NVE CORP NEW
For the period ended Aug 1, 2024. Filed Jun 17, 2024.
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Aug 1, 2024 · Filed Jun 17, 2024
Contents
Summary Compensation Table
The following table summarizes the compensation earned by our NEOs in the past three fiscal years:
| Name and Principal Position | Fiscal Year Ended March 31, | Salary ($) | Bonus ($) | Option Awards ($)(1)(2) | Non-equity Incentive Plan Compensation($)(3) | All Other Compensation ($)(4) | Total ($) |
|---|---|---|---|---|---|---|---|
| Daniel A. Baker | 2024 | 419,600 | - | 50,175 | 93,467 | 14,743 | 577,985 |
| President and CEO | 2023 | 400,000 | - | 26,082 | 616,108 | 13,290 | 1,055,480 |
| 2022 | 380,651 | - | 32,067 | 271,562 | 13,307 | 697,587 | |
| Peter G. Eames | 2024 | 227,900 | - | - | 56,080 | 11,472 | 295,452 |
| Vice President, Advanced Technology | 2023 | 215,000 | 20,000 | - | 43,000 | 11,743 | 289,743 |
| 2022 | 201,755 | - | - | - | 10,883 | 212,638 | |
| Daniel Nelson(5) | 2024 | 90,000 | - | - | 5,000 | (7) | 95,000 |
| Principal Financial Officer | 2023 | 36,308 | - | - | - | (7) | 36,308 |
| Joseph R. Schmitz(6) | 2024 | 37,189 | - | - | - | (7) | 37,189 |
| Former Chief Financial Officer | 2023 | 196,344 | - | - | - | 10,416 | 206,760 |
| 2022 | 33,750 | - | - | - | (7) | 33,750 |
| (1) | Option awards vest after one year of employment following their grant. Option values are based on the fair value on the grant date determined from the Black-Scholes-Merton option-pricing model with the assumptions discussed in Note 5 to the Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2024. |
| (2) | Option awards have a one-year vesting period. |
| (3) | Paid based on performance achieved during the fiscal year under plans approved by our Compensation Committee at the beginning of the fiscal years. |
| (4) | Includes Company contributions made to 401(k) savings plans and Health Savings Accounts on behalf of NEOs, and life and long-term disability insurance premiums paid on behalf of NEOs. NEOs participate in these benefit programs under the same terms as all other employees. Also includes a payment related to Mr. Schmitz’ termination. |
| (5) | Mr. Nelson joined the Company in September 2022 and was promoted to Principal Financial Officer effective May 8, 2023. |
| (6) | Mr. Schmitz was Chief Financial Officer from January 20, 2022, through May 5, 2023. |
| (7) | Less than $10,000. |
Fiscal 2024 Named Executive Officer Compensation
For the fiscal year ended March 31, 2024, the principal components of compensation for NEOs were salary and performance-based compensation. Dr. Baker also received an option award. Performance-based compensation criteria were set at the beginning of fiscal years by the Compensation Committee. Performance-based compensation for Dr. Baker and Dr. Eames had thresholds of positive operating income so that no incentives would be paid without income from operations.
Dr. Baker’s compensation for the most recent fiscal year consisted primarily of a salary of $419,600, performance-based incentive plan compensation of $93,467, and option awards of $50,175. Dr. Baker’s total compensation decreased 45% in fiscal 2024 compared to fiscal 2023. The decrease was due to a large decrease in performance-based compensation because of a lack of company growth.
Dr. Eames’ compensation for the most recent fiscal year consisted primarily of a salary of $227,900 and performance-based incentive plan compensation of $56,080. Dr. Eames’ total compensation in fiscal 2024 increased 2% from the prior year primarily with a 30% increase in performance-based compensation and a 6% increase in salary more than offsetting a bonus paid in fiscal 2023.
Mr. Nelson’s compensation consisted of $90,000 in salary and $5,000 in performance-based compensation.
Pay Versus Financial Performance
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