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<SEC-DOCUMENT>0000724910-10-000013.txt : 20100621
<SEC-HEADER>0000724910-10-000013.hdr.sgml : 20100621
<ACCEPTANCE-DATETIME>20100621161527
ACCESSION NUMBER:		0000724910-10-000013
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20100805
FILED AS OF DATE:		20100621
DATE AS OF CHANGE:		20100621
EFFECTIVENESS DATE:		20100621

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:		10908195

	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-10.htm
<DESCRIPTION>PROXY STATEMENT PURSUANT TO SECTION 14(A)
<TEXT>
<html>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<a href="#TOC"><b>Table of Contents</b></a><br></font>
<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 Rule 14a-12</td></tr>
</table><b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">&nbsp;</font></b>
<div align="center"><img src="nve-logo.gif" width="276" height="54" alt="NVE Logo"><font style="display: inline; font-size: 26pt; font-family: Arial;"><b><br>
NVE Corporation</b><br></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;"><a href="#TOC"><b>Table of Contents</b></a><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;21, 2010<br>
<br>
<br>
Fellow Shareholders:<br><br>
We cordially invite you to attend our 2010 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;5, 2010 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 with directions to the Annual Meeting in our Proxy Statement
if you plan to attend the meeting and vote in person. You may also
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;">
<br>
<div align="center"><b>PROXY STATEMENT<a name="TOC"></a><br>
ANNUAL MEETING OF SHAREHOLDERS, AUGUST 5, 2010<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><br>
<br>
<a href="#VotingMethods">VOTING METHODS</a><br>
<br>
<a href="#EquityComp">EQUITY COMPENSATION PLAN INFORMATION</a><br><br>
<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="#Prop1">PROPOSAL 1. ELECTION OF BOARD OF DIRECTORS</a></b>
<br>
<br>
<b><a href="#Governance">CORPORATE GOVERNANCE</a></b>
<br>
<div style="margin-left: 28pt;">
<a href="#GovernanceGuidelines">Corporate Governance Guidelines</a><br>
<a href="#Leadership">Board Leadership Structure and Role in Risk Oversight</a><br>
<a href="#BoardIndep">Board Independence</a><br>
<a href="#ExecSessions">Meeting Attendance and Executive Sessions of Independent Directors</a><br>
<a href="#Committees">Board Committees</a><br>
<a href="#DirectorQualifications">Director Qualifications</a><br>
<a href="#Diversity">The Role of Diversity in Choosing Board Candidates</a><br>
<a href="#ShareholderNominees">Shareholder Nominees</a><br>
<a href="#Comm-w-BOD">Shareholder Communications With the Board and Director Attendance at Annual Meetings</a><br>
<a href="#Ethics">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><br>
<a href="#CompActions">Actions Affecting Fiscal 2010 Compensation</a><br>
<a href="#RoleOfNEOs">The Role of Named Executive Officers in Compensation Decisions</a><br>
<a href="#CompTax">Tax Implications of Option Awards</a></div><br>
<b><a href="#CC-Rpt">COMPENSATION COMMITTEE REPORT</a></b>
<br>
<br>
<b><a href="#E-Comp">EXECUTIVE COMPENSATION</a></b>
<br>
<div style="margin-left: 28pt;">
<a href="#SCT">Summary Compensation Table</a><br>
<a href="#OutstandingEquityAwards">Outstanding Equity Awards at Fiscal Year-End</a><br>
<a href="#OptionExercises">Option Exercises and Stock Vested</a><br>
<a href="#NEOComp">Setting Named Executive Officers&#146; Compensation</a><br>
</div><br>
<b><a href="#CompRisk">COMPENSATION POLICIES AND PRACTICES AS THEY RELATE TO RISK MANAGEMENT</a></b><br>
<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 2010 and 2009</a><a href="#Preapproval"><br>
Audit Committee Pre-Approval Policy</a><br>
<a href="#AC-Rpt">Audit Committee Report</a></div><br>
<a href="#Prop2"><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 2010 ANNUAL MEETING</a></b><br>
&nbsp;
<br>
&nbsp;<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;">i</font></div><hr>
</div><font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table of Contents</b></a><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>
</font>
<div align="center"><font face="Times New Roman" style="font-size:10pt;"><b>PROXY STATEMENT<br>
ANNUAL MEETING OF SHAREHOLDERS, AUGUST 5, 2010<br>
<br>
GENERAL INFORMATION</b><a name="GeneralInfo"></a></font></div><font face="Times New Roman" style="font-size:10pt;"><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;5, 2010
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;2010 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 or made accessible to our
shareholders on the Internet on or about June&nbsp;21, 2010.<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 2010 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
2010 Annual Meeting. If, however, other matters do properly come before the 2010
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 2010 Annual Meeting, but we did not
receive notice of it prior to May&nbsp;8, 2010, the persons named in our vote
form for the 2010 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;21, 2011 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. On receiving any such proposal, we will determine
whether or not to include it in our proxy statement and proxy in accordance
with the 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;7, 2011. 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>
<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;9, 2010 are entitled to execute proxies
or to vote at the 2010 Annual Meeting. As of that date there were outstanding 4,700,583 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 2010 Annual Meeting. A majority of the outstanding shares
of Common Stock entitled to vote are required to constitute a quorum at the 2010 Annual Meeting.
