<SEC-DOCUMENT>0000724910-22-000016.txt : 20220621
<SEC-HEADER>0000724910-22-000016.hdr.sgml : 20220621
<ACCEPTANCE-DATETIME>20220621164412
ACCESSION NUMBER:		0000724910-22-000016
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20220804
FILED AS OF DATE:		20220621
DATE AS OF CHANGE:		20220621

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:		221028693

	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_2022_Proxy.htm
<DESCRIPTION>STATEMENT PURSUANT TO SECTION 14(A)
<TEXT>
<html><font style="font-size: 10pt; font-family: Times New Roman">&nbsp;<br>
<a href="#TOC"><b>Table of Contents</b></a><br>
&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>
<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;20, 2022<br>
<br>
<br>
Fellow Shareholders:<br>
<br>
We cordially invite you to participate in our 2022 Annual Meeting of Shareholders
on Thursday, August&nbsp;4, 2022 at 3:30 p.m. Central Daylight Time at the
SpringHill Suites by Marriott, 11552&nbsp;Leona Road, Eden Prairie, Minnesota,
55344. After holding virtual meetings in 2020 and 2021 because of the COVID-19
pandemic, we are pleased to return to our practice of in-person meetings.<br>
&nbsp;<br>
The items of business are described in our Proxy Statement. The Proxy Statement
and other materials are available from www.nve.com/AnnualReports, or by using
the appropriate QR Code below.<br>
&nbsp;<br>
Thank-you for your support of NVE Corporation.<br>
<br>&nbsp;</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>&nbsp;<br>
/s/Daniel A. Baker<br>
Daniel A. Baker</td>
</tr>
<tr>
<td>President&nbsp;and CEO</td>
</tr>
</table>
<font face="Times New Roman" style="font-size:10pt;">&nbsp;<br>
&nbsp;<br>
&nbsp;<br>
&nbsp;<br>
</font>
<table border="0" cellspacing="00" cellpadding="0" align="center" style="font-family: Times New Roman" width="500">
<tr>
<td align="center" width="33%" height="75"><img src="eventsqr.gif" width="75" height="75" border="0" alt="Investor Events QR Code"></td>
<td align="center"><img src="rptsqr.gif" width="75" height="75" alt="Annual Reports QR Code" border="0"></td>
<td align="center" width="33%"><img src="videosqr.gif" width="75" height="75" alt="YouTube Channel QR Code" border="0"></td>
</tr>
<tr>
<td align="center" height="30"><font size="1">&nbsp;www.nve.com/investorEvents&nbsp;</font></td>
<td align="center"><font size="1">&nbsp;www.nve.com/AnnualReports&nbsp;</font></td>
<td align="center"><font size="1">&nbsp;www.YouTube.com/NveCorporation&nbsp;</font></td>
</tr>
</table>
<font face="Times New Roman" style="font-size:10pt;"><br>
&nbsp;<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 2022 ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON AUGUST&nbsp;4, 2022:</b><br>
1)&nbsp;The Company&#146;s Proxy Statement for the 2022 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, 2022 are available at www.nve.com/AnnualReports.</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
</font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;</font></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;4, 2022<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="#BeforeMeeting">VOTING BEFORE THE MEETING</a><br>
<br>
<a href="#DuringMeeting">VOTING DURING THE MEETING</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="#Financials">FINANCIAL STATEMENTS</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">Prohibitions of Pledging, Hedging, and Other Derivative Transactions</a><br>
<a href="#Whistleblower">Whistleblower Protection</a><br>
<a href="#Leadership">Board Leadership Structure and Role in Risk Oversight</a><br>
<a href="#BoardIndep">Board Independence</a><br>
<a href="#Overboarding">Overboarding</a><br>
<a href="#Refreshment">Board Refreshment</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="#ESG">Environmental, Social, and Governance (ESG)</a><br>
<a href="#Climate">Climate Policies</a><br>
<a href="#Cyber">Cybersecurity</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 OVERVIEW</A><BR>
<BR>
</B><b><A HREF="#ExecComp">EXECUTIVE COMPENSATION</A></B><br>
<DIV STYLE="margin-left: 28pt;"> <A HREF="#SCT">Summary Compensation Table</A></DIV>
<br>
<a href="#Prop3"><B><font style="letter-spacing: -.04em;">PROPOSAL 3. RATIFICATION
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 2022 and 2021</A><BR>
<A HREF="#Preapproval">Audit Committee Independence and Preapproval Policy</A><BR>
&nbsp;<BR>
</DIV>
</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&nbsp;4, 2022<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 Thursday, August&nbsp;4, 2022 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;2022
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;20, 2022.<br>
<br>
<b>Admission and Voting</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 Annual Meeting. To vote in person, if you are a shareholder of
record, you must bring a proxy from us with a label indicating your shareholder
number and number of shares held. If you are a shareholder through a broker or
bank, the proxy should be a form called a &#147;Legal Proxy&#148; that you can
request through your broker or bank.<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 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 Joseph R.&nbsp;Schmitz, our CFO, at telephone
number 952-829-9217, 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 2022
Annual Meeting. If, however, other matters do properly come before the 2022 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 2022 Annual Meeting, but we did not receive
notice of it prior to May&nbsp;8, 2022, the persons named in our vote form for
the 2022 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 the 2022 Annual Meeting must have been received at our executive offices in
Eden Prairie, Minnesota, no later than February&nbsp;21, 2022 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 submitting proposals by certified mail with return
receipt requested. On receiving any such proposal, we will determine whether to
include it in our proxy statement and proxy in accordance with the regulations
governing the solicitation of proxies. Shareholders who intended to present a
proposal at the 2022 Annual Meeting without including such proposal in our proxy
statement must have provided us with notice of such proposal no later than May&nbsp;9,
2022. We received no such notifications, and 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>
&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;">1</font></div>
<hr>
</div><font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table of Contents</b></a><br>
&nbsp;<br><DIV ALIGN="center"><B>VOTING
INFORMATION</B><A NAME="VotingInfo"></A></DIV>
</font><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;10, 2022 are entitled
to execute proxies or to vote at the 2022 Annual Meeting. As of that date, there
were outstanding 4,830,826 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 2022 Annual Meeting. A majority of the outstanding shares
of Common Stock represented by proxy or by telephone and entitled to vote is required
to approve Proposal&nbsp;1. If there is not a quorum at the 2022 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. Broker non-votes will not be counted
toward determining whether a proposal has been approved.<br>
&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, our directors, officers, and
regular employees may solicit proxies personally or by telephone, but these people
will not be specifically compensated for those services. 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 2022 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 each proposal 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>
&nbsp;<br>
