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<SEC-DOCUMENT>0000724910-09-000007.txt : 20090622
<SEC-HEADER>0000724910-09-000007.hdr.sgml : 20090622
<ACCEPTANCE-DATETIME>20090622160536
ACCESSION NUMBER:		0000724910-09-000007
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20090806
FILED AS OF DATE:		20090622
DATE AS OF CHANGE:		20090622
EFFECTIVENESS DATE:		20090622

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:		09903434

	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-09.htm
<DESCRIPTION>PROXY STATEMENT PURSUANT TO SECTION?14(A)
<TEXT>
<html>
<hr style="margin-top: -5px; color: black;" noshade size="3">
<hr style="margin-top: -14px; color: black;" noshade size="1">
<div align="center"><b><font face="Times New Roman" style="font-size:12pt;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
</font></b><font style="font-size: 10pt; font-family: Times New Roman;"><b>Washington, D.C.&nbsp;&nbsp;20549<br>
</b></font><font style="font-size: 10pt; font-family: Times New Roman; line-height: 5pt;">_______________</font></div>
<p align="center"><b><font size="5" face="Times New Roman" style="font-size:12pt;">SCHEDULE 14A INFORMATION</font></b></p>
<font face="Times New Roman" style="font-size:10pt;">
<div align="center">
Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of the Securities Exchange Act of 1934<br>
(Amendment No.&nbsp;&nbsp;&nbsp;)<br></div>
Filed by the Registrant&nbsp;&nbsp;[X]<br><br>
Filed by a party other than the Registrant&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]<br>
<br>
Check the appropriate box:</font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="36">
[&nbsp;&nbsp;&nbsp;]
</td>
<td>Preliminary Proxy Statement
</td>
</tr>
<tr>
<td>
[&nbsp;&nbsp;&nbsp;]
</td>
<td>
<b>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</b></td>
</tr>
<tr>
<td>[X]
</td>
<td>Definitive Proxy Statement
</td>
</tr>
<tr>
<td>[&nbsp;&nbsp;&nbsp;]</td>
<td>Definitive Additional Materials</td>
</tr>
<tr>
<td>
[&nbsp;&nbsp;&nbsp;]</td>
<td>Soliciting Material under &sect;240.14a-12</td>
</tr>
</table>
<b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">&nbsp;</font></b>
<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" width="276" height="54" alt="NVE Logo"></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<br>
</b></font><font face="Times New Roman" style="font-size:10pt;">(Name of Registrant as Specified In Its Charter)<br>
&nbsp;<br>
&nbsp;<br>
(Name of Person(s)&nbsp;Filing Proxy Statement, if other than the Registrant)<br>
&nbsp;<br>
</font>
</div>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="top">Payment of Filing Fee (Check the appropriate box):
</td>
</tr>
<tr>
<td width="36" valign="top">
[X]</td>
<td colspan="2" valign="top">
No fee required.
</td>
</tr>
<tr>
<td valign="top">
[&nbsp;&nbsp;&nbsp;]
</td>
<td colspan="2" valign="top">
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</td>
</tr>
<tr>
<td rowspan="10"></td>
<td width="25" valign="top">(1)</td>
<td>Title of each class of securities to which transaction applies:
</td>
</tr>
<tr>
<td colspan="2" valign="top">&nbsp;
</td>
</tr>
<tr>
<td valign="top">(2)</td>
<td>Aggregate number of securities to which transaction applies:
</td>
</tr>
<tr>
<td colspan="2" valign="top">&nbsp;
</td>
</tr>
<tr>
<td valign="top">(3)</td>
<td>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
</td>
</tr>
<tr>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">(4)</td>
<td>Proposed maximum aggregate value of transaction:</td>
</tr>
<tr>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">(5)</td>
<td>Total fee paid:</td>
</tr>
<tr>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">
[&nbsp;&nbsp;&nbsp;]
</td>
<td colspan="2" valign="top">Fee paid previously with preliminary materials.</td>
</tr>
<tr>
<td valign="top">
[&nbsp;&nbsp;&nbsp;]
</td>
<td colspan="2" valign="top">Check box if any part of the fee is offset as provided by Exchange Act Rule 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.</td>
</tr>
<tr>
<td rowspan="7"></td>
<td valign="top">(1)</td>
<td>Amount Previously Paid:</td>
</tr>
<tr>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">(2)</td>
<td>Form, Schedule or Registration Statement No.:</td>
</tr>
<tr>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">(3)</td>
<td>Filing Party:</td>
</tr>
<tr>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">(4)</td>
<td>Date Filed:</td>
</tr>
</table>
<font face="Times New Roman" style="font-size:10pt;">&nbsp;<br>
&nbsp;<br>
</font>
<hr style="margin-top: -5px; color: black;" noshade size="1">
<hr style="margin-top: -15px; color: black;" noshade size="3">
<br clear="all" style="page-break-before:always;">
<font style="font-size: 10pt; font-family: Times New Roman;"><br>
</font>
<hr color="#0046AD" 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" 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="#0046AD" noshade size="1">
<font face="Times New Roman" style="font-size:10pt;"><br>
<br>
June&nbsp;22, 2009<br>
<br>
<br>
Fellow Shareholders:<br>
<br>
We cordially invite you to attend our 2009 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;6, 2009 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 style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="00" cellpadding="0">
<tr>
<td rowspan="3" width="72"></td>
<td height="24" valign="top">Sincerely,</td>
</tr>
<tr>
<td><img src="car-sig.gif" width="110" height="25" alt="-s- Curt A. Reynders"><br>
Curt A. Reynders</td>
</tr>
<tr>
<td>Chief&nbsp;Financial&nbsp;Officer&nbsp;and&nbsp;Secretary</td>
</tr>
</table>
<p>
<div 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;"><div align="center">&nbsp;<br>
<br>
<b>PROXY STATEMENT<a name="TOC"></a><br>
ANNUAL MEETING OF SHAREHOLDERS, AUGUST 6, 2009<br>
TABLE OF CONTENTS</b><br>
<br>
</div>
<a href="#GeneralInfo"><b>GENERAL INFORMATION</b></a><br>
<br>
<b><a href="#VotingInfo">VOTING INFORMATION</a></b><br>
<br>
<b><a href="#VotingMethods">VOTING METHODS</a></b><br>
<br>
<b><a href="#Ownership">SECURITY OWNERSHIP</a></b>
<br>
<br>
<b><a href="#Relationships">CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</a></b>
<div style="margin-left: 28pt;">
<a href="#RelatedParty">Review and Approval of Related Party Transactions</a><br>
<a href="#16a">Section 16(a) Beneficial Ownership Reporting Compliance</a></div>
<br>
<b><a href="#Proposal1">PROPOSAL 1. ELECTION OF BOARD OF DIRECTORS</a></b>
<br>
<br>