In accordance with Minnesota law, 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 2010 Annual Meeting,
is required to approve Proposal&nbsp;1. If there is not a quorum at the 2010 Annual Meeting, our Bylaws specify that each director shall hold office for the term for which he is elected and until his successor shall be elected and qualified. 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 2010 Annual Meeting. Broker non-votes will not be counted toward determining whether each proposal has been approved. Abstentions will be considered present and entitled to vote and accordingly will have the effect of a negative vote.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may view this year&#146;s proxy
materials at http://www.nve.com/AnnualReports.php.<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 2010 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. Persons who hold shares through a broker or other intermediary should consult that party for the procedures to be used for revoking a vote.<br>
<br>
<br>
<div align="center"><a name="VotingMethods"></a><b>VOTING METHODS</b></div><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a shareholder through a broker or bank,
you may vote your shares by mail, Internet, or via telephone. If you are a shareholder
of record, you may vote your shares by mail only. If at the close of business
on June&nbsp;9, 2010 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>Internet or Telephone Voting</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a shareholder through a broker
or bank, you may vote via Internet or telephone by following the instructions
in the Notice Regarding the Availability of Proxy Materials. Internet and
telephone voting is available 24 hours per day until 11:59 p.m., Eastern Daylight
Time, on August&nbsp;4, 2010. You may also
revoke your proxy at any time before the 2010 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>
<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;"><b><a href="#TOC">Table of Contents</a><br>
<br>
<div align="center">EQUITY COMPENSATION PLAN INFORMATION<a name="EquityComp"></a></div></b>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no securities to be issued under equity compensation plans not approved by our shareholders. The following
table summarizes Common Stock that may be issued as of March 31, 2010 on the exercise of options under our 2000 Stock
Option Plan, as amended:<br></font>
<table border="0" style="font-size: 10pt; font-family: Times New Roman;" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td rowspan="2" valign="bottom"><b>Plan Category</b></td><td rowspan="2">&nbsp;&nbsp;&nbsp;&nbsp;</td><td align="center"><b>(a)</b></td><td rowspan="2">&nbsp;&nbsp;&nbsp;&nbsp;</td><td align="center"><b>(b)</b></td><td rowspan="2">&nbsp;&nbsp;&nbsp;&nbsp;</td><td align="center"><b>(c)</b></td></tr>
<tr>
<td style="border-bottom: 1px solid black;" align="center"><b>Number of Securities<br>
to be Issued Upon<br>
Exercise of<br>
Outstanding Options,<br>
Warrants,&nbsp;and&nbsp;Rights</b></td><td style="border-bottom: 1px solid black;" align="center"><b>Weighted-Average<br>
Exercise Price of<br>
Outstanding<br>
Options,&nbsp;Warrants,<br>
and Rights</b></td><td style="border-bottom: 1px solid black;" align="center"><b>Number of Securities Remaining<br>
Available for Future Issuance<br>
Under Equity&nbsp;Compensation&nbsp;<br>
Plans (Excluding Securities<br>
Reflected in Column (a))</b></td></tr>
<tr bgcolor="#ccdaef">
<td>Equity compensation plans<br>
&nbsp;&nbsp;&nbsp;approved&nbsp;by&nbsp;security&nbsp;holders</td><td></td><td valign="bottom" align="center">254,500</td><td>&nbsp;</td><td valign="bottom" align="center">$17.28</td><td>&nbsp;</td><td align="center" valign="bottom">170,230</td></tr>
<tr>
<td>Equity compensation plans not<br>
&nbsp;&nbsp;&nbsp;approved by security holders</td><td></td><td align="center" valign="bottom" style="border-bottom: 1px solid black;">-</td><td>&nbsp;</td><td valign="bottom" align="center" style="border-bottom: 1px solid black;">-</td><td>&nbsp;</td><td align="center" valign="bottom" style="border-bottom: 1px solid black;">-</td></tr>
<tr valign="top" bgcolor="#ccdaef">
<td>Total at March 31, 2010</td><td></td><td style="border-bottom: 3px double black;" align="center">254,500</td><td>&nbsp;</td><td style="border-bottom: 3px double black;" align="center">$17.28</td><td>&nbsp;</td><td style="border-bottom: 3px double black;" align="center">170,230</td></tr>
</table><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;
<br>
<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;9, 2010 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></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>
&nbsp;&nbsp;&nbsp;630 Dundee Rd., #230, Northbrook, IL 60062<br>
</td><td valign="bottom" align="right">422,444</td><td width="1%" valign="bottom">(2)</td><td valign="bottom" align="right">9.0</td><td width="1%" valign="bottom">%&nbsp;&nbsp;&nbsp;</td></tr>
<tr>
<td></td><td valign="top">BlackRock, Inc.<br>
&nbsp;&nbsp;&nbsp;40 East 52nd Street, New York, NY 10022<br>
</td><td valign="bottom" align="right">278,881<br>
</td><td valign="bottom">(3)</td><td align="right" valign="bottom">5.9</td><td valign="bottom">%</td></tr>
<tr bgcolor="#ccdaef">
<td></td><td>Daniel A. Baker</td><td align="right">208,837</td><td>(4)</td><td align="right">4.3</td><td>%</td></tr>
<tr>
<td></td><td>Curt A. Reynders</td><td align="right">26,000</td><td>(5)</td><td></td><td>*</td></tr>
