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                                                                    EXHIBIT 10.1

                         SECURITIES PURCHASE AGREEMENT

                                  BY AND AMONG

                            THE ADVISORY BOARD, INC.

                                      AND

                             NETRADIO CORPORATION,

                        VALUEVISION INTERNATIONAL, INC.

                                      AND

                              NAVARRE CORPORATION

                                AUGUST 30, 2001






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                                TABLE OF CONTENTS
<TABLE>
<S>                                                                                                            <C>
ARTICLE I SALE AND PURCHASE.....................................................................................1
   1.1.     Sale of Shares......................................................................................1
   1.2.     Sale of Navarre Note................................................................................1
   1.3.     Legend..............................................................................................1
   1.4.     Purchase Price......................................................................................2
   1.5.     Escrow Deposit......................................................................................2
ARTICLE II CLOSING..............................................................................................2
   2.1.     Closing.............................................................................................2
ARTICLE III REPRESENTATIONS AND WARRANTIES OF ISSUER............................................................3
   3.1.     Corporate Status....................................................................................3
   3.2.     Corporate Power and Authority.......................................................................3
   3.3.     Execution, Delivery and Enforceability..............................................................3
   3.4.     No Violation........................................................................................3
   3.5.     Consents/Approvals..................................................................................3
   3.6.     Capitalization......................................................................................4
   3.7.     Shares of Company Common Stock......................................................................4
   3.8.     SEC Reports.........................................................................................4
   3.9.     Governing Documents.................................................................................4
   3.10.    Subsidiaries........................................................................................4
   3.11.    Financial Statements................................................................................4
   3.12.    Changes Since December 31, 2000.....................................................................5
   3.13.    No Commissions......................................................................................5
   3.14.    Inapplicability of Section  302A.673 of MBCA........................................................5
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS...................................................5
   4.1.     Corporate Status....................................................................................5
   4.2.     Corporate Power and Authority.......................................................................6
   4.3.     Execution, Delivery and Enforceability..............................................................6
   4.4.     No Violation........................................................................................6
   4.5.     Consents/Approvals..................................................................................6
   4.6.     Title to Securities.................................................................................6
   4.7.     No Commissions......................................................................................6
ARTICLE V REPRESENTATIONS AND WARRANTIES OF INVESTOR............................................................6
   5.1.     Corporate Status; Power and Authority...............................................................7
   5.2.     No Violation........................................................................................7
   5.3.     Consents/Approvals..................................................................................7
   5.4.     Enforceability......................................................................................7
   5.5.     Investment Intent...................................................................................7
   5.6.     Fluctuation of Stock Price..........................................................................8
   5.7.     Financing...........................................................................................8
   5.8.     No Commissions......................................................................................8
ARTICLE VI COVENANTS............................................................................................8
   6.1.     Conversion of Navarre Note..........................................................................8
   6.2.     Equity Investment Agreement and continued Nasdaq listing............................................8
   6.3.     Shareholder Approval................................................................................8
   6.4.     Option..............................................................................................9
</TABLE>



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<TABLE>
<S>                                                                                                           <C>
   6.5.     Outsourcing Agreement...............................................................................9
   6.6.     Filings.............................................................................................9
   6.7.     Public Announcements...............................................................................10
   6.8.     Further Assurances.................................................................................10
   6.9.     Cooperation........................................................................................10
   6.10.    Other Actions......................................................................................10
   6.11.    Operation of Business..............................................................................10
   6.12.    Financing..........................................................................................10
ARTICLE VII CONDITIONS.........................................................................................11
   7.1.     Conditions to Obligations of Each Party............................................................11
   7.2.     Additional Conditions to Investor's Obligations....................................................11
   7.3.     Additional Conditions to Investor's and the Shareholders' Obligations..............................13
ARTICLE VIII TERMINATION.......................................................................................13
   8.1.     Termination........................................................................................13
   8.2.     Effect of Termination..............................................................................14
ARTICLE IX DEFINITIONS.........................................................................................14
   9.1.     Defined Terms......................................................................................14
   9.2.     Other Definitional Provisions......................................................................16
ARTICLE X MISCELLANEOUS........................................................................................16
   10.1.    Notices............................................................................................16
   10.2.    Survival...........................................................................................17
   10.3.    Remedies...........................................................................................18
   10.4.    Entire Agreement...................................................................................18
   10.5.    Expenses...........................................................................................18
   10.6.    Amendment;  Waiver.................................................................................18
   10.7.    Binding Effect;  Assignment........................................................................18
   10.8.    Counterparts.......................................................................................18
   10.9.    Headings...........................................................................................18
   10.10.   Governing Law;  Interpretation.....................................................................19
   10.11.   Severability.......................................................................................19
</TABLE>






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                          SECURITIES PURCHASE AGREEMENT

         This Securities Purchase Agreement (this "Agreement") is entered into
as of August 30, 2001 by and among The Advisory Board, Inc., a New York
corporation ("Investor"), and NetRadio Corporation, a Minnesota corporation
("Issuer"), ValueVision International, Inc., a Minnesota corporation
("ValueVision") and Navarre Corporation, a Minnesota corporation ("Navarre," and
together with ValueVision (the "Shareholders")). Capitalized terms used but not
otherwise defined herein shall have the meanings set forth in Section 9.1.

                                    RECITALS

         WHEREAS, Navarre owns 1,043,320 shares of common stock, no par value,
("Company Common Stock") of the Issuer and ValueVision owns 318,334 shares of
Company Common Stock, representing, in the aggregate, 1,361,654 shares of
Company Common Stock.

         WHEREAS, Navarre is the holder of a term note dated March 26, 2000, as
amended (the "Navarre Note") of Issuer with an outstanding principal amount of
Three Million Ninety Six Thousand Eight Hundred Twenty Seven Dollars
($3,096,827.00), which is payable on March 31, 2002.

         WHEREAS, subject to the terms and conditions of this Agreement, (a)
Investor desires to purchase, and the Shareholders desire to sell to Investor,
the Navarre Shares and the ValueVision Shares (b) Investor desires to purchase
and Navarre desires to sell to Investor the Navarre Note and (c) Investor
desires to convert the outstanding principal balance of the Navarre Note into
Company Common Stock.

