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<SEC-DOCUMENT>0000724910-08-000007.txt : 20080620
<SEC-HEADER>0000724910-08-000007.hdr.sgml : 20080620
<ACCEPTANCE-DATETIME>20080620160349
ACCESSION NUMBER:		0000724910-08-000007
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20080807
FILED AS OF DATE:		20080620
DATE AS OF CHANGE:		20080620
EFFECTIVENESS DATE:		20080620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NVE CORP /NEW/
		CENTRAL INDEX KEY:			0000724910
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				411424202
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12196
		FILM NUMBER:		08910173

	BUSINESS ADDRESS:	
		STREET 1:		11409 VALLEY VIEW ROAD
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344
		BUSINESS PHONE:		9528299217

	MAIL ADDRESS:	
		STREET 1:		11409 VALLEY VIEW ROAD
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREMIS CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>proxy-08.htm
<DESCRIPTION>PROXY STATEMENT PURSUANT TO SECTION?14(A)
<TEXT>
<html>
<hr style="margin-top: -5px; color: black;" noshade size="4">
                <hr style="margin-top: -10px; color: black;" noshade size="1">
<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12pt;">UNITED STATES</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<div align="center"><font style="font-size: 10pt; font-family: Times New Roman;"><b>Washington,
  D.C.&nbsp;&nbsp;20549</b></font></div>
<div align="center"><font style="font-size: 10pt; font-family: Times New Roman; line-height: 5pt;">_______________</font></div>
<div><font style="font-size: 10pt; font-family: Times New Roman; line-height: 5pt;">&nbsp;</font></div>
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">&nbsp;</font></b><b><font size="5" face="Times New Roman" style="font-size:12pt;">SCHEDULE
    14A INFORMATION</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">Proxy
  Statement Pursuant to Section&nbsp;14(a)&nbsp;of the Securities Exchange Act
  of 1934 <br>
  (Amendment No.&nbsp;&nbsp;&nbsp;)</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font></p>

  <p style="font-size:10pt;margin:0pt 0pt .0001pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">Filed
    by the Registrant&nbsp;&nbsp;</font><font style="font-size: 10pt; font-family: Times New Roman;">[X]</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font></p>

  <p style="font-size:10pt;margin:0pt 0pt .0001pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">Filed
    by a Party other than the Registrant&nbsp;&nbsp;</font><font style="font-size: 10pt; font-family: Times New Roman;">[&nbsp;&nbsp;&nbsp;]</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">Check the
appropriate box:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="102%" style="border-collapse:collapse;width:100.0%;">
  <tr>
    <td width="36" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-size:10pt;margin:0pt 0pt .0001pt;"><font style="font-size: 10pt; font-family: Times New Roman;">[&nbsp;&nbsp;&nbsp;]</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Preliminary
        Proxy Statement</font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font style="font-size: 10pt; font-family: Times New Roman;">[&nbsp;&nbsp;&nbsp;]</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">Confidential,
        for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</font></b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font style="font-size: 10pt; font-family: Times New Roman;">[X]</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Definitive
        Proxy Statement</font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font style="font-size: 10pt; font-family: Times New Roman;">[&nbsp;&nbsp;&nbsp;]</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Definitive
        Additional Materials</font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font style="font-size: 10pt; font-family: Times New Roman;">[&nbsp;&nbsp;&nbsp;]</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Soliciting
        Material under &#167;240.14a-12</font></p>
    </td>
  </tr>
</table>
<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">&nbsp;</font></b></p>

  <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"></div>
  <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-size: 12pt; font-family: Times New Roman;"><img src="nve-logo.gif" alt="" width="276" height="54"></font></div>
  <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-size: 26pt; font-family: Arial;"><b>NVE
    Corporation</b></font></div>
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">(Name of Registrant as Specified In Its Charter)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">(Name of Person(s)&nbsp;Filing Proxy Statement, if
other than the Registrant)</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
  <tr>
    <td colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-size:10pt;margin:0pt 0pt .0001pt;"> Payment of Filing Fee
        (Check the appropriate box):
    </td>
  </tr>
  <tr>
    <td width="36" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font style="font-size: 10pt; font-family: Times New Roman;">[X]</font>
    </td>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">No
        fee required.</font>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font style="font-size: 10pt; font-family: Times New Roman;">[&nbsp;&nbsp;&nbsp;]</font>
    </td>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Fee
        computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and
        0-11.</font>
    </td>
  </tr>
  <tr>
    <td rowspan="10"></td>
    <td width="25" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">(1)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Title
        of each class of securities to which transaction applies:</font>
    </td>
  </tr>
  <tr>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">(2)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Aggregate
        number of securities to which transaction applies:</font>
    </td>
  </tr>
  <tr>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">(3)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Per
        unit price or other underlying value of transaction computed pursuant
        to Exchange Act Rule&nbsp;0-11 (Set forth the amount on which the filing
        fee is calculated and state how it was determined):</font>
    </td>
  </tr>
  <tr>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">(4)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Proposed
        maximum aggregate value of transaction:</font>
    </td>
  </tr>
  <tr>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">(5)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Total
        fee paid:</font>
    </td>
  </tr>
  <tr>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font style="font-size: 10pt; font-family: Times New Roman;">[&nbsp;&nbsp;&nbsp;]</font>
    </td>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Fee
        paid previously with preliminary materials.</font>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font style="font-size: 10pt; font-family: Times New Roman;">[&nbsp;&nbsp;&nbsp;]</font>
    </td>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Check
        box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2)&nbsp;and
        identify the filing for which the offsetting fee was paid previously.
        Identify the previous filing by registration statement number, or the
        Form&nbsp;or Schedule and the date of its filing.</font>
    </td>
  </tr>
  <tr>
    <td rowspan="7"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">(1)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Amount
        Previously Paid:</font>
    </td>
  </tr>
  <tr>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">(2)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Form,
        Schedule or Registration Statement No.:</font>
    </td>
  </tr>
  <tr>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">(3)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Filing
        Party:</font>
    </td>
  </tr>
  <tr>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">(4)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Date
        Filed:</font>
    </td>
  </tr>
</table>
<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font></p>

<hr style="margin-top: -5px; color: black;" noshade size="1"><hr style="margin-top: -13px; color: black;" noshade size="4">
<br clear="all" style="page-break-before:always;">
<hr color="#225EAC" noshade size="1">
  <table width="100%" border="0" cellspacing="00" cellpadding="0">
    <tr>
      <td><img src="sml-logo.gif" width="102" height="29" alt="Small NVE logo"></td>
      <td>
        <div align="right"><font face="Arial, Helvetica, sans-serif" style="font-size:8pt;">11409
          Valley View Road<br>
          Eden Prairie, MN 55344-3617<br>
          www.nve.com</font></div>
      </td>
    </tr>
  </table>
  <hr color="#225EAC" noshade size="1">
  <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font></p>
<p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">June&nbsp;20,
  2008<br>
  <br>
  <br>
  Fellow Shareholders:<br>
  <br>
  We cordially invite you to attend our 2008 Annual Meeting of Shareholders. The
  meeting will be held at the SpringHill Suites by Marriott, 11552&nbsp;Leona
  Road, Eden Prairie, Minnesota, 55344, on Thursday, August&nbsp;7, 2008 at 3:30
  p.m. Central Daylight Time.<br>
  <br>
  The items of business are described in our Proxy Statement.<br>
  <br>
  There is a map containing directions to the Annual Meeting in our Proxy Statement
  if you plan to attend the meeting and vote in person. Alternatively, you may
  call us at (952) 829-9217 during normal business hours for directions to the
  Annual Meeting.<br>
  <br>
  Thank-you for your support of NVE Corporation.<br>
  <br>
  </font>
<table border="0" cellspacing="00" cellpadding="0">
  <tr>
    <td rowspan="3" width="72"></td>
    <td height="24" valign="top" colspan="2"><font face="Times New Roman" style="font-size:10pt;">Sincerely,</font></td>
  </tr>
  <tr>
    <td valign="bottom"><font face="Times New Roman" style="font-size:10pt;"><img src="car-sig.gif" width="110" height="25"><br>
      Curt A. Reynders</font></td>
    <td valign="bottom" width="217"></td>
  </tr>
  <tr>
    <td colspan="2"><font face="Times New Roman" style="font-size:10pt;">Chief
      Financial Officer and Secretary</font></td>
  </tr>
</table>
<p>
  </p>
<div style="display: block; margin-left: 18pt;"></div>
<div id="PN" style="page-break-after: always;">
                  <div style="width: 100%; text-align: center;">
                  </div>
                  <hr>
  </div>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<br>
</font>
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">PROXY
    STATEMENT<a name="TOC"></a><br>ANNUAL
    MEETING OF SHAREHOLDERS, AUGUST 7, 2008<br>TABLE OF
CONTENTS</font></b><br><br>
  <table border="0" cellspacing="0" cellpadding="0" width="100%"

style="border-collapse:collapse;width:100.0%;">
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#GeneralInformation_021907">GENERAL
          INFORMATION</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#VotingInformation_021913">VOTING
          INFORMATION</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#VotingMethods_021915">VOTING
          METHODS</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#SecurityOwnership_021921">SECURITY
          OWNERSHIP</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#CertainRelationships">CERTAIN
          RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#ApprovalofRelatedPartyTransactions">Review and
          Approval of Related Party Transactions</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#Section16aBeneficialOwnershipRepo_021934">Section
          16(a) Beneficial Ownership Reporting Compliance</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a

href="#Proposal1_ElectionOfBoardOfDirect_021940">PROPOSAL 1. ELECTION OF BOARD
          OF DIRECTORS</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#CorporateGovernance_021953">CORPORATE
          GOVERNANCE</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#CorporateGovernanceGuidelines_021958">Corporate
          Governance Guidelines</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#BoardCompositionIndependenceAndMe_022001">Board
          Composition, Independence, and Meeting Attendance</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#ExecutiveSessions">Executive Sessions of Outside
          Directors</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#BoardCommittees_022004">Board Committees</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#DirectorQualifications_022028">Director Qualifications</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#ShareholderNominees_022033">Shareholder Nominees</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#ShareholderCommunicationsWithTheB_022041">Shareholder
          Communications With the Board and Director Attendance at Annual Meetings</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#CodeOfEthics_022045">Code of Ethics</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#ExecutiveOfficers">EXECUTIVE
          OFFICERS</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a

