Document:

EX-10.4

 Exhibit 10.4 
 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 

This Amended and Restated Employment Agreement (this “Agreement”) is made and entered into between Kevin J. Helmick
(“Helmick”) and Farmers National Bank of Canfield, its affiliates and subsidiaries (the “Bank”) effective as of the date set forth below, and amends, restates and supersedes the prior Employment Agreement (“Prior
Agreement”) between the parties. In consideration of the mutual covenants herein, Helmick and the Bank hereby agree to amend and restate the Prior Agreement as follows: 
 1. Job Title and Duties. Helmick will continue to be employed as the Senior Vice President of Retail and Wealth Management of the Bank and will report directly to the Chief Executive Officer of the
Bank. Helmick will timely, faithfully and diligently perform all such duties as are customarily associated with and incidental to the employment of a Senior Vice President of Retail and Wealth Management within the banking industry, including all
specific duties which may be assigned to Helmick from time to time by the Bank. Helmick understands and agrees that Helmick will have no authority, express or implied, to perform any acts on behalf of the Bank, except as specifically outlined in
this Agreement. Helmick will not engage in any activity inconsistent with Helmick’s duties and/or the business objectives of the Bank. Helmick will refrain from conduct or practices harmful to the Bank’s good will, business reputation,
patents, trademarks and service marks. 
 2. Compensation. Helmick will be paid a base salary of U.S. $137,211.84 per
annum, payable in twenty-four (24) bi-monthly installments of $5,717.16 each, less applicable tax withholdings and benefit deductions. Helmick will also be eligible to be paid a monthly commission, which will be based on the amount of
production generated from the PrimeVest Financial Services Department (“PrimeVest”) as follows: 5.0% on all PrimeVest gross monthly revenue up to U.S. $48,000.00 for the prior month, and 7.5% on all PrimeVest gross monthly revenue which
exceeds U.S. $48,000.00 for the prior month. Helmick’s base salary will be reviewed on an annual basis, consistent with the Bank’s normal compensation review practices for executive employees. Helmick will also be eligible to participate
in the Cash Incentive Plan, according to the same terms and conditions applicable to all other executive employees of the Bank. 

3. Term. The term of Helmick’s employment under this Agreement commenced on October 1, 2008 and was most recently
extended for a renewal term of thirty-six (36) months ending on September 30, 2014, unless earlier terminated in accordance with any of the provisions of Paragraph 12 of this Agreement. The term of this Agreement shall automatically be
renewed in 36-month increments, unless written notice of termination is provided by either party at least 90 days prior to the expiration of the term or any renewal term. 
 4. Compliance with Bank Policies. Helmick acknowledges receipt of the Bank’s Associate Handbook and Code of Business Conduct and Ethics. Helmick understands and agrees to be bound by all rules
and regulations contained therein, as well as all other written policies, rules and regulations which may be established by the Bank from time to time. 

 5. Benefit Plans. While employed by the Bank, Helmick will be eligible to participate
in all such benefit plans (including, without limitation, medical and dental plans, disability and life insurance, and 401(k) plans) according to the same terms and conditions as all other executive employees of the Bank. The Bank reserves the right
to modify, amend or terminate all or part of its employee benefit plans at any time. If such a change occurs, Helmick will receive notice of the change and an explanation of how the change will affect Helmick’s benefit coverage. 

6. Paid Time Off Benefits. Helmick will be eligible for paid time off (“PTO”) benefits in the amount of twenty-six
(26) days per year, which may be taken in accordance with the same terms and conditions as other executive employees of the Bank. There will be no carryover of unused PTO time from year-to-year. Helmick will be paid for any accrued but unused
PTO remaining at the termination of Helmick’s employment, unless Helmick’s employment is terminated “for cause,” as defined in Paragraph 12 (B) of this Agreement. 

7. Expense Reimbursement. Helmick will receive prompt reimbursement for all reasonable and necessary expenses incurred in the
performance of Helmick’s duties as Senior Vice President of Retail and Wealth Management, including mileage, airfare, and reasonable meal and hotel expenses incurred while traveling on business to locations other than the Bank’s
headquarters in Canfield, Ohio. All such expenses must be documented and accounted for in accordance with the Bank’s reimbursement policies and procedures. 
 8. Indemnification. To the fullest extent permitted under the applicable laws of the State of Ohio and federal banking laws, the Bank will indemnify and hold Helmick harmless from any and all
expenses, judgments, fines, penalties, and amounts paid in settlement as a result of Helmick’s service to, or actions (other than actions which are determined by a court of competent jurisdiction to be made without business judgment or outside
the scope of Helmick’s employment) on behalf of, the Bank. 
 9. Stock Option Plan. As an officer of the Bank,
Helmick will be eligible to participate in that certain 1999 Stock Option Plan of Farmers National Banc Corp., the parent of the Bank (the “Company”), as amended, and as the same may be further amended, modified, or restated from time to
time, and any successor plan, pursuant to which Helmick may receive compensation in an amount determined by the Company in its discretion. 
 10. Confidential Information. Helmick acknowledges and agrees that Helmick will not, while employed by the Bank and at all times thereafter, directly or indirectly communicate or divulge any
Confidential Information relating to the Bank to any other person or business entity. For purposes of this Agreement, “Confidential Information” shall refer to any proprietary information relating to the conduct of the business of the
Bank, including the Bank’s unique business methods and compilations of information that has caused or continues to cause the Bank to enjoy a competitive advantage over companies engaged in the same or a similar business, including but not
limited to the Bank’s methods of operations, customer relations, customer lists, contacts, confidential price policies and confidential price characteristics, lists of employees, vendors and suppliers, confidential information relating to
marketing plans, quotations and contracts, order processing, procedures, purchasing and pricing methods and procedures, supplies, personnel information, financial data, future business plans, and the like. 

  
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 All records, files, plans, documents and the like relating to the business of the Bank,
including but not limited to Confidential Information which Helmick has or will prepare, use or come into contact with shall remain the sole property of the Bank, shall not be copied without written permission, and shall be returned immediately to
the Bank upon termination of Helmick’s employment with the Bank, or at the Bank’s request at any time. Further, Helmick will not directly or indirectly use or disclose to any other person or business entity the Bank’s secret or
Confidential Information without the prior written consent of an officer of the Bank. Helmick further agrees to take all reasonable precautions to protect against the negligent or inadvertent disclosure of the Bank’s secret or Confidential
Information to any other person or business entity. If Helmick does improperly use or disclose any secret or Confidential Information, Helmick understands that Helmick’s employment will be subject to termination. Helmick also recognizes that
all writings, illustrations, drawings and other similar materials that embody or otherwise contain Confidential Information which Helmick may produce or which may be given to Helmick in connection with Helmick’s employment, are the property of
the Bank and it shall be Helmick’s obligation to deliver the same to the Bank upon request, and upon termination of Helmick’s employment with the Bank for any reason. 

11. Intellectual Property Rights. Helmick acknowledges and agrees that any procedure, design feature, schematic, invention,
improvement, development, discovery, know how, concept, idea or the like (whether or not patentable, registrable, under copyright or trademark laws, or otherwise protectable under similar laws) that Helmick may conceive of, suggest, make, invent,
develop or implement during the course of Helmick’s employment with the Bank (whether individually or jointly with any other person), relating in any way to the business of the Bank, and all physical embodiments and manifestations thereof, and
all patent rights, copyrights, trademarks (or application therefore) and similar protections therein (all of which consists of “Work Product”), shall be the sole, exclusive and absolute property of the Bank. All such Work Product shall be
deemed to be works for hire and, further, Helmick hereby assigns to the Bank all rights, title and interest in, to and under such Work Product, including but not limited to, the right to obtain such patents, copyright registrations, trademark
registrations or similar protections as the Bank may desire to obtain. Helmick will immediately disclose all Work Product to the Bank and agrees, at any time upon the Bank’s request and without additional compensation, to execute any documents
and to otherwise cooperate with the Bank respecting the perfection of its rights, title and interest in, to and under such Work Product, and in any litigation or other controversy in connection therewith, all reasonable expenses incident thereto to
be borne by the Bank. 
 12. Termination of the Employment Relationship. 