<b><a href="#Governance">CORPORATE GOVERNANCE</a></b>
<div style="margin-left: 28pt;">
<a href="#GovernanceGuidelines">Corporate Governance Guidelines</a>
<a href="#BoardComposition"><br>
Board Composition, Independence, and Meeting Attendance</a>
<a href="#ExecSessions"><br>
Executive Sessions of Outside Directors</a>
<a href="#Committees"><br>
Board Committees</a>
<a href="#DirectorQualifications"><br>
Director Qualifications</a>
<a href="#ShareholderNominees"><br>
Shareholder Nominees</a>
<a href="#Comm-w-BOD"><br>
Shareholder Communications With the Board and Director Attendance at Annual Meetings</a>
<a href="#Ethics"><br>
Code of Ethics</a></div>
<br>
 <b><a href="#Officers">EXECUTIVE OFFICERS</a></b>
<br>
<br>
 <b><a href="#CDandA">COMPENSATION DISCUSSION AND ANALYSIS</a></b>
<div style="margin-left: 28pt;">
<a href="#CompPhilosophy">Compensation Philosophy and Objectives</a>
<a href="#CompActions"><br>
Actions Affecting Fiscal 2009 Compensation</a>
<a href="#RoleOfNEOs"><br>
The Role of Named Executive Officers in Compensation Decisions</a>
<a href="#CompensationTax"><br>
Compensation Tax and Accounting Implications</a></div>
<br>
<b><a href="#CC-Rpt">COMPENSATION COMMITTEE REPORT</a></b>
<br>
<br>
<b><a href="#ExecutiveCompensation">EXECUTIVE COMPENSATION</a></b>
<div style="margin-left: 28pt;">
<a href="#SummaryCompTable">Summary Compensation Table</a>
<a href="#GrantsOfPlanbasedAwards"><br>
Grants of Plan-Based Awards</a>
<a href="#OutstandingEquityAwards"><br>
Outstanding Equity Awards at Fiscal Year-End</a>
<a href="#OptionExercises"><br>
Option Exercises and Stock Vested</a>
<a href="#EmplAgmts"><br>
Employment Agreements</a>
<a href="#PostEmploymentComp"><br>
Post-Employment Compensation</a>
<a href="#NEOComp"><br>
Setting Named Executive Officers&#146; Compensation</a></div>
<br>
<b><a href="#DirectorComp">DIRECTOR COMPENSATION</a></b>
<br>
<br>
<b><a href="#AC-Discl">AUDIT COMMITTEE DISCLOSURE</a></b>
<div style="margin-left: 28pt;">
<a href="#AuditFees">Fees Billed to Us by Ernst &amp; Young During Fiscal 2009 and 2008</a>
<a href="#Preapproval"><br>
Audit Committee Pre-Approval Policy</a>
<a href="#AC-Rpt"><br>
Audit Committee Report</a></div>
<br>
<a href="#Proposal2"><font style="letter-spacing: -.04em;"><b>PROPOSAL 2. RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></font></a>
<br>
<br>
<b><a href="#AnnRpt">ANNUAL REPORT</a></b>
<br>
<br>
<b><a href="#Map">MAP TO THE 2009 ANNUAL MEETING</a></b></font>
&nbsp;
<div 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>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
</font>
<hr color="#0046AD" 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" 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="#0046AD" noshade size="1">
<font face="Times New Roman" style="font-size:10pt;"><br>
<div align="center"><b>PROXY STATEMENT<br>
ANNUAL MEETING OF SHAREHOLDERS, AUGUST 6, 2009<br>
<br>
GENERAL INFORMATION</b><a name="GeneralInfo"></a></div>
<br>
&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;6, 2009
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;2009 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 the Internet on or about June&nbsp;22, 2009.<br>
<br>
<b>Annual Meeting Admission</b><br>
&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 2009 Annual Meeting.<br>
<br>
<b>&#147;Householding&#148; of Documents</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are sending only one Letter to Shareholders, Annual Report on
<font style="white-space: nowrap;">Form 10-K</font>, 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</b><br>
&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
2009 Annual Meeting. If, however, other matters do properly come before the 2009
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 2009 Annual Meeting, but we did not
receive notice of it prior to June&nbsp;5, 2009, the persons named in our vote
form for the 2009 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 February&nbsp;22, 2010
for inclusion in our proxy statement and proxy relating to that annual
meeting. The proposal must be in accordance with the provisions of <font style="white-space: nowrap;">Rule 14a-8</font>
promulgated by the Securities and Exchange Commission under the Securities Exchange
Act of 1934. We suggest 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 May&nbsp;8, 2010. We reserve 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.<br>
<br>
</font>
<div 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></a><br>
<br>
<div align="center"><b>VOTING INFORMATION</b><a name="VotingInfo"></a></div>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only shareholders of record at the close of business
on June&nbsp;10, 2009 are entitled to execute proxies or to vote at the 2009 Annual
Meeting. As of that date there were outstanding 4,682,583 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 2009 Annual Meeting. A majority of the outstanding shares
of Common Stock entitled to vote are required to constitute a quorum at the 2009
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 2009
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 2009 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</b><br>
&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 2009 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&nbsp;1&nbsp;and&nbsp;2 described in
this proxy statement.<br>
<br>
<div align="center"><a name="VotingMethods"></a><b>VOTING METHODS</b></div>
<br>
&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;10, 2009 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</b><br>
&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</b><br>
&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 per day until 11:59 p.m., Eastern Daylight
Time, on August&nbsp;5, 2009. You may also
revoke your proxy at any time before the 2009 Annual Meeting.<br>
<br>
<b>Electronic Enrollment</b><br>
&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>
<br>
</font>
<div 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><div align="center"><b>SECURITY OWNERSHIP<a name="Ownership"></a></b></div>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows the number of our shares
of Common Stock beneficially owned as of June&nbsp;10, 2009 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,
(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.<br><br></font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" width="18">&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom">