<div align="center"><font face="Times New Roman" style="font-size:10pt;"><a name="BeforeMeeting"></a></font><b>VOTING
BEFORE THE MEETING</b></div>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most of our shareholders vote before the
Annual Meeting. If you are a shareholder through a broker or bank, you may vote
your shares by mail, Internet, or telephone through August&nbsp;4, 2022, the day
before the meeting. If you are a shareholder of record, you may vote your shares
by mail only. If at the close of business on June&nbsp;10, 2022 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 the form, and mail the
form in the postage-paid envelope provided. We must receive your proxy by August&nbsp;4, 2022 for your vote to count.<br>
<br>
<b>Voting by Internet or Telephone</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a shareholder through a broker or bank,
you may vote or revoke your 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 a day until 11:59&nbsp;p.m., Eastern Daylight Time,
on August 3, 2022.<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 via www.proxyvote.com to receive future meeting notices via e-Delivery.<br>
<br>
</font>
<div align="center"><font face="Times New Roman" style="font-size:10pt;"><a name="DuringMeeting"></a><b>VOTING
DURING THE MEETING</b></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;To
vote during the meeting, if you are a shareholder of record, you must bring a
proxy from us with a label indicating your shareholder number and number of shares
held. If you are a shareholder through a broker or bank, the proxy should be a
form called a &#147;Legal Proxy&#148; that you can request through your broker
or bank.<br>
<BR>
<div align="center"><b>EQUITY COMPENSATION PLAN INFORMATION</b><a name="EquityComp"></a></div>
</FONT><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;</FONT><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have no securities to be issued under equity compensation plans not approved by
our shareholders. Our equity compensation plans do not allow cash buyouts of underwater
options. The following table summarizes Common Stock that may be issued as of
March&nbsp;31, 2022 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">&nbsp;</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" valign="bottom"><b>Number
of Securities<br>
to be Issued Upon<br>
Exercise of<br>
Outstanding Options</b></td>
<td style="border-bottom: 1px solid black;" align="center" valign="bottom"><b>Weighted-Average<br>
Exercise Price of<br>
Outstanding <br>
Options</b></td>
<td style="border-bottom: 1px solid black;" align="center" valign="bottom"><b>Number
of Securities Remaining<br>
Available for Future Issuance<br>
Under Equity&nbsp;Compensation&nbsp;Plans <br>
(Excluding Column (a))</b></td>
</tr>
<tr bgcolor="#ccdaef">
<td valign="top"><font face="Times New Roman" style="font-size:10pt;">Common Stock
that may <br>
be issued as of March&nbsp;31, 2022</font></td>
<td valign="top"></td>
<td style="border-bottom: 3px double black;" align="center" valign="bottom">29,000</td>
<td valign="top">&nbsp;</td>
<td style="border-bottom: 3px double black;" align="center" valign="bottom">$69.52</td>
<td valign="top">&nbsp;</td>
<td style="border-bottom: 3px double black;" align="center" valign="bottom">126,230</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
</font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">2</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;">
<div align="center"><b>SECURITY OWNERSHIP<a name="Ownership"></a></b></div>
<font 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;10, 2022 by (i)&nbsp;each
person or group known by us to beneficially own more than five percent of our
outstanding Common Stock, (ii)&nbsp;each director, (iii)&nbsp;each named executive
officer set forth in the summary compensation table, and (iv)&nbsp;all of the
directors, director nominees, and executive officers as a group.<br>
&nbsp;</font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" width="18">&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom">
<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 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">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">597,796<br>
</td>
<td width="1%" valign="bottom" bgcolor="#ccdaef">(2)</td>
<td valign="bottom" align="right" bgcolor="#ccdaef">12.4</td>
<td width="1%" valign="bottom" bgcolor="#ccdaef">%&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"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td></td>
<td>Royce &amp; Associates, LP<br>
&nbsp;&nbsp;745 Fifth Avenue, New York, NY 10151</td>
<td align="right" valign="bottom">497,607<br>
</td>
<td valign="bottom">(3)</td>
<td align="right" valign="bottom">10.3</td>
<td valign="bottom">%</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">Vanguard Group Inc.<br>
&nbsp;&nbsp;100 Vanguard Blvd., Malvern, PA 19355</td>
<td valign="bottom" align="right" bgcolor="#ccdaef">326,132<br>
</td>
<td width="1%" valign="bottom" bgcolor="#ccdaef">(4)</td>
<td valign="bottom" align="right" bgcolor="#ccdaef">6.8</td>
<td width="1%" valign="bottom" bgcolor="#ccdaef">%&nbsp;&nbsp;&nbsp;</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> BlackRock Inc.<br>
&nbsp;&nbsp;55 East 52nd Street, New York, NY 10055</td>
<td valign="bottom" align="right"> 318,574 <br>
</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>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">Daniel A. Baker</td>
<td align="right" bgcolor="#ccdaef">86,186</td>
<td bgcolor="#ccdaef">(6)</td>
<td align="right" bgcolor="#ccdaef">1.8</td>
<td bgcolor="#ccdaef">%</td>
</tr>
<tr>
<td></td>
<td>Peter G. Eames</td>
<td align="right">-</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>*</td>
</tr>
<tr>
<td bgcolor="#ccdaef">&nbsp;</td>
<td bgcolor="#ccdaef">Joseph R. Schmitz(7)</td>
<td bgcolor="#ccdaef" align="right">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td bgcolor="#ccdaef">*</td>
</tr>
<tr>
<td></td>
<td>Jon J. Larson(8)</td>
<td align="right">-</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>*</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>Curt A. Reynders(9)</td>
<td align="right">-</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>*</td>
</tr>
<tr>
<td></td>
<td>Patricia M. Hollister</td>
<td align="right">10,040</td>
<td>(10)</td>
<td>&nbsp;</td>
<td>*</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>Terrence W. Glarner</td>
<td align="right">7,200</td>
<td>(11)</td>
<td></td>
<td>*</td>
</tr>
<tr>
<td></td>
<td align="left">Richard W. Kramp</td>
<td align="right">8,000</td>
<td>(12)</td>
<td align="right"></td>
<td>*</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td align="left">James&nbsp;W. Bracke</td>
<td align="right">1,500</td>
<td>(13)</td>
<td align="right"></td>
<td>*</td>
</tr>
<tr>
<td></td>
<td>All directors and named executive officers as a group (nine&nbsp;persons)</td>
<td align="right" valign="bottom">112,926<br>
</td>
<td>&nbsp;</td>
<td align="right" valign="bottom">2.3</td>
<td valign="bottom">%</td>
</tr>
</table>
<table style="font-size:4pt;" width="80" border="0" cellspacing="00" cellpadding="0">
<tr>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">&nbsp;
</td>
</tr>
<tr>
<td>&nbsp;</td>
</tr>
</table>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="2" valign="top">*Less than 1%<br>
<font style="font-size:5pt;">&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 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;16, 2022. According to that Schedule, Kayne Anderson Rudnick Investment
Management, LLC (&#147;KAR&#148;) had no voting authority for 31,715&nbsp;shares.