A. “Without Cause” Either party may terminate Helmick’s employment “without cause” at any time and for
any reason, provided that 30 days’ advance written notice is provided to the other party. 
 B. “For
Cause” The Bank may terminate Helmick’s employment without advance notice “for cause,” which shall mean the occurrence of any one of the following events: (i) Helmick’s commission of any intentional, reckless, or
grossly negligent act which may result in material injury to the good will, business or business reputation of the Bank; (ii) Helmick’s participation in any fraud, dishonesty, theft, conviction of a crime, or unethical business conduct;
(iii)

  
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Helmick’s violation of any of the covenants of this Agreement or any written policy, rule or regulation of the Bank; or (iv) Helmick’s failure to adequately perform Helmick’s
job duties or to follow lawful and ethical directions provided to Helmick, which failure has not been cured in all material respects within twenty (20) days after receiving notice of such failure from the Bank. 

C. “Good Reason” Helmick may terminate Helmick’s employment with fourteen (14) days advance written notice for
“good reason,” which shall mean the occurrence of any one of the following events: (i) a material diminution of the duties, authority or responsibilities of Helmick’s position; (ii) a reduction in Helmick’s base salary
of more than 20% of the annual rate set forth in Paragraph 2 of this Agreement; (iii) any change in Helmick’s principal place of work which would increase Helmick’s commute by fifty (50) miles or more from Helmick’s current
principal place of work; or (iv) a material breach by the Bank of its obligations under this Agreement, which failure has not been cured in all material respects within twenty (20) days after receiving written notice of such failures from
Helmick. 
 D. “Change in Control” Helmick may terminate Helmick’s employment upon a “change in
control” of the Bank, which will be deemed to have occurred if: (i) any person (as defined in the securities laws) becomes a direct or indirect beneficial owner of securities of the Bank representing 20% or more of the combined voting
power of the Bank’s then outstanding securities; or (ii) the Bank is merged or consolidated with another entity, and as a result of such merger or consolidation, less than 75% of the outstanding voting securities of the surviving or
resulting entity shall be owned in the aggregate by the former shareholders of the Bank; or (iii) during any two (2) consecutive years during the term of this Agreement, individuals who at the beginning of such period constitute the Board,
cease for any reason to constitute at least a majority thereof, unless the election of each director who is not a director at the beginning of such period has been approved in advance by directors representing at least two-thirds of the directors at
the beginning of the period. A “change in control” will only be deemed to have occurred if one of the three above-listed scenarios occurs and, as a result thereof, Helmick is not offered a position that is substantially similar to
Helmick’s position as Senior Vice President of Retail and Wealth Management of the Bank, in terms of duties, responsibilities, pay and benefits. 
 E. “Disability” Helmick’s employment with the Bank will automatically terminate if Helmick becomes Totally and Permanently Disabled. For purposes of this Agreement, Helmick will be
deemed to be “Totally and Permanently Disabled” if Helmick is, in the opinion of a majority of the directors of the Bank, unable to fulfill the responsibilities specified in this Agreement on behalf of the Bank on a full-time basis for a
period of one hundred twenty (120) consecutive days as a result of a complete and irremediable physical or mental incapacity caused by disease or bodily injury. In the event of any disagreement as to whether Helmick suffers from a complete and
irremediable mental or physical incapacity, Helmick shall be examined by a physician selected by the mutual agreement of Helmick and a majority of the Bank’s board of directors and the determination of such physician will be final and binding
on all parties. 
 F. “Death” Helmick’s employment will terminate upon Helmick’s death. 

13. Severance Pay.  

  
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 A. Following the termination of Helmick’s employment by the Bank “without
cause,” by Helmick for “good reason,” or due to a “change in control” as defined in Paragraph 12(A), (C) and (D) above, Helmick will receive (i) a lump sum payment payable within thirty (30) days of
termination equal to any unused PTO, (ii) seventy-two (72) bi-monthly severance installment payments equal to 1/24 of Helmick’s annualized W-2 income at the time of Helmick’s termination less appropriate withholding (the
“Severance Payments”), and (iii) participation in the Cash Incentive Plan or any other similar program then in effect on a pro-rata basis for the portion of the incentive period preceding termination. 

B. Severance Payments will commence within sixty (60) days following Helmick’s termination of employment; provided, however,
that if this sixty (60) day period begins in one taxable year of Helmick and ends in another taxable year of Helmick, Severance Payments will not commence until the second taxable year. 

C. The provision of Severance Payments will be contingent upon Helmick’s execution of a general release and waiver agreement in a
form that is reasonably satisfactory to the Bank before Severance Payments are to commence. 
 D. Helmick will not be entitled
to any Severance Payments if Helmick’s employment is terminated by the Bank “for cause,” by Helmick “without cause,” or due to “disability” or “death,” as defined in Paragraph 12(A), (B), (E) and
(F) above; however, upon Helmick’s termination for disability or death Helmick or Helmick’s estate will be entitled to receive a lump sum payment for any unused PTO and participation in the Cash Incentive Plan or any other similar
program then in effect on a pro-rata basis for the portion of the incentive period preceding termination. 
 E. In the event
that Helmick holds a Board position at the time of termination, then Helmick shall immediately resign from that position. 
 14.
Post-Employment Restrictions. 
 A. Definition of “the Business”. The Business of the Bank includes, but is not
limited to, the business of providing financial, banking, insurance, investment, personal and commercial lending, internet cash management and other similar services to individuals and companies. 

B. Non-Competition. Following the termination of employment by Helmick or the Bank for any reason whatsoever, Helmick will not,
for a period of twelve (12) consecutive months after the date of termination, directly or indirectly, as owner, partner, joint venturer, stockholder (excluding the ownership of publicly-traded securities where such ownership does not exceed 1%
of such securities outstanding), employee, officer, director, agent, principal, trustee or any other business capacity whatsoever, engage in, become financially interested in, become employed by, render any consulting or business advice with respect
to, or have any other connection with, any person or business entity engaged in the same Business as the Bank in any county where the Bank maintains a branch or loan production office at the time of termination of Helmick’s employment. The
provisions of this Paragraph 14(B) will not apply in the event 

  
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that the Bank terminates Helmick’s employment at the end of the initial term or any renewal term, in accordance with the provisions of Paragraph 3 of this Agreement. 

C. Non-Solicitation Customers. Following the termination of Helmick’s employment by Helmick or the Bank for any reason
whatsoever, Helmick will not, for a period of twelve (12) consecutive months after the date of termination, directly or indirectly solicit business from any customers, clients or business patrons of the Bank who were customers, clients or
business patrons of the Bank at the time of termination of Helmick’s employment. 
 D. Non-Solicitation of
Employees. Following the termination of Helmick’s employment by Helmick or the Bank for any reason whatsoever, Helmick will not, for a period of twenty-four (24) consecutive months after the date of termination, directly or indirectly
employ or attempt to employ or solicit for employment any other individual who is employed by the Bank at the time of termination of Helmick’s employment. 
 15. No Waiver. The failure of the Bank to enforce any provision of this Agreement shall not be construed as a waiver of such provision or of the right of the Bank thereafter to enforce any other
provision of this Agreement. 
 16. No Third-Party Obligations. Helmick warrants and represents to the Bank that Helmick
is not a party to any agreement or understanding with any third party which would preclude or prevent Helmick from legally performing any of Helmick’s obligations under this Agreement. 