href="#CompensationDiscussionAndAnalysis_022214">COMPENSATION DISCUSSION AND ANALYSIS</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#CompensationPhilosophyAndObjectiv_022219">Compensation
          Philosophy and Objectives</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#ActionsAffectingFiscal2008Compensation">Actions
          Affecting Fiscal 2008 Compensation</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#TheRoleOfNamedExecutiveOfficersIn_022254">The
          Role of Named Executive Officers in Compensation Decisions</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#CompensationTax">Compensation
          Tax and Accounting Implications</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#CompensationCommitteeReport_022323">COMPENSATION
          COMMITTEE REPORT</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#ExecutiveCompensation">EXECUTIVE
          COMPENSATION</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#SummaryCompensationTable_073521">Summary Compensation
          Table</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#GrantsOfPlanbasedAwards_022154">Grants of Plan-Based
          Awards</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#OutstandingEquityAwardsAtFiscalYe_022158">Outstanding
          Equity Awards at Fiscal Year-End</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#OptionExercisesAndStockVested_022203">Option
          Exercises and Stock Vested</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#EmploymentAgreements_022205">Employment Agreements</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#PostemploymentCompensation_022208">Post-Employment
          Compensation</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#SettingNEOComp">Setting Named Executive Officers&#146; Compensation</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#DirectorCompensation_022333">DIRECTOR
          COMPENSATION</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#AuditCommitteeDisclosure_022336">AUDIT
          COMMITTEE DISCLOSURE</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#FeesBilledToUsByErnstYoungDuringF_022338">Fees
          Billed to Us by Ernst &amp; Young During Fiscal 2008 and 2007</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#AuditorIndependence">Auditor Independence</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#AuditCommitteePreapprovalPolicy_022345">Audit
          Committee Pre-Approval Policy</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman"

style="font-size:10pt;"><a href="#AuditCommitteeReport_022348">Audit Committee
          Report</a></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt 0pt;"><b><font face="Times New Roman"
style="font-size:10pt;font-weight:bold;"><a href="#Proposal2_RatificationOfSelection_022353">PROPOSAL
          2. RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
          FIRM</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#AnnualReport_022359">ANNUAL
          REPORT</a></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman"

style="font-size:10pt;">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;"><b><font face="Times New Roman"

style="font-size:10pt;font-weight:bold;"><a href="#Map">MAP
          TO THE 2008 ANNUAL MEETING</a></font></b></p>
      </td>
    </tr>
  </table>
<div>&nbsp;</div>
                <div id="PN" style="page-break-after: always;">
                  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">i</font></div>
                    <hr>
  </div>
<hr color="#225EAC" noshade size="1">
  <table width="100%" border="0" cellspacing="00" cellpadding="0">
    <tr>
      <td><img src="sml-logo.gif" width="102" height="29" alt="Small NVE logo"></td>
      <td>
        <div align="right"><font face="Arial, Helvetica, sans-serif" style="font-size:8pt;">11409
          Valley View Road<br>
          Eden Prairie, MN 55344-3617<br>
          www.nve.com</font></div>
      </td>
    </tr>
  </table>
  <hr color="#225EAC" noshade size="1">
  <p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">PROXY STATEMENT</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">ANNUAL
MEETING OF SHAREHOLDERS, AUGUST 7, 2008</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">GENERAL
INFORMATION</font></b><a name="GeneralInformation_021907"></a></p>

<font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished to shareholders
  of NVE Corporation, a Minnesota corporation (&#147;NVE&#148; or the &#147;Company&#148;),
  in connection with the solicitation of proxies by our Board of Directors for
  use at our Annual Meeting of shareholders to be held on Thursday, August&nbsp;7,
  2008 at 3:30 p.m. Central Daylight Time at the SpringHill Suites by Marriott,
  11552 Leona Road, Eden Prairie, Minnesota, 55344, and at any adjournment or
  postponements of the meeting (the &#147;2008 Annual Meeting&#148;), for the
  purposes set forth in the accompanying Notice of Annual Meeting of Shareholders.
  This Proxy Statement and the accompanying form of Proxy were first mailed and
  made accessible to our shareholders on or about June&nbsp;20, 2008.<br>
  <br>
  <b>Annual Meeting Admission<br>
  </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proof of ownership (such as a recent brokerage
  statement or letter from your broker) and a form of photo identification are
  required for admission to the 2008 Annual Meeting.<br>
  <br>
  <b>&#147;Householding&#148; of Documents<br>
  </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are sending only one annual report, proxy
  statement, and Notice of Internet Availability of Proxy Materials to eligible
  shareholders who share a single address unless we received instructions to the
  contrary from any shareholder at that address. This practice, known as &#147;householding,&#148;
  is designed to reduce our printing and postage costs. If registered shareholders
  residing at addresses with other registered shareholders wish to receive separate
  annual reports, proxy statements, or Notices of Internet Availability of Proxy
  Materials in the future, they may contact Curt&nbsp;A.&nbsp;Reynders, our Secretary,
  at telephone number (952)&nbsp;829-9217, or by mail to the address at the top
  of this page. You can also request delivery of single copies of our documents
  if you are receiving multiple copies.<br>
  <br>
  <b>Other Matters and Proposals of Shareholders<br>
  </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board is not aware that any matter other
  than those described in this Proxy Statement will be presented for action at
  the 2008 Annual Meeting. If, however, other matters do properly come before
  the 2008 Annual Meeting, the persons named in our vote form intend to vote the
  proxied shares in accordance with their best judgment on those matters. If any
  matters properly come before the shareholders at our 2008 Annual Meeting, but
  we did not receive notice of it prior to June&nbsp;5, 2008, the persons named
  in our vote form for the 2008 Annual Meeting will have the discretion to vote
  the proxied shares on such matters in accordance with their best judgment.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposals of shareholders intended to be presented
  at our next annual meeting of shareholders must be received by our Secretary
  at our executive offices in Eden Prairie, Minnesota, no later than March&nbsp;22,
  2009 for inclusion in our proxy statement and proxy relating to that annual
  meeting. The proposal must be in accordance with the provisions of Rule 14a-8
  promulgated by the Securities and Exchange Commission under the Securities Exchange
  Act of 1934. It is suggested the proposal be submitted by certified mail with
  return receipt requested. Upon receipt of any such proposal, we will determine
  whether or not to include such proposal in our proxy statement and proxy in
  accordance with regulations governing the solicitation of proxies. Shareholders
  who intend to present a proposal at our next annual meeting of shareholders
  without including such proposal in our proxy statement must provide us with
  notice of such proposal no later than June&nbsp;5, 2009. NVE reserves the right
  to reject, rule out of order, or take other appropriate action with respect
  to any proposal that does not comply with these and other applicable requirements.</font>
<div>&nbsp;</div>
                <div id="PN" style="page-break-after: always;">

  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">1</font></div>
                    <hr>
  </div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b><br>
<br></a></font><p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">VOTING
    INFORMATION</font></b><a name="VotingInformation_021913"></a><p><font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only shareholders of record at the close of business
  on June&nbsp;13, 2008 are entitled to execute proxies or to vote at the 2008
  Annual Meeting. As of that date there were outstanding 4,644,083 shares of our
  common stock, $0.01 par value per share (&#147;Common Stock&#148;). Each holder
  of Common Stock is entitled to one vote for each share of Common Stock held
  with respect to the matters mentioned in this Proxy Statement and any other
  matters that may properly come before the 2008 Annual Meeting. A majority of
  the outstanding shares of Common Stock entitled to vote are required to constitute
  a quorum at the 2008 Annual Meeting. The affirmative vote of a plurality of
  the voting power of the Common Stock present, in person or by proxy, and entitled
  to vote at the 2008 Annual Meeting, is required to approve Proposal&nbsp;1.
  The affirmative vote of a majority of the voting power is required to approve
  Proposal&nbsp;2. Proxies indicating abstention from a vote and broker non-votes
  will be counted toward determining whether a quorum is present at the 2008 Annual
  Meeting, but will not be counted toward determining if a majority of the Common
  Stock present has voted affirmatively.<br>
  <br>
  <b>Solicitation and Revocability of Proxies<br>
  </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay the costs and expenses of solicitation
  of proxies. In addition to the use of the mails, proxies may be solicited by
  our directors, officers, and regular employees personally or by telephone, but
  these people will not be specifically compensated for those services.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies are solicited on behalf of the Board of
  Directors. Any shareholder giving a proxy in such form may revoke it either
  by submitting a new vote form or by completing a ballot at the meeting at any
  time before it is exercised. Such proxies, if received in time for voting and
  not revoked, will be voted at the 2008 Annual Meeting in accordance with the
  specification indicated thereon. If no specification is indicated on a proxy,
  such proxy will be voted in favor of Proposals 1&nbsp;and&nbsp;2 described in
  this proxy statement.</font><p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">VOTING
METHODS<a name="VotingMethods_021915"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may view this year&#146;s proxy materials
  at http://www.nve.com/AnnualReports.php.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a shareholder through a broker or bank,
  you may vote your shares by mail or electronically. If you are a shareholder
  of record, you may vote your shares by mail only. If at the close of business
  on June&nbsp;13, 2008 your shares were registered directly in your name with
  our transfer agent, Illinois Stock Transfer Company, then you are a shareholder
  of record.<br>
  <br>
  <b>Voting by Mail<br>
  </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote by mail, mark your selections on the
  vote form, date and sign your name exactly as it appears on your vote form,
  and mail the vote form in the enclosed postage-paid envelope.<br>
  <br>
  <b>Electronic or Telephone Voting<br>
  </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a shareholder through a broker
  or bank, you may vote online or via telephone by following the instructions
  in the Notice Regarding the Availability of Proxy Materials. Electronic and
  telephone voting is available 24 hours a day until 11:59 p.m., Eastern Daylight
  Time, on August&nbsp;6, 2008. You may also revoke your proxy at any time before
  the 2008 Annual Meeting.<br>
  <br>
  <b>Electronic Enrollment<br>
  </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a shareholder through a broker
  or bank, you can enroll to receive notice of future meetings via e-mail at www.investordelivery.com.<br>
</font>
 <div>&nbsp;</div>
                <div id="PN" style="page-break-after: always;">

  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">2</font></div>
                    <hr>
  </div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b><br>
<br></a></font><p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">SECURITY
OWNERSHIP<a name="SecurityOwnership_021921"></a></font></b><p><font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows the number of our shares
  of Common Stock beneficially owned as of June&nbsp;13, 2008 by (i)&nbsp;each
  person or group known by us to beneficially own more than five percent of our
  outstanding Common Stock, (ii)&nbsp;each director and nominee for director,
  (iii)&nbsp;each named executive officer set forth in the summary compensation
  table, and (iv)&nbsp;all of the directors, director nominees, and executive
  officers as a group.</font><p>


