<SEC-DOCUMENT>0000724910-15-000017.txt : 20150622
<SEC-HEADER>0000724910-15-000017.hdr.sgml : 20150622
<ACCEPTANCE-DATETIME>20150622160717
ACCESSION NUMBER:		0000724910-15-000017
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20150806
FILED AS OF DATE:		20150622
DATE AS OF CHANGE:		20150622
EFFECTIVENESS DATE:		20150622

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:		15944895

	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>NVE_2015_Proxy.htm
<DESCRIPTION>PROXY STATEMENT PURSUANT TO SECTION 14(A)
<TEXT>
<html><font style="font-size: 10pt; font-family: Times New Roman"><a href="#TOC"><b>Table of Contents</b></a><br>
&nbsp;</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">&nbsp;
</td></tr><tr><td valign="top">(2)</td><td>Aggregate number of securities to
which transaction applies: </td></tr><tr><td colspan="2">&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">&nbsp;</td></tr><tr><td valign="top">(4)</td><td>Proposed
maximum aggregate value of transaction:</td></tr><tr><td colspan="2">&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">&nbsp;</td></tr>
<tr><td valign="top">(3)</td><td>Filing Party:</td></tr><tr><td colspan="2">&nbsp;</td></tr>
<tr>
<td valign="top">(4)<br>
</td>
<td>Date Filed:<br>
&nbsp; </td>
</tr></table>
<DIV STYLE="page-break-after: always;">
<hr style="margin-top: -5px; color: black;" noshade size="1">
<hr style="margin-top: -15px; color: black;" noshade size="3">
</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>
<br>
June&nbsp;22, 2015<br>
<br>
<br>Fellow Shareholders:<br><br>
We cordially invite you to attend our 2015 Annual Meeting of Shareholders. The
meeting will be held at the SpringHill Suites by Marriott, 11552&nbsp;Leona Road,
Eden Prairie, Minnesota, 55344, on Thursday, August&nbsp;6, 2015 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>
<font face="Times New Roman" style="font-size:10pt;"><br><br><br><br></font>
<div align="center"><img src="qrcode.gif" width="87" height="87"><font size="1"><br>
<br>www.nve.com/AnnualReports</font></div>
<font face="Times New Roman" style="font-size:10pt;"><br>
&nbsp;<br>&nbsp;</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 2015 ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON AUGUST&nbsp;6,
2015:</b><br>
1)&nbsp;The Company&#146;s Proxy Statement for the 2015 Annual Meeting of Shareholders,
2)&nbsp;Shareholder Letter, and 3)&nbsp;Annual Report on <font style="white-space: nowrap;">Form
10-K</font> for the year ended March 31, 2015 are available at www.nve.com/AnnualReports.</td>
</tr>
</table>
<br>
<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>
</font>
<div align="center"><font style="font-size: 10pt; font-family: Times New Roman;"><b>PROXY STATEMENT<a name="TOC"></a><br>
ANNUAL MEETING OF SHAREHOLDERS, AUGUST&nbsp;6, 2015<br>
TABLE OF CONTENTS</b><br>
<br>
</font></div>
<font style="font-size: 10pt; font-family: Times New Roman;"><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="#Hedging">Hedging Prohibitions</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="#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>
<BR>
<A HREF="#CC-Rpt"><B>
<BR>
COMPENSATION COMMITTEE REPORT</B></A><a href="#Prop3"><B><BR>
<font style="letter-spacing: -.04em;"><BR>
PROPOSAL 3. 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 Our
Independent Registered Public Accounting Firm During Fiscal 2015 and 2014</A><BR>
<A HREF="#Preapproval">Audit Committee Independence and Preapproval Policy</A><BR>
</DIV>
<BR>
<b><a href="#Map">MAP TO THE 2015 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 6, 2015<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 Thursday, August&nbsp;6, 2015
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;2015 Annual Meeting&#148;),
for the purposes set forth in the accompanying Notice of Annual Meeting of Shareholders.
This Proxy Statement and the accompanying form of Proxy were first mailed or made
accessible to our shareholders on the Internet on or about June&nbsp;22,
2015.<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 2015 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 2015
Annual Meeting. If, however, other matters do properly come before the 2015 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 2015 Annual Meeting, but we did not receive
notice of it prior to May&nbsp;9, 2015, the persons named in our vote form for
the 2015 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 February 23,
2015 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;9, 2015. 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;12, 2015 are entitled
to execute proxies or to vote at the 2015 Annual Meeting. As of that date there
were outstanding 4,866,181 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 2015 Annual Meeting. A majority of the
outstanding shares of Common Stock entitled to vote are required to constitute
a quorum at the 2015 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 2015 Annual Meeting, is required to approve
Proposal&nbsp;1. If there is not a quorum at the 2015 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 Proposals 2 and 3. Proxies
indicating abstention from a vote and broker non-votes will be counted toward
determining whether a quorum is present at the 2015 Annual Meeting. Broker non-votes
will not be counted toward determining whether each proposal has been approved.<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 2015 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;3 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>
&nbsp;<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;12, 2015 your shares were registered directly in
your name with our transfer agent, Continental Stock Transfer and Trust Company,
then you are a shareholder of record.<br>
<br>
<b>Voting by Mail</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote by mail, mark your selections on the vote
form, date and sign your name exactly as it appears on your vote form, and mail
the vote form in the enclosed postage-paid envelope.<br>
<br>
<b>Internet or Telephone Voting</b> <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a shareholder through a broker or bank,
you may vote via Internet or telephone by following the instructions in the Notice
Regarding the Availability of Proxy Materials. Internet and telephone voting is
available 24 hours per day until 11:59&nbsp;p.m., Eastern Daylight Time, on August&nbsp;5,
2015. You may also revoke your proxy at any time before the 2015 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>
&nbsp;<br>
<div align="center"><b>EQUITY COMPENSATION PLAN INFORMATION</b><a name="EquityComp"></a></div>
<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&nbsp;31, 2015 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">35,090</td>