<b>Name of Beneficial Owner</b></td>
<td colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;" align="right" valign="bottom">
<b>Number of Shares&nbsp;&nbsp;&nbsp;<br>
Beneficially Owned(1)</b>
</td>
<td colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;" align="right" valign="bottom">
<b>Percentage of&nbsp;&nbsp;&nbsp;<br>
Common Stock&nbsp;&nbsp;&nbsp;<br>
Outstanding&nbsp;&nbsp;&nbsp;&nbsp;</b>
</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>
Trigran Investments, Inc.<br>
630 Dundee Rd., #230<br>
Northbrook, IL 60062</td>
<td valign="top">
<div align="right">341,655</div>
</td>
<td width="1%" valign="top">
&nbsp;(2)</td>
<td valign="top">
<div align="right">7.3</div>
</td>
<td width="1%" valign="top">%&nbsp;&nbsp;&nbsp;</td>
</tr>
<tr>
<td valign="top" colspan="6">&nbsp;</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>
Daniel A. Baker</td>
<td>
<div align="right">208,837</div>
</td>
<td>
&nbsp;(3)</td>
<td>
<div align="right">4.3</div>
</td>
<td width="55">
%</td>
</tr>
<tr>
<td valign="top" colspan="6">&nbsp;</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>
Curt A. Reynders</td>
<td>
<div align="right">27,000</div>
</td>
<td>
&nbsp;(4)</td>
<td>
<font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font>
</td>
<td width="55">
*</td>
</tr>
<tr>
<td colspan="6">&nbsp;</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>
Terrence W. Glarner</td>
<td>
<div align="right">17,200</div>
</td>
<td>
&nbsp;(5)</td>
<td>
<p style=" text-align:right;" align="right"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font>
</td>
<td width="55">
*</td>
</tr>
<tr>
<td colspan="6">&nbsp;</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>
Patricia M. Hollister</td>
<td>
<div align="right">13,000</div>
</td>
<td>
&nbsp;(4)</td>
<td>
<p style=" text-align:right;" align="right"><font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font>
</td>
<td width="55">
*</td>
</tr>
<tr>
<td colspan="6">&nbsp;</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>
Robert H. Irish</td>
<td>
<div align="right">9,000</div>
</td>
<td>
&nbsp;(4)</td>
<td>
<font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font>
</td>
<td width="55">
*</td>
</tr>
<tr>
<td colspan="6">&nbsp;</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>
James D. Hartman</td>
<td>
<div align="right">5,500</div>
</td>
<td>
&nbsp;(4)</td>
<td>
<font face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font>
</td>
<td width="55">
*</td>
</tr>
<tr>
<td colspan="6">&nbsp;</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>All directors and executive officers as a group (6 persons)</td>
<td>
<div align="right">280,537</div>
</td>
<td width="37">&nbsp;</td>
<td>
<div align="right">5.7</div>
</td>
<td width="55">
%</td>
</tr>
</table>
<table style="font-size:4pt;" width="80" border="0" cellspacing="00" cellpadding="0">
<tr>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">&nbsp;
</td>
</tr>
<tr>
<td>&nbsp;</td>
</tr>
</table>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="2" valign="top">
*Less than 1%<br>
<br>
</td>
</tr>
<tr>
<td width="28" valign="top">
(1)</td>
<td>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>
</td>
</tr>
<tr>
<td valign="top">
(2)</td>
<td>Based on information contained in Schedule&nbsp;13F filed with the SEC on May&nbsp;14,
2009. According to Schedule&nbsp;13G/A filed jointly by Trigran Investments,&nbsp;Inc., Trigran Investments,&nbsp;L.P., Douglas Granat, Lawrence&nbsp;A. Oberman, and Steven&nbsp;G. Simon with the
SEC on February&nbsp;13, 2009, Trigran Investments,&nbsp;Inc., Douglas Granat, Lawrence&nbsp;A. Oberman, and Steven&nbsp;G. Simon have shared voting and dispositive power
for all shares, and Trigran Investments,&nbsp;L.P. has shared voting and dispositive power
for a portion of the shares. Furthermore, Douglas Granat, Lawrence&nbsp;A. Oberman, and
Steven&nbsp;G. Simon are the controlling shareholders and sole directors of
Trigran Investments,&nbsp;Inc. and thus may be considered beneficial owners
of shares beneficially owned by Trigran Investments,&nbsp;Inc.<br>
<br>
</td>
</tr>
<tr>
<td valign="top">(3)</td>
<td>Includes 200,000 shares issuable upon the exercise of options that are currently exercisable.<br>
<br>
</td>
</tr>
<tr>
<td valign="top">(4)</td>
<td>
Consists solely of shares issuable upon the exercise of options that are currently exercisable.<br>
<br>
</td>
</tr>
<tr>
<td valign="top">(5)</td>
<td>Includes 11,000 shares issuable upon the exercise of options that are currently exercisable.</td>
</tr>

</table>
<div>&nbsp;</div><div 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><br>
<br>
<div align="center"><b>CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS<a name="Relationships"></a></b></div>
<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, 2008, 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="RelatedParty"></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, <font style="white-space: nowrap;">Section 4350(h)</font> 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) <font style="white-space: nowrap;">Regulation S-K</font>, <font style="white-space: nowrap;">Item 404(a))</font>, and a related person (as defined in <font style="white-space: nowrap;">Regulation S-K</font>, Item 404(a)) has or will have a direct or indirect material interest (within
the meaning of <font style="white-space: nowrap;">Regulation S-K</font>, <font style="white-space: nowrap;">Item 404(a)).</font><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, <font style="white-space: nowrap;">Section 302A.255</font>.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the Company&#146;s Board of Directors
complying with the requirements of Minnesota Statutes, Section <font style="white-space: nowrap;">302A.255</font> with
respect to any proposed transaction with a potential director&#146;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>
</font>
<table style="font-size: 10pt; font-family: Times New Roman;" width="100%" border="0" cellspacing="00" cellpadding="0">
<tr>
<td width="1" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;</td>
<td>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>&nbsp;</td>
</tr>
<tr>
<td valign="top" align="right">2.&nbsp;</td>
<td>The basis on which the related person is deemed to be a related person within the meaning of <font style="white-space: nowrap;">Regulation S-K</font>, <font style="white-space: nowrap;">Item 404(a)</font>, if applicable.<br>