According to a Schedule&nbsp;13G filed with the SEC on February&nbsp;14, 2022,
as of December&nbsp;31, 2021 KAR beneficially owned 595,835&nbsp;shares; Virtus
Investment Advisers, Inc., 462,075&nbsp;shares; and Virtus Equity Trust on behalf
of Virtus KAR Small Cap Growth Fund, 412,690&nbsp;shares. That filing also reported
shared voting and investment powers of KAR, 462,075&nbsp;shares; Virtus Investment
Advisers, Inc., 462,075&nbsp;shares; and Virtus Equity Trust on behalf of Virtus
KAR Small Cap Growth Fund, 412,690&nbsp;shares.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(3)</td>
<td>Based on information contained in Schedule&nbsp;13F filed with the SEC on
May&nbsp;5, 2022. According to a Schedule&nbsp;13G filed with the SEC on January&nbsp;21,
2022, various Accounts managed by Royce &amp; Associates, LP, have the right to
receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of shares of the issuer, and the interest of one account, Royce
Special Equity Fund, amounted to 300,100 shares.<br>
<font style="font-size:5pt;">&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;13, 2022. According to the Schedule, The Vanguard Group had no voting
authority for 318,895&nbsp;shares.<br>
<font style="font-size:5pt;">&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;12, 2022, which included BlackRock Inc. and a number of subsidiaries.
According to the Schedule, BlackRock Inc. had no voting authority for a total
of 2,435&nbsp;shares.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
<tr>
<td valign="top">(6)</td>
<td>Includes 5,000 shares issuable on the exercise of options that are currently
exercisable.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(7)</td>
<td>Mr. Schmitz was named Chief Financial Officer effective January 20, 2022.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(8)</td>
<td>Mr. Larson served as Principal Financial Officer from October 1, 2021 to December
6, 2021.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(9)</td>
<td>Mr. Reynders retired as Chief Financial Officer October 1, 2021.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(10)</td>
<td> Includes 8,000 shares issuable on the exercise of options that are currently
exercisable.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(11)</td>
<td>Includes 6,000 shares issuable on the exercise of options that are currently
exercisable.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(12)</td>
<td>Consists solely of shares issuable on the exercise of options that are currently
exercisable.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(13)</td>
<td>Includes 1,000 shares issuable on the exercise of options that are currently
exercisable.</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
</font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">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>
&nbsp;<br><div align="center"><b>CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS<a name="Relationships"></a></b></div>
<FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Audit Committee reviews and approves
our proxy statement and the information it contains.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our past two fiscal years (fiscal years referred
to in this document end March&nbsp;31), 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 the
audit committee must review all related party transactions for conflicts of interest.
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)).<br>
</font> <font style="font-size:5pt;">&nbsp;</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.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top" align="right">2.&nbsp;</td>
<td>The basis on which the related person is deemed a related person within the
meaning of <font style="white-space: nowrap;">Regulation S-K</font> <font style="white-space: nowrap;">Item
404(a)</font>, if applicable.<br>
<font style="font-size:5pt;">&nbsp;</font> </td>
</tr>
<tr>
<td valign="top" align="right">3.&nbsp;</td>
<td>The material facts and terms of the proposed transaction.<br>
<font style="font-size:5pt;">&nbsp;</font> </td>
</tr>
<tr>
<td valign="top" align="right">4.&nbsp;</td>
<td>The material facts as to the interest of the related person in the proposed
transaction.<br>
<font style="font-size:5pt;">&nbsp;</font></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 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, and (iii)&nbsp;in the best interests of the Company.<br>
<br>
<b>Delinquent Section 16(a) Reports</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,
2022, all reports were filed with the SEC on a timely basis, except a filing on
behalf of Mr. Bracke for the purchase of 100 shares was filed one day late due
to a miscommunication, and filings related to automatic option grants to our non-employee
directors following the 2021 Annual Meeting were filed three weeks late due to
a misunderstanding concerning who would execute the filings.<br>&nbsp;<br>
<div align="center"><a name="Financials"></a><b>FINANCIAL STATEMENTS</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;Our
financial statements for the fiscal year ended March 31, 2022 are included in
our Annual Report on <FONT STYLE="white-space: nowrap;">Form 10-K</font> for the
fiscal year ended March&nbsp;31, 2022, which was filed with the SEC on May&nbsp;4,
2022 and accompanies this Notice of Annual Meeting and Proxy Statement. No portion
of the Annual Report is incorporated into this proxy statement or is to be considered
proxy-soliciting material. Our Annual Report on <FONT STYLE="white-space: nowrap;">Form
10-K</FONT>, this Proxy Statement, and our Shareholder Letter are available at
www.nve.com/AnnualReports. <b>On written request we will provide a copy of our
Annual Report on <FONT STYLE="white-space: nowrap;">Form 10-K</font> without charge
to anyone receiving a copy of this proxy statement. Such written requests should
be addressed to Joseph R. Schmitz, our CFO, at the address on the cover page of
this Proxy Statement.</b><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>
</font><font style="font-size: 10pt; font-family: Times New Roman;">&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 have been nominated for election by the Board. All directors are to be
elected at the Annual Meeting to serve until the 2023 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 recommend. Our director nominees&#146;
skills, experience, and demographics are summarized below:<br>
&nbsp;<br>
</FONT>
<table style="font-size: 10pt; font-family: Times New Roman; width="100%" cellspacing="00" cellpadding="0" width="100%">
<tr>
<td width=1></td>
<td></td>
<td style="border-top: 1px solid black; border-right: 1px solid black; border-left: 1px solid black;" valign="bottom" colspan="5" bgcolor="#ccdaef">
<div align="center"><b>Board Skills, Experience, and Demographics</b> (as of June&nbsp;10,
2022)</div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;" valign="bottom" width="14%">
<div align="center">&nbsp;Terrence&nbsp;W.&nbsp;<br>
Glarner</div>
</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;" valign="bottom" width="14%">
<div align="center">&nbsp;Daniel&nbsp;A.&nbsp;<br>
Baker</div>
</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;" valign="bottom" width="14%">
<div align="center">&nbsp;Patricia&nbsp;M.&nbsp;<br>
Hollister</div>
</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;" valign="bottom" width="14%">
<div align="center">&nbsp;Richard&nbsp;W.&nbsp;<br>
Kramp</div>
</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" valign="bottom" width="14%">
<div align="center">James&nbsp;W.<br>
Bracke</div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" colspan="7" bgcolor="#ccdaef"><b>&nbsp;Skills
and Experience</b></td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" valign="top" align="right">1.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Director
at other publicly-traded companies</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp; </td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">&#149;</div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef" valign="top" align="right">2.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
&nbsp;&nbsp;Senior executive experience (e.g., CEO or CFO)<br>
&nbsp;&nbsp;at a publicly traded company</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">&nbsp;
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" valign="top" align="right">3.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Experience&nbsp;in&nbsp;electronics&nbsp;or&nbsp;semiconductor&nbsp;industries&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">&#149;</div>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef" valign="top" align="right">4.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
&nbsp;&nbsp;Experience in the medical device industry</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" valign="top" align="right">5.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Experience&nbsp;with&nbsp;corporate&nbsp;development,&nbsp;mergers,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
&nbsp;&nbsp;and acquisitions</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center"><b>&#149;</b></div>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" valign="top" align="right">6.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Business-to-business
sales management experience</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center"></div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">&#149;</div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" valign="top" align="right">7.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;"> &nbsp;&nbsp;Financial
expert</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">&#149;</div>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" valign="top" align="right">8.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;"> &nbsp;&nbsp;Cybersecurity