<td></td>
<td valign="bottom" align="center">$33.51</td>
<td></td>
<td align="center" valign="bottom">151,230</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, 2015</td>
<td></td>
<td style="border-bottom: 3px double black;" align="center">35,090</td>
<td>&nbsp;</td>
<td style="border-bottom: 3px double black;" align="center">$33.51</td>
<td>&nbsp;</td>
<td style="border-bottom: 3px double black;" align="center">151,230</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;12, 2015 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 and executive officers as a group.<br>
&nbsp;<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;<br>
</FONT>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" width="18">&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom">
<br>
<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>
<font style="white-space: nowrap;">Beneficially Owned(1)</font></b></td>
<td colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;" align="right" valign="bottom">
<b>&nbsp;&nbsp;Percentage&nbsp;of&nbsp;Common&nbsp;&nbsp;<br>
Stock&nbsp;Outstanding&nbsp;&nbsp;</b> </td>
</tr>
<tr>
<td bgcolor="#ccdaef" colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">Mairs and Power, Inc.<br>
&nbsp;&nbsp;332 Minnesota St. W-1520, St. Paul, MN 55101<br>
</td>
<td align="right" valign="bottom" bgcolor="#ccdaef">661,760
<td valign="bottom" bgcolor="#ccdaef">(2)</td>
<td align="right" valign="bottom" bgcolor="#ccdaef">13.6</td>
<td valign="bottom" bgcolor="#ccdaef">%</td>
</tr>
<tr>
<td bgcolor="#ccdaef" colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td></td>
<td>Trigran Investments, Inc.<br>
&nbsp;&nbsp;&nbsp;630 Dundee Rd., #230, Northbrook, IL 60062<br>
</td>
<td valign="bottom" align="right">525,828</td>
<td width="1%" valign="bottom">(3)</td>
<td valign="bottom" align="right">10.8</td>
<td width="1%" valign="bottom">%&nbsp;&nbsp;&nbsp;</td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6" bgcolor="#ccdaef"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td valign="top" bgcolor="#ccdaef">Kayne Anderson Rudnick Investment Management,
LLC<br>
&nbsp;&nbsp;1800 Avenue of the Stars, 2nd Floor, Los Angeles, CA 90067</td>
<td valign="bottom" align="right" bgcolor="#ccdaef">430,455</td>
<td valign="bottom" bgcolor="#ccdaef">(4)</td>
<td align="right" valign="bottom" bgcolor="#ccdaef">8.8</td>
<td valign="bottom" bgcolor="#ccdaef">%</td>
</tr>
<tr>
<td colspan="6" bgcolor="#ccdaef"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td></td>
<td>Wellington Management Group LLP<br>
&nbsp;&nbsp;280 Congress Street, Boston, MA 02210</td>
<td valign="bottom" align="right">322,031</td>
<td width="1%" valign="bottom">(5)</td>
<td valign="bottom" align="right">6.6</td>
<td width="1%" valign="bottom">%&nbsp;&nbsp;&nbsp;</td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr bgcolor="#ccdaef">
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td valign="top">BlackRock Institutional Trust Company, N.A.<br>
&nbsp;&nbsp;400 Howard Street, San Francisco, CA 94105<br>
</td>
<td valign="bottom" align="right">299,730</td>
<td valign="bottom">(6)</td>
<td align="right" valign="bottom">6.2</td>
<td valign="bottom">%</td>
</tr>
<tr bgcolor="#ccdaef">
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td></td>
<td>Conestoga Capital Advisors LLC<br>
&nbsp;&nbsp;259 N. Radnor Chester Rd., Suite 120, Radnor, PA 19087</td>
<td valign="bottom" align="right">263,056</td>
<td width="1%" valign="bottom">(7)</td>
<td valign="bottom" align="right">5.4</td>
<td width="1%" valign="bottom">%&nbsp;&nbsp;&nbsp;</td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6" bgcolor="#ccdaef"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">Daniel A. Baker</td>
<td align="right" bgcolor="#ccdaef">81,186</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="right" bgcolor="#ccdaef">1.7</td>
<td bgcolor="#ccdaef">%</td>
</tr>
<tr>
<td colspan="6" bgcolor="#ccdaef"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td></td>
<td>Curt A. Reynders</td>
<td align="right">10,228</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>*</td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6" bgcolor="#ccdaef"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">Terrence W. Glarner</td>
<td align="right" bgcolor="#ccdaef">9,200</td>
<td bgcolor="#ccdaef">(8)</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td bgcolor="#ccdaef">*</td>
</tr>
<tr>
<td colspan="6" bgcolor="#ccdaef"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td></td>
<td>Patricia M. Hollister</td>
<td align="right">11,000</td>
<td>(9)</td>
<td></td>
<td>*</td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6" bgcolor="#ccdaef"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td align="left" bgcolor="#ccdaef">Richard W. Kramp</td>
<td align="right" bgcolor="#ccdaef">1,000</td>
<td bgcolor="#ccdaef">(9)</td>
<td align="right" bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">*</td>
</tr>
<tr>
<td colspan="6" bgcolor="#ccdaef"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td></td>
<td align="left">Gary R. Maharaj</td>
<td align="right">1,000</td>
<td>(9)</td>
<td align="right"></td>
<td>*</td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6" bgcolor="#ccdaef"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">All directors and named executive officers as a group (6&nbsp;persons)</td>
<td align="right" valign="bottom" bgcolor="#ccdaef">113,614</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#ccdaef">2.3</td>
<td valign="bottom" bgcolor="#ccdaef">%</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%<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></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.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(2)</td>
<td>Based on information contained in Schedule&nbsp;13F filed with the SEC on
May&nbsp;15, 2015. According to Schedule 13G/A filed with the SEC on February&nbsp;13,
2015, various persons have the right to receive or the power to direct the receipt
of dividends from, or the proceeds from the sale of, the Common Stock of NVE Corporation,
and the interest of one person, Mairs and Power Growth Fund amounted to 486,185
shares or 9.9% of the total outstanding Common Stock at December&nbsp;31, 2014.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(3)</td>
<td>Based on information contained in Schedule&nbsp;13F with the SEC on May&nbsp;13,
2015. According to Schedule&nbsp;13G/A filed with the SEC on March&nbsp;5, 2015,
Trigran Investments,&nbsp;Inc., Douglas Granat, Lawrence&nbsp;A. Oberman, Steven&nbsp;G.
Simon, and Bradley&nbsp;F. 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, Steven&nbsp;G. Simon, and Bradley&nbsp;F. 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.