&nbsp;
</td>
</tr>
<tr>
<td valign="top" align="right">3.&nbsp;</td>
<td>The material facts and terms of the proposed transaction.<br>&nbsp;
</td>
</tr>
<tr>
<td valign="top" align="right">4.&nbsp;</td>
<td>The material facts as to the interest of the
related person in the proposed transaction.<br>
&nbsp;
</td>
</tr>
<tr>
<td valign="top" align="right">5.&nbsp;</td>
<td>Any other information that the audit committee requests concerning the proposed transaction.</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;"><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)&nbsp;fair and reasonable to the Company, (ii)&nbsp;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)&nbsp;in the best interests of the Company.<br>
<br>
<b>Section 16(a) Beneficial Ownership Reporting Compliance</b><a name="16a"></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 <font style="white-space: nowrap;">Section 16(a)</font> 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, 2009, all reports were filed
with the SEC on a timely basis.<br>
<br>
</font>
<div 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><br>
<br><div align="center"><b>PROPOSAL 1. ELECTION OF BOARD OF DIRECTORS<a name="Proposal1"></a></b></div>
<br>
There are five nominees to the Board this year:
<br>
<br></font>
<div align="center">
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="border:none;border-bottom:solid windowtext 1.0pt;">&nbsp;</td>
<td width="412" style="border:none;border-bottom:solid windowtext 1.0pt;"><b>Nominee and Principal Occupation</b></td>
<td width="16"></td>
<td width="31" style="border:none;border-bottom:solid windowtext 1.0pt;">
<div align="center"><b>Age</b></div>
</td>
<td width="16">
<div align="center"></div>
</td>
<td width="90" style="border:none;border-bottom:solid windowtext 1.0pt; width:67.8pt;">
<div align="center"><b>Director Since</b></div>
</td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">
Terrence W. Glarner, President, West Concord Ventures, Inc.</td>
<td width="16" bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">
<div align="center">66</div>
</td>
<td bgcolor="#ccdaef">
<div align="center"></div>
</td>
<td bgcolor="#ccdaef">
<div align="center">1999</div>
</td>
</tr>
<tr>
<td></td>
<td>
Daniel A. Baker, President and CEO, NVE Corporation</td>
<td></td>
<td>
<div align="center">51</div>
</td>
<td></td>
<td>
<div align="center">2001</div>
</td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">
James D. Hartman, retired Chairman and CEO, Enpath Medical, Inc.</td>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">
<div align="center">63</div>
</td>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">
<div align="center">2006</div>
</td>
</tr>
<tr>
<td></td>
<td>Patricia M. Hollister, Chief Financial Officer, FSI International, Inc.</td>
<td></td>
<td>
<div align="center">49</div>
</td>
<td></td>
<td>
<div align="center">2004</div>
</td>
</tr>
<tr bgcolor="#ccdaef">
<td width="12"></td>
<td>
Robert H. Irish, retired</td>
<td></td>
<td>
<div align="center">69</div>
</td>
<td></td>
<td>
<div align="center">1992</div>
</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 2009 Annual
Meeting to serve until the 2010 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.&nbsp;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 more than 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 MBA 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><br><br></font>
<div 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><br>
<b>
<div align="center"><br>
CORPORATE GOVERNANCE<a name="Governance"></a></div>
<br>
Corporate Governance Guidelines</b><a name="GovernanceGuidelines"></a>
<br>
&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="BoardComposition"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board consists of five directors. The Board
met six times in fiscal 2009 (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 <font style="white-space: nowrap;">Rule
4200(a)(15)</font> 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="ExecSessions"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a matter of policy, the independent directors
meet without the CEO or other company management present at every regular board meeting.<br>
<br>
<b>Board Committees</b><a name="Committees"></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
2009. 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 once in fiscal 2009. 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></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Compensation Committee
has been determined to be independent as defined by NASDAQ Marketplace <font style="white-space: nowrap;">Rule
4200(a)(15)</font> 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 <font style="white-space: nowrap;">Rule&nbsp;16b-3</font> under the Securities Exchange Act of 1934 and
&#147;outside directors&#148; as defined by <font style="white-space: nowrap;">Section 162(m)</font> 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&#151;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></b><br>
&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 once in fiscal 2009. 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.<br><br></font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">6</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table of Contents</b></a><br>
<br>
<b>Director Qualifications</b><a name="DirectorQualifications"></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"></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="Comm-w-BOD"></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 2008 Annual Meeting.<br>
<br>
<b>Code of Ethics</b><a name="Ethics"></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.<br>
<br>
<div align="center"><b>EXECUTIVE OFFICERS</b><a name="Officers"></a>
</div>
<br>
<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&nbsp;1. Election of Board of Directors.&#148; Mr.&nbsp;Reynders,
age&nbsp;46, 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.<br>
<br>
</font>
<div style="page-break-after: always;">
<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;"><b><a href="#TOC">Table of Contents</a><br>
<br>
<div align="center">COMPENSATION DISCUSSION AND ANALYSIS<a name="CDandA"></a>
<br>
<br>
</div>
Compensation Philosophy and Objectives</b><a name="CompPhilosophy"></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</i></b>