<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;width:100.0%;">
  <tr style="page-break-inside:avoid;">
    <td valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;" align="center" width="285">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;"><b><font face="Times New Roman" style="font-size:8.0pt;">Name
        of Beneficial Owner</font></b>
    </td>
    <td valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;" width="24">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b>
    </td>
    <td valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;" align="left" width="335">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;"><b><font face="Times New Roman" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address</font></b>
    </td>
    <td valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;" width="24">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b>
    </td>
    <td width="248" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;" align="right">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;"><b><font face="Times New Roman" style="font-size:8.0pt;">Shares
        of &nbsp;&nbsp;&nbsp;&nbsp;<br>
        Common Stock<br>
        Beneficially&nbsp;&nbsp;<br>
        Owned(1)</font></b> &nbsp;&nbsp;
    </td>
    <td valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;" width="37">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b>
    </td>
    <td width="248" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;" align="right">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;"><b><font face="Times New Roman" style="font-size:8.0pt;">Percentage
        of<br>
        Common Stock<br>
        Outstanding&nbsp;</font></b>
    </td>
    <td valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;" width="61">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="285">
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Trigran
        Investments, Inc.</font>
    </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="335">
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">630
        Dundee Rd., #230</font>
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Northbrook,
        IL 60062</font>
    </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">463,658</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.02%;" bgcolor="#ccdaef" width="37">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;(2)</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">10.0</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="61">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">%</font>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td colspan="8"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="285">
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Independence
        Investments LLC</font>
    </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="335">
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">160
        Federal Street</font>
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Boston,
        MA 02110</font>
    </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">304,100</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.02%;" bgcolor="#ccdaef" width="37">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;(3)</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">6.5</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="61">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">%</font>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td colspan="8"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="285">
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Daniel
        A. Baker</font>
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">President
        and CEO; Director</font>
    </td>
    <td bgcolor="#ccdaef" width="24"> </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="335">
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">11409
        Valley View Rd.</font>
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Eden
        Prairie, MN 55344</font>
    </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">208,837</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.02%;" bgcolor="#ccdaef" width="37">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;(4)</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">4.3</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="61">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">%</font>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td colspan="8"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font></td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="285">
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Curt
        A. Reynders</font>
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Chief
        Financial Officer</font>
    </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="335">
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">11409
        Valley View Rd.</font>
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Eden
        Prairie, MN 55344</font>
    </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">27,000</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.02%;" bgcolor="#ccdaef" width="37">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;(5)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" valign="top" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="61">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">*</font>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td colspan="8"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="285">
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Terrence
        W. Glarner</font>
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Director</font>
    </td>
    <td bgcolor="#ccdaef" width="24"> </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="335">
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">160 Montrose Place</font>
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">St. Paul, MN 55104</font>
    </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">20,200</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.02%;" bgcolor="#ccdaef" width="37">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;(6)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" valign="top" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="61">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">*</font>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td colspan="8"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="285">
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Patricia
        M. Hollister</font>
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Director</font>
    </td>
    <td bgcolor="#ccdaef" width="24"> </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="335">
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">3455
        Lyman Blvd.</font>
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Chaska,
        MN 55318</font>
    </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">12,000</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.02%;" bgcolor="#ccdaef" width="37">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;(5)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" valign="top" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="61">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">*</font>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td colspan="8"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="285">
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Robert
        H. Irish</font>
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Director</font>
    </td>
    <td bgcolor="#ccdaef" width="24"> </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="335">
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">c/o
        NVE Corporation</font>
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">11409
        Valley View Rd.</font>
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Eden
        Prairie, MN 55344</font>
    </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">8,000</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.02%;" bgcolor="#ccdaef" width="37">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;(5)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" valign="top" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="61">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">*</font>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td colspan="8"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="285">
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">James
        D. Hartman</font>
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Director</font>
    </td>
    <td bgcolor="#ccdaef" width="24"> </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="335">
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">c/o
        NVE Corporation</font>
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">11409
        Valley View Rd.</font>
      <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">Eden
        Prairie, MN 55344</font>
    </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">6,500</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.02%;" bgcolor="#ccdaef" width="37">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;(7)</font>
    </td>
    <td style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" valign="top" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="61">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">*</font>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td colspan="8"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" colspan="3">
      <p style="margin:0pt 0pt .0001pt 10pt;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">All
        directors and</font> <font face="Times New Roman" style="font-size:8pt;">executive
        officers <br>
        as a group (6 persons)</font>
      </td>
    <td bgcolor="#ccdaef" width="24"></td>
    <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">282,537</font>
    </td>
    <td bgcolor="#ccdaef" width="37"></td>
    <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="248">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">5.8</font>
    </td>
    <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" width="61">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">%</font>
    </td>
  </tr>
</table>
<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;">
<hr width="80" noshade color="black" align="left" style="width:80pt;"></div>


<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
  <tr>
    <td colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-size:8pt;margin:0pt 0pt .0001pt;"> *Less than 1%<br>
        <br>
      </p>
    </td>
  </tr>
  <tr>
    <td width="35" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">(1)</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="1228">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">Includes
        shares held directly or in joint tenancy, shares held in trust, by broker,
        bank or nominee or other indirect means and over which the individual
        or member of the group has sole voting or shared voting and/or investment
        power. Unless otherwise noted, each individual or member of the group
        has sole voting and investment power with respect to the shares shown
        in the table above.<br>
        <br>
        </font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="35">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">(2)</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="1228">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">Based
        on information contained in Schedule 13F filed with the SEC on May 14,
        2008. According to Schedule 13G/A filed jointly by Trigran Investments,
        Inc., Douglas Granat, Lawrence A. Oberman, and Steven G. Simon with the
        SEC on February 6, 2008,Trigran Investments, Inc., Douglas Granat, Lawrence
        A. Oberman, and Steven G. Simon have shared voting and dispositive power
        for all shares. Furthermore, Douglas Granat, Lawrence A. Oberman, and
        Steven G. Simon are the controlling shareholders and sole directors of
        Trigran Investments, Inc. and thus may be considered beneficial owners
        of shares beneficially owned by Trigran Investments, Inc.<br>
        <br>
        </font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="35">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">(3)</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="1228">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">Based on information contained in Schedule 13F filed with the SEC on May 7, 2008. According to Schedule 13G filed with the
SEC on January 24, 2008, accounts managed on a discretionary basis by Independence Investments LLC are known to have the
right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of such securities.<br>
        <br>
        </font>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="35">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">(4)</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="1228">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">Includes
        200,000 shares issuable upon the exercise of options that are currently
        exercisable.<br>
        <br>
        </font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="35">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">(5)</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="1228">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">Consists
        solely of shares issuable upon the exercise of options that are currently
        exercisable.<br>
        <br>
        </font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="35">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">(6)</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="1228">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">Includes
        14,000 shares issuable upon the exercise of options that are currently
        exercisable.<br>
        <br>
        </font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="35">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">(7)</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="1228">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">Consists
        solely of shares issuable upon exercise of options that are exercisable
        within 60 days of the June 13, 2008 record date.</font></p>
    </td>
  </tr>
</table>
<div>&nbsp;</div>
                <div id="PN" style="page-break-after: always;">
                  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">3</font></div>
                    <hr>
  </div>
    <font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
      of Contents</b></a></font><br>
      <br>
      <div align="center"><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">CERTAIN
      RELATIONSHIPS AND RELATED PERSON TRANSACTIONS<a name="CertainRelationships"></a></font>
    </div>
<font face="Times New Roman" style="font-size:10pt;"><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Audit Committee reviews and approves our proxy
  statement and the information it contains.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since April&nbsp;1, 2007, there has not been any
  transaction, or is there any currently proposed transaction, in which we were
  or are to be a participant and in which any related person had or will have
  a direct or indirect material interest.<br><br>
<b>Review and Approval of Related Party Transactions</b><a name="ApprovalofRelatedPartyTransactions"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee is responsible for reviewing
  and approving (with the concurrence of a majority of the disinterested members
  of the Board of Directors) any related party and affiliated party transactions
  as provided in the Amended and Restated Audit Committee Charter adopted by the
  Board of Directors of NVE Corporation on May 15, 2008. In addition, Section
  4350(h) of the rules of The Nasdaq Stock Market, LLC provide that all related
  party transactions must be reviewed for conflicts of interest by the audit committee.
  In accordance with policies adopted by the audit committee, the following transactions
  must be presented to the audit committee for its review and approval:<br>
  <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any transaction in which the Company was or is
to be a participant (within the meaning of Securities and Exchange Commission
(SEC) Regulation S-K, Item 404(a)), and a related person (as defined in Regulation
S-K, Item 404(a)) has or will have a direct or indirect material interest (within
the meaning of Regulation S-K, Item 404(a)).<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any contract or other transaction between the
  Company and one or more directors of the Company, or between the Company and
  an organization in or of which one or more directors of the Company are directors,
  officers, or legal representatives or have a material financial interest within
  the meaning of Minnesota Statutes, Section 302A.255.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the Company's Board of Directors
  complying with the requirements of Minnesota Statutes, Section 302A.255 with
  respect to any proposed transaction with a potential director's conflict of
  interest, all proposed transactions covered by the policy must be approved in
  advance by a majority of the members of the audit committee. If a proposed transaction
  covered by the policy involves a member of the audit committee, such member
  may not participate in the audit committee&#146;s deliberations concerning,
  or vote on, such proposed transaction. Prior to approving any proposed transaction
  covered by the policy, the following information concerning the proposed transaction
  will be fully disclosed to the audit committee:<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The names of all parties and participants involved
  in the proposed transaction, including the relationship of all such parties
  and participants to the Company and any of its subsidiaries.<br>
  <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The basis on which the related person is deemed
to be a related person within the meaning of Regulation S-K, Item 404(a), if applicable.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The material facts and terms of the proposed
  transaction.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The material facts as to the interest of the
  related person in the proposed transaction.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any other information that the audit committee
  requests concerning the proposed transaction.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee may require that all or any
  part of such information be provided to it in writing.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee may approve only those transactions
  covered by the policy that a majority of the members of the audit committee
  in good faith determine to be (i) fair and reasonable to the Company, (ii) on
  terms no less favorable than could be obtained by the Company if the proposed
  transaction did not involve a director or the related person, as the case may
  be, and (iii) in the best interests of the Company.
  <br><br><b>Section 16(a) Beneficial Ownership
Reporting Compliance</b><a name="Section16aBeneficialOwnershipRepo_021934"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16(a) of the Securities Exchange Act
  of 1934, as amended, requires our directors and executive officers, and persons
  who own more than 10% of our Common Stock, to file with the SEC initial reports
  of ownership and reports of changes in ownership of Common Stock. Executive
  officers, directors and greater than 10% shareholders are required by SEC regulations
  to furnish us with copies of all Section 16(a) reports they file. To our knowledge,
  based solely on review of the copies of such reports furnished to us during,
  or with respect to, the fiscal year ended March&nbsp;31, 2008, all reports were
  filed with the SEC on a timely basis.</font><div>&nbsp;</div>
                <div id="PN" style="page-break-after: always;">

  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">4</font></div>
                    <hr>
  </div>
    <font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
      of Contents</b></a></font><br>
      <br><p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">PROPOSAL
1. ELECTION OF BOARD OF DIRECTORS<a name="Proposal1_ElectionOfBoardOfDirect_021940"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><font face="Times New Roman" style="font-size:10pt;">There are five nominees to the Board this year:</font></p>

