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Exhibit 10.47    
    

 
 

EMPLOYMENT, NONDISCLOSURE AND NON-COMPETE AGREEMENT    
    

        EMPLOYMENT, NONDISCLOSURE AND NON-COMPETE AGREEMENT ("Agreement") made and entered into as of this 1st
day of June 2004 by and between RICHARDSON ELECTRONICS, LTD., a Delaware corporation with its principal place of business located at
40W267 Keslinger Road, P.O. Box 393, LaFox, IL 60147-0393 (the "Employer"), and WENDY DIDDELL, an individual whose current residence
address is 209 Stonington lane, Colleyville TX 76034 ("Employee"). 

 
 

RECITALS    
    

        WHEREAS, the Employer desires to employ Employee as its Vice President and General Manager, Security Systems
Division upon the terms and conditions stated herein; and 

        WHEREAS, Employee desires to be so employed by the Employer at the salary and benefits provided for herein; and 

        WHEREAS, Employee acknowledges and understands that during the course of her employment, Employee has and will become familiar with
certain confidential information of the Employer which provides Employer with a competitive advantage in the marketplace in which it competes, is exceptionally valuable to the Employer, and is vital
to the success of the Employer's business; and 

        WHEREAS, the Employer and Employee desire to protect such confidential information from disclosure to third parties or its use to the
detriment of the Employer; and 

        WHEREAS, the Employee acknowledges that the likelihood of disclosure of such confidential information would be substantially reduced, and
that legitimate business interests of the Employer would be protected, if Employee refrains from competing with the Employer and from soliciting its customers and employees during and following the
term of the Agreement, and Employee is willing to covenant that she will refrain from such actions. 

        NOW THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, the parties hereto
acknowledge and agree as follows: 

 
 

ARTICLE ONE
  NATURE AND TERM OF EMPLOYMENT    
    

        1.01    Employment.    The Employer hereby agrees to employ Employee and Employee hereby accepts employment as the
Employer's Vice President and General Manager, Security Systems Division. 

        1.02    Term of Employment.    Employee's employment pursuant to this Agreement shall commence on June 1, 2004
and, subject to the other provisions of this Agreement, the term of such employment (the "Employment Term") shall continue indefinitely on an "at will" basis. 

        1.03    Duties.    Employee shall perform such managerial duties and responsibilities in connection with the Company's
Security System Division or its successor and such other duties and responsibilities as may be assigned by the President/COO, or such other person as the Employer may designate from time to time and
Employee will adhere to the policies and procedures of the Employer, including, without limitation, its Code of Conduct, and will follow the supervision and direction of Employer's President/COO or
such other person as the Employer may designate from time to time in the performance of such duties and responsibilities. Employee agrees to devote her full working time, attention and energies to the
diligent and satisfactory performance of her duties hereunder and to developing and improving the business and best interests of the Company. Employee will use all reasonable efforts to promote and
protect the good name of the Company and will comply with all of 

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her
obligations, undertakings, promises, covenants and agreements as set forth in this Agreement. Employee will not, during the Employment Term or during any period during which Employee is receiving
payments pursuant to Article 2 and/or Section 5.04, engage in any activity which would have, or reasonably be expected to have, an adverse affect on the Employer's reputation, goodwill
or business relationships or which would result, or reasonably be expected to result, in economic harm to the Employer. 

 
 

ARTICLE TWO
  COMPENSATION AND BENEFITS    
    

        For all services to be rendered by Employee in any capacity hereunder (including as an officer, director, committee member or otherwise of the Employer or any
parent or subsidiary thereof or any division of any thereof) on behalf of the Employer, the Employer agrees to pay Employee so long as she is employed hereunder, and the Employee agrees to accept, the
compensation set forth below. 

        2.01    Base Salary.    During the term of Employee's employment hereunder, the Employer shall pay to Employee an
annual base salary ("Base Salary") at the rate of One Hundred Eighty Five Thousand and 00/100 Dollars ($185,000.00), payable in installments as are customary under the Employer's payroll practices
from time to time. The Employer at its sole discretion may, but is not required to, review and adjust the Employee's Base Salary from year to year; provided, however, that, except as may be expressly
consented otherwise in writing by Employee, Employer may not decrease Employee's Base Salary. No additional compensation shall be payable to Employee by reason of the number of hours worked or by
reason of hours worked on Saturdays, Sundays, holidays or otherwise. 

        2.02    Incentive Plan.    During the term of the Employee's employment hereunder, the Employee shall be a participant
in the SBU Incentive Plan, as modified from time to time (the "Annual Incentive Plan") and paid a bonus ("Bonus") pursuant thereto. The Employee's "target bonus percentage" for purposes of the Annual
Incentive Plan shall be fifty percent (50%). Such Bonus shall be determined and paid strictly in accordance with the Annual Incentive Plan as modified or reduced by Employer at its
discretion, and for any partial fiscal year the Bonus shall be computed and paid only for the portion of the fiscal year Employee is employed hereunder. 

        2.03    Auto Allowance.    During the term of the Employee's employment hereunder, the Employee shall be paid an auto
allowance in accordance with Employer's auto allowance plan for SBU managers as modified from time to time. 

        2.04    Initial Sock Award and Option.    On the commencement date of Employee's employment under this agreement she
will be granted a Restricted Stock Award under the Employer's Incentive Compensation Plan for 6,477 shares of Employer's Common Stock that will vest in one year. In addition on such date Employee will
be granted a Stock Option under Employer's Incentive Compensation Plan for 25,000 shares that will vest in five equal annual installments over five years. 

        2.05    Other Benefits.    Employer will provide Employee such benefits (other than bonus, auto allowance, severance
and cash incentive compensation benefits) as are generally provided by the Employer to its other employees, including but not limited to, health/major medical insurance, dental insurance, disability
insurance, life insurance, sick days and other employee benefits (collectively "Other Benefits"), all in accordance with the terms and conditions of the applicable Other Benefits Plans as in effect
from time to time. Nothing in this Agreement shall require the Employer to maintain any benefit plan, nor prohibit the Employer from modifying any such plan as it sees fit from time to time. It is
only intended that Employee shall be entitled to participate in any such plan offered for which she may qualify under the terms of any such plan as it may from time to time exist, in accordance with
the terms thereof. 

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        2.06    Disability.    Any compensation Employee receives under any disability benefit plan provided by Employer
during any period of disability, injury or illness shall be in lieu of the compensation which Employee would otherwise receive under Article Two during such period of disability, injury or sickness. 

        2.07    Withholding.    All salary, bonus and other payments described in this Agreement shall be subject to
withholding for federal, state or local taxes, amounts withheld under applicable benefit policies or programs, and any other amounts that may be required to be withheld by law, judicial order or
otherwise. 

 
 

ARTICLE THREE
  CONFIDENTIAL INFORMATION
  RECORDS AND
  REPUTATION    
    

        3.01    Definition of Confidential Information.    For purposes of this Agreement, the term "Confidential Information"
shall mean all of the following materials and information (whether or not reduced to writing and whether or not patentable) to which Employee receives or has received access or develops or has
developed in whole or in part as a direct or indirect result of her employment with Employer or through the use of any of Employer's facilities or resources: 

	(1)
	Marketing
techniques, practices, methods, plans, systems, processes, purchasing information, price lists, pricing policies, quoting procedures, financial information, customer names,
contacts and requirements, customer information and data, product information, supplier names, contacts and capabilities, supplier information and data, and other materials or information relating to
the manner in which Employer, its customers and/or suppliers do business;

	(2)
	Discoveries,
concepts and ideas, whether patentable or not, or copyrightable or not, including without limitation the nature and results of research and development activities,
processes, formulas, techniques, "know-how," designs, drawings and specifications;

	(3)
	Any
other materials or information related to the business or activities of Employer which are not generally known to others engaged in similar businesses or activities or which could
not be gathered or obtained without significant expenditure of time, effort and money; and

	(4)
	All
inventions and ideas that are derived from or relate to Employee's access to or knowledge of any of the above enumerated materials and information. 

