Item 5.02. Departure of directors or certain officers; election of directors; appointment of certain officers; compensatory arrangements of certain officers

Effective May 5, 2023, Joseph R. Schmitz resigned as Chief Financial Officer, and Daniel Nelson has been appointed Accounting Manager and Principal Financial Officer.

Mr. Nelson, age 37, joined NVE in September 2022. From August 2021 to until joining NVE, he worked at RMH Tax & Business Advisors in Plymouth, Minn., and from May 2015 to July 2021 he was a Senior Accountant at Intelligere in Plymouth, Minn. He earned Bachelor's and Master's degrees in Accounting from the University of Liberia and started his career at Baker Tilly in Liberia.

Mr. Nelson has signed an agreement including non-competition, confidentiality, and assignment of invention provisions benefiting the Company. He will be eligible for performance-based compensation on meeting certain goals.













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