17. Assignability. This Agreement is not assignable by either party without the prior written consent of the other, except that
the Bank may assign this Agreement without prior written consent to any purchaser, assignee of, or successor to substantially all of the business or assets of the Bank, or any direct or indirect subsidiary or affiliate of the Bank. 

18. Arbitration. Except as set forth in Paragraph 19 of this Agreement, any controversy or dispute which arises in connection with
the validity, construction, application, enforcement or breach of this Agreement shall be submitted to final and binding arbitration pursuant to the commercial arbitration rules of the American Arbitration Association (the “AAA”). The fees
and costs of arbitration (other than attorney fees and costs) shall be borne equally by the parties. A neutral arbitrator shall be jointly chosen by the parties from a list of arbitrators provided by the AAA, and any arbitration under this Paragraph
18 shall take place in the Cleveland, Ohio office of the AAA. Judgment upon an award rendered by an arbitrator under this Paragraph 18 may be entered in any court of competent jurisdiction. 

19. Injunctive Relief and Other Remedies. Helmick recognizes and understands that the Bank may not have an adequate remedy at law
for the breach or threatened breach by Helmick of the confidentiality, intellectual property and post-employment restrictions set forth in this Agreement and Helmick agrees that in the event of any such breach, the Bank may, in addition to the other
remedies which may be available to it, file a suit to enjoin Helmick from violation and breach of this Agreement. In the event the Bank obtains a permanent injunction against Helmick after notice and the opportunity to appear, Helmick will be liable
to pay all costs, including reasonable attorneys’ fees, which the Bank may incur in enforcing, to any extent, the 

  
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provisions of this Agreement, whether or not litigation is actually commenced and including litigation of any appeal taken or defended by the Bank in any action to enforce this Agreement and
which affirms and/or results in a permanent injunction. Any proceedings brought to enforce Paragraphs 10, 11 or 14 this Agreement shall be brought in the courts of Mahoning County, Ohio and Helmick expressly waives any objection or defense relating
to jurisdiction or forum non-conveniens or similar doctrine or theory. Helmick acknowledges and agrees that the remedy at law for any breach of Paragraphs 10, 11 or 14 of this Agreement will be inadequate, and that the Bank shall be entitled to
injunctive relief without bond. Such injunctive relief shall not be exclusive, but shall be in addition to any other rights or remedies which the Bank may have for any such breach. In addition to the injunctive remedies described herein, Helmick
acknowledges and agrees that in the event of a final judicial determination against Helmick with respect to an actual or threatened breach by Helmick of Paragraphs 10, 11 or 14 of this Agreement, the Bank shall be entitled to withhold any remaining
Severance Payments payable under Paragraph 13 of this Agreement. 
 20. Choice of Law. It is understood that the
provisions of this Agreement shall be governed by and construed in accordance with the laws of the State of Ohio without giving effect to the principles of conflict of laws. 
 21. Severability. It is understood that the provisions of this Agreement are severable and independent. In the event any of the provisions or parts hereof shall be held to be invalid or
unenforceable, all other provisions shall remain in full force and effect. In the event a court should determine not to enforce a covenant as written due to overbreadth, the parties specifically agree that said covenant shall be enforced to the
maximum extent as allowed by law, whether said restrictions are in time, territory or scope of prohibited activities. 
 22.
Legal Reformation. It is understood and agreed that, should any term of this Agreement cause the Bank or its successor to be in violation of any applicable securities law, rule or regulation, or any amendment thereto, then the parties will
cooperate in good faith to amend the terms of this Agreement as may be required to comply with such securities laws, rules or regulations. 
 23. Notice. All written communications provided for in this Agreement shall be deemed to have been duly served when delivered by U.S. registered mail, return receipt requested, postage prepaid, to
the following addresses: 
 Kevin J. Helmick 
 4370 Ridge Road NE 
 Cortland, Ohio 44410 

Farmers National Bank of Canfield 
 20 South Broad Street 
 Canfield, Ohio 44406 

Attn: John S. Gulas 

  
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 24. Complete Agreement. This Agreement contains the complete understanding of the
parties, and supersedes any previous agreements, including the Prior Agreement. Any modifications, amendments or other changes must be in writing and signed by the parties. 
 25. Full Understanding and Consent. Helmick hereby represents that, prior to signing this Agreement, Helmick has read, fully understands and voluntarily agrees to the terms and conditions stated
above, that Helmick was not coerced into signing this Agreement, that Helmick was not under duress at the time Helmick signed this Agreement, and that prior to signing this Agreement, Helmick had adequate time to consider and discuss its terms with
an attorney of Helmick’s choice. 
 26. Compliance with Section 409A of the Code. For purposes of complying
with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”): 
 A.
This Agreement is intended, and shall be construed and interpreted, to comply with Section 409A and if necessary, any provision shall be held null and void to the extent such provision (or part thereof) fails to comply with Section 409A.
For purposes of Section 409A, any reference to Helmick’s termination shall mean Helmick’s “separation from service” (as such term is defined in Section 409A) and each payment of compensation under the Agreement shall be
treated as a separate payment of compensation. Any amounts payable solely on account of an involuntary termination shall be excludible from the requirements of Section 409A, either as separation pay or as short-term deferrals to the maximum
possible extent. Nothing herein shall be construed as the guarantee of any particular tax treatment to Helmick, and none of the Bank, its Board of Directors or any affiliates or subsidiary shall have any liability to Helmick arising from any failure
to comply with the requirements of Section 409A. 
 B. Notwithstanding anything in this Agreement to the contrary, in the
event that Helmick is a “specified employee” (as defined in Section 409A) of the Bank or any of its affiliates, as determined pursuant to the Bank’s or affiliate’s policy for identifying specified employees, on the date of
Helmick’s termination of employment and Helmick is entitled to a payment and/or a benefit under this Agreement that is required to be delayed pursuant to Section 409A, then such payment or benefit, as applicable, shall not be paid or
provided (or begin to be paid or provided) until the first day of the seventh month following the date of Helmick’s termination of employment (or, if earlier, the date of Helmick’s death). The first payment that can be made to Helmick
following such period shall include the cumulative amount of any payments or benefits that could not be paid or provided during such period due to the application of Section 409A. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date(s) set
forth below. 
  

							
	Kevin J. Helmick	 		 	FARMERS NATIONAL BANK OF CANFIELD
				
	/s/ Kevin J. Helmick	 		 	By:	 	 /s/ John S. Gulas

	Signature	 		 	Its:	 	 President and Chief Executive Officer

			
	 January 4, 2012
	 		 	 January 4, 2012

	Date of Signature	 		 	Date of Signature

  
 -9-Form of Amendment No. 5 to Credit Agreement dated December 29, 2011

 Exhibit 10.1 
 AMENDMENT NO. 5 TO CREDIT AGREEMENT 
 THIS AMENDMENT NO. 5 TO CREDIT
AGREEMENT (this “Amendment”) is entered into as of December 29, 2011, by and among the Lenders identified on the signature pages hereof (such Lenders, together with their respective successors and permitted assigns, are
referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), WELLS FARGO CAPITAL FINANCE, LLC, formerly known as Wells Fargo Foothill, LLC, a Delaware limited liability company, as the
arranger and administrative agent for the Lenders (in such capacity, “Agent”) and NAVARRE CORPORATION, a Minnesota corporation (“Borrower”). 
 WHEREAS, Borrower, Agent, and Lenders are parties to that certain Credit Agreement dated as of November 12, 2009 (as amended, modified or supplemented from time to time, the “Credit
Agreement”); 
 WHEREAS, in connection with the foregoing, Borrower, Agent and Lenders have agreed to amend the Credit
Agreement in certain respects (including, without limitation, to extend the maturity date thereof from November 12, 2012 to the date that is 5 years from the date of this Amendment); 

NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto agree as follows: 

1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in
the Credit Agreement. 
 2. Amendments to Credit Agreement: Subject to the satisfaction of the conditions set forth in
Section 5 below, in reliance upon the representations and warranties of Borrower set forth in Section 6 below, the Credit Agreement is hereby amended in the following respects: 

(a) The following new Section 2.14 is added to the Credit Agreement: 

2.14. Increase in Revolver Commitments. 

(a) Provided there exists no Default or Event of Default and subject to the prior written consent of Agent (which may be
provided or withheld in Agent’s sole discretion and without the consent of any other Lender, and absent which any notice from Borrower described below shall be void and of no force and effect), the Borrower may, from time to time prior to the
Maturity Date, upon written notice to the Agent (whereupon Agent shall promptly deliver a copy to each of the Lenders), request up to four (4) increases (in minimum increments of $5,000,000), not to exceed $20,000,000 in the aggregate to the
Maximum Revolver Amount (any such increase, each a “Revolver Increase”). At the time of sending such notice, the Borrower (in consultation with the Agent) shall specify the time period within which each Lender is requested to
respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). 