Additionally, Trigran Investments, Inc. provides investment advisory services
to Trigran Investments, L.P., a private investment partnership for which Trigran
Investments, Inc. has sole investment discretion and voting authority, and Trigran
Investments, L.P. beneficially owned more than five percent of shares outstanding.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(4)</td>
<td>Based on information contained in Schedule&nbsp;13F filed with the
SEC on May&nbsp;7, 2015.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(5)</td>
<td>Based on information contained in Schedule&nbsp;13F filed with the SEC on
May&nbsp;15, 2015. According to Schedule &nbsp;13G filed with the SEC on January&nbsp;12,
2015, the securities are owned of record by clients of one or more investment
advisers directly or indirectly owned by Wellington Management Group LLP, which
was an investment adviser to these clients as of December&nbsp;31, 2014.<font face="Times New Roman" style="font-size:5pt;">&nbsp;<br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(6)</td>
<td>Based on information contained in Schedule&nbsp;13Fs filed by BlackRock Institutional
Trust Company, N.A. and subsidiaries with the SEC on or about May&nbsp;13, 2015.
According to Schedule&nbsp;13G/A filed with the SEC on January&nbsp;29, 2015,
various persons have the right to receive the proceeds from the sale of the stock.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(7)</td>
<td>Based on information contained in Schedule&nbsp;13F filed with the
SEC on April&nbsp;28, 2015. In a Schedule&nbsp;13G/A filed with the SEC on January&nbsp;13,
2015, Conestoga Capital Advisors LLC reported indirect beneficial ownership of
shares that were directly beneficially owned by the Accounts, none of which beneficially
owned more than 5% of the Issuer&#146;s issued and outstanding Common Stock as
of December&nbsp;31, 2014.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(8)</td>
<td>Includes 6,000 shares issuable upon the exercise of options that are
currently exercisable.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(9)</td>
<td>Consists solely of shares issuable upon the exercise of options that
are currently exercisable.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></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>
<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><font style="font-size: 10pt; font-family: Times New Roman;"><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, 2014, 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&nbsp;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>
</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></td>
</tr><tr><td valign="top" align="right">2.&nbsp;</td><td>Any
contract or other transaction between the Company and one or more directors of
the Company, or between the Company and an organization in or of which one or
more directors of the Company are directors, officers, or legal representatives
or have a material financial interest within the meaning of Minnesota Statutes,
<font style="white-space: nowrap;">Section 302A.255</font>.</td></tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the Company&#146;s Board of Directors
complying with the requirements of Minnesota Statutes, <font style="white-space: nowrap;">Section
302A.255</font> with respect to any proposed transaction with a potential director&#146;s
conflict of interest, all proposed transactions covered by the policy must be
approved in advance by a majority of the members of the audit committee. If a
proposed transaction covered by the policy involves a member of the audit committee,
such member may not participate in the audit committee&#146;s deliberations concerning,
or vote on, such proposed transaction. Prior to approving any proposed transaction
covered by the policy, the following information concerning the proposed transaction
will be fully disclosed to the audit committee:<br></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.</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.</td>
</tr><tr><td valign="top" align="right">3.&nbsp;</td>
<td>The material facts and terms of the proposed transaction.</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.</td>
</tr><tr>
<td valign="top" align="right">5.&nbsp;</td>
<td>Any other information the audit committee requests concerning the proposed
transaction.</td>
</tr></table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee may require that all or any
part of such information be provided to it in writing. 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,
2015, all reports were filed with the SEC on a timely basis.<br>
&nbsp;<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 2016 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.<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;">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;Biographical information is provided as follows:<BR>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Terrence W. Glarner</i></b>, age 72,
has been a director since 1999 and Chairman of the Board since January&nbsp;2001. Since
1993, Mr.&nbsp;Glarner has been President of West Concord Ventures,&nbsp;Inc.,
a venture capital company. Mr.&nbsp;Glarner is also a director of Bremer Financial
Corp., a privately held company. He has served as a director of two other publicly
traded companies in the past five years, FSI International,&nbsp;Inc. and Aetrium&nbsp;Inc.
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 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>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Daniel A. Baker</i></b>, age 57, has been
a director and NVE&#146;s President and CEO since 2001. Dr.&nbsp;Baker has more
than 35 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. Prior to being named
President and CEO, he was Printware&#146;s Vice President of Sales, Marketing,
and Product Development. 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.&nbsp;Baker&#146;s tenure. He also served as Director of Electronic
Development for Minntech Corporation (now known as Medivators Inc., a Cantel Medical
Company) and Director of Engineering for Percom Data Corporation. Dr.&nbsp;Baker
holds a Ph.D. in biomedical engineering and an MBA from the University of Minnesota,
and a B.S. in biomedical engineering from Case Western Reserve University. Dr.&nbsp;Baker&#146;s
more than 30&nbsp;years experience as an executive in publicly traded technology
companies, his understanding of our business gained through his role as our President
and CEO, and his educational background in engineering and finance qualify him
to serve as a director.&nbsp;<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Patricia M. Hollister</i></b>, age 55, has
been a director since 2004. She is Director of Finance for TEL FSI, Inc. TEL FSI
designs, manufactures, markets, and supports equipment used in the fabrication
of microelectronics. Ms. Hollister served as chief financial officer of FSI International
Inc. (&#147;FSI&#148;) from 1998 until it was acquired by TEL in October 2012.
FSI was publicly traded until it was acquired. Prior to joining FSI in 1995, Ms.
Hollister was employed by KPMG&nbsp;LLP, where she served for more than 12&nbsp;years
on various audit and consulting engagements, most recently as a Senior Manager.
Ms.&nbsp;Hollister holds a B.S. in Accounting from St.&nbsp;Cloud State University.
Her experience in the semiconductor industry, her experience as an executive officer
of a publicly traded company, 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>Richard W. Kramp</i></b>, age 69, has been
a director since August 2014. Mr.&nbsp;Kramp was the CEO and a director of Synovis
Life Technologies, Inc., a diversified medical device company, from January 2007
to February 2012. Synovis was publicly traded until it was purchased by Baxter
International, Inc. in February 2012. Mr. Kramp served as President of Synovis
from June 2006 to January 2007, and from August 2004 to May 2006, he served as
President and Chief Operating Officer of the former interventional business unit
of Synovis. Prior to joining Synovis, Mr. Kramp served as the President and Chief
Operating Officer of Medical&nbsp;CV, Inc., a medical-device company, and before
that, as its Vice President of New Product Development. From 1988 to 2003, Mr.