<br>
&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. The Compensation Committee also has discretion to
award bonuses not tied to specific performance thresholds and targets. The
only such bonus in the past three fiscal years was a bonus paid to our CEO in
fiscal 2008.<br>
<br>
<b><i>Reduced use of stock options</i></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have reduced our use of stock options
to compensate our NEOs and other employees since our adoption on April&nbsp;1, 2006 of the provisions
of Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards (SFAS) SFAS No.&nbsp;123 (revised 2004), <i>Share-Based Payment</i>. SFAS <font style="white-space: nowrap;">No. 123(R)</font> requires us to recognize expenses associated with the issuance of options. For
example, no stock options were granted to our NEOs
in fiscal 2009, 2008, or 2007.<br>
<br>
<b><i>No special benefits or perquisites for senior managers</i></b>
<br>
&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, <font style="white-space: nowrap;">401(k)</font> retirement
plans, tuition reimbursement, health insurance, Health Savings Accounts,  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 2009 Compensation<a name="CompActions"></a><br>
<i>Named Executive Officers&#146; Salary</i></b><br>
&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.&nbsp;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 $175,000 per year effective April&nbsp;1, 2007, and was increased to $225,000
per year effective April&nbsp;1, 2008 and $250,000
per year effective April&nbsp;1, 2009 in consideration of his performance, which was evaluated as outstanding, and to bring his salary closer to competitive levels. Mr.&nbsp;Reynders&#146; salary
was $105,000 per year effective April&nbsp;1, 2007, and was increased to $125,000
per year effective April&nbsp;1, 2008 and $150,000 per year effective April&nbsp;1, 2009 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</i></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;Baker&#146;s performance-based
incentive compensation in fiscal 2009 and recent years has been tied to weighted
percentages of revenue growth, weighted differently for different product lines,
on contract revenue and profitability, and on a percentage of revenue and profitability improvements
in certain product lines. Each component of performance-based incentive compensation
had a threshold of the prior fiscal year performance, meaning each performance
component required 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 2009 compared to fiscal 2008.<br>
<br>
</font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">8</font></div>
<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></b>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Reynders&#146; performance-based compensation
for fiscal 2009 was based on a percentage of pretax income growth in fiscal 2009
compared to fiscal 2008. 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</i></b><br>
&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</b><a name="RoleOfNEOs"></a>
<br>
&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</i></b>
<br>
&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 <font style="white-space: nowrap;">No. 123(R)</font>. Under the fair value
recognition provisions of SFAS <font style="white-space: nowrap;">No. 123(R)</font>, 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><br>
&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 options 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><br>
&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.<br>
<br>
<div align="center"><b>COMPENSATION COMMITTEE REPORT</b><a name="CC-Rpt"></a></div>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have reviewed and discussed the Compensation
Discussion and Analysis required by <font style="white-space: nowrap;">Item 402(b)</font> of <font style="white-space: nowrap;">Regulation S-K</font>
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.<br>
<br>
<div align="center"><u>COMPENSATION COMMITTEE MEMBERS</u></div>
</font>
<table style="font-size: 10pt; font-family: Times New Roman;" width="100%" border="0" cellspacing="00" cellpadding="0">
<tr>
<td width="33%">Patricia M. Hollister</td>
<td align="center">Terrence W. Glarner</td>
<td align="right" width="33%">Robert H. Irish</td>
</tr>
</table>
<div>&nbsp;</div>
<div 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;"><b><a href="#TOC">Table of Contents</a>
<br><br>
<div align="center">EXECUTIVE COMPENSATION<a name="ExecutiveCompensation"></a></div>
<br>Summary Compensation Table</b><a name="SummaryCompTable"></a>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the compensation
paid to our NEOs in the past three fiscal years ended March 31, 2009, 2008, and 2007:<br>
<br></font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="12" style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom">&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom"><b>Name and Principal Position</b></td>
<td width="24" valign="bottom"></td>
<td width="83" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Fiscal<br>
Year<br>
Ended<br>
March<br>
31</b></td>
<td width="24" valign="bottom"></td>
<td width="74" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Salary&nbsp;($)</b></td>
<td width="24" valign="bottom">
</td>
<td width="49" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Bonus<br>
($)</b></td>
<td width="24" valign="bottom">
</td>
<td width="62" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Stock<br>
Awards<br>
($)</b></td>
<td width="24" valign="bottom"> </td>
<td width="62" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Option<br>
Awards<br>
($)</b></td>
<td width="24" valign="bottom"> </td>
<td width="66" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Non-<br>
Equity<br>
Incentive<br>
Plan<br>
&nbsp;Compen-<br>
sation&nbsp;<br>
($)(1)</b></td>
<td width="24" valign="bottom">
</td>
<td width="66" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>All&nbsp;Other<br>
Compen-<br>
sation<br>
($)(2)</b></td>
<td width="24" valign="bottom"> </td>
<td width="74" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Total&nbsp;($)</b></td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td colspan="2" bgcolor="#ccdaef">Daniel A. Baker</td>
<td align="center" bgcolor="#ccdaef">2009</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">