<div align="center"><table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
      <tr style="page-break-inside:avoid;">
        <td width="412" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:308.9pt;">
          <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8pt;margin:0pt 0pt .0001pt 80pt;text-align:left;">Nominee
            and Principal Occupation</p>
        </td>
        <td width="16"></td>
        <td width="31" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.1pt;">
          <p style="font-weight:bold;line-height:8pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Age</font></b></p>
        </td>
        <td width="16"></td>
        <td width="90" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:67.8pt;">
          <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Director
            Since</font></b></p>
        </td>
      </tr>
      <tr bgcolor="#ccdaef" style="page-break-inside:avoid;">
        <td valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:308.9pt;" bgcolor="#ccdaef">
           <p style="margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">Terrence
            W. Glarner, President, West Concord Ventures, Inc.</font></p>
        </td>
        <td width="16"> </td>
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
          <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">65</font></p>
        </td>
        <td></td>
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.8pt;">
          <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">1999</font></p>
        </td>
      </tr>
      <tr style="page-break-inside:avoid;">
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:308.9pt;">
           <p style="margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">Daniel
            A. Baker, President and CEO, NVE Corporation</font></p>
        </td>
        <td></td>
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
          <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">50</font></p>
        </td>
        <td></td>
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.8pt;">
          <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">2001</font></p>
        </td>
      </tr>
      <tr bgcolor="#ccdaef" style="page-break-inside:avoid;">
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:308.9pt;">
           <p style="margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">James
            D. Hartman, retired Chairman and CEO, Enpath Medical, Inc.</font></p>
        </td>
        <td></td>
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
          <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">62</font></p>
        </td>
        <td></td>
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.8pt;">
          <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">2006</font></p>
        </td>
      </tr>
      <tr style="page-break-inside:avoid;">
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:308.9pt;">
           <p style="margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">Patricia
            M. Hollister, Chief Financial Officer, FSI International, Inc.</font></p>
        </td>
        <td></td>
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
          <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">48</font></p>
        </td>
        <td></td>
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.8pt;">
          <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">2004</font></p>
        </td>
      </tr>
      <tr bgcolor="#ccdaef" style="page-break-inside:avoid;">
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:308.9pt;">
           <p style="margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">Robert
            H. Irish, retired</font></p>
        </td>
        <td></td>
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
          <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">69</font></p>
        </td>
        <td></td>
        <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.8pt;">
          <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">1992</font></p>
        </td>
      </tr>
    </table>

</div>
<font face="Times New Roman" style="font-size:10pt;"><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All directors are to be elected at the 2008 Annual
  Meeting to serve until the 2009 annual meeting of shareholders. All of the nominees
  for election as directors are presently directors of the Company, and have been
  nominated for election by the Board. Biographical information for the nominees
  is provided below:<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Terrence W. Glarner</i></b> has been a director
  since 1999 and Chairman of the Board since January 2001. Since 1993, Mr.&nbsp;Glarner
  has been President of West Concord Ventures,&nbsp;Inc., a venture capital company.
  Mr.&nbsp;Glarner has a B.A. in English from the University of St. Thomas, a
  J.D. from the University of Minnesota School of Law, and is a Chartered Financial
  Analyst. Mr.&nbsp;Glarner currently serves as a director of two other publicly-held
  companies, Aetrium Inc. and FSI International,&nbsp;Inc. He is also a director
  of privately-held Bremer Financial Corporation.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Daniel A. Baker</i></b> has been a director
  and the President and Chief Executive Officer since January 2001. From 1993
  until joining NVE he was President and CEO of Printware,&nbsp;Inc., now known
  as Printware&nbsp;LLC, which manufactures and markets high-speed imaging systems.
  Dr.&nbsp;Baker has 30 years of experience in high-tech industry, including executive
  positions with Minntech Corporation and Percom Data Corporation. Dr.&nbsp;Baker
  holds Ph.D. and M.S. degrees in engineering from the University of Minnesota,
  an M.B.A. from the University of Minnesota, and a B.S. in engineering from Case
  Western Reserve University.<br>
  <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>James D. Hartman</i></b> has been a director
since August 2006. He was Chairman of the Board of Directors of Enpath Medical,
Inc. until it was acquired in June 2007 by Greatbatch, Inc. From October 2003
until June 2007, Mr.&nbsp;Hartman held a variety of positions with Enpath, including
Chief Executive Officer from February 1996 until his retirement from that position
in January 2006. Mr.&nbsp;Hartman holds an accounting degree from the University
of Wisconsin-Eau&nbsp;Claire and an M.B.A. from the University of St.&nbsp;Thomas.
<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i><b>Patricia M. Hollister</b></i> has been a
  director since 2004. Since 1998 she has been the Chief Financial Officer of
  FSI International, Inc., a company that designs, manufactures, markets and supports
  equipment used in the fabrication of microelectronics. Prior to joining FSI
  in 1995, Ms.&nbsp;Hollister was employed by KPMG&nbsp;LLP, where she served
  for more than 12 years on various audit and consulting engagements, most recently
  as a Senior Manager. Ms.&nbsp;Hollister is a director of various FSI-owned foreign
  subsidiaries.<br>
  <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Robert H. Irish</i></b> has been a director
since 1992. Mr.&nbsp;Irish has been retired since 2003. He was an information
technology consultant from 1999 to 2003. Prior to becoming a consultant, he held
various sales and sales management positions at Compuware, Prodea&nbsp;Software,
Centron&nbsp;DPL, and IBM. Mr.&nbsp;Irish attended Rensselaer Polytechnic Institute
and received a B.S. in Physics from Syracuse University.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has no reason to believe that any of
  the nominees will be unable to serve as a director. The individuals named as
  proxies intend to vote for the nominees listed in this proxy statement. If any
  nominee should be unable to serve as a director, the individuals named as proxies
  intend to vote for the election of such person or persons as the Board may,
  in its discretion, recommend. The affirmative vote of a plurality of the voting
  power of the shares of Common Stock present, in person or by proxy, and entitled
  to vote at the Annual Meeting is required to elect each director.<br>
  <br>
  <b>The Board unanimously recommends a vote FOR each of the director-nominees.</b></font>
<div>&nbsp;</div>
                <div id="PN" style="page-break-after: always;">
                  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">5</font></div>
                    <hr>
  </div>
    <font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
      of Contents</b></a></font><br>
      <br><p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">CORPORATE
GOVERNANCE<a name="CorporateGovernance_021953"></a></font></b></p>


