<SEC-DOCUMENT>0000897101-21-000239.txt : 20210325
<SEC-HEADER>0000897101-21-000239.hdr.sgml : 20210325
<ACCEPTANCE-DATETIME>20210325160914
ACCESSION NUMBER:		0000897101-21-000239
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210421
FILED AS OF DATE:		20210325
DATE AS OF CHANGE:		20210325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELECTRO SENSORS INC
		CENTRAL INDEX KEY:			0000351789
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				410943459
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-09587
		FILM NUMBER:		21772447

	BUSINESS ADDRESS:	
		STREET 1:		6111 BLUE CIRCLE DR
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55343-9108
		BUSINESS PHONE:		9529300100

	MAIL ADDRESS:	
		STREET 1:		6111 BLUE CIRCLE DR
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55343
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>electro210409_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<H1 STYLE="page-break-after: avoid; text-align: center; margin: 0in 0in 0pt"><B><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 14pt">SCHEDULE 14A - <BR>
INFORMATION REQUIRED IN PROXY STATEMENT</FONT></B></H1>
<P STYLE="margin: 0in 0in 0pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 12pt"></FONT>&nbsp;</P>
<H1 STYLE="page-break-after: avoid; text-align: center; margin: 0in 0in 0pt"><B><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Schedule 14A Information</FONT></B></H1>
<P STYLE="margin: 0in 0in 0pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 12pt"></FONT>&nbsp;</P>
<P ALIGN="CENTER" STYLE="text-align: center; margin: 0in 0in 0pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Proxy Statement Pursuant to Section 14(a) of the <BR>
Securities Exchange Act of 1934 <BR>
(Amendment No.____ ) </FONT></P>
<P STYLE="margin: 6pt 0in 0pt 13.7pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Filed by the registrant&nbsp;&nbsp;&nbsp;</FONT><FONT LANG="EN-US" FACE="'MS Mincho'" STYLE="font-size: 10pt">&#9746;</FONT></P>
<P STYLE="margin: 6pt 0in 0pt 13.7pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Filed by a party other than the registrant&nbsp;&nbsp;&nbsp;</FONT><FONT LANG="EN-US" FACE="'MS Mincho'" STYLE="font-size: 10pt">&#9744;</FONT></P>
<P STYLE="margin: 6pt 0in 0pt 13.7pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Check the appropriate box:</FONT></P>
<DIV ALIGN="LEFT">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
     <TD VALIGN="BOTTOM" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 6pt 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="BOTTOM" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 6pt 0in 0pt"><FONT FACE="'MS Mincho'" STYLE="font-size: 10pt">&#9744;</FONT></P>
</TD>
     <TD VALIGN="BOTTOM" WIDTH="92%" STYLE="padding: 0in">
<P STYLE="margin: 6pt 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Preliminary Proxy Statement </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="BOTTOM" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="BOTTOM" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'MS Mincho'" STYLE="font-size: 10pt">&#9744;</FONT></P>
</TD>
     <TD VALIGN="BOTTOM" WIDTH="92%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="BOTTOM" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="BOTTOM" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'MS Mincho'" STYLE="font-size: 10pt">&#9746;</FONT></P>
</TD>
     <TD VALIGN="BOTTOM" WIDTH="92%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Definitive Proxy Statement </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="BOTTOM" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="BOTTOM" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'MS Mincho'" STYLE="font-size: 10pt">&#9744;</FONT></P>
</TD>
     <TD VALIGN="BOTTOM" WIDTH="92%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Definitive Additional Materials </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="BOTTOM" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="BOTTOM" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'MS Mincho'" STYLE="font-size: 10pt">&#9744;</FONT></P>
</TD>
     <TD VALIGN="BOTTOM" WIDTH="92%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Soliciting Material Under Section 240.14a-12 </FONT></P>
</TD></TR></TABLE></DIV>
<P ALIGN="CENTER" STYLE="text-align: center; margin: 0in 0in 0pt"><B><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt"></FONT></B>&nbsp;</P>
<P ALIGN="CENTER" STYLE="text-align: center; margin: 0in 0in 0pt"><B><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">ELECTRO-SENSORS, INC.</FONT></B><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt"> <BR>
(Name of Registrant as Specified in Its Charter)</FONT></P>
<P STYLE="margin: 0in 0in 0pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt"></FONT>&nbsp;</P>
<P ALIGN="CENTER" STYLE="text-align: center; margin: 0in 0in 0pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">N/A <BR>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></P>
<P STYLE="margin: 0in 0in 0pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt"></FONT>&nbsp;</P>
<P STYLE="margin: 0in 0in 0pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Payment of Filing Fee (Check the appropriate box):</FONT></P>
<P STYLE="margin: 0in 0in 0pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt"></FONT>&nbsp;</P>
<DIV ALIGN="LEFT">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'MS Mincho'" STYLE="font-size: 10pt">&#9746;</FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="92%" COLSPAN="2" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">No fee required </FONT></P>
</TD></TR>
<TR>
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<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'MS Mincho'" STYLE="font-size: 10pt">&#9744;</FONT></P>
</TD>
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<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">(1) </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="88%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Title of each class of securities to which transaction applies: </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">(2) </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="88%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Aggregate number of securities to which transactions applies: </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">(3) </FONT></P>
</TD>
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<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">(4) </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="88%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction: </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">(5) </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="88%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Total fee paid: </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'MS Mincho'" STYLE="font-size: 10pt">&#9744;</FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="92%" COLSPAN="2" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Fee paid previously with preliminary materials. </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'MS Mincho'" STYLE="font-size: 10pt">&#9744;</FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="92%" COLSPAN="2" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 8pt 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 8pt 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 8pt 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">(1) </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="88%" STYLE="padding: 0in">
<P STYLE="margin: 8pt 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Amount Previously Paid: </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">(2) </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="88%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.: </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">(3) </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="88%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Filing Party: </FONT></P>
</TD></TR>
<TR>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">&nbsp; </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="4%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">(4) </FONT></P>
</TD>
     <TD VALIGN="TOP" WIDTH="88%" STYLE="padding: 0in">
<P STYLE="margin: 0in 0in 0pt"><FONT FACE="'Times New Roman,serif'" STYLE="font-size: 10pt">Date Filed: </FONT></P>
</TD></TR></TABLE></DIV>
<P STYLE="margin: 0in 0in 0pt"><FONT LANG="EN-US" FACE="'Times New Roman,serif'" STYLE="font-size: 10pt"></FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="img001_v1.jpg" ALT="">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>ELECTRO-SENSORS,
INC. &nbsp;6111 Blue Circle Drive&nbsp; Minnetonka, Minnesota 55343</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(952)
930-0100</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTICE
OF ANNUAL MEETING OF SHAREHOLDERS</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>To
Be Held April 21, 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders of Electro-Sensors, Inc.:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
is hereby given that the Annual Meeting of Shareholders of Electro-Sensors, Inc. will be held on Wednesday, April 21, 2021 at
2:00 p.m. Central Time. The Annual Meeting will be a virtual meeting of shareholders, which will be conducted via a live webcast.
