<SEC-DOCUMENT>0000724910-24-000003.txt : 20240617
<SEC-HEADER>0000724910-24-000003.hdr.sgml : 20240617
<ACCEPTANCE-DATETIME>20240617161408
ACCESSION NUMBER:		0000724910-24-000003
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20240801
FILED AS OF DATE:		20240617
DATE AS OF CHANGE:		20240617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NVE CORP /NEW/
		CENTRAL INDEX KEY:			0000724910
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		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:		241048362

	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_2024_Proxy.htm
<DESCRIPTION>PROXY STATEMENT PURSUANT TO SECTION 14(A)
<TEXT>
<html><font style="font-size: 10pt; font-family: Times New Roman">&nbsp;<br>
&nbsp;<br>
&nbsp;</font>
<hr style="margin-top: -5px; color: black;" noshade size="3">
<hr style="margin-top: -14px; color: black;" noshade size="1">
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<font style="font-size: 5pt; font-family: Times New Roman;">&nbsp;<br></font><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;&#x2611;<br>
<div align="CENTER"></div>
Filed by a party other than the Registrant&nbsp;&nbsp;&#x2610;<br>
&nbsp; <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="18">&#x2610;</td>
<td>Preliminary Proxy Statement</td>
</tr>
<tr>
<td>&#x2610;</td>
<td>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</td>
</tr>
<tr>
<td>&#x2611;</td>
<td>Definitive Proxy Statement</td>
</tr>
<tr>
<td>&#x2610;</td>
<td>Definitive Additional Materials</td>
</tr>
<tr>
<td>&#x2610;</td>
<td>Soliciting Material under &sect; 240.14a-12</td>
</tr>
</table>
<b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">&nbsp;</font></b>
<div 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 all boxes that apply):</td>
</tr>
<tr>
<td width="18" valign="top">&#x2611;</td>
<td colspan="2" valign="top">No fee required.</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">&#x2610;</td>
<td colspan="2" valign="top">Fee paid previously with preliminary materials.</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">&#x2610;</td>
<td colspan="2" valign="top">Fee computed on table in exhibit required by Item
25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
</table>
<hr style="margin-top: -5px; color: black;" noshade size="1">
<hr style="margin-top: -15px; color: black;" noshade size="3">
<div style="page-break-after: always;"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font><br>
</div>
<hr color="#0046AD" noshade>
<table width="100%" border="0" cellspacing="00" cellpadding="0">
<tr>
<td><img src="sml-logo.gif" width="126" height="35" 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;17, 2024<br>
<br>
<br>
Fellow Shareholders:<br>
<br>
We cordially invite you to attend our 2024 Annual Meeting of Shareholders. The
meeting will be held at our offices, 11409&nbsp;Valley View Road, Eden Prairie,
Minnesota, 55344, on Thursday, August&nbsp;1, 2024, at 3:30 p.m. Central Daylight
Time.<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.<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 valign="top" height="24">Sincerely,</td>
</tr>
<tr>
<td><img src="dab-sig.gif" alt="-s- Daniel A. Baker" width="115" height="36" border="0"></td>
</tr>
<tr>
<td>Daniel A. Baker<br>
President&nbsp;and&nbsp;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 2024 ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON AUGUST&nbsp;1, 2024:</b><br>
1)&nbsp;The Company&#146;s Proxy Statement for the 2024 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, 2024, 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;">&nbsp;<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;1, 2024<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><font style="font-size:5pt;">&nbsp;<br></font>
<b><a href="#VotingInfo">VOTING INFORMATION</a><br>
<font style="font-size:5pt;">&nbsp;<br></font><a href="#BeforeMeeting">VOTING BEFORE THE MEETING</a><br>
<font style="font-size:5pt;">&nbsp;<br></font><a href="#DuringMeeting">VOTING DURING THE MEETING</a><br>
<font style="font-size:5pt;">&nbsp;<br></font><a href="#EquityComp">EQUITY COMPENSATION PLAN INFORMATION</a><br>
<font style="font-size:5pt;">&nbsp;<br></font><a href="#Ownership">SECURITY OWNERSHIP</a><br>
<font style="font-size:5pt;">&nbsp;<br></font><a href="#Relationships">CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</a>
<br><font style="font-size:5pt;">&nbsp;<br></font><a href="#Financials">FINANCIAL STATEMENTS</a><br>
<font style="font-size:5pt;">&nbsp;<br></font><a href="#Prop1">PROPOSAL 1. ELECTION OF BOARD OF DIRECTORS</a><br>
<font style="font-size:5pt;">&nbsp;<br></font><a href="#Governance">CORPORATE GOVERNANCE</a></b><br>
<div style="margin-left: 28pt;"><a href="#GovernanceGuidelines">Corporate Governance
Guidelines</a><br>
<a href="#Ethics">Code of Ethics</a><br>
<a href="#human-rights">Human Rights Policy</a><br>
<a href="#Whistleblower">Whistleblower Protection</a><br>
<a href="#InsiderTrading">Insider Trading Policies</a><BR>
<a href="#Lobbying">Prohibition of Lobbying Activities</a><BR>
<a href="#Leadership">Board Leadership Structure</a><br>
<a href="#Risk">Board Role in Risk Oversight</a><br>
<a href="#BoardIndep">Board Independence</a><br>
<a href="#Overboarding">Overboarding</a><br>
<a href="#Evaluations">Board Evaluation Process</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) and Board Oversight</a><br>
<a href="#Climate">Climate Policies</a><br>
<a href="#DEIA">Commitment to Diversity, Equity, Inclusion, and Accessibility</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</a><br>
<a href="#DirectorsAnnMtgs">Director Attendance at Annual Meetings</a><br>
<a href="#DirectorComp">Director Compensation</A></div>
<font style="font-size:5pt;">&nbsp;<br>
</font>
<a href="#Prop2"><b>PROPOSAL 2. ADVISORY RESOLUTION REGARDING NAMED EXECUTIVE
OFFICER COMPENSATION</b></a><b><br>
<font style="font-size:5pt;">&nbsp;<br></font><A HREF="#Officers">INFORMATION
ABOUT OUR EXECUTIVE OFFICERS</A><BR>
<font style="font-size:5pt;">&nbsp;<br></font><A HREF="#CDA">COMPENSATION DISCUSSION AND ANALYSIS</A><BR>
</b>
<DIV STYLE="margin-left: 28pt;"><a href="#CompPhilosophy">Compensation Philosophy
and Objectives</a><br>
<a href="#FYperformance">Fiscal 2024 Performance</a><br>
<a href="#OutstandingEquityAwards">Outstanding Equity Awards at Fiscal Year End</a><br>
<A HREF="#Clawbacks">Compensation Clawbacks</a><br>
<a href="#EmploymentAgreements">Employment Agreements</a><br>
<a href="#Tax">The Impact of Accounting and Tax Treatment</a><br>
<a href="#Hedging">Prohibitions of Pledging, Hedging, and Other Derivative Transactions</a><br>
<a href="#Advisers">Compensation Advisers and Benchmarks</a><br>
<a href="#Role-of-NEOs">Role of NEOs in Setting Compensation</a>
</div>
<font style="font-size:5pt;">&nbsp;<br></font>
<b><A HREF="#ExecComp">EXECUTIVE COMPENSATION</A></B><br>
<DIV STYLE="margin-left: 28pt;"><A HREF="#SCT">Summary Compensation Table</A><br>
<A HREF="#PVP">Pay Versus Financial Performance Table</a></DIV>
<font style="font-size:5pt;">&nbsp;<br>
</font><a href="#Prop4"><B>PROPOSAL 3. RATIFICATION OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></a><br>
<font style="font-size:5pt;">&nbsp;<br></font><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 2024 and 2023</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;1, 2024<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;1, 2024, at 3:30 p.m. Central Daylight Time at
our offices,
11409&nbsp;Valley View Road, Eden Prairie, Minnesota,&nbsp;55344</font><font face="Times New Roman" style="font-size:10pt;">,
and at any adjournment or postponements of the meeting (the &#147;2024 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;17, 2024.<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 the 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 Investor Relations 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 2024