 (b) Each Lender shall notify the Agent within such time period whether or
not it agrees to increase its Revolver Commitment in connection with such Revolver Increase and, if so, whether by a percentage of the requested Revolver Increase equal to, greater than, or less than its Pro Rata Share in respect of the aggregate
amount of the Revolver Commitments of all Lenders. Any Lender not responding within such time period shall be deemed to have declined to increase its Revolver Commitment. 

(c) The Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request for a Revolver
Increase made hereunder. To achieve the full amount of a requested Revolver Increase if existing Lenders do not elect to provide the full amount of a requested Revolver Increase, and subject to the consent and of the Agent in its sole discretion and
to the approval of the Agent, the Issuing Lender and the Swing Lender with respect to the identity of such Person, the Borrower may also invite additional Persons to become Lenders pursuant to a joinder to this Agreement in form and substance
satisfactory to the Agent and its counsel. 
 (d) If the Revolver Commitments and Maximum Revolver Amount are
increased in accordance with this Section 2.14, the Agent (in consultation with the Borrower) shall determine the effective date (the “Revolving Credit Increase Effective Date”) and the final allocation of such increase.
The Agent shall promptly notify the Borrower and the Lenders of the final allocation of such increase and the Revolving Credit Increase Effectiveness Date. 
 (e) As additional conditions precedent to any Revolver Increase (and without limiting Agent’s discretion as to whether to consent to any Revolver Increase), (i) the Borrower shall deliver to the
Agent a certificate of each Loan Party dated as of the Revolving Credit Increase Effective Date (in sufficient copies for each Lender) signed by an officer of such Loan Party, certifying and attaching the resolutions adopted by such Loan Party
approving or consenting to such increase, and certifying that the conditions precedent set out in the following subclauses (ii) through (iv) have been satisfied, (ii) no Default or Event of Default shall have occurred and be
continuing or would result from such Revolver Increase, (iii) before and after giving effect to such Revolver Increase, the representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all
material respects (except that such materiality qualifier shall not be applicable to any representations that already are qualified or modified by materiality in the text thereof) on and as of the Revolving Credit Increase Effective Date, except to
the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by
materiality) as of such earlier date, (iv) after giving effect to such Revolver Increase, the Borrower would be in pro forma compliance with Section 7(a) of the Agreement for the twelve-month period to which the most recent Compliance
Certificate received by the Agent pursuant to Schedule 5.1 relates, assuming that the Revolver Commitments (after giving 

  
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effect to such increase) are fully drawn. The Borrower shall prepay any Advances, Letter of Credit Disbursements or Swing Loans (to the extent participated to Lenders) outstanding on the
Revolving Credit Increase Effective Date to the extent necessary to keep the outstanding Advances, Letter of Credit Disbursements or Swing Loans (to the extent participated to Lenders), as the case may be, ratable with any revised Pro Rata Share of
a Lender in respect of the Revolver Commitments arising from any nonratable increase in the Revolver Commitments under this Section 2.14. 
 (f) In connection with each Revolver Increase and as a further condition to providing each Revolver Increase, Lenders, Borrower, and each Guarantor shall execute such amendments, agreements, instruments
and documents, if any, as Agent shall reasonably request to evidence such Revolver Increase 
 (b)
Section 3.3 of the Credit Agreement is amended and restated in its entirety as follows: 
 3.3.
Maturity. 
 This Agreement shall continue in full force and effect for a term ending on December
29, 2016 (the “Maturity Date”). The foregoing notwithstanding, the Lender Group, upon the election of the Required Lenders, shall have the right to terminate its obligations under this Agreement immediately and without notice upon
the occurrence and during the continuation of an Event of Default. 
 (c) Sections 4.1(b), 4.6(d), 4.7(b), 4.13, and 4.19 of the
Credit Agreement are amended by replacing each reference to “the Closing Date” set forth therein with a reference to “the Fifth Amendment Closing Date”. 
 (d) Section 4.26 of the Credit Agreement is amended and restated in its entirety as follows: 
 4.26. Dissolution of BCI and Funimation Entities. 

BCI was dissolved with the Secretary of State of Minnesota effective January 13, 2010. Each of Funimation Channel,
Inc., Navarre CP, LLC, Navarre CS, LLC and Navarre CLP, LLC was dissolved with the Secretary of State of Minnesota effective December 19, 2011. 
 (e) Section 5.16 of the Credit Agreement is amended and restated in its entirety as follows: 
 5.16. [RESERVED]. 
 (f) Section 6.3(a) of the Credit Agreement
is amended by inserting “Other than in order to consummate a Permitted Acquisition,” to the beginning thereof. 

  
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 (g) Section 6.12 of the Credit Agreement is amended by (i) inserting
“and” at the end of clause (c) thereof, (ii) replacing the “, and” at the end of clause (d) thereof with a “.”, and (iii) deleting clause (e) thereof in its entirety. 

(h) Section 7 of the Credit Agreement is hereby amended by amending and restating clause (b) thereof in its entirety as
follows: 
 (b) [reserved] 
 (i) Section 7 of the Credit Agreement is hereby amended by amending and restating clause (d) thereof in its entirety as follows: 

(d) Excess Availability. Maintain Excess Availability at all times after the Fifth Amendment Closing Date of at
least $5,000,000. 
 (j) Schedule 1.1 of the Credit Agreement is amended by amending and restating the definition of the terms
“Applicable Unused Line Fee”, “Base LIBOR Rate”, “Base Rate Margin”, “Capital Expenditures”, “Fee Letter”, “LIBOR Rate Margin”, “Maximum Revolver Amount”, “Permitted Purchase
Money Indebtedness”, “Publishing Business”, and “WFF” set forth therein in their entirety as follows: 
 “Applicable Unused Line Fee” means 0.375%. 

“Base LIBOR Rate” means the rate per annum, determined by Agent in accordance with its customary
procedures, and utilizing such electronic or other quotation sources as it considers appropriate, to be the rate at which Dollar deposits (for delivery on the first day of the requested Interest Period) are offered to major banks in the London
interbank market 2 Business Days prior to the commencement of the requested Interest Period, for a term and in an amount comparable to the Interest Period and the amount of the LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a
continuation of a LIBOR Rate Loan or as a conversion of a Base Rate Loan to a LIBOR Rate Loan) by Borrower in accordance with the Agreement, which determination shall be conclusive in the absence of manifest error. 

“Base Rate” means the greatest of (a) the Federal Funds Rate plus
 1/2%, (b) the Base LIBOR Rate (which rate
shall be calculated based upon an Interest Period of 3 months and shall be determined on a daily basis), plus 1%, and (c) the rate of interest announced, from time to time, within Wells Fargo at its principal office in San Francisco as its
“prime rate”, with the understanding that the “prime rate” is one of Wells Fargo’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those
loans making reference thereto and is evidenced by the recording thereof after its announcement in such internal publications as Wells Fargo may designate. 

