<SEC-DOCUMENT>0000724910-11-000012.txt : 20110630
<SEC-HEADER>0000724910-11-000012.hdr.sgml : 20110630
<ACCEPTANCE-DATETIME>20110630160809
ACCESSION NUMBER:		0000724910-11-000012
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20110815
FILED AS OF DATE:		20110630
DATE AS OF CHANGE:		20110630
EFFECTIVENESS DATE:		20110630

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:		11942296

	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-11.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><div align="center"><font face="Times New Roman" style="font-size:10pt;">
Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of the Securities Exchange
Act of 1934<br> (Amendment No.&nbsp;&nbsp;&nbsp;)<br> </font></div><font face="Times New Roman" style="font-size:10pt;">Filed
by the Registrant&nbsp;&nbsp;[X]<br><div align="CENTER"><br>
</div>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> Confidential, for Use of the Commission
Only (as permitted by Rule&nbsp;14a-6(e)(2))</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;30, 2011<br>
<br>
<br>Fellow Shareholders:<br><br>
We cordially
invite you to attend our 2011 Annual Meeting of Shareholders. The meeting will
be held at the SpringHill Suites by Marriott, 11552&nbsp;Leona Road, Eden Prairie,
Minnesota, 55344, on Monday, August 15, 2011 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&nbsp;15, 2011<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>
<br><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="#Succession">CEO Succession Planning</a>
<BR><a href="#ExecSessions">Meeting Attendance and Executive Sessions of Independent Directors</a>
<br><a href="#Committees">Board Committees</a><br>
<a href="#AC-Rpt">Audit Committee Report</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><BR><A HREF="#DirectorComp">Director
Compensation</A></div><br><b><a href="#Prop2">PROPOSAL 2. ADVISORY RESOLUTION REGARDING NAMED EXECUTIVE OFFICER COMPENSATION</a><br><br> <a href="#Prop3">PROPOSAL
3. FREQUENCY OF SHAREHOLDER VOTES ON EXECUTIVE COMPENSATION</a> <br><A HREF="#Officers"><BR></A><A HREF="#Officers">EXECUTIVE OFFICERS OF THE COMPANY</A> <BR><BR><A HREF="#CompSummary">COMPENSATION EXECUTIVE
SUMMARY</A> <BR><BR><A HREF="#CDandA">COMPENSATION DISCUSSION AND ANALYSIS</A>
<BR><BR><A HREF="#ExecComp">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>
<A HREF="#Clawbacks">Compensation Clawbacks</A></DIV><br><A HREF="#CompRisk"><B>COMPENSATION
POLICIES AND PRACTICES AS THEY RELATE TO RISK MANAGEMENT</B></A> <B><BR></B><A HREF="#CC-Rpt"><B><BR>COMPENSATION
COMMITTEE REPORT</B></A> <a href="#Prop4"><B><BR><font style="letter-spacing: -.04em;"><BR>PROPOSAL
4. RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></B></a><br>
<br><A HREF="#AC-Discl"><B>AUDIT COMMITTEE DISCLOSURE</B></A><DIV STYLE="margin-left: 28pt;"><A HREF="#AuditFees">Fees
Billed to Us by Ernst &amp; Young During Fiscal 2011 and 2010</A><BR>
<A HREF="#Preapproval">Audit Committee Pre-Approval Policy</A><BR></DIV>
<BR><b><a href="#AnnRpt">ANNUAL REPORT</a></b><br> <br> <b><a href="#Map">MAP TO THE 2011 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 15, 2011
<br>GENERAL INFORMATION</b><a name="GeneralInfo"></a></font></div><font face="Times New Roman" style="font-size:5pt;">&nbsp;<br>
</font>
<font face="Times New Roman" style="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Proxy Statement is furnished to shareholders of NVE Corporation, a Minnesota corporation
(&#147;NVE&#148; or the &#147;Company&#148;), in connection with the solicitation
of proxies by our Board of Directors for use at our Annual Meeting of shareholders
to be held on Monday, August&nbsp;15, 2011 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;2011
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 July&nbsp;1, 2011.<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 2011 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 2011 Annual Meeting. If, however, other matters
do properly come before the 2011 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
2011 Annual Meeting, but we did not receive notice of it prior to May&nbsp;7,
2011, the persons named in our vote
form for the 2011 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 have been received by our Secretary at our executive offices in Eden Prairie, Minnesota,
no later than March&nbsp;4, 2011 for inclusion in our proxy statement and proxy relating to that annual meeting. Proposals 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;17, 2012. We reserve the right to reject, rule out of order, or take other appropriate action with respect to any proposal
that does not comply with these and other applicable requirements.<br>
<br></font><DIV ALIGN="center"><FONT FACE="Times New Roman" STYLE="font-size:10pt;"><B>VOTING
INFORMATION</B></font><A NAME="VotingInfo"></A></DIV><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT><FONT FACE="Times New Roman" STYLE="font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
shareholders of record at the close of business on June&nbsp;20, 2011 are entitled
to execute proxies or to vote at the 2011 Annual Meeting. As of that date there
were outstanding 4,776,198 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 2011 Annual Meeting. A majority of the outstanding shares
of Common Stock entitled to vote are required to constitute a quorum at the 2011
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 2011 Annual Meeting,
is required to approve Proposal&nbsp;1. If there is not a quorum at the 2011 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 4. Proxies indicating abstention from a vote and broker non-votes will
be counted toward determining whether a quorum is present at the 2011 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><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><A HREF="#TOC"><FONT STYLE="font-size: 10pt; font-family: Times New Roman;"><B>Table
of Contents</B></FONT></A><BR> <DIV ALIGN="center"></DIV><font face="Times New Roman" style="font-size:10pt;">&nbsp;<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 2011 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> <div align="center"><a name="VotingMethods"></a><b>VOTING
METHODS</b></div><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR></FONT>&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;20, 2011 your shares
were registered directly in your name with our transfer agent, IST Shareholder
Services, 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;14, 2011. You may also revoke your proxy at any time before the
2011 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>&nbsp;<br>
<b><div align="center">EQUITY
COMPENSATION PLAN INFORMATION<a name="EquityComp"></a></div></b>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR></FONT>&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, 2011 on the exercise of options under our 2000 Stock Option Plan,
as amended:<BR>&nbsp;<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">175,000</td>
<td>&nbsp;</td>
<td valign="bottom" align="center">$21.54</td>
<td>&nbsp;</td>
<td align="center" valign="bottom">166,230</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, 2011</td>
<td></td>
<td style="border-bottom: 3px double black;" align="center">175,000</td>
<td>&nbsp;</td>
<td style="border-bottom: 3px double black;" align="center">$21.54</td>
<td>&nbsp;</td>
<td style="border-bottom: 3px double black;" align="center">166,230</td>
</tr>