Annual Meeting. If, however, other matters do properly come before the 2024 Annual
Meeting, the person named in our vote form intends to vote the proxied shares
in accordance with their best judgment on those matters. If any matters properly
come before the shareholders at our 2024 Annual Meeting, but we did not receive
notice of it prior to May&nbsp;6, 2024, the persons named in our vote form for
the 2024 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 2024 Annual Meeting must have been received at our offices no later than
February&nbsp;19, 2024, 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 2024 Annual Meeting without
including such proposal in our proxy statement must have provided us with notice
of such proposal no later than May&nbsp;6, 2024. 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;7, 2024, are entitled
to execute proxies or to vote at the 2024 Annual Meeting. As of that date, there
were outstanding 4,833,676&nbsp;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 2024 Annual Meeting.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If permitted by the Minnesota Business Corporation
Act (&#147;MBCA&#148;) in effect as of the date of the 2024 Annual Meeting, directors
must receive a majority of the votes represented by proxy or in-person and entitled
to vote to be elected under Proposal&nbsp;1. If the MBCA in effect does not permit
majority voting for directors, directors can be elected with a plurality of votes
cast. If an election of directors is contested, the persons receiving the highest
number of votes cast shall be elected, even if they do not receive a majority
of the votes cast. If there is not a quorum at the 2024 Annual Meeting, our bylaws
specify that each director shall hold office for the term for which he is elected
and until a successor is elected and qualified. The affirmative vote of a majority
of the voting power is required to approve executive compensation and the ratification
our independent registered public accounting firm.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies indicating abstention from a vote and broker
non-votes will be counted toward determining whether a quorum is present. Abstention
with respect to the election of directors and the advisory vote on executive compensation
will not have any effect on the outcome of these proposals. Abstention with respect
to the ratification our independent registered public accounting firm will have
the effect of casting a negative vote. 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 2024 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, the Internet, or telephone through July&nbsp;31, 2024, 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;7, 2024, 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 July&nbsp;31,
2024, 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 the 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 July&nbsp;31, 2024.<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>
&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>
<div align="center"><font face="Times New Roman" style="font-size:10pt;"><b>EQUITY
COMPENSATION PLAN INFORMATION</b><a name="EquityComp"></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;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, 2024, 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, 2024</font></td>
<td valign="top"></td>
<td style="border-bottom: 3px double black;" align="center" valign="bottom">36,000</td>
<td valign="top"></td>
<td style="border-bottom: 3px double black;" align="center" valign="bottom">$69.50</td>
<td valign="top"></td>
<td style="border-bottom: 3px double black;" align="center" valign="bottom" bgcolor="#ccdaef">120,730</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>&nbsp;<br>
</FONT>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">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;</font><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<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;7, 2024, 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 or director nominee, (iii)&nbsp;each
named executive officer set forth in the summary compensation table, and (iv)&nbsp;all
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">Royce &amp; Associates, LP<br>
&nbsp;&nbsp;745 Fifth Avenue, New York, NY 10151</td>
<td valign="bottom" align="right" bgcolor="#ccdaef">485,023</td>
<td width="1%" valign="bottom" bgcolor="#ccdaef">(2)</td>
<td valign="bottom" align="right" bgcolor="#ccdaef">10.0</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>Kayne Anderson Rudnick Investment Management, LLC<br>
&nbsp;&nbsp;1800 Avenue of the Stars, 2nd Floor, Los Angeles, CA 90067</td>
<td align="right" valign="bottom">444,941</td>
<td valign="bottom">(3)</td>
<td align="right" valign="bottom">9.2</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">BlackRock Inc.<br>
&nbsp;&nbsp;50 Hudson Yards, New York, NY 10001</td>
<td valign="bottom" align="right" bgcolor="#ccdaef">304,165</td>
<td width="1%" valign="bottom" bgcolor="#ccdaef">(4)</td>
<td valign="bottom" align="right" bgcolor="#ccdaef">7.0</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> Vanguard Group Inc.<br>
&nbsp;&nbsp;PO Box 2600, V26, Valley Forge, PA 19482-2600</td>
<td valign="bottom" align="right">261,476</td>
<td width="1%" valign="bottom">(5)</td>
<td valign="bottom" align="right">5.4</td>
<td width="1%" valign="bottom">%&nbsp;&nbsp;&nbsp;</td>
</tr>
<tr>
<td colspan="6"><font face="Times New Roman" style="font-size:2pt;">&nbsp;</font></td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">Daniel A. Baker</td>
<td align="right" bgcolor="#ccdaef">71,186</td>
<td bgcolor="#ccdaef">(6)</td>
<td align="right" bgcolor="#ccdaef">1.5</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" height="14">&nbsp;</td>
<td bgcolor="#ccdaef" height="14">Daniel Nelson(7)</td>
<td bgcolor="#ccdaef" align="right" height="14">-</td>
<td bgcolor="#ccdaef" height="14">&nbsp;</td>
<td bgcolor="#ccdaef" height="14">&nbsp;</td>
<td bgcolor="#ccdaef" height="14">*</td>
</tr>
<tr>
<td></td>
<td>Joseph R. Schmitz(8)</td>
<td align="right">-</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>*</td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td bgcolor="#ccdaef">Patricia M. Hollister</td>
<td align="right" bgcolor="#ccdaef">10,040</td>
<td bgcolor="#ccdaef">(9)</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td bgcolor="#ccdaef">*</td>
</tr>
<tr>
<td></td>
<td>Terrence W. Glarner</td>
<td align="right">7,000</td>
<td>(10)</td>
<td>&nbsp;</td>
<td>*</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td align="left">James&nbsp;W. Bracke</td>
<td align="right">3,500</td>
<td>(11)</td>
<td align="right">&nbsp;</td>
<td>*</td>
</tr>
<tr>
<td></td>
<td align="left">Kelly Wei(12)</td>
<td align="right">-</td>
<td>&nbsp;</td>
<td align="right">&nbsp;</td>
<td>*</td>
</tr>
<tr bgcolor="#ccdaef">
<td></td>
<td>All directors, director nominees, and named executive officers as a group
(nine&nbsp;persons)</td>
<td align="right" valign="bottom">91,926<br>
</td>
<td>&nbsp;</td>
<td align="right" valign="bottom">1.9</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.<br>
<font style="font-size:3pt;">&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;13, 2024. According to a Schedule&nbsp;13G/A filed with the SEC on February&nbsp;7,
2024, Royce&nbsp;&amp; Associates, LP is an indirect majority owned subsidiary
of Franklin Resources, Inc. The Schedule reports that various accounts managed
by Royce&nbsp;&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 Small-Cap Special Equity
Fund, amounted to 326,500 shares.<br>
<font style="font-size:3pt;">&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;14, 2024. According to that Schedule, Kayne Anderson Rudnick Investment
Management, LLC (&#147;KAR&#148;) had no voting authority for 20,292&nbsp;shares.