<tr bgcolor="#ccdaef">
<td></td><td>Terrence W. Glarner</td><td align="right">11,200</td><td>(6)</td><td></td><td>*</td></tr>
<tr>
<td></td><td>Patricia M. Hollister</td><td align="right">8,000</td><td>(7)</td><td></td><td>*</td></tr>
<tr bgcolor="#ccdaef">
<td></td><td>James D. Hartman</td><td align="right">8,000</td><td>(7)</td><td></td><td>*</td></tr>
<tr>
<td></td><td>Robert H. Irish</td><td align="right">6,000</td><td>(7)</td><td></td><td>*</td></tr>
<tr bgcolor="#ccdaef">
<td></td><td>All directors and executive officers as a group (6 persons)</td><td align="right" valign="top">253,000</td><td>&nbsp;</td><td align="right" valign="top">5.4</td><td valign="top">%</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>
&nbsp;
</td></tr>
<tr>
<td width="28" valign="top">(1)</td><td>Includes 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>
&nbsp;</td></tr><tr>
<td valign="top">(2)</td><td>Based on information contained in Schedule&nbsp;13F filed with the SEC on May&nbsp;12,
2010. 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;12, 2010, 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>
&nbsp;
</td></tr>
<tr>
<td valign="top">(3)</td><td>Based on information contained in Schedule&nbsp;13G filed with the SEC on January&nbsp;29,
2010.<br>
&nbsp;
</td></tr>
<tr>
<td valign="top">(4)</td><td>Includes 200,000 shares issuable upon the exercise of options that are currently exercisable.<br>
&nbsp;
</td></tr>
<tr>
<td valign="top">(5)</td><td>Includes 25,000 shares issuable upon the exercise of options that are currently exercisable.<br>
&nbsp;</td></tr>
<tr>
<td valign="top">(6)</td><td>Includes 6,000 shares issuable upon the exercise of options that are currently exercisable.<br>
&nbsp;</td></tr>
<tr>
<td valign="top">(7)</td><td>Consists solely of 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;"><br>
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, 2009, 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, Nasdaq Marketplace
<font style="white-space: nowrap;">Rule 5630(a)</font> provides 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></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>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>
&nbsp;</td></tr>
<tr>
<td valign="top" align="right">2.&nbsp;</td><td>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>.</td></tr>
</table><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the Company&#146;s Board of Directors
complying with the requirements of Minnesota Statutes, <font style="white-space: nowrap;">Section 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>
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, 2010, all reports were filed
with the SEC on a timely basis, except for one report on Form&nbsp;4 filed one day late by Mr.&nbsp;Glarner.<br>
<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="Prop1"></a></b></div><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are five nominees to the Board, all of
whom are presently directors of the Company and have been
nominated for election by the Board. All directors are to be elected at the
Annual Meeting to serve until the 2011 annual meeting of shareholders.
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. Biographical information is provided below:<br>
<br>
</font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="border:none;border-bottom:solid windowtext 1.0pt;">&nbsp;</td><td style="border:none;border-bottom:solid windowtext 1.0pt;"><b>Nominee</b></td><td width="16"></td><td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">
<b>Principal&nbsp;Occupation</b></td><td width="16"></td><td width="31" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">
<b>&nbsp;Age&nbsp;</b></td><td width="16">
<div align="center"></div></td><td width="90" style="border:none;border-bottom:solid windowtext 1.0pt; width:67.8pt;" align="center">
<b>&nbsp;Director&nbsp;Since&nbsp;</b></td></tr>
<tr bgcolor="#ccdaef">
<td></td><td>Terrence W. Glarner</td><td width="16"></td><td align="center">
President, West Concord Ventures, Inc.</td><td width="16"></td><td align="center">
67</td><td>
<div align="center"></div></td><td align="center">1999</td></tr>
<tr>
<td></td><td> Daniel A. Baker</td><td></td><td align="center">President and CEO, NVE Corporation</td><td></td><td align="center">52</td><td></td><td align="center">2001</td></tr>
<tr bgcolor="#ccdaef">
<td></td><td>James D. Hartman</td><td></td><td align="center">&nbsp;Retired&nbsp;Chairman&nbsp;and&nbsp;CEO,&nbsp;Enpath&nbsp;Medical,&nbsp;Inc.&nbsp;</td><td></td><td align="center">64</td><td></td><td align="center">2006</td></tr>
<tr>
<td></td><td>Patricia&nbsp;M.&nbsp;Hollister</td><td></td><td align="center">Chief Financial Officer, FSI International, Inc.</td><td></td><td align="center">50</td><td></td><td align="center">2004</td></tr>
<tr bgcolor="#ccdaef">
<td width="12"></td><td>Robert H. Irish</td><td></td><td align="center">Retired</td><td></td><td align="center">70</td><td></td><td align="center">1992</td></tr>
</table><font face="Times New Roman" style="font-size:10pt;">&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Terrence W. Glarner</i></b> has been a director
since 1999 and independent 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 served as a director of two other publicly-held
companies, Aetrium&nbsp;Inc. and FSI International,&nbsp;Inc. for more than five years.
Both Aetrium and FSI are in the semiconductor equipment industry.