Kramp served as President and Chief Operating Officer, and then President and
CEO, as well as a director of ATS Medical,&nbsp;Inc. (now part of Medtronic,&nbsp;Inc.).
Mr. Kramp served as Vice President of Sales and Marketing for St. Jude Medical,
Inc., from 1981 to 1988. Prior to that, Mr. Kramp held engineering positions with
Cardiac Pacemakers,&nbsp;Inc. (now part of Boston Scientific, Inc.). He is also a director
of Vascular Solutions,&nbsp;Inc., a publicly traded medical device company. He is also
a director of AUM Cardiovascular, a privately held early stage medical device
company, and previously served on the board of Rochester Medical Corporation when
it was a publicly held medical device company. Mr.&nbsp;Kramp holds a Bachelor&#146;s
Degree in Electrical Engineering from Marquette University. Mr. Kramp&#146;s extensive
experience in the medical device industry, his executive, sales, marketing, and
engineering experience, and his engineering education qualify him to serve as
a director.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Gary R. Maharaj</i></b>, age 51, has been
a director since August 2014. Mr.&nbsp;Maharaj has been a director, President,
and CEO of SurModics, Inc. since December 2010. SurModics is a publicly traded
company that provides technologies to enable the performance and enhance the functionality
of medical devices and in vitro diagnostics. Prior to joining SurModics, Mr.&nbsp;Maharaj
served as President and CEO of Arizant&nbsp;Inc., a provider of patient temperature
management systems in hospital operating rooms, from 2006 to 2010. Previously,
Mr.&nbsp;Maharaj served in several senior level management positions for Augustine
Medical, Inc. (predecessor to Arizant Inc.) from 1996 to 2006, including Vice
President of Marketing, and Vice President of Research and Development. Mr.&nbsp;Maharaj
holds an MBA from the University of Minnesota, an M.S. in biomedical engineering
from the University of Texas at Arlington and the University of Texas Southwestern
Medical Center at Dallas, and a B.Sc. in Physics from the University of the West
Indies. Mr.&nbsp;Maharaj&#146;s over 25&nbsp;years experience in the medical technology
industry, his experience as an executive officer and director of a publicly traded
company, and his scientific and engineering education qualify him to serve as
a director.<br>
<br>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board unanimously recommends a vote FOR each
of the director-nominees.</b><br>
&nbsp;<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></FONT>
<div align="center"><font style="font-size: 10pt; font-family: Times New Roman;"><b>CORPORATE
GOVERNANCE<a name="Governance"></a></b></font></div>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT><font style="font-size: 10pt; font-family: Times New Roman;"><b>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>Hedging Prohibitions</b><a name="Hedging"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No director or named executive officer (or such
person&#146;s designees) is permitted to hedge against declines in the market
value of our securities. This prohibition includes securities granted as compensation
or otherwise held.<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
separating 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
Chairman&#146;s duties, 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 liaison between the CEO and 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 such a board can communicate better, be
more involved, and act more quickly than a larger board.<br>
<br>
<b>Board Independence</b><a name="BoardIndep"></a> <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has determined that each of our directors
and director candidates, 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 seven times in fiscal 2015 (fiscal
years referred to in this document end March&nbsp;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). The committees review and assess the adequacy of
their charters annually.<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;Maharaj.
Our Board has determined that Ms.&nbsp;Hollister, Mr.&nbsp;Glarner, and Mr.&nbsp;Maharaj
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,
and that they are 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. The Audit Committee charter
is available on our website at http://www.nve.com/GovernanceLinks/auditcharter.htm.<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;">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>
&nbsp;<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;Kramp, and met twice in fiscal
2015. Our Board has determined that each member or proposed member of the Compensation
Committee are &#147;independent&#148; as defined under NASDAQ Listing <font style="white-space: nowrap;">Rule
5605(d)(2)(A).</font>
The Compensation Committee charter prohibits members from accepting directly or
indirectly any consulting, advisory or other compensatory fee from the Company.
Compensatory fees do not include fees received as a member of the Board or any
board committee. 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. The Compensation Committee charter is available on our website
at http://www.nve.com/GovernanceLinks/compcharter.htm.<br>
&nbsp;<br>
<b><i>Compensation Committee Interlocks</i></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No member or proposed 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 our independent directors: Mr.&nbsp;Glarner, Ms.&nbsp;Hollister,
Mr.&nbsp;Kramp, and Mr.&nbsp;Maharaj. The Nominating/Corporate Governance Committee
met twice in fiscal 2015. The Committee&#146;s functions include selection of
candidates for our Board, select members of various committees, and address corporate
governance matters. The Nominating/Corporate Governance Committe</FONT><font face="Times New Roman, Times, serif" size="2">e
charter is available on our website at http://www.nve.com/GovernanceLinks/ngccharter.htm.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our process for identifying and evaluating candidates
to be nominated to the Board starts with an evaluation of a candidate by the Nominating/Corporate
Governance Committee and CEO. Candidates can be forwarded to the Committee by
members of our Board or our CEO. The Nominating/Corporate Governance Committee
recommends to the Board the slate of directors to serve as management&#146;s nominees
for election by the shareholders at the Annual Meeting. The Committee will also
consider candidates recommended by shareholders. To date we have not engaged any
third party to assist in identifying or evaluating potential nominees.<br>
<br>
<B>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, 2015, the Audit Committee has reviewed and
discussed the audited financial statements and the effectiveness of internal control
over financial reporting with management and Grant Thornton. Grant Thornton represented
that its presentations to the Audit Committee included the matters required to
be discussed with the independent registered public accounting firm by applicable
Public Company Accounting Oversight Board (PCAOB) rules regarding &#147;Communication
with Audit Committees.&#148; Grant Thornton also provided the Audit Committee
the letter and written disclosures required by Auditing Standard No.&nbsp;16,
<i>Communications with Audit Committees</i>, and the Audit Committee discussed
with Grant Thornton 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 our Annual Report on <FONT STYLE="white-space: nowrap;">Form
10-K</FONT> for the year ended March&nbsp;31, 2015 filed with the SEC. The Board
approved this inclusion.<br>
&nbsp;
<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</TD>
<TD ALIGN="center">Terrence W. Glarner&nbsp;</TD>
<TD ALIGN="right" WIDTH="33%">Gary R. Maharaj</TD>
</TR></TABLE>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style=" font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;<br>
&nbsp;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>
</font><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<b>Director Qualifications</b><a name="DirectorQualifications"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating candidates, the Board will require
that candidates possess, at a minimum, a desire to serve on the Company&#146;s
Board, an ability to contribute to the effectiveness of the Board, an understanding
of the function of the board of a public company and relevant industry knowledge
and experience. In addition, while not required of any one candidate, the Board
would consider favorably industry experience, expertise in business or financial
matters, and prior experience serving on the management or boards of publicly
traded companies. In evaluating any candidate for director nominee, the Board
will also evaluate the contribution of the proposed nominee toward compliance
with NASDAQ Stock Market corporate governance requirements concerning board composition.<br>
<br>
<b>The Role of Diversity in Choosing Board Candidates</b><a name="Diversity"></a>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our goal is to identify the best-qualified director
nominees and neither our Board or our Nominating/Corporate Governance Committee
have policies requiring the consideration of diversity in identifying nominees.