        The
Confidential Information shall not include any materials or information of the types specified above to the extent that such materials or information are publicly known or generally
utilized by others engaged in the same business or activities in the course of which Employer utilized, developed or otherwise acquired such information or materials and which Employee has gathered or
obtained
(other than on behalf of the Employer) after termination of her employment with the Employer from such other public sources by her own expenditure of significant time, effort and money after
termination of her employment with the Employer. Failure to mark any of the Confidential Information as confidential shall not affect its status as part of the Confidential Information under the terms
of this Agreement. 

        3.02    Ownership of Confidential Information.    Employee agrees that the Confidential Information is and shall at
all times remain the sole and exclusive property of Employer. Employee agrees immediately to disclose to Employer all Confidential Information developed in whole or part by her during the term of her
employment with Employer and to assign to Employer any right, title or interest she may have in such Confidential Information. 

3

 

        Without
limiting the generality of the foregoing, every invention, improvement, product, process, apparatus, or design which Employee may take, make, devise or conceive, individually or
jointly with others, during the period of her employment by the Employer, whether during business hours or otherwise, which relates in any manner to the business of the Employer either now or at any
time during the period of her employment), or which may be related to the Employer in connection with its business (hereinafter collectively referred to as "Invention") shall belong to and be the
exclusive property of the Employer and Employee will make full and prompt disclosure to the Employer of every Invention. Employee will assign to the Employer, or its nominee, every Invention and
Employee will execute all assignments and other instruments or documents and do all other things necessary and proper to confirm the Employer's right and title in and to every Invention; and Employee
will perform all proper acts within her power necessary or desired by the Employer to obtain letters patent in the name of the Employer (at the Employer's expense) for every Invention in whatever
countries the Employer may desire, without payment by the Employer to Employee of any royalty, license fee, price or additional compensation. 

        3.03.    Non Disclosure of Confidential Information.    Except as required in the faithful performance of Employee's
duties hereunder (or as required by law), during the term of her employment with Employer and for a period after the termination of such employment until the Confidential Information no longer meets
the definition set forth above of Confidential Information with respect to Employee, Employee agrees not to directly or indirectly reveal, report, publish, disseminate, disclose or transfer any of the
Confidential Information to any person or entity, or utilize for herself or any other person or entity any of the Confidential Information for any purpose (including, without limitation, in the
solicitation of existing Employer customers or suppliers), except in the course of performing duties assigned to her by Employer. Employee further agrees to use her best endeavors to prevent the use
for herself or others, or dissemination, publication, revealing, reporting or disclosure of, any Confidential Information. 

        3.04    Protection of Reputation.    Employee agrees that she will at no time, either during her employment with the
Employer or at any time after termination of such employment, engage in conduct which
injures, harms, corrupts, demeans, defames, disparages, libels, slanders, destroys or diminishes in any way the reputation or goodwill of the Employer, its subsidiaries, or their respective
shareholders, directors, officers, employees, or agents, or the services provided by the Employer or the products sold by the Employer, or its other properties or assets, including, without
limitation, its computer systems hardware and software and its data or the integrity and accuracy thereof. 

        3.05    Records and Use of Employer Facilities.    All notes, data, reference materials, memoranda and records,
including, without limitation, data on the Employer's computer system, computer reports, products, customers and suppliers lists and copies of invoices, in any way relating to any of the Confidential
Information or Employer's business (in whatever form existing, including, without limit, electronic) shall belong exclusively to Employer, and Employee agrees to maintain them in a manner so as to
secure their confidentiality and to turn over to Employer all copies of such materials (in whole or in part) in her possession or control at the request of Employer or, in the absence of such a
request, upon the termination of Employee's employment with Employer. Upon termination of Employee's employment with Employer, Employee shall immediately refrain from seeking access to Employer's
(a) telephonic voice mail, E-mail or message systems, (b) computer system and (c) computer data bases and software. The foregoing shall not prohibit Employee from
using Employer's public Internet (not intranet) site. 

 
 

ARTICLE FOUR
  NON-COMPETE AND NON-SOLICITATION COVENANTS    
    

        4.01    Non-Competition and Non-Solicitation.    Employee acknowledges that it may be very
difficult for her to avoid using or disclosing the Confidential Information in violation of Article Three above in 

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the
event that she is employed by any person or entity other than the Employer in a capacity similar or related to the capacity in which she is employed by the Employer. Accordingly, Employee agrees
that she will not, during the term of employment with Employer and for a period of one (1) year after the termination of such employment, irrespective of the time, manner or cause of such
termination, directly or indirectly (whether or not for compensation or profit): 

	(1)
	Engage
in any business or enterprise the nature of any part of which is competitive with any part of that of the Employer (a "Prohibited Business"); or

	(2)
	Participate
as an officer, director, creditor, promoter, proprietor, associate, agent, employee, partner, consultant, sales representative or otherwise, or promote or assist,
financially or otherwise, or directly or indirectly own any interest in any person or entity involved in any Prohibited Business; or

	(3)
	Canvas,
call upon, solicit, entice, persuade, induce, respond to, or otherwise deal with, directly or indirectly, any individual or entity which, during Employee's term of employment
with the Employer, was or is a customer or supplier, or proposed customer or supplier, of the Employer whom Employee called upon or dealt with, or whose account Employee supervised, for any of the
following purposes:

	(a)
	to
purchase (with respect to customers) or to sell (with respect to suppliers) products of the types or kinds sold by the Employer or which could be substituted for (including, but
not limited to, rebuilt products), or which serve the same purpose or function as, products sold by the Employer (all of which products are herein sometimes referred to, jointly and severally, as
"Prohibited Products"), or

	(b)
	to
request or advise any such customer or supplier to withdraw, curtail or cancel its business with the Employer; or

	(4)
	For
herself or for or through any other individual or entity call upon, solicit, entice, persuade, induce or offer any individual who, during Employee's term of employment with the
Employer, was an employee or sales representative or distributor of the Employer, employment by, or representation as sales agent or distributor for, any one other than the Employer, or request or
advise any such employee or sales agent or distributor to cease employment with or representation of the Employer, and Employee shall not approach, respond to, or otherwise deal with any such employee
or sales representative or distributor of Employer for any such purpose, or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity. 

        4.02    Obligation Independent    Each obligation of each subparagraph and provision of Section 4.01 shall be
independent of any obligation under any other subparagraph or provision hereof or thereof. 

        4.03    Public Stock    Nothing in Section 4.01, however, shall prohibit Employee from owning (directly or
indirectly through a parent, spouse, child or other relative or person living in the same household with Employee or any of the foregoing), as a passive investment, up to 1% of the issued and
outstanding shares of any class of stock of any publicly traded company. 

        4.04    Business Limitation    If, at the termination of Employee's employment and for the entire period of twelve
(12) months prior thereto her duties and responsibilities are limited by the Employer so that she is specifically assigned to, or responsible for, one or more divisions, subsidiaries or
business units of the Employer, then subparagraphs (1) through (3) of Section 4.01 shall apply only to any business which competes with the business of such divisions,
subsidiaries or business units. 