“Base Rate Margin” means, as of any date of determination (with respect to any portion of the outstanding
Advances on such date that is a Base Rate 

  
 4 

 
Loan), the applicable margin set forth in the following table that corresponds to average daily Excess Availability for the most recently ended calendar month (the “Monthly Average Excess
Availability Amount”); provided, however, that for the period from the Closing Date through January 31, 2012, the Base Rate Margin shall be at the margin in the row styled “Level I”: 

 

					
	 Level
	  	 Monthly Average Excess Availability

Amount
	  	 Base Rate Margin

	I	  	Greater than or equal to the greater of (i) $15,000,000 and (ii) 25% of the Maximum Revolver Amount	  	1.00 percentage points
			
	II	  	Less than the greater of (i) $15,000,000 and (ii) 25% of the Maximum Revolver Amount	  	1.25 percentage points

 The Base Rate Margin shall be based upon the most recent Monthly Average Excess Availability Amount,
which will be calculated as of the end of each calendar month. If Borrower fails to provide the information necessary to calculate the Monthly Average Excess Availability Amount, the Base Rate Margin shall be set at the margin in the row styled
“Level II” until the date on which such information is delivered (on which date (but not retroactively), without constituting a waiver of any Default or Event of Default occasioned by the failure to timely deliver such information,
the Base Rate Margin shall be set at the margin based upon the calculations disclosed by such information. 

“Capital Expenditures” means, with respect to any Person for any period, the aggregate of all
expenditures by such Person and its Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures are paid in cash or financed, excluding (i) any Production Costs, (ii) any
Vendor Advances, and (iii) Permitted Acquisitions. 
 “Fee Letter” means that certain
amended and restated fee letter between Borrower and Agent dated as of the Fifth Amendment Closing Date. 

“LIBOR Rate Margin” means, as of any date of determination (with respect to any portion of the
outstanding Advances on such date that is a LIBOR Rate Loan), the applicable margin set forth in the following table that corresponds to average daily Excess Availability for the most recently ended calendar month (the “Monthly Average
Excess Availability Amount”); provided, however, that for the period from the Closing Date through January 31, 2012, the LIBOR Rate Margin shall be at the margin in the row styled “Level I”: 

  
 5 

					
	 Level
	  	 Monthly Average Excess Availability

Amount
	  	 LIBOR Rate Margin

	I	  	Greater than or equal to the greater of (i) $15,000,000 and (ii) 25% of the Maximum Revolver Amount	  	2.00 percentage points
			
	II	  	Less than the greater of (i) $15,000,000 and (ii) 25% of the Maximum Revolver Amount	  	2.25 percentage points

 The LIBOR Rate Margin shall be based upon the most recent Monthly Average Excess Availability Amount,
which will be calculated as of the end of each calendar month. If Borrower fails to provide the information necessary to calculate the Monthly Average Excess Availability Amount, the LIBOR Rate Margin shall be set at the margin in the row styled
“Level II” until the date on which such information is delivered (on which date (but not retroactively), without constituting a waiver of any Default or Event of Default occasioned by the failure to timely deliver such information,
the LIBOR Rate Margin shall be set at the margin based upon the calculations disclosed by such information. 

“Maximum Revolver Amount” means $50,000,000, decreased by the amount of reductions in the Revolver
Commitments made in accordance with Section 2.4(c) of the Agreement, and increased by the amount of any Revolver Increases made pursuant to Section 2.14 of the Agreement. 

“Permitted Purchase Money Indebtedness” means collectively, as of any date of determination,
(i) Purchase Money Indebtedness incurred after the Closing Date in an aggregate principal amount outstanding at any one time not in excess of $500,000, and (ii) Purchase Money Inventory Indebtedness incurred after the Fifth Amendment
Closing Date in an aggregate principal amount outstanding at any one time not in excess of $10,000,000. 

“Publishing Business” means the publishing business of Encore Software, Inc., a Minnesota corporation as
presently conducted and any similar business of any Loan Party that may be conducted in the future. 

“WFF” means Wells Fargo Capital Finance, LLC (formerly known as Wells Fargo Foothill, LLC), a Delaware
limited liability company. 
 (k) Schedule 1.1 of the Credit Agreement is amended by amending the definition of the term
“Borrowing Base” set forth therein by (i) replacing the reference to “$15,000,000” in clause (b)(i) thereof with a reference to “$20,000,000”, and (ii) replacing the reference to “50%” in clause
(b)(iv) thereof with a reference to “60%”. 
 (l) Schedule 1.1 of the Credit Agreement is amended by amending the
definition of the term “EBITDA” set forth therein by (i) deleting the “and” following subclause 

  
 6 

 
(v) of clause (c) thereof, (ii) inserting a comma and the word “and” following the reference to “of such Person of any Stock” at the end of subclause (vi) of
clause (c) thereof, and (iii) inserting a new subclause (vii) in clause (c) thereof following such newly inserted “and” and prior to the phrase “in each case to the extent included in the calculation of
consolidated net income of such Person for such period in accordance with GAAP”: 
 (vii) Fifth Amendment
EBITDA Restructuring Expenses to the extent incurred during the fiscal year of Borrower ending March 31, 2012, 
 (m)
Schedule 1.1 of the Credit Agreement is amended by amending the definition of the term “Eligible Accounts” set forth therein by amending and restating clause (a) thereof in its entirety as follows: 

(a) Accounts that the Account Debtor (other than the Specified Account Debtor) has failed to pay within 90 days of
original invoice date or Accounts of an Account Debtor (other than the Specified Account Debtor) with selling terms of more than 61 days (or, in the case of Best Buy and its Affiliates, accounts with selling terms of more than 90 days); or Accounts
that the Specified Account Debtor has failed to pay within 30 days of due date or Accounts of the Specified Account Debtor with selling terms of more than 60 days after the month end in which such Account arose (provided, that the aggregate
portion of the Accounts of the Specified Account Debtor in excess of $2,000,000 shall not be Eligible Accounts), 
 (n) Schedule
1.1 of the Credit Agreement is amended by amending the definition of the term “Eligible Accounts set forth therein by amending and restating clause (i) thereof in its entirety as follows: 

(i) Accounts owing by an Account Debtor and its Affiliates (other than Best Buy and its Affiliates, Walmart/Sam’s
Club and its Affiliates, Costco and its Affiliates, Fry’s Electronics and its Affiliates, Staples and its Affiliates, Anderson Merchandisers and its Affiliates or Target and its Affiliates) whose total obligations owing to Borrower exceed 10%
(such percentage, as applied to a particular Account Debtor and its Affiliates, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of such Account Debtor and its Affiliates deteriorates) of all Eligible Accounts,
to the extent of the obligations owing by such Account Debtor and its Affiliates in excess of such percentage; Accounts owing by Best Buy and its Affiliates if the total obligations owing to Borrower by Best Buy and its Affiliates exceed 35% (such
percentage, as applied to Best Buy and its Affiliates, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of Best Buy and its Affiliates deteriorates) of all Eligible Accounts, to the extent of the obligations
owing by Best Buy and its Affiliates in excess of such percentage; Accounts owing by Wal-Mart/Sam’s Club and its Affiliates if the total obligations owing to Borrower by Wal-Mart/Sam’s Club and its Affiliates exceed 20% (such percentage,
as applied to Wal-Mart/Sam’s Club and its Affiliates, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of Wal-Mart/Sam’s Club and its Affiliates deteriorates) of all Eligible Accounts, to the extent
of the obligations 

