Document:

Insurance Policy - St. Paul Mercury Insurance Company

 Exhibit 10.37 
  
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 DISCLOSURE NOTICE 
 TERRORISM RISK
INSURANCE ACT OF 2002 
  
 The certified acts of terrorism premium charge shown
below is for coverage under this policy for insured losses covered by the Terrorism Insurance Program established by the Terrorism Risk Insurance Act of 2002 (the Act). That Program applies to certain losses, if otherwise covered by your policy,
that result from an “act of terrorism,” as that term is defined in and certified under the Act (insured losses). This terrorism premium does not include any charges for the portion of insured losses covered by the Federal Government under
the Act. The Federal Government shares in the payment of insured losses under the Act, and the amount of its share is 90% of such losses that exceed the applicable insurer deductible. 
  
 If $0 is shown below for the certified acts of terrorism premium charge, this policy provides such terrorism coverage for no premium charge.

  
 The certified acts of terrorism premium charge shown below does not apply to
any insuring agreement or coverage part in this policy for which you did not accept our offer, for a premium charge, of such terrorism coverage. If you did not accept our offer of such terrorism coverage, this policy contains one or more exclusions
that apply to certified acts of terrorism under each such insuring agreement or coverage part. 
  
 The Act establishes a cap on our liability to pay for insured losses if the aggregate amount of insured losses under the Act exceeds $100,000,000,000 during the applicable period for all insureds and all insurers
combined. In that case, we will not be liable for the payment of any amount that exceeds such aggregate amount of $100,000,000,000. 
  
 Name of Insured: RICHARDSON ELECTRONICS, LTD 
  
 Policy Number: 512CM1175 
  
 Effective Date: 06/30/04 
  
 Certified
Acts Of Terrorism Premium Charge: $0 
  
 Processing Date:
11/04/04    09:18     001 

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	DELIVERY INVOICE	 	[LOGO]

  

							
	Company: ST PAUL MERCURY INSURANCE COMPANY	  	 
				
	 I
	  	RICHARDSON ELECTRONICS, LTD	  	 	  	Policy Inception/Effective Date: 06/30/04
	 N
	  	40W267 KESLINGER ROAD	  	 	  	Agency Number: 1208211
	 S
	  	LAFOX IL 60147	  	 	  	 
	 U
	  	 	  	 	  	Transaction Type:
	 R
	  	 	  	 	  	REPLACES 512CM0138
	 E
	  	 	  	 	  	Transaction number: 001
	 D
	  	 	  	 	  	Processing date: 11/04/04
	 	  	 	  	 	  	Policy Number: 512CM1175
				
	 A
	  	 	  	 	  	 
	 G
	  	MESIROW FINANCIAL SERVICES	  	 	  	 
	 E
	  	321 N. CLARK STREET., STE. 200	  	 	  	 
	 N
	  	CHICAGO, IL 60610	  	 	  	 
	 T
	  	 	  	 	  	 

  

								
	 Policy
 Number

	  	 Description

	  	Amount

	  	 Surtax/
 Surcharge

	 512CM1175
	  	 EXCESS DIRECTORS & OFFICERS LIABILITY POLICY
	  	$	129,000	  	N/A

  

													
	 Account
Date

	  	 Due
 Date

	  	Premium

	  	Comm.
Rate

	 	 	Payment Plan
Service Charge

	  	Surtax/
Surcharge

	 06/30/04
	  	 	  	$	129,000	  	10	%	 	N/A	  	N/A

  
 Agents Will Not Receive Commission
On Payment Plan Service Charge, Surtax Or Surcharge. Please Report These Items Separately On Your Accounts. 
  

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	POLICY FORM LIST	 	[LOGO]

  
 Here’s a list of all forms
included in your policy, on the date shown below. These forms are listed in the same order as they appear in your policy. 
  