experience</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">&#149;</div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" valign="top" align="right">9.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;"> &nbsp;&nbsp;Experience
aligning compensation with strategy <br>
&nbsp;&nbsp;and performance</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">&#149;</div>
</td>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" valign="top" align="right">&nbsp;10.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;"> &nbsp;&nbsp;Independent
of Management</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp; </td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">&#149;</div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" colspan="9"><b>&nbsp;Background</b></td>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;"> &nbsp;&nbsp;NVE
Board tenure</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">23 years</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">21 years</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">18 years</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">8 years</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">One year</div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;"> &nbsp;&nbsp;Age</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">79</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">64</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">62</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">76</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">75</div>
</td>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;"> &nbsp;&nbsp;Educational
background</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&nbsp;English;&nbsp;<br>
Law</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&nbsp;Engineering;&nbsp;<br>
Business</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&nbsp;Accounting&nbsp;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&nbsp;Engineering&nbsp;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center"><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;Microbiology&nbsp;</font></div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;"> &nbsp;&nbsp;Demographic
background</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&nbsp;White</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&nbsp;White&nbsp;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&nbsp;White&nbsp;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&nbsp;White&nbsp;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">White</div>
</td>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Gender
identity</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">Male</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">Male</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">Female</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">Male</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">Male</div>
</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe items 1, 2, 7, 8, 9, and 10 are important
for good corporate governance and our Board&#146;s role in Risk Oversight. Item&nbsp;3,
experience in the electronics or semiconductor industries, is desirable because
we market and sell to electronics industries and our sales strategy relies heavily
on semiconductor industry distribution channels. Item 4, experience in the medical
device industry, is desirable because medical device sensors are a key part of
our growth strategy. Item&nbsp;5, experience with corporate development, mergers,
and acquisitions is desirable since such transactions could be part of our growth
strategy. Item&nbsp;6, business-to-business sales management experience, helps
set strategies to overcome the challenges small semiconductor companies face with
inherently limited resources and the perceived risks of doing business with a
smaller company.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Nasdaq Rule 5606(a), each director&#146;s
voluntary self-identified characteristics are as follows:<br>
&nbsp;<br>
</font>
<table style="font-size: 10pt; font-family: Times New Roman; width="100%" cellspacing="00" cellpadding="0" width="50%" align="center">
<tr>
<td style="border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black; border-right: 1px solid black; " colspan="5"><div align="center"><b>Board Diversity Matrix</b> (as of June&nbsp;10, 2022)</div>
</td>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-left: 1px solid black;">&nbsp;&nbsp;Total Number of Directors</td>
<td style="border-right: 1px solid black; border-left: 1px solid black;" valign="bottom" colspan="4">
<div align="center">5</div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-top: 1px solid black;"></td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;" valign="bottom" width="18%">
<div align="center"><b>&nbsp;Female&nbsp;</b></div>
</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;" valign="bottom" width="18%">
<div align="center"><b>&nbsp;Male&nbsp;</b></div>
</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;" valign="bottom" width="18%">
<div align="center"><b>Non-<br>
&nbsp;Binary&nbsp;</b></div>
</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" valign="bottom" width="18%">
<div align="center"><b>Did Not<br>
&nbsp;Disclose&nbsp;Gender&nbsp;</b></div>
</td>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" colspan="5">&nbsp;&nbsp;<b>Part
I: Gender Identity</b></td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Directors</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">1</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">4</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">-</div>
</td>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;<b>Part
II: Demographic Background</b></td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" colspan="4">
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;African American or Black</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">-</div>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Alaskan
Native or Native American</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">-</div>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Asian</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">-</div>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Hispanic
or Latinx</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">-</div>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Native
Hawaiian or Pacific Islander</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">-</div>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;White<br>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">1</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">4</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">-</div>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Two
or More Races or Ethnicities<br>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">-</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">-</div>
</tr>
<tr bgcolor="#ccdaef">
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;LGBTQ+</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" colspan="4">
<div align="center">-</div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Did&nbsp;not&nbsp;Disclose&nbsp;Demographic&nbsp;Background&nbsp;&nbsp;&nbsp;
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" colspan="4">
<div align="center">-</div>
</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<BR>
</FONT>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">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>
&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors&#146; biographical information is as follows:<BR>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Terrence W. Glarner</i></b>, age 79,
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. He has served as a director of several other publicly
traded companies in the past. He was also a director of Bremer Financial Corp.,
a privately held company, until retiring in 2018. 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 64, has been
a director and NVE&#146;s President and CEO since 2001. Dr.&nbsp;Baker has 45
years of executive and engineering experience. From 1993 until joining NVE, he
was President and CEO of Printware,&nbsp;Inc., 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 to 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 Cantel Medical
Corp.) and Director of Engineering for Percom Data Corporation. Dr.&nbsp;Baker
holds Ph.D. in biomedical engineering and MBA degrees from the University of Minnesota,
and a B.S. in biomedical engineering from Case Western Reserve University. Dr.&nbsp;Baker&#146;s
more than 35&nbsp;years experience as an executive in publicly traded technology
companies, his experience managing product development and sales organizations,
his understanding of our business gained through his role as our President and
CEO, and his educational background in engineering and business qualify him to
serve as a director.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Patricia M. Hollister</i></b>, age 62, has
been a director since 2004. She was Director of Finance for TEL FSI,&nbsp;Inc.
(now TEL Manufacturing and Engineering of America, Inc., or &#147;TMEA&#148;)
<b></b> until retiring in 2016. TMEA designs, manufactures, markets, and supports
equipment used in the fabrication of microelectronics. Ms.&nbsp;Hollister served
as chief financial officer of FSI International&nbsp;Inc. (&#147;FSI&#148;) from
1998 until it was acquired by TEL in 2012. FSI was publicly traded until it was
acquired. Prior to joining FSI in 1995, Ms.&nbsp;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 BS 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 76, has been
a director since 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.&nbsp;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.&nbsp;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.&nbsp;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 National Sales Manager, then as Director of Sales and Marketing,
and then as Vice President of Sales and Marketing for St.&nbsp;Jude Medical,&nbsp;Inc.