All of our directors and director nominees 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. Our Board does not discriminate
on the basis of race, color, national origin, gender, religion, disability, or
sexual preference in selecting director candidates.<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&nbsp;14A under the Securities Exchange Act of 1934,
as amended, if the candidate had been nominated by or on behalf of the Board.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Annual 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&nbsp;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)&nbsp;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)&nbsp;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.<br>
&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 and director nominees attended our
2014 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>
<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>
&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;"><B><A HREF="#TOC">Table of Contents</A></B><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 $125 per quarter for the Audit Committee
Chair. Directors forfeit unpaid portions of cash compensation upon termination,
retirement, disability, or death. In addition to the cash compensation, on each
reelection to the Board each non-employee director is automatically granted an
immediately vested nonqualified option to purchase 1,000 shares.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes non-employee director
compensation in the fiscal year ended March&nbsp;31, 2015:<BR>
<BR>
</font>
<table border="0" style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" align="center" width="100%">
<tr>
<td width="9" style="border:none;border-bottom:solid windowtext 1.0pt;">&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="left" valign="bottom"><b>Name</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center"><b>Fees&nbsp;Earned&nbsp;or<br>
&nbsp;Paid&nbsp;in&nbsp;Cash&nbsp;($)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">
<b>Stock<br>
Awards&nbsp;($)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">
<b>Option<br>
Awards&nbsp;($)*</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">
<b>All Other<br>
&nbsp;Compensation&nbsp;($)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Total&nbsp;($)</b></td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td align="left" bgcolor="#ccdaef">Terrence&nbsp;W.&nbsp;Glarner&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">9,000</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">- </td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">14,740</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">- </td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">23,740</td>
</tr>
<tr>
<td></td>
<td align="left">Patricia&nbsp;M.&nbsp;Hollister&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td></td>
<td align="center">8,500</td>
<td>&nbsp;</td>
<td align="center">- </td>
<td>&nbsp;</td>
<td align="center">14,740</td>
<td>&nbsp;</td>
<td align="center">- </td>
<td>&nbsp;</td>
<td align="center">23,240</td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td align="left" bgcolor="#ccdaef">Richard W. Kramp</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">8,000</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">- </td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">14,740</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">- </td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">22,740</td>
</tr>
<tr>
<td></td>
<td align="left">Gary R. Maharaj</td>
<td></td>
<td align="center">8,000</td>
<td>&nbsp;</td>
<td align="center">- </td>
<td>&nbsp;</td>
<td align="center">14,740</td>
<td></td>
<td align="center">- </td>
<td></td>
<td align="center">22,740</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 are determined using the Black-Scholes
standard option pricing model with the assumptions discussed in Note&nbsp;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, 2015. As of March&nbsp;31, 2015, the
named directors held options, all of which were exercisable, to purchase the following
numbers of shares: Mr.&nbsp;Glarner, 6,000; Ms.&nbsp;Hollister, 11,000; Mr.&nbsp;Kramp,
1,000; and Mr.&nbsp;Maharaj, 1,000.</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, 2015 consisted solely of quarterly retainers, the Chairman&#146;s
fee, and the Audit Committee Chair&#146;s fee. We do not provide perquisites to
our non-employee Directors.<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;">9</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><b><a href="#TOC">Table
of Contents</a></b></font><font style="font-size: 10pt; font-family: Times New Roman;"><br>
</font><FONT STYLE="font-size: 10pt; font-family: Times New Roman;">&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;At the 2011 Annual Meeting of Shareholders,
our shareholders voted in favor of an advisory vote regarding the compensation
of our Named Executive Officers (&#147;NEOs&#148;) every year. Following that
advisory vote, our Board resolved to hold annual say-on-pay votes, and beginning
with the 2012 Annual Meeting of Shareholders, shareholders have had the opportunity
approve or not approve the compensation of our NEOs. In accordance with current
SEC rules, shareholders will have the opportunity to vote every six calendar years
on the frequency of advisory votes on the compensation of our NEOs.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders may vote 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><br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
&nbsp;<br>
<div align="CENTER"><b>EXECUTIVE OFFICERS OF THE COMPANY<a name="Officers"></a></b></div>
</font><font face="Times New Roman" style="font-size:5pt;">&nbsp;<br>
</font><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have two executive officers, Daniel&nbsp;A. Baker and Curt&nbsp;A. Reynders. Dr.&nbsp;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;<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Curt A. Reynders</i></b>, age&nbsp;52, 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;">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>
&nbsp;<br>
<DIV ALIGN="CENTER"><A NAME="CompSummary"></a><B>COMPENSATION OVERVIEW</B></div>
</FONT><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes some of our current NEO compensation &#147;best
practices&#148;:<br>
<br>
</font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td align="center" style="border:none;border-bottom:solid windowtext 1.0pt;"><b>What We Do</b></td>
<td rowspan="3" width="4%"></td>
<td align="center" style="border:none;border-bottom:solid windowtext 1.0pt;"><b>What We Don&#146;t Do</b></td>
</tr>
<tr>
<td height="5"></td>
<td height="5"></td>
</tr>
<tr>
<td width="40%" valign="top"><b><i>Compensation is aligned with performance</i></b>.<br>
NEO performance compensation is linked to net income and growth.<font face="Times New Roman" style="font-size:5pt;">&nbsp;<br>
&nbsp;<br>
</font><b><i>Our NEOs have significant exposure to our stock price.</i></b><br>
Although they are not required to do so, both NEOs retain a substantial portion
of the shares from the exercise of the options they have been granted.</td>
<td valign="top"><b><i>We don&#146;t overpay.</i></b><br>
Our 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.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;<br></font>
<b><i>We don&#146;t unduly dilute our shareholders.</i></b><br>
We have a low stock option burn rate and overhang, and our NEOs have not been
granted stock options in the past three years.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;<br>