</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<br>
<div align="center"><b>SECURITY OWNERSHIP<a name="Ownership"></a></b></div><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the number of our shares of
Common Stock beneficially owned as of June&nbsp;20, 2011 by (i)&nbsp;each person
or group known by us to beneficially own more than five percent of our outstanding
Common Stock, (ii)&nbsp;each director, (iii)&nbsp;each named executive officer
set forth in the summary compensation table, and (iv)&nbsp;all of the directors,
director nominees, and executive officers as a group.<br>
<br>
<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></B><br>
&nbsp;</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">395,316</td>
<td width="1%" valign="bottom">(2)</td>
<td valign="bottom" align="right">8.3</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">302,414<br>

</td>
<td valign="bottom">(3)</td>
<td align="right" valign="bottom">6.3</td>
<td valign="bottom">%</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>Conestoga Capital Advisors LLC<br>
&nbsp;&nbsp;&nbsp;259 N. Radnor Chester Rd., Suite 120, Radnor, PA 19087</td>
<td align="right" valign="bottom">257,348</td>
<td valign="bottom">(4)</td>
<td align="right" valign="bottom">5.4</td>
<td valign="bottom">%</td>
</tr>

<tr>
<td></td>
<td>Daniel A. Baker</td>
<td align="right">191,308</td>
<td>(5)</td>
<td align="right">3.9</td>
<td>%</td>
</tr>

<tr bgcolor="#ccdaef">
<td></td>
<td>Curt A. Reynders</td>
<td align="right">26,000</td>
<td>(6)</td>
<td>&nbsp;</td>
<td>*</td>
</tr>

<tr>
<td></td>
<td>Terrence W. Glarner</td>
<td align="right">7,200</td>
<td>(7)</td>
<td>&nbsp;</td>
<td>*</td>
</tr>

<tr bgcolor="#ccdaef">
<td></td>
<td>Patricia M. Hollister</td>
<td align="right">7,000</td>
<td>(8)</td>
<td>&nbsp;</td>
<td>*</td>
</tr>

<tr>
<td></td>
<td>James D. Hartman</td>
<td align="right">5,000</td>
<td>(8)</td>
<td>&nbsp;</td>
<td>*</td>
</tr>

<tr bgcolor="#ccdaef">
<td></td>
<td>Robert H. Irish</td>
<td align="right">4,000</td>
<td>(8)</td>
<td>&nbsp;</td>
<td>*</td>
</tr>

<tr>
<td></td>
<td>All directors and executive officers as a group (6 persons)</td>
<td align="right" valign="top">240,508</td>
<td>&nbsp;</td>
<td align="right" valign="top">4.9</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="24" 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, 2011. 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;11, 2011, 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/A filed with the SEC on February&nbsp;7, 2011.&nbsp;<br>
&nbsp;</td>
</tr>
<tr>
<td valign="top">(4)</td>
<td>Based on information contained in Schedule&nbsp;13F filed with the SEC on April&nbsp;27, 2011.<br>
&nbsp;
</td>
</tr>
<tr>
<td valign="top">(5)</td>
<td>Includes 130,000 shares issuable upon the exercise of options
that are currently exercisable.<br>
&nbsp;</td>
</tr>