Mr.&nbsp;Glarner was a director of SpectraSCIENCE, Inc. when it filed for protection under
Chapter&nbsp;7 of the U.S. Bankruptcy Code in September 2002. 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&#146;s extensive experience
as a director of NVE and other publicly-traded companies, his experience as a director of companies
in the semiconductor industry, his financial expertise, and his educational background in law qualify him to
serve as Chairman of the Board.<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. Dr.&nbsp;Baker has more than 30 years of executive and engineering experience.
From January 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.
He was a Printware director from 1993 until June 2000. Printware was publicly traded beginning
with its initial public stock offering in July 1996 through Dr. Baker&#146;s tenure. Dr.&nbsp;Baker
holds Ph.D. and M.S. degrees in engineering from the University of Minnesota,
an MBA from the University of Minnesota, and a B.S. in engineering from Case
Western Reserve University. Dr.&nbsp;Baker&#146;s more than 25 years experience
as an executive in publicly-traded technology companies, his understanding of our
business gained through his role as our President and Chief Executive Officer,
and his educational background in engineering and finance qualify him to serve as a director.<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., a manufacturer of medical devices, from October 2003 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. He was an Enpath director from 1991 until June 2007.
Enpath was publicly traded from its initial public stock offering in 1991 until it was acquired by Greatbatch in June 2007.
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. Mr.&nbsp;Hartman&#146;s nearly 20 years experience as a director or executive officer of a publicly-traded company, his experience in the medical device industry, and his financial expertise <font face="Times New Roman" style="font-size:10pt;">qualify him to serve as a director</font>.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Patricia M. Hollister</i></b> 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. Hollister was employed by KPMG LLP, where she served for more than 12&nbsp;years on various audit and consulting engagements, most recently as a Senior Manager. Ms. Hollister is a director of various FSI-owned foreign subsidiaries. FSI has been publicly traded for Ms.&nbsp;Hollister&#146;s entire tenure. Ms.&nbsp;Hollister holds a Bachelor of Science in Accounting from St.&nbsp;Cloud State University. Ms.&nbsp;Hollister&#146;s experience as a senior manager of a publicly-traded company in the semiconductor industry, her experience with audits of publicly-traded companies, and her educational background in accounting qualify her to serve as a director and Audit Committee chair.
<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. As the longest tenured member of our Board, having served as an NVE director since 1992, Mr.&nbsp;Irish understands our
business. In addition, his background in technical sales and sales management, and his scientific education qualify him to serve as a director.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>The Board unanimously recommends a vote FOR each of the director-nominees.</b><br>
<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 Leadership Structure and Role in Risk Oversight</b><a name="Leadership"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board currently consists of five directors, including our independent Chairman of the Board, Mr.&nbsp;Glarner, and our CEO, Dr.&nbsp;Baker.
We have had separate Chairman and CEO roles since 2001 when Dr. Baker became CEO and Mr. Glarner was elected chairman. We currently believe
that separation of these roles enhances the accountability of the CEO to the board and strengthens the board&#146;s independence from management. According to our bylaws, the CEO&#146;s
responsibilities include general active management and presiding at meetings of the Board and of the shareholders. Our bylaws do not specify the duties of
the Chairman, but our practice has been for the Chairman to provide Board oversight, approve board meeting schedules and agendas, preside over independent director meetings,
and serve as the liaison between the CEO and the independent directors.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board oversees management in identifying, prioritizing, and assessing a range of financial, operational, and business risks, and formulating plans to mitigate risks. Our Board considers risks when considering
plans and discussing management reports, and our Audit Committee considers risks including those related to our internal controls over financial reporting and risks related to our investments.
The Audit Committee meets with our independent registered public accounting firm without the CEO, CFO, or other company management present at least quarterly. We currently believe that our relatively small Board with primarily independent
directors and an independent Chairman supports our Board&#146;s oversight of risk management, and that a relatively small board can communicate better, become more involved, and act more quickly if necessary than a larger board.<br>
<br>
<b>Board Independence</b><a name="BoardIndep"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 5605(a)(2)</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>Meeting Attendance and Executive Sessions of Independent Directors</b><a name="ExecSessions"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board met five times in fiscal 2010 (fiscal
years referred to in this document end March 31), and each director attended 100%
of the meetings of the Board and of the committees on which they serve. 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 of which is comprised solely of independent directors. 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</i></b>
<br>
&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 four times in fiscal
2010. 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
<font style="white-space: nowrap;">Regulation S-K</font> Item&nbsp;407. Each member has also been
determined to be financially sophisticated under NASDAQ Marketplace <font style="white-space: nowrap;">Rule 5605(c)(2)(A)</font>. 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</i></b>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee currently
consists of Mr.&nbsp;Glarner, Ms.&nbsp;Hollister, and Mr.&nbsp;Irish, and met once in fiscal 2010.