</font><b><i>We don&#146;t have executive perks.<br>
</i></b>Our NEOs have not received any significant benefits or perquisites other
than those offered to all employees. Our NEOs receive no pension benefits, nonqualified
deferred compensation, or other post-employment potential payments.<font face="Times New Roman" style="font-size:5pt;">&nbsp;<br>
&nbsp;<br>
</font> <b><i>We don&#146;t provide &#147;golden parachutes.&#148;</i></b><br>
Like all our employees, our NEOs are employees at will, and don&#146;t have change
of control or severance agreements.</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&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>
<b>Pay for Performance</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chart below shows NEO compensation history and
the total shareholder return on our Common Stock. Total shareholder return assumes
$100 was invested on March&nbsp;31, 2010 in our Common Stock with reinvestment
of dividends. Although our NEOs&#146; total compensation is not directly based
on the performance of our Common Stock, it is dependent on financial performance
metrics that we expect to drive shareholder value.<BR>
&nbsp;<br>
</font>
<DIV ALIGN="CENTER"><IMG SRC="cmp-chrt.gif" WIDTH="459" HEIGHT="217" alt="NEO Summary Compensation Chart, 2010-2015"></DIV>
<FONT STYLE="font-size: 10pt; font-family: Times New Roman;">&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO Dr. Baker&#146;s compensation for the most recent
fiscal year consisted primarily of base salary of $278,444 and incentive plan
compensation of $210,320. CFO Mr.&nbsp;Reynders&#146; total compensation consisted
of base salary of $167,067 and incentive compensation of $52,922. Compensation
for both NEOs increased in fiscal 2015 compared to fiscal 2014 because the company&#146;s
income before taxes increased. Both NEOs&#146; total compensation decreased from
fiscal 2013 to 2014 when NVE&#146;s income before taxes decreased.<br>
<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 NEO in the past three fiscal years.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of our employees, including our NEOs, are employees
at will, and we have the right to terminate employees at any time, with or without
cause. We have not entered into change of control or severance agreements with
either NEO.<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;">11</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><b><a href="#TOC">Table
of Contents</a></b></font><FONT STYLE="font-size: 10pt; font-family: Times New Roman;"><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</B><A NAME="CompPhilosophy"></A>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our overall philosophy is that compensation levels
should be adequate to retain highly qualified personnel but not be unreasonable
or excessive. In determining annual compensation for senior managers, we consider
the manager&#146;s position, performance, productivity, recent compensation history,
experience, and education. We also take into account whether an employee has options
or accumulated wealth from options. The Compensation Committee took into consideration
our shareholder say-on-pay vote at our 2014 Annual Meeting and will continue to
consider the outcome of the say-on-pay votes when making future compensation decisions
for our NEOs.<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
long-term shareholder value. We consider whether any risks might be created by
our compensation polices and practices. At our 2014 Annual Meeting, our shareholders
voted for approval of our named executive officer compensation. Although the vote
was not binding on the Board, the Compensation Committee took the vote into account
in NEO compensation decisions. 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>Low Burn Rate and Overhang</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. For
fiscal 2015, our &#147;burn rate&#148; was 0.082%, and our three-year average
burn rate from fiscal 2013 through fiscal 2015 was also 0.082%. This was entirely
due to options granted to our directors on their election or reelection to our
Board. We define burn rate as the number of equity awards granted in the year
divided by the undiluted weighted average number of common shares outstanding
during the year. This measures the potential dilutive effect of annual equity
grants.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We define &#147;overhang&#148; as equity awards
(options and warrants) outstanding but not exercised, divided by total common
shares outstanding. Our overhang as of March 31, 2015 was 0.72%. Including equity
awards available to be granted but not granted, our overhang was 3.8%, but since
2006 we have used only a small portion of authorized option shares.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe our burn rate and overhang are low in
relation to companies in our industry and reflect a judicious use of equity for
compensation.<br>
&nbsp;<br>
<b><i>&#147;No Perks&#148; Policy</i></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior managers have not received any significant
benefits that are not offered to all employees. We offer fringe benefits to all
employees, including paid vacations, holidays, 401(k) retirement plans, tuition
reimbursement, health insurance, Health Savings Accounts, life insurance, dental
insurance, and long-term disability insurance.
We believe these benefits help attract and retain employees throughout the Company.
The cost of these fringe benefits for our NEOs are provided as &#147;All&nbsp;Other
Compensation&#148; in the Summary Compensation Table.<br>
<br>
<b><i>No Change in Control Severance Agreements</i></b> <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not entered into change of control severance
agreements with the NEOs or any other employees.<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;">12</FONT></DIV>
<HR>
</DIV>
<FONT STYLE="font-size: 10pt; font-family: Times New Roman;"><B><A HREF="#TOC">Table
of Contents</A></B> <BR>
<BR>
<A NAME="CompActions"></A><B>Fiscal 2015 Compensation Decisions<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. Any 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;For fiscal 2015, Dr.&nbsp;Baker&#146;s base salary
was $278,444 and Mr.&nbsp;Reynders&#146; salary was $167,067. Dr.&nbsp;Baker&#146;s
base salary increased 2% to $284,013 for fiscal 2016, and Mr.&nbsp;Reynders&#146;
salary also increased 2%, to $170,408. The Committee believed these NEO salary
increases were approximately average percentage increases for the industry and
the Company.<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 2015, performance-based incentive compensation was 76% of Dr.&nbsp;Baker&#146;s
salary, compared to 15% of salary in fiscal 2014. Dr. Baker&#146;s performance-based
compensation was 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 2015 plus 3% of the increase in adjusted income before taxes in
fiscal 2015 compared to fiscal 2014. 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 2015 was based on 0.1% of adjusted income before taxes in fiscal 2015
plus 0.6% of the increase in adjusted income before taxes in fiscal 2015 compared
to fiscal 2014. 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>
&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. The CEO is not
present during voting or deliberations regarding his own compensation.<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;">13</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>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 nonstatutory stock options.