         NOW THEREFORE, in consideration of the mutual representations,
warranties, covenants and agreements contained herein and other consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

                                   ARTICLE I
                                SALE AND PURCHASE

         1.1. Sale of Shares. Subject to the terms and conditions of this
Agreement, Navarre will sell to Investor and Investor will purchase from Navarre
1,043,320 shares of Company Common Stock (the "Navarre Shares") and ValueVision
will sell to Investor and Investor will purchase from ValueVision 318,334 shares
of Company Common Stock (the "ValueVision Shares," and together with the Navarre
Shares, the "Shares").

         1.2. Sale of Navarre Note. Subject to the terms and conditions of this
Agreement, Navarre will sell and assign to Investor and Investor will purchase
and accept from Navarre, all of Navarre's interest, title, rights and
obligations to and under the Navarre Note.

         1.3. Legend. Any certificate or certificates representing the Shares
and the shares of Company Common Stock issuable upon conversion of the Navarre
Note shall bear the following legend:



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                  THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER
                  THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR UNDER
                  ANY APPLICABLE STATE SECURITIES LAW AND MAY NOT BE
                  TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
                  AN EFFECTIVE REGISTRATION UNDER THE ACT OR AN OPINION OF
                  COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT
                  AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER OR UNDER
                  APPLICABLE STATE SECURITIES LAWS.

         1.4. Purchase Price

                  (a) Upon the terms and subject to the conditions set forth in
         this Agreement, in consideration of the sale of the Shares to Investor,
         Investor shall pay (a) to Navarre an amount in cash equal to the Per
         Share Amount (as defined in the next sentence) multiplied by the number
         of Navarre Shares, and (b) to ValueVision an amount payable in cash
         equal to the Per Share Amount multiplied by the number of ValueVision
         Shares. The Per Share Amount shall be $1.05, which is equal to the
         average of the closing prices of the Company Common Stock on The Nasdaq
         Stock Market for the period of thirty (30) trading days ending on the
         first business day prior to the date of this Agreement.

                  (b) Upon the terms and subject to the conditions set forth in
         this Agreement, in consideration for the sale and assignment of the
         Navarre Note to Investor, Investor shall pay to Navarre an amount in
         cash equal to One Million One Hundred Thousand Dollars ($1,100,000).

         1.5. Escrow Deposit. On or before thirty (30) days after the date of
this Agreement (the "Escrow Date"), Investor shall deposit One Hundred Fifty
Thousand Dollars ($150,000) (the "Investor Escrow") into an escrow account
pursuant to the terms of an escrow agreement in form mutually satisfactory to
Investor and the Shareholders to be entered into on or prior to the Escrow Date,
which amount shall be paid to the Company in the event that Investor terminates
this Agreement pursuant to the provisions of Article VIII, except that the
Escrow Amount shall be paid to Investor if the Agreement is terminated pursuant
to the provisions of Sections 8.1(a) or 8.1(d) or terminated by Investor under
Section 8.1(b). At Closing, the Investor Escrow shall be paid to Navarre and
applied to the purchase price of the Navarre Shares.

                                   ARTICLE II
                                     CLOSING

         2.1. Closing. The closing of the transactions contemplated herein (the
"Closing") shall take place at the offices of Dorsey & Whitney LLP, 220 South
Sixth Street, Minneapolis, Minnesota 55076 within three business days after the
date on which the last of the conditions set forth in Article VII of this
Agreement shall have been satisfied or waived, or at such other place and on
such other date as is mutually agreeable to the parties (the "Closing Date").





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                                  ARTICLE III
                    REPRESENTATIONS AND WARRANTIES OF ISSUER

         As a material inducement to Investor entering into this Agreement and
purchasing the Shares and Navarre Note, Issuer represents and warrants to
Investor as follows:

         3.1. Corporate Status. Issuer is a corporation duly incorporated,
validly existing and in good standing under the laws of the State of Minnesota.
Issuer has all requisite corporate power and authority to own or lease, as the
case may be, its properties and to carry on its business as now conducted.
Issuer is qualified or licensed to conduct business in all jurisdictions where
its ownership or lease of property and the conduct of its business requires such
qualification or licensing, except to the extent that failure to so qualify or
be licensed would not have a Material Adverse Effect on Issuer. There is no
pending or threatened proceeding for the dissolution, liquidation, insolvency or
rehabilitation of Issuer.

         3.2. Corporate Power and Authority. Issuer has the corporate power and
authority to execute and deliver this Agreement and to perform its obligations
hereunder and, subject to obtaining the necessary approval of its shareholders,
to consummate the transactions contemplated hereby. Issuer has taken all
necessary corporate action (other than the approval of this transaction by the
shareholders of Issuer as contemplated by Section 6.3) to authorize the
execution, delivery and performance of this Agreement and the transactions
contemplated hereby.

         3.3. Execution, Delivery and Enforceability. This Agreement has been
duly executed and delivered by Issuer and constitutes a legal, valid and binding
obligation of Issuer, enforceable against Issuer in accordance with its terms,
except as the same may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and general equitable principles regardless of
whether such enforceability is considered in a proceeding at law or in equity.

         3.4. No Violation. The execution and delivery by Issuer of this
Agreement, the consummation of the transactions contemplated hereby, and the
compliance by Issuer with the terms and provisions hereof (including, without
limitation, the issuance to Investor of the Shares as contemplated by and in
accordance with this Agreement) will not result in a default under (or give any
other party the right, with the giving of notice or the passage of time (or
both), to declare a default or accelerate any obligation under) or violate the
Articles of Incorporation or bylaws or any Contract to which Issuer is a party
or by which Issuer or its properties or assets are bound (except to the extent
such a default would not, in the case of a Contract, have a Material Adverse
Effect on Issuer), or any Requirement of Law applicable to Issuer, or result in
the creation or imposition of any Lien upon any of the capital stock, properties
or assets of Issuer (except where such Lien would not have a Material Adverse
Effect on Issuer).

         3.5. Consents/Approvals

                  (a) No consents, filings, authorizations or other actions of
         any Governmental Authority are required for Issuer's execution,
         delivery and performance of this Agreement and (b) no consent,
         approval, waiver or other action by any Person under any Contract to
         which Issuer is a party or by which Issuer or any of its properties or
         assets are






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         bound is required or necessary for the execution, delivery or
         performance by Issuer of this Agreement and the consummation of the
         transactions contemplated hereby, except where the failure to obtain
         such consents would not have a Material Adverse Effect on Issuer.