<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">Corporate
  Governance Guidelines</font></b><a name="CorporateGovernanceGuidelines_021958"></a><br>
  <font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
  operate under written Corporate Governance Guidelines, which are available through
  the &#147;Investors&#148; section of our Website (www.nve.com).<br>
  <br>
  <b>Board Composition, Independence, and Meeting Attendance</b><a name="BoardCompositionIndependenceAndMe_022001"></a><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board consists of five directors. The Board
  met six times and acted by written consent on three occasions in fiscal 2008
  (fiscal years referred to in this document end March 31). Each director attended
  all of the meetings of the Board and of the committees on which they serve.
  The Board has determined that each of our directors, except Dr.&nbsp;Baker,
  are independent as defined under NASDAQ Marketplace Rule 4200(a)(15) and applicable
  SEC rules. In making this determination, the Board has concluded that none of
  these members has a relationship that, in the opinion of the Board, would interfere
  with the exercise of independent judgment in carrying out the responsibilities
  of a director.<br>
  <br>
  <b>Executive Sessions of Outside Directors</b><a name="ExecutiveSessions"></a><b><br>
  </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a matter of policy, the independent directors
  regularly meet without the CEO or other company management present.<br>
  <br>
  <b>Board Committees</b><a name="BoardCommittees_022004"></a><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has three standing committees: the Audit,
  Compensation, and Nominating/Corporate Governance committees. Each committee
  is governed by a written charter, all of which are available through the &#147;Investors&#148;
  section of our Website (www.nve.com).<br>
  <br>
  <b><i>Audit Committee<br>
  </i></b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee currently consists
  of three independent directors: Ms.&nbsp;Hollister, Mr.&nbsp;Glarner, and Mr.&nbsp;Hartman.
  The Audit Committee met five times in fiscal 2008. Our Board has determined
  that each of the members meet the criteria of &#147;audit committee financial
  experts&#148; as that term is defined under Section&nbsp;407 of the Sarbanes-Oxley
  Act of 2002 and the rules promulgated by the SEC in furtherance of Section&nbsp;407.
  The primary responsibility of the Audit Committee is to oversee our financial
  reporting process on behalf of the Board and our shareholders. The Report of
  the Audit Committee, including a description of the functions of the committee,
  is included in this Proxy Statement.<br>
  <br>
  <b><i>Compensation Committee<br>
  </i></b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee currently
  consists of Mr.&nbsp;Glarner, Ms.&nbsp;Hollister, and Mr.&nbsp;Irish. The Compensation
  Committee met twice in fiscal 2008. The Compensation Committee reviews and sets
  compensation guidelines for executive officers and other senior management,
  and the composition and levels of participation in incentive compensation and
  fringe benefits for all employees. The Compensation Committee also oversees
  administration of our 2000 Stock Option Plan, as amended.<br>
  <br>
  <b><i>Compensation Committee Interlocks and Insider Participation</i><br>
  </b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Compensation Committee
  has been determined to be independent as defined by NASDAQ Marketplace Rule
  4200(a)(15) and to have no relationship with the company that would interfere
  with the exercise of independent judgment as a Committee member. Each Committee
  member has also been determined to be &#147;non-employee directors&#148; as
  defined by Rule&nbsp;16b&#8209;3 under the Securities Exchange Act of 1934 and
  &#147;outside directors&#148; as defined by Section&nbsp;162(m) of the Internal
  Revenue Code. No member of the Compensation Committee is or has been an officer
  of NVE. We have no compensation committee interlocks&mdash;that is, none of
  our officers serves as a director or a compensation committee member of a company
  that has an officer or former officer serving on our Board or Compensation Committee.<br>
  <br>
  <b><i>Nominating/Corporate Governance Committee</i><br>
  </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating/Corporate Governance Committee
  currently consists of all of our independent directors: Mr.&nbsp;Glarner, Mr.&nbsp;Hartman,
  Ms.&nbsp;Hollister, and Mr.&nbsp;Irish. The Nominating/Corporate Governance
  Committee met five times in fiscal 2008. The Committee&#146;s functions include
  selection of candidates for our Board, select members of various committees,
  and address corporate governance matters.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our process for identifying and evaluating candidates
  to be nominated to the Board starts with an evaluation of a candidate by the
  Nominating/Corporate Governance Committee and CEO. Candidates can be forwarded
  to the Nominating/Corporate Governance Committee by members of our Board or
  our CEO. The committee recommends to the Board the slate of directors to serve
  as management&#146;s nominees for election by the shareholders at the Annual
  Meeting. The Committee will also consider candidates recommended by shareholders.
  To date we have not engaged any third party to assist in identifying or evaluating
  potential nominees.</font>
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                    <hr>
  </div>
    <font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
      of Contents</b></a></font><br>
      <br>  <font face="Times New Roman" style="font-size:10pt"><b>Director Qualifications</b><a name="DirectorQualifications_022028"></a><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating candidates, the Board will require
  that candidates possess, at a minimum, a desire to serve on the Company&#146;s
  Board, an ability to contribute to the effectiveness of the Board, an understanding
  of the function of the board of a public company and relevant industry knowledge
  and experience. In addition, while not required of any one candidate, the Board
  would consider favorably experience, education, training or other expertise
  in business or financial matters and prior experience serving on boards of public
  companies. Collectively, the composition of the Board must meet the listing
  requirements of the NASDAQ Stock Market, where our Common Stock is listed. In
  evaluating any candidate for director nominee, the Board will also evaluate
  the contribution of the proposed nominee toward compliance with the NASDAQ Stock
  Market listing standards.<br>
  <br>
  <b>Shareholder Nominees</b><a name="ShareholderNominees_022033"></a><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder proposals for nominations to the Board
  should be submitted to the Nominating/Corporate Governance Committee at our
  offices, 11409 Valley View Road, Eden Prairie, Minnesota,&nbsp;55344. To be
  considered by the Board for nomination at the next succeeding annual meeting,
  nominations must be delivered not less than 90 days nor more than 120 days prior
  to the first anniversary of the mailing of the notice of the preceding year&#146;s
  annual meeting. Shareholders&#146; proposals must provide the following information
  for each nominee: (i)&nbsp;the name, age, business address, and residence address
  of the person; (ii)&nbsp;the principal occupation or employment of the person;
  (iii)&nbsp;the number of shares of our stock owned by the person; (iv)&nbsp;the
  written and acknowledged statement of the person that such person is willing
  to serve as a director; and (v)&nbsp;any other information relating to the person
  that would be required to be disclosed in a solicitation of proxies for election
  of directors pursuant to Regulation&nbsp;14A under the Securities Exchange Act
  of 1934, as amended, if the candidate had been nominated by or on behalf of
  the Board. Candidates recommended by our shareholders will be considered under
  the same standards as candidates that are identified by the Nominating/Corporate
  Governance Committee. No shareholders submitted director nomination proposals
  in connection with this year&#146;s meeting.<br>
  <br>
  <b>Shareholder Communications With the Board and Director Attendance at Annual
  Meetings</b><a name="ShareholderCommunicationsWithTheB_022041"></a><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders and others who wish to communicate
  with our Board as a whole or any individual director, may write to them at our
  offices, 11409 Valley View Road, Eden Prairie, Minnesota, 55344. The Secretary
  will forward any such written communication to the Board, or if indicated, to
  a specified individual member of the Board, unless the written communication
  is (i) a personal or similar grievance, a shareholder proposal or related communication,
  an abusive or inappropriate communication or a communication not related to
  the responsibilities or duties of the Board, in which case the Secretary has
  the authority to discard the communication or to take appropriate legal action
  regarding the communication; or (ii) a request for information about the company,
  a stock-related matter or any other matter that does not appear to require direct
  attention by the Board or any individual director, in which case the Secretary
  will attempt to handle the inquiry or request directly. All such communications
  will be kept confidential to the extent possible. We do not have a formal policy
  regarding attendance by members of the Board at our annual meetings of shareholders,
  but we encourage our directors to attend. All of our directors attended our
  2007 Annual Meeting.<br>
  <br>
  <b>Code of Ethics</b><a name="CodeOfEthics_022045"></a><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have adopted a Code of Business Conduct and
  Ethics that applies to all of our employees and directors, including our principal
  executive officer, principal financial officer, and principal accounting officer.
  A copy of our Code of Business Conduct and Ethics is available from the &#147;Investors&#148;
  section of our Website (www.nve.com). We intend to post on our Website any amendment
  to, or waiver from, a provision of our Code of Business Conduct and Ethics that
  applies to our principal executive officer, principal financial officer, controller,
  and other employees performing similar functions within four business days following
  the date of such amendment or waiver. </font>
  <p>
  <font face="Times New Roman" style="font-size:10pt">
  <div align="center"><b>EXECUTIVE OFFICERS</b><a name="ExecutiveOfficers"></a>
  </div>
  </font>
  <p><font face="Times New Roman" style="font-size:10pt"><b>Executive Officers
    of the Company</b><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently have two executive officers, Daniel&nbsp;A.
  Baker and Curt&nbsp;A. Reynders. Dr. Baker is our principal executive officer
  and Mr. Reynders is our principal financial officer. They are our only named
  executive officers (&#147;NEOs&#148;). Biographical information about Dr.&nbsp;Baker
  can be found under &#147;Proposal 1. Election of Board of Directors.&#148; Mr.&nbsp;Reynders,
  age 45, has been NVE&#146;s Treasurer and Chief Financial Officer since January
  2006. From 2001 until his promotion to CFO, Mr.&nbsp;Reynders was our controller.
  Before joining NVE he served in various accounting, auditing, and accounting
  management positions with public accounting and industry firms. Mr.&nbsp;Reynders
  earned a B.S. in Accounting and Economics from Morningside College.<br>
    <br>
    <b>CEO Succession Planning</b><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least annually, the Board reviews a succession
    plan addressing the policies and principles for selecting a successor to the
    CEO, either in an emergency situation or in the ordinary course of business.
    The succession plan includes an assessment of the experience, performance,
    skills, and planned career paths for possible successors to the CEO.</font>
<div>&nbsp;</div>
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                  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">7</font></div>
                    <hr>
  </div>
    <font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
      of Contents</b></a></font>
  <p align="center"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">COMPENSATION
    DISCUSSION AND ANALYSIS</font></b><a name="CompensationDiscussionAndAnalysis_022214"></a>
  <p>
<font face="Times New Roman" style="font-size:10pt;"><b>Compensation
    Philosophy and Objectives</b><a name="CompensationPhilosophyAndObjectiv_022219"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our overall philosophy is that compensation
  levels should be adequate to retain highly-qualified personnel without being
  unreasonable or excessive. In determining annual compensation for senior managers,
  we consider the manager&#146;s position, performance, productivity, recent compensation
  history, experience, and education. We also take into account whether an employee
  has options or accumulated wealth from options. We consider the full range of
  pay components, including, but not limited to, the desired mix of equity, salary,
  and performance-based compensation. Performance-based compensation should reward
  the achievement of specific annual objectives with the ultimate goal of profitable
  growth and improving shareholder value. Our significant compensation and practices
  and trends are summarized below.<br>
  <br>
  <b><i>Performance-based compensation<br>
  </i></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of our senior managers have the
  opportunity to receive performance-based cash compensation. We believe performance-based
  compensation is appropriate where specific annual goals can be established,
  measured, and linked to profitable growth and our ultimate objective of improving
  shareholder value. The Compensation Committee sets individual thresholds and
  targets for each eligible manager at the start of the fiscal year. The Compensation
  Committee has discretion to increase performance-based compensation if thresholds
  and targets are not met. No such discretion was used for fiscal 2008. The Compensation
  Committee also has discretion to award bonuses not tied to specific performance
  thresholds and targets. The only such bonus in the past two fiscal years was
  a bonus paid to our CEO in fiscal 2008.<br>
  <br>
  <b><i>Reduced use of stock options<br>
  </i></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have reduced our use of stock options
  to compensate our NEOs and other employees since our adoption of the provisions
  of Financial Accounting Standards Board (FASB) Statement of Financial Accounting
  Standards (SFAS) No.&nbsp;123(R) on April&nbsp;1, 2006. SFAS No.&nbsp;123(R)
  requires us to recognize expenses associated with the issuance of options. For
  example, no stock options were granted to our NEOs in fiscal 2008 or 2007.<br>
  <br>
  <b><i>No special benefits or perquisites for senior managers<br>
  </i></b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our practice has been to extend fringe
  benefits to all of our employees. Our goal is to provide a benefit package of
  equal or higher aggregate value than offered by companies with which we compete
  for employees. Such benefits include paid vacations, holidays, 401(k) retirement
  plans, Health Savings Accounts, tuition reimbursement, health insurance, life
  insurance, dental insurance, and long-term disability insurance. We believe
  these benefits help us attract and retain employees throughout the company.
  Our senior managers have not received any significant benefits other than those
  offered to all employees.<br>
  <br>
  <b>Actions Affecting Fiscal 2008 Compensation<a name="ActionsAffectingFiscal2008Compensation"></a><br>
  <i>Named Executive Officers&#146; Salary<br>
  </i></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company provides the NEOs and other
  employees with base salary to compensate them for services rendered during the
  fiscal year. Salary levels are typically considered annually as part of the
  company&#146;s performance review process as well as upon a promotion or other
  change in job responsibility. Dr. Baker had agreed to voluntarily decrease his
  salary for several years in order to reduce expenses and in consideration of
  equity and performance-based compensation. Dr.&nbsp;Baker&#146;s base salary
  was $114,000 per year effective April&nbsp;1, 2006. His salary was increased
  to $152,000 per year effective January&nbsp;1, 2007, to $175,000 per year effective
  April&nbsp;1, 2007, and to $225,000 per year effective April&nbsp;1, 2008 in
  consideration of his performance and to bring his salary closer to competitive
  levels. Mr.&nbsp;Reynders&#146; salary was increased to $95,000 per year effective
  with his promotion to CFO on January&nbsp;16, 2006, to $105,000 per year effective
  April&nbsp;1, 2007, and to $125,000 per year effective April&nbsp;1, 2008 in
  consideration of his performance, which was evaluated as outstanding. The Compensation
  Committee believes the salaries paid both Dr.&nbsp;Baker and Mr.&nbsp;Reynders
  are lower than comparable positions at public companies with comparable revenues
  or market capitalization, and that reliance on equity and performance-based
  compensation provides motivation to facilitate profitable growth and to ultimately
  increase shareholder value.<br>
  <br>
  <b> <i>CEO Performance-Based Compensation and Bonus<br>
  </i></b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;Baker&#146;s performance-based
  incentive compensation in fiscal 2008 and recent years has been tied to weighted
  percentages of revenue growth, weighted differently for different product lines,
  on contract revenue, and on a percentage of revenue and profitability improvements
  in certain product lines. Each component of performance-based incentive compensation
  has a threshold of the prior fiscal year performance, meaning each performance
  component requires improvement from the prior year. The Compensation Committee
  sets performance criteria at the beginning of the fiscal year. The Committee
  does not set compensation targets, but believes that the performance criteria
  set a high standard, and that it would be difficult to achieve performance that
  would result in CEO compensation comparable to public companies with comparable
  revenues or market capitalization. Dr. Baker&#146;s performance-based compensation
  was based on predetermined criteria and most resulted from our revenue and income
  growth in fiscal 2008 compared to fiscal 2007. In addition to performance-based
  compensation, Dr. Baker was awarded a bonus in fiscal 2008 at the discretion
  of the Compensation Committee, due to the Committee&#146;s overall assessment
  of Dr. Baker&#146;s performance, which was evaluated as outstanding.</font><br>
<div>&nbsp;</div>
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                    <hr>
  </div>