(now part of Abbott Laboratories) from 1978 to 1988. Prior to that, Mr.&nbsp;Kramp
held engineering positions with Cardiac Pacemakers,&nbsp;Inc. (now part of Boston
Scientific, Inc.). He was also a director of Vascular Solutions,&nbsp;Inc., a
publicly traded medical device company, from May 2013 until its acquisition by
Teleflex Corporation in February 2017. He 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 director,
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>James W. Bracke</i></b>, age 75, has been
a director since August 2021. Dr.&nbsp;Bracke has been President of Boulder Creek
Consulting,&nbsp;LLC, a business and technology consulting firm, since 2004. He
was Vice President of Oral Health at EPIEN Medical&nbsp;Inc., a privately-held
medical device company, from April 2014 to September 2018. Dr.&nbsp;Bracke was
President and CEO of Lifecore Biomedical,&nbsp;Inc., a publicly-held medical device
manufacturer, from 1983 to 2004. He has been a director of Autoscope Technologies
Corporation (formerly Image Sensing Systems, Inc.) since 2009. Autoscope is a
publically-held corporation dedicated to helping improve safety and efficiency
for cities and highways by developing and delivering above-ground detection technology,
applications, and solutions. Dr.&nbsp;Bracke is currently chair of Autoscope&#146;s
Audit Committee and a member of its Nominating and Corporate Governance Committee
and its Compensation Committee. He was Chairman of the Image Sensing Systems Board
from September 2011 until June 2016. Dr.&nbsp;Bracke received a Ph.D. in microbiology
from the University of Iowa College of Medicine. Dr.&nbsp;Bracke&#146;s management,
technical, medical device, and public company experience and his medical 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>
</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>
<div align="center"><b>CORPORATE GOVERNANCE<a name="Governance"></a></b></div>
<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>Prohibitions of Pledging, Hedging, and Other Derivative Transactions</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 (i) pledge or margin our securities as
collateral for a loan obligation, (ii) engage in &#147;short sales&#148; or &#147;sales
against the box&#148; or trade in puts, calls or other options on our securities
or (iii) purchase any financial instrument or contract that is designed to hedge
or offset any risk of decrease in the market value of our securities. This prohibition
includes securities granted as compensation or otherwise held.<br>
<br>
<b>Whistleblower Protection</b><a name="Whistleblower"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Section 806 of the Sarbanes-Oxley
Act of 2002, we provide a means for the confidential, anonymous submission of
concerns about accounting or auditing matters to the Audit Committee. Our policies
protect &#147;whistleblowers.&#148;<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. 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. 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 small Board with primarily independent directors
and an independent Chairman supports our Board&#146;s oversight of risk management,
and that such a smaller board can communicate better, be more involved, and act
more quickly than a large board. Our Board oversees management in identifying,
prioritizing, and assessing a range of financial, operational, cybersecurity,
climate policy, 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.<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
Rule 10A-3 of the Securities Exchange Act of 1934, as amended, and NASDAQ Listing
<font style="white-space: nowrap;">Rule 5605(a)(2)</font>. 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. Furthermore, each of our director
candidates has disclosed that they have no agreements or arrangements with any
person or entity other than the Company relating to compensation or other payment
in connection with their candidacy or service as a director (so-called &#147;golden
leashes&#148; as defined under NASDAQ Rule 5250(b)(3)).<br>
<br>
<b>Overboarding</b><a name="Overboarding"></a> <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our policy is that any director who is a Named Executive
Officer should not serve on more than one other board of a public company, and
Directors other than our NEOs should not serve on more than three boards of other
public companies in addition to our Board. All of our Directors comply with this
policy.<br>
<br>
<b>Board Refreshment</b><a name="Refreshment"></a> <br>
We value healthy board refreshment and a diversity of experience on our Board,
however we have not imposed age or term limits for directors because we believe
it might interfere with retaining directions with the valuable skills. We believe
our Board compensation policies encourage refreshment by encouraging directors
with a desire to serve rather than a desire to earn fees. We further believe that
the preparation required for our Board meetings discourages directors from continuing
to serve if they cannot devote sufficient time or energy to board duties. We believe
director evaluations encourage refreshment. Although we do not have a formal director
evaluation process, our Chairman and our CEO assess our directors and provide
candid feedback to our directors.<br>
<br>
<b>CEO Succession Planning</b><A NAME="Succession"></A><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least annually, the Board reviews a formal succession
plan addressing the policies and principles for selecting a successor to the CEO
and key executive officers, either in an emergency 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.<br>
&nbsp;<br>
</font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">7</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a><br>
&nbsp;<br>
<b>Meeting Attendance and Executive Sessions of Independent Directors</b><a name="ExecSessions"></a>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board met four times in fiscal 2022, 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>Environmental, Social, and Governance (ESG)</b><a name="ESG"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVE is committed to ensuring the safety, health,
and protection of people and the environment, and to high standards of corporate
governance and ethics. Visit www.nve.com/ESG for more information.<br>
<br>
<b>Climate Policy</b><a name="Climate"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board oversees our climate-related policies
and Management reviews such policies with the Board at least annually. We have
disclosed a climate policy report aligned with the Task Force on Climate-Related
Financial Disclosures (TCFD) framework. Visit www.nve.com/ESG for more information.<br>
<br>
<b>Cybersecurity</b><a name="Cyber"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee oversees cybersecurity. Management
briefs the Committee on cybersecurity and information security at least annually.
We internally audit to information security standards, and we are independently
audited annually to the International Automotive Task Force IATF&nbsp;16949 standard,
which includes requirements for implementing and testing cybersecurity. We use
a risk-based approach to information security and we periodically assess our cybersecurity
risks. We have information security training and compliance programs, develop
and implement actions to correct deficiencies and reduce or eliminate vulnerabilities,
and have formal cybersecurity contingency plans. We have not experienced any information
security breaches in the last three years.</font><font style="font-size: 10pt; font-family: Times New Roman;"><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. The committees are governed by written
charters, 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. This table summarizes committee memberships:<br>
<br>
</FONT>
<table style="font-size: 10pt; font-family: Times New Roman;" width="100%" cellspacing="00" cellpadding="0">
<tr>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;" valign="bottom" width="16%">
<div align="center">&nbsp;Terrence&nbsp;W.&nbsp;<br>
Glarner</div>
</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;" valign="bottom" width="16%">
<div align="center">&nbsp;Daniel&nbsp;A.&nbsp;<br>
Baker</div>
</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;" valign="bottom" width="16%">
<div align="center">&nbsp;Patricia&nbsp;M.&nbsp;<br>
Hollister</div>
</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;" valign="bottom" width="16%">
<div align="center">&nbsp;Richard&nbsp;W.&nbsp;<br>
Kramp</div>
</td>
<td style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" valign="bottom" width="16%">
<div align="center">James&nbsp;W.<br>
&nbsp;Bracke&nbsp;</div>
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">&nbsp;&nbsp;&nbsp;Audit
Committee</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">&nbsp;
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">&nbsp;
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;&nbsp;Compensation
Committee</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">&#149;</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">&nbsp;
</td>
</tr>
<tr>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">&nbsp;&nbsp;&nbsp;Nominating/Corporate&nbsp;Governance&nbsp;&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">&nbsp;
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" bgcolor="#ccdaef">
<div align="center">&#149;</div>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<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 (Committee Chair), Mr.&nbsp;Glarner,
and Dr.&nbsp;Bracke. Our Board has determined that each member meets 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>. All have cybersecurity experience. The Audit Committee met
four times in fiscal 2022. The primary responsibilities of the Audit Committee
are to appoint, compensate, and oversee our auditors. The Committee is also responsible
for cybersecurity. The Audit Committee was also involved in the selection of Boulay&#146;s
lead engagement partner. 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.<br>
&nbsp;&nbsp;<br>
<b><i>Compensation Committee</i></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee currently consists of
Mr.&nbsp;Glarner (Committee Chair), Ms.&nbsp;Hollister, and Mr.&nbsp;Kramp, and
met once in fiscal 2022. 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.