It is important to note that shareholders have the same rights and opportunities to participate in this virtual meeting as if
they were attending an in-person meeting. You will be able to participate in the Annual Meeting, vote and submit your questions
via the live webcast by visiting <U>www.virtualshareholdermeeting.com/ELSE2021</U> for the following purposes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To set the number of
    directors at five;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To elect five directors
    to serve until the next Annual Meeting of Shareholders;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To ratify the selection
    of Boulay PLLP as independent registered public accounting firm for the Company for the fiscal year ending December 31, 2021;
    and</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To take action upon
    any business as may properly come before the meeting or any adjournment or postponement thereof.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accompanying
this Notice of Annual Meeting is a Proxy Statement, Form of Proxy and the Company&rsquo;s Annual Report on Form 10-K for the fiscal
year ended December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors has fixed the close of business on February 25, 2021 as the record date for the determination of shareholders
entitled to notice of and to vote at the Annual Meeting of Shareholders. All shareholders are cordially invited to attend the
virtual Annual Meeting at <U>www.virtualshareholdermeeting.com/ELSE2021</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
ensure that we achieve a quorum, however, whether or not you plan to attend the Annual Meeting webcast, the Board of Directors
requests that you either (1) promptly complete, sign, date and return the enclosed proxy card solicited by the Board of Directors,
or (2) vote electronically following the process described in this proxy statement or in other materials you receive. The proxy
is revocable and will not be used if you attend the Annual Meeting and vote in person or otherwise provide notice of your revocation.
If you have any questions regarding the completion of the enclosed proxy card please call the Company at (952) 930-0100.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTICE:
Please retain a copy of the 16-digit Control Number that is printed on your proxy card as you will need it to enter the virtual
Annual Meeting as a verified shareholder.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; text-align: left">
<td style="width: 45%"></TD>
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BY ORDER OF THE BOARD OF
    DIRECTORS,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="img002_v1.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">David L. Klenk</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">President</FONT></td></tr></table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnetonka,
Minnesota</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: March
25, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ELECTRO-SENSORS,
INC.&nbsp; 6111 Blue Circle Drive&nbsp; Minnetonka, Minnesota 55343 &nbsp;(952) 930-0100</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROXY
STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANNUAL
MEETING OF SHAREHOLDERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>To
Be Held April 21, 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GENERAL
INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Proxy Statement is furnished by the Board of Directors (the &ldquo;Board&rdquo;) of Electro-Sensors, Inc., a Minnesota corporation
(the &ldquo;Company&rdquo;), to the shareholders of the Company in connection with a solicitation of proxies to be voted at the
Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;) to be held electronically at 2:00 p.m., Central Time, on Wednesday,
April 21, 2021, at <U>www.virtualshareholdermeeting.com/ELSE2021</U> and at any and all adjournments or postponements thereof.
The Annual Meeting will be a completely virtual meeting of shareholders that will be conducted via live webcast. This Proxy Statement
and the accompanying materials are first being mailed to shareholders on or about March 30, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
your shares are registered in the name of a bank or brokerage firm, you may be eligible to vote your shares electronically via
the Internet or telephone. A large number of banks and brokerage firms participate in the Broadridge Investor Communication Services
online program. This program provides eligible shareholders who receive a paper copy of the Annual Report and Proxy Statement
the opportunity to vote via the Internet or telephone. If your bank or brokerage firm participates in this Broadridge program,
your voting form will provide instructions. If your voting form does not refer to Internet or telephone information, please complete
and return the paper proxy card in the postage paid envelope provided.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
proxy delivered pursuant to this solicitation is revocable at the option of the person giving the proxy at any time before it
is exercised. A proxy may be revoked, prior to its exercise, by executing and delivering a later-dated proxy via the
Internet, via telephone or by mail, by delivering written notice of the revocation of the proxy to the Company&rsquo;s
President prior to the Annual Meeting, or by attending and voting at the Annual Meeting. Attendance at the Annual Meeting, in
and of itself, will not constitute a revocation of a proxy. The shares represented by a proxy will be voted in accordance
with the shareholder&rsquo;s directions if the proxy is duly submitted and not validly revoked prior to the Annual Meeting.
If no directions are specified on a duly submitted proxy, the shares will be voted in accordance with the recommendations of
the Board, FOR approval of the number of directors to be set at five, FOR the election of the directors nominated by the
Board, FOR the ratification of the Company&rsquo;s selection of independent registered public accounting firm for the fiscal
year ending December 31, 2021, and in accordance with the discretion of the persons appointed as proxies on any other matters
properly brought before the Annual Meeting or any adjournments or postponements thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
expense of preparing, printing, and mailing this Proxy Statement and the proxies solicited hereby will be borne by the Company.
The Company will request brokerage firms, banks, nominees, custodians, and fiduciaries to forward proxy materials to the beneficial
owners of shares of Common Stock of the Company (&ldquo;Common Stock&rdquo;) as of the record date and reimburse these firms for
the cost of forwarding the proxy materials in accordance with customary practice. In addition to the use of the Internet and mail,
proxies may be solicited by officers, directors, and regular employees of the Company, without additional remuneration, in person
or by telephone or facsimile transmission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a shareholder proposal to be considered for inclusion in our Proxy Statement for the 2022 Annual Meeting, the written proposal
must be received at our principal executive offices by the close of business on November 25, 2021. The proposal must comply with
SEC regulations regarding the inclusion of shareholder proposals in company-sponsored proxy materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Important
Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Proxy Statement, Form of Proxy, and Annual Report on Form 10-K are available at</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>http://www.idelivercommunications.com/proxy/else</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OUTSTANDING
SHARES &amp; VOTING RIGHTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company fixed the close of business on February 25, 2021 as the record date for determining shareholders entitled to notice of
and to vote at the Annual Meeting. At February 25, 2021, the Company had outstanding 3,395,521 shares of Common Stock, the only
outstanding class of capital stock of the Company. Each share of Common Stock outstanding on the record date entitles the holder
thereof to one vote on each matter to be voted upon by shareholders at the Annual Meeting. Holders of Common Stock are not entitled
to cumulative voting rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the election of directors, each shareholder will be entitled to vote for five nominees and the five nominees with the greatest
number of votes will be elected. With respect to the proposal to set the number of directors at five, ratification of our independent
registered public accounting firm for the fiscal year ending December 31, 2021, any other matter that properly comes before the
meeting, the affirmative vote of the holders of a majority of the shares of Common Stock represented in person or by proxy and
entitled to vote on the proposal will be required for approval. A properly executed proxy marked &ldquo;ABSTAIN&rdquo; with respect
to any proposal will not be voted, although it will be counted for purposes of determining whether there is a quorum. Accordingly,
an abstention will have the effect of a negative vote with respect to all proposals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
majority of the shares of Common Stock entitled to vote at the Annual Meeting, present in person or by proxy, constitutes a quorum
that is required for the transaction of business at the Annual Meeting. Proxies relating to &ldquo;street name&rdquo; shares that
are voted by brokers on some matters, but not on other matters as to which authority to vote is withheld from the broker (&ldquo;broker
non-votes&rdquo;) absent voting instructions from the beneficial owner, will be treated as shares present for purposes of determining
the presence or absence of a quorum but will not be deemed to be represented at the meeting for purposes of determining the approval
of any matter submitted to the shareholders for which voting authority is withheld. The Inspector of Election appointed by the
Board will determine the shares represented at the meeting and the validity of proxies and ballots and will count all votes and
ballots.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CORPORATE
GOVERNANCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
business affairs of the Company are conducted under the direction of the Board in accordance with the Minnesota Business Corporation
Act and our Articles of Incorporation and Bylaws. The Board of Directors currently has five members: David L. Klenk, Jeffrey D.