         3.6. Capitalization. The authorized capital stock of Issuer consists of
13,333,333 shares, of which 11,111,111 are shares of Company Common Stock and
2,222,222 are shares of preferred stock, no par value per share ("Preferred
Stock"). As of the date hereof, 2,242,300 shares of Company Common Stock are
validly issued and outstanding, fully paid, and non-assessable, and no shares of
preferred stock are issued or outstanding. Except with respect to the Shares,
and except for options for 245,936 shares of Company Common Stock issued and
123,134 shares of Common Stock reserved for issuance pursuant to the NetRadio
Corporation Amended and Restated 1998 Stock Option and Incentive Plan (the
"Plan"), options for 33,334 shares of Company Common Stock issued pursuant to a
Nonqualified Stock Option Agreement with Steven Holderman, and warrants to
purchase 44,445 shares of Company Common Stock, no other shares of Company
Common Stock and no shares of preferred stock, or any rights, options, warrants,
convertible securities, subscription rights or other agreements or commitments
of any kind obligating Issuer to issue or sell any other shares of Common Stock
or preferred stock, are outstanding or have been authorized.

         3.7. Shares of Company Common Stock. The shares of Company Common Stock
to be issued pursuant to the conversion of the Navarre Note as set forth in
Section 6.1 hereof, will, when issued and delivered in accordance with this
Agreement, be duly authorized, validly issued, fully paid and nonassessable and
free of preemptive rights under the MBCA and the Articles of Incorporation and
Bylaws of Issuer; provided, however, that the Company Common Stock will be
subject to restriction on transfer under applicable federal and state securities
laws.

         3.8. SEC Reports. Issuer has made all filings (the "SEC Reports")
required to be made by it under the Securities Act, the Exchange Act and the
securities laws of any state, and any rules and regulations promulgated
thereunder and pursuant to any Requirements of Law. The SEC Reports, when filed,
complied in all material respects with all applicable requirements of the
Securities Act, the Exchange Act and other Requirements of Law. None of the SEC
Reports, at the time of filing, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading in light of the
circumstances in which they were made.

         3.9. Governing Documents. Issuer has delivered or made available to
Investor true, accurate and complete copies of its Articles of Incorporation and
Bylaws in effect as of the date hereof.

         3.10. Subsidiaries. Issuer does not own, directly or indirectly, any
outstanding voting securities of or other interests in, and does not control,
any corporation, partnership, limited liability company, joint venture or other
business entity.

         3.11. Financial Statements. Each of the balance sheets included in the
SEC Reports (including any related notes and schedules) fairly presents in all
material respects the financial position of Issuer as of its date, and each of
the other financial statements included in the SEC Reports (including any
related notes and schedules) fairly presents in all material respects





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the financial condition, results of operations, cash flows, or other information
therein of Issuer for the periods or as of the dates therein set forth in
accordance with GAAP consistently applied during the periods involved (except
that the interim reports are subject to normal recurring adjustments which might
be required as a result of year end audit and except as otherwise stated
therein).

         3.12. Changes Since December 31, 2000. Except as set forth in the SEC
Reports, since December 31, 2000, there has been no Material Adverse Change in
Issuer. Except as set forth in the SEC Reports or on Schedule 3.12 hereto, since
December 31, 2000, (a) there has not been (i) any direct or indirect redemption,
purchase or other acquisition by Issuer of any shares of Issuer's capital stock
or (ii) declaration, setting aside or payment of any dividend or other
distribution by Issuer in respect of its capital stock, or (iii) issuance of any
shares of capital stock of Issuer or any granting to any person of any option to
purchase or other right to acquire shares of capital stock of Issuer other than
pursuant to the Plan, (b) none of the officers or directors of Issuer (or any of
their spouses or children) has (i) any direct or indirect investment or equity
interest in, or power to control the business affairs of, any manufacturer,
supplier, lender or provider of services or goods to Issuer, except for their
interest in Issuer, Navarre or ValueVision, (ii) any material contractual
relationship with Issuer, and (iii) has any direct or indirect interest in any
material right, property or asset which is owned or used by Issuer in the
conduct of its business.

         3.13. No Commissions. Issuer has not incurred any obligation for any
finder, broker or agent's fees or commissions in connection with the
transactions contemplated hereby, except for the engagement of a financial
advisor to provide a fairness opinion, the costs of which shall be paid by the
Issuer.

         3.14. Inapplicability of Section 302A.673 of MBCA. Issuer has taken any
and all action necessary to render inapplicable to Investor and/or any
affiliates or associates (as defined in Section 302A.673 of the Minnesota
Business Corporations Act ("MBCA")) of Investor and/or all or any combination of
such persons the provisions of Section 302A.673 of MBCA that restrict business
combinations (as defined in Section 302A.673 of MBCA) between an interested
shareholder and Issuer.

                                   ARTICLE IV
               REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS

         As a material inducement to Investor entering into this Agreement and
purchasing the Shares and the Navarre Note, Navarre and ValueVision each
severally, and not jointly, represent and warrant to Investor as follows:

         4.1. Corporate Status. Shareholder is a corporation duly incorporated,
validly existing and in good standing under the laws of the State of Minnesota.
Shareholder has all requisite corporate power and authority to own or lease, as
the case may be, its properties and to carry on its business as now conducted.
There is no pending or threatened proceeding for the dissolution, liquidation,
insolvency or rehabilitation of Shareholder.






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<PAGE>   9

         4.2. Corporate Power and Authority. Shareholder has the corporate power
and authority to execute and deliver this Agreement and to perform its
obligations hereunder and to consummate the transactions contemplated hereby.
Shareholder has taken all necessary corporate action to authorize the execution,
delivery and performance of this Agreement and the transactions contemplated
hereby.

         4.3. Execution, Delivery and Enforceability. This Agreement has been
duly executed and delivered by Shareholder and constitutes a legal, valid and
binding obligation of Shareholder, enforceable against Shareholder in accordance
with its terms, except as the same may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors' rights generally and general equitable principles regardless of
whether such enforceability is considered in a proceeding at law or in equity.

         4.4. No Violation. The execution and delivery by Shareholder of this
Agreement, the consummation of the transactions contemplated hereby, and the
compliance by Shareholder with the terms and provisions hereof will not result
in a default under (or give any other party the right, with the giving of notice
or the passage of time (or both), to declare a default or accelerate any
obligation under) or violate the Articles of Incorporation or bylaws or any
Contract to which such Shareholder is a party or by which such Shareholder or
its properties or assets are bound (except to the extent such a default would
not, in the case of a Contract, have a Material Adverse Effect on Shareholder),
or any Requirement of Law applicable to Shareholder.