<br>
&nbsp;<br>
</FONT>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">8</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a><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 (Committee Chair),
Ms.&nbsp;Hollister, Mr.&nbsp;Kramp, and Dr.&nbsp;Bracke. The Nominating/Corporate
Governance Committee met four times in fiscal 2022. 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
Committee charter is available on our website at http://www.nve.com/GovernanceLinks/ngccharter.
Our process for identifying and evaluating candidates for nomination to the Board
starts with an evaluation of a candidate by the Nominating / Corporate Governance
Committee and CEO. Members of our Board or our CEO can forward candidates to the
Committee. 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. We have also engaged third parties to assist in identifying
potential nominees, but none of our directors have been recruited through fee-based
agencies.<br>
<br><a name="AC-Rpt"></a><b>Audit
Committee Report</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the financial statements for
the fiscal year ended March&nbsp;31, 2022, the Audit Committee has reviewed and
discussed the audited financial statements and the effectiveness of internal control
over financial reporting with management and Boulay. Boulay 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; Boulay 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 Boulay 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, 2022 filed with the SEC. The Board approved this
inclusion.<br>
&nbsp; </FONT>
<div align="center"><font style="font-size: 10pt; font-family: Times New Roman;"><u>AUDIT
COMMITTEE MEMBERS</u></font></div>
<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%">James W. Bracke</td>
</tr>
</table>
<br>
<font style="font-size: 10pt; font-family: Times New Roman;"><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, and an understanding
of the function of the board of a public company. We will require that candidates
meet our Corporate Governance Guidelines, including overboarding limitations.
We will consider whether the candidate would contribute to the diversity of the
Board. While not required of any one candidate, the Board would consider favorably
semiconductor or medical device industry experience, commercial experience, 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;We consider the diversity of our Board and believe
that directors that contribute to gender, race, ethnic, or cultural diversification
help make an effective Board. The director slate in this Proxy Statement includes
one Diverse nominee, Ms.&nbsp;Hollister, where &#147;Diverse&#148; is defined
under NASDAQ Listing Rule 5605(f)(1) to mean an individual who self-identifies
in one or more of the following categories: (i)&nbsp;Female, (ii)&nbsp;Underrepresented
Minority, or (iii)&nbsp;LGBTQ+. Ms.&nbsp;Hollister self-identifies as female.
Rule 5605(f)(7)(C) requires the Company to have, or explain why it does not have,
at least one Diverse director by August&nbsp;7, 2023 and a second Diverse director
by August&nbsp;6, 2026.<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;</font><FONT STYLE="font-size: 5pt; font-family: Times New Roman;"><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;"><a href="#TOC"><b>Table
of Contents</b></a><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. We 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 we have 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 we 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 except Mr.&nbsp;Kramp attended our
2021 Annual Meeting.<br>
&nbsp;<br>
<b>Code of
Ethics</b><a name="Ethics"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have adopted a Code of Business Conduct and Ethics
that applies to all of our employees and directors, including our principal executive
officer and principal financial 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><br>
<b>Director Compensation<a name="DirectorComp"></a></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our non-employee directors receive cash compensation
of $2,500 per quarter, plus an additional $250 per quarter for the Chairman of
the Board of Directors and an additional $125 per quarter for the Audit Committee
Chair. Directors forfeit unpaid portions of cash compensation on termination,
retirement, disability, or death. In addition to the cash compensation, on each
reelection to the Board each non-employee director is automatically granted an
immediately vested nonqualified option to purchase 1,000 shares.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes non-employee director
compensation in the fiscal year ended March&nbsp;31, 2022:<br>
<br>
</font>
<table border="0" style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" align="center" width="100%">
<tr>
<td width="9" style="border:none;border-bottom:solid windowtext 1.0pt;">&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="left" valign="bottom"><b>Name</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center"><b>Fees&nbsp;Earned&nbsp;or<br>
&nbsp;Paid&nbsp;in&nbsp;Cash&nbsp;($)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">
<b>Stock<br>
Awards&nbsp;($)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center">
<b>Option<br>
Awards&nbsp;($)(1)</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">11,000</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">12,050</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">23,050</td>
</tr>
<tr>
<td></td>
<td align="left">Patricia&nbsp;M.&nbsp;Hollister&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td></td>
<td align="center">10,500</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">12,050</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">22,550</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">10,000</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">12,050</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">22,050</td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td align="left">James W. Bracke</td>
<td></td>
<td align="center">10,000</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">12,050</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td></td>
<td align="center">22,050</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">(1)&nbsp;&nbsp;</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;5 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, 2022. As of March&nbsp;31, 2022,
the named directors held options, all of which were exercisable, to purchase the
following numbers of shares: Mr.&nbsp;Glarner, 7,000; Ms.&nbsp;Hollister, 9,000;
Mr.&nbsp;Kramp, 8,000; and Dr.&nbsp;Bracke, 1,000.</td>
</tr>
</table>
&nbsp;<br>
<font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees
earned or paid in cash for the fiscal year ended March&nbsp;31, 2022 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 Directors.<br>
&nbsp;<br>
</font>
<div align="center"> <font style="font-size: 10pt; font-family: Times New Roman;" size="2" face="Arial, Helvetica, sans-serif"><a name="Prop2"></a><b>PROPOSAL
2. ADVISORY RESOLUTION REGARDING NAMED EXECUTIVE OFFICER COMPENSATION</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;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC
rules require shareholders have the opportunity to vote every six calendar years
on the frequency of advisory votes on the compensation of our NEOs. At the 2017
and 2011 Annual Meetings 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 those advisory votes, 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 every year.<br>
<br>
</font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">10</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a><br>
</font><FONT STYLE="font-size: 10pt; font-family: Times New Roman;">&nbsp;<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;</td>
<td>&#147;RESOLVED, that the compensation paid to the company&#146;s named executive
officers, as disclosed pursuant to Item&nbsp;402 of <font style="white-space: nowrap;">Regulation
S-K,</font> including the 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.</font><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;</font><FONT STYLE="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
</font>
<div align="CENTER"><font style="font-size: 10pt; font-family: Times New Roman;"><a name="Officers"></a><b>INFORMATION
ABOUT OUR EXECUTIVE OFFICERS</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;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have three executive officers. Daniel&nbsp;A. Baker is our Chief Executive Officer,
Joseph&nbsp;R. Schmitz is our Chief Financial Officer, and Peter&nbsp;G. Eames
is Vice President of Advanced Technology. Dr.&nbsp;Baker&#146;s biographical information
is included under &#147;Proposal&nbsp;1. Election of Board of Directors.&#148;
Biographical information for our other two executive officers is as follows:<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Joseph R. Schmitz</i></b>, age 59, was named
Chief Financial Officer effective January&nbsp;20, 2022. Mr.&nbsp;Schmitz has
more than 30 years of experience as a finance leader. He was a consultant from
June 2021 until joining the Company. From November 2020 to June 2021, he was Corporate
Controller at SitelogIQ, Inc., a facility planning, design, and management company.