According to a Schedule&nbsp;13G filed with the SEC on February&nbsp;13, 2024,
as of December&nbsp;31, 2023, KAR beneficially owned 451,690&nbsp;shares; Virtus
Investment Advisers, Inc., 331,233&nbsp;shares; and Virtus Equity Trust on behalf
of Virtus KAR Small Cap Growth Fund, 220,690&nbsp;shares. That filing also reported
shared voting and investment powers of KAR, 331,233&nbsp;shares; Virtus Investment
Advisers, Inc., 331,233&nbsp;shares; and Virtus Equity Trust on behalf of Virtus
KAR Small Cap Growth Fund, 220,690&nbsp;shares.<br>
<font style="font-size:3pt;">&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;10, 2024, which included BlackRock Inc. and a number of subsidiaries.
According to the Schedule, BlackRock Inc. had no voting authority for a total
of 3,842&nbsp;shares.<br>
<font style="font-size:3pt;">&nbsp;</font></td>
<tr>
<td valign="top">(5)</td>
<td>Based on information contained in Schedule 13F filed with the SEC on May 10,
2024. According to the Schedule, The Vanguard Group had no voting authority for
254,467 shares.<br>
<font style="font-size:3pt;">&nbsp;</font></td>
<tr>
<td valign="top">(6)</td>
<td>Includes 10,000 shares issuable on the exercise of options that are currently
exercisable.<br>
<font style="font-size:3pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(7)</td>
<td>Mr. Nelson was appointed Principal Financial Officer effective May 8, 2023.<br>
<font style="font-size:3pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(8)</td>
<td>Mr. Schmitz was Chief Financial Officer until May 5, 2023.<br>
<font style="font-size:3pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(9)</td>
<td>Includes 9,000 shares issuable on the exercise of options that are currently
exercisable.<br>
<font style="font-size:3pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(10)</td>
<td>Includes 6,000 shares issuable on the exercise of options that are currently
exercisable.<br>
<font style="font-size:3pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(11)</td>
<td>Includes 3,000 shares issuable on the exercise of options that are currently
exercisable.<br>
<font style="font-size:3pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(12)</td>
<td>Dr. Wei was elected to fill Richard W. Kramp&#146;s unexpired term beginning
May 13, 2024.</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;">4</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a><br>
&nbsp;<br>
<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. There have never been any related-party transactions involving our CEO.
<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 a review of the copies of
such reports furnished to us during, or with respect to, the fiscal year ended
March&nbsp;31, 2024, all reports were filed with the SEC on a timely basis.<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, 2024, are included in
our Annual Report on <FONT STYLE="white-space: nowrap;">Form 10-K</font> for the
fiscal year ended March&nbsp;31, 2024, which was filed with the SEC on May&nbsp;1,
2024, 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 Investor Relations 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;">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>
</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 director nominees, all of
whom have been nominated by the Board. All directors are to be elected at the
Annual Meeting to serve until the 2025 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%"; ";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";";"table-layout: fixed;" cellspacing="00" cellpadding="0" width="100%" align="center">
<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;7,
2024)</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="12%">
<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="12%">
<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="12%">
<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="12%">
<div align="center">James&nbsp;W.<br>
Bracke</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="12%" align="center">Kelly
Wei</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;Experience
as a director at other <br>
&nbsp;&nbsp;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;">&nbsp;</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 at a <br>
&nbsp;&nbsp;publicly-traded company</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" bgcolor="#ccdaef">
<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
in electronics or semiconductor industries</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">&nbsp;</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
with corporate development, mergers,<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"><b>&#149;</b></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">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;">&nbsp;</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;" bgcolor="#ccdaef">
&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
managing the effects and risks of <br>
&nbsp;&nbsp;climate change</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">10.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Experience
managing human capital <br>
&nbsp;&nbsp;and enhancing diversity, equity, and inclusion</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">11.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Experience&nbsp;managing&nbsp;employee&nbsp;health&nbsp;and&nbsp;safety&nbsp;&nbsp;&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;">
<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">12.&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>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;" valign="top" align="right">13.&nbsp;&nbsp;</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;&nbsp;Experience
with succession planning <br>
&nbsp;&nbsp;and execution</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;14.&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;<br>
&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">25 years</div>
</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">20 years</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">Three years</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">One month</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">81</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">66</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">77</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">46</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"><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;Microbiology</font></div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">Engineering;<br>
biology and physiology</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&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;">
<div align="center">White</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
<div align="center">Asian</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">Female</div>
</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe items&nbsp;1, 2, 7, 8, 9, 10, 11, 13,
and 14 are important for good corporate governance and our Board&#146;s role in
risk oversight. Items&nbsp;8, 9, 10, and 11 relate to emerging risks for public
companies. 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&nbsp;4,
experience in the medical device industry, is desirable because medical device
sensors are an important market for us. 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 our Board review strategies to overcome inherent challenges
small semiconductor companies face.<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></font><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;<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;" 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;7, 2024)</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">2</div>
</td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black;">
<div align="center">3</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">1</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</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">3</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</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>
<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> 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> has been a director
and NVE&#146;s President and CEO since 2001. Dr.&nbsp;Baker has more than 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., a STERIS company) 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 of 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> 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;) 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 B.S. in Accounting from St.&nbsp;Cloud
State University. Her experience in the semiconductor industry, her experience
as an executive officer of a publicly traded company, her experience with audits
of publicly traded companies, and her educational background in accounting qualify
her to serve as a director and Audit Committee chair.<br>
<BR>
</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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>James W. Bracke</i></b> has been a director
since 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,&nbsp;Inc.) since 2009. Autoscope is a publicly-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 a member of Autoscope&#146;s Audit Committee, Nominating
and Corporate Governance Committee, and 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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Kelly Wei</i></b>, age 46, has been a director
since May 13, 2024, when she was elected by our Board to fill Richard W. Kramp&#146;s
unexpired term following Mr. Kramp&#146;s death. Dr.&nbsp;Wei is Vice
President of Corporate Strategy at Medtronic plc. She has held various
scientific, engineering, management, and senior management positions at Medtronic
since 2007. Dr.&nbsp;Wei started her career as a senior research scientist in
cardiac rhythm and disease management at Boston Scientific Corporation in 2004.