Peterson, Joseph A. Marino, Scott A. Gabbard, and Michael C. Zipoy. Members of the Board are informed of our business through
discussions with management, by reviewing materials provided to them and by participating in meetings of the Board and its committees,
among other activities. The corporate governance practices that we follow are summarized below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board
Leadership Structure and Risk Management</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board believes that independent director Joseph A. Marino is best suited to serve as Chairman of the Board due to his extensive
familiarity with the Company&rsquo;s business and industry as well as his proven track record of leading dynamic and growing organizations.
Additionally, the Board believes Mr. Marino is most capable of effectively identifying strategic priorities and leading the discussion
and execution of strategy. The Board believes having an independent director as chairman provides for good governance and effectively
balances the roles of internal and external directors. Mr. Marino and the Company&rsquo;s other independent directors bring experience,
oversight and expertise from outside the Company and industry, while Mr. David L. Klenk, as President, Chief Executive Officer
and Chief Financial Officer, brings company-specific experience and expertise. The Board believes that Mr. Klenk&rsquo;s participation
on the Board in his role of Chief Executive Officer promotes strategy development and execution, and facilitates information flow
between management and the Board, which are essential to effective governance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 42.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
key Board responsibility is to hold management accountable for the execution of strategy once it is developed. The Board believes
that its independent directors work together effectively to serve this oversight function, with no individual director serving
as a &ldquo;lead&rdquo; independent director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board believes that oversight of the Company&rsquo;s risk management efforts is another key responsibility that is shared by the
entire Board. The Board regularly reviews risk management information regarding the Company&rsquo;s liquidity and operations.
Board members receive regular financial statements, which are discussed at quarterly meetings of the Board. In addition, Mr. Klenk
frequently has informal discussions with Board members regarding key business issues and risk management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Independence</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors has determined that Messrs. Gabbard, Marino, Peterson, and Zipoy are independent directors as defined by the
listing standards of the Nasdaq Stock Market, since none of them are believed to have any relationships that, in the opinion of
the Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.
If Messrs. Gabbard, Marino, Peterson, and Zipoy are all elected at the Annual Meeting, they will constitute a majority of the
Board of Directors. Mr. Klenk is precluded from being considered independent by Nasdaq rules since he currently serves as an executive
officer of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has determined that all members of the Company&rsquo;s Audit Committee, Compensation Committee and Nominating Committee
are independent under listing standards of the Nasdaq Stock Market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Code
of Ethics and Business Conduct</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has adopted the Electro-Sensors Code of Ethics and Business Conduct (the &ldquo;Code of Conduct&rdquo;), which applies
to all of our directors, officers and employees. A copy of the Code of Conduct may be obtained upon written request to the Chief
Executive Officer. If we make any substantive amendments to the Code of Conduct or grant any waiver, including any implicit waiver
from a provision of the Code of Conduct to our directors or executive officers, we will disclose the nature of the amendments
or waiver on our website.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Director
Attendance at Annual Meeting</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
attendance at Annual Meetings can provide our shareholders with an opportunity to communicate with directors about issues affecting
the Company. We expect all directors to attend the Annual Meeting of Shareholders. The 2020 Annual Meeting was held in person
and due to the COVID-19 pandemic, only one of the five directors attended the Meeting. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Communications
with the Board</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
may communicate directly with the Board. All communications should be directed to the Chairman of our Audit Committee at the address
below and should prominently indicate on the outside of the envelope that the communication is intended for the Board or for non-management
directors. If no director is specified, the communication will be forwarded to the entire Board. Shareholder communications to
the Board should be sent to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Chairman, Audit Committee</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electro-Sensors,
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6111
Blue Circle Drive</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnetonka,
Minnesota 55343-9108</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Committees
and Meetings of the Board of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
about the Board and its Committees are set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board
Meetings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board met five times during 2020. Each Board member attended at least 77% of the meetings of the Board and committees on which
he served.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Director
Compensation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
who are not Company employees received $2,000 per board meeting for their Board services. See &ldquo;Director Compensation&rdquo;
on page 10. The chairman of the Board of Directors received $17,500 for the year for his leadership of the Board. The Audit Committee
Chair and the Compensation Committee Chair each received $8,750 per year and each other committee member received $4,000 per year
for their service on each committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audit
Committee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Messrs.
Marino, Gabbard (Chair), and Zipoy currently serve as members of the Audit Committee. This Committee met twice during 2020. The
Audit Committee is responsible for selecting the Company&rsquo;s independent registered public accounting firm, and for assisting
the Board in its oversight of corporate accounting and internal controls, reporting practices of the Company and the quality and
integrity of the financial reports of the Company. In addition to regularly scheduled Audit Committee meetings, the Audit Committee
Chair meets quarterly with the Company&rsquo;s independent accounting firm to discuss quarterly results. The Audit Committee Charter
specifies the Committee&rsquo;s composition and responsibilities. For more information concerning the Audit Committee, see the
Report of the Audit Committee on page 12 and the Audit Committee Charter posted on our corporate website under &ldquo;Investor
Information - Corporate Governance.&rdquo; Given his significant experience serving as a chief financial officer of companies,
the Board has determined that Mr. Gabbard is an &ldquo;audit committee financial expert&rdquo; as defined by Item 407(d)(5)(ii)
of SEC Regulation S-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compensation
Committee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Messrs.
Marino, Gabbard, and Zipoy (Chair) currently serve as members of the Compensation/Stock Option Committee (the &ldquo;Compensation
Committee&rdquo;). The Compensation Committee acts pursuant to a charter and met twice during 2020. For more information concerning
the Compensation Committee, see the Compensation Committee Charter posted on our corporate website under &ldquo;Corporate Governance.&rdquo;
The Compensation Committee is responsible for making recommendations to the Board concerning compensation of the Company&rsquo;s
employees, officers, and directors, and is authorized to determine the compensation of the Company&rsquo;s executive officers.
The Compensation Committee is authorized to administer the various incentive plans of the Company and has all powers of the attendant
thereto, including the power to grant employee stock options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nominating
Committee </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Messrs.