  
 7 

 
owing by Wal-Mart/Sam’s Club and its Affiliates in excess of such percentage; Accounts owing by Costco and its Affiliates if the total obligations owing to Borrower by Costco and its
Affiliates exceed 15% (such percentage, as applied to Costco and its Affiliates, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of Costco and its Affiliates deteriorates) of all Eligible Accounts, to the
extent of the obligations owing by Costco and its Affiliates in excess of such percentage; Accounts owing by Fry’s Electronics and its Affiliates if the total obligations owing to Borrower by Fry’s Electronics and its Affiliates exceed 15%
(such percentage, as applied to Fry’s Electronics and its Affiliates, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of Fry’s Electronics and its Affiliates deteriorates) of all Eligible Accounts,
to the extent of the obligations owing by Fry’s Electronics and its Affiliates in excess of such percentage; Accounts owing by Staples and its Affiliates if the total obligations owing to Borrower by Staples and its Affiliates exceed 15% (such
percentage, as applied to Staples and its Affiliates, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of Staples and its Affiliates deteriorates) of all Eligible Accounts, to the extent of the obligations
owing by Staples and its Affiliates in excess of such percentage; Accounts owing by Anderson Merchandisers and its Affiliates if the total obligations owing to Borrower by Anderson Merchandisers and its Affiliates exceed 15% (such percentage, as
applied to Anderson Merchandisers and its Affiliates, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of Anderson Merchandisers and its Affiliates deteriorates) of all Eligible Accounts, to the extent of the
obligations owing by Anderson Merchandisers and its Affiliates in excess of such percentage; and Accounts owing by Target and its Affiliates if the total obligations owing to Borrower by Target and its Affiliates exceed 15% (such percentage, as
applied to Target and its Affiliates, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of Target and its Affiliates deteriorates) of all Eligible Accounts, to the extent of the obligations owing by Target and
its Affiliates in excess of such percentage; provided, however, that, in each case, the amount of Eligible Accounts that are excluded because they exceed the foregoing percentages shall be determined by Agent based on all of the
otherwise Eligible Accounts prior to giving effect to any eliminations based upon the foregoing concentration limits, 
 (o) In
order to correct numbering and punctuation errors in the definition of “Eligible Accounts” resulting from the Consent and Amendment No. 2 to Credit Agreement dated May 17, 2010 and the Amendment No. 3 to Credit Agreement
dated September 30, 2010, Schedule 1.1 of the Credit Agreement is amended by amending the definition of the term “Eligible Accounts” set forth therein by (i) deleting the “or” at the end of clause (p) thereof,
(ii) replacing the period at the end of clause (q) thereof with a comma, (iii) renumbering clause (s) thereof (reading “Accounts originally created by Punch and acquired by Encore from Punch in under the Punch Acquisition
Agreement (provided that the foregoing shall not include Accounts created by Encore after the Punch Acquisition Closing Date).” as clause (r) thereof, and (iv) replacing the period at the end of such clause (r) thereof with
“, or”. 

  
 8 

 (p) Schedule 1.1 of the Credit Agreement is amended by amending the definition of the term
“Eligible Accounts” set forth therein by inserting the following new clause (s) at the end thereof: 
 (s) such Accounts that were acquired in a Permitted Acquisition or arise from the business acquired in a Permitted Acquisition, unless Agent shall have completed a field examination with respect to the
business and assets acquired in connection with such Permitted Acquisition in accordance with Agent’s customary procedures and practices and as otherwise required by the nature and circumstances of the business acquired in connection with such
Permitted Acquisition, the scope and results of which shall be satisfactory to Agent, and the criteria for Eligible Accounts set forth herein are satisfied with respect to such Accounts in accordance with this Agreement (or such other or additional
criteria as Agent may, at its option, establish with respect thereto in accordance with the definition of Eligible Accounts). 

(q) Schedule 1.1 of the Credit Agreement is amended by amending the definition of the term “Eligible Inventory” set forth
therein by (i) deleting the “or” following clause (m) thereof, (ii) replacing the period following clause (n) thereof with a comma, and (iii) adding the following new clauses (o) and (p) at the end thereof:

 (o) it is subject to Purchase Money Inventory Indebtedness, or 

(p) it was acquired in a Permitted Acquisition or arises from the business acquired in a Permitted Acquisition, unless
Agent shall have completed an appraisal and field examination with respect to such Inventory in accordance with Agent’s customary procedures and practices and as otherwise required by the nature and circumstances of such Inventory, the scope
and results of which shall be satisfactory to Agent, and the criteria for Eligible Inventory set forth herein are satisfied with respect to such Inventory in accordance with this Agreement (or such other or additional criteria as Agent may, at its
option, establish with respect thereto in accordance with the definition of Eligible Inventory). 
 (r) Schedule 1.1 of the
Credit Agreement is amended by amending the definition of the term “Permitted Indebtedness” set forth therein by (i) deleting the “and” at the end of clause (k) thereof, (ii) replacing the period at the end of
clause (l) thereof with a comma, and (iii) inserting new clauses (m) and (n) at the end thereof as follows: 
 (m) Acquired Indebtedness in an amount not to exceed $1,000,000 outstanding at any one time, and 
 (n) contingent liabilities in respect of any indemnification obligation, adjustment of purchase price, non-compete or similar obligation of Borrower or the applicable Loan Party incurred in connection
with the consummation of one or more Permitted Acquisitions. 

  
 9 

 (s) Schedule 1.1 of the Credit Agreement is amended by amending the definition of the term
“Permitted Investments” by amended and restating clause (k) thereof in its entirety as follows: 

(k) so long as no Event of Default has occurred and is continuing or would result therefrom, Vendor Advances in an amount
not to exceed $4,000,000 per fiscal year, 
 (t) Schedule 1.1 of the Credit Agreement is amended by amending the definition of
the term “Permitted Investments” by (i) renumbering existing clause (l) thereof such that it appears as clause (m) thereof, and (ii) adding the following new clause (l) thereto: 

(l) Permitted Acquisitions, and 
 (u) Schedule 1.1 of the Credit Agreement is amended by amending the definition of the term “Permitted Liens” set forth therein by amending and restating clause (f) thereof in its entirety
as follows: 
 (f) (i) purchase money Liens on Equipment or the interests of lessors under Capital Leases of
Equipment to the extent that such Liens or interests secure Permitted Purchase Money Indebtedness that does not constitute Purchase Money Inventory Indebtedness and so long as (A) such Lien attaches only to the asset purchased or acquired and
the proceeds thereof, and (B) such Lien only secures the Indebtedness that was incurred to acquire the asset purchased or acquired or any Refinancing Indebtedness in respect thereof, and (ii) purchase money Liens on Inventory to the extent
that such Liens or interests secure Permitted Purchase Money Indebtedness constituting Purchase Money Inventory Indebtedness and so long as (A) such Lien attaches only to the Inventory purchased or acquired and the identifiable cash proceeds
thereof, (B) such Lien only secures the Indebtedness that was incurred to acquire the Inventory purchased or acquired or any Refinancing Indebtedness in respect thereof, and (C) the holder of such Lien has executed and delivered a waiver
agreement to Agent in the form attached as  
 Exhibit P hereto. 

(v) Schedule 1.1 of the Credit Agreement is amended by amending the definition of the term “Permitted Liens” set forth therein
by (i) deleting “and” from the end of clause (o) thereof, (ii) replacing the period at the end of clause (p) thereof with a comma, and (iii) adding the following new clauses (q) and (r) thereto:

 (q) Liens solely on any cash earnest money deposits made by Borrower or its Subsidiaries in connection with
any letter of intent or purchase agreement with respect to a Permitted Acquisition, and 
 (r) Liens assumed by
Borrower or any of its Subsidiaries in connection with a Permitted Acquisition that secure Acquired Indebtedness. 
 (w)
Schedule 1.1 of the Credit Agreement is amended by adding the following new defined terms thereto in their appropriate alphabetical order as follows: 

  
 10 

 “Acquired Indebtedness” means Indebtedness of a Person
whose assets or Stock is acquired by Borrower or any of its Subsidiaries in a Permitted Acquisition; provided, however, that such Indebtedness (a) is either Purchase Money Indebtedness or a Capital Lease with respect to Equipment
or mortgage financing with respect to Real Property, (b) was in existence prior to the date of such Permitted Acquisition, and (c) was not incurred in connection with, or in contemplation of, such Permitted Acquisition. 