She has been a member of the Board of Trustees of the Williams Syndrome Association
since 2021, and a member of the Board of Directors of Abova, Inc. since February
2024. Abova is a privately-held oral and overall health, technology and science-driven
company. She is also a certified executive coach. Dr.&nbsp;Wei has a Ph.D. in
Electrical Engineering and an M.S. in Computer Engineering from Rensselaer Polytechnic
Institute, an M.S. in Integrative Biology and Physiology from the University of
Minnesota Medical School, and a B.S. in Electrical Engineering from Huazhong University
of Science and Technology. Dr.&nbsp;Wei&#146;s management, technical, and medical
device experience, and her engineering and medical education qualify her 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;">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>
&nbsp;<br>
<div align="center"><b>CORPORATE GOVERNANCE<a name="Governance"></a></b></div>
</font> <font style="font-size: 10pt; font-family: Times New Roman;"><font face="Times New Roman" style="font-size:5pt;">&nbsp;<br>
</font><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>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 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). The Code prohibits corruption, bribery, conflicts of interest,
gifts, insider dealings, legislative and regulatory lobbying, child labor and
human trafficking in our supply chain, antitrust and anti-competitive practices,
and other unethical behavior. Employees are required to read and acknowledge the
Code as part of their onboarding.<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>Human Rights Policy</b><a name="human-rights"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have adopted a Human Rights Policy that applies
to all our employees, contractors, directors, and suppliers. The policy reinforces
our commitment to human rights, our prohibition of human trafficking, and our
commitment to employment practices aligning with human rights standards. Employees
are required to read and acknowledge the policy as part of their onboarding.<br>
<br>
<b>Whistleblower Protection</b><a name="Whistleblower"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide a means for the confidential, anonymous
submission of concerns about accounting, auditing, or ethics matters to the Audit
Committee. We have committed to protect employees who in good faith report concerns
or engage in whistle-blowing activities from unfair and undue repercussions and
retaliation.<br>
<br>
<b>Insider Trading Policies</b><a name="InsiderTrading"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have had formal policies and procedures covering
insider trading and insider dealing since 2001. These policies and procedures
govern the purchase, sale, and other dispositions of our securities by directors,
officers, and employees, and are designed to promote compliance with insider trading
laws, rules, and regulations, and NASDAQ listing standards. We plan to file our
policies and procedures with our next Annual Report on Form 10-K as required by
SEC rules for Smaller Reporting Companies.<br>
&nbsp;<br>
<b>Prohibition of Lobbying Activities</b><a name="Lobbying"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Code of Ethics prohibits legislative or regulatory
lobbying on the Company&#146;s behalf as such lobbying is defined by jurisdictional
governments. Our Code of Ethics requires compliance with all applicable rules
and laws relating to Procurement Lobbying. Our Whistleblower System provides a
mechanism for anonymously reporting lobbying concerns. Our policy protects whistleblowers
from unfair and undue repercussions and retaliation.<br>
<br>
<b>Board Leadership Structure</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, independently assess risks, provide
input on board structure, serve as a liaison between the CEO and independent directors,
and situationally represent the Board in communications with shareholders or other
stakeholders. The Audit Committee meets with our independent registered public
accounting firm without company management present at least quarterly.
We currently believe that our relatively small Board
with primarily independent directors and an independent Chairman supports
our Board&#146;s oversight of risk management and that such a smaller board can
communicate better, be more involved, and act more quickly than a large board.<br>
<br>
<br>
</font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">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>
</font><font style="font-size: 10pt; font-family: Times New Roman;"><b>Board Role
in Risk Oversight</b><a name="Risk"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board oversees management in identifying, prioritizing,
and assessing a range of financial, operational, cybersecurity, climate policy,
and business risks, and formulating plans to mitigate risks. Our Board considers
risks when considering plans and discussing management reports, and our Audit
Committee considers risks including those related to our internal controls over
financial reporting and risks related to our investments. We evaluate short-,
intermediate-, and long-term risks. Immediate risks are addressed as required
between regular Board meetings. Intermediate-term risks are addressed at regular
quarterly Board meetings. Long-term risks are addressed at least annually. We
reassess our risk environment at least annually, and we identify significant emerging
risks.<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>
&nbsp;<br>
<b>Board Evaluation Process</b><a name="Evaluations"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board is committed to a robust board evaluation
process. The evaluation process focuses on the Board&#146;s effectiveness in carrying
out its responsibilities including strategy, governance, and risk oversight. The
Board conducted a self-evaluation in May 2024, and will conduct such evaluations
annually. The self-evaluation considers the individual directors&#146; contributions
to the Board and their performance on committees including committee responsibilities
as defined in committee charters. The evaluation also covers board composition
and informs the Board Skills in the matrix included in this proxy statement under
Proposal&nbsp;1. A self-evaluation survey and data aggregation is managed independently
of the Board to encourage candid feedback. The recent evaluation identified a
need for a director with engineering expertise following Mr.&nbsp;Kramp&#146;s
death, and also identified a gap in board diversity. We believe Dr.&nbsp;Wei fills
both gaps.<br>
<br>
<b>Board Refreshment</b><a name="Refreshment"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 such limits might interfere with retaining directions
with valuable skills. Three mechanisms encourage director refreshment: <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As described in the section &#147;Board Evaluation
Process&#148; above, we have a process that helps ensure directors meet their
responsibilities to shareholders and that directors are qualified and committed
to serving the Company.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Board compensation is designed to promote board
refreshment by attracting directors motivated by service rather than solely by
financial rewards.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The preparation required for our Board meetings
discourages directors from continuing to serve if they are not willing or able
to devote sufficient time or energy to board duties.<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 other key employees, 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>
<b>Meeting Attendance and Executive Sessions of Independent Directors</b><a name="ExecSessions"></a>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board met six times in fiscal 2024, 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) and Board Oversight</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. The Board oversees our sustainability programs and initiatives,
ensures compliance with applicable ESG laws and regulations, and monitors the
Company&#146;s ESG performance.<br>
&nbsp;<br>
</FONT>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">10</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a><br>
<br>
<b>Climate Policies</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. Although
we are not considered a &#147;significant greenhouse gas (GHG) emitter&#148; by
Institutional Shareholder Services (ISS), we maintain 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>Commitment to Diversity, Equity, Inclusion, and Accessibility</b><a name="DEIA"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our goal is to promote diversity, equity, inclusion,
and accessibility in our recruitment of directors, managers, and other employees.
Details are included in the Human Capital Resources section of our Annual Report
on Form 10-K for the year ended March 31, 2024. Our Whistleblower System provides
a mechanism for anonymously reporting concerns about discrimination, diversity,
or inclusion. Our policies protect whistleblowers.<br>
<br>
<b>Cybersecurity</b><a name="Cyber"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Details of our cybersecurity risk management, strategy,
and governance are included in our Annual Report on Form 10-K for the year ended
March&nbsp;31, 2024. We have not experienced any material cybersecurity incidents
in the last three years.<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="13%">
<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="13%">
<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="13%">
<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="13%">
<div align="center">James&nbsp;W.<br>
&nbsp;Bracke&nbsp;</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="13%">
<div align="center">Kelly Wei</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">
<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"></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;">&nbsp; </td>
<td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;" align="center">
<p>&#149;</p>
</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;"><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 2024. 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 Dr.&nbsp;Wei, and
met once in fiscal 2024. Our Board has determined that each member or proposed
member of the Compensation Committee is &#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 is responsible for overseeing human capital management,
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
the 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;</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>
&nbsp;<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, Dr.&nbsp;Bracke, and Dr.&nbsp;Wei. The Nominating/Corporate
Governance Committee met five times in fiscal 2024. The Committee&#146;s functions
include the selection of candidates for our Board, selecting members of various
committees, and addressing 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, although none of our directors have been recruited through
fee-based agencies.<br>
<br>
</font><font style="font-size: 10pt; font-family: Times New Roman;"><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, 2024, 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 with 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, 2024, 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>
<font style="font-size: 10pt; font-family: Times New Roman;"><br>
<b>Director Qualifications</b><a name="DirectorQualifications"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating candidates, the Board will require
that candidates possess, at a minimum, a desire to serve on the Company&#146;s
Board, an ability to contribute to the effectiveness of the Board, 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, ethnicity, or cultural diversification
help make an effective Board. The director slate in this Proxy Statement includes
two Diverse nominees, Ms.&nbsp;Hollister and Dr.&nbsp;Wei. &#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,
and Dr.&nbsp;Wei self-identifies as female and Asian. Current Nasdaq rules require
the Company to have, or explain why it does not have, at least one Diverse director.