<tr>
<td valign="top">(6)</td>
<td>Includes 25,000 shares issuable upon the exercise of options
that are currently exercisable.<br>
&nbsp;</td>
</tr>

<tr>
<td valign="top">(7)</td>
<td>Includes 6,000 shares issuable upon the exercise of options
that are currently exercisable.<br>
&nbsp;</td>
</tr>

<tr>
<td valign="top">(8)</td>
<td>Consists solely of shares issuable upon the exercise of options that are currently exercisable.</td>
</tr>

</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<div align="center"><b>CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS<a name="Relationships"></a></b></div><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR></FONT>&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, 2010, 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 Listing <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>&nbsp;</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 valign="top">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>&nbsp;</TD>
</TR>
</TABLE>
<font style="font-size: 10pt; font-family: Times New Roman;">&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;"><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></FONT> <table style="font-size: 10pt; font-family: Times New Roman;" width="100%" border="0" cellspacing="00" cellpadding="0">
<tr> <td valign="top" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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,
2011, all reports were filed with the SEC on a timely basis.<br>
&nbsp;<br>
<div align="center"><b>PROPOSAL 1. ELECTION OF BOARD OF DIRECTORS<a name="Prop1"></a></b></div>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT>&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 2012 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 as follows:<BR>
&nbsp;<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"> 68</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">53</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">65</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">51</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">71</TD><TD></TD><TD ALIGN="center">1992</TD></TR>
</TABLE>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Terrence
W. Glarner</I></B>, age 68, 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 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 semiconductor industry companies, his financial expertise, and
his legal training qualify him to serve as Chairman of the Board.<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;">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>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Daniel A.
Baker</I></B>, age 53, has been a director and NVE&#146;s President and Chief
Executive Officer since January 2001. Dr.&nbsp;Baker has more than 30 years of
executive and engineering experience. From 1993 until joining NVE he was President
and CEO of Printware,&nbsp;Inc., now known as Printware&nbsp;LLC, which manufactures
and markets high-speed imaging systems. He was a Printware director from 1993
until June 2000. Printware was publicly traded beginning with its initial public
stock offering in 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>, age 65, has
been a director since 2006. He was Chairman of the Board of Directors of Enpath
Medical, Inc., a manufacturer of medical devices, from 2003 until it was acquired
in 2007 by Greatbatch, Inc. From 2003 to 2007, Mr.&nbsp;Hartman held a variety
of positions with Enpath, including Chief Executive Officer from 1996 until his
retirement from that position in 2006. He was an Enpath director from 1991 to
2007. Enpath was publicly traded from its initial public stock offering in 1991
until it was acquired by Greatbatch in 2007. Mr.&nbsp;Hartman
has also been a director of WSI Industries, Inc. since October&nbsp;2010. WSI
is a publicly-traded company specializing in precision parts for a wide range
of industries, including avionics and aerospace, bioscience, and the defense market.
He 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 qualify
him to serve as a director.<br>
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Patricia
M. Hollister</i></b>, age 51, 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 B.S. in Accounting from St.&nbsp;Cloud
State University. Her experience as a publicly-traded company executive 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>, age 71, 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 our longest tenured director, having served on the NVE
Board 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>
<b><div align="center">CORPORATE GOVERNANCE<a name="Governance"></a></div><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR></FONT>
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
than a larger board.<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>
<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 Listing <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>CEO Succession Planning</b><A NAME="Succession"></A>
<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><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 2011 (fiscal years referred to in this document end March 31),
and each director attended at least
75% 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 2011. 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
Listing <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 2011. Our Board has determined that each of the members
are &#148;independent directors&#148; under NASDAQ Listing <font style="white-space: nowrap;">Rule 5605(d).</font> 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 Listing <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.<BR>
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><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 2011. 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><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>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, 2011, 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. 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, 2011 filed with the SEC. The Board
approved this inclusion.
<BR><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR></FONT><DIV ALIGN="center"><U>AUDIT
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<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;"><b>&nbsp;<BR>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>&nbsp;<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>&nbsp;<br> <b>Shareholder Communications With the Board
and Director Attendance at Annual Meetings</b><a name="Comm-w-BOD"></a>
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
and others who wish to communicate with our Board as a whole or any individual
director, may write to them at our offices, 11409 Valley View Road, Eden Prairie,
Minnesota, 55344. The Secretary will forward any such written communication to