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 5605(a)(2)</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 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>
<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><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 twice in fiscal 2010. 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 Committee by members of our Board or
our CEO. The Nominating/Corporate Governance 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>
<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 industry experience, expertise in business or financial matters,
and prior experience serving on the management or boards of publicly-traded
companies. In evaluating any candidate for director nominee, the Board will also evaluate
the contribution of the proposed nominee toward compliance with NASDAQ Stock
Market corporate governance requirements concerning board composition.<br>
<br>
<b>The Role of Diversity in Choosing Board Candidates</b><a name="Diversity"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our goal is to identify the best-qualified director nominees and neither our Board or our Nominating Committee have
policies requiring the consideration of diversity in identifying nominees. All of our current directors have extensive experience as either directors or senior managers of publicly-traded companies. We believe that our directors&#146; experience, independence, diversity in educational backgrounds, and diversity in industry experience contribute to diversity of thought and to an effective Board.<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&nbsp;days nor more than 120&nbsp;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 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 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, and all of our directors attended our 2009 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>
<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">EXECUTIVE OFFICERS<a name="Officers"></a></div><br>
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;47, 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>
<br>
<b>
<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 but not be 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. We consider whether any risks might be created by our compensation polices and practices. 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. The Compensation Committee does not set compensation
targets, but believes that  performance-based
compensation is appropriate for those managers if it incentivizes profitable growth, supports our ultimate objective of improving
shareholder value, and does not create high pay opportunities relative to comparable companies. The Compensation Committee establishes performance-based compensation criteria at the start of the fiscal year, and has discretion to increase such compensation. The Compensation Committee also has discretion to
award bonuses not tied to specific criteria. The only such bonus paid to an NEO 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;Beginning in Fiscal 2006, when accounting pronouncements required us to recognize expenses associated with the issuance of options, we have reduced our use of stock options
to compensate our NEOs and other employees. For
example, no stock options were granted to our NEOs
in any of the three most recent fiscal years.<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, Health Reimbursement 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>
<a name="CompActions"></a><b>Actions Affecting Fiscal 2010 Compensation<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. Changes in base salaries for our NEOs are
typically effective at the start of the fiscal year, which is April&nbsp;1.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base salaries for Dr. Baker and Mr.&nbsp;Reynders
both remained the same for fiscal 2011 as for fiscal 2010 because the Committee
believed  salary increases were generally low in the wake of a
recession in calendar year 2009.<br>
<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><p><font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table of Contents</b></a><br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the prior fiscal year, Dr.&nbsp;Baker&#146;s base salary
was increased to $250,000 per year from $225,000 per year in consideration of his performance, which was evaluated as outstanding, and to bring his salary closer to competitive levels. Quantitative elements considered in the Compensation Committee&#146;s evaluation of Dr.&nbsp;Baker&#146;s performance included overall revenue growth, product sales growth, and profit growth. Qualitative elements considered included the quality of the company&#146;s growth strategy, product development strategy, intellectual property strategy, and his work ethic. Mr.&nbsp;Reynders&#146; salary was increased to $150,000
per year from $125,000 per year in consideration of his performance, which
was evaluated as outstanding. Both increases were effective April&nbsp;1, 2009.
The Compensation Committee considered improved corporate profitability in its evaluation of
Mr.&nbsp;Reynders&#146; performance. Qualitative elements considered included the quality
and timeliness of the company&#146;s financial reports, his personal contribution to
the Company&#146;s internal controls, his negotiation of certain purchases,
his management of the Company&#146;s investments, and his work ethic.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Compensation Committee
does not rely on benchmarks or compensation data from peer companies when implementing
compensation policies or making specific compensation awards. However, based on experience
of the Compensation Committee members, the 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.
We also review data on overall compensation trends such as salary and
wage data from the U.S. Bureau of Labor Statistics.<br>
<br>
<b><i>CEO Performance-Based Compensation and Bonus</i></b><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation 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.
  For fiscal 2010, performance-based incentive compensation
  was 35% of Dr. Baker&#146;s salary, based on performance criteria set by the
  Compensation Committee at the beginning of the fiscal year linked to product
  sales, pretax income, and pretax income growth. Performance-based compensation
  linked to product sales was 6% of salary based on product sales growth and control
  of certain product-related costs and expenses. The Committee believed that it
  was likely Dr. Baker would receive at least some compensation from this component