Ms.&nbsp;Hollister and Dr.&nbsp;Wei each meet this requirement. Ms.&nbsp;Hollister
also serves in a board leadership position as chair of our Audit Committee. Rules
for our current Nasdaq Capital Market listing tier will require us to have at
least two Diverse directors by December 31, 2026 or explain why we do not.<br>
<br>
<b>Shareholder Nominees</b><a name="ShareholderNominees"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder proposals for nominations to the Board
should be submitted to the Nominating/Corporate Governance Committee at our offices,
11409&nbsp;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 before
the first anniversary of the mailing of the notice of the preceding year&#146;s
annual meeting. Shareholders&#146; proposals must provide the following information
for each nominee: (i)&nbsp;the name, age, business address, and residence address
of the person; (ii)&nbsp;the principal occupation or employment of the person;
(iii)&nbsp;the number of shares of our stock owned by the person; (iv)&nbsp;the
written and acknowledged statement of the person that such person is willing to
serve as a director; and (v)&nbsp;any other information relating to the person
that would be required to be disclosed in a solicitation of proxies for election
of directors pursuant to Regulation&nbsp;14A under the Securities Exchange Act
of 1934, as amended, if the candidate had been nominated by or on behalf of the
Board.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Candidates recommended by shareholders will be considered
under the same standards as candidates that are identified by the Nominating/Corporate
Governance Committee. No shareholders submitted director nomination proposals
in connection with this year&#146;s Annual Meeting.<br>
&nbsp;<br>
</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></font>
<FONT STYLE="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<b>Shareholder Communications With the Board</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>
<b>Director Attendance at Annual Meetings</b><a name="DirectorsAnnMtgs"></a><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 our directors attended our 2023 Annual Meeting.<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 $125 per quarter for the Audit Committee
Chair. Directors forfeit unpaid portions of cash compensation on termination,
retirement, disability, or death. In addition to the cash compensation, on each
reelection to the Board, each non-employee director is automatically granted an
immediately vested nonqualified option to purchase 1,000 shares. The following
table summarizes non-employee director compensation in the fiscal year ended March&nbsp;31,
2024:<br>
<br>
</font>
<table border="0" style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" align="center" width="100%">
<tr>
<td width="9" style="border:none;border-bottom:solid windowtext 1.0pt;" height="29">&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="left" valign="bottom" height="29"><b>Name</b></td>
<td width="2%" height="29"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" height="29"><b>Fees&nbsp;Earned&nbsp;or<br>
&nbsp;Paid&nbsp;in&nbsp;Cash&nbsp;($)</b></td>
<td width="2%" height="29"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" height="29">
<b>Stock<br>
Awards&nbsp;($)</b></td>
<td width="2%" height="29"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" height="29">
<b>Option<br>
Awards&nbsp;($)(1)</b></td>
<td width="2%" height="29"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" height="29">
<b>All Other<br>
&nbsp;Compensation&nbsp;($)</b></td>
<td width="2%" height="29"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom" height="29"><b>Total&nbsp;($)</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">23,442</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">34,442</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">23,442</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">33,942</td>
</tr>
<tr>
<td bgcolor="#ccdaef"></td>
<td align="left" bgcolor="#ccdaef">Richard W. Kramp(2)</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">23,442</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">33,442</td>
</tr>
<tr>
<td>&nbsp;&nbsp;</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">23,442</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">33,442</td>
</tr>
<tr>
<td>&nbsp;</td>
<td align="left" bgcolor="#ccdaef">Kelly Wei(3)</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">&nbsp;</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">-</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 values of option awards are determined using the Black-Scholes-Merton
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, 2024. As of March&nbsp;31, 2024, the named directors
held options, all of which were exercisable, to purchase the following numbers
of shares: Mr.&nbsp;Glarner, 6,000; Ms.&nbsp;Hollister, 9,000; Mr.&nbsp;Kramp,
8,000; and Dr.&nbsp;Bracke, 3,000.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(2)&nbsp;&nbsp;</td>
<td><font style="font-size: 10pt; font-family: Times New Roman;">Mr. Kramp died
on May 2, 2024.</font><br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(3)</td>
<td><font style="font-size: 10pt; font-family: Times New Roman;">Dr. Wei was not
a director as of March&nbsp;31, 2024</font>.</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, 2024, 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 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>
<a href="#TOC"><font style="font-size: 10pt; font-family: Times New Roman;"><b>Table
of Contents</b></font></a><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;<br>
<div align="center"><a name="Prop2"></a><b>PROPOSAL 2. ADVISORY RESOLUTION REGARDING
NAMED EXECUTIVE OFFICER COMPENSATION</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;At
the 2023, 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 shareholders have had the opportunity
to approve or not approve the compensation of our NEOs every year beginning in
2012. 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.<br>&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,
Peter&nbsp;G. Eames is Vice President of Advanced Technology, and Daniel&nbsp;Nelson
is our Controller and Principal Financial Officer. 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>
&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Peter G. Eames</i></b>, age 48, was promoted
to Vice President of Advanced Technology from Director of Advanced Technology
in 2016. 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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Daniel Nelson</i></b>, age 38, is our Controller
and has been our Principal Financial Officer since May&nbsp;8, 2023. From August
2021 until joining NVE in September 2022, he worked at RMH Tax &amp; Business
Advisors in Plymouth, Minn., and from May 2015 to July 2021 he was a senior accountant
at Intelligere in Plymouth, Minn. He earned Bachelor&#146;s and Master&#146;s
Degrees in Accounting from the University of Liberia and started his career at
Baker Tilly in Liberia. Mr.&nbsp;Nelson is ethnically and racially diverse under
the criteria defined in the section, &#147;<a href="#Diversity">The Role of Diversity
in Choosing Board Candidates</a>.&#148;<br>
&nbsp;<br>
</font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">14</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a><br>&nbsp;<br>
<DIV ALIGN="CENTER"><B>COMPENSATION DISCUSSION AND ANALYSIS<a name="CDA"></a></B></div>
</font><FONT FACE="Times New Roman" STYLE="font-size:5pt;">&nbsp;<BR>
</FONT><font style="font-size: 10pt; font-family: Times New Roman;"><b>Fiscal
2024 Performance</b><a name="FYperformance"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were pleased with our fiscal 2024 performance
despite a decrease in revenue from a record-shattering quarter a year ago. Net
income for the year was $17.1&nbsp;million or $3.54&nbsp;per share. Gross profit
was 77% of revenue and income from operations was 62% of revenue. For details
on our fiscal 2024 results, please refer to our Annual Report on <font style="white-space: nowrap;">Form
10-K</font> for the year ended March&nbsp;31, 2024. Our total shareholder return
for the three years ended March&nbsp;31, 2024, was 46%, consisting of 29% stock
appreciation and 17% from dividends.<br>
<br>
<b>Executive Compensation Governance</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes some of our current
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;">Our CEO compensation
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&nbsp;31, 2024, Dr.&nbsp;Baker held company stock with a market
value of 13&nbsp;times his fiscal 2024 salary.</font></td>
<td valign="top"><b><i>We don&#146;t overpay.</i></b><br>
Our Compensation Committee believes our NEO pay is similar or less than most comparable
public companies.<br>
&nbsp;<br><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.<br>
&nbsp;<br>
<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.<br>
&nbsp;<br>
<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>
<b>Compensation Philosophy and Objectives</b><a name="CompPhilosophy"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our executive compensation is designed to maximize
shareholder value by rewarding growth and profitability. Our NEOs&#146; compensation
consists of: <br>
</font>
<table style="font-size: 10pt; font-family: Times New Roman" width="100%" border="0" cellspacing="00" cellpadding="0">
<tr>
<td rowspan="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td width="1" valign="top">&#149;&nbsp;&nbsp;</td>
<td>Salary to provide a base of compensation.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top" width="1">&#149;</td>
<td>Bonuses under
extraordinary circumstances.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">&#149;</td>
