X0306 4 2012-11-26 0000911650 NAVARRE CORP /MN/ NAVR 0001512201 Willis Richard 7400 49TH AVE. N. NEW HOPE MN 55428 1 1 President and CEO Stock Option (right to buy) 1.75 2012-11-26 4 A 0 400000 0 A 2013-11-26 2022-11-25 Common Stock 400000 400000 D Restricted Stock Unit 0 2012-11-26 4 A 0 110000 0 A 2013-11-26 2015-11-26 Common Stock 110000 110000 D Employee Nonqualified Stock Option granted pursuant to the Company's Amended and Restated 2004 Stock Plan and representing a right to buy the designated number of shares of Company common stock exercisable in three annual installments of 133,334, 133.333, and 133,333 shares on November 26, 2013, 2014 and 2015, respectively Restricted Stock Units granted pursuant to the terms of the Company's Amended and Restated 2004 Stock Plan and vesting in three annual installments of 36,667, 36,666, and 36,667 shares on November 26, 2013, 2014 and 2015, respectively, conditioned upon employment with the Company. Each Restricted Stock Unit represents a contingent right to receive one share of the Company's common stock once vested. /s/ Richard S Willis 2012-11-27