the Board, or if indicated, to a specified individual member of the Board, unless
the written communication is (i) a personal or similar grievance, a shareholder
proposal or related communication, an abusive or inappropriate communication or
a communication not related to the responsibilities or duties of the Board, in
which case the Secretary has the authority to discard the communication or to
take appropriate legal action regarding the communication; or (ii) a request for
information about the company, a stock-related matter or any other matter that
does not appear to require direct attention by the Board or any individual director,
in which case the Secretary will attempt to handle the inquiry or request directly.
All such communications will be kept confidential to the extent possible. We do
not have a formal policy regarding attendance by members of the Board at our annual
meetings of shareholders, but we encourage our directors to attend. All of our
directors except Mr. Glarner attended our 2010 Annual Meeting.
<BR><B>&nbsp;<BR>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).
<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;">7</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;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, and other employees performing similar functions
within four business days following the date of such amendment or waiver.<BR>
&nbsp;<BR><B>Director Compensation<A NAME="DirectorComp"></A></B>
<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 $125 per quarter for the Audit Committee Chair. Directors forfeit unpaid
portions of cash compensation upon termination, retirement, disability, or death.
In addition to the cash compensation, on each reelection to the Board each non-employee
director is automatically granted an immediately-vested nonqualified option to
purchase 1,000 shares.<BR> <BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table
summarizes non-employee director compensation in the fiscal year ended March&nbsp;31,
2011: <BR><BR></font><TABLE BORDER="0" STYLE="font-size: 10pt; font-family: Times New Roman;" CELLSPACING="0" CELLPADDING="0" ALIGN="center" WIDTH="100%">
<TR> <TD WIDTH="9" STYLE="border:none;border-bottom:solid windowtext 1.0pt;" HEIGHT="28">&nbsp;</TD><TD STYLE="border:none;border-bottom:solid windowtext 1.0pt;" ALIGN="left" VALIGN="bottom" HEIGHT="28"><B>Name</B></TD><TD WIDTH="9" HEIGHT="28"></TD><TD STYLE="border:none;border-bottom:solid windowtext 1.0pt;" ALIGN="center" HEIGHT="28"><B>Fees&nbsp;Earned&nbsp;or<BR>
&nbsp;Paid&nbsp;in&nbsp;Cash&nbsp;($)</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>&nbsp;</TD><TD ALIGN="right">-
</TD><TD>&nbsp;</TD><TD ALIGN="right">19,180</TD><TD>&nbsp;</TD><TD ALIGN="right">- </TD><TD>&nbsp;</TD><TD ALIGN="right">28,180</TD></TR>
<TR> <TD></TD><TD ALIGN="left">James D. Hartman</TD><TD></TD><TD ALIGN="right">8,000</TD><TD>&nbsp;</TD><TD ALIGN="right">-
</TD><TD>&nbsp;</TD><TD ALIGN="right">19,180</TD><TD>&nbsp;</TD><TD ALIGN="right">- </TD><TD>&nbsp;</TD><TD ALIGN="right">27,180</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">&nbsp;</TD><TD ALIGN="right" BGCOLOR="#ccdaef">-
</TD><TD BGCOLOR="#ccdaef">&nbsp;</TD><TD ALIGN="right" BGCOLOR="#ccdaef">19,180</TD><TD BGCOLOR="#ccdaef">&nbsp;</TD><TD ALIGN="right" BGCOLOR="#ccdaef">-
</TD><TD BGCOLOR="#ccdaef">&nbsp;</TD><TD ALIGN="right" BGCOLOR="#ccdaef">27,680</TD></TR>
<TR> <TD></TD><TD ALIGN="left">Robert H. Irish</TD><TD></TD><TD ALIGN="right">8,000</TD><TD>&nbsp;</TD><TD ALIGN="right">-
</TD><TD>&nbsp;</TD><TD ALIGN="right">19,180</TD><TD>&nbsp;</TD><TD ALIGN="right">- </TD><TD>&nbsp;</TD><TD ALIGN="right">27,180</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, 2011. As of March 31, 2011, the named directors held options, all
of which are exercisable, to purchase the following numbers of shares: Mr.
Glarner 3,000; Mr. Hartman, 5,000; Ms. Hollister, 7,000; and Mr. Irish, 4,000.</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, 2011 consisted
solely of quarterly retainers, the Chairman&#146;s fee, and the Audit Committee
Chair&#146;s fee.<BR>&nbsp;<DIV ALIGN="center"><A NAME="Prop2"></A><B>PROPOSAL
2. ADVISORY RESOLUTION REGARDING NAMED EXECUTIVE OFFICER COMPENSATION</B></div><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR></FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act,
our shareholders have the opportunity to approve or not approve the compensation
of our named executive officers (&#147;NEOs&#148;) as disclosed in this proxy
statement by voting for or against the following resolution (or by abstaining
with respect to the resolution):<BR>&nbsp;<BR></font>
<TABLE STYLE="font-size: 10pt; font-family: Times New Roman;" WIDTH="100%" BORDER="0" CELLSPACING="00" CELLPADDING="0">
<TR> <TD WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</TD><TD>&#147;RESOLVED, that the compensation paid to the company&#146;s named executive officers, as
disclosed pursuant to Item 402 of <FONT STYLE="white-space: nowrap;">Regulation
S-K,</FONT> including the Compensation Discussion and Analysis, compensation tables,
and narrative discussion is hereby APPROVED.&#148;</TD><TD WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<FONT STYLE="font-size: 10pt; font-family: Times New Roman;"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Board unanimously recommends a vote FOR approval of named executive officer compensation
as disclosed in this Proxy Statement.</B> Because
the vote is advisory, it will not be binding on the Board and will not overrule
any decision by the Board or require the Board to take any action. However, the
Compensation Committee will take the vote into account in future NEO compensation
decisions.<BR>
&nbsp;<BR>
<DIV ALIGN="center"><A NAME="Prop3"></A><B>PROPOSAL 3. FREQUENCY OF SHAREHOLDER VOTES ON EXECUTIVE COMPENSATION</B></DIV>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Dodd-Frank Act requires shareholders to have the opportunity to cast a non-binding
advisory vote on how frequently we should seek a non-binding shareholder advisory
vote (similar to Proposal&nbsp;2 this year) on the compensation of our NEOs. By
voting on this frequency proposal, shareholders may indicate whether they would
prefer that the advisory vote to occur every one, two, or three years. Shareholders
may also abstain from voting on the proposal.<BR>
<br><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board unanimously recommends a say-on-pay vote every year</B>.
In formulating this recommendation, the Board considered accountability
to shareholders, the recommendations of corporate governance service providers,
and administrative costs. The frequency with the most votes will be
considered approved by shareholders. Although the vote is non-binding, the Board
will consider the outcome in deciding the frequency of executive compensation
advisory votes.<BR>
<BR>
<DIV ALIGN="CENTER"><B>EXECUTIVE OFFICERS OF THE COMPANY<A NAME="Officers"></A></B></DIV>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