<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a><br>
<br>
<b><i>CFO Performance-Based Compensation</i><br>
</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Reynders performance-based compensation
for fiscal 2008 was based on a percentage of pretax income growth in fiscal 2008
compared to fiscal 2007. Criteria were set at the beginning of the fiscal year
by the Compensation Committee. The Committee believes that Mr. Reynders&#146;
performance criteria set a high standard of performance, and that it would be
difficult to achieve performance that would result in CFO compensation comparable
to public companies with comparable revenues or market capitalization.<br>
<br>
<b> <i>Perquisites and Other Personal Benefits<br>
</i></b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not provide our NEOs or other senior
managers with perquisites or personal benefits other than those available to all
of our employees, because we do not currently believe such benefits are an appropriate
use of company funds. We have not entered into change of control severance agreements
with the NEOs or any other employees.<br>
<br>
<b> The Role of Named Executive Officers in Compensation Decisions<a name="TheRoleOfNamedExecutiveOfficersIn_022254"></a><br>
</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee makes all compensation
decisions for the CEO and his staff, including the CFO. The Compensation Committee
is also responsible for any equity awards to any employee. The CEO annually reviews
the performance of each member of his staff. The conclusions reached and recommendations
based on these reviews, including salary adjustments and performance-based compensation,
are presented to the Compensation Committee. The Compensation Committee has discretion
to change any of the CEO&#146;s recommendations.<br>
<br>
<b> Compensation Tax and Accounting Implications<a name="CompensationTax"></a><br>
<i>Accounting for Stock-Based Compensation<br>
</i></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective April&nbsp;1, 2006 we adopted
the provisions of, and began accounting for, stock-based compensation in accordance
with, SFAS No.&nbsp;123 (revised 2004), Share-Based Payment. Under the fair value
recognition provisions of SFAS No.&nbsp;123(R), we measure stock-based compensation
cost at the grant date based on the fair value of the award and recognize the
compensation expense over the requisite service period, which is generally the
vesting period. We use the Black-Scholes standard option pricing model to determine
the fair value of stock options for financial reporting and for the purposes of
disclosures in this proxy statement.<br>
<br>
<b> <i>Tax Implications of Incentive Stock Option Compensation</i></b><i><br>
</i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options we award to employees are generally
incentive stock options as defined under federal income tax laws. For alternative
minimum tax purposes incentive stock option are treated as non-statutory stock
options. Employees realize no taxable income and we are not entitled to a deduction
at the time an incentive stock option is granted. If certain statutory employment
and holding period conditions are satisfied before the employee disposes of shares
acquired from the exercise of such an option, no taxable income results from the
exercise and we are not entitled to any deduction. If the statutory holding periods
are met, any gain or loss realized by the employee is treated as a capital gain
or loss and we are not entitled to a deduction.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except in the event of death, if shares acquired
by an employee upon the exercise of an incentive stock option are disposed of
by the employee before the expiration of the statutory holding periods (a &#147;disqualifying
disposition&#148;), the employee is considered to have realized as compensation,
taxable as ordinary income in the year of disposition, an amount, not exceeding
the gain realized on such disposition, equal to the difference between the exercise
price and the fair market value of the shares on the date of exercise. We are
entitled to a deduction at the same time and for the same amount as the employee&#146;s
deemed realized ordinary income. Any gain or loss in excess of the amount treated
as compensation is treated as a capital gain or loss. If the employee pays the
option price with shares that were originally acquired pursuant to the exercise
of an incentive stock option and the statutory holding periods for such shares
are not met, the payment shares are considered a disqualifying disposition.<br>
<br>
<b> <i>Tax Implications of Non-statutory Stock Option Compensation</i></b><i><br>
</i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options awarded to non-employee directors are
generally non-statutory stock options. The director realizes no taxable income,
and we are not entitled to a deduction at the time a non-statutory stock option
is granted. At the time shares are transferred to the director on exercise of
a non-statutory stock option, the director realizes ordinary income, and we are
entitled to a deduction equal to the excess of the fair market value of the stock
on the date of exercise over the option price. On disposition of the shares, any
additional gain or loss realized by the director is taxed as a capital gain or
loss. </font>
<p>
  <font face="Times New Roman" style="font-size:10pt;">
  <p align="center"> <b>COMPENSATION COMMITTEE REPORT</b><a name="CompensationCommitteeReport_022323"></a>
  <p> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have reviewed and discussed the Compensation
    Discussion and Analysis required by Item&nbsp;402(b) of Regulation S&#8209K
    with management and, based on such review and discussions, we recommended
    to the Board that the Compensation Discussion and Analysis be included in
    this proxy statement.
  </font>
  <p align="center"><u><font face="Times New Roman" style="font-size:10pt;">COMPENSATION
    COMMITTEE MEMBERS</font></u>
  <table width="100%" border="0" cellspacing="00" cellpadding="0">
    <tr>
      <td width="33%"><font face="Times New Roman" style="font-size:10pt;">Patricia
        M. Hollister<br>
        </font></td>
      <td align="center"><font face="Times New Roman" style="font-size:10pt;">Terrence
        W. Glarner<br>
        </font></td>
      <td align="right" width="33%"><font face="Times New Roman" style="font-size:10pt;">Robert
        H. Irish</font></td>
    </tr>
  </table>
<div>&nbsp;</div>
                <div id="PN" style="page-break-after: always;">
                  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">9</font></div>
                    <hr>
  </div>
    <font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
      of Contents</b></a></font><p align="center"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">EXECUTIVE
    COMPENSATION<a name="ExecutiveCompensation"></a></font></b></p>
  <p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">Summary
    Compensation Table</font></b><a name="SummaryCompensationTable_073521"></a></p>
  <font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the compensation
  paid to our NEOs in the past two fiscal years ended March 31, 2008 and 2007:<br><br>
</font>