        4.05    Area Limitation    If at the termination of Employee's employment and for the entire period of twelve
(12) months prior thereto she or she has responsibility for only a designated geographic area, then subparagraphs (1) through (3) of Section 4.01 shall apply only within
such area. 

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ARTICLE FIVE
  TERMINATION    
    

        5.01    Termination of Employee for Cause.    The Employer shall have the right to terminate Employee's employment at
any time for "cause." Prior to such termination, the Employer shall provide Employee with written notification of any and all allegations constituting "cause" and the Employee shall be given five
(5) working days after receipt of such written notification to respond to those allegations in writing. Upon receipt of the Employee's response, the Employer shall meet with the Employee to
discuss the allegations. 

        For
purposes hereof, "cause" shall mean (i) an act or acts of personal dishonesty taken by the Employee and intended to result in personal enrichment of the Employee,
(ii) material violations by the Employee of the Employee's obligations or duties under, or any terms of, this Agreement, which are not remedied in a reasonable period (not to exceed ten
(10) days) after receipt of written notice thereof from the Employer, (iii) any violation by the Employee of any of the provisions of Articles Three or Four, or (iv) Employee
being charged, indicted or convicted (by trial, guilty or no contest plea or otherwise) of (a) a felony, (b) any other crime involving moral turpitude, or (c) any violation of law
which would impair the ability of the Employer or any affiliate to obtain any license or authority to do any business deemed necessary or desirable for the conduct of its actual or proposed business. 

        5.02    Termination of Employee Because of Employee's Disability, Injury or Illness.    The Employer shall have the
right to terminate Employee's employment if Employee is unable to perform the duties assigned to her by the Employer because of Employee's disability, injury or illness, provided however, such
inability must have existed for a total of one hundred eighty (180) consecutive days before such termination can be made effective. Any compensation Employee receives under any disability
benefit plan provided by
Employer during any period of disability, injury or illness shall be in lieu of the compensation which Employee would otherwise receive under Article Two during such period of disability, injury or
sickness. 

        5.03    Termination as a Result of Employee's Death.    The obligations of the Employer to Employee pursuant to this
Agreement shall automatically terminate upon Employee's death. 

        5.04    Termination of Employee for any Other Reason.    The Employer shall have the right to terminate Employee's
employment at any time at will for any reason upon ten (10) days prior written notice to Employee. If Employee's employment is terminated by the Employer during the Employment Term for any
reason other than the reason set forth in Sections 5.01, 5.02 or 5.03 above, the Employer shall continue to pay to Employee for a period of one (1) year, an amount equal to one hundred percent
(100%) of her then current Base Salary in installments on the same dates as the Employer makes payroll payments under its customary practice. Employee shall only be entitled to receive the Bonus
pursuant to the Annual Incentive Plan for the year in which such termination occurs prorated and accrued to the date of termination. In such case Employee shall not be entitled to receive, unless
otherwise required by law, any subsequent Other Benefits. 

        5.05    5.05 Termination by Employee after Material Change.    Subject to the provisions of Articles Three and Four
above, Employee shall have the right to terminate her employment at any time within a period of 180 days after any "material change". Such termination shall be effective upon giving of notice
by Employee to employer. For purposes hereof, "material change" means (i) any sale or other transfer of all or substantially all of the Employer's assets, (ii) any merger, consolidation,
share exchange, tender offer, or other similar transaction involving the Employer, unless the surviving entity is under control by the same person(s) or entity(ies) as the Employer was prior to the
transaction, (iii) any change in control of the Employer as a result of a proxy contest or otherwise, or (iv) any plan is approved to liquidate or dissolve the Employer. If Employee
terminates his employment pursuant to this section, Employer shall continue to pay to Employee for a period of one (1) year, an amount equal to one hundred percent (100%) of his then current
Base Salary in installments on the same dates as 

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the
Employer makes payroll payments under its customary practice. Employee shall only be entitled to receive the Bonus pursuant to the Annual Incentive Plan for the year in which such termination
occurs prorated and accrued to the date of termination. In such case Employee shall not be entitled to receive, unless otherwise required by law, any subsequent Other Benefits. 

        5.05    Termination by Employee.    Subject to the provisions of Articles Three and Four above, Employee may terminate
her employment by the Employer at any time by written notice to Employer. If Employee's employment is so terminated, the Employer shall be obligated to continue to pay to Employee her then current
Base Salary, Bonus and Other Benefits accrued up to and including the date on which Employee's employment is so terminated, however, Employee and the
Employer acknowledge and agree to the fullest extent permitted by law, that Employee shall forfeit, and the Employer shall not be responsible to pay or fund, directly or indirectly, any accrued but
unpaid accumulated but unpaid sick
leave; accumulated but unpaid vacation time; deferred compensation; severance pay or benefits; any and all benefits which are accrued but not vested under any pension, profit sharing or other
qualified retirement plan and all service credits under each such plan (subject to any reinstatement of such credits upon future reemployment with the Employer in accordance with federal law); and
right to post-employment coverage under any health, insurance or other welfare benefit plan, including rights arising under Title X of COBRA or any similar federal or state law (except
that continuation coverage rights of Employee's spouse and other dependents, if any, under such plans or laws shall be forfeited only with their consent); or any Other Benefits, if any, provided to
Employee under any policy, program or plan of the Employer not specifically described above, after the date of termination to which Employee might otherwise be entitled under this Agreement but for
his resignation. 

 
 

ARTICLE SIX
  REMEDIES    
    

        6.01    Employee
acknowledges that the restrictions contained in this Agreement will not prevent her from obtaining such other gainful employment she may desire to obtain or
cause her any undue hardship and are reasonable and necessary in order to protect the legitimate interests of employer and that violation thereof would result in irreparable injury to Employer.
Employee therefor acknowledges and agrees that in the event of a breach or threatened breach by Employee of the provisions of Article Three or Article Four or Section 1.03, Employer shall be
entitled to an injunction restraining Employee from such breach or threatened breach and Employee shall lose all rights to receive any payments under Section 5.04. Nothing herein shall be
construed as prohibiting or limiting Employer from pursuing any other remedies available to Employer for such breach or threatened breach, the rights hereinabove mentioned being in addition to and not
in substitution of such other rights and remedies. The period of restriction specified in Article Four shall abate during the time of any violation thereof, and the portion of such period remaining at
the commencement of the violation shall begin to run until the violation is cured. 

        6.02    Survival.    The provisions of this Article Six and of Articles Three and Four shall survive the termination
or expiration of this Agreement. 

 
 

ARTICLE SEVEN
  MISCELLANEOUS    
    

        7.01    Assignment.    Employee and Employer acknowledge and agree that the covenants, terms and provisions contained
in this Agreement constitute a personal employment contract and the rights and obligations of the parties thereunder cannot be transferred, sold, assigned, pledged or hypothecated, excepting that the
rights and obligations of the Employer under this Agreement may be assigned or transferred pursuant to a sale of the business, merger, consolidation, share exchange, sale of substantially all of the
Employer's assets or of the business unit or division for which Employee is 

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performing
services, or other reorganization described in Section 368 of the Code, or through liquidation, dissolution or otherwise, whether or not the Employer is the continuing entity,
provided that the assignee, or transferee is the successor to all or substantially all of the assets of the Employer or of the business unit or division for which Employee is performing services and
such assignee or transferee assumes the rights and duties of the Employer, if any, as contained in this Agreement, either contractually or as a matter of law. 