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. 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;48, has been NVE&#146;s Treasurer
and Chief Financial Officer since 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>
&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;">8</FONT></DIV><HR>
</DIV>
<FONT STYLE="font-size: 10pt; font-family: Times New Roman;"><A HREF="#TOC"><B>Table
of Contents</B></A></FONT><FONT STYLE="font-size: 10pt; font-family: Times New Roman;"><BR>
<BR>
<DIV ALIGN="CENTER"><A NAME="CompSummary"></a><B>COMPENSATION
EXECUTIVE SUMMARY</B></DIV>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal components of compensation for our NEOs are salary and performance-based
compensation based on the Company&#146;s income before taxes. The Compensation
Committee believes that such performance-based compensation incentivizes our profitable
growth.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Baker&#146;s compensation for the most recent fiscal year consisted
primarily of base salary of $250,000 and incentive plan compensation of $109,390.
Mr.&nbsp;Reynders&#146; compensation consisted primarily of base salary of $150,000
and incentive compensation of $31,830. As shown in the chart below, increases in NEO compensation the past five
fiscal years have aligned with strong growth in NVE&#146;s net income.<BR>
<BR></FONT>
<DIV ALIGN="CENTER"><IMG SRC="cmp-chrt.gif" WIDTH="504" HEIGHT="236" alt="Summary Compensation Chart">
</DIV>
<FONT STYLE="font-size: 10pt; font-family: Times New Roman;">&nbsp;
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee believes it would be difficult to achieve performance that
would result in CEO compensation comparable to public companies with comparable
revenues or market capitalization. No stock options have been granted to either
of our NEOs in the past three fiscal years. Although they are not required to
do so, both of our NEOs retain most of the options or the shares from the exercise
of the options they have been granted during their employment. Our NEOs have not
received any significant benefits or perquisites other than those offered to all
employees, and we have not entered into change of control severance agreements
with either NEO.
<BR>&nbsp;<BR><DIV ALIGN="CENTER"><B>COMPENSATION DISCUSSION
AND ANALYSIS<A NAME="CDandA"></A><BR></B></DIV><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR></FONT><B>Compensation
Philosophy and Objectives<A NAME="CompPhilosophy"></A><BR> </B>&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.<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 support goals 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
as follows.<BR>&nbsp;
<BR><B><I>Performance-Based Compensation</I></B>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
of our senior managers sometimes 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. No such bonuses have been paid to an NEO in the past three fiscal years.<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. No stock options
were granted to our NEOs in the past three fiscal years.<BR>
<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;">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><b><i>No Special Benefits or Perquisites for Senior Managers</i></b>
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer fringe benefits to
all employees, including paid vacations, holidays, 401(k) 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 attract and retain employees throughout the Company. Our senior managers
have not received any significant benefits not offered to all employees.<BR>
&nbsp;<BR>
<A NAME="CompActions"></A><B>Actions Affecting Fiscal 2011 Compensation<BR>
<i>Named Executive Officers&#146; Salary</i></b>
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEOs and other employees receive base salaries to
compensate them for services rendered during the fiscal year. Salary levels are
typically considered annually as part of our performance review process as well
as with promotions or other changes in responsibility. Changes in our NEOs&#146;
base salaries are typically effective at the April&nbsp;1 start of the fiscal year.<br>
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;Baker&#146;s base salary increased to $266,667
for fiscal 2012 from $250,000 for fiscal 2010 and fiscal 2011, and Mr.&nbsp;Reynders&#146; salary increased
to $160,000 for fiscal 2012 from $150,000 for fiscal 2010 and fiscal 2011. The Committee
believed the increases were appropriate to bring NEO salaries more in line with comparable companies.
Base salaries for Dr.&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Compensation Committee does not rely
on benchmarks or peer company compensation data for setting 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 ultimately increase shareholder value. We also review compensation
trend information such as salary and wage data from the U.S. Bureau of Labor Statistics.<br>
<br><b><i>CEO Performance-Based Compensation</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 2011, performance-based
incentive compensation was 44% of Dr.&nbsp;Baker&#146;s
salary, based on performance criteria set by the Compensation Committee at the
beginning of the fiscal year, specifically 0.25% of adjusted income before taxes
in fiscal 2011 plus 3% of the increase in adjusted income before taxes in fiscal
2011 compared to fiscal 2010. Dr. Baker&#146;s performance-based compensation
had a threshold positive pretax income, meaning no incentive would be paid without
income before taxes.<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 2011 was based on 0.1% of adjusted income before taxes in fiscal 2011
plus 0.6% of the increase in adjusted income before taxes in fiscal 2011 compared
to fiscal 2010. Mr.&nbsp;Reynders&#146; performance-based compensation had a threshold
positive pretax income, meaning no incentive would be paid without 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>
&nbsp;<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>
&nbsp;<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.<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;">10</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>&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>
<B>
<div align="center">EXECUTIVE COMPENSATION<A NAME="ExecComp"></A></div>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT>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>
</font><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<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;" 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&nbsp;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 colspan="2">Daniel A. Baker</td>
<td align="center">2011</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">109,390</td>
<td></td>
<td align="center">11,742</td>
<td>&nbsp;</td>
<td align="center">371,132</td>
</tr>