					
	 Title

	  	Form Number

	  	Edition Date

	 Disclosure Notice Terrorism Risk Insurance Act Of 2002
	  	D0100	  	03-03
	 Policy Form List
	  	40705	  	05-84
	 Excess Policy (St. Paul Mercury Insurance Company)
	  	XP001	  	05-98
	 Excess Of Specified Coverages
	  	XP016	  	05-98

  

					
	 Name of Insured
 RICHARDSON ELECTRONICS,
LTD
	 	 Policy Number 512CM1175
 Processing Date 11/04/04
	 	 Effective Date 06/30/04
 09:18    001

  
  

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 EXCESS POLICY 
  
 IMPORTANT NOTE: THIS IS CLAIMS MADE COVERAGE. PLEASE READ THIS POLICY CAREFULLY. 
  

			
	DECLARATIONS	  	 
		
	 Item 1    Insured and Insured’s Address:
	  	Policy Number: 512CM1175
		
	RICHARDSON ELECTRONICS, LTD.	  	Prior Policy Number: 512CM0138
	40W267 KESLINGER ROAD	  	 
	LA FOX, IL 60147	  	 

  

			
	 Item 2.    Policy Period:
	  	 
		
	 From:    12:01 A.M. 06/30/04
	  	 
	 To:        12:01 A.M. 06/30/05
	  	 
	 Local time at the address shown in Item 1.

		
	 Item 3.    Limit of Liability:    $10,000,000
	  	 
	 Item 4.    Schedule of Underlying Insurer(s):
	  	 

  

											
	 (A) Underlying Insurer

	  	Policy Number

	  	Policy Period

	  	Limit of
Liability

	  	Retention Amount

	 FEDERAL INSURANCE COMPANY
	  	8125-6460	  	06/30/04
to
06/30/05	  	$	15,000,000	  	$	500.000
	 (B) Other Underlying Insurers
	  	 	  	 	  	 	 	  	 	 
	 N/A
	  	N/A	  	N/A to	  	 	N/A	  	 	N/A
	 	  	 	  	to	  	 	 	  	 	N/A
	 	  	 	  	to	  	 	 	  	 	N/A

  
 (C) Total Amount of Underlying Limit
of Liability $15,000,000 plus any applicable retentions or deductibles under the Primary Policy. 
  
 Item 5. Endorsements Effective at Inception: DO100, XP016 
  
 INSURING AGREEMENT 
  
 In consideration of
the payment of the premium, and in reliance upon the completeness and accuracy of the statements and disclosures made to the Insurer or any underlying insurer by application, including its attachments, the Insurer agrees that this policy
incorporates by reference and affords coverage in accordance with and subject to the insuring clauses, warranties, definitions, terms, conditions, exclusions and other provisions contained in the Primary Policy and to the extent coverage is further
limited or restricted thereby, in any other Underlying Insurance, except as regards the premium, the limit of liability, the policy period, and except as otherwise provided herein. In no event shall this policy grant broader coverage than would be
provided by any of the Underlying Insurance. 
  
 To the extent the insuring
clauses, warranties, definitions, terms, conditions, exclusions or other provisions of the Primary Policy or other Underlying Insurance are changed to limit or restrict coverage, this policy shall become subject to such changes upon the effective
date of the change in the Primary Policy or such other Underlying Insurance. To the extent the insuring clauses, warranties, definitions, terms, conditions, exclusions or other provisions of the Primary Policy are changed to expand or broaden
coverage, this policy shall become subject to 

 such changes only if: (i) the Insurer has received prior written notice from the Insured(s) of such changes; (ii) the
Insurer has given the Insured(s) its written consent to such changes; and (iii) the Insured(s) has paid any required additional premium. 
  
 TERMS, CONDITIONS AND LIMITATIONS 
  
 Section 1. DEFINITIONS 
  
 Wherever used in this policy: 
  

	A.	Insurer means the undersigned entity issuing this policy. 

  

	B.	Insured(s) means the individuals and organizations for whom coverage is afforded under the Primary Policy. 

  

	C.	Primary Policy means the policy identified in Item 4.(A) of the Declarations. 

  

	D.	Underlying Insurance means all those policies scheduled in Item 4 of the Declarations. 

  

	E.	Underlying Limit of Liability means the combined limits of liability of the Underlying Insurance as stated in Item 4(C) of the Declarations plus any applicable retention or
deductible under the Primary Policy, less any reduction or exhaustion of such limits of liability as provided in Section 3(B) below. 

