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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