Employees realize no taxable income and we are not entitled to a deduction at
the time an incentive stock option is granted. If certain statutory employment
and holding period conditions are satisfied before the employee disposes of shares
acquired from the exercise, no taxable income results from the exercise and we
are not entitled to any deduction. If the statutory holding periods are met, any
gain or loss realized by the employee is treated as a capital gain or loss and
we are not entitled to a deduction.<br>
<br>
&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>
&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;">14</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;</font><FONT STYLE="font-size: 10pt; font-family: Times New Roman;"><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="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Fiscal&nbsp;Year<br>
Ended<br>
March&nbsp;31</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Salary<br>
($)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Bonus<br>
($)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Option<br>
Awards<br>
($)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom">
<div align="center"><b>Non-equity<br>
Incentive&nbsp;Plan<br>
<font style="white-space: nowrap;">Compensation($)(1)</font></b></div>
</td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom">
<b>All&nbsp;Other<br>
Compensation<br>
($)(2)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Total<br>
($)</b></td>
</tr>
<tr>
<td colspan="2" bgcolor="#ccdaef">Daniel A. Baker</td>
<td align="center" bgcolor="#ccdaef">2015</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef"><font style="font-size: 10pt; font-family: Times New Roman;">278,444</font></td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">210,320</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">12,354</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">501,118</td>
</tr>
<tr>
<td colspan="2">President and CEO</td>
<td align="center">2014</td>
<td>&nbsp;</td>
<td align="center">273,333</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">41,443</td>
<td>&nbsp;</td>
<td align="center">12,204</td>
<td>&nbsp;</td>
<td align="center">326,980</td>
</tr>
<tr>
<td bgcolor="#ccdaef">&nbsp;</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">2013</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">266,667</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">75,462</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">12,054</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">354,183</td>
</tr>
<tr>
<td colspan="15">&nbsp;</td>
</tr>
<tr>
<td bgcolor="#ccdaef">Curt&nbsp;A.&nbsp;Reynders</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">2015</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef"><font style="font-size: 10pt; font-family: Times New Roman;">167,067</font></td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef"> 52,922 <br>
</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">11,154</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">231,143</td>
</tr>
<tr>
<td>Chief&nbsp;Financial&nbsp;Officer</td>
<td></td>
<td align="center">2014</td>
<td>&nbsp;</td>
<td align="center">164,000</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">16,577</td>
<td>&nbsp;</td>
<td align="center">*</td>
<td>&nbsp;</td>
<td align="center">180,577</td>
</tr>
<tr>
<td bgcolor="#ccdaef">&nbsp;</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">2013</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">160,000</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">23,926</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">10,072</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">193,998</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>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>
&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 equity awards to
our NEOs outstanding as of March&nbsp;31, 2014. Neither of our NEOs has had any
form of equity award other than options, and Dr.&nbsp;Baker had no equity-based awards
outstanding as of March&nbsp;31, 2015.<br>
&nbsp;<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="7" 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&nbsp;(#)<br>
Exercisable</B></TD>
<TD WIDTH="2%"></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&nbsp;(#)<br>
Unexercisable</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="center" BGCOLOR="#ccdaef">- </TD>
<TD ALIGN="center" BGCOLOR="#ccdaef">&nbsp;</TD>
<TD ALIGN="center" BGCOLOR="#ccdaef">- </TD>
<TD BGCOLOR="#ccdaef">&nbsp;</TD>
<TD ALIGN="center" BGCOLOR="#ccdaef">- </TD>
<TD BGCOLOR="#ccdaef">&nbsp; </TD>
<TD ALIGN="center" BGCOLOR="#ccdaef">-</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>Curt&nbsp;A.&nbsp;Reynders&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp; </TD>
<TD ALIGN="center"> 16,090 <br>
</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">-</TD>
<TD ALIGN="right">&nbsp; </TD>
<TD ALIGN="center">16.33</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="center">1/16/2016</TD>
</TR>
</TABLE>
<font style="font-size: 10pt; font-family: Times New Roman;"><b>&nbsp;<br>
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 2015. 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="center">-</td>
<td>&nbsp;</td>
<td align="center">- </td>
</tr>
<tr>
<td align="right">&nbsp;</td>
<td>Curt&nbsp;A.&nbsp;Reynders&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td></td>
<td align="center">1,910<br>
</td>
<td>&nbsp;</td>
<td align="center">101,555</td>
</tr>
</table>
<DIV STYLE="page-break-after: always;">
<DIV STYLE="width: 100%; text-align: center;"><FONT STYLE=" font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;<br>15</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>
</font><font style="font-size: 10pt; font-family: Times New Roman;"><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 on 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 an 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.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee Committee charter provides
that the Committee may, in its sole discretion, retain or obtain the advice of
a compensation consultant, legal counsel or other adviser. The Committee has not
employed such advisers because it does 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 compensation 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 or the NASDAQ issues guidance related to such policies.<br>
<br>
<b>Fiscal 2015 Named Executive Officer Compensation</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended March 31, 2015, the principal
components of compensation for NEOs were salary and performance-based compensation.<br>
&nbsp;<br>
<br>
<div style="width: 100%; text-align: center;"><a name="CompRisk"></a><b>COMPENSATION
POLICIES AND PRACTICES AS THEY RELATE TO RISK MANAGEMENT</B></div>
</font><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT><font style="font-size: 10pt; font-family: Times New Roman;">&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
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>
&nbsp; <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>
&nbsp;<br>
<DIV ALIGN="center"><U>COMPENSATION COMMITTEE MEMBERS</U></DIV>
</FONT>
<TABLE STYLE="font-size: 10pt; font-family: Times New Roman;" WIDTH="100%" BORDER="0" CELLSPACING="00" CELLPADDING="0">
<TR>
<TD WIDTH="33%">Terrence W. Glarner</TD>
<TD ALIGN="center">Patricia M. Hollister</TD>
<TD ALIGN="right" WIDTH="33%">Richard W. Kramp</TD>
</TR></TABLE>
<div align="center"><font style=" font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;<br>
16</font></div>
<div style="page-break-after: always;"><hr></div>
<font style="font-size: 10pt; font-family: Times New Roman;"><b><a href="#TOC">Table
of Contents</a></b><br>
<br>
<div align="center"><b><a name="Prop3"></a>PROPOSAL 3. <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 Grant Thornton
LLP as our independent registered public accounting firm to audit our financial
statements for fiscal 2016 and recommends that shareholders ratify the selection.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant Thornton audited our fiscal 2015 and 2014
financial statements, and Ernst&nbsp;& Young LLP audited our financial statements
from fiscal 2001 through fiscal 2013. At our 2014 Annual Meeting, shareholders
ratified the selection of Grant Thornton. Shareholder ratification of our independent
registered public accounting firm is not required by our Articles of Incorporation,
but our Board is submitting the selection for ratification as a matter of good
corporate practice. We expect representatives of Grant&nbsp;Thornton to be at
our 2015 Annual Meeting and they will have the opportunity to make a statement
if they wish. We also expect them to be available to respond to appropriate questions.