“Dominion Period” means each period beginning on any date that Excess Availability is less than
$15,000,000 and ending upon such date thereafter upon which Excess Availability has been greater than $15,000,000 for sixty (60) consecutive days. 
 “Fifth Amendment Closing Date” means December 29, 2011. 
 “Fifth Amendment EBITDA Restructuring Expenses” means, collectively, and in each case to the extent incurred during the fiscal year of Borrower ending March 31, 2012, (a) cash
expenses in connection with severance payments made to Borrower’s prior CEO, Cary Deacon, in connection with his resignation on March 31, 2011 plus search fees in connection with identifying a successor CEO, in an aggregate amount not to
exceed $1,700,000, (b) cash expenses in an aggregate amount not to exceed $6,900,000 for (i) severance payments and outplacement expenses in connection with staff reductions at the Borrower’s Minnesota headquarters and in connection
with the closing of Encore Software, Inc’s California office along with other miscellaneous personnel related restructuring costs, in an aggregate amount for such severance payments and outplacement expenses and other personnel related
restructuring costs not to exceed the maximum corresponding amount set forth on Schedule F-1, and (ii) cash expenses incurred in connection with Borrower’s negotiation with its landlord for its Minnesota headquarters to reduce the
size of its facility by vacating one of the three headquarters buildings currently leased by Navarre and in connection with Borrower’s negotiation with the landlord for Encore Software, Inc.’s California office to terminate the lease for
such office prior to its scheduled expiration, in an aggregate amount for such expenses in connection with such leases not to exceed the maximum corresponding amount set forth on Schedule F-1, and (c) non-cash charges in an aggregate
amount not to exceed $2,600,000 resulting from (i) the writedown of Inventory for certain software titles of Encore Software, Inc. to be discontinued, (ii) the writedown of software development costs pertaining to such discontinued Encore
Software, Inc. software titles, and (iii) other miscellaneous non-cash restructuring charges. 

“Permitted Acquisition” means any Acquisition so long as: 

(a) no Default or Event of Default shall have occurred and be continuing or would result from the consummation of the
proposed Acquisition and the proposed Acquisition is consensual, 

  
 11 

 (b) no Indebtedness will be incurred, assumed, or would exist with respect
to Borrower or its Subsidiaries as a result of such Acquisition, other than Indebtedness permitted under clause (m) of the definition of Permitted Indebtedness and no Liens will be incurred, assumed, or would exist with respect to the assets of
Borrower or its Subsidiaries as a result of such Acquisition other than Permitted Liens, 
 (c) Borrower has
provided Agent with written confirmation, supported by reasonably detailed calculations, that on a pro forma basis (including pro forma adjustments arising out of events which are directly attributable to such proposed Acquisition, are factually
supportable, and are expected to have a continuing impact, in each case, determined as if the combination had been accomplished at the beginning of the relevant period; such eliminations and inclusions to be mutually and reasonably agreed upon by
Borrower and Agent) created by adding the historical combined financial statements of Borrower (including the combined financial statements of any other Person or assets that were the subject of a prior Permitted Acquisition during the relevant
period) to the historical consolidated financial statements of the Person to be acquired (or the historical financial statements related to the assets to be acquired) pursuant to the proposed Acquisition, Borrower and its Subsidiaries (i) would
have been in compliance with the financial covenants in Section 7 of the Agreement for the 4 fiscal quarter period ended immediately prior to the proposed date of consummation of such proposed Acquisition, and (ii) are projected to
be in compliance with the financial covenants in Section 7 for the 4 fiscal quarter period ended one year after the proposed date of consummation of such proposed Acquisition, 

(d) Borrower has provided Agent with its due diligence package relative to the proposed Acquisition, including forecasted
balance sheets, profit and loss statements, and cash flow statements of the Person or assets to be acquired, all prepared on a basis consistent with such Person’s (or assets’) historical financial statements, together with appropriate
supporting details and a statement of underlying assumptions for the 1 year period following the date of the proposed Acquisition, on a quarter by quarter basis), in form and substance (including as to scope and underlying assumptions) reasonably
satisfactory to Agent, 
 (e) Borrower shall have Excess Availability (calculated after giving effect to the
payment of any transaction costs and expenses to be paid in connection therewith) in an amount equal to or greater than $15,000,000 immediately after giving effect to the consummation of the proposed Acquisition and Borrower shall have had average
daily Excess Availability for the 30 day period ending on the date of the consummation of the proposed Acquisition (and calculated after giving effect to such Acquisition) in an amount equal to or greater than $15,000,000, 

  
 12 

 (f) the assets being acquired or the Person whose Stock is being acquired
did not have negative EBITDA during the 12 consecutive month period most recently concluded prior to the date of the proposed Acquisition, 
 (g) Borrower shall have provided Agent with written notice of the proposed Acquisition at least 15 Business Days prior to the anticipated closing date of the proposed Acquisition not later than 5 Business
Days prior to the anticipated closing date of the proposed Acquisition, copies of the acquisition agreement and other material documents relative to the proposed Acquisition, which agreement and documents must be reasonably acceptable to Agent,

 (h) the assets being acquired (other than a de minimis amount of assets in relation to Borrower’s and its
Subsidiaries’ total assets), or the Person whose Stock is being acquired, are useful in or engaged in, as applicable, the business of Parent and its Subsidiaries or a business reasonably related thereto, 

(i) the assets being acquired (other than a de minimis amount of assets in relation to the assets being acquired) are
located within the United States or the Person whose Stock is being acquired is organized in a jurisdiction located within the United States, 
 (j) the subject assets or Stock, as applicable, are being acquired directly by Borrower or one of its Subsidiaries that is a Loan Party, and, in connection therewith, Borrower or the applicable Loan Party
shall have complied with Section 5.11 or 5.12, as applicable, of the Agreement and, in the case of an acquisition of Stock, Borrower or the applicable Loan Party shall have demonstrated to Agent that the new Loan Parties have
received consideration sufficient to make the joinder documents binding and enforceable against such new Loan Parties, and 
 (k) the purchase consideration payable in respect of all Permitted Acquisitions (including the proposed Acquisition and including any deferred payment obligations and the amount of Indebtedness assumed)
shall not exceed $5,000,000 in the aggregate. 
 “Purchase Money Inventory Indebtedness” means
Indebtedness (other than the Obligations), incurred at the time of, or within 20 days after, the acquisition of any Inventory for the purpose of financing all or any part of the acquisition cost thereof, so long as the holder of such Indebtedness
has executed and delivered a waiver agreement to Agent in the form attached as Exhibit P hereto. 
 (x) The following
Schedules to the Credit Agreement are amended and restated in their entirety as set forth on Exhibit A to this Amendment: Schedule A-2 (Authorized Persons), Schedule C-1 (Commitments), Schedule E-1 (Eligible Inventory Locations), Schedule P-1
(Permitted Investments), Schedule P-2 (Permitted Liens), Schedule P-3 (Specific Permitted Indebtedness), Schedule 4.1(b) (Capitalization of Borrower), Schedule 4.1(c) (Capitalization of Borrower’s Subsidiaries), Schedule 4.6(a) (States of
Organization), Schedule 4.6(b) (Chief 

  
 13 

 
Executive Offices), Schedule 4.6(c) (Organizational Identification Numbers), Schedule 4.6(d) (Commercial Tort Claims), Schedule 4.7(b) (Litigation), Schedule 4.12 (Environmental Matters),
Schedule 4.13 (Intellectual Property), Schedule 4.15 (Deposit Accounts and Securities Accounts), Schedule 4.17 (Material Contracts), Schedule 4.19 (Closing Date Indebtedness), Schedule 4.30 (Location of Inventory and Equipment), and Schedule 6.6
(Nature of Business), and Schedule 6.12 (Transactions with Affiliates). 
 (y) Schedule 5.2 of the Credit Agreement is hereby
amended by replacing the reference to “Weekly” on the left side of the first row thereof with a reference to “Weekly (not later than Tuesday of each week) at such times that a Dominion Period is in effect, and monthly (not later than
the 10th day of each month) at such times that a Dominion Period is not in effect”. 
 (z) Schedule 6.12 (Transactions with
Affiliates) to the Credit Agreement is hereby deleted. 
 (aa) A new Schedule F-1 (Fifth Amendment EBITDA Restructuring
Expenses) is added to the Credit Agreement in the form attached as Exhibit F-1 to this Amendment. 
 (bb) Exhibit C-1 to
the Credit Agreement is amended and restated in its entirety in the form attached as Exhibit C-1 to this Amendment. 

