a contract of employment between the Company and the Grantee and shall not affect the right of the Company to terminate the employment of the Grantee.

9. Withholding. The Company shall have the right to require the Grantee to remit to the Company or to withhold from other amounts due the Grantee as compensation or otherwise, including any Cash Bonus granted as part of this Stock Award, in an amount sufficient to satisfy all applicable withholding taxes.

10. Beneficiaries. The Grantee may designate the person or persons (collectively the "Beneficiary") who, in the event of the death of the Grantee, may receive the Shares (to the extent vested) held by the Grantee at the time of his or her death. All Beneficiary designations shall be in writing, shall be signed by the Grantee, and shall be effective only when filed with the Stock Option Committee. In the event that the Grantee fails to designate a Beneficiary or that none of his or her Beneficiaries survive the Grantee, the legal representative of the Grantee may receive the Grantee's vested Shares to the same extent as a Beneficiary. A Beneficiary designation may be changed at any time and from time to time by the Grantee; provided, however, that any such change shall become effective only when filed with the Stock Option Committee.

11. Miscellaneous.

(a) This Agreement contains all of the undertakings and understandings between the Company and the Grantee regarding the subject matter of the Stock Award. No oral or unwritten undertaking or understandings exist with regard to this Option and if claimed or believed by any person to exist shall be disregarded and shall not be relied upon for any purpose. No modification or amendment of any of the terms of this Agreement shall be valid unless in writing and no such writing shall be binding on the Company unless it is signed by its Chairman, President or one of its Vice Presidents and attested by its Secretary or Assistant Secretary. Subject to the limitations set forth in the Plan, the Board of Directors, unilaterally, may amend this Agreement as it may from time to time determine (such as to accelerate the vesting of Shares) provided that such amendment does not impair or adversely alter the rights of the Grantee.

(b) Anything to the contrary notwithstanding, the provisions of the Plan shall be incorporated herein and made a part hereof and shall govern and control to the extent of any inconsistency between the Plan and this Agreement and on such matters as are not contained in this Agreement.

(c) This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized corporate officers, and the Grantee has hereunto set his or her hand and seal, all as of the date and year first above written.

RICHARDSON ELECTRONICS, LTD.

By: _________________________

Its: Chairman

ATTEST:

_____________________________

Secretary

Grantee:

________________________________

G:\legal\STOCK\RSAs\00bwj.frm

EMPLOYEES' INCENTIVE COMPENSATION PLAN AGREEMENT

RECEIPT

Restricted Stock Award Agreement No. RSA-_____-___

Dated: _____, ____

For ________ shares of common stock of Richardson Electronics, Ltd.

Issued to: _____________

I, ___________, received Restricted Stock Award Agreement No. RSA-____-____, this ____ day of _______, _____.

____________________________

Grantee

I, __________, surrendered Restricted Stock Award Agreement No. RSA-_____-___, this day of , .

____________________________

Grantee

EMPLOYEES' INCENTIVE COMPENSATION PLAN AGREEMENT

BENEFICIARY DESIGNATION

Restricted Stock Award Agreement No. RSA-____-___

Dated: _____, ____

For ______ shares of common stock of Richardson Electronics, Ltd.

Issued to: ________

I, __________, do hereby designate as Beneficiary, with respect to Restricted Stock Award Agreement No. RSA-_____-_____, this day of , ____.

_____________________________

Grantee

EX-31

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Edward J. Richardson, certify that:

1.	I have reviewed this quarterly report on Form 10-Q/A of Richardson Electronics, Ltd. for the period ended February 26, 2005;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:   May 18, 2005         

Signature: /s/ Edward J. Richardson     

Title: Chairman of the Board and Chief Executive Officer

EX-31

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Kelly Phillips, certify that:

1.	I have reviewed this quarterly report on Form 10-Q/A of Richardson Electronics, Ltd. for the period ended February 26, 2005;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:   May 18, 2005         

Signature:  /s/ Kelly Phillips  

Title: Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Richardson Electronic, Ltd. (the "Company") on Form 10-Q/A for the period ending February 26, 2005 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Edward J. Richardson, Chairman of the Board and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

          (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

          (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

  /s/ Edward J. Richardson    

Edward J. Richardson

Chairman of the Board and Chief Executive Officer

May 18, 2005

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Richardson Electronic, Ltd. (the "Company") on Form 10-Q/A for the period ending February 26, 2005 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kelly Phillips, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

          (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

          (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 /s/ Kelly Phillips     

Kelly Phillips

Chief Financial Officer

May 18, 2005