225,000</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">
- -</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">
- -</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">
- -</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">66,154</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">10,890</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">302,044</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>President and CEO</td>
<td>&nbsp;</td>
<td align="center">2008</td>
<td> </td>
<td align="center">
175,000</td>
<td> </td>
<td align="center">22,762</td>
<td> </td>
<td align="center">
- -</td>
<td> </td>
<td align="center">
- -</td>
<td> </td>
<td align="center">79,012</td>
<td> </td>
<td align="center">*</td>
<td> </td>
<td align="center">276,774</td>
</tr>
<tr bgcolor="#ccdaef">
<td colspan="3">&nbsp;</td>
<td align="center">2007</td>
<td></td>
<td align="center">
122,038</td>
<td></td>
<td align="center">
- -</td>
<td></td>
<td align="center">
- -</td>
<td></td>
<td align="center">
- -</td>
<td></td>
<td align="center">79,371</td>
<td></td>
<td align="center">*</td>
<td></td>
<td align="center">201,409</td>
</tr>
<tr>
<td colspan="18">&nbsp;</td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">Curt&nbsp;A.&nbsp;Reynders</td>
<td align="center" bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">2009</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">
125,000</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">
- -</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">
- -</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">
- -</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">26,205</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">*</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">151,205</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>Chief&nbsp;Financial&nbsp;Officer</td>
<td>&nbsp;</td>
<td align="center">2008</td>
<td> </td>
<td align="center">
105,000</td>
<td> </td>
<td align="center">
- -</td>
<td> </td>
<td align="center">
- -</td>
<td> </td>
<td align="center">
- -</td>
<td> </td>
<td align="center">
30,544</td>
<td> </td>
<td align="center">*</td>
<td> </td>
<td align="center">
135,544</td>
</tr>
<tr bgcolor="#ccdaef">
<td colspan="3">&nbsp;
</td>
<td align="center">
2007</td>
<td></td>
<td align="center">
95,000</td>
<td></td>
<td align="center">
- -</td>
<td></td>
<td align="center">
- -</td>
<td></td>
<td align="center">
- -</td>
<td></td>
<td align="center">
17,686</td>
<td></td>
<td align="center">*</td>
<td></td>
<td align="center">
112,686</td>
</tr>
</table>
<div style="page-break-after:avoid;">
<table style="font-size:4pt;" width="80" border="0" cellspacing="00" cellpadding="0">
<tr>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">&nbsp;
</td>
</tr>
<tr>
<td>&nbsp;</td>
</tr>
</table>

</div>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="2" valign="top">
*Less than $10,000<br>
<br>
</td>
</tr>
<tr>
<td width="28" valign="top">
(1)</td>
<td>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></td>
</tr>
<tr>
<td valign="top">(2)</td>
<td>Includes 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.<br><br>
</td>
</tr>
</table>
<font face="Times New Roman" style="font-size:10pt;"><br>
<b>Grants of Plan-Based Awards</b><a name="GrantsOfPlanbasedAwards"></a><br>
&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>
<b>Outstanding Equity Awards at Fiscal Year-End</b><a name="OutstandingEquityAwards"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth outstanding equity awards to our NEOs as of March&nbsp;31, 2009:<br>
<br>
</font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td>&nbsp;</td>
<td>&nbsp;
</td>
<td width="2%">&nbsp;
</td>
<td colspan="9" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center"><b>
Option&nbsp;Awards
</b></td>
</tr>
<tr>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>
&nbsp;</b></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom"><b>Name</b></td>
<td width="2%" valign="bottom">&nbsp;
</td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>
Number&nbsp;of<br>
Securities<br>
Underlying<br>
Unexercised<br>
Options<br>
(#)<br>
Exercisable</b></td>
<td width="2%" align="center" valign="bottom">
</td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>
Number&nbsp;of<br>
Securities<br>
Underlying<br>
Unexercised<br>
Options<br>
(#)<br>
Unexercisable</b></td>
<td width="2%" align="center" valign="bottom">
</td>
<td width="14%" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>
Equity<br>
Incentive<br>
Plan<br>
Awards<br>
Number&nbsp;of<br>
Securities<br>
Underlying<br>
Unexercised<br>
Unearned<br>
Options<br>
(#)</b></td>
<td width="2%" align="center" valign="bottom">
</td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>
Option<br>
Exercise<br>
Price&nbsp;($)</b></td>
<td width="2%" align="center" valign="bottom">
</td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>
Option<br>
Expiration<br>
Date
</b></td>
</tr>
<tr>
<td align="right" bgcolor="#ccdaef">&nbsp;</td>
<td bgcolor="#ccdaef">Daniel A. Baker</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="right" bgcolor="#ccdaef">70,000
</td>
<td align="right" bgcolor="#ccdaef">&nbsp;</td>
<td align="right" bgcolor="#ccdaef">-
</td>
<td align="right" bgcolor="#ccdaef">&nbsp;
</td>
<td align="right" bgcolor="#ccdaef">-
</td>
<td align="right" bgcolor="#ccdaef">&nbsp;
</td>
<td align="right" bgcolor="#ccdaef">6.58
</td>
<td align="right" bgcolor="#ccdaef">&nbsp;
</td>
<td align="center" bgcolor="#ccdaef">
1/29/2011
</td>
</tr>
<tr>
<td align="right">&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;
</td>
<td align="right">35,000
</td>
<td align="right">&nbsp;
</td>
<td align="right">-
</td>
<td align="right">&nbsp;
</td>
<td align="right">-
</td>
<td align="right">&nbsp;
</td>
<td align="right">29.65
</td>
<td align="right">&nbsp;
</td>
<td align="center">5/7/2014
</td>
</tr>
<tr>
<td align="right" bgcolor="#ccdaef">&nbsp;</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td bgcolor="#ccdaef">&nbsp;
</td>
<td align="right" bgcolor="#ccdaef">70,000
</td>
<td align="right" bgcolor="#ccdaef">&nbsp;
</td>
<td align="right" bgcolor="#ccdaef">-
</td>
<td align="right" bgcolor="#ccdaef">&nbsp;
</td>
<td align="right" bgcolor="#ccdaef">-
</td>
<td align="right" bgcolor="#ccdaef">&nbsp;
</td>
<td align="right" bgcolor="#ccdaef">16.93
</td>
<td align="right" bgcolor="#ccdaef">&nbsp;
</td>
<td align="center" bgcolor="#ccdaef">3/28/2015
