X0305 4 2012-04-01 0 0000911650 NAVARRE CORP /MN/ NAVR 0001220564 IVERSON KATHLEEN P 7400 49TH AVENUE NORTH NEW HOPE MN 55428 1 0 0 0 Stock Option (right to buy) 1.80 2012-04-01 4 A 0 12000 0.00 A 2013-04-01 2022-03-31 Common Stock 12000 12000 D Director nonqualified stock option covering 12,000 shares of Common Stock granted pursuant to the formula terms contained in the Company's Amended and Restated 2004 Stock Plan, as approved by the shareholders, and exercisable in three annual installments of 4,000 shares each on April 1, 2013, 2014 and 2015. /s/ Kathleen P. Iverson 2012-04-02