  based on the Company&#146;s record of product sales growth and improved profitability,
  and because Dr. Baker had earned compensation under similar criteria for both
  fiscal 2009 and 2008. Compensation based on pretax income was 18% of salary
  calculated as 0.25% of adjusted income before taxes in fiscal 2010. Compensation
  based on pretax income growth was 11% of salary calculated as 0.75% of the increase
  in adjusted income before taxes in fiscal 2010 compared to fiscal 2009. The
  performance-based incentive for pretax income required a positive adjusted income
  before taxes. The other components had thresholds of the prior fiscal year performance,
  meaning improvement from the prior year was required to achieve the component.<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 2010 was based  on 0.75% of the increase in adjusted income before taxes in fiscal 2010
compared to fiscal 2009. Mr.&nbsp;Reynders&#146; performance-based compensation had a threshold of the prior fiscal year pretax income, meaning no incentive would be paid without an increase in adjusted income before taxes. The performance-based compensation 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,
if any, are presented to the Compensation Committee. The Compensation Committee has discretion
to change any of the CEO&#146;s recommendations.<br>
<br>
<b>Tax Implications of Option Awards<a name="CompTax"></a><br>
<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, 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>
<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;">9</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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except in the event of death, if shares acquired
by an employee on 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>
<i><b>Tax Implications of Nonstatutory Stock Option Compensation</b></i><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options awarded to non-employee directors are
generally nonstatutory stock options. The director realizes no taxable income,
and we are not entitled to a deduction at the time a nonstatutory stock option
is granted. At the time shares are transferred to the director on exercise of
a nonstatutory 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>
<br>
<div align="center"><b>COMPENSATION COMMITTEE REPORT<a name="CC-Rpt"></a></b></div>&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have reviewed and discussed the Compensation
Discussion and Analysis required by <font style="white-space: nowrap;">Regulation S-K</font> <font style="white-space: nowrap;">Item 402(b)</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><font style="font-size: 10pt; font-family: Times New Roman;"><br>
<br>
<b>
<div align="center">EXECUTIVE COMPENSATION<a name="E-Comp"></a></div><br>
Summary Compensation Table</b><a name="SCT"></a>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the compensation
paid to our NEOs in the past three fiscal years:<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 <br>
Principal Position</b></td><td width="24"></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<br>
($)</b></td><td width="24">
</td><td width="49" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Bonus<br>
($)</b></td><td width="24">
</td><td width="62" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Stock<br>
Awards<br>
($)</b></td><td width="24"> </td><td width="62" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Option<br>
Awards<br>
($)</b></td><td width="24"></td><td style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom">
<div align="center"><b>Non-equity<br>
Incentive&nbsp;Plan<br>
&nbsp;Compensation&nbsp;<br>
($)(1)</b></div></td><td width="24">
</td><td width="66" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>All&nbsp;Other<br>
Compen-<br>
sation<br>
($)(2)</b></td><td width="24"> </td><td width="74" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Total<br>
($)</b></td></tr>
<tr bgcolor="#ccdaef">
<td></td><td colspan="2">Daniel A. Baker</td><td align="center">2010</td><td></td><td align="center">250,000</td><td></td><td align="center">
- -</td><td>&nbsp;</td><td align="center">
- -</td><td>&nbsp;</td><td align="center">
- -</td><td></td><td align="center">87,457</td><td></td><td align="center">11,520</td><td></td><td align="center">348,977</td></tr>
<tr>
<td>&nbsp;</td><td>President and CEO</td><td>&nbsp;</td><td align="center">2009</td><td></td><td align="center">225,000</td><td></td><td align="center">-</td><td></td><td align="center">-</td><td></td><td align="center">-</td><td></td><td align="center">66,154</td><td></td><td align="center">10,890</td><td></td><td align="center">302,044</td></tr>
<tr bgcolor="#ccdaef">
<td colspan="3">&nbsp;</td><td align="center">2008</td><td></td><td align="center">175,000</td><td></td><td align="center"><font style="white-space: nowrap;">22,762(3)</font></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>
<td colspan="18">&nbsp;</td></tr>
<tr bgcolor="#ccdaef">
<td></td><td>Curt&nbsp;A.&nbsp;Reynders</td><td></td><td align="center">2010</td><td></td><td align="center">150,000</td><td></td><td align="center">-</td><td>&nbsp;</td><td align="center">-</td><td>&nbsp;</td><td align="center">-</td><td></td><td align="center">27,316</td><td></td><td align="center">*</td><td></td><td align="center">177,316</td></tr>
<tr>
<td>&nbsp;</td><td>Chief&nbsp;Financial&nbsp;Officer</td><td>&nbsp;</td><td align="center">2009</td><td></td><td align="center">125,000</td><td></td><td align="center">-</td><td></td><td align="center">-</td><td></td><td align="center">-</td><td></td><td align="center">26,205</td><td></td><td align="center">*</td><td></td><td align="center">151,205</td></tr>
<tr bgcolor="#ccdaef">
<td colspan="3">&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>
</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 $10,000<br>
&nbsp;
</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>
&nbsp;</td></tr>
<tr>
<td valign="top">(2)</td><td>Includes contributions made to 401(k) savings plans and Health Savings Accounts on behalf
of the NEOs, and life and long-term disability insurance premiums paid on behalf of the NEOs. The NEOs
participate in these benefit programs under the same terms as all other employees.<br>
&nbsp;</td></tr>
<tr>
<td width="28" valign="top">(3)</td><td>Bonus awarded at the discretion of the Compensation Committee for outstanding performance, particularly growth in revenue and net income, and to remunerate a portion of voluntary salary reductions by Dr. Baker totaling approximately $138,000 in fiscal years 2005 through 2007.</td></tr>