</td>
</tr>
<tr>
<td align="right">&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align="right">25,000
</td>
<td align="right">&nbsp;
</td>
<td align="right">-
</td>
<td align="right">&nbsp;
</td>
<td align="right">-
</td>
<td align="right">&nbsp;
</td>
<td align="right">14.76
</td>
<td align="right">&nbsp;
</td>
<td align="center">8/24/2015
</td>
</tr>
<tr>
<td colspan="12">&nbsp;</td>
</tr>
<tr bgcolor="#ccdaef">
<td align="right">&nbsp;</td>
<td>Curt A. Reynders&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;
</td>
<td align="right">2,000
</td>
<td align="right">&nbsp;
</td>
<td align="right">-
</td>
<td align="right">&nbsp;
</td>
<td align="right">-
</td>
<td align="right">&nbsp;
</td>
<td align="right">6.09
</td>
<td align="right">&nbsp;
</td>
<td align="center">7/26/2011
</td>
</tr>
<tr>
<td align="right">&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;
</td>
<td align="right">25,000
</td>
<td align="right">&nbsp;
</td>
<td align="right">-
</td>
<td align="right">&nbsp;
</td>
<td align="right">-
</td>
<td align="right">&nbsp;
</td>
<td align="right">16.33
</td>
<td align="right">&nbsp;
</td>
<td align="center">1/16/2016
</td>
</tr>
</table>
<div>&nbsp;</div>
<div 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;"><b><a href="#TOC">Table of Contents</a><br>
<br>
Option Exercises and Stock Vested</b><a name="OptionExercises"></a><br>
&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="EmplAgmts"></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="PostEmploymentComp"></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 <font style="white-space: nowrap;">401(k)</font>
retirement plan under the same terms as other employees.<br>
<br>
<b>Setting Named Executive Officers&#146; Compensation<a name="NEOComp"></a></b><br>
&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 metropolitan area.<br>
<br>
<b>Fiscal 2009 Named Executive Officer Compensation</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended March 31, 2009, the
principal components of compensation for NEOs were salary and performance-based
compensation.<br>
<br>
<div align="center"><b>DIRECTOR COMPENSATION</b><a name="DirectorComp"></a></div>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning
after their reelection to the Board at the 2008 Annual Meeting of Shareholders,
our non-employee directors began receiving cash compensation of $2,000 per quarter,
plus an additional $250 per quarter for the Chairman of the Board of Directors
and an additional $125 per quarter for the Audit Committee Chair. Directors forfeit unpaid portions of cash compensation upon termination, retirement, disability, or death. In addition to the cash compensation,
on each reelection
to the Board beginning with the 2008 Annual Meeting of Shareholders, each non-employee
director is automatically granted an immediately-vested nonqualified option to purchase
1,000 shares. On initial election non-employee directors automatically receive a nonqualified
option to purchase 6,000 shares of Common Stock vesting in 25% installments
beginning with the date of the grant and each year thereafter. <br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the 2008 Annual Meeting of Shareholders, our non-employee directors received
an immediately-vested option to purchase 2,000 shares on each reelection to
the Board but no cash compensation.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes non-employee director compensation in the fiscal year
ended March&nbsp;31, 2009:<br>
<br>
</font>
<table border="0" style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" align="center" width="100%">
<tr>
<td width="9" style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom">&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="left" valign="bottom"><b>Name</b></td>
<td width="9">&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center"><b>Fees&nbsp;Earned&nbsp;or<br>
Paid&nbsp;in&nbsp;Cash&nbsp;($)</b></td>
<td width="9" align="center">&nbsp;
</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">
<b>Stock<br>
Awards&nbsp;($)</b>
</td>
<td width="9" align="center">&nbsp;
</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">
<b>Option<br>
Awards&nbsp;($)</b>
</td>
<td width="9" align="center">&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">
<b>All
Other<br>
Compensation&nbsp;($)</b>
</td>
<td width="9" align="center">&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom">
<b>Total&nbsp;($)</b>
</td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td align="left" bgcolor="#ccdaef">
Terrence&nbsp;W.&nbsp;Glarner&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor="#ccdaef"></td>
 <td align="right" bgcolor="#ccdaef"> 4,500</td>
<td align="right" bgcolor="#ccdaef"></td>
<td align="right" bgcolor="#ccdaef">-
</td>
<td align="right" bgcolor="#ccdaef"></td>
<td align="right" bgcolor="#ccdaef">16,070</td>
<td align="right" bgcolor="#ccdaef"></td>
<td align="right" bgcolor="#ccdaef">-
</td>
<td bgcolor="#ccdaef"></td>
 <td align="right" bgcolor="#ccdaef">20,570</td>
</tr>
<tr>
<td></td>
<td align="left">James D. Hartman</td>
<td></td>
 <td align="right">4,000</td>
<td align="right"></td>
<td align="right">-
</td>
<td align="right"></td>
 <td align="right">38,462</td>
<td align="right"></td>
<td align="right">-
</td>
<td></td>
<td align="right">42,462</td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td align="left" bgcolor="#ccdaef">Patricia&nbsp;M.&nbsp;Hollister&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor="#ccdaef"></td>
<td align="right" bgcolor="#ccdaef">4,250</td>
<td align="right" bgcolor="#ccdaef"></td>
<td align="right" bgcolor="#ccdaef">-
</td>
<td align="right" bgcolor="#ccdaef"></td>
<td align="right" bgcolor="#ccdaef">16,070</td>
<td align="right" bgcolor="#ccdaef"></td>
<td align="right" bgcolor="#ccdaef">-
</td>
<td bgcolor="#ccdaef"></td>
<td align="right" bgcolor="#ccdaef">20,320</td>
</tr>
<tr>
<td></td>
<td align="left">Robert H. Irish</td>
<td></td>
<td align="right">4,000</td>
<td align="right"></td>
<td align="right">-
</td>
<td align="right"></td>
<td align="right">16,070</td>
<td align="right"></td>
<td align="right">-
</td>
<td></td>
<td align="right">20,070</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;"><br>
Fees earned or paid in cash for the fiscal year ended March&nbsp;31, 2009 consisted soley of quarterly retainers, the Chairman&#146;s
fee, and the Audit Committee Chair&#146;s fee.
