NVE CORP /NEW/ — Director's Dealing 2004

May 21, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NVE CORP /NEW/ (NVEC)
CIK: 0000724910
Period of Report: 2004-05-21

Reporting Person: DR DAUGHTON JAMES (Director, Chief Technology Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-21	Common Stock	S	10000	$27.33	Disposed	86800	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Incentive Stock Option	$0.857	2005-01-01	Common Stock (35000)	35000	Direct
Incentive Stock Option	$6.085	2011-07-26	Common Stock (22600)	57600	Direct

Footnotes

F1: Includes shares owned jointly by Dr. Daughton and his spouse.

F2: Vesting in four equal installments with the first installment vesting 07/26/2001.