Marino, Peterson, and Zipoy (Chair) currently serve as members of the Nominating Committee. The Nominating Committee met once
during 2020. The Nominating Committee is responsible for evaluating and nominating or recommending candidates for the Company&rsquo;s
Board of Directors. A copy of the Nominating Committee Charter, which has been adopted by the Company&rsquo;s Board, is posted
on our corporate website under &ldquo;Corporate Governance.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nominating
Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nominating Committee will consider candidates for nomination as a director recommended by shareholders. The Nominating Committee
believes that director or candidates should have certain minimum qualifications, including being able to read and understand basic
financial statements, being over 18 years of age, having familiarity with the Company&rsquo;s business and industry, having high
moral character and mature judgment, being able to work collegially with others, and not currently serving on more than three
Boards of public companies. The Nominating Committee may modify these minimum qualifications from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
evaluating director nominees who meet the Company&rsquo;s minimum qualifications, the Nominating Committee considers the following
factors and qualifications, among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         appropriate size and the diversity of the Company&rsquo;s Board of Directors;</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         needs of the Board for the particular talents and experience of its directors;</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         knowledge, skills and experience of nominees, including experience in technology, business,
                                         finance, administration or public service, in light of prevailing business conditions
                                         and the knowledge, skills and experience already possessed by other members of the Board;</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">familiarity
                                         with domestic and international business matters;</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">age
                                         and legal and regulatory requirements;</FONT></TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">experience
                                         with accounting rules and practices;</FONT></TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">appreciation
                                         of the relationship of the Company&rsquo;s business to the changing needs of society; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         desire to balance the considerable benefit of continuity with the periodic injection
                                         of the fresh perspective provided by new members.</FONT></td></tr></table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nominating Committee will consider the attributes of the candidates and the needs of the Board and will review all candidates
in the same manner. Although, the Nominating Committee does not have a diversity policy, as described above, the Nominating Committee
seeks to nominate candidates with a diverse range of knowledge, experience, skills, expertise, and other qualities that will contribute
to the overall effectiveness of the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
shareholder who wishes to recommend one or more directors must provide a written recommendation to the Company at the address
below by November 26, 2021. Notice of a recommendation must include the name and address of the shareholder and the class and
number of shares the shareholder owns. With respect to the nominee, the shareholder should include the nominee&rsquo;s name, age,
business address, residence address, current principal occupation, five-year employment history with employer names and a description
of the employer&rsquo;s business, the number of shares beneficially owned by the nominee, whether the nominee can read and understand
basic financial statements, and other Board memberships, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electro-Sensors,
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Chairman, Nominating Committee</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6111
Blue Circle Drive</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnetonka,
MN 55343-9108</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recommendation must be accompanied by a written consent of the nominee to stand for election at the Annual Meeting if nominated
by the Nominating Committee and to serve if elected by the shareholders. The Company may require any nominee to furnish additional
information that may be needed to determine the eligibility of the nominee and whether the nominee has the attributes the Board
believes are important in its composition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ELECTION
OF DIRECTORS</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposals
#1 and #2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bylaws of the Company provide that at each Annual Meeting, the shareholders will determine the number of directors, which must
be at least one. The Nominating Committee and the Board recommend that the number of directors be currently set at five and that
five directors be elected at the Annual Meeting to serve until the 2022 Annual Meeting or until their successors are duly elected
and qualified. Under applicable Minnesota law and the Bylaws of the Company, approval of the proposal to set the number of directors
at five requires the affirmative vote of the holders of a majority of the voting power of the shares present in person or by proxy
at the Annual Meeting with authority to vote on this matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nominating Committee recommended and the Board selected the persons named below for election to the Board. All nominees are currently
directors of the Company. If, prior to the Annual Meeting, the Board determines that any of these nominees would be unable to
serve as a director after the Annual Meeting by reason of death, incapacity or other unexpected occurrence, the proxies will be
voted for such substitute nominee as the Board selects. The Board has no reason to believe that any of the following nominees
will be unable to serve. The Bylaws of the Company provide that directors will be elected by a plurality of the votes cast by
holders of shares present in person or by proxy and entitled to vote on the election of directors at a meeting at which a quorum
is present.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the principal occupations (for at least the last five years) and directorships of the nominees:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 38%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Principal
    Occupation and Directorships</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Director
    Since</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David L. Klenk</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, CEO, and CFO of the Company since
    2013</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joseph A. Marino</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and CEO of Cardia, Inc. (a medical
    equipment manufacturer) since 1998</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1994</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott A. Gabbard</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CFO and COO of Magenic Technologies, Inc. (a
    software consulting organization) since 2006</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey D. Peterson</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private investor since 1998. Previously employed
    by John G. Kinnard and Company, a regional brokerage firm.</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2011</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael C. Zipoy</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retired, Investment executive from 1978-2018;
    Feltl and Company investment executive (brokerage and investment banking firm) from 2005 through 2018 </FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board believes the following key characteristics are important in the selecting these five nominees:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Marino&rsquo;s executive leadership experience in building both private and public companies, including strategy formulation,
execution, and investor relations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Zipoy&rsquo;s investment experience in small and micro-cap companies and his participation in public and private equity financing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Peterson&rsquo;s significant experience in the investment industry and personal connections with many regional businesses;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Gabbard&rsquo;s extensive management experience, expertise, and background on strategic, accounting and financial matters for
both public and private companies; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Klenk&rsquo;s years of leadership experience with emerging technology companies, his high levels of customer and employee focus,
and his demonstrated ability to lead companies through significant growth cycles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITY
OWNERSHIP OF CERTAIN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BENEFICIAL
OWNERS AND MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information, as of February 25, 2021, regarding the beneficial ownership of the outstanding shares
of Common Stock by persons known by the Company to beneficially own more than 5% of the outstanding shares of Common Stock, by
directors and director nominees, by the only executive officer named in the Summary Compensation Table, and by the Company&rsquo;s
current directors and executive officer as a group.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: bottom; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Common
    Stock</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; text-align: center; vertical-align: bottom; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name
    and Address</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number
    of Shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Percent</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>of
    Beneficial Owner</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Beneficially
    Owned<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>of
    Class</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(214,243,232)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estate
                                         of Nancy Peterson</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
        Peterson and Lynne Peterson, Co-Executors&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15708
        Woodknoll Lane</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnetonka,
        MN 55345&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,004,464
    (2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.6%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(214,243,232)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
                                         L. Klenk</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6111
        Blue Circle Drive&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnetonka,
        MN 55343</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;102,772