        7.02    Severability.    Should any of Employee's obligations under this Agreement or the application of the terms or
provisions of this Agreement to any person or circumstances, to any extent, be found illegal, invalid or unenforceable in any respect, such illegality, invalidity or unenforceability shall not affect
the other provisions of this Agreement, all of which shall remain enforceable in accordance with their terms, or the application of such terms or provisions to persons or circumstances other than
those to which it is held illegal, invalid or unenforceable. Despite the preceding sentence, should any of Employee's obligations under this Agreement be found illegal, invalid or unenforceable
because it is too broad with respect to duration, geographical or other scope, or subject matter, such obligation shall be deemed and construed to be reduced to the maximum duration, geographical or
other scope, and subject matter allowable under applicable law. 

        The
covenants of Employee in Articles Three and Four and each subparagraph of Section 4.01 are of the essence of this Agreement; they shall be construed as independent of any
other provision of this Agreement; and the existence of any claim or cause of action of Employee against the Employer, whether predicated on the Agreement or otherwise shall not constitute a defense
to enforcement by the Employer of any of these covenants. The covenants of Employee shall be applicable irrespective of whether termination of employment hereunder shall be by the Employer or by
Employee, whether voluntary or involuntary, or whether for cause or without cause. 

        7.03    Notices.    Any notice, request or other communication required to be given pursuant to the provisions hereof
shall be in writing and shall be deemed to have been given when delivered in person or three (3) days after being deposited in the United States mail, certified or registered, postage prepaid,
return receipt requested and addressed to the party at its or her last known addresses. The address of any party may be changed by notice in writing to the other parties duly served in accordance
herewith. 

        7.04    Waiver.    The waiver by the Employer or Employee of any breach of any term or condition of this Agreement
shall not be deemed to constitute the waiver of any other breach of the same or any other term or condition hereof. Failure by any party to claim any breach or violation of any provision of this
Agreement shall not constitute a precedent or be construed as a waiver of any subsequent breaches hereof. 

        7.05    Continuing Obligation.    The obligations, duties and liabilities of Employee pursuant to Articles Three and
Four of this Agreement are continuing, absolute and unconditional and shall remain in full force and effect as provided herein and survive the termination of this Agreement. 

        7.06    No Conflicting Obligations or Use.    Employer does not desire to acquire from Employee any secret or
confidential know-how or information which she may have acquired from others nor does it wish to cause a breach of any non compete or similar agreement to which Employee may be subject.
Employee represents and warrants that (i) other than for this Agreement, she is not subject to or bound by any confidentiality agreement or non disclosure or non compete agreement or any other
agreement having a similar intent, effect or purpose, and (ii) she is free to use and divulge to Employer, without any obligation to or violation of any right of others, any and all
information, data, plans, ideas, concepts, practices or techniques which she will use, describe, demonstrate, divulge, or in any other manner make known to Employer during the performance of services 

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        7.07    Attorneys Fees.    In the event that Employee has been found to have violated any of the terms of Articles
Three or Four of this Agreement either after a preliminary injunction hearing or a trial on the merits or otherwise, Employee shall pay to the Employer the Employer's costs and expenses, including
attorneys' fees, in enforcing the terms of Articles Three or Four of this Agreement. In the event Employer files litigation against Employee alleging violation of Articles Three or Four of this
Agreement and Employee is found not to have violated any of the terms of Articles Three or Four of this Agreement in such litigation, Employer shall pay to Employee the Employee's costs and expenses,
including attorneys' fees, in defending such litigation. 

        7.08    Advise New Employers.    During Employee's employment with the Employer and for one (1) year
thereafter, Employee will communicate the contents of Articles Three and Four to any individual or entity which Employee intends to be employed by, associated with, or represent which is engaged in a
business which is competitive to the business of Employer. 

        7.09    Captions.    The captions of Articles and Sections this Agreement are inserted for convenience only and are
not to be construed as forming a part of this Agreement. 

        EMPLOYEE ACKNOWLEDGES THAT SHE HAS READ AND FULLY UNDERSTANDS EACH AND EVERY PROVISION OF THE FOREGOING AND DOES HEREBY ACCEPT AND AGREE TO THE
SAME.

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above. 

	 EMPLOYEE	 	EMPLOYER
	/s/  WENDY DIDDELL      	 	By:	 	/s/  ED RICHARDSON      
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	

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EXHIBIT A
  ANNUAL INCENTIVE PLAN    
    

10

QuickLinks

Exhibit 10.47

EMPLOYMENT, NONDISCLOSURE AND NON-COMPETE AGREEMENT

RECITALS

ARTICLE ONE NATURE AND TERM OF EMPLOYMENT

ARTICLE TWO COMPENSATION AND BENEFITS

ARTICLE THREE CONFIDENTIAL INFORMATION RECORDS AND REPUTATION

ARTICLE FOUR NON-COMPETE AND NON-SOLICITATION COVENANTS

ARTICLE FIVE TERMINATION

ARTICLE SIX REMEDIES

ARTICLE SEVEN MISCELLANEOUS

EXHIBIT A ANNUAL INCENTIVE PLANQuickLinks
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Exhibit 10.48    
    

REAL ESTATE SALE CONTRACT  

        THIS AGREEMENT made this 8th day of June, 2004 (the "Acceptance Date") between RICHARDSON ELECTRONICS, LTD., a Delaware corporation (the "Seller") and
SHODEEN CONSTRUCTION COMPANY, L.L.C., an Illinois limited liability company (the "Purchaser"). 

W I T N E S S E T H:  

        A.    The Seller is the owner of fee title to an approximately two hundred nineteen (219) acre farm in, Kane County, Illinois which has frontage
an Keslinger Road as shown on the site plan which is attached hereto as Exhibit "A" (the "Total Parcel"). 

        B.    The
Seller has agreed to sell approximately two hundred five (205) acres (the "Purchased Land") of the Total Parcel to the Purchaser, and the Purchaser has agreed
to purchase the Land from the Seller, all on the terms and conditions contained herein. 

        NOW,
THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby mutually
acknowledged, the parties hereto agree as follows: 

        1.    SALE OF ESTATE:    The Seller hereby agrees to sell to the Purchaser, and the Purchaser hereby agrees to
purchase from the Seller, the following, which is collectively referred to as the "Real Estate": 

	a)
	the
Purchased Land, but not any portion of the Restricted Parcel (as hereinafter defined;

	b)
	all
the appurtenances belonging or pertaining to the Purchased Land; and

	c)
	all
right, title and interest of the Seller in and to any and all roads, easements, streets and ways which are appurtenant to the Purchased Land, or benefit the Purchased Land, either
directly or indirectly. 

        2.    PURCHASE PRICE:    The purchase price for the Real Estate (the "Purchase Price") shall be the sum of Ten Million
Nine Hundred Sixty-Six Thousand Five Hundred Dollars ($10,966,500.00) which, plus or minus prorations, shall be paid as follows: 

	a)
	the
sum of Two Hundred Fifty Thousand Dollars ($250,000.00) (the "Earnest Money") shall be deposited in escrow with Chicago Title Insurance Company ("Title Company") within two
(2) business days after execution of this Agreement by the Seller and the Purchaser and invested in an interest bearing account for the benefit of the Purchaser; and

	b)
	the
balance of the Purchase Price at the Closing (as hereinafter defined) by certified or cashier's check, or wire-transfer of immediately available funds. 