  
 Section 2. UNDERLYING INSURANCE 
  

	A.	It is a condition precedent to the rights of the Insured(s) under this policy that the Insured(s) notify the Insurer, as soon as practicable in writing, of a failure to maintain in
full force and effect, except as provided for under Section 3(B), and without alteration of any insuring clauses, warranties, definitions, terms, conditions, exclusions or other provisions, limit of liability or retention amounts, of any of the
Underlying Insurance as stated in Item 4 of the Declarations. 

  

	B.	Failure to maintain, as set forth above, any of the Underlying Insurance, except as provided for under Section 3(B), shall not invalidate this policy, but the Insurer shall be
liable for loss under this policy only to the same extent it would have been liable had the Underlying Insurance been maintained as set forth above. 

  
 Section 3. ATTACHMENT AND LIMIT OF LIABILITY 
  

	A.	The Insurer shall only be liable to make payment under this policy after the total amount of the Underlying Limit of Liability has been paid in legal currency by the insurers of the
Underlying Insurance as covered loss thereunder. 

  

	B.	In the event of the reduction or exhaustion of the total amount of the Underlying Limit of Liability solely by reason of the payment by the insurers of the Underlying Insurance of
covered loss, this policy shall: 

  

	 	1.	in the event of such reduction pay excess of the reduced amount of the Underlying Limit of Liability but not to exceed the amount stated in Item 3 of the Declarations, or

  

	 	2.	in the event of such exhaustion continue in force as primary insurance provided always that this policy shall only pay the excess over any retention amount otherwise applicable
under the Primary Policy, but not to exceed the amount stated in Item 3 of the Declarations. 

  

	C.	The Insurer’s maximum aggregate liability
under this policy with respect to all loss on account of all claims first made during the Policy Period stated in Item 2 of the Declarations (including any discovery period or extended reporting period properly elected under this policy) shall be
the amount stated in Item 3 of the Declarations. 

  

	D.	Notwithstanding any of the terms of this policy which might be construed otherwise, the policy shall drop down only in the event of reduction or exhaustion of the Underlying
Insurance as described above, and shall not drop down for any other reason including, but not limited to, uncollectability, in whole or in part, of any Underlying Insurance. The risk of uncollectability of the Underlying Insurance, in whole or in
part, whether because of financial impairment or insolvency of an underlying insurer or for any other reason, is expressly retained by the Insured(s) and is not in any way or under any circumstances insured or assumed by the Insurer.

 Section 4. APPLICATION OF RECOVERIES 
  
 All recoveries or payments recovered or received subsequent to a loss settlement under this policy shall be applied as if recovered or
received prior to such settlement and all necessary adjustments shall then be made between the Insureds) and the Insurer, provided always that the foregoing shall not affect the time when loss under the policy shall be payable. 
  
 Section 5. NOTICE 
  
 All notices under any provision of this policy shall be in writing. Notice to the Insurer of any claim or circumstance shall be given to The
St. Paul Companies, Inc., 385 Washington Street, St. Paul, MN 55102-1396, Attention: Professional E&O Claim Unit. All other notices to the Insurer under this policy shall be given to the same addressee but to the attention of the Financial and
Professional Services Unit. 
  
 Section 6. TERMINATION OF POLICY 
  
 This policy shall terminate upon the earliest of the following times: 
  

	 	(A)	the effective date of termination specified in a prior written notice from the Insurer to the Insured in accordance with conditions and limitations of the Primary Policy;

  

	 	(B)	the effective date of termination specified in a prior written notice from the Insured to the Insurer; or 

  

	 	(C)	the expiration of the Policy Period stated in Item 2 of the Declarations. 

  
 IN WITNESS WHEREOF, the Insurer has caused this Policy to be signed by its President and Secretary and countersigned by a duly authorized representative of the Insurer.