    (3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(214,243,232)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joseph
                                         A. Marino</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2900
        Lone Oak Parkway, Suite 130</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eagan,
        MN 55121</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;52,500
    (4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(214,243,232)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott
                                         A. Gabbard</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6111
        Blue Circle Drive</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnetonka,
        MN 55343</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000
    (4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(214,243,232)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
                                         D. Peterson</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15708
        Woodknoll Lane</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnetonka,
        MN 55345</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">202,546
    (6)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.0%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(214,243,232)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
                                         C. Zipoy</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10900
        Wayzata Blvd Suite 200</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnetonka,
        MN 55305</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62,500
    (5) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(214,243,232)">
<TR STYLE="background-color: rgb(214,243,232)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.24in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renaissance
                                         Technologies LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">800
        Third Avenue</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
        York, NY 10022</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">175,700
    (7) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.12in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="background-color: rgb(214,243,232)">
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers
    and Directors as a Group (5 persons)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">470,268</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.8%</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.24in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.24in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except as otherwise
    indicated, each person named or included in the group has the sole power to vote and sole power to direct the disposition
    of all shares listed as beneficially owned by him or her. Beneficial ownership information is based on information furnished
    by the specified persons and is determined in accordance with Rule 13d-3 under the Securities Exchange Act of 1934 (the &ldquo;Exchange
    Act&rdquo;), as required for purposes of this Proxy Statement. Accordingly, it includes shares of Common Stock that are issuable
    upon the exercise of stock options exercisable within 60 days of February 25, 2021 as noted below.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on a Schedule
    13D dated November 2, 2018 and filed with the SEC on November 20, 2018.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 100,000
    shares issuable upon the exercise of stock options exercisable within 60 days of February 25, 2021 and 2,772 shares held by
    the Electro-Sensors, Inc. Employee Stock Ownership Plan (&ldquo;ESOP&rdquo;) for the account of Mr. Klenk.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents shares
    issuable upon the exercise of stock options exercisable within 60 days of February 25, 2021.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 52,500
    shares issuable upon the exercise of stock options exercisable within 60 days of February 25, 2021 and 10,000 shares held
    by the Barbara J. Zipoy and Michael C. Zipoy Revocable Trust of which Mr. Zipoy is a Trustee.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 52,500
    shares issuable upon the exercise of stock options exercisable within 60 days of February 25, 2021 and 46 shares held by the
    Electro-Sensors, Inc. Employee Stock Ownership Plan (&ldquo;ESOP&rdquo;) for the account of Mr. Peterson. Excludes shares
    held by Estate of Nancy Peterson for which Jeffrey D. Peterson serves as Personal Representative and shares voting and dispositive
    control.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on a Schedule
    13G dated December 4, 2020 and filed with the SEC on February 10, 2021.</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRANSACTIONS
WITH RELATED PERSONS, </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROMOTERS
AND CERTAIN CONTROL PERSONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was not a party to any transactions with related persons, promoters or control persons during the last fiscal year and
is not currently contemplating any such transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTIVE
COMPENSATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compensation
Summary</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes information concerning the compensation awarded or paid to, or earned by, the Company&rsquo;s Named
Executive Officer during 2020 and 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Summary
Compensation Table</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name
    and</B><BR>
    <B>principal position</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Salary</B>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>($)</B>&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Bonus</B>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>($)</B></FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Option</B><BR>
                                         <B>Awards ($)</B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Non-equity</B><BR>
                                         <B>incentive</B><BR>
                                         <B>plan</B>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>($)</B>&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>All
                                         other</B><BR>
                                         <B>compensation</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>($)(2)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>($)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(214,243,232)">
    <TD STYLE="width: 16%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    L. Klenk,</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, CEO, CFO</FONT></TD>
    <TD STYLE="width: 6%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: right; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -1.5in; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019&nbsp;</FONT></P></TD>
    <TD STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: right; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">238,847</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">225,000</FONT></P></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000
        &nbsp;</FONT></P></TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif">(1)</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></P></TD>
    <TD STYLE="width: 3%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></P></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; border-right: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39,124</FONT>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36,975&nbsp;</FONT></P></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; border-right: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">277,97</FONT>1&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">271,975</FONT>&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discretionary
                                         payment made under the 2019 Management Incentive Bonus Plan. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
                                         reflect allocations to individual&rsquo;s account of Company contributions to the ESOP,
                                         401(k) Plan, and standard employee benefit plans. The Company matches 100% of the first
                                         3% of employee 401(k) Plan contributions and 50% of the next 2% of employee contributions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compensation
of Executive Officer</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Klenk does not have a written employment agreement with the Company. As of January 1, 2021, his annual salary is $230,000 per
year, and he is eligible to receive a bonus as determined by either the Board of Directors or the Compensation Committee. See
&ldquo;2020 Management Incentive Bonus Plan&rdquo; and &ldquo;2021 Management Incentive Bonus Plan&rdquo; information below. Because
the Company pays its regular fulltime employees, including Mr. Klenk, every two weeks, approximately once every 11 years, each
employee will receive 27 rather than 26 paychecks. The amount paid to Mr. Klenk in the table above reflects the fact that 2020
was a 27-paycheck year for the Company&rsquo;s employees.<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
Equity Awards as of December 31, 2020</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information concerning outstanding option equity awards outstanding to the Named Executive
Officer at December 31, 2020. There were no outstanding share awards and therefore, these columns are omitted from the table.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Outstanding
    Equity Awards at Fiscal Year-End</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="7" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Option
    Awards</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number
    of </B><BR>
    <B>securities </B><BR>
    <B>underlying </B><BR>
    <B>unexercised options</B><BR>
    <B>(#) exercisable </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number
    of securities</B><BR>
    <B>underlying unexercised </B><BR>
    <B>options (#)</B><BR>
    <B>unexercisable</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Option</B><BR>
                                         <B>Exercise</B><BR>
                                         <B>Price</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>($)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Option
    </B><BR>
    <B>Expiration</B><BR>
    <B>Date</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(214,243,232)">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Klenk</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.21</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/22/2023</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Klenk</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.41</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2/8/2026</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2020
Management Incentive Bonus Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 16, 2020, the Compensation Committee approved the 2020 Management Incentive Plan (the &ldquo;2020 Plan&rdquo;) for the
Company&rsquo;s President, Chief Executive Officer, and Chief Financial Officer David L. Klenk. The 2020 Plan had both annual
financial performance and strategic goals. The financial performance goals were primarily based on the achievement of specified
