Stock Option Purchase Agreement

4.1. If this option can be exercised, it may be exercised from time to time in whole or in part (but in stages of at least 100 options shares) by accessing Merrill Lynch Benefits OnLine (www.benefits.ml.com) and giving them instructions from the company and Merrill Lynch. The exercise must be accompanied by a full payment in accordance with Section 5. at the bottom of the aggregate exercise price of the option shares to be acquired. In exercising this option and prior to the delivery of the options shares acquired in this exercise, the company has the right to exercise and deduct other amounts from your future wages (or other amounts that the company may owe you) or to make other arrangements for the recovery of all statutory amounts that are required to meet federal tax obligations related to the granting or exercise of this option. , federal states or premises, which are due to the granting or exercise of this option, or by other means or by other means in relation to this option; or (ii) immediately require it to immediately transfer the amount of that deduction to Merrill Lynch before you react to your exercise notice. In the event that the company is unable to withhold such amounts, for any reason, you agree to pay the company an amount equal to the amount that the business would otherwise have to withhold under federal, national or municipal law. You have obtained an option to acquire shares of Navarre Corporation pursuant to the terms of the revised and revised 2004 action plan, as amended from time to time (the “Plan”) and the “Agreement”) option agreement( This agreement does not require you to buy options. Your obligation to purchase options shares may not arise until after the exercise of this option, in the manner described in Section 4 below. This option can only be exercised if you have executed the agreement and returned to the company.

5.1 As paid. At the time of the exercise, you must consider Merrill Lynch in terms of the proceeds of the exercise price and the number of option shares purchased. The authorized payment methods are: (i) cash (by bank transfer to Merrill Lynch); (ii) a personal cheque or a certified or banked cashier`s cheque153s payable to Merrill Lynch; (iii) allow Merrill Lynch to sell only enough underlying shares to cover the exercise price, control and fees (cash holding); (iv) allow Merrill Lynch to sell all the underlying shares and deliver the proceeds, net of taxes and fees, or to your Merrill Lynch account (scriptural sale); or (v) the auction of common shares that you own for at least six months, with a value on the year date corresponding to the exercise price, taxes and deners (share exchange exercise). 4.2 Proof of representation. If a person or person other than you is informed of the exercise of this option, the presentation of reasonable proof of that person`s right to exercise this option is required for the exercise of this option. 10.3 Full agreement. This agreement and plan define the entire agreement and understanding of the parties regarding the granting and exercise of this option and the management of the plan, and have replaced all previous agreements, agreements, plans and agreements regarding the granting and exercise of this option and the management of the plan. Navarre Corporation, a Minnesota company (with all its successors, “Company”), herely concedes to the aforementioned option (the option) that is an employee of the company or a related company, an option (the “share option”) for the purchase on or before the above-mentioned expiry date, subject to a previous termination, in whole or in part to the number of shares mentioned above (the “option shares”) of the company153 , no par value (“common share”), at the exercise price per share shown above (the “exercise price”), subject to the terms of this agreement and the plan.