From August 2019 to September 2020, he was Chief Financial Officer and General
Manager at Napco International, a global defense and aviation supplier. From April
2017 to July 2019, he was a director of finance at Collins Aerospace, a unit of
publicly-held Raytheon Technologies Corp. From July 2006 to March 2017, he held
various management positions at Trane Technologies, a publicly-held global HVAC
manufacturer. Mr.&nbsp;Schmitz began his career with Deloitte in 1985. He has
an MBA from Indiana University and a B.S.B. in Accounting from the University
of Minnesota. He is a Certified Public Accountant (inactive) and a Certified Management
Accountant.<br>
&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Peter G. Eames</i></b>, age 45, was promoted
to Vice President of Advanced Technology from Director of Advanced Technology
in fiscal 2017. He has been an NVE employee in various capacities since joining
the Company in 2003 after completing his Ph.D. in experimental condensed matter
physics from the University of Minnesota.<br>
<br>
</font> <font style="font-size: 10pt; font-family: Times New Roman;">
<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>
&nbsp;<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>CEO compensation is aligned with performance</i></b>.<br>
<font style="font-size: 10pt; font-family: Times New Roman;">Although our CEO
total compensation is not directly based on the performance of our Common Stock,
it is linked to growth and profitability, which we expect to drive shareholder
value.<br>
&nbsp;<br>
<b><i>Our CEO has significant exposure to our stock price.</i></b><br>
Although he is not required to do so, our CEO has significant holdings of company
stock. As of March 31, 2022, Mr.&nbsp;Baker held company stock with a market value
of 12&nbsp;times his fiscal 2022 salary.</font></td>
<td valign="top"><b><i>We don&#146;t overpay.</i></b><br>
Our Compensation Committee believes it would be challenging 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. Option awards to our CEO have
been modest and we have not awarded options to our other NEOs.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;<br>
</font><b><i>We don&#146;t have executive perks.</i></b><br>
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></font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">11</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a><br>
</font><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
</font>
<div align="center"><font style="font-size: 10pt; font-family: Times New Roman;"><b>EXECUTIVE COMPENSATION<a name="ExecComp"></a></b></font></div><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT>
<font face="Times New Roman" style="font-size: 10pt; font-family: Times New Roman;"><b>Summary Compensation Table</b><a name="SCT"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the compensation
earned by our NEOs in the past two fiscal years:<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;" 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>
($)<font style="white-space: nowrap;">(1)</font></b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom">
<div align="center"><b>Non-equity<br>
Incentive&nbsp;Plan<br>
<font style="white-space: nowrap;">Compensation($)(2)</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>
($)(3)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Total<br>
($)</b></td>
</tr>
<tr>
<td colspan="2" bgcolor="#ccdaef">Daniel A. Baker</td>
<td align="center" bgcolor="#ccdaef">2022</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">380,651</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">32,067</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">271,562</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">13,307</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">697,587</td>
</tr>
<tr>
<td colspan="2">President and CEO</td>
<td align="center">2021</td>
<td>&nbsp;</td>
<td align="center">369,564</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">17,100</td>
<td>&nbsp;</td>
<td align="center">64,129</td>
<td>&nbsp;</td>
<td align="center">13,230</td>
<td>&nbsp;</td>
<td align="center">464,023</td>
</tr>
<tr>
<td colspan="15" height="5"></td>
</tr>
<tr bgcolor="#ccdaef">
<td>Peter G. Eames</td>
<td>&nbsp;</td>
<td align="center">2022</td>
<td>&nbsp;</td>
<td align="center">201,755</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">10,883</td>
<td>&nbsp;</td>
<td align="center">212,859</td>
</tr>
<tr>
<td>Vice&nbsp;President,&nbsp;Advanced&nbsp;Technology</td>
<td>&nbsp;</td>
<td align="center">2021</td>
<td>&nbsp;</td>
<td align="center">191,436</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">10,423</td>
<td>&nbsp;</td>
<td align="center">201,859</td>
</tr>
<tr>
<td height="5" colspan="15"></td>
</tr>
<tr bgcolor="#ccdaef">
<td>Joseph R. Schmitz(4)</td>
<td>&nbsp;</td>
<td align="center">2022</td>
<td>&nbsp;</td>
<td align="center">33,750</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">(7)</td>
<td></td>
<td align="center">33,750</td>
</tr>
<tr>
<td>Chief Financial Officer</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
</tr>
<tr>
<td colspan="15" height="5"></td>
</tr>
<tr bgcolor="#ccdaef">
<td>Jon J. Larson(5)</td>
<td>&nbsp;</td>
<td align="center">2022</td>
<td>&nbsp;</td>
<td align="center">56,343</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">(7)</td>
<td></td>
<td align="center">56,343</td>
</tr>
<tr>
<td>Former Corporate Controller and Principal Financial Officer</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
<td>&nbsp;</td>
<td align="center">&nbsp;</td>
</tr>
<tr>
<td height="5" colspan="15"></td>
</tr>
<tr bgcolor="#ccdaef">
<td>Curt A. Reynders(6)</td>
<td>&nbsp;</td>
<td align="center">2022</td>
<td></td>
<td align="center">136,443</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">(7)</td>
<td>&nbsp;</td>
<td align="center">136,443</td>
</tr>
<tr>
<td>Former Chief Financial Officer</td>
<td>&nbsp;</td>
<td align="center">2021</td>
<td></td>
<td align="center">215,000</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">12,826<br>
</td>
<td>&nbsp;</td>
<td align="center">11,515</td>
<td>&nbsp;</td>
<td align="center">239,341</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 width="24" valign="top">(1)</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;5 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, 2022.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(2)</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.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(3)</td>
<td>Includes Company contributions made to 401(k) savings plans and Health Savings
Accounts on behalf of NEOs, and life and long-term disability insurance premiums
paid on behalf of NEOs. NEOs participate in these benefit programs under the same
terms as all other employees.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(4)</td>
<td>Mr. Schmitz was named Chief Financial Officer effective January 20, 2022.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(5)</td>
<td>Mr. Larson served as Principal Financial Officer from October 1, 2021 to December
6, 2021.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(6)</td>
<td>Mr. Reynders retired as Chief Financial Officer October 1, 2021.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(7)</td>
<td>Less than $10,000.</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;"><br>
<b>Fiscal 2022 Named Executive Officer Compensation</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended March 31, 2022, the principal
components of compensation for NEOs were salary, plus option awards and performance-based
compensation based on the Company&#146;s income from operations for Dr.&nbsp;Baker
and a performance-based incentive award to Mr.&nbsp;Schmitz.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO Dr. Baker&#146;s compensation for the most recent
fiscal year consisted primarily of salary of $380,651, option awards of $28,952,
and performance-based incentive plan compensation of $271,562. Performance-based
compensation was based on 0.5% of adjusted income from operations in fiscal 2022
plus 5% of the increase in income from operations in fiscal 2022 compared to fiscal
2021. The increase in performance-based compensation was primarily due to a 23%
increase in income from operations in fiscal 2022 compared to the prior year.