<br>
<br>
</font>
<div 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><br>
<br>
<b>
<div align="center">AUDIT COMMITTEE DISCLOSURE<a name="AC-Discl"></a></div>
<br>
<br>
<a name="AuditFees"></a>Fees Billed to Us by Ernst &amp; Young During Fiscal 2009 and 2008<br>
<i>Audit Fees</i></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incurred total fees of $113,000 relating to
the audit of the March&nbsp;31, 2009 financial statements, review of the financial
statements included in fiscal 2009 quarterly reports on <font style="white-space: nowrap;">Form 10-Q</font>, and other
matters directly relating to the fiscal 2009 audit. Fees were $111,500 for similar
services for the year ended March&nbsp;31, 2008.<br>
<br>
<b><i>Tax, Audit-Related, and All Other Fees</i></b><br>
&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 during fiscal 2009 or 2008.<br>
<br>
<b>Audit Committee
Pre-Approval Policy</b><a name="Preapproval"></a><br>
&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</b><a name="AC-Rpt"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the financial statements for
the fiscal year ended March&nbsp;31, 2009, 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 (PCAOB) in Rule&nbsp;3200T, and received a written
disclosure and letter from the independent accountants as required by applicable
requirements of the PCAOB for independent auditor communications with Audit
Committees concerning 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 <font style="white-space: nowrap;">Form 10-K</font> for the year ended
March&nbsp;31, 2009 filed with the SEC. The Board has approved this inclusion.<br>
<br>
<div align="center"><u>AUDIT COMMITTEE MEMBERS</u><br>
</div>
</font>
<table style="font-size: 10pt; font-family: Times New Roman;" width="100%" border="0" cellspacing="00" cellpadding="0">
<tr>
<td width="33%">Patricia M. Hollister<br></td>
<td align="center">Terrence W. Glarner<br></td>
<td align="right" width="33%">James D. Hartman</td>
</tr>
</table>
<font face="Times New Roman" style="font-size: 10pt; font-family: Times New Roman;">
<div align="center"><b><br>
&nbsp;<br>
PROPOSAL 2.<br>
RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b><a name="Proposal2"></a>
</div>
<br>
&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 2010 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. We expect representatives
of Ernst&nbsp;&&nbsp;Young to be present at our 2009 Annual Meeting
and they 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 2009.<br>
<br>
</font>
<div 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;"><b><a href="#TOC">Table of Contents</a></b><br><br>
<b><div align="center">ANNUAL REPORT<a name="AnnRpt"></a></div>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of our Annual Report to Shareholders for the fiscal year ended March&nbsp;31,
2009, including financial statements, accompanies this Notice of Annual Meeting
and Proxy Statement. The Annual Report includes our annual report on <font style="white-space: nowrap;">Form 10-K</font>
as filed with the Securities and Exchange Commission on May&nbsp;6,
2009. 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 <font style="white-space: nowrap;">Form 10-K</font>. Such written
requests should be addressed to Curt&nbsp;A. Reynders, our Secretary, at the address
on the cover page of this Proxy Statement.</b></font><br>
<br>
<table border="0" style="font-size: 10pt; font-family: Times New Roman;" cellspacing="00" cellpadding="0">
<tr>
<td rowspan="3" width="72"></td>
<td height="24" valign="top">By Order of the Board of Directors</td>
</tr>
<tr>
<td><img src="car-sig.gif" width="110" height="25" alt="-s- Curt A. Reynders"><br>
Curt A. Reynders</td>
</tr>
<tr>
<td>Chief&nbsp;Financial&nbsp;Officer&nbsp;and&nbsp;Secretary</td>
</tr>
</table>
<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font face="Times New Roman">&nbsp;</font>
<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;">June
 22, 2009<br>
<br></font>
<div 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>
<b><font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC">Table of Contents</a><br><br>
</font></b>
<div align="center"><font style="font-size: 10pt; font-family: Times New Roman;"><b>
Map to NVE Corporation<a name="Map"></a><br>
2009 Annual Meeting<br>
August 6, 2009, 3:30 p.m.</b><br>
<br>
</font></div>
<div align="center"><img width="672" height="529" src="map.gif" alt="Map to NVE Annual Meeting"></div>
<br>
<hr>
<br clear="all" style="page-break-before:always;">
<div align="center"><img width="102" height="29" src="sml-logo.gif" alt="Small NVE logo"></div>
<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font face="Times New Roman" style="font-size:10pt;"><br>
THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE FOLLOWING PROPOSALS:</font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" rowspan="4" width="18">
1.</td>
<td valign="top" colspan="3">
To elect five directors to serve until the next Annual Meeting of Shareholders.</td>
</tr>
<tr>
<td width="213">
<p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;">01&nbsp;&nbsp;Terrence&nbsp;W.&nbsp;Glarner</p>
</td>
<td width="22">
04</td>
<td width="992">
Patricia M. Hollister</td>
</tr>
<tr>
<td>
<p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;">02
&nbsp;Daniel A. Baker
</td>
<td>
05</td>
<td>
Robert H. Irish</td>
</tr>
<tr>
<td valign="top" colspan="3" height="24">
<p style="margin:0pt 0pt .0001pt 18pt;text-indent:-10pt;">03
&nbsp;James D. Hartman</p>
</td>
</tr>
<tr>
<td valign="top">
<font face="Wingdings" style="font-size:10pt;">o</font></td>
<td>Vote FOR all nominees<br>
(except as marked)</td>
<td valign="top">
<font face="Wingdings" style="font-size:10pt;">o</font></td>
<td>Vote WITHHELD<br>
from all nominees</td>
</tr>
<tr>
<td colspan="4" height="6"></td>
</tr>
<tr>
<td colspan="4" valign="top" height="24">&nbsp;<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></td>
</tr>
<tr>
<td valign="top">2.</td>
<td colspan="3">To ratify the selection of Ernst &amp; Young LLP as our independent registered
public accounting firm for the fiscal year ending March 31, 2010.<br>
<font face="Wingdings" style="font-size:10pt;">o</font>&nbsp;FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Wingdings" style="font-size:10pt;">o</font>&nbsp;AGAINST&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Wingdings" style="font-size:10pt;">o</font>&nbsp;ABSTAIN</td>
</tr>
</table>
<font face="Times New Roman" style="font-size:10pt;">&nbsp;<br>
<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><br>
<br>
<div align="right">(please sign on the other side)</div>
</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&nbsp;6, 2009
and any adjournments thereof.<br>
<br><br><br><br><br><br>
<div align="right">Date&nbsp;&nbsp;&nbsp;_________________________________<br>
<br>
Signature&nbsp;&nbsp;&nbsp;_________________________________<br>
&nbsp;<br>
Signature&nbsp;&nbsp;&nbsp;_________________________________<br>
<br>
</div>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>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