         4.5. Consents/Approvals.

              (a) No consents, filings, authorizations or other actions of any
         Governmental Authority are required for Shareholder's execution,
         delivery and performance of this Agreement and (b) no consent,
         approval, waiver or other action by any Person under any Contract to
         which such Shareholder is a party or by which such Shareholder or any
         of its properties or assets are bound is required or necessary for the
         execution, delivery or performance by Shareholder of this Agreement and
         the consummation of the transactions contemplated hereby, except where
         the failure to obtain such consents would not have a Material Adverse
         Effect on Shareholder.

         4.6. Title to Securities. Such Shareholder has good and valid title to
and is the sole lawful owner, of record and beneficially, of all of the Navarre
Shares or the ValueVision Shares, as the case may be, free and clear of any
liens, security interests, equities, claims, encumbrances or other rights.
Navarre also represents and warrants that it has good and valid title and is the
sole lawful owner, of record and beneficially, of the Navarre Note.

         4.7. No Commissions. Shareholder has not incurred any obligation for
any finder, broker or agent's fees or commissions in connection with the
transactions contemplated hereby.

                                   ARTICLE V
                   REPRESENTATIONS AND WARRANTIES OF INVESTOR

         As a material inducement to Issuer, Navarre and ValueVision entering
into this Agreement and issuing the Shares, Investor represents and warrants to
Issuer, Navarre and ValueVision as follows:





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         5.1. Corporate Status; Power and Authority. Investor is a corporation
duly organized, validly existing, and in good standing under the laws of New
York. Investor has the corporate power and authority to execute and deliver and
to perform its obligations under this Agreement and consummate the transactions
contemplated hereby. Investor has taken all necessary corporate action to
authorize the execution, delivery and performance of this Agreement and the
transactions contemplated hereby.

         5.2. No Violation. The execution and delivery by Investor of this
Agreement, the consummation of the transactions contemplated hereby, and the
compliance by Investor with the terms and provisions hereof, will not result in
a default under (or give any other party the right, with the giving of notice or
the passage of time (or both), to declare a default or accelerate any obligation
under) or violate the Certificate of Incorporation or Bylaws of Investor or any
Contract to which Investor is a party or by which it or its properties or assets
are bound, or violate any Requirement of Law applicable to Investor, other than
such violations, conflicts, defaults or breaches which, individually and in the
aggregate, do not and will not have a Material Adverse Effect on Investor.

         5.3. Consents/Approvals. (a) No consents, filings, authorizations or
actions of any Governmental Authority are required for Investor's execution,
delivery and performance of this Agreement, and (b) no consent, approval, waiver
or other actions by any Person under any Contract to which Investor is a party
or by which Investor or any of his properties or assets are bound is required or
necessary for the execution, delivery and performance by Investor of this
Agreement and the consummation of the transactions contemplated hereby.

         5.4. Enforceability. This Agreement has been duly executed and
delivered by Investor and constitutes a legal, valid and binding obligation of
Investor, enforceable against Investor in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditor's rights generally and general equitable principles regardless of
whether enforceability is considered in a proceeding at law or in equity.

         5.5. Investment Intent. Investor is acquiring the Shares and the
Navarre Note (including the shares of Company Common Stock issuable upon
conversion of the Navarre Note) for its own account and with no present
intention of distributing or selling such Shares (including the shares of
Company Common Stock issuable upon conversion of the Navarre Note) in violation
of the Securities Act or any applicable state securities law. Investor agrees
that it will not sell or otherwise dispose of any of the Shares unless such sale
or other disposition has been registered under the Securities Act or, in the
opinion of counsel to Investor satisfactory to Issuer, is exempt from
registration under the Securities Act and has been registered or qualified or,
in the opinion of such counsel, in exempt from registration or qualification
under applicable state securities laws. Investor understands that the sale of
the Shares and the issuance of shares of Company Common Stock have not been
registered under the Securities Act by reason of their contemplated issuance in
transactions exempt from the registration and prospectus delivery requirements
of the Securities Act pursuant to Sections 4(1 1/2) and 4(2), respectively
thereof, and that the reliance of Issuer and Shareholders on such exemption from
registration is predicated in part on the representations and warranties of
Investor. Investor acknowledges that pursuant to



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Section 1.2 a restrictive legend consistent with the foregoing has been or will
be placed on the certificates for the shares.

         5.6. Fluctuation of Stock Price. Investor has been advised, and is
aware, that the market prices of shares of stock of publicly traded companies
fluctuate and that there can be no assurances as to the future performance of
any given securities, including the Shares and the shares of Company Common
Stock issuable upon conversion of the Navarre Note.

         5.7. Financing. Investor has sufficient cash and/or available credit
facilities (and has provided Issuer and the Shareholders with evidence thereof)
to pay the Purchase Price and to make all other necessary payments of fees and
expenses in connection with the transactions contemplated by this Agreement.

         5.8. No Commissions. Investor has not incurred any obligation for any
finder, broker, or agent's fees or commissions in connection with the
transactions contemplated hereby for which Issuer or the Shareholders will be
responsible.

                                   ARTICLE VI
                                    COVENANTS

         6.1. Conversion of Navarre Note. At the Closing, in full satisfaction
of its obligations under the Navarre Note, Issuer shall issue to Investor, and
Investor shall accept from Issuer, a number of shares of Company Common Stock
equal to the quotient of (x) Three Million Ninety Six Thousand Eight Hundred
Twenty Seven Dollars ($3,096,827) plus any accrued and unpaid interest owing
pursuant to the terms of the Navarre Note, divided by (y) the Per Share Amount.

         6.2. Equity Investment Agreement and continued Nasdaq listing. From and
after the Closing, Investor shall use its best efforts to maintain Issuer's
listing on The Nasdaq SmallCap Market. In connection therewith, effective as of
the Closing Investor will purchase a number of shares of Series A Preferred
Stock of Issuer in an amount sufficient for Issuer to have a cash balance of $7
million for working capital and other operational needs in accordance with the
terms of the Series A Preferred Stock attached hereto as Exhibit A and agrees to
make subsequent purchases of Series A Preferred Shares from time to time in
accordance with the terms set forth on Exhibit A.