        3.    INSPECTION PERIOD:    

	a)
	For
a period commencing with the later of Acceptance Date or the execution and delivery to Seller of an Access Agreement in the form attached hereto and made a part hereof as
Exhibit B (the "Access Agreement") and expiring forty-five (45) days after the Acceptance Date (the "Inspection Period"), the Seller shall grant the Purchaser, its agents,
engineers, employees and surveyors access to the Real Estate for the purpose of conducting a physical inspection of the Real Estate, performing soil and environmental tests, and otherwise determining
the suitability of the Real Estate for the Purchaser's intended use, which determination shall be in the sole and absolute discretion of the Purchaser 

2

 

(collectively
the "Physical Approval"). Any such access shall be in accordance with the terms of the Access Agreement and the terms of this Section 3; 

	b)
	The
Purchaser agrees to indemnify and hold harmless the Seller from any liability as a result of the inspection activities of the Purchaser, its agents, engineers, employees and
surveyors upon the Real Estate. For this indemnity to be effective the Seller shall give the Purchaser prompt written notice of any claim and shall cooperate with the Purchaser in the defense of such
claim, which indemnity shall survive the Closing or the earlier termination of this Agreement. For purposes of this Section 3(b), "prompt" notice shall be deemed given so long as Purchaser's
indemnification of Seller shall not be jeopardized by a delay in delivery of notice to Purchaser. The Purchaser shall restore the Real Estate to the same condition as existed prior to the Purchaser's
activities thereupon. 

The
Purchaser shall have the right, in its sole and absolute discretion, by giving written notice to the Seller prior to expiration of the Inspection Period to cancel this Agreement and receive a
refund of the Earnest Money and interest thereon 

        4.    GOVERNMENTAL APPROVALS:    The Purchaser's obligations hereunder are contingent upon the Purchaser, at its sole
cost and expense, having the County of Kane (the "County") rezone the Purchased Land, and provide any other reasonable and necessary governmental approvals, to permit development of the Purchased Land
for residential use of at least three hundred (300) single family residential units, approve plats of subdivision of the Purchased Land, which are reasonably acceptable to the Purchaser (the
"Governmental Approvals") within three hundred sixty five (365) days after the Acceptance Date (the "Approvals Period"). The Seller agrees to cooperate with the Purchaser in obtaining the
Governmental Approvals by executing any petitions, plats, or other documents reasonably requested by the Purchaser. The Seller further agrees that the approximately fourteen (14) acres of
theRestricted Parcel (as hereinafter defined) shall be part of the submission for the Purchaser's proposed development of the Purchased Land, even though the Purchaser is not purchasing the Restricted
Parcel, and the Restricted Parcel shall sought to be zoned by the County as "open space/recreational use." During the Approvals Period the Seller and the Purchaser shall agree upon the form and
content of the Restricted Parcel Easement (as hereinafter defined) which shall include the agreement of the Purchaser to indemnify the Seller against any liability arising out of the recreational use
of the Restricted Parcel and any increase in real estate taxes by reason of the zoning and/or use of the Restricted Parcel for recreational purposes. All Governmental Approvals shall be contingent
upon
the acquisition of the Purchased Land by the Purchaser, or a designee approved by Seller. In the event the Purchaser does not obtain the Governmental Approvals in form and content acceptable to the
Purchaser in its reasonable discretion, then the Purchaser shall have the right, by giving written notice to the Seller prior to expiration of the Approvals Period to cancel this Agreement and receive
a refund of the Earnest Money and interest thereon. The Purchaser shall utilize due diligence to obtain the Governmental Approvals as expeditiously as possible. The Purchaser shall provide the Seller
with copies of all correspondence, memorandum, letters, draft ordinances and facsimile transmissions between the Purchaser and Kane County and copies of all site plans, reports, studies and other
relevant material prepared or delivered in connection with the pursuit of the Governmental Approvals. The Purchaser shall provide the Seller with notice of all preliminary and final decisions relating
to its pursuit of the Governmental Approvals and shall notify the Seller of all public hearings held in connection with the Governmental Approvals. 

        5.    TITLE COMMITMENT AND SURVEY:    With the exception of the survey referred to in Section 5(c) below which
shall be obtained by the Purchaser, the Seller shall, at its expense, obtain within thirty (30) days after the Acceptance Date: 

	a)
	a
commitment for an ALTA Form B owner's title insurance policy (the "Title Commitment') issued by the Title Company in the amount of the Purchase Price showing 

3

 

fee
simple title to the Real Estate to be held by the Seller, with extended coverage over general exceptions 1 through 5 which extended coverage will be provided so long as the Purchaser obtains a
survey satisfactory to the Title Company for purposes of such extended coverage; 

	b)
	legible
copies of all recorded documents shown on Schedule B of the Title Commitment (the "Title Documents"); and

	c)
	plat
of survey of the Real Estate prepared by an Illinois registered lead surveyor, dated after the date of this Agreement (the "Plat of Survey"), certified as having been prepared for
the Purchaser, the Purchaser's lender, and. the Title Company. The Plat of Survey shall incorporate and indicate:

	i)
	the
legal description of the Real Estate;

	ii)
	the
boundary lines of the Real Estate;

	iii)
	the
location of all improvements on the Real Estate;

	iv)
	all
easements, set back lines, and rights-of-way, (whether recorded or visible) and the recorded document numbers, if any, of the documents
granting the same;

	v)
	the
location of any wetlands and flood plains;

	vi)
	ingress
and egress to public roads;

	vii)
	the
number of acres of the Purchased Land, exclusive of the rights of way of public roads and highways, fence line encroachments, and the number of acres in, and the
location of, the Restricted Parcel. 

        6.    TITLE AND SURVEY DEFECTS:    Within twenty (20) days after receipt of the Title Commitment, all of the
Title Documents and the Plat of Survey, the Purchaser shall give written notice to the Seller stating whether there are any exceptions on the Title Commitment which are not acceptable to the Purchaser
in its sole discretion (the "Unpermitted Exceptions") or items on the Plat of Survey which are not acceptable to the Purchaser in its sole discretion (the "Survey Defects"). The Seller shall have
thirty (30) days (the "Cure Period") to have the Unpermitted Exceptions removed from the Title Commitment or the Survey Defects removed from the Plat of Survey or to have the Title Company
commit to insure against loss or damage that may be occasioned by the Unpermitted Exceptions or the Survey Defects. 

        If
the Seller fails to have the Unpermitted Exceptions or the Survey Defects removed, or in the alternative, to obtain the title commitment for title insurance specified above as to the
Unpermitted Exceptions and the Survey Defects within the Cure Period, the Purchaser may within five (5) days after the expiration of Cure Period elect to terminate this Agreement upon written
notice to the Seller. and receive a refund of the Earnest Money, and interest thereon, or may elect upon notice to the Seller within five (5) days after the expiration of the Cure Period, to
take title as it then is with the right to deduct from the Purchase Price liens or encumbrances of an ascertainable amount. Seller shall have no obligation to cure any other Unpermitted Exceptions. 

        If
the Purchaser does not give timely written notice of the Unpermitted Exceptions or the Survey Defects, then all matters shown on the Title Commitment and the Plat of Survey shall be
conclusively presumed to be acceptable to the Purchaser. The matters of title approved or deemed approved by the Purchaser pursuant to this paragraph 6 shall be the "Permitted Exceptions". 

        7.    THE CLOSING:    The closing of the sale and purchase of the Real Estate shall take place thirty (30) days
after expiration of the Approvals Period, or such earlier date selected by the Purchaser 

4

 

upon
ten (10) business days prior written notice to the Seller (the "Closing') at the offices of the Title Company in Geneva, Illinois, or such other time and place agreed upon by the parties
hereto. 