<td>Stock options
to provide a longer-term performance incentive and further align the interest
of our CEO with those of shareholders.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">&#149;</td>
<td>Performance-based
compensation, which is at-risk compensation to reward growth and profitability.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">&#149;</td>
<td>Fringe&nbsp;benefits (designated &#147;other compensation&#148;), which are
not excessive, and our NEOs participate in these benefits under the same terms
as all other employees.</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The size and mix of compensation components are
set to attract, motivate, and retain top talent. Our objective is to reward exceptional
performance without overpaying. At our 2023 Annual Meeting, 95%
of the shares voted to approve named executive officer compensation. We believe
this is evidence that our compensation programs are consistent with our shareholders&#146;
interests.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive plan compensation is based on income from
operations, which captures revenue, as well as costs and expenses. Income from
operations excludes interest income and taxes, which are less controllable by
management. Performance-based incentives are based on income from operations to
reward our NEOs for strategies that result in revenue and revenue growth, as well
as for controlling costs and expenses. 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. Performance-based compensation
plans are based on fiscal-year performance and approved by our Compensation Committee
at the beginning of fiscal years.<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;">15</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a></font><font style="font-size: 10pt; font-family: Times New Roman;"><br>
&nbsp;<br>
<b>Outstanding Equity Awards at Fiscal Year End</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Baker had 10,000&nbsp;shares
of vested equity-based awards as of June&nbsp;7, 2024. None of our NEOs has ever
had any form of equity award other than options.<br>
&nbsp;<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>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, those improper payments to a CEO or
CFO can be recouped by the company. We have adopted a &#147;clawback&#148; policy
in compliance with NASDAQ listing standards. The policy allows us to recoup improper
performance-based compensation payments that were based on financial metrics that
required restatement. We filed the policy with the SEC as an exhibit to our Annual
Report on Form 10-K for the year ended March&nbsp;31, 2024.<br>
<br>
<b>Employment Agreements</b><a name="EmploymentAgreements"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no obligations for payments in connection
with termination or change-in-control other than unused accrued Paid Time Off.
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 30 days&#146; 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.&nbsp;Eames
and Mr.&nbsp;Nelson relating to non-competition, confidentiality, and assignment
of invention provisions benefiting the Company.<br>
<br>
<b>The Impact of Accounting and Tax Treatment</b><a name="Tax"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider the accounting and tax treatment of
stock options in determining their mix in executive compensation.<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></b><b>Compensation Advisers and Benchmarks<a name="Advisers"></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 the required knowledge
of compensation practices. We have not engaged in peer-based compensation benchmarking.
We use U.S. Bureau of Labor Statistics and Federal Reserve compensation data to
inform compensation decisions.<br>
<br>
<b>Role of NEOs in Setting Compensation</b><a name="Role-of-NEO"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our CEO and Principal Financial Officer provide
input on goals and metrics. Our Principal Financial Officer prepares financial
results used to determine the payouts for our performance-based compensation.
The Committee considers, discusses, modifies as appropriate, and acts on the CEO&#146;s recommendations. Our NEOs do not set their own compensation.
Our CEO makes recommendations for compensation for direct reports and provides
input on their performance.<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;">16</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a></font>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>&nbsp;<br><div align="center"><b>EXECUTIVE COMPENSATION</b><a name="ExecComp"></a></div></font><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 three 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)(2)</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($)(3)</font></b></div>
</td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom">
<b>All&nbsp;Other<br>
Compensation<br>
($)(4)</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">2024</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">419,600</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">50,175</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">93,467</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">14,743</td>
<td bgcolor="#ccdaef"></td>
<td align="right" bgcolor="#ccdaef">577,985</td>
</tr>
<tr>
<td colspan="2">President and CEO</td>
<td align="center">2023</td>
<td>&nbsp;</td>
<td align="center">400,000</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">26,082</td>
<td></td>
<td align="center">616,108</td>
<td></td>
<td align="center">13,290</td>
<td></td>
<td align="right">1,055,480</td>
</tr>
<tr>
<td colspan="2" bgcolor="#ccdaef">&nbsp;</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="right" bgcolor="#ccdaef">697,587</td>
</tr>
<tr>
<td colspan="15" height="5"></td>
</tr>
<tr>
<td>Peter G. Eames</td>
<td>&nbsp;</td>
<td align="center">2024</td>
<td>&nbsp;</td>
<td align="center">227,900</td>
<td></td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">56,080</td>
<td>&nbsp;</td>
<td align="center">11,472</td>
<td>&nbsp;</td>
<td align="right">295,452</td>
</tr>
<tr bgcolor="#ccdaef">
<td>Vice&nbsp;President,&nbsp;Advanced&nbsp;Technology</td>
<td>&nbsp;</td>
<td align="center">2023</td>
<td>&nbsp;</td>
<td align="center">215,000</td>
<td></td>
<td align="center">20,000</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">43,000</td>
<td></td>
<td align="center">11,743</td>
<td>&nbsp;</td>
<td align="right">289,743</td>
</tr>
<tr>
<td>&nbsp;</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="right">212,638</td>
</tr>
<tr>
<td height="5" colspan="15"></td>
</tr>
<tr>
<td bgcolor="#ccdaef">Daniel Nelson(5)</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">2024</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">90,000</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">5,000</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">(7)</td>
<td bgcolor="#ccdaef"></td>
<td align="right" bgcolor="#ccdaef">95,000</td>
</tr>
<tr>
<td>Principal Financial Officer</td>
<td>&nbsp;</td>
<td align="center">2023</td>
<td>&nbsp;</td>
<td align="center">36,308</td>
<td>&nbsp;</td>
<td align="center">-</td>
<td></td>
<td align="center">-</td>
<td></td>
<td align="center">-</td>
<td>&nbsp;</td>
<td align="center">(7)</td>
<td></td>
<td align="right">36,308</td>
</tr>
<tr>
<td height="5" colspan="15"></td>
</tr>
<tr>
<td bgcolor="#ccdaef">Joseph R. Schmitz(6)</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">2024</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">37,189</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">-</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">(7)</td>
<td bgcolor="#ccdaef"></td>
<td align="right" bgcolor="#ccdaef">37,189</td>
</tr>
<tr>
<td>Former Chief Financial Officer</td>
<td>&nbsp;</td>
<td align="center">2023</td>
<td>&nbsp;</td>
<td align="center">196,344</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">10,416</td>
<td></td>
<td align="right">206,760</td>
</tr>
<tr bgcolor="#ccdaef">
<td>&nbsp;</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="right">33,750</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>Option awards vest after one year of employment following their grant. Option
values are based on the fair value on the grant date determined from the Black-Scholes-Merton
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, 2024.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top" width="24">(2)</td>
<td>Option awards have a one-year vesting period.<font face="Times New Roman" style="font-size:5pt;"><br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top" width="24">(3)</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" width="24">(4)</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. Also includes a payment related to Mr. Schmitz&#146;
termination.<font face="Times New Roman" style="font-size:5pt;">&nbsp;<br>
&nbsp;</font></td>
</tr>
<tr>
<td valign="top" width="24">(5)</td>
<td>Mr. Nelson joined the Company in September 2022 and was promoted to Principal
Financial Officer effective May 8, 2023.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top" width="24">(6)</td>
<td>Mr. Schmitz was Chief Financial Officer from January 20, 2022, through May&nbsp;5, 2023.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top" width="24">(7)</td>
<td>Less than $10,000.</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;">17</font></div>
<hr>
</div>
<p><font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a><br>
</font><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<b>Fiscal 2024 Named Executive Officer Compensation</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended March 31, 2024, the principal
components of compensation for NEOs were salary and performance-based compensation.