         6.3. Shareholder Approval.

              (a) As promptly as practicable after the execution of this
         Agreement, Issuer shall take all action necessary in accordance with
         applicable law and the Articles of Incorporation and Bylaws of Issuer
         to convene a meeting of its shareholders as promptly as practicable to
         consider and vote upon the issuance of shares of Company Common Stock
         upon conversion of the Navarre Note, an increase in the number of
         authorized shares of Company Common Stock and Preferred Stock and an
         amendment to the Articles of Incorporation of Issuer to make Section
         302A.671 of the MBCA inapplicable to Issuer (collectively, the
         "Proposals"). The Proxy Statement (as defined below) of the Issuer
         related to its shareholder meeting shall contain the recommendation of
         the board of directors of Issuer that its shareholders approve the
         Proposals. Issuer and the Shareholders, subject to and in accordance
         with applicable law, shall use their reasonable




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<PAGE>   12

         best efforts to obtain such approval, including, without limitation, by
         timely mailing the proxy statement to its shareholders.

                  (b) Issuer shall prepare and file with the SEC under the
         Exchange Act and the rules and regulations promulgated thereunder, a
         proxy statement (such proxy statement, together with any amendments or
         supplements thereto, the "Proxy Statement") relating to the meeting of
         the shareholders of Issuer and the vote of the shareholders of Issuer
         with respect to the Proposals. Issuer will cause the Proxy Statement to
         comply as to form in all material respects with the applicable
         provisions of the Exchange Act and the rules and regulations
         thereunder. Each of Investor and the Shareholders will furnish all
         information about itself and its business and operations and all
         necessary financial information to Issuer as Issuer may reasonably
         request in connection with the preparation of the Proxy Statement. Each
         of Investor, Issuer and the Shareholders agrees promptly to correct any
         information provided by it for use in the Proxy Statement if and to the
         extent that such information shall have become false or misleading in
         any material respect, and Issuer further agrees to take all reasonable
         steps necessary to amend or supplement the Proxy Statement. Issuer
         agrees to take all steps necessary to cause the Proxy Statement, as so
         amended or supplemented to be filed with the SEC and to be disseminated
         to the Issuer's shareholders as and to the extent required by
         applicable federal and state securities laws. Each of Investor, Issuer
         and the Shareholders agree that the information provided by it for
         inclusion in the Proxy Statement and each amendment or supplement
         thereto, at the time of mailing thereof and at the time of the meeting
         of shareholders of Issuer, will not include an untrue statement of
         material fact or omit to state a material fact required to be stated
         therein or necessary to make the statements therein, in light of the
         circumstances under which they were made not misleading.

         6.4. Option. Pursuant to the terms of an Option Agreement in the form
attached hereto as Exhibit C (the "Option Agreement"), Investor shall grant
Navarre an option to purchase up to 208,664 shares of Company Common Stock from
time to time, provided, that any partial exercise shall be for not less than
50,000 shares and Investor shall grant ValueVision an option to purchase 63,667
shares of Company Common Stock. The Option Agreement shall provide that the
options granted to Navarre and ValueVision shall be exercisable for a period of
36 months at an exercise price per share equal to the Per Share Amount. The
Option Agreement shall provide that in the event the Issuer is merged or
consolidated into another entity and the Issuer is not the surviving entity of
such consolidation or merger, or sells substantially all of its assets to
another entity, the option shall be exercisable for shares of stock of such
successor entity.

         6.5. Outsourcing Agreement. For a period of 36 months from the Closing
Date, Issuer agrees to purchase streaming media capabilities and purchase or
outsource other services as necessary or desirable for the operation of the
Issuer's business from the lowest cost providers available.

         6.6. Filings. Each of Investor and Issuer shall make on a prompt and
timely basis all governmental or regulatory notifications and filings required
to be made by it for the consummation of the transactions contemplated hereby.



                                       9
<PAGE>   13

         6.7. Public Announcements. Except as required by law or the policies or
rules of any stock exchange (or The Nasdaq SmallCap Market) on which Issuer's
securities are listed or quoted as of the date hereof, the form and content of
all press releases or other public communications of any sort relating to the
subject matter of this Agreement, and the method of their release, or
publication thereof, shall be subject to the prior approval of the parties
hereto, which approval shall not be unreasonably withheld or delayed.

         6.8. Further Assurances. Each party shall execute and deliver such
additional instruments and other documents and shall take such further actions
as may be necessary or appropriate to effectuate, carry out and comply with all
of the terms of this Agreement and the transactions contemplated hereby.

         6.9. Cooperation. Issuer and Investor each agree to cooperate with the
other in the preparation and filing of all forms, notifications, reports and
information, if any, required or reasonably deemed advisable pursuant to any
Requirement of Law or the rules of any exchange on which the Common Stock is
traded or The Nasdaq SmallCap Market or any other Nasdaq market in connection
with the transactions contemplated by this Agreement and to use their respective
reasonable best efforts to agree jointly on a method to overcome any objections
by any Governmental Authority to any such transactions. Except as may be
specifically required hereunder, neither of the parties hereto or their
respective Affiliates shall be required to agree to take any action that in the
reasonable opinion of such party would result in or produce a Material Adverse
Effect on such party.

         6.10. Other Actions. Each of the parties hereto shall use its
reasonable best efforts to take, or cause to be taken, all appropriate actions,
and to do, or cause to be done, all things necessary, proper or advisable under
applicable laws and regulations to consummate and make effective the
transactions contemplated herein, including, without limitation, using its
reasonable best efforts to obtain all licenses, permits, consents, approvals,
authorizations, qualifications and orders of Governmental Authorities and
parties to contracts with Issuer as are necessary for the consummation of the
transactions contemplated hereby. The parties also agree to use their reasonable
best efforts to defend all lawsuits or other legal proceedings challenging this
Agreement, or the consummation of the transactions contemplated hereby, and to
lift or rescind any injunction or restraining order or other order adversely
affecting the ability of the parties to consummate the transactions
contemplated.

         6.11. Operation of Business. Except as otherwise contemplated by this
Agreement, Issuer will operate the business in the ordinary course, consistent
with recent past practice, taking into account Issuer's liquidity needs and the
economic conditions. Without limiting the generality of the foregoing, between
the date hereof until the Closing, Issuer will submit its monthly operating
budget to Investor for its approval, which approval will not be unreasonably
withheld or delayed.

         6.12. Financing. Investor will maintain sufficient access to funds in
cash and/or available credit facilities to pay the Purchase Price, to purchase
the shares of Series A Preferred Stock issuable at Closing as set forth in
Section 6.2 hereof and to make all other necessary payments of fees and expenses
in connection with the transactions contemplated by this Agreement.