        8.    CLOSING DOCUMENTS:    At the Closing the Seller shall execute the following closing documents as a condition
precedent to the Purchaser's obligation to pay the Purchase Price (the "Seller's Closing Documents"): 

	a)
	special
warranty deed, in recordable form, conveying fee simple title to the Real Estate (which shall exclude all of the Restricted Parcel) to Purchaser, or its nominee, subject only
to the Permitted Exceptions

	b)
	certification
that the Seller is not a "foreign person" as required by § 1445 of the Internal Revenue Coda;

	c)
	corporate
resolution authorizing the sale of the Real Estate to the Purchaser;

	d)
	current
good standing certificate issued by the Illinois Secretary of State;

	e)
	ALTA
Statements;

	f)
	Easement
to the Purchaser permitting the Purchaser, its sucessors and assigns to use the surface of the Restricted Parcel for recreational purposes, including construction and use of
golf holes (the "Restricted Parcel Easement");

	g)
	Indemnification
Agreement of the Seller with respect to any costs and expenses arising out of any required remediation of the Restricted Parcel;

	h)
	any
documents reasonably required by the Title Company. 

        At
Closing the Purchaser shall deliver to the Title Company (the "Purchaser's Deposits"): 

	i)
	the
balance of the Purchase Price; and

	ii)
	ALTA
Statements. 

        The
Seller and the Purchaser shall jointly deposit: 

	x)
	State
and County, if any, transfer declarations;

	y)
	Closing
Statement; and

	z)
	Such
other documents reasonably necessary to effectuate this transaction. 

        9.    ESCROW:    The conveyance of the Real Estate shall be closed through an escrow with the Title Company in
accordance with the general provisions of the usual form of Deed and Money Escrow Agreement then in use by the Title Company, with such special provisions inserted in the escrow agreement as may be
required to conform with this Agreement. The attorneys for the parties are authorized to execute the escrow instructions and any amendments thereto. Upon the creation of such an escrow, anything
herein to the contrary notwithstanding, payment of the Purchase Price and delivery of the deed shall be made through the escrow. The cost of the escrow shall be evenly divided between the Seller and
the Purchaser, including the cost of a "New York" style closing. In the event of any inconsistencies between the terms of the escrow instructions and the terms of this Agreement, then the terms of
this Agreement shall control. No part of the Purchase Price shall be disbursed to or for the benefit of the Seller until the Title Company is prepared to insure that the Purchaser or its nominee owns
fee simple title to the Real Estate subject only to the Permitted Exceptions and acts committed by the Purchaser. 

        10.    PRORATIONS AND CREDITS:    Real estate taxes, based upon one hundred five per cent (105%) of the most recent
ascertainable taxes, rent and other proratable items shall be prorated as of the Closing. The Seller shall pay the state and county transfer taxes in connection with the sale of the 

5

 

Real
Estate. At closing, Seller shall provide a credit in an amount not to exceed Five Thousand Dollars ($5,000) towards the cost of the survey to be obtained by the Purchaser. 

        11.    MAINTAINING THE REAL ESTATE:    The Seller shall deliver possession of the Real Estate to the Purchaser at the
Closing in the same condition as of the Acceptance Date, save for ordinary wear and tear. Between the date hereof and the Closing, except for a farm lease for the 2004 growing season (the "Farm
Lease"), the Seller will not enter into, and leases or other agreements which will affect the Real Estate, or any portion thereof after Closing unless the Purchaser's prior written consent thereto is
first obtained. 

        12.    NOTICES OF VIOLATIONS:    If prior to the Closing the Seller shall receive any notices of building, zoning,
health, environmental or other violations issued by a governmental body affecting the Real Estate, the Seller shall promptly send a copy of the notice to the Purchaser. The Seller may, at its expense,
correct the violations prior to the Closing in which case the Purchaser shall be obligated to purchase the Real Estate. If the Seller is unable or unwilling to correct the violations prior to the
Closing, then the Purchaser may elect to close the transaction contemplated by this Agreement without adjustment to the Purchase Price or the Purchaser may elect to terminate this Agreement by giving
written notice to the Seller and receive a refund of the Earnest Money and interest thereon. 

        13.    DAMAGE TO REAL ESTATE:    Since the Real Estate is vacant land, the Uniform Vendor and Purchaser Risk Act
(765 ILCS 65/1) shall not be applicable to this Agreement. In the event that prior to the Closing any part of the Real Estate shall be damaged or destroyed by fire or other casualty, the Seller
shall give prompt written notice to the Purchaser, but the Purchaser shall be obligated to close
the transaction contemplated by this Agreement without adjustment to the Purchase Price due from the Purchaser. 

        14.    CONVEYANCE TO SCHOOL DISTRICT-POSSIBLE CONDEMNATION:    The Seller has been approached by the Board of
Education of Geneva Community Unit School District No. 304, Kane County, Illinois ("District 304") regarding the possible acquisition of six (6) acres located at the Northeast portion of
the Purchased Land as shown on the site plan attached hereto as Exhibit "A". The Purchaser hereby agrees to convey up to six (6) acres to District 304 and/or any other school district
interested in the acquisition of the Purchased Land with no adjustment to the Purchase Price. In the event such acquisition occurs prior to the Closing, any proceeds from the sale or transfer of such
portion of the Purchased Land received by Seller shall be credited towards the Purchase Price. In the event the Purchaser has waived all contingencies in connection with this Agreement and is prepared
to close this transaction contemplated by this Agreement, the Seller shall consult with the Purchaser prior to entering into a final sales price for the portion of the Purchased Land to be sold or
transferred to District 304 or any other school district. In the event that prior to the Closing an eminent domain proceeding is commenced or threatened which affects all or any material portion of
the Real Estate, the Seller shall give prompt written notice to the Purchaser (the "Seller's Notice"). With the exception of the possible condemnation of up to six (6) acres by District 304 or
any other school districts ("School District Condemnation"), the Purchaser may elect, within fifteen (15) days after receipt of the Seller's Notice, to cancel this Agreement by giving written
notice to the Seller and receive a refund of the Earnest Money and interest thereon. In the event the Purchaser does not give timely notice of cancellation, or in the event of a School District
Condemnation, this Agreement shall continue in full force and effect and all condemnation awards received by the Seller prior to the Closing shall be credited against the Purchase Price due at the
closing, provided, however, the Purchaser shall have the right to approve any settlement, which shall not be unreasonably withheld, and the Purchaser shall have the right, at its expense, to take over
the defense of the condemnation proceeding. If the condemnation proceeding is still pending at the Closing, the Purchaser shall take over the defense thereof and be entitled to receive any award. For
purposes of this Agreement, a material portion of the Real Estate shall mean not less than twenty-five (25) acres. 

6

 

        15.    REMEDIES:    In the event this Agreement is terminated due to the default of the Seller, then the Purchaser
shall be entitled to the remedy of specific performance as its sole remedy at law or in equity. In the event this Agreement is terminated due to the default of the Purchaser, then the Earnest Money,
and interest thereon, shall be forfeited to the Seller as the Seller's sole remedy at law or in equity. 

        In
the event either party commences legal proceedings to enforce any of their rights get forth in this Agreement, the prevailing party shall be entitled to recover its
out-of-pocket costs and expenses, including reasonable attorneys' fees, in connection therewith. 