<tr>
<td colspan="2">President and CEO</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 bgcolor="#ccdaef">
<td>&nbsp;</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>
<td colspan="17">&nbsp;</td>
</tr>
<tr bgcolor="#ccdaef">
<td>Curt&nbsp;A.&nbsp;Reynders</td>
<td></td>
<td align="center">2011</td>
<td>&nbsp;</td>
<td align="center">150,000</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">31,830</td>
<td>&nbsp;</td>
<td align="center">*</td>
<td>&nbsp;</td>
<td align="center">181,830</td>
</tr>

<tr>
<td>Chief&nbsp;Financial&nbsp;Officer</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 bgcolor="#ccdaef">
<td>&nbsp;</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>

</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="24" 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.&nbsp;</td></tr></table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<b>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, 2011.
Neither of our NEOs had any form of equity award other than options.<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="5" 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="22%" STYLE="border:none;border-bottom:solid windowtext 1.0pt;" ALIGN="center" VALIGN="bottom"><B>
Number&nbsp;of Securities<BR>
Underlying&nbsp;Unexercised<BR>
Options (#) Exercisable</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>
<TD BGCOLOR="#ccdaef">&nbsp;</TD>
<TD BGCOLOR="#ccdaef">Daniel A. Baker</TD>
<TD BGCOLOR="#ccdaef">&nbsp;</TD>
<TD ALIGN="right" BGCOLOR="#ccdaef">35,000</TD>
<TD BGCOLOR="#ccdaef">&nbsp;</TD>
<TD ALIGN="right" BGCOLOR="#ccdaef">29.65</TD>
<TD BGCOLOR="#ccdaef">&nbsp;
</TD>
<TD ALIGN="center" BGCOLOR="#ccdaef">5/7/2014</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">70,000</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">16.93</TD>
<TD>&nbsp;</TD>
<TD ALIGN="center">3/28/2015 </TD>
</TR>

<TR>
<TD BGCOLOR="#ccdaef">&nbsp;</TD>
<TD BGCOLOR="#ccdaef">&nbsp;</TD>
<TD BGCOLOR="#ccdaef">&nbsp;</TD>
<TD ALIGN="right" BGCOLOR="#ccdaef">25,000</TD>
<TD BGCOLOR="#ccdaef">&nbsp;
</TD>
<TD ALIGN="right" BGCOLOR="#ccdaef">14.76</TD>
<TD BGCOLOR="#ccdaef">&nbsp;
</TD>
<TD ALIGN="center" BGCOLOR="#ccdaef">8/24/2015 </TD>
</TR>

<TR>
<TD COLSPAN="8">&nbsp;</TD>
</TR>

<TR>
<TD BGCOLOR="#ccdaef">&nbsp;</TD>
<TD BGCOLOR="#ccdaef">Curt&nbsp;A.&nbsp;Reynders&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD BGCOLOR="#ccdaef">&nbsp;
</TD>
<TD ALIGN="right" BGCOLOR="#ccdaef">25,000</TD>
<TD ALIGN="right" BGCOLOR="#ccdaef">&nbsp;
</TD>
<TD ALIGN="right" BGCOLOR="#ccdaef">16.33</TD>
<TD ALIGN="right" BGCOLOR="#ccdaef">&nbsp;</TD>
<TD ALIGN="center" BGCOLOR="#ccdaef">1/16/2016</TD>
</TR>