<table border="0" cellspacing="0" cellpadding="0" width="102%" style="border-collapse:collapse;width:100.0%;">
  <tr style="page-break-inside:avoid;">
    <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt 10pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:8.0pt;">Name&nbsp;and&nbsp;Principal&nbsp;Position</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Fiscal<br>
        Year<br>
        Ended<br>
        March<br>
        31</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Salary&nbsp;($)</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Bonus<br>
        ($)</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Stock<br>
        Awards<br>
        ($)</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Option<br>
        Awards<br>
        ($)</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Non-<br>
        Equity<br>
        Incentive<br>
        Plan<br>
        Compensation<br>
        ($)(1)</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Change&nbsp;in<br>
        Pension<br>
        Value&nbsp;and<br>
        Non-<br>
        qualified<br>
        Deferred<br>
        Compensation<br>
        Earnings<br>
        ($)</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">All&nbsp;Other<br>
        Compensation<br>
        ($)</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Total&nbsp;($)</font></b></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef" colspan="2">
      <p style="margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">Daniel
        A. Baker, President and CEO</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">2008</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">175,000</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">22,762</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="5%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="5%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">79,012</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">*</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">276,774</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;" colspan="2">
      <p style="margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">2007</font></p>
    </td>
    <td></td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">122,038</font></p>
    </td>
    <td></td>
    <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td></td>
    <td width="5%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td></td>
    <td width="5%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td></td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">79,371</font></p>
    </td>
    <td></td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td></td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">*</font></p>
    </td>
    <td></td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">201,409</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td colspan="19"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" colspan="2" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">Curt
        A. Reynders, Chief Financial Officer</font>
    </td>
    <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">2008</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">105,000</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="5%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="5%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">30,544</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">*</font></p>
    </td>
    <td bgcolor="#ccdaef"> </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">135,544</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;" colspan="2">
      <p style="margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">2007</font></p>
    </td>
    <td></td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">95,000</font></p>
    </td>
    <td></td>
    <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td></td>
    <td width="5%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td></td>
    <td width="5%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td></td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">17,686</font></p>
    </td>
    <td></td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td></td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">*</font></p>
    </td>
    <td></td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">112,686</font></p>
    </td>
  </tr>
</table>
   <div style="margin:0pt 0pt .0001pt;page-break-after:avoid;">
<hr width="80" noshade color="black" align="left" style="width:80pt;">
  </div>
<p align="left" style="margin:0pt 0pt .0001pt;text-align:left;line-height:10pt;"><font face="Times New Roman" style="font-size:8pt;">(1)&nbsp;&nbsp;The amounts in this column were paid based on performance achieved
    during the fiscal year under plans approved by our Compensation Committee
    at the beginning of the fiscal years and described in &#147;Compensation Discussion
    and Analysis.&#148;<br>
    <br>
    *All other compensation totaled less than $10,000 for each NEO, including
    matching contributions made to 401(k) savings plans and Health Savings Accounts
    on behalf of the NEOs, and life insurance premiums paid on behalf of the NEOs.
    The NEOs participate in these benefit programs under the same terms as other
    employees.</font>
  <p><b><font face="Times New Roman" style="font-size:10pt;">Grants
    of Plan-Based Awards</font></b><a name="GrantsOfPlanbasedAwards_022154"></a><br>
<font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no non-stock grants of incentive
  plan awards, stock-based incentive plan awards, or awards of options, restricted
  stock or similar instruments to either of our NEOs, Dr.&nbsp;Baker and Mr.&nbsp;Reynders,
  in the past fiscal year.<br><br></font>
<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">Outstanding
  Equity Awards at Fiscal Year-End</font></b><a name="OutstandingEquityAwardsAtFiscalYe_022158"></a><br>
<font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth outstanding
  equity awards to our NEOs as of March&nbsp;31, 2008:<br><br>
  </font>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
  <tr style="page-break-inside:avoid;">
    <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.28%;">
      <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;">&nbsp;</p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="46%" colspan="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.06%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Option&nbsp;Awards</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="34%" colspan="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.94%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Stock&nbsp;Awards</font></b></p>
    </td>
    <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.28%;">
      <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt 10pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:8.0pt;">Name
        </font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.14%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of<br>
        Securities<br>
        Underlying<br>
        Unexercised<br>
        Options<br>
        (#)<br>
        Exercisable</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:7.98%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of<br>
        Securities<br>
        Underlying<br>
        Unexercised<br>
        Options<br>
        (#)<br>
        Unexercisable</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.76%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Equity<br>
        Incentive<br>
        Plan<br>
        Awards<br>
        Number&nbsp;of<br>
        Securities<br>
        Underlying<br>
        Unexercised<br>
        Unearned<br>
        Options<br>
        (#)</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.08%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Option<br>
        Exercise<br>
        Price&nbsp;($)</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.36%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Option<br>
        Expiration<br>
        Date</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.6%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Number<br>
        of&nbsp;Shares<br>
        or&nbsp;Units<br>
        of&nbsp;Stock<br>
        That<br>
        Have<br>
        Not<br>
        Vested<br>
        (#)</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:9.78%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Market<br>
        Value<br>
        of&nbsp;Shares<br>
        or&nbsp;Units<br>
        of&nbsp;Stock<br>
        That<br>
        Have<br>
        Not<br>
        Vested<br>
        ($)</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:7.66%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Equity<br>
        Incentive<br>
        Plan<br>
        Awards:<br>
        Number&nbsp;of<br>
        Unearned<br>
        Shares,<br>
        Units&nbsp;or<br>
        Other<br>
        Rights<br>
        That<br>
        Have<br>
        Not<br>
        Vested&nbsp;(#)</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:7.32%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Equity<br>
        Incentive<br>
        Plan<br>
        Awards:<br>
        Market&nbsp;or<br>
        Payout<br>
        Value&nbsp;of<br>
        Unearned<br>
        Shares,<br>
        Units&nbsp;or<br>
        Other<br>
        Rights<br>
        That<br>
        Have<br>
        Not<br>
        Vested&nbsp;($)</font></b></p>
    </td>
    <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
      <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.28%;" bgcolor="#ccdaef">
      <p style="font-size:8pt;margin:0pt 0pt .0001pt 10pt;">Daniel A. Baker</p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.14%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">70,000</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.98%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.76%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.08%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">6.58</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;" bgcolor="#ccdaef">
      <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">1/29/2011</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.6%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.78%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.66%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.32%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.14%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.14%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">35,000</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.98%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.76%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.08%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">29.65</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
      <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">5/7/2014</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.6%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.78%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.66%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.32%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.14%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.14%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">70,000</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.98%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.76%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.08%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">16.93</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;" bgcolor="#ccdaef">
      <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">3/28/2015</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.6%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.78%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.66%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.32%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.14%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.14%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">25,000</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.98%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.76%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.08%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">14.76</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
      <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">8/24/2015</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.6%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.78%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.66%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.32%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.28%;">
      <p style="margin:0pt 0pt .0001pt 10pt;page-break-after:avoid;text-indent:-10pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.14%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.98%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.76%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.08%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
      <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.6%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.78%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.66%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.32%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.28%;" bgcolor="#ccdaef">
      <p style="font-size:8pt;margin:0pt 0pt .0001pt 10pt;">Curt A. Reynders
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.14%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">2,000</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.98%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.76%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.08%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">6.09</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;" bgcolor="#ccdaef">
      <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">7/26/2011</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.6%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.78%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.66%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.32%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.14%;">
      <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.14%;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">25,000</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.98%;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.76%;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.08%;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">16.33</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
      <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman" style="font-size:8pt;">1/16/2016</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.6%;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.78%;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.66%;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.32%;">
      <p style="margin:0pt 0pt .0001pt;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
    </td>
    <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;" bgcolor="#ccdaef">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
  </tr>
</table>
<div>&nbsp;</div>
                <div id="PN" style="page-break-after: always;">
                  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">10</font></div>
                    <hr>
  </div>
  <font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
  of Contents</b></a></font><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;"><br>
  <br>
  Option Exercises and Stock Vested</font></b><a name="OptionExercisesAndStockVested_022203"></a><br>
<font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no option exercises by our NEOs,
  and no additional vesting of their options during the most recent fiscal year.<br><br>
  <b>Employment
    Agreements</b><a name="EmploymentAgreements_022205"></a><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have an employment agreement with Dr.&nbsp;Baker
  that set his initial salary and contains non-competition, confidentiality, and
  assignment of invention provisions benefiting the Company. The agreement may
  be terminated by either Dr.&nbsp;Baker or us upon thirty days written notice.
  In addition, we may terminate Dr.&nbsp;Baker&#146;s employment for cause or
  upon his death or incapacity. We have agreement with Mr.&nbsp;Reynders relating
  to non-competition, confidentiality and assignment of invention provisions benefiting
  the Company.<br>
  <br><b>Post-Employment
    Compensation</b><a name="PostemploymentCompensation_022208"></a><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our NEOs receive no pension benefits, nonqualified
    deferred compensation, or other post-employment potential payments. Dr.&nbsp;Baker
    and Mr.&nbsp;Reynders are eligible to participate in the Company&#146;s 401(k)
    retirement plan under the same terms as other employees.<br>
    <br>
    <b>Setting Named Executive Officers&#146; Compensation<a name="SettingNEOComp"></a><br>
    </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no pre-established policy or target
    for the allocation between salary and performance-based compensation. The
    Compensation Committee does not use a comparison with a specific compensation
    peer group because we do not believe there are public companies of comparable
    size devoted substantially to all of the same markets in which we compete.
    The Compensation Committee has full and sole authority to retain and terminate
    compensation consultants to assist in the evaluation of CEO, executive staff,
    and director compensation. We have not employed consultants because we do
    not believe it is a necessary use of company resources, and we believe members
    of our Compensation Committee, by virtue of experience in compensation management
    and service on other boards, have reasonable knowledge of compensations practices.
    We review data on overall compensation trends such as salary and wage data
    from the U.S. Bureau of Labor Statistics, and we review the practices of various
    technology companies in the Twin Cities area.<br>
    <br>
    <b>Fiscal 2008 Named Executive Officer Compensation<br>
    </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended March 31, 2008,
    the principal components of compensation for NEOs were salary and performance-based
    compensation.</font>
  <p>
  <p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">DIRECTOR
    COMPENSATION</font></b><a name="DirectorCompensation_022333"></a></p>
  <font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  following table summarizes non-employee director compensation in the fiscal
  year ended March&nbsp;31, 2008:<br>
  <br>
  </font>
  <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;" align="center">
    <tr>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt 10pt;page-break-after:avoid;text-align:left;">Name</p>
      </td>
      <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
      </td>
      <td width="54" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Fees<br>
          Earned&nbsp;or<br>
          Paid&nbsp;in<br>
          Cash&nbsp;($)</font></b></p>
      </td>
      <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
      </td>
      <td width="40" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Stock<br>
          Awards<br>
          ($)</font></b></p>
      </td>
      <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
      </td>
      <td width="42" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Option<br>
          Awards<br>
          ($)</font></b></p>
      </td>
      <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
      </td>
      <td width="75" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Non-<br>
          Equity<br>
          Incentive<br>
          Plan<br>
          Compensation<br>
          ($)</font></b></p>
      </td>
      <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
      </td>
      <td width="75" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Change
          in </font><font face="Times New Roman" style="font-size:8.0pt;"><br>
          Pension&nbsp;Value<br>
          and&nbsp;Nonqualified<br>
          Deferred<br>
          Compensation<br>
          Earnings&nbsp;($)</font></b></p>
      </td>
      <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
      </td>
      <td width="75" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">All</font><font face="Times New Roman" style="font-size:8.0pt;">
          </font><font face="Times New Roman" style="font-size:8.0pt;">Other<br>
          Compensation<br>
          ($)</font></b></p>
      </td>
      <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
      </td>
      <td width="41" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
        <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;">Total&nbsp;($)</font></b></p>
      </td>
    </tr>
    <tr bgcolor="#ccdaef" style="page-break-inside:avoid;">
      <td valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;">
        <p style="font-size:8pt;margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">Terrence
          W. Glarner</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">36,380</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">36,380</font></p>
      </td>
    </tr>
    <tr style="page-break-inside:avoid;">
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="font-size:8pt;margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">James
          D. Hartman</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">58,772</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">58,772</font></p>
      </td>
    </tr>
    <tr bgcolor="#ccdaef" style="page-break-inside:avoid;">
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="font-size:8pt;margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">Patricia
          M. Hollister</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">36,380</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">36,380</font></p>
      </td>
    </tr>
    <tr style="page-break-inside:avoid;">
      <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
        <p style="font-size:8pt;margin:0pt 0pt .0001pt 10pt;"><font face="Times New Roman" style="font-size:8pt;">Robert
          H. Irish</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">36,380</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">-</font></p>
      </td>
      <td></td>
      <td valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
        <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:8pt;">36,380</font></p>
      </td>
    </tr>
  </table>
  <p><font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning
  after their reelection to the Board at the 2008 Annual Meeting of Shareholders,
  our non-employee directors will receive cash compensation of $2,000 per quarter,
  plus an additional $200 per quarter for the Chairman of the Board of Directors
  and an additional $125 per quarter for the Audit Committee Chair. On each reelection
  to the Board beginning with the 2008 Annual Meeting of Shareholders, each non-employee
  directors will be granted an immediately-vested nonqualified option to purchase
  1,000 shares on each reelection to the Board. In addition to the cash compensation,
  upon initial election non-employee directors automatically receive a nonqualified
  option to purchase 6,000 shares of Common Stock vesting in 25% installments
  beginning with the date of the grant and each year thereafter.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously our non-employee directors received
  an immediately-vested option to purchase 2,000 shares on each reelection to
  the Board but no cash compensation. On April&nbsp;1, 2006 we adopted SFAS 123(R),
  which requires the measurement and recognition based on estimated fair values
  of compensation expense related to the options awarded to our directors. We
  believe the reduction of annual option grants in favor of cash compensation
  may reduce the total director compensation expense we recognize in the future.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, we believe the addition of cash compensation
  will help us attract and retain well-qualified directors, and we believe the
  option component of director compensation helps align our directors&#146; interest
  with our ultimate objective of improving shareholder value.</font>
<div>&nbsp;</div>
                <div id="PN" style="page-break-after: always;">
                  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">11</font></div>
                    <hr>
  </div>
    <font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
      of Contents</b></a></font><p align="center"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">AUDIT
COMMITTEE DISCLOSURE<a name="AuditCommitteeDisclosure_022336"></a></font></b></p>

  <p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">Fees
    Billed to Us by Ernst &amp; Young During Fiscal 2008 and 2007</font></b><a name="FeesBilledToUsByErnstYoungDuringF_022338"></a></p>