revenue levels, with additional amounts available for exceeding certain levels. The strategic goals were primarily related to
initiatives related to expanding our customer base and product offerings. The Company allocated 50% of the potential bonus to
financial performance and 50% to strategic initiatives. If the Company achieved the specified goals, the incentive cash payment
to Mr. Klenk would have been approximately 22% of his base salary. Furthermore, the Committee retained discretion under the 2020
Plan to make incentive plan cash payments in amounts higher or lower than would otherwise be required under the 2020 Plan. The
Company did not make a payment under the 2020 Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2021
Management Incentive Bonus Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 7, 2021, the Compensation Committee approved the 2021 Management Incentive Plan (the &ldquo;2021 Plan&rdquo;) for the
Company&rsquo;s President, Chief Executive Officer and Chief Financial Officer David L. Klenk. The 2021 Plan has both annual financial
performance and strategic goals. The financial performance goals are primarily based on the achievement of specified revenue levels,
with additional amounts available for exceeding certain levels. The strategic goals are primarily related to initiatives related
to expanding our customer base and product offerings. The Company has allocated 50% of the potential bonus to financial performance
and 50% to strategic initiatives. If the Company achieves the specified goals, the incentive cash payment to Mr. Klenk will equal
approximately 22% of his base salary. Furthermore, the Committee retains discretion under the 2021 Plan to make incentive plan
cash payments in amounts higher or lower than would otherwise be required under the 2021 Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DIRECTOR
COMPENSATION</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compensation
Summary</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes information concerning the compensation awarded or paid to, or earned by, the Company&rsquo;s non-employee
directors during the last fiscal year. Directors who are not employees of the Company received $2,000 per Board meeting. The Chairman
of the Board of Directors received $17,500 per year for his service on the Board. The Audit Committee Chair and Compensation Committee
Chair received $8,750 per year and each other Audit Committee member and Compensation Committee member received $4,000 per year
for their service on each committee. No additional amounts were paid for service on the Nominating Committee. Directors may receive
additional amounts for special committee or other Board work as determined by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Director
Compensation Table</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 15%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Director
    Name </B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fees
    earned <BR>
    or paid in<BR>
    cash ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(214,243,232)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joseph
    A. Marino</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott
    A. Gabbard</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,750</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(214,243,232)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
    D. Peterson</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    C. Zipoy</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,750</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2020, Messrs. Marino, Peterson, and Zipoy each had 52,500 shares in stock option grants outstanding and Mr. Gabbard
had 50,000 shares in stock option grants outstanding. These options were granted prior to 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RATIFICATION
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposal
#3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s Board retained Boulay PLLP as its principal independent registered public accounting firm for the year ended December&nbsp;31,
2020 and has selected Boulay PLLP to serve as the Company&rsquo;s independent registered public accounting firm for the year ending
December&nbsp;31, 2021. The Board desires that the selection of this independent registered public accounting firm be submitted
to the shareholders for ratification, which ratification requires the affirmative vote of the holders of a majority of the shares
of Common Stock represented at the Annual Meeting in person or by proxy and entitled to vote. If the selection is not ratified,
the Board of Directors will reconsider its decision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
representative of Boulay PLLP is expected to be present at the Annual Meeting, will have an opportunity to make a statement if
he or she desires to do so and will be available to respond to appropriate questions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DISCLOSURE
OF FEES PAID TO INDEPENDENT AUDITORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following fees were paid to Boulay PLLP in 2020 and 2019:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2019</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(214,243,232)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Fees</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75,000</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit-Related fees</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(214,243,232)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Fees</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,795</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Other Fees</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">710</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">850</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(214,243,232)">
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92,505</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81,850</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audit
Fees </B>were for professional services rendered for the audit of the Company&rsquo;s financial statements and review of the interim
financial statements included in quarterly reports and services in connection with statutory and regulatory filings or engagements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audit-Related
Fees</B> consist of the review of, and discussion with, management regarding, certain accounting treatment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tax
Fees</B> were for professional services rendered for preparation of the Company&rsquo;s annual tax return, quarterly estimates,
and state returns. Tax examination consulting is also included.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>All
Other Fees</B> represent fees for any professional services not included in the first three categories listed above. Those fees
were approved by the audit committee and related to business development activities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
its Charter, the Audit Committee is required to pre-approve all audit services, as well as all non-audit services performed by
the Company&rsquo;s independent registered public accounting firm to ensure that the provision of these non-audit services does
not impair the auditor&rsquo;s independence. Unless a particular service has received general pre-approval by the Audit Committee
in accordance with the Audit Committee&rsquo;s pre-approval policy, each service provided must be specifically pre-approved. Any
proposed services exceeding pre-approved costs levels will require specific pre-approval by the Audit Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the Company&rsquo;s annual engagement agreement with its independent registered public accounting firm, the Audit Committee
pre-approves the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 22.3pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
                                         services to be provided by the independent auditor: statutory and financial audits for
                                         the Company and audit services associated with SEC registration statements, periodic
                                         reports and other documents filed with the SEC, production of other documents issued
                                         by the independent registered public accounting firm in connection with securities offerings
                                         (e.g., comfort letters, consents), and assistance in responding to SEC comment letters.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 22.3pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consulting
                                         services provided by the independent registered public accounting firm related to the
                                         accounting or disclosure treatment of transactions or events and the actual or potential
                                         impact of final or proposed rules, standards or interpretations by the SEC, FASB, or
                                         other regulatory or standard-setting bodies.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 22.3pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specific
                                         non-audit services, primarily tax services. The Audit Committee does not believe that
                                         performance of these tax services impairs the auditor&rsquo;s independence. The Audit
                                         Committee has given the independent registered public accounting firm pre-approval for
                                         U.S. federal, state, and local tax planning and advice, U.S. federal, state, and local
                                         tax compliance, international tax planning and advice, international tax compliance,
                                         and tax planning and advice related to merger and acquisition activities. The Company&rsquo;s
                                         independent registered public accounting firm must inform the Audit Committee whenever
                                         it provides pre-approved service. The aggregate amount of fees for these pre-approved
                                         tax services may not exceed $15,000 without additional explicit approval by the Audit
                                         Committee.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term of any pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different
term. The Audit Committee retains the right to periodically revise the above list of pre-approved services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPORT
OF THE AUDIT COMMITTEE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee of the Board of Directors is comprised of three directors who are independent of the Company and management as
required by the Nasdaq corporate governance listing standards and by SEC rules. The Audit Committee operates under a written charter
adopted by the Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee oversees the Company&rsquo;s financial reporting process on behalf of the Board of Directors. Management is responsible
for the Company&rsquo;s financial statements and the financial reporting process, including implementing and maintaining effective
internal control over financial reporting and for the assessment of, and reporting on, the effectiveness of internal control over
financial reporting. The independent auditors are responsible for expressing an opinion on the conformity of those audited financial