                                       10
<PAGE>   14

                                  ARTICLE VII
                                   CONDITIONS

         7.1. Conditions to Obligations of Each Party. The respective
obligations of each party to this Agreement shall be subject to the satisfaction
of each of the following conditions on or before the Closing Date:

                  (a) Shareholder Approval. The Proposals shall have been
         approved by the shareholders of Issuer by the requisite vote or consent
         under applicable law and the Company's Certificate of Incorporation and
         Bylaws.

                  (b) No Injunctions or Restraints. No judgment, order, decree,
         statute, law, ordinance, rule or regulation entered, enacted,
         promulgated, enforced or issued by any Governmental Authority of
         competent jurisdiction or other legal restraint or prohibition shall be
         in effect preventing the consummation of the transactions contemplated
         by this Agreement.

                  (c) Governmental Action. No action or proceeding shall be
         threatened, instituted or pending by any Governmental Authority
         challenging or seeking to prevent or delay consummation of the
         transactions contemplated by this Agreement, asserting the illegality
         of or seeking to render unenforceable any material provision of this
         Agreement or seeking material damages in connection with the
         transactions contemplated hereby which continues to be outstanding.

                  (d) Governmental Approvals. All material governmental filings,
         authorizations, consents, orders or approvals that are required for the
         consummation of the transactions contemplated hereby will have been
         duly filed or obtained.

         7.2. Additional Conditions to Investor's Obligations. The obligation of
Investor to consummate the transactions contemplated by this Agreement is
subject to the satisfaction or waiver (in Investor's sole discretion) of each of
the following conditions on or before the Closing Date:

                  (a) Representations and Warranties True and Correct. The
         representations and warranties set forth in Articles III and IV hereof
         shall be true and correct in all material respects at and as of the
         Closing Date as though then made and as though the Closing Date had
         been substituted for the date of this Agreement throughout such
         representations and warranties, except that any such representation or
         warranty made as of a specified date (other than the date hereof) shall
         only need to have been true on and as of such date;

                  (b) Covenants Performed. Issuer and the Shareholders shall
         have performed in all material respects all of the covenants and
         agreements required to be performed and complied with by it under this
         Agreement prior to the Closing;

                  (c) Consents Obtained. Issuer and the Shareholders shall have
         obtained, or caused to be obtained, each consent and approval referred
         to in Section 3.5 and 4.5, respectively;



                                       11
<PAGE>   15

                  (d) Board of Directors of Issuer. Investor shall have received
         the resignation in writing of a majority of the board of directors of
         the Issuer effective as of the Closing Date and Issuer shall have taken
         any and all action necessary to cause appointees of Investor to be
         elected to fill the vacancies created by the foregoing resignations;

                  (e) Delivery of Certain Documents. On the Closing Date, the
         Issuer or the Shareholders, as the case may be, shall have delivered to
         Investor all of the following:

                           (i)   a certificate of an officer of Issuer, or such
                  Shareholder, dated the Closing Date, stating that the
                  conditions precedent set forth in subsections (a) and (b)
                  above have been satisfied;

                           (ii)  a copy of the text of the resolutions adopted
                  by the Board of Directors and shareholders of the Issuer
                  authorizing the execution, delivery and performance of this
                  Agreement and the consummation of the transactions
                  contemplated by this Agreement, along with a certificate
                  executed by the Secretary of Issuer, certifying to Investor
                  that such copies are true, correct and complete copies of such
                  resolutions and that such resolutions were duly adopted and
                  have not been amended or rescinded;

                           (iii) a copy of the text of the resolutions adopted
                  by the Board of Directors of the such Shareholder authorizing
                  the execution, delivery and performance of this Agreement and
                  the consummation of the transactions contemplated by this
                  Agreement, along with a certificate executed by the Secretary
                  of such Shareholder, certifying to Investor that such copies
                  are true, correct and complete copies of such resolutions and
                  that such resolutions were duly adopted and have not been
                  amended or rescinded;

                           (iv)  copies of the third party and governmental
                  consents and approvals referred to in subsection (d) above;

                           (v)   a copy, fully executed by the Issuer of each of
                  the stock purchase agreement for the Series A Preferred Stock
                  in accordance with the terms set forth on Exhibit A (the
                  "Series A Purchase Agreement") and the Option Agreement in
                  substantially the form attached as Exhibit B;

                           (vi)  the certificates representing the Shares, duly
                  endorsed for transfer or accompanied by a duly executed stock
                  power, the certificates representing the shares of Company
                  Common Stock issuable pursuant to Section 6.1 issued in the
                  name of Investor and certificates representing shares of
                  Series A Preferred issuable at Closing pursuant to the Series
                  A Purchase Agreement issued in the name of Investor; and

                           (vii) such other certificates, documents and
                  instruments as Investor reasonably requests related to the
                  transactions contemplated hereby.



                                       12
<PAGE>   16

         7.3. Additional Conditions to Investor's and the Shareholders'
Obligations. The obligations of each of the Issuer and the Shareholders to
consummate the transactions contemplated by this Agreement are subject to the
satisfaction or waiver (in such party's sole discretion) of each of the
following conditions on or before the Closing Date:

                  (a) Representations and Warranties True and Correct. The
         representations and warranties set forth in Article V hereof will be
         true and correct in all material respects at and as of the Closing as
         though then made and as though the Closing Date had been substituted
         for the date of this Agreement throughout such representations and
         warranties, except that any such representation or warranty made as of
         a specified date (other than the date hereof) shall only need to have
         been true on and as of such date;

                  (b) Covenants Performed. Investor shall have performed in all
         material respects all the covenants and agreements required to be
         performed by it under this Agreement prior to the Closing; and

                  (c) Delivery of Certain Documents. On the Closing Date,
         Investor will have delivered to Issuer or the Shareholders, as the case
         may be:

                           (i)   a certificate of an officer of Investor dated
                  the Closing Date, stating that the conditions precedent set
                  forth in subsections (a) and (b) above have been satisfied;

                           (ii)  a copy of the Series A Purchase Agreement and
                  the Option Agreement, each executed by Investor;

                           (iii) a wire transfer in immediately available funds
                  of the Purchase Price to the Shareholders;

                           (iv)  a wire transfer in immediately available funds
                  to the Issuer for the purchase price of shares of Series A
                  Preferred Stock issuable at Closing;

                           (v)   the original Navarre Note, marked "Canceled and
                  Paid in Full"; and

                           (vi)  such other certificates, documents and
                  instruments as Issuer or the Shareholders may reasonably
                  require relating to the transactions contemplated hereby.