  

							
	Countersigned:	  	 	  	ST. PAUL MERCURY INSURANCE COMPANY
		
	  

	  	 
	 Authorized Representative
	  	 	  	 
				
	  

	  	  

	  	 	  	 
	Countersignature Date	  	Countersigned At	  	Secretary	  	President

  
  

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 The following spaces preceded by an (*) need not be completed if this endorsement or rider and the Policy have the same inception date. 

 

					
	 ATTACHED TO AND FORMING
PART OF POLICY NO.

	  	DATE ENDORSEMENT
OR RIDER EXECUTED

	  	 * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
 12:01 A.M. LOCAL TIME AS
 SPECIFIED IN THE POLICY

	 512CM1175
	  	11/04/04	  	06/30/04

	*	ISSUED TO 

  
 RICHARDSON ELECTRONICS, LTD 
  
 EXCESS OF SPECIFIED COVERAGES 
  
 XPO16 Ed. 5/98

  
 In consideration of the premium charged, it is understood and agreed that
this policy follows the form of the Primary Policy but only with respect to the 
  
 EXECUTIVE LIABILITY AND INDEMNIFICATION COVERAGE ONLY 
  
 Section(s) of the Primary Policy. 
  
 Nothing herein contained shall be
held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements or limitations of the above mentioned Policy, other than as above stated. 
  

			
	 By
	 	 COPY

	 	 	 Authorized Representative

	
	 AGENTFirst Amend Real Estate Sale Contract - Shodeen construction Co.

 Exhibit 10.51 
  
 FIRST AMENDMENT TO REAL ESTATE CONTRACT 
  
 This First Amendment to Real Estate Contract is dated as of this date of April, 2005 between RICHARDSON ELECTRONICS, LTD.. a Delaware
corporation (“Seller”) and SHODEEN CONSTRUCTION COMPANY, L.L.C., an Illinois limited liability company (“Purchaser”). 
  
 RECITALS 
  
 WHEREAS, Seller is the owner of fee title to real property located in Kane County, Illinois located on Kessinger Road and has executed a Real Estate Sale
Contract dated June 8, 2004 with Purchaser in the connection of the sale of approximately 205 acres to Purchaser (the “Purchase Agreement”); 
  
 WHEREAS, Seller and Purchaser have decided to amend the Purchase Agreement. 
  
 NOW THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, receipt and sufficiency
of which is hereby acknowledged, parties shall hereby agree as follows: 
  
 1. CLOSING DATE. Notwithstanding anything to the contrary contained in the Purchase Agreement, the parties have agreed to close the transaction on May 26, 2005. Time is of the essence with respect to
said closing date due to Seller’s the desire to close the transaction by the end of Sellers fiscal year. 
  
 2. WAIVER OF CONTINGENCIES. Purchaser has agreed to waive all contingencies set forth in the Purchase Agreement to the extent not already
satisfied, including, but not limited to the “Governmental Approvals” (as defined in the Purchase Agreement) set forth in Section 4 of the Purchase Agreement, Physical Approvals” of the “Purchased Land” (both as defined in
the Purchase Agreement) as set forth in Section 3 of the Purchase Agreement and Purchaser’s review of title and survey with respect to the Purchased Land. 
  

3. CROSS EASEMENT AGREEMENT AND FARM LEASE. In exchange for the agreement by Purchaser to waive the Government Approvals contingency
provisions and to agree to the May 26, 2005 closing date, Seller and Purchaser hereby agree to execute and deliver a Cross Easement agreement in the form attached hereto and made hereof as Exhibit A and the Farm Lease in the form attached hereto and
made a part hereof as Exhibit B. 
  
 4. FULL FORCE AND
EFFECT. As otherwise set forth herein, the Purchase Agreement remains in full force and effect. 
  
 5. COUNTERPARTS. This Amendment may be executed in counterparts, both of which when taken together shall constitute a single original.

 IN WITNESS WHEREOF, the parties have executed this First Amendment as of the date and year first
written above. 
  
 SELLER: 
  
 Richardson Electronics, Ltd., a Delaware corporation 
  

			
	  

	By:	 	  

	Title:	 	  

  
 PURCHASER: 
  
 Shodeen Construction Company, L.L. 
 C., an Ilinois limited liability company 
  

			
	  

	By:	 	  

	Title:

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