statements with accounting principles generally accepted in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee has reviewed and discussed with management and the independent auditors the Company&rsquo;s audited financial
statements for the year ended December 31, 2020, and discussed with management the effectiveness of the Company&rsquo;s internal
control over financial reporting as of December 31, 2020 contained in the Company&rsquo;s Annual Report on Form 10-K for the year
ended December 31, 2020, including a discussion of the reasonableness of significant judgments and the clarity of disclosures
in the financial statements. The Audit Committee also reviewed and discussed with management and the independent auditors the
disclosures made in &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;
included in the Company&rsquo;s 2020 Annual Report to Shareholders and its Annual Report on Form 10-K for the year ended December
31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee has discussed with the independent auditors the matters required to be discussed by Public Company Accounting
Oversight Board (&ldquo;PCAOB&rdquo;). In addition, the Audit Committee has discussed with the independent auditors the auditor&rsquo;s
independence from the Company and its management, including the matters in the written disclosures and the letter provided by
the independent auditors to the Audit Committee as required by applicable requirements of the PCAOB regarding the independent
auditor&rsquo;s communications with the Audit Committee concerning independence, and has considered the compatibility of non-audit
services with the auditor&rsquo;s independence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Committee discussed with the Company&rsquo;s independent auditors the overall scope and plans for their integrated audit. The
Committee meets with the independent auditors, with and without management present, to discuss the results of their examinations,
their evaluations of the Company&rsquo;s internal controls and the overall quality of the Company&rsquo;s financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors, and the Board has
approved, that the audited financial statements for the year ended December 31, 2020 be included in the Company&rsquo;s Annual
Report on Form 10-K for the year ended December 31, 2020 for filing with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audit
Committee</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Scott
A. Gabbard, Chair</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Joseph
A. Marino</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Michael
C. Zipoy</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OTHER
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors knows of no other matters to be brought before the Annual Meeting. However, if any other matters are properly
brought before the Annual Meeting, it is the intention of the persons named in the accompanying proxy to vote in accordance with
their judgment on these matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHAREHOLDER
PROPOSALS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
proposals for the proxy statement for the 2022 Annual Meeting of Shareholders of the Company must be received no later than November
26, 2021 at the Company&rsquo;s principal executive offices, 6111 Blue Circle Drive, Minnetonka, Minnesota 55343, directed to
the attention of the Chairman of the Audit Committee, or the Chairman of the Nominating Committee if the proposal relates to the
nomination of a director, in order to be considered by the Board of Directors for inclusion in next year&rsquo;s Annual Meeting
proxy material under the SEC&rsquo;s proxy rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
if a shareholder proposal intended to be presented at the next Annual Meeting but not included in the Company&rsquo;s proxy statement
and proxy is received by the Company after February 8, 2022, then management named in the Company&rsquo;s proxy form for the next
Annual Meeting will have discretionary authority to vote shares represented by such proxies on the shareholder proposal, if presented
at the meeting, without including information about the proposal in the Company&rsquo;s proxy material.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
10-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of the Company&rsquo;s Annual Report to the Securities and Exchange Commission on Form 10-K for the fiscal year ended December
31, 2020 has been provided with this Proxy Statement. The Company will furnish to any shareholder, upon written request, any exhibit
described in the list accompanying the Form 10-K upon the payment, in advance, of reasonable fees related to the Company&rsquo;s
furnishing such exhibits(s). Any such request should include a representation that the shareholder was the beneficial owner of
shares of Electro-Sensors Common Stock on February 25, 2021, the record date for the 2021 Annual Meeting, and should be directed
to Mr. David Klenk, Chief Executive Officer, at the Company&rsquo;s principal address.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
foregoing Notice of Annual Meeting and Proxy Statement are sent by order of the Board of Directors.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
L. Klenk</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
25, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"></P>




<p style="margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">


<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: left; width: 28%">ELECTRO-SENSORS, INC.</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; width: 51%"><B>VOTE BY INTERNET</B></TD></TR>
<TR STYLE="vertical-align: top">
   <TD STYLE="font-size: 8pt; text-align: left">6111 BLUE CIRCLE DRIVE</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">Before The Meeting - Go to <B><U>www.proxyvote.com</U></B></TD></TR>
<TR STYLE="vertical-align: top">
   <TD STYLE="font-size: 8pt; text-align: left">MINNETONKA, MN 55343-9108</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify"><font style="font-size: 8pt"></FONT>

<FONT STYLE="font-size: 8pt">Use the Internet to transmit your voting instructions and for electronic delivery
of information up until 11:59 p.m. Eastern Time the day before the cut-off date
or meeting date. Have your proxy card in hand when you access the web site
and follow the instructions to obtain your records and to create an electronic
voting instruction form.</font></td></tr>
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left"><I>During The Meeting</I> - Go to <B><U>www.virtualshareholdermeeting.com/ELSE2021</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">You may attend the meeting via the Internet and vote during the meeting. Have
the information that is printed in the box marked by the arrow available and
follow the instructions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify"><B>VOTE BY PHONE - 1-800-690-6903</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">Use any touch-tone telephone to transmit your voting instructions up until
11:59 p.m. Eastern Time the day before the cut-off date or meeting date. Have
your proxy card in hand when you call and then follow the instructions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify"><B>VOTE
BY MAIL</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">Mark, sign and date your proxy card and return it in the postage-paid
envelope we have provided or return it to Vote Processing, c/o Broadridge,
51 Mercedes Way, Edgewood, NY 11717.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><font style="font-size: 8pt">&nbsp;</font></td></tr><tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><font style="font-size: 8pt">&nbsp;</font></td></tr><tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><font style="font-size: 8pt">&nbsp;</font></td></tr>

 </table>

<p style="margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
 <tr style="vertical-align: top">
    <td style="width: 30%"></td>
    <td style="width: 40%"></td>
    <td style="width: 30%"></td></tr>
<tr style="vertical-align: top">
    <td colspan="3"><font style="font-size: 8pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font>  </td></tr>
<tr style="vertical-align: top">
    <td></td>
    <td></td>
    <td></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 2px dashed"></td>
    <td style="border-bottom: Black 2px dashed; padding-left: 0.25in; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">D37039-P53019</font></td>
    <td style="border-bottom: Black 2px dashed; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">KEEP
    THIS PORTION FOR YOUR RECORDS</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" rowspan="2" style="text-align: center; padding-left: 1.625in; vertical-align: middle">&nbsp;<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>THIS
    PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</b></font></td>
    <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DETACH AND RETURN THIS
    PORTION ONLY</font></td></tr>
<tr style="vertical-align: top">

    <td style="text-align: right">&nbsp;</td></tr>
 </table>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
 <tr style="vertical-align: top">
    <td style="width: 1%; border-top: Black 2px solid; border-left: Black 2px solid"></td>
    <td style="width: 1%; border-top: Black 2px solid"></td>
    <td style="width: 3%; border-top: Black 2px solid"></td>
    <td style="width: 3%; border-top: Black 2px solid"></td>
    <td style="width: 16%; border-top: Black 2px solid"></td>
    <td style="width: 2%; border-top: Black 2px solid"></td>
    <td style="width: 5%; border-top: Black 2px solid"></td>
    <td style="width: 1%; border-top: Black 2px solid; text-align: center"></td>
    <td style="width: 3%; border-top: Black 2px solid; text-align: center"></td>
    <td style="width: 5%; border-top: Black 2px solid; text-align: center"></td>
    <td style="width: 6%; border-top: Black 2px solid; text-align: center"></td>
    <td style="width: 1%; border-top: Black 2px solid"></td>
    <td style="width: 23%; border-top: Black 2px solid"></td>
    <td style="width: 1%; border-top: Black 2px solid"></td>
    <td style="width: 4%; border-top: Black 2px solid"></td>
    <td style="width: 5%; border-top: Black 2px solid"></td>
    <td style="width: 5%; border-top: Black 2px solid"></td>
    <td style="width: 2%; border-top: Black 2px solid"></td>
    <td style="width: 1%; border-top: Black 2px solid; border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; padding-top: 3pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td colspan="5" style="padding-top: 3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>ELECTRO-SENSORS, INC.</b></font></td>
    <td style="padding-top: 3pt"></td>
    <td style="text-align: center; padding-top: 3pt"></td>
    <td style="text-align: center; vertical-align: bottom; padding-top: 3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>For</b></font></td>
    <td style="text-align: center; vertical-align: bottom; padding-top: 3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Withhold</b></font></td>
    <td style="text-align: center; vertical-align: bottom; padding-top: 3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>For
    All</b></font></td>
    <td style="padding-top: 3pt"></td>
    <td rowspan="2" style="padding-top: 3pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">To withhold authority to vote for any individual
nominee(s), mark "For All Except" and write the
number(s) of the nominee(s) on the line below.</font></p></td>
    <td style="padding-top: 3pt"></td>
    <td style="padding-top: 3pt"></td>
    <td style="padding-top: 3pt"></td>
    <td style="padding-top: 3pt"></td>
    <td style="padding-top: 3pt"></td>