<font face="Times New Roman" style="font-size:10pt;"><b><i>Audit Fees</i></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incurred total fees of $111,500 relating to the
audit of the March&nbsp;31, 2008 financial statements, review of the financial
statements included in fiscal 2008 quarterly reports on Form 10&#8209Q, and other
matters directly relating to the fiscal 2008 audit. Fees were $115,000 for similar
services for the year ended March&nbsp;31, 2007. Fees were higher in fiscal 2007
than in fiscal 2008 primarily due to expenses related to our first controls-based
audit pursuant to Section&nbsp;404 of the Sarbanes-Oxley Act.<br>
<br>
<b> <i>Tax, Audit-Related, and All Other Fees</i><br>
</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No fees were billed to us by Ernst&nbsp;& Young&nbsp;LLP,
our independent registered public accounting firm, relating to tax compliance,
audit-related services, or other services, except for $2,500 for tax-compliance
matters in fiscal 2007.<br>
<br>
<b> Auditor Independence<a name="AuditorIndependence"></a><br>
</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee determined that the provision
of tax-compliance services described above was compatible with maintaining the
independence of Ernst&nbsp;& Young as our registered public accounting firm.<br>
<br>
<b> Audit Committee Pre-Approval Policy<a name="AuditCommitteePreapprovalPolicy_022345"></a><br>
</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules adopted by the SEC in order to implement
requirements of the Sarbanes-Oxley Act of 2002 require audit committees of public
companies to pre-approve audit and permissible non-audit services provided by
their independent auditors. In the event it becomes necessary to engage the independent
auditor for additional services not contemplated in the original pre-approval,
the Company will obtain the specific pre-approval of the Audit Committee before
engaging the independent auditor. The pre-approval policy requires the Audit Committee
to be informed of each service performed by the independent auditor, and the policy
does not include any delegation of the Audit Committee&#146;s responsibilities
to management. The Audit Committee may delegate pre-approval authority to one
or more of its members. The member to whom such authority is delegated will report
any pre-approval decisions to the Audit Committee as a whole at its next scheduled
meeting. The Audit Committee approved all fees paid to Ernst & Young described
in the section above.<br>
<br>
<b> Audit Committee Report<a name="AuditCommitteeReport_022348"></a><br>
</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the financial statements
for the fiscal year ended March&nbsp;31, 2008, the Audit Committee has reviewed
and discussed the audited financial statements with management, discussed with
Ernst&nbsp;& Young the matters required to be discussed by Statement on Auditing
Standards No.&nbsp;61, as amended, as adopted by the Public Company Accounting
Oversight Board in Rule&nbsp;3200T and received a written disclosure and letter
from the Auditors for matters required by Independence Standards Board Standard
No.&nbsp;1, and has discussed with Ernst&nbsp;& Young their independence.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon these reviews and discussions, the Audit
Committee recommended to the Board that the Company&#146;s audited financial statements
be included in the Annual Report on Form&nbsp;10&#8209K for the year ended March&nbsp;31,
2008 filed with the SEC. The Board has approved this inclusion.</font>
<p align="center"><u><font face="Times New Roman" style="font-size:10pt;">AUDIT
    COMMITTEE MEMBERS</font></u><br>
  <table width="100%" border="0" cellspacing="00" cellpadding="0">
    <tr>
      <td width="33%"><font face="Times New Roman" style="font-size:10pt;">Patricia
        M. Hollister<br>
        </font></td>
      <td align="center"><font face="Times New Roman" style="font-size:10pt;">Terrence
        W. Glarner<br>
        </font></td>
      <td align="right" width="33%"><font face="Times New Roman" style="font-size:10pt;">James
        D. Hartman</font></td>
    </tr>
  </table>
  <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">PROPOSAL
    2. RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b><a name="Proposal2_RatificationOfSelection_022353"></a>
<p><font face="Times New Roman" style="font-size:10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
  Audit Committee has selected Ernst&nbsp;&&nbsp;Young LLP as our registered public
  accounting firm to audit our financial statements for fiscal 2009 and recommends
  that the shareholders ratify the selection. Shareholder ratification is not
  required by our Articles of Incorporation but our Board is submitting the selection
  for ratification as a matter of good corporate practice. If our shareholders
  fail to ratify the selection, our Audit Committee will reconsider whether or
  not to retain Ernst&nbsp;&&nbsp;Young. Even if the selection is ratified, our
  Audit Committee in its discretion may direct the selection of different independent
  auditors at any time during the year if our Audit Committee determines that
  such a change would be in our and our shareholders&#146; best interests. Representatives
  of Ernst&nbsp;&&nbsp;Young are expected to be present at our 2008 Annual Meeting
  and will have the opportunity to make a statement if they wish to do so. We
  also expect that they will be available to respond to appropriate questions.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst&nbsp;& Young has audited our financial statements
  annually since our 2001 fiscal year, including our financial statements for
  fiscal 2008.</font>
<div>&nbsp;</div>
                <div id="PN" style="page-break-after: always;">
                  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">12</font></div>
                    <hr>
  </div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a></font>
<p align="center"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">ANNUAL
    REPORT<a name="AnnualReport_022359"></a></font></b></p>
  <p><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
    copy of our Annual Report to Shareholders for the fiscal year ended March&nbsp;31,
    2008, including financial statements, accompanies this Notice of Annual Meeting
    and Proxy Statement. The Annual Report includes our annual report on Form
    10&#8209K as filed with the Securities and Exchange Commission on May&nbsp;20,
    2008. No portion of the Annual Report is incorporated into this proxy statement
    or is to be considered proxy-soliciting material. We will provide without
    charge to each person receiving a copy of this proxy statement, on the written
    request of such person, a copy of our Annual Report on Form 10&#8209K. Such
    written requests should be addressed to Curt A. Reynders, our Secretary, at
    the address on the cover page of this Proxy Statement.</font></b><br><br>
   <table border="0" cellspacing="00" cellpadding="0">
    <tr>
      <td rowspan="3" width="72"></td>
      <td height="24" valign="top" colspan="2"><font face="Times New Roman" style="font-size:10pt;">By
        Order of the Board of Directors</font></td>
    </tr>
    <tr>

    <td valign="bottom"><font face="Times New Roman" style="font-size:10pt;"><img src="car-sig.gif" width="110" height="25"><br>
      Curt A. Reynders</font></td>
      <td valign="bottom" width="217"></td>
    </tr>
    <tr>
      <td colspan="2"><font face="Times New Roman" style="font-size:10pt;">Chief
        Financial Officer and Secretary</font></td>
    </tr>
  </table>
  <p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font face="Times New Roman">&nbsp;</font></p>

  <p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">June
    20, 2008</font><div>&nbsp;</div>
                <div id="PN" style="page-break-after: always;">
                  <div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">13</font></div>
                    <hr>
  </div>
    <font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
      of Contents</b></a></font>
<p align="center"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">Map
  to NVE Corporation</font></b><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;"><a name="Map"></a></font></b><br>
<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">2008
  Annual Meeting</font></b></p>
  <p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">August
    7, 2008, 3:30 p.m.</font></b></p>

  <p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font face="Times New Roman"><img width="747" height="589" src="map.gif"></font></p>
<br>
<hr>
<br clear="all" style="page-break-before:always;">
<div align="center"><img width="102" height="29" src="sml-logo.gif"> </div>
<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">THE
  BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE FOLLOWING PROPOSALS:</font></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
  <tr style="page-break-inside:avoid;">
    <td  valign="top" style="padding:0pt .7pt 0pt 0pt;" rowspan="4" width="18">
      <p style="font-size:10pt;margin:0pt 0pt .0001pt;">1.</p>
    </td>
    <td valign="top" colspan="3">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">To
        elect five directors to serve until the next Annual Meeting of Shareholders.</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="213">
      <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman" style="font-size:10pt;">01&nbsp;&nbsp;Terrence&nbsp;W.&nbsp;Glarner</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="22">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">04</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Patricia
        M. Hollister</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="213">
      <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman" style="font-size:10pt;">02
        &nbsp;Daniel A. Baker</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="22">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">05</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Robert
        H. Irish</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" colspan="3" height="24">
      <p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;"><font face="Times New Roman" style="font-size:10pt;">03
        &nbsp;James D. Hartman</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="18">
      <p style="margin:0pt 0pt .0001pt;"><font face="Wingdings" style="font-size:10pt;">o</font></p>
    </td>
    <td  valign="top" style="padding:0pt .7pt 0pt 0pt;" width="213">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Vote
        FOR all nominees<br>
        (except as marked)</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Wingdings" style="font-size:10pt;">o</font></p>
    </td>
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">Vote
        WITHHELD<br>
        from all nominees</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;" valign="bottom">
    <td colspan="4" style="padding:0pt .7pt 0pt 0pt;" height="6"> </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;" height="24">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">&nbsp;</font><font face="Times New Roman" style="font-size:8pt;">Instructions:
        To withhold authority to vote for any nominee, strike a line through the
        name(s).</font></p>
    </td>
  </tr>
  <tr style="page-break-inside:avoid;">
    <td valign="top" style="padding:0pt .7pt 0pt 0pt;" width="18">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">2.</font></p>
    </td>
    <td colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;">
      <p style="margin:0pt 0pt .0001pt;"><font face="Times New Roman" style="font-size:10pt;">To
        ratify the selection of Ernst &amp; Young LLP as our independent registered
        public accounting firm for the fiscal year ending March 31, 2009.<br>
        </font><font face="Wingdings" style="font-size:10pt;">o</font><font face="Times New Roman" style="font-size:10pt;">&nbsp;FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Wingdings" style="font-size:10pt;">o</font><font face="Times New Roman" style="font-size:10pt;">&nbsp;AGAINST&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Wingdings" style="font-size:10pt;">o</font><font face="Times New Roman" style="font-size:10pt;">&nbsp;ABSTAIN</font></p>
    </td>
  </tr>
  <tr height="0">
    <td width="18" style="border:none;" height="0"></td>
    <td width="213" style="border:none;" height="0"></td>
    <td width="21" style="border:none;" height="0"></td>
    <td width="992" style="border:none;" height="0"></td>
  </tr>
</table>
<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font face="Times New Roman">&nbsp;</font></p>
<font face="Times New Roman" style="font-size:10pt;"><b>THIS PROXY, WHEN PROPERLY
EXECUTED, WILL BE VOTED IN THE MANNER SPECIFIED HEREIN BY THE UNDERSIGNED SHAREHOLDER.
IF NO SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSALS 1 AND 2. THE
PROXIES ARE AUTHORIZED TO VOTE THIS PROXY IN THEIR DISCRETION WITH RESPECT TO
OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE MEETING.</b> </font>
<p align="right"><font face="Times New Roman" style="font-size:10pt;">(please
  sign on the other side)</font>
<hr><br clear="all" style="page-break-before:always;">
<font face="Times New Roman" style="font-size:10pt;"><b>THIS PROXY IS SOLICITED
BY THE BOARD OF DIRECTORS. </b>The undersigned, a holder of common stock of NVE
Corporation (the &#147;Company&#148;), hereby appoints Curt A. Reynders and Daniel
A. Baker, and each of them, the proxy of the undersigned, with full power of substitution,
to attend, represent and vote for the undersigned, all of the shares of the Company
which the undersigned would be entitled to vote, at the Annual Meeting of Shareholders
of the Company to be held on August 7, 2008 and any adjournments thereof.<br><br><br><br><br><br><br>
<p align="right">Date&nbsp;&nbsp;&nbsp;_________________________________<br>
  <br>
  Signature&nbsp;&nbsp;&nbsp;_________________________________<br>
  &nbsp;<br>
  Signature&nbsp;&nbsp;&nbsp;_________________________________<br>
  <br>
<p align="left">Please sign exactly as name
  appears on the label. When shares are held by joint tenants, both should sign.
  When signing as attorney, executor, administrator, trustee or guardian, please
  give full title as such. If a corporation, please sign in full corporate name
  by president or other authorized officer. If a partnership, please sign in partnership
  name by authorized person.<br>
  PLEASE MARK (ON THE OTHER SIDE), SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY
  USING THE ENCLOSED ENVELOPE.
</font>
<hr></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>sml-logo.gif
<DESCRIPTION>SMALL NVE LOGO
<TEXT>
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>nve-logo.gif
<DESCRIPTION>NVE LOGO
<TEXT>
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>car-sig.gif
<DESCRIPTION>SIGNATURE OF CURT A. REYNDERS
<TEXT>
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>map.gif
<DESCRIPTION>MAP TO NVE CORPORATION 2008 ANNUAL MEETING
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M/<;-RP$@DX-/3-=[==/V;%`'952E`#88PZ<UQ=>!_5)]?54/J@HY<,$9JP-4
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3E659!>J;L8!9?&O9F06+@```.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