        16.    REPRESENTATIONS AND WARRANTIES OF THE SELLER:    The Seller represents and warrants to the Purchaser that
(collectively the "Representations and Warranties"): 

	a)
	To
the best of the Seller's knowledge, with the exception of a possible School District Condemnation there are not pending any special assessments or condemnation actions with respect
to the Real Estate or any part thereof, nor has the Seller any knowledge of any special assessments or condemnation actions being contemplated.

	b)
	With
the exception of the Farm Lease, there are no leases of the Real Estate and no party is in possession of the Real Estate other than the Seller.

	c)
	To
the best of Seller's knowledge, the Real Estate is not in violation of any federal, state or local law, ordinance or regulation relating to industrial hygiene, environmental
conditions, hazardous waste or toxic materials on, under or about the Real Estate including, without limitation, soil and groundwater conditions. There are institutional controls imposed on the
approximately nineteen (19) acre property owned by the Seller, approximately fourteen (14) acres of which are part of the Total Parcel and approximately five (5) acres of which
are part of Seller's factory, all of which is adjacent to the Purchased Land (the "Restricted Parcel") pursuant to that certain Environmental Land Use Control dated November 1, 2002 recorded on
November 5, 2002 as Document No. 200K142875 (the "Land Use Restriction"), a copy of which has been delivered to Purchaser.

	d)
	The
sale of the Real Estate to the Purchaser has been authorized by all necessary corporate action and this Contract is binding upon the Seller and enforceable in accordance with its
terms. 

        The
Representations and Warranties: 

	i)
	are
given as an inducement to Purchaser to enter into this Agreement;

	ii)
	are
true and correct in all respects as of the date hereof;

	iii)
	shall
be restated at the Closing and, to the extent there has been no change in circumstances between the date hereof and Closing, shall be true and correct in all
material respects, PROVIDED THAT in the event there shall have been a material change in circumstances or in Seller's knowledge which would have a material adverse affect on Purchaser's use of the
Real Estate for its intended purpose between the date hereof and Closing which makes it impossible to restate the Representations, the discovering party shall, immediately upon the discovery of such
circumstance or matter, notify to other party thereof, in writing, identifying the same and the Purchaser shall have the right, by giving written notice to the Seller, to terminate this Agreement
prior to the expiration of the Inspection Period if received prior to the expiration of the Inspection Period, or within five (5) notice of notice if received after the Inspection Period and
receive a refund of the Earnest Money and interest thereon; and shall expire six (6) months after the Closing. 

7

 

        17.    BROKER'S COMMISSIONS:    The Purchaser and the Seller represent and warrant into each other that they did not
have any negotiations or dealings in connection with this transaction with any brokers or finders. 

        18.    ASSIGNMENT:    Neither party shall have the right to assign any of its rights or obligations under this
Agreement; provided, however, either party shall have the right to assign this Agreement in connection with a tax free exchange of real estate. 

        19.    ADDITIONAL CONDITIONS:    

	a)
	Entire Agreement:    This Agreement contains the entire agreement of the parties hereto and shall not be altered modified, or
changed except by an instrument in writing, executed by or on behalf of all the parties hereto.

	b)
	Notices:    All notices required or agreed to be given pursuant hereto shall be sufficient if in writing and mailed by
overnight courier, personal delivery or United States Certified Mail, return receipt requested, postage prepaid, addressed to the Purchaser and the Seller as follows: 

	If to the Seller:	 	William G. Seils

Richardson Electronics, Ltd.

P.O. Box 393

LaFox, IL 60147-0393
	

With a copy to	
 	

Patrick E. Brady

McGuireWoods

77 West Wacker Drive

Suite 4400

Chicago, IL 60601
	

If to the Purchaser:	
 	

c/o Sho Deen, Inc.

17 North First Street

Geneva, Illinois 60134
	

Notices shall be effective upon delivery or two (2) days after deposit in the U.S. mail.

        c)    Governing Law:    This Agreement has been prepared in accordance with and shall be governed pursuant to, the
laws of the State of Illinois. Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, provided, however, that if
any such provision hereof shall be prohibited, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement. 

        d)    Pronouns:    All pronouns used herein shall be deemed to refer to the masculine, feminine, neuter, singular or
plural, as the context thereof shall require. 

        e)    Benefit:    Upon the execution of this Agreement by or on behalf of the parties hereto, the provisions hereof
shall be binding on the parties hereto, their respective successors, assigns, grantees and legal representatives, if any. 

        f)    Waivers:    No act or acts, omission or omissions, or series of acts or omissions, or waiver, acquiescence or
forgiveness by either party hereto as to any default in or failure of satisfaction or performance, either in whole or in part, by the other of any of the provisions of this Agreement shall be deemed
or construed to be a waiver of or election of remedies as to the rights at all times thereafter and the non-defaulting party may insist upon the full and complete satisfaction and
performance by the other of each and all the respective provisions thereof to be satisfied and 

8

 

performed,
in the manner and to the extent as the same are herein required to be satisfied and performed, No such waiver shall be deemed to be effective unless made in writing and executed by the
party against whom such waiver is asserted. 

        g)    Fees and Costs:    Each party hereto shall bear and pay its respective attorneys' and accountants' fees and all
other costs incurred in this transaction. 

        h)    Memorandum of Contract:    At the request of either party, the parties agree that a memorandum of this
Agreement, a copy of which is attached hereto as Exhibit "C", shall be recorded with the Office of the Recorder of Deeds in Kane County, Illinois. In the event either party requests the execution and
recordation of said memorandum, the Purchaser shall execute and deliver to the Title Company a quit claim deed for the Real Estate in recordable form reasonably acceptable to the Seller for deposit
into the strict joint order escrow holding the Earnest Money. Upon termination of this Agreement, if applicable, Purchaser shall direct the Title Company to deliver to the Seller said quit claim for
the Real Estate, or in the event the Earnest Money is delivered to the Purchaser, the Purchaser shall direct the Title Company to deliver the quit claim deed deposited in the strict joint order escrow
to the Seller. 

        20.    EXPIRATION:    The offer of the Purchaser contained herein shall automatically expire unless the, Purchaser
receives a fully executed original of the Agreement on or before three (3) business days of delivery of executed original copy of this Agreement to Seller. 

        IN
WITNESS WHEREOF, the Seller and the Purchaser have executed, this Real Estate Sale Contract the day and year first above written. 

	

 	
 	

 	
 	

 
	SELLER:	 	RICHARDSON ELECTRONICS, LTD., a

Delaware corporation
	

 	
 	

By:	
 	

/s/  ED RICHARDSON      
 Title: Chairman
	

PURCHASER:	
 	

SHODEEN CONSTRUCTION COMPANY,

L.L.C., an Illinois limited liability company
	

 	
 	

By:	
 	

/s/  CRAIG A. SHODEEN      
 Title: Vice President

9

EXHIBIT A  

SITE PLAN OF REAL ESTATE 

Parcel
No(s)
:                                         
        

 
EXHIBIT B  

ACCESS AGREEMENT  

        THIS AGREEMENT is entered into by and between RICHARDSON ELECTRONICS, LTD., a Delaware corporation, (hereinafter
referred to as "Owner"), and SHODEEN CONSTRUCTION COMPANY, L.L.C., an Illinois limited liability company (hereinafter referred to as "Invitee"). 

W I T N E S S E T H:  

        WHEREAS, Invitee wishes to purchase from Owner and Owner wishes to sell to Invitee certain real estate
(hereinafter called the "Premises") contains 200 acres and located south of Keslinger Road, LaFox, Illinois, and depicted by cross hatching on Exhibit A attached hereto and made a part
hereof, and for that purpose the parties have agreed that, Invitee and its consultants will have non exclusive access to the Premises, as provided in this Agreement to conduct investigations, and as a
result thereof will have access to and will obtain certain information hereinafter defined as "Confidential Information." 

        NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree as follows: 

	1.
	Definitions.    For the purposes of this Agreement:

	(a)
	The
term "Confidential Information" shall mean any and all information obtained by Invitee or Invitee's personnel in connection with the access granted in this Agreement concerning
the Premises which is not generally available to third parties, including but not necessarily limited to environmental information.

	(b)
	The
term "Proposed Transaction" shall mean the proposed sale of the Premises by Owner to Invitee.

	(c)
	The
term "person" shall be broadly interpreted to include, without limitation, any and all corporations, companies, partnerships, proprietorships and individuals.

	(d)
	The
term "Invitee's personnel" includes Invitee's environmental consultants, representatives, subcontractors, employees and agents, and all other persons caused by Invitee, its
environmental consultants, representatives, subcontractors, employees and agents to come upon the Premises pursuant to this Agreement.

	(e)
	The
term "Hazardous Materials" means, any material or substance which is (i) defined or listed as a "hazardous waste," "extremely hazardous waste," "restricted hazardous
waste," "hazardous substance," "hazardous material" or "toxic pollutant" under applicable federal, state or local law or administrative code promulgated thereunder, (ii) gas, oil and other
similar petroleum products, (iii) asbestos and (iv) PCBs. 

        2.    Access.    Invitee shall notify Owner by contacting William Seils 630-640-3960 of any intended access to the
Premises pursuant to this Access Agreement. Any access to the interior of the building located on the Premises or invasive testing of the Premises by Invitee shall require the presence of a employee
or authorized representative of Owner. Owner shall make such employee or representative available at reasonable times upon prior notice. 

        3.    Assumption of Risk.    Invitee hereby assumes all risk connected with the entry into the Premises by Invitee's
personnel and Invitee's property as such risk relates to Invitee's personnel and Invitee's property. 

        4.    Indemnity.    Invitee will indemnify, defend and hold Owner harmless from all losses, liabilities, damages,
claims and expenses (including but not limited to reasonable attorneys' fees, expert fees, 

2

 

consulting
fees and courts costs) asserted against or incurred by Owner arising out of the entry upon or activities upon the Premises in connection with the Investigation contemplated by this
Agreement. 

        5.    Environmental Concerns.    Invitee covenants to comply with all laws relating to Hazardous Materials with
respect to the Premises. Invitee shall perform no invasive testing at the Premises without the prior consent of Owner. 

        6.    Agreement to Maintain Confidentiality.    Invitee and Invitee's personnel may utilize Confidential Information
only for the purpose of evaluating the proposed transaction or in the event Invitee acquires all or part of the Premises, for any purpose for which landowners generally use such Confidential
Information. 

        7.    Insurance.    Invitee and each environmental consultant, contractor or subcontractor of Invitee entering upon
the Premises shall procure and maintain at all times at such person's sole cost and expense until termination of its liabilities and duties arising from this Agreement, insurance in amounts and
coverages reasonably acceptable to Owner, and which names Owner and its mortgage, if applicable, as additional insureds. 

        8.    Term.    The rights granted herein shall commence on the date hereof and expire July 23, 2004. 

        9.    Delivery of Reports.    Upon Seller's request, the Purchaser shall deliver to the Seller copies of all reports,
test results and other data obtained by the Purchaser in connection with its investigation of the Premises. 

        10.    Restoration.    In the event of any damage to the Premises, during the course of the inspection, Invitee agrees
to repair such damage. 

        11.    Counterparts.    This Agreement may be executed in counterparts, both of which when taken together shall
constitute a single original. 

        IN WITNESS WHEREOF, the parties hereto have set their hands and seals this 8th day of June, 2004. 

	 	 	RICHARDSON ELECTRONICS, LTD., a

Delaware corporation
	

 	
 	

By:	

/s/  ED RICHARDSON      

	 	 	ITS:	Chairman
	

 	
 	

SHODEEN CONSTRUCTION COMPANY,

L.L.C., an Illinois limited liability company
	

 	
 	

By:	

/s/  CRAIG A. SHODEEN      

	 	 	ITS:	Vice President

[EXECUTION PAGE OF ACCESS AGREEMENT]  

3

EXHIBIT A  

Depiction of Premises 

 
EXHIBIT C  

	PREPARED BY AND AFTER

RECORDING RETURN TO:

William B. Phillips, Esq.

McParland & Phillips, L.L.C.

180 North Wacker Drive, Suite 300

Chicago, Illinois 60606	 	

FOR RECORDERS USE ONLY

MEMORANDUM OF CONTRACT  

        THIS MEMORANDUM OR CONTRACT made this 8th day of June, 2004 between RICHARDSON ELECTRONICS, LTD., a Delaware corporation (the "Seller") and SHODEEN
CONSTRUCTION COMPANY, L.L.C., an Illinois limited liability company (the "Purchaser"). 

        1.     The
Seller is the owner of fee simple title to the real estate shown on Exhibit "A" attached hereto and made a part hereof (the "Real Estate"). 

        2.     By
Real Estate Sale Contract dated as of the 8th day of June, 2004, the Seller has agreed to sell the Real Estate to the Purchaser (the "Agreement") pursuant to the terms
and conditions contained therein. 

        3.     This
Memorandum of Contract is made and recorded to give notice of the sale of the Real Estate pursuant to the Agreement, and all terms and provisions of the Agreement
are incorporated herein by reference as though specifically set forth herein. 

        4.     This
instrument is only a Memorandum of Contract and does not contain all of the terms, covenants and agreements contained in the Agreement. In the event of any conflict
between this Memorandum and the unrecorded Agreement, the Agreement shall control. 

        5.     This
Memorandum may be executed in counterparts, both of which shall constitute a single original. 

        IN
WITNESS WHEREOF, the parties hereto have executed this Memorandum of Contract as of the day and year first above written 

	    SELLER:	 	RICHARDSON ELECTRONICS, LTD., a

Delaware corporation
	

 	
 	

By:	

/s/  ED RICHARDSON      
 Title: Chairman
	

    PURCHASER:	
 	

SHODEEN CONSTRUCTION COMPANY, L.L.C.,

an Illinois limited liability company
	

 	
 	

By:	

/s/  CRAIG A. SHODEEN      
 Title: Vice President

2

 

	STATE OF ILLINOIS	 	)	 	 
	 	 	)	 	SS.
	COUNTY OF             	 	)	 	 

        I,
                                        , a
Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that
                                 of
RICARDSON ELECTRONICS, LTD., a Delaware corporation, personally known to me to be the same person whose name is subscribed to the foregoing instrument as such
                        , appeared before me this day in
person and acknowledged that                          signed and delivered the said instrument as
                         own free and voluntary act, and as
the free and voluntary act of said Corporation, for the uses and purposes therein set forth. 

        GIVEN
under my hand and seal this              day of
                        , 2004. 

	 	 	
 Notary Public

3

 

	STATE OF ILLINOIS	 	)	 	 
	 	 	)	 	SS.
	COUNTY OF KANE	 	)	 	 

        I,
                                        , a
Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that
                                         
       ,
                         of SHODEEN CONSTRUCTION COMPANY, L.L.C., an Illinois limited liability company, personally known to
me to be the same person whose name is subscribed to the foregoing
instrument as such                        , appeared before me this day in person and acknowledged that
                         signed and delivered the said instrument as
             own free and voluntary act, and as the free and voluntary act of said company, for the uses and purposes therein set forth. 

        GIVEN
under my hand and seal this              day of
                        , 2004. 

	 	 	
 Notary Public

4

EXHIBIT A  

THE REAL ESTATE  

QuickLinks

Exhibit 10.48

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