Dr. Baker also received an option award. Performance-based compensation criteria
were set at the beginning of fiscal years by the Compensation Committee. Performance-based
compensation for Dr. Baker and Dr.&nbsp;Eames had thresholds of positive operating
income so that no incentives would be paid without income from operations.<br>
&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Baker&#146;s compensation for the most recent
fiscal year consisted primarily of a salary of $419,600, performance-based incentive
plan compensation of $93,467, and option awards of $50,175. Dr.&nbsp;Baker&#146;s
total compensation decreased 45% in fiscal 2024 compared to fiscal 2023. The decrease
was due to a large decrease in performance-based compensation because of a lack
of company growth.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Eames&#146; compensation for the most recent
fiscal year consisted primarily of a salary of $227,900 and performance-based
incentive plan compensation of $56,080. Dr.&nbsp;Eames&#146; total compensation
in fiscal 2024 increased 2% from the prior year primarily with a 30% increase
in performance-based compensation and a 6% increase in salary more than offsetting
a bonus paid in fiscal 2023.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Nelson&#146;s compensation consisted of
$90,000 in salary and $5,000 in performance-based compensation.<br>
&nbsp;<br>
</font> </p>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">18</font></div>
<hr>
</div>
<font style="font-size: 10pt; font-family: Times New Roman;"><a href="#TOC"><b>Table
of Contents</b></a><br>
</font><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<b>Pay Versus Financial Performance</b><a name="PVP"></a><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes &#147;Compensation
Actually Paid&#148; versus performance in the past three fiscal years:<br>
&nbsp;<br>
</font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom" width="5%"><b>Year
<br>
Ended<br>
March&nbsp;31,&nbsp;&nbsp;</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Summary<br>
Compensation<br>
Table<br>
Total for <br>
CEO($)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>&#147;Actually
Paid&#148; <br>
CEO<br>
Compensation<br>
($)(1)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Average
<br>
Summary <br>
Comp. Table <br>
Total for <br>
Non-CEO<br>
NEOs($)(2)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Average
Comp.<br>
Actually Paid to<br>
Non-CEO<br>
NEOs($)(1)(2)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom">
<div align="center"><b>Value of <br>
Initial Fixed <br>
$100 Investment <br>
Based on Total <br>
Shareholder <br>
Return($)(3)</b></div>
</td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom">
<b>Company<br>
Net<br>
Income($)</b></td>
<td width="2%"></td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>Company<br>
Income from<br>
Operations<br>
($)(4)</b></td>
</tr>
<tr>
<td bgcolor="#ccdaef">2024</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">577,985</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef">619,910</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">195,226</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">195,226</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">145.76</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">17,124,699</td>
<td bgcolor="#ccdaef"></td>
<td align="center" bgcolor="#ccdaef">18,518,865</td>
</tr>
<tr>
<td>2023</td>
<td>&nbsp;</td>
<td align="center">1,055,480
<td>&nbsp;</td>
<td align="center">1,081,798</td>
<td></td>
<td align="center">248,252</td>
<td></td>
<td align="center">248,252</td>
<td></td>
<td align="center">129.80</td>
<td></td>
<td align="center">22,694,458</td>
<td></td>
<td align="center">25,644,182</td>
</tr>
<tr bgcolor="#ccdaef">
<td>2022</td>
<td>&nbsp;</td>
<td align="center">697,587</td>
<td>&nbsp;</td>
<td align="center">675,995</td>
<td>&nbsp;</td>
<td align="center">212,859</td>
<td>&nbsp;</td>
<td align="center">212,859</td>
<td>&nbsp;</td>
<td align="center">83.41</td>
<td>&nbsp;</td>
<td align="center">14,507,501</td>
<td>&nbsp;</td>
<td align="center">16,328,685</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)</td>
<td>&#147;Actually paid compensation&#148; is defined as &#147;total compensation&#148;
as reported in the Summary Compensation Table except the value of Option Awards
calculated as follows: (i) for new option awards granted during the fiscal year,
the fair value as of the earlier of the vesting date or the last day of the fiscal
year; plus (ii) for awards granted in prior fiscal years (and not vested as of
the first day of the covered fiscal year), the change in fair value (positive
or negative) from the end of the last fiscal year to the earlier of the vesting
date or the end of the covered fiscal year. Fair value is determined from the
Black-Scholes-Merton 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, 2024.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top" width="24">(2)</td>
<td>Fiscal 2023 averages exclude Mr.&nbsp;Nelson and fiscal 2024 and 2022 averages
exclude Mr.&nbsp;Schmitz because they were not employees for the entire years.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(3)</td>
<td>Based on an initial fixed $100 investment at March&nbsp;31, 2021.<br>
<font style="font-size:5pt;">&nbsp;</font></td>
</tr>
<tr>
<td valign="top">(4)</td>
<td>We use income from operations as an important financial metric to link compensation
to financial performance.</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to determine &#147;Compensation Actually
Paid&#148; for the CEO are summarized as follows:<br>
<br>
</font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="90%">&nbsp;</td>
<td>&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom" colspan="5"><b>Year
Ended March&nbsp;31,</b></td>
</tr>
<tr>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" valign="bottom" width="90%"><b>Adjustments
to Determine &#147;Compensation Actually Paid&#148; for CEO</b></td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td style="border:none;border-bottom:solid windowtext 1.0pt;" align="center" valign="bottom"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
</tr>
<tr>
<td bgcolor="#ccdaef">Deduction for amounts reported under the &#147;Option Awards&#148;
columns in the Summary Compensation Table<br>
<font style="font-size:5pt;">&nbsp;</font></td>
<td align="center" bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef" valign="bottom">($50,175)</td>
<td bgcolor="#ccdaef">&nbsp;</td>
<td align="center" bgcolor="#ccdaef" valign="bottom">($26,082)</td>
<td align="center" bgcolor="#ccdaef" valign="bottom">&nbsp;</td>
<td align="center" bgcolor="#ccdaef" valign="bottom">($32,067)</td>
</tr>
<tr>
<td>Increase for Fair Value of Awards granted during fiscal year that remained
unvested as of fiscal year end<br>
<font style="font-size:5pt;">&nbsp;</font></td>
<td align="center"></td>
<td align="center" valign="bottom">74,600</td>
<td>&nbsp;</td>
<td align="center" valign="bottom">55,975</td>
<td align="center" valign="bottom">&nbsp;&nbsp;&nbsp;</td>