    <td style="border-right: Black 2px solid; padding-top: 3pt"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</font></td>
    <td></td>
    <td colspan="6" style="text-align: justify; padding-right: 10pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>The Board of Directors recommends you vote FOR
the following:</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>All</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>All</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Except</b></font></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="border-right: Black 2px solid; border-top: Black 2px solid"></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</font></td>
    <td></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</font></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="text-align: center"></td>
    <td style="text-align: center"></td>
    <td style="text-align: center"></td>
    <td style="text-align: center"></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <td></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.</font></td>
    <TD COLSPAN="4"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">To elect five directors to serve until the next annual meeting of shareholders:</FONT> </td>
    <td style="text-align: center"></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#9744;</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#9744;</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#9744;</b></font></td>
    <td></td>
    <td style="border-bottom: Black 2px solid"></td>
    <td></td>
    <td style="text-align: right"></td>
    <td style="text-align: right"></td>
    <td style="border-right: Black 2px solid; text-align: right"></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</font></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="text-align: right"></td>
    <td style="text-align: right"></td>
    <td style="text-align: right"></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="text-align: left; vertical-align: bottom">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td></td>
    <td></td>
    <td colspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&nbsp;</b></font></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</font></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td></td>
    <td></td>
    <TD STYLE="text-align: left; vertical-align: middle"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">01)&nbsp;</font></p>
        <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p></td>
    <TD STYLE="text-align: left; vertical-align: middle"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Scott A. Gabbard</font></td>
    <TD STYLE="text-align: left; vertical-align: middle"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">04)&nbsp;</font></td>
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;Jeffrey D. Peterson</FONT>  </td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td></td>
    <td></td>
    <TD STYLE="text-align: left; vertical-align: middle"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">02)</font></td>
    <TD STYLE="text-align: left; vertical-align: middle"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">David L. Klenk</font></td>
    <TD STYLE="text-align: left; vertical-align: middle"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">05)&nbsp;</font></td>
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;Michael C. Zipoy</FONT>  </td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td></td>
    <td></td>
    <TD STYLE="text-align: left; vertical-align: middle"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">03)</font></td>
    <TD STYLE="text-align: left; vertical-align: middle"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joseph A. Marino</font></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <td></td>
    <td colspan="9" style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>The Board of Directors recommends you vote FOR the following proposals:</b></font></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>For&nbsp;&nbsp;</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Against</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Abstain</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="text-align: right"></td>
    <td style="text-align: right"></td>
    <td style="text-align: right"></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="text-align: right"></td>
    <td style="text-align: center"></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="text-align: left; vertical-align: bottom">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <td></td>
    <td style="text-align: left; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.</font></td>
    <td colspan="10" style="padding-right: 22pt; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">To set the number of directors at five.</FONT></td>
    <td></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#9744;</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#9744;</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#9744;</b></font></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
        <tr style="text-align: left; vertical-align: bottom">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="text-align: left; vertical-align: middle"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td colspan="10" style="padding-right: 22pt; text-align: left; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="border-right: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td></tr>
<tr style="text-align: left; vertical-align: bottom">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <td></td>
    <td style="text-align: left; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.</font></td>
    <td colspan="10" style="padding-right: 22pt; text-align: left; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">To ratify the appointment of Boulay PLLP as Independent Registered Public Accounting Firm for the fiscal year ending December 31, 2021.</font></td>
    <td></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#9744;</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#9744;</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#9744;</b></font></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td colspan="7" style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="border-right: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td></tr>
<tr style="text-align: left; vertical-align: bottom">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <td></td>
    <td style="text-align: left; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.</font></td>
    <td colspan="10" style="padding-right: 22pt; text-align: left; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">To transact such other business as may properly come before the meeting or any adjournment.</font></td>
    <td></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&nbsp;</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&nbsp;</b></font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&nbsp;</b></font></td>
    <td></td>
    <td style="border-right: Black 2px solid"></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td colspan="7" style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="border-right: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td colspan="7" style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="border-right: Black 2px solid"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td colspan="7" style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="border-right: Black 2px solid"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td colspan="7" style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
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    <td colspan="13" style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Please sign exactly as your name appears hereon. If stock is registered in more than one name,
each holder should sign. If signing as an attorney, administrator, executor, guardian or trustee,
please add your title as such. If executed by a corporation or other entity, the proxy should be
signed by a duly authorized officer or other representative.)</font></td>
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    <td style="border-left: Black 2px solid"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <td></td>
    <td colspan="3"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature [PLEASE SIGN WITHIN BOX]</font></td>
    <td></td>
    <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Date</font></td>
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    <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature (Joint Owners)</font></td>
    <td colspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Date</font></td>
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<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>The Proxy Statement, Form of Proxy, and Annual Report on Form 10-K are available at
http://www.idelivercommunications.com/proxy/else</b></font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</p>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <td style="width: 100%; border-bottom: Black 2px dashed; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></td></tr>
 </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">D37040-P53019</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
 <tr style="vertical-align: top">
    <td style="width: 2%; border-bottom: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1">&nbsp;</font></td>
    <td style="width: 96%; border-bottom: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1">&nbsp;</font></td>
    <td style="width: 2%; border-bottom: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1">&nbsp;</font></td></tr>
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    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: center"><p style="margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>ELECTRO-SENSORS, INC.</b></font></p>


</td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</b></font></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PROXY FOR ANNUAL MEETING</B></FONT></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>April 21, 2021</b></font></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="text-indent: 20pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The undersigned hereby appoints DAVID L. KLENK, with full power of substitution, as his or her Proxy to represent and vote, as designated below, all shares of the Common Stock of Electro-Sensors, Inc. registered in the name of the undersigned at the Annual Meeting of Shareholders of the Company to be held at 2:00 p.m. Central time, on April 21, 2021 at
www.virtualshareholdermeeting.com/ELSE2021, and at any adjournment thereof. The undersigned hereby revokes all proxies previously granted with respect to this meeting.</font></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="border-right: Black 2px solid; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THIS PROXY WHEN
    PROPERLY EXECUTED WILL BE VOTED AS DIRECTED OR, IF NO DIRECTION IS GIVEN FOR A PARTICULAR PROPOSAL, WILL BE VOTED FOR SUCH
    PROPOSAL AND FOR THE ELECTION OF EACH DIRECTOR.</B></FONT></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="border-right: Black 2px solid; text-align: center">&nbsp;</td></tr>

<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Continued and to be signed on reverse side</b></font></td>
    <td style="border-right: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 2px solid; border-left: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-right: Black 2px solid; border-bottom: Black 2px solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
 </table>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