</table><div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<br>
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>Grants of Plan-Based Awards</b><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, 2010. Neither of our NEOs had any form of equity award other than options.<br>
<br></font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3"></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">&nbsp;</td><td style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom"><b>Name</b></td><td width="2%">&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%">
</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%"></td><td width="14%" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>
Equity&nbsp;Incentive<br>
Plan&nbsp;Awards<br>
Number&nbsp;of<br>
Securities<br>
Underlying<br>
Unexercised<br>
Unearned&nbsp;Options&nbsp;(#)</b></td><td width="2%"></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%">
</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 bgcolor="#ccdaef">
<td>&nbsp;</td><td>Daniel A. Baker</td><td>&nbsp;</td><td align="right">70,000</td><td>&nbsp;</td><td align="right">-
</td><td>&nbsp;
</td><td align="right">-
</td><td>&nbsp;
</td><td align="right">6.58</td><td>&nbsp;
</td><td align="center">
1/29/2011
</td></tr>
<tr>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;
</td><td align="right">35,000</td><td>&nbsp;</td><td align="right">-
</td><td>&nbsp;</td><td align="right">-
</td><td>&nbsp;</td><td align="right">29.65</td><td>&nbsp;
</td><td align="center">5/7/2014</td></tr>
<tr bgcolor="#ccdaef">
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td align="right">70,000</td><td>&nbsp;</td><td align="right">-
</td><td>&nbsp;
</td><td align="right">-
</td><td>&nbsp;
</td><td align="right">16.93</td><td>&nbsp;
</td><td align="center">3/28/2015
</td></tr>
<tr>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td align="right">25,000</td><td>&nbsp;
</td><td align="right">-
</td><td>&nbsp;
</td><td align="right">-
</td><td>&nbsp;
</td><td align="right">14.76</td><td>&nbsp;
</td><td align="center">8/24/2015
</td></tr>
<tr>
<td colspan="12">&nbsp;</td></tr>
<tr bgcolor="#ccdaef">
<td>&nbsp;</td><td>Curt&nbsp;A.&nbsp;Reynders&nbsp;&nbsp;&nbsp;&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><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<b>Option Exercises and Stock Vested</b><a name="OptionExercises"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information on stock option exercises during fiscal 2010. There was no additional vesting of any of our NEOs&#146; options during the fiscal year.<br>
&nbsp;
<br>
</font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr>
<td colspan="2">&nbsp;</td><td>&nbsp;</td><td colspan="3" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center"><b>Option&nbsp;Awards</b></td></tr>
<tr>
<td width="2%" style="border:none;border-bottom:solid windowtext 1.0pt;">&nbsp;</td><td style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom"><b>Name</b></td><td width="4%" valign="bottom">&nbsp;</td><td width="32%" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>
Number&nbsp;of&nbsp;Shares<br>
Acquired<br>
on Exercise (#)</b></td><td width="4%"></td><td width="32%" style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>
Value Realized<br>
on Exercise ($)</b></td></tr>
<tr bgcolor="#ccdaef">
<td align="right">&nbsp;</td><td>Daniel A. Baker</td><td>&nbsp;</td><td align="right">-</td><td>&nbsp;</td><td align="right">-</td></tr>
<tr>
<td align="right">&nbsp;</td><td>Curt&nbsp;A.&nbsp;Reynders&nbsp;&nbsp;&nbsp;&nbsp;</td><td></td><td align="right">2,000</td><td></td><td align="right">109,910</td></tr>
</table><font style="font-size: 10pt; font-family: Times New Roman;"><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.<br>
<br>
<b>Fiscal 2010 Named Executive Officer Compensation</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended March 31, 2010, the
principal components of compensation for NEOs were salary and performance-based
compensation.<br>
<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>
<div align="center"><b>COMPENSATION POLICIES AND PRACTICES AS THEY RELATE TO RISK MANAGEMENT</b><a name="CompRisk"></a><br>
<br>
</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have determined that we have no employee compensation policies or practices that create risks
that are reasonably likely to have a material adverse effect on the company.
<br>
<br>
<br>
<div align="center"><b>DIRECTOR COMPENSATION<a name="DirectorComp"></a></b></div><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our non-employee directors receive cash compensation of $2,000 per quarter,
plus an additional $250 per quarter for the Chairman of the Board of Directors
and an additional $125 per quarter for the Audit Committee Chair. Directors forfeit unpaid portions of cash compensation upon termination, retirement, disability, or death. In addition to the cash compensation,
on each reelection to the Board each non-employee director is automatically granted an immediately-vested nonqualified option to purchase
1,000 shares.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes non-employee director compensation in the fiscal year
ended March&nbsp;31, 2010:<br><br></font>
<table border="0" style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" align="center" width="100%">
<tr>
<td width="9" style="border:none;border-bottom:solid windowtext 1.0pt;" height="28">&nbsp;</td><td style="border:none;border-bottom:solid windowtext 1.0pt;" align="left" valign="bottom" height="28"><b>Name</b></td><td width="9" height="28"></td><td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" height="28"><b>Fees&nbsp;Earned&nbsp;or<br>
&nbsp;Paid&nbsp;in&nbsp;Cash&nbsp;($)</b></td><td width="9" height="28">
</td><td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" height="28">
<b>Stock<br>
Awards&nbsp;($)</b>
</td><td width="9" height="28"></td><td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" height="28">
<b>Option<br>
Awards&nbsp;($)*</b></td><td width="9" height="28"></td><td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" height="28">
<b>All Other<br>
&nbsp;Compensation&nbsp;($)&nbsp;</b>
</td><td width="9" height="28"></td><td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom" height="28"><b>Total&nbsp;($)</b></td></tr>
<tr bgcolor="#ccdaef">
<td></td><td align="left">Terrence&nbsp;W.&nbsp;Glarner&nbsp;&nbsp;&nbsp;&nbsp;</td><td></td><td align="right">9,000</td><td></td><td align="right">-
</td><td></td><td align="right">23,140</td><td></td><td align="right">-
</td><td></td><td align="right">32,140</td></tr>
<tr>