Performance-based compensation was 71% of Dr.&nbsp;Baker&#146;s salary for fiscal
2022 and 17% of salary fiscal 2021.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Baker&#146;s performance-based compensation
had thresholds of positive operating income, meaning no incentives would be paid
without income from operations. Performance-based compensation criteria were set
at the beginning of the fiscal year by the Compensation Committee. The Compensation
Committee believes the criteria set a high standard of performance, and that it
would be challenging for our CEO to achieve performance resulting in compensation
comparable to CEOs of public companies with comparable market capitalization.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation for Dr. Eames was salary and other
compensation. Dr.&nbsp;Eames&#146; total compensation increased 6% from the prior
year primarily due to a 6% salary increase. <br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Schmitz joined the Company January&nbsp;17,
2022. His fiscal 2022 compensation consisted of $33,750 in salary. He is eligible
for additional performance-based incentive compensation of up to 20% to 25% of
salary for fiscal 2023.<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;"><a href="#TOC"><b>Table
of Contents</b></a><br>
&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation for former NEOs Mr.&nbsp;Reynders and
Mr.&nbsp;Larson consisted solely of salary and neither qualified for performance-based
compensation.<br>
<br>
<b>Outstanding Equity Awards at Fiscal Year End</b><a name="OutstandingEquityAwards"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Baker had 5,000 shares of vested equity-based
awards as of June&nbsp;10, 2022. None of our NEOs has ever had any form of equity
award other than options.<br>
&nbsp;<br>
<b>Employment Agreements</b><a name="EmplAgmts"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have an employment agreement with Dr.&nbsp;Baker
that set his initial salary and contains non-competition, confidentiality, and
assignment of invention provisions benefiting the Company. Either Dr.&nbsp;Baker
or we may terminate the agreement on thirty days written notice. In addition,
we may terminate Dr.&nbsp;Baker&#146;s employment for cause or on his death or
incapacity. We have agreements with Dr. Eames and Mr.&nbsp;Schmitz 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. Our NEOs 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;The Compensation 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. We have no specific targets for NEO compensation relative
to peer companies, and no pre-established policy or target for the allocation
between salary and performance-based compensation.<br>
<br>
<b>Compensation Clawbacks<a name="Clawbacks"></a></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section 304 of the Sarbanes-Oxley Act, in
the event of misconduct that results in a financial restatement that would have
reduced a previously paid incentive amount, we can recoup those improper payments
from our CEO and CFO in what are commonly called &#147;clawbacks.&#148; We also
plan to implement a clawback policy in accordance with Section&nbsp;954 of the
Dodd-Frank Act after the SEC issues rules or the NASDAQ issues guidance related
to such policies.<br>
&nbsp;<br>
<div align="center"><b><a name="Prop3"></a>PROPOSAL 3. RATIFICATION OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</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;Our
Audit Committee has selected Boulay PLLP as our independent registered public
accounting firm to audit our financial statements for fiscal 2023 and recommends
that shareholders ratify the selection.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boulay has audited our financial statements beginning
with fiscal 2020. Our Articles of Incorporation do not require shareholder ratification
of our independent registered public accounting firm, but our Board is submitting
the selection for ratification as a matter of good corporate practice. We expect
representatives of Boulay to be at our 2022 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
Boulay, 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.<b><br>
<br>
The Board unanimously recommends a vote FOR the ratification of the selection
of Boulay&nbsp;PLLP.</b><br>
&nbsp;<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 2022 and 2021</B><BR>
<br>
<B><I>Audit Fees</I></B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incurred fees from Boulay of $86,934 relating
to the audit of our March&nbsp;31, 2022 financial statements, review of the financial
statements included in fiscal 2022 quarterly reports on <font style="white-space: nowrap;">Form
10-Q</font>, and other matters directly relating to the fiscal 2022 audit. Fees
relating to the audit of the prior-year financial statements, review of the financial
statements included in fiscal 2021 quarterly reports on <font style="white-space: nowrap;">Form
10-Q</font>, and other matters directly relating to the fiscal 2021 audit were
$80,340.<BR>
<BR>
<B><I>Tax, Audit-Related, and All Other Fees</I></B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boulay billed fees to us of $8,430 in fiscal 2022
and $6,250 in fiscal 2021 relating to tax return preparation and other tax compliance
matters. Boulay billed $14,800 for audit-related services for our March&nbsp;31,
2022 financial statements. Boulay billed no other fees for services to us during
the past two fiscal years.<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;">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>
</font><font style="font-size: 10pt; font-family: Times New Roman;"><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 accounting firms before the firm is engaged to provide those services. The
Committee considers non-audit services and fees when assessing auditor independence,
and determined that tax return preparation and other tax compliance services is
compatible with maintaining our accounting firm&#146;s independence. To date Boulay
has not performed any other audit-related or non-audit services. 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
informing the Audit Committee 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 firm described in the sections
above.<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>
<p><br>
/s/ Daniel&nbsp;A.&nbsp;Baker<br>
Daniel&nbsp;A.&nbsp;Baker<BR>
President and CEO</p>
</td>
</tr>
<tr>
<td>June&nbsp;20, 2022</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
</font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">14</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<div align="center"><img width="102" height="29" src="sml-logo.gif" alt="Small NVE logo"></div>
<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&nbsp;</td>
<td width="22">05</td>
<td>James W. Bracke</td>
</tr>
<tr>
<td>02</td>
<td>Daniel A. Baker</td>
<td>04</td>
<td>Richard W. Kramp</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="10"></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">Advisory approval of named executive officer compensation.</td>
</tr>
<tr>
<td>&nbsp;</td>
<td width="100">[&nbsp;&nbsp;]&nbsp;FOR</td>
<td width="100">[&nbsp;&nbsp;]&nbsp;AGAINST</td>
<td width="100">[&nbsp;&nbsp;]&nbsp;ABSTAIN</td>
<td width="100">&nbsp;</td>
</tr>
<tr>
<td colspan="5" height="10"></td>
</tr>
<tr>
<td valign="top">3.</td>
<td colspan="4">Ratify the selection of Boulay PLLP as our independent registered
public accounting firm for the fiscal year ending March&nbsp;31, 2023.</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 align="right">
<td colspan="5">(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 Daniel&nbsp;A. Baker 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;4, 2022 and any adjournments thereof.<br>
<br>
<b>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE 2022
ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON AUGUST&nbsp;4, 2022:</b> 1)&nbsp;The
Company&#146;s Proxy Statement for the 2022 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, 2022 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>
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M:AZEK<[Y9I"/JOIEDE[E=B.,K#)Y&89]\BHI@[9*V:&:PO(7'J2(0E8BII?J
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>rptsqr.gif
<DESCRIPTION>REPORTS QR CODE
<TEXT>
begin 644 rptsqr.gif
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>videosqr.gif
<DESCRIPTION>VIDEOS QR CODE
<TEXT>
begin 644 videosqr.gif
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MH,T52E&38Q9898P00KHA@P\FV6>>_57ZH6OW[?GE>E,>"9NG((8*JJCQV?DI
MI5SZ&"FJ9B8*5R:JC<YXZ(ZUI?DC?57^-ZN5CX+Y9J:GYHK?FIB>V2N;82*K
M()KS8<IJM+?R*6VPI2Z+JX)0=MHFL.9Y>^6SV%X);7YF?HBDG]0*JRJ7T7+J
5+KF"ZAI;@\G*R&UO\PY;[5<! 0 [

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
