UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 16, 2006
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NVE Corporation
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(Exact name of registrant as specified in its charter)
Minnesota 000-12196 41-1424202
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
11409 Valley View Road, Eden Prairie, Minnesota 55344
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (952) 829-9217
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
Pursuant to his appointment as a principal officer as set forth in
Item 5.02 below, we have entered into a verbal agreement with Curt A. Reynders
providing for an annual salary of $95,000 and the grant of an incentive stock
option for the purchase of up to 25,000 shares of NVE Common Stock.
Mr. Reynders expects to file an initial statement of beneficial ownership of
securities on Form 3 reporting the option grant.
Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
Retirement of Officer
Richard L. George retired as our Chief Financial Officer and Treasurer as
of January 16, 2006, and will remain with the company as a part-time
specialist.
Appointment of Officer
On January 16, 2006 our board of directors approved the promotion of
Curt A. Reynders, age 43, to the position of Chief Financial Officer and
Treasurer. Prior to his promotion, Mr. Reynders had been our controller since
July 2001. Mr. Reynders has served in various accounting, auditing and
accounting management positions with public accounting and industry firms.
Before joining NVE, Mr. Reynders was controller for NewLeaf Designs.
None of our current directors or executive officers has a family
relationship with Mr. Reynders. Other than compensation for his services to
NVE, there are no related party transactions between Mr. Reynders and us.
We issued a press release on January 18, 2006 announcing the retirement of
Mr. George and the promotion of Mr. Reynders. The press release is attached as
Exhibit 99.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NVE CORPORATION
(Registrant)
Date January 18, 2006 /s/ Daniel A. Baker
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By: Daniel A. Baker
President and Chief Executive Officer
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INDEX TO EXHIBITS
Exhibit Description
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99 Press release dated January 18, 2006 announcing the retirement of
Richard L. George and the promotion of Curt A. Reynders
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