<td></td><td align="left">James D. Hartman</td><td></td><td align="right">8,000</td><td></td><td align="right">-
</td><td></td><td align="right">31,422</td><td></td><td align="right">-
</td><td></td><td align="right">39,422</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">8,500</td><td bgcolor="#ccdaef"></td><td align="right" bgcolor="#ccdaef">-
</td><td bgcolor="#ccdaef"></td><td align="right" bgcolor="#ccdaef">23,140</td><td bgcolor="#ccdaef"></td><td align="right" bgcolor="#ccdaef">-
</td><td bgcolor="#ccdaef"></td><td align="right" bgcolor="#ccdaef">31,640</td></tr>
<tr>
<td></td><td align="left">Robert H. Irish</td><td></td><td align="right">8,000</td><td></td><td align="right">-
</td><td></td><td align="right">23,140</td><td></td><td align="right">-
</td><td></td><td align="right">31,140</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 valign="top">*</td><td>Grant date fair value of option awards determined using the Black-Scholes standard option pricing model with the assumptions discussed in Note 6 to the Financial
Statements in our Annual Report on <font style="white-space: nowrap;">Form 10-K</font> for the year ended
March&nbsp;31, 2010. As of March 31, 2010,
the named directors held options, all of which are exercisable, to purchase the following numbers of shares:
Mr. Glarner 6,000; Mr. Hartman, 8,000; Ms. Hollister, 8,000; and Mr. Irish, 6,000.</td></tr>
</table><font style="font-size: 10pt; font-family: Times New Roman;"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees earned or paid in cash for the fiscal year ended March&nbsp;31, 2010 consisted solely of quarterly retainers, the Chairman&#146;s
fee, and the Audit Committee Chair&#146;s fee.<br>
<br>
<br>
<b>
<div align="center">AUDIT COMMITTEE DISCLOSURE<a name="AC-Discl"></a></div><br>
<a name="AuditFees"></a>Fees Billed to Us by Ernst &amp; Young During Fiscal 2010 and 2009<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, 2010 financial statements, review of the financial
statements included in fiscal 2010 quarterly reports on <font style="white-space: nowrap;">Form
10-Q</font>, and other matters directly relating to the fiscal 2010 audit. Fees
were also $113,000 for such services for the
year ended March&nbsp;31, 2009.<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 2010 or 2009.<br>
<br>
<b>Audit Committee
Pre-Approval Policy</b><a name="Preapproval"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to assure that our independent registered
public accounting firm is engaged only to provide audit and non-audit services that
are compatible with maintaining their independence, the Audit Committee has a policy
that requires the Committee to review and approve all services to be provided by
Ernst&nbsp;& Young before the firm is engaged to provide those services. If 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&nbsp;& Young described in the sections above.<br>
</font>
<div align="center"><font style=" font-size: 10pt; font-family: Times New Roman;"><br>
<br>
12</font></div><div style="page-break-after: always;">
<hr></div><font style="font-size: 10pt; font-family: Times New Roman;"><b><a href="#TOC">Table of Contents</a><br>
<br>
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, 2010, the Audit Committee has reviewed and discussed the audited financial statements and the effectiveness of internal control over financial reporting with management and Ernst&nbsp;&amp; Young. The Audit Committee discussed with Ernst&nbsp;&amp; Young matters required to be discussed by Statement on Auditing Standards No.&nbsp;114, <i>Communication with Those Charged with Governance</i>, and Public Company Accounting Oversight Board (PCAOB) Auditing Standard No.&nbsp;5, <i>An Audit of Internal Control Over Financial Reporting That Is Integrated with an Audit of Financial Statements</i>. Ernst&nbsp;&amp; Young also provided the Audit Committee the letter and written disclosures required by Independence Standards Board Standard No.&nbsp;1, <i>Independence Discussions with Audit Committees</i>, and the Audit Committee discussed with Ernst&nbsp;&amp; Young the matter of the firm&#146;s independence.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on 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, 2010 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 style="font-size: 10pt; font-family: Times New Roman;"><br><br>
<div align="center"><b>PROPOSAL 2.<br>
RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b><a name="Prop2"></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. Ernst&nbsp;& Young has audited our financial statements
annually since our 2001 fiscal year, including our financial statements for
fiscal 2010. 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 2010 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;<b>The Board unanimously recommends a vote FOR the ratification of the selection of Ernst&nbsp;& Young LLP.</b><br>
<br>
<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,
2010, 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;5,
2010. 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 21, 2010<br>
<br>
<br>
</font>
<table border="0" style="font-size: 10pt; font-family: Times New Roman; border:1px solid black;" cellspacing="0" cellpadding="10" align="center" width="100%"">
<tr>
<td align="center"><b>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE 2010
ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON AUGUST 5, 2010:</b><br>
The Company&#146;s Proxy Statement for the 2010 Annual Meeting of Shareholders and
Annual Report on <font style="white-space: nowrap;">Form 10-K</font> for the year ended March&nbsp;31, 2010 are available at
www.nve.com/AnnualReports.php.</td></tr>
</table><div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;"><br>
13</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">Map to NVE Corporation<a name="Map"></a><br>2010 Annual Meeting<br>
August 5, 2010, 3:30 p.m.</div></b><br>
<br></font>
<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</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, 2011.<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&nbsp;A. Reynders and Daniel&nbsp;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;5, 2010 and any adjournments thereof.
<br><br>
<b>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE 2010 ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON AUGUST 5, 2010:</b> The Company&#146;s Proxy Statement for the 2010 Annual Meeting of Shareholders and Annual Report on <font style="white-space: nowrap;">Form 10-K</font> for the year ended March&nbsp;31, 2010 are available at www.nve.com/AnnualReports.php.<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-----