(cc) A new Exhibit P is added to the Credit Agreement in the form attached as Exhibit P to this Amendment. 

3. Continuing Effect. Except as expressly set forth in Section 2 of this Amendment, nothing in this Amendment shall
constitute a modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other Loan Document, or a waiver of any other terms or provisions thereof, and the Credit Agreement and the other Loan Documents shall
remain unchanged and shall continue in full force and effect, in each case as amended hereby. 
 4. Reaffirmation and
Confirmation. Borrower hereby ratifies, affirms, acknowledges and agrees that the Credit Agreement and the other Loan Documents represent the valid, enforceable and collectible obligations of Borrower, and further acknowledges that there are no
existing claims, defenses, personal or otherwise, or rights of setoff whatsoever with respect to the Credit Agreement or any other Loan Document. Borrower hereby agrees that this Amendment in no way acts as a release or relinquishment of the Liens
and rights securing payments of the Obligations. The Liens and rights securing payment of the Obligations are hereby ratified and confirmed by Borrower in all respects. 
 5. Conditions to Effectiveness. This Amendment shall become effective upon the satisfaction of each of the following conditions precedent, each in form and substance acceptable to Agent:

 (a) Agent shall have received a fully executed copy of this Amendment (along with the Consent and Reaffirmation attached
hereto) and each of the additional documents, instruments and agreements listed on the Closing Checklist attached hereto as Annex 1 to this 

  
 14 

 
Amendment, each in form and substance acceptable to Agent, together with such other documents, agreements and instruments as Agent may require or reasonably request; 

(b) Capital One Leverage Finance Corp. shall have assigned all of its Revolver Commitment to Wells Fargo Capital Finance, LLC effective
immediately prior to the effectiveness of this Amendment such that Wells Fargo Capital Finance, LLC is the sole Lender under the Credit Agreement as of the effectiveness of this Amendment; and 

(c) No Default or Event of Default shall have occurred and be continuing on the date hereof (other than the Existing Defaults) or as of
the date of the effectiveness of this Amendment. 
 6. Representations and Warranties. In order to induce Agent and
Lenders to enter into this Amendment, Borrower hereby represents and warrants to Agent and Lenders that, after giving effect to this Amendment: 
 (a) All representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct on and as of the date of this Amendment, in each case as if then made, other than
representations and warranties that expressly relate solely to an earlier date (in which case such representations and warranties were true and correct on and as of such earlier date); 

(b) No Default or Event of Default has occurred and is continuing; 

(c) This Amendment and the Credit Agreement, as modified hereby, constitute legal, valid and binding obligations of Borrower and are
enforceable against Borrower in accordance with their respective terms. 
 7. Miscellaneous. 

(a) Expenses. Borrower agrees to pay on demand all Lender Group Expenses of Agent (including, without limitation, the fees and
expenses of outside counsel for Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other instruments or documents provided for herein or delivered or to be delivered hereunder or
in connection herewith. All obligations provided herein shall survive any termination of this Amendment and the Credit Agreement as modified hereby. 
 (b) Governing Law. This Amendment shall be a contract made under and governed by the internal laws of the State of Illinois. 

(c) Counterparts. This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate
counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. Delivery of an executed counterpart of this Amendment by
facsimile or electronic mail shall be equally effective as delivery of an original executed counterpart of this Amendment. 

  
 15 

 8. Release. 
 (a) In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower and each
Guarantor (by its execution and delivery of the attached Consent and Reaffirmation), on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever
discharges Agent and Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, each
Lender and all such other Persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts,
controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and
collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which Borrower, any Guarantor or any of their respective successors, assigns, or other legal representatives
may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever in relation to, or in any way in connection with any of the Credit Agreement,
or any of the other Loan Documents or transactions thereunder or related thereto which arises at any time on or prior to the day and date of this Amendment. 
 (b) Each of Borrower and each Guarantor understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction
against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. 
 (c) Each of Borrower and each Guarantor agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the
final, absolute and unconditional nature of the release set forth above. 
 [signature pages follow] 

  
 16 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized and delivered as of the date first above written. 
  

			
	 NAVARRE CORPORATION,
 a Minnesota corporation

		
	By:	 	 
	Title:	 	 

 Signature Page to Amendment No. 5 to Credit Agreement 

 
			
	 WELLS FARGO CAPITAL FINANCE, LLC,
 formerly known as Wells Fargo Foothill, LLC,
 a Delaware limited
liability company, as Agent and as a Lender

		
	By:	 	 
	Title:	 	 

 Signature Page to Amendment No. 5 to Credit Agreement 

 CONSENT AND REAFFIRMATION 

Each of the undersigned hereby (i) acknowledges receipt of a copy of the foregoing Amendment No. 5 to Credit Agreement (terms
defined therein and used, but not otherwise defined, herein shall have the meanings assigned to them therein); (ii) consents to Borrower’s execution and delivery thereof; (iii) agrees to be bound by the terms of the Amendment,
including Section 8 thereof; and (iv) affirms that nothing contained therein shall modify in any respect whatsoever any Loan Document to which any of the undersigned is a party and reaffirm that each such Loan Document is and shall
continue to remain in full force and effect. Although each of the undersigned has been informed of the matters set forth herein and has acknowledged and agreed to same, each of the undersigned understands that Agent and Lenders have no obligation to
inform any of the undersigned of such matters in the future or to seek any of the undersigned’s acknowledgment or agreement to future consents, amendments or waivers, and nothing herein shall create such a duty. 

IN WITNESS WHEREOF, each of the undersigned has executed this Consent and Reaffirmation on and as of the date of such Amendment.

  

			
	 NAVARRE DISTRIBUTION SERVICES, INC.,
 a Minnesota corporation

		
	By:	 	 
	Title:	 	 

  

			
	 NAVARRE ONLINE FULFILLMENT SERVICES,
 INC., a Minnesota corporation

		
	By:	 	 
	Title:	 	 

  

			
	 ENCORE SOFTWARE, INC.,

a Minnesota Corporation

		
	By:	 	 
	 Title:
	 	 

  

			
	 NAVARRE DIGITAL SERVICES, INC.,

a Minnesota Corporation

		
	By:	 	 
	 Title:
	 	 

 Consent and Reaffirmation to Amendment No. 5 to Credit Agreement 

 
			
	 NAVARRE LOGISTICAL SERVICES, INC.,
 a Minnesota corporation

		
	By:	 	 
	Title:	 	 

  

			
	 NAVARRE DISTRIBUTION SERVICES ULC,
 a British Columbia unlimited liability company

		
	By:	 	 
	Title:	 	 

 Consent and Reaffirmation to Amendment No. 5 to Credit Agreement

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