CEO Edward Richardson's incentive plan amended to pay 2% of net income minus management plan payout

RICHARDSON ELECTRONICS, LTD.

Amendment approved Oct 24, 2022: CEO's annual award equals 2% of net income minus any payout under the Management Incentive Compensation Plan.
Mr. Richardson now directly participates in the Management Incentive Compensation Plan; Plan award is the excess.
Committee retains discretion to reduce awards under the Plan.
Effective immediately; replaces prior 'greater of' formula.

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