If our shareholders fail to ratify the selection Grant Thornton, our Audit Committee
will reconsider its engagement. Even if the selection is ratified, the Committee
in its discretion may direct the selection of different independent auditors at
any time during the year if it determines that such a change would be in our company&#146;s
and shareholders&#146; best interests.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>The Board unanimously recommends a vote FOR the
ratification of the selection of Grant Thornton LLP.</b><br>
&nbsp; <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 Our Independent Registered
Public Accounting Firm During Fiscal 2015 and 2014<BR>
<I>Audit Fees</I></B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incurred total fees from Grant Thornton of $102,325 relating to
the audit of the March&nbsp;31, 2015 financial statements, review of the financial
statements included in fiscal 2015 quarterly reports on <font style="white-space: nowrap;">Form
10-Q</FONT>, and other matters directly relating to the fiscal 2015 audit. Fees
were $130,000 relating to the audit of the March&nbsp;31, 2014 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 to Grant Thornton relating
to tax return preparation and other tax compliance matters were $10,660 in fiscal 2015
and $9,500 in fiscal 2014. We did not incur any fees for audit-related services in fiscal 2015
or 2014, and no other fees for services were billed to us by Grant Thornton during
fiscal 2015 or 2014.<br>
&nbsp;<br>
<B>Audit Committee Independence and Preapproval 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 our accounting firm before the firm is engaged to provide those services. The
Committee determined that tax return preparation and other tax compliance services
is compatible with maintaining our accounting firm&#146;s independence. If it
becomes necessary to engage the independent auditor for additional services not
contemplated in the original preapproval, the Company will obtain the specific
preapproval of the Committee before engaging the auditor. The preapproval policy
requires the Audit Committee to be informed of each service performed by the auditor,
and the policy does not include any delegation of the Committee&#146;s responsibilities
to management. The Audit Committee may delegate preapproval authority to one or
more of its members. The member with such delegated authority will report any
preapprovals to the entire Committee at its next scheduled meeting. The Audit
Committee approved all fees paid to our accounting firms described in the sections
above.<br>
&nbsp;<br>
&nbsp;<BR>
</FONT> <font style="font-size: 10pt; font-family: Times New Roman;">
<div align="center"><b>ANNUAL REPORT<a name="AnnRpt"></a></b></div>
</FONT><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT><font face="Times New Roman" style="font-size:10pt;"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of our Annual Report on Form 10-K for the fiscal year ended March&nbsp;31,
2015, including financial statements, accompanies this Notice of Annual Meeting
and Proxy Statement. The Annual Report was filed with the SEC on May&nbsp;6,
2015. 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 Form 10-K 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.</b><br>
&nbsp; <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<br>
June 22, 2015</td>
</tr>
</table>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;<br>
17</font></div>
<hr></div>
<font style="font-size: 10pt; font-family: Times New Roman;"><b><a href="#TOC">Table of Contents</a>
<br>
<br>
</b></font>
<div align="center"><font style="font-size: 10pt; font-family: Times New Roman;"><b>Map to NVE Corporation<a name="Map"></a><br>
2015 Annual Meeting<br>
August 6, 2015, 3:30 p.m. <br>
<br>
<img width="672" height="529" src="map.gif" alt="Map to NVE Annual Meeting"></b></font></div>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br></font>
<div style="page-break-after: always;">
<hr></div>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br></font>
<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,
and FOR Proposals 2 and 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">Elect five directors.</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">Patricia&nbsp;M.&nbsp;Hollister</TD>
<TD WIDTH="22">05</TD>
<TD>Gary R. Maharaj</TD>
</TR>
<TR>
<TD>02</TD>
<TD>Daniel A. Baker</TD>
<TD>04</TD>
<TD>Richard W. Kramp&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="36">&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;">Advisory
approval of named executive officer compensation.</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"><br>
&nbsp; </TD>
</TR>
<tr>
<td valign="top">3.</td>
<td colspan="4">Ratify the selection of Grant&nbsp;Thornton LLP as our independent
registered public accounting firm for the fiscal year ending March&nbsp;31, 2016.</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>
<TR>
<TD colspan="5" align="right">(please sign on the other side)</TD>
</TR>
</table>
<div style="page-break-after: always;"><hr></div>
<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;6,
2015 and any adjournments thereof.<br>
<br>
<b>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE 2015
ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON AUGUST&nbsp;6,
2015:</b> 1)&nbsp;The Company&#146;s Proxy Statement for the 2015 Annual Meeting
of Shareholders, 2)&nbsp;Shareholder Letter, and 3)&nbsp;Annual Report on <font style="white-space: nowrap;">Form
10-K</font> for the year ended March&nbsp;31, 2015 are available at www.nve.com/AnnualReports.<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, AND FOR PROPOSALS 2 AND 3.
THE PROXIES ARE AUTHORIZED TO VOTE THIS PROXY IN THEIR DISCRETION WITH RESPECT
TO OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE MEETING.<br>
&nbsp;</B></font>
<hr></html>
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<FILENAME>cmp-chrt.gif
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
