Document:

<PAGE>
                                                                    EXHIBIT 10.3

                      CONDITIONAL UNSECURED PROMISSORY NOTE

$650,000.00                                              July 31, 2002
                                                         Los Angeles, California

         INDEBTEDNESS. FOR VALUE RECEIVED, but expressly subject to the
condition indicated under the section titled "Conditional Obligation" below,
Navarre Corporation, a Minnesota corporation (hereinafter referred to as
"Maker"), promises to pay to the bankruptcy estate of Encore Software, Inc.
(hereinafter referred to as "Holder" or "Encore"), or order, at 2029 Century
Park East, Suite 300, Los Angeles, CA 90067 or at such other place as may be
designated in writing by the holder of this Promissory Note (hereinafter
referred to as this the principal sum of Six Hundred Fifty Thousand and 00/100
Dollars ($650,000.00), together with interest accrued thereon if not paid when
due. This Note evidences a portion of the purchase price payable by Maker to
Encore for the property purchased under that certain Asset Purchase Agreement
dated June 7, 2002, as amended and modified by that certain Amended and Restated
Asset Purchase Agreement dated July 10, 2002, and by that certain First
Amendment dated July 31, 2002 to the Amended and Restated Asset Purchase
Agreement (collectively referred to hereinafter as the "Asset Purchase
Agreement"), between Maker and Encore.

         INTEREST. Except as provided in the immediately following sentence, no
interest shall accrue under this Note. In the event that (i) any payment due
under this Note is not paid when due, (ii) Holder provides written notice
thereof to Maker and (iii) Maker fails to make such payment within ten (10) days
from receipt of such written notice, and without affecting any of Holder's
rights and remedies provided herein, the amount due under this Note shall
include interest accrued from the date hereof to the date of payment on the
unpaid principal balance of this Note at a fixed rate of interest equal to eight
percent (8%) per annum.

         PAYMENT. The entire principal amount of this Note shall be due and
payable in full on April 1, 2003.

         PREPAYMENT. Maker may prepay all or part of the principal balance due
under this Note, without premium or penalty.

         WAIVERS. Maker, for itself, its legal representatives, successors and
assigns, except as provided herein, expressly waives presentment, protest,
demand, notice of dishonor, notice of nonpayment, notice of maturity, notice of
protest, presentment for the purpose of accelerating maturity and diligence in
collection, and consents that Holder may extend the time for payment or
otherwise modify the terms of payment of any part or the whole of the debt
evidenced hereby.

         CHOICE OF LAW. This Note and all transactions hereunder and/or
evidenced hereby shall be governed by, construed under and enforced in
accordance with the laws of the State of California.

<PAGE>

         ASSIGNMENT, ETC. Holder reserves the right to sell, assign, transfer,
negotiate or grant participation interests in all or any part of or any interest
in Holder's rights and benefits hereunder.

         MODIFICATION. This Note may not be changed, modified, amended or
terminated orally, but only by a written document executed by Maker.

CONDITIONAL OBLIGATION. Notwithstanding anything to the contrary contained
herein, any and all obligations of Maker to make any payments under this Note
are expressly conditioned upon Maker receiving Sony's written approval to
manufacture the PS2 version of Dragon's Lair ("PS2-DL") by no later than October
17, 2002. If such approval is received on or after October 18, 2002, Holder
acknowledges that Maker shall not have the necessary time to