                                  ARTICLE VIII
                                   TERMINATION

         8.1. Termination. This Agreement may be terminated at any time prior to
the Closing:

                  (a) by the mutual consent of Investor, on the one hand and
         Issuer and the Shareholders, on the other;

                  (b) by Investor or the Issuer and the Shareholders if there
         has been a material misrepresentation, breach of warranty or breach of
         covenant (except for Investor's




                                       13
<PAGE>   17

         covenant with respect to the Investor Escrow which is covered by
         subsection (e) of this Section 8.1) on the part of the Issuer or the
         Shareholders, on the one hand, or Investor, on the other, in the
         representations, warranties and covenants set forth in this Agreement
         which, if capable of cure, has not been cured within 30 days following
         notice of such breach to the breaching party;

                  (c) by either Investor, on the one hand, or the Issuer or the
         Shareholders if the transactions contemplated hereby have not been
         consummated by October 31, 2001; provided, that, neither Parent nor the
         Company will be entitled to terminate this Agreement pursuant to this
         Section 8.1(c) if such party's willful breach of this Agreement has
         prevented the consummation of the transactions contemplated hereby;

                  (d) by either Investor or the Issuer and the Shareholders if,
         after the date hereof, the board of directors of Issuer shall have
         received and approved a bona fide proposal for any merger, acquisition,
         recapitalization, issuance of stock or sale of assets involving the
         Issuer which the board of directors of the Issuer has determined in
         good faith would be more favorable to Issuer and its shareholders than
         the transactions contemplated by this Agreement, and

                  (e) immediately, by the Issuer and the Shareholders if
         Investor fails to deposit the Investor Escrow on or before thirty (30)
         days after the date of this Agreement as provided in Section 1.5.

         8.2. Effect of Termination. In the event of termination of this
Agreement by any party as provided in Section 8.1 hereof, all provisions of this
Agreement shall terminate and there shall be no liability on the part of
Investor, Issuer, the Shareholders or any of their respective shareholders,
officers, or directors, except that: (i) Sections 6.2 (public announcements),
10.5 (expenses) and 10.10 (governing law) hereof shall survive indefinitely, and
(ii) the parties shall remain liable for their willful or fraudulent breaches of
this Agreement prior to the time of such termination.

                                   ARTICLE IX
                                   DEFINITIONS

         9.1. Defined Terms. As used herein the following terms shall have the
following meanings:

         "Affiliate" shall have the meaning ascribed to it in Rule 12b-2 of the
General Rules and Regulations under the Exchange Act, as in effect on the date
hereof.

         "Articles of Incorporation" means Issuer's Articles of Incorporation,
as the same may be or have been supplemented, amended or restated from time to
time.

         "Bylaws" means Issuer's Bylaws, as the same may be or have been
supplemented, amended or restated from time to time.

         "Closing" has the meaning specified in Section 2.1 of this Agreement.



                                       14
<PAGE>   18

         "Company Common Stock" has the meaning specified in the Recitals to
this Agreement.

         "Contract" means any indenture, lease, sublease, loan agreement,
mortgage, note, restriction, commitment, obligation or other contract, agreement
or instrument.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "GAAP" means generally accepted accounting principles in effect in the
United States of America from time to time.

         "Governmental Authority" means any nation or government, any state or
other political subdivision thereof, and any entity or official exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

         "Investor Escrow" has the meaning specified in Section 1.5 of this
Agreement.

         "Lien" means any mortgage, pledge, security interest, encumbrance, lien
or charge of any kind (including any conditional sale or other title retention
agreement, any lease in the nature thereof, and the filing of or agreement to
give an financing statement under the Uniform Commercial Code or comparable law
of any jurisdiction in connection with such mortgage, pledge, security interest,
encumbrance, lien or charge).

         "Material Adverse Change (or Effect)" means a change (or effect), in
the condition (financial or otherwise), properties, assets, results of
operations, business or prospects which change (or effect) individually or in
the aggregate with other such changes (or effects) is materially adverse to such
condition, properties, assets, results of operations, business or prospects.

         "MBCA" has the meaning specified in Section 3.14 of this Agreement.

         "Person" means an individual, partnership, corporation, limited
liability company, business trust, joint stock company, estate, trust,
unincorporated association, joint venture, Governmental Authority or other
entity, of whatever nature.

         "Purchase Price" has the meaning specified in Section 1.1 of this
Agreement.

         "Requirement of Law" means any domestic or foreign and federal, state
or local law, rule, regulation, statute or ordinance or determination of any
arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its properties or to which such Person
or any of its property is subject.

         "SEC" means the Securities and Exchange Commission.

         "SEC Reports" has the meaning specified in Section 3.8 of this
Agreement.

         "Securities Act" means the Securities Act of 1933, as amended.



                                       15
<PAGE>   19

         "Subsidiary" means as to any Person, a corporation of which more than
50% of the outstanding capital stock having full voting power is at the time
directly or indirectly owned or controlled by such Person.

         9.2. Other Definitional Provisions.

                  (a) All terms defined in this Agreement shall have the defined
         meanings when used in any certificates, reports or other documents made
         or delivered pursuant hereto or thereto, unless the context otherwise
         requires.

                  (b) Terms defined in the singular shall have a comparable
         meaning when used in the plural, and vice versa.

                  (c) All matters of an accounting nature in connection with
         this Agreement and the transactions contemplated hereby shall be
         determined in accordance with GAAP applied on a basis consistent with
         prior periods, where applicable.

                  (d) As used herein, the neuter gender shall also denote the
         masculine and feminine, and the masculine gender shall also denote the
         neuter and feminine, where the context so permits.

                  (e) The words "hereof," "herein" and "hereunder," and words of
         similar import, when used in this Agreement shall refer to this
         Agreement as a whole (including any Exhibits or Schedules hereto) and
         not to any particular provision of this Agreement.

