X0306 4 2012-10-03 0 0000870826 VALUEVISION MEDIA INC VVTV 0001532467 Kunkle Nancy E. 6740 SHADY OAK ROAD EDEN PRAIRIE MN 55344 0 1 0 0 SVP, Cust Exp/Bus Pros Eng Stock Option (right to buy) 4.00 2012-10-03 4 A 0 120000 0.00 A 2022-10-03 Common Stock 120000 120000 D Grant is issued effective as of 10/3/12 and was issued as a long term incentive award pursuant to the Issuer's 2011 Omnibus Incentive Plan. The option award has an exercise price of $4.00 per share, representing a 75% premium to the Issuer's closing share price of $2.29 on the grant date. The option award becomes vested and exercisable, if at all, as to 50%, 25% and 25% of the total shares granted if the average daily closing price of a share of the Issuer's common stock on the NASDAQ Stock Market during any 20 consecutive trading day period equals or exceeds $6.00, $8.00 and $10.00, respectively. The closing target prices that must be reached represent a price appreciation over the price on the date of grant of: 162% at $6.00, 249% at $8.00 and 337% at $10.00. The $6.00 target price must be achieved within three years of the option grant date and the $8.00 and $10.00 target prices must be achieved within two years thereafter. /s/ Teresa J. Dery, Attorney-in-Fact 2012-10-05