</TABLE>
<font style="font-size: 10pt; font-family: Times New Roman;">&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;">11</FONT></DIV><HR>
</DIV><FONT STYLE="font-size: 10pt; font-family: Times New Roman;">
<A HREF="#TOC"><B>Table of Contents</B></A>
<br><BR><b>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 2011.
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="67%" 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="3%" 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&nbsp;on&nbsp;Exercise&nbsp;(#)</b></td>
<td width="3%"></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">70,000</td>
<td>&nbsp;</td>
<td align="right">2,908,640</td>
</tr>

<tr>
<td align="right">&nbsp;</td>
<td>Curt&nbsp;A.&nbsp;Reynders&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td></td>
<td align="right">-</td>
<td>&nbsp;</td>
<td align="right">-</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<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 our <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>Compensation Clawbacks<A NAME="Clawbacks"></A></B>
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Section 304 of the Sarbanes-Oxley Act, in the event of misconduct that results
in a financial restatement that would have reduced a previously paid incentive
amount, we can recoup those improper payments from our CEO and CFO in what are
commonly called &#147;clawbacks.&#148; We also plan to implement a clawback policy
in accordance with Section&nbsp;954 of the Dodd-Frank Act after
the SEC issues guidance related to such policies.<br>
<br><b>Fiscal 2011 Named Executive Officer Compensation</b>
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended March 31, 2011, the principal components of compensation
for NEOs were salary and performance-based compensation.<br>
&nbsp;<BR>
<div align="center"><B>COMPENSATION
POLICIES AND PRACTICES AS THEY RELATE TO RISK MANAGEMENT<A NAME="#CompRisk"></A></B></div>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on a review by our
management and our Compensation Committee, 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. Both
of our NEOs hold significant company stock or stock options. Such meaningful ownership
in company provides incentives to avoid excessive risks. Other risk-mitigating
factors include operational oversight by management and compensation committee,
frequent business reviews, and an appropriately-balanced pay mix between fixed
and variable pay.<BR>
<BR>
<div align="center"><B>COMPENSATION COMMITTEE REPORT<A NAME="CC-Rpt"></A></B></div>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT>&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>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT>
<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;">
<div align="center"><font style=" font-size: 10pt; font-family: Times New Roman;">&nbsp;<br><br>12</font></div>
</font><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></b><br>
<br><div align="center"><b><a name="Prop4"></a>PROPOSAL 4.
<br>RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></div><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR></FONT>
&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 2011 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 2011. 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 2011 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.
<b>The Board unanimously recommends a vote FOR the ratification of the selection
of Ernst&nbsp;& Young LLP.</b>
<BR><br><div align="center"><B>AUDIT COMMITTEE
DISCLOSURE<A NAME="AC-Discl"></A></B></div>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR></FONT><A NAME="AuditFees"></A><B>Fees
Billed to Us by Ernst &amp; Young During Fiscal 2011 and 2010<BR> <I>Audit Fees</I><BR></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
incurred total fees of $113,000 relating to the audit of the March&nbsp;31, 2011
financial statements, review of the financial statements included in fiscal 2011
quarterly reports on <font style="white-space: nowrap;">Form 10-Q</FONT>, and
other matters directly relating to the fiscal 2011 audit. Fees were also $113,000
relating to the audit of the March&nbsp;31, 2010 financial statements.<BR>
<BR>
<B><I>Tax, Audit-Related, and All Other Fees</I></B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees billed to us by Ernst &amp; Young LLP, our independent registered public accounting
firm, relating to tax compliance matters were $38,800
in fiscal 2011 and $13,500 in fiscal 2010. We did not incur any fees for audit-related
services in fiscal 2011 or 2010, and no other fees for services were billed to
us by Ernst &amp; Young during fiscal 2011 or 2010.<BR>
<BR><B>Audit Committee Pre-Approval Policy</B><A NAME="Preapproval"></A>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To ensure that our independent registered public accounting firm is engaged only
to provide audit and non-audit services that are compatible with maintaining its
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 Committee&#146;s responsibilities to management.
The Audit Committee may delegate pre-approval authority to one or more of its
members. The member with such delegated authority will report any pre-approvals
to the entire Audit Committee at its next scheduled meeting. The Audit Committee
approved all fees paid to Ernst&nbsp;& Young described in the sections above.<BR><br>
<div align="center"><b>ANNUAL REPORT<a name="AnnRpt"></a></b></div>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR></FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of our Annual Report to Shareholders for
the fiscal year ended March&nbsp;31, 2011, 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 SEC on May&nbsp;4, 2011. No portion of the Annual Report is incorporated
into this proxy statement or is to be considered proxy-soliciting material. On
written request we will provide a copy of our Annual Report on <font style="white-space: nowrap;">Form
10-K</font> without charge to anyone receiving a copy of this proxy statement.
Such written requests should be addressed to Curt&nbsp;A. Reynders, our Secretary,
at the address on the cover page of this Proxy Statement.<br><br>
</font>
<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 30, 2011<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 2011 ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON AUGUST 15,
2011:</b><br>
The Company&#146;s Proxy Statement for the 2011 Annual Meeting of
Shareholders and Annual Report on <font style="white-space: nowrap;">Form 10-K</font>
for the year ended March&nbsp;31, 2011 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>2011 Annual Meeting<br>
August 15, 2011, 3:30 p.m.
<br>
<br>
<img width="672" height="529" src="map.gif" alt="Map to NVE Annual Meeting"></div>
<br></b></font>
<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>
<B>The Board of Directors recommends a vote FOR each of the Director nominees,
FOR Proposals 2 and 4, and ONE YEAR for Proposal 3:<BR></B></font><TABLE STYLE="font-size: 10pt; font-family: Times New Roman;" BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR><TD VALIGN="top" ROWSPAN="4" WIDTH="18">1.</TD><TD VALIGN="top" COLSPAN="6">To
elect five directors to serve until the next Annual Meeting of Shareholders.</TD></TR>
<TR>
<TD WIDTH="22">01</TD><TD WIDTH="144">Terrence&nbsp;W.&nbsp;Glarner</TD><TD WIDTH="22">03</TD><TD WIDTH="144">James
D. Hartman</TD><TD WIDTH="22">05</TD><TD>Robert H. Irish</TD></TR> <TR> <TD>02</TD><TD>Daniel
A. Baker</TD><TD>04</TD><TD>Patricia&nbsp;M.&nbsp;Hollister&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR> <TD VALIGN="TOP">[&nbsp;&nbsp;]</TD><TD>Vote&nbsp;FOR&nbsp;all&nbsp;nominees&nbsp;&nbsp;&nbsp;
<BR>(except as marked)</TD><TD VALIGN="top">[&nbsp;&nbsp;]</TD><TD COLSPAN="3">Vote
WITHHELD<BR> from all nominees</TD></TR> <TR> <TD COLSPAN="7" HEIGHT="6"></TD></TR>
<TR> <TD COLSPAN="7" 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>
</TABLE><table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" WIDTH="100%">
<TR><TD WIDTH="18">2.</TD><TD COLSPAN="4"><FONT STYLE="font-size: 10pt; font-family: Times New Roman;">To
approve named executive officer compensation as disclosed in our Proxy Statement.</FONT></TD></TR><TR>
<TD>&nbsp;</TD><TD WIDTH="100">[&nbsp;&nbsp;]&nbsp;FOR</TD><TD WIDTH="100">[&nbsp;&nbsp;]&nbsp;AGAINST</TD><TD WIDTH="100">[&nbsp;&nbsp;]&nbsp;ABSTAIN</TD><TD WIDTH="100">&nbsp;</TD></TR><TR><TD COLSPAN="5" HEIGHT="8"></TD></TR><TR>
<TD>3.</TD><TD COLSPAN="4">To vote on a non-binding proposal regarding the frequency
of the vote on our executive compensation program.</TD></TR><TR> <TD>&nbsp;</TD><TD>[&nbsp;&nbsp;]&nbsp;1
YEAR</TD><TD>[&nbsp;&nbsp;]&nbsp;2 YEARS</TD><TD>[&nbsp;&nbsp;]&nbsp;3 YEARS</TD><TD>[&nbsp;&nbsp;]&nbsp;ABSTAIN</TD></TR><TR><TD COLSPAN="5" HEIGHT="8"></TD></TR>
<tr> <td valign="top">4.</td><td colspan="4">To ratify the selection of Ernst
&amp; Young LLP as our independent registered public accounting firm for the fiscal
year ending March 31, 2012.</td></tr><TR> <TD>&nbsp;</TD><TD>[&nbsp;&nbsp;]&nbsp;FOR</TD>
<TD>[&nbsp;&nbsp;]&nbsp;AGAINST</TD><TD>[&nbsp;&nbsp;]&nbsp;ABSTAIN</TD><TD>&nbsp;</TD></TR>
</table><font face="Times New Roman" style="font-size:10pt;"><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;15,
2011 and any adjournments thereof.<br>
<br><b>IMPORTANT NOTICE REGARDING THE
AVAILABILITY OF PROXY MATERIALS FOR THE 2011 ANNUAL MEETING OF SHAREHOLDERS TO
BE HELD ON AUGUST&nbsp;15, 2011:</b> The Company&#146;s Proxy Statement for the
2011 Annual Meeting of Shareholders and Annual Report on <font style="white-space: nowrap;">Form
10-K</font> for the year ended March&nbsp;31, 2011 are available at www.nve.com/AnnualReports.php.<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.
<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 EACH OF THE DIRECTOR NOMINEES, FOR PROPOSALS 2 AND 4, AND ONE YEAR FOR PROPOSAL
3. THE PROXIES ARE AUTHORIZED TO VOTE THIS PROXY IN THEIR DISCRETION WITH RESPECT
TO OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE MEETING.</B></font>
<hr></html>
</TEXT>
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>car-sig.gif
<DESCRIPTION>SIGNATURE OF CURT A. REYNDERS
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end
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<DOCUMENT>
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<FILENAME>map.gif
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