<td align="center" valign="bottom">5,500</td>
</tr>
<tr bgcolor="#ccdaef">
<td>Increase/deduction for change in Fair Value from prior fiscal year-end to
vesting date of Awards granted prior to year that vested during the fiscal year<br>
<font style="font-size:5pt;">&nbsp;</font></td>
<td align="center">&nbsp;</td>
<td align="center" valign="bottom">17,500</td>
<td>&nbsp;</td>
<td align="center" valign="bottom">(3,575)</td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom">4,975</td>
</tr>
<tr>
<td><b>Total Adjustments</b></td>
<td align="center">&nbsp;</td>
<td style="border-top: 1px solid black; border-bottom: 3px double black;" align="center" valign="bottom">$41,925</td>
<td>&nbsp;</td>
<td style="border-top: 1px solid black; border-bottom: 3px double black;" align="center" valign="bottom">$26,318</td>
<td align="center" valign="bottom">&nbsp;</td>
<td style="border-top: 1px solid black; border-bottom: 3px double black;" align="center" valign="bottom">($21,592)</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;">19</font></div>
<hr>
</div>
<a href="#TOC"><font style="font-size: 10pt; font-family: Times New Roman;"><b>Table
of Contents</b></font></a><font style="font-size: 10pt; font-family: Times New Roman;"><br>
&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with SEC rules, the chart below shows
the alignment of &#147;Compensation Actually Paid&#148; for the CEO and the average
of the other NEOs with our Total Shareholder Return since March&nbsp;31, 2021:<br>
&nbsp;<br>
</font>
<div align="center"><img src="cap-tsr.gif" width="598" height="285" alt="Compensation Actually Paid vs. TSR"></div>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br>
<b>Pay for Financial Performance Descriptive Disclosure</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe income from operations is an important
metric because it captures revenue as well as costs and expenses. We have based
performance-based incentives for our operational NEOs on income from operations
to reward them for strategies that result in revenue and revenue growth, as well
as for controlling costs and expenses. Dr.&nbsp;Baker&#146;s performance-based
compensation was based on 0.5% of adjusted income from operations in fiscal 2024
plus 5% of the increase in income from operations in fiscal 2024 compared to fiscal
2023. Dr.&nbsp;Baker&#146;s performance-based compensation decreased 85% and total
compensation decreased 45% for fiscal 2024 due to a decrease in income from operations.
Dr.&nbsp;Eames&#146; performance-based compensation increased 30% and total compensation
increased 2% with the adoption of a new performance-based compensation based on
0.3% of fiscal 2024 income from operations.<br>
&nbsp;<br>
</font><font style="font-size: 10pt; font-family: Times New Roman;">
<div align="center"><b><a name="Prop4"></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 2025 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 2024 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
of 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>
</font>
<div style="page-break-after: always;">
<div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman;">20</font></div>
<hr>
</div>
<a href="#TOC"><font style="font-size: 10pt; font-family: Times New Roman;"><b>Table
of Contents</b></font></a><br>
<font style="font-size: 10pt; font-family: Times New Roman;">&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 2024 and 2023</B><BR>
<br>
<B><I>Audit Fees</I></B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incurred fees from Boulay of $114,000 relating
to the audit of our March&nbsp;31, 2024, financial statements, review of the financial
statements included in fiscal 2024 quarterly reports on <font style="white-space: nowrap;">Form
10-Q</font>, and other matters directly relating to the fiscal 2024 audit. Fees
relating to the audit of the prior-year financial statements, review of the financial
statements included in fiscal 2023 quarterly reports on <font style="white-space: nowrap;">Form
10-Q</font>, and other matters directly relating to the fiscal 2023 audit were
$97,500.<BR>
&nbsp;<BR>
<B><I>Tax, Audit-Related, and All Other Fees</I></B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boulay billed fees to us of $8,000 in fiscal 2024
and $6,620 in fiscal 2023 relating to tax return preparation and other tax compliance
matters. Boulay did not bill us for audit-related services for our March&nbsp;31,
2024, financial statements and billed us $7,785 for audit-related services for
our March&nbsp;31, 2023, financial statements. Boulay billed no other fees for
services to us during the past two fiscal years.<br>
&nbsp;<br>
<B>Audit Committee Independence and Preapproval Policy</B><A NAME="Preapproval"></A><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To ensure that our independent registered public
accounting firm is engaged only to provide audit and non-audit services that are
compatible with maintaining its independence, the Audit Committee has a policy
that requires the Committee to review and approve all services to be provided
by 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 are
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 width="72" rowspan="3"></td>
<td valign="top" height="24">By&nbsp;Order&nbsp;of&nbsp;the&nbsp;Board&nbsp;of&nbsp;Directors</td>
</tr>
<tr>
<td><img src="dab-sig.gif" width="115" height="36" alt="-s- Daniel A. Baker"></td>
</tr>
<tr>
<td>Daniel&nbsp;A.&nbsp;Baker<br>
President and CEO<br>
June&nbsp;17, 2024</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;">21</font></div>
</div>
<hr>
<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>Kelly&nbsp;Wei</td>
</tr>
<tr>
<td>02</td>
<td>Daniel A. Baker</td>
<td>04</td>
<td>James&nbsp;W.&nbsp;Bracke&nbsp;</td>
<td>06</td>
<td></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, 2025.</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;1, 2024, and any adjournments thereof.<br>
<br>
<b>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE 2024
ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON AUGUST&nbsp;1, 2024:</b> 1)&nbsp;The
Company&#146;s Proxy Statement for the 2024 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, 2024, are available at www.nve.com/AnnualReports.<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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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>dab-sig.gif
<DESCRIPTION>DANIEL A. BAKER SIGNATURE
<TEXT>
begin 644 dab-sig.gif
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>eventsqr.gif
<DESCRIPTION>EVENTS QR CODE
<TEXT>
begin 644 eventsqr.gif
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>rptsqr.gif
<DESCRIPTION>REPORTS QR CODE
<TEXT>
begin 644 rptsqr.gif
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>videosqr.gif
<DESCRIPTION>VIDEOS QR CODE
<TEXT>
begin 644 videosqr.gif
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>cap-tsr.gif
<DESCRIPTION>ACTUALLY PAID COMPENSATION VS. TSR
<TEXT>
begin 644 cap-tsr.gif
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