                                   ARTICLE X
                                 MISCELLANEOUS

         10.1. Notices. All notices, requests, demands, claims, and other
communications hereunder shall be in writing and shall be delivered and shall be
deemed to have been delivered on the third business day if sent by certified or
registered mail (first class postage pre-paid), on the next business day if sent
by guaranteed overnight delivery, or on the same business day if sent by
facsimile transmission (provided that a confirmation copy is sent via guaranteed
overnight delivery) to the following addresses and facsimile numbers (or to such
other addresses or facsimile numbers which such party shall designate in writing
to the other party):

                  (a) if to Issuer to:

                      NetRadio Corporation
                      10025 Valley View Road, Suite 190
                      Eden Prairie, Minnesota 55344
                      Attention:  Eric Paulson
                      Fax:  (952) 259-6785
                      Telephone: (952) 259-6700

                                       16
<PAGE>   20

                      with a copy to:

                      Dorsey & Whitney LLP
                      Pillsbury Center South
                      220 South Sixth Street
                      Minneapolis, Minnesota 55402-1498
                      Attention:  Matthew Knopf
                      Fax:  (612) 340-8738
                      Telephone: (612) 340-2600


                  (b) If to Navarre to:

                      Navarre Corporation
                      7400 49th Avenue North
                      New Hope, Minnesota 55428
                      Attention:  Charles Cheney
                      Fax:  (763) 504-1107
                      Telephone: (763) 535-8333


                  (c) If to ValueVision to:

                      ValueVision International, Inc.
                      6740 Shady Oak Road
                      Minneapolis, MN 55344
                      Attention:  Gene McCaffery
                      Fax:  (952) 947-0188
                      Telephone:  (952) 947-5206


                  (d) if to Investor to:

                      The Advisory Board, Inc.
                      310 East 44th Street
                      New York, NY

                      Attention: Lawrence Selevan
                      Fax: (212) 921-8102
                      Telephone: (212) 921-7724

         10.2. Survival. Notwithstanding any knowledge of facts determined or
determinable by Investor, Issuer or the Shareholders by investigation, Investor,
on the one hand, and Issuer and the Shareholders, on the other, shall have the
right to fully rely on the representations, warranties, covenants and agreements
of the other party contained in this Agreement or in any other documents or
papers delivered in connection herewith. Each representation, warranty, covenant
and agreement of the parties set forth in this Agreement is independent of each
other




                                       17
<PAGE>   21

representation, warranty, covenant and agreement. Each representation and
warranty made by any party in this Agreement shall not survive the Closing.

         10.3. Remedies. All rights, powers and remedies under this Agreement or
otherwise available in respect hereof at law or in equity shall be cumulative
and not alternative, and the exercise or beginning of the exercise of any
thereof by any party shall not preclude the simultaneous or later exercise of
any other such right, power or remedy by such party.

         10.4. Entire Agreement. This Agreement (including the Exhibits and
Schedules attached hereto), and other documents delivered at the Closing
pursuant hereto, contain the entire understanding of the parties in respect of
its subject matter and supersede all prior agreements and understandings between
or among the parties with respect to such subject matter. The Exhibits and
Schedules hereto constitute a part hereof as though set forth in full above.

         10.5. Expenses. Except as otherwise provided in this Agreement, the
parties shall pay their own fees and expenses, including their own counsel fees,
incurred in connection with this Agreement or any transaction contemplated
hereby. Investor shall not be entitled to receive reimbursement from the Issuer
post-closing for the payment of Investor's fees and expenses.

         10.6. Amendment; Waiver. This Agreement may not be modified, amended,
supplemented, canceled or discharged, except by written instrument executed by
both parties. No failure to exercise, and no delay in exercising, any right,
power or privilege under each of this Agreement shall operate as a waiver, nor
shall any single or partial exercise of any right, power or privilege hereunder
or thereunder preclude the exercise of any other right, power or privilege. No
waiver of any breach of any provision hereunder or thereunder shall be deemed to
be a waiver of any preceding or succeeding breach of the same or any other
provision, nor shall any waiver be implied from any course of dealing between
the parties. No extension of time for performance of any obligations or other
acts hereunder, thereunder, or under any other agreement shall be deemed to be
an extension of the time for performance of any other obligations or any other
acts.

         10.7. Binding Effect; Assignment. The rights and obligations of this
Agreement shall bind and inure to the benefit of the parties and their
respective successors and legal assigns. The rights and obligations of this
Agreement may not be assigned by any party without the prior written consent of
the other party, provided that Investor may assign its rights hereunder to an
affiliate prior to the Closing, provided such affiliate assumes all of
Investor's obligations under this Agreement pursuant to an assumption agreement
in form and substance satisfactory to the Issuer and the Shareholders.

         10.8. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original but all of which together shall
constitute one and the same instrument.

         10.9. Headings. The headings contained in this Agreement are for
convenience of reference only and are not to be given any legal effect and shall
not affect the meaning or interpretation of this Agreement.



                                       18
<PAGE>   22

         10.10. Governing Law; Interpretation. This Agreement shall be construed
in accordance with and governed for all purposes by the laws of the State of
Minnesota applicable to contracts executed and to be wholly performed within
such State.

         10.11. Severability. The parties stipulate that the terms and
provisions of this Agreement are fair and reasonable as of the date hereof.
However, any provision of this Agreement shall be determined by a court of
competent jurisdiction to be invalid, void or unenforceable, the remainder of
the terms, provisions, covenants and restrictions of this Agreement, as
applicable, shall remain in full force and effect and shall in, no way be
affected, impaired or invalidated. If, moreover, any of those provisions shall
for any reason be determined by a court of competent jurisdiction to be
unenforceable because excessively broad or vague as to duration, geographical
scope, activity or subject, it shall be construed by limiting, reducing or
defining it, so as to be enforceable.

                                      * * *




                                       19
<PAGE>   23



         IN WITNESS WHEREOF, the parties hereto have caused this Securities
Purchase Agreement to be duly executed and delivered as of the day and year
first above written.

                                    THE ADVISORY BOARD, INC.


                                    By:    /s/ Lawrence Selevan
                                       ----------------------------------------
                                    Name:  Lawrence Selevan
                                    Title: Chairman & CEO


                                    NAVARRE CORPORATION



                                    By:    /s/ Charles Cheney
                                       ----------------------------------------
                                    Name:  Charles Cheney
                                    Title: Vice Chairman


                                    VALUEVISION INTERNATIONAL, INC.



                                    By:    /s/ Gene McCaffery
                                       ----------------------------------------
                                    Name:  Gene McCaffery
                                    Title: President & CEO


                                    NETRADIO CORPORATION



                                    By:    /s/ Cary L. Deacon
                                       ----------------------------------------
                                    Name:  Cary Deacon
                                    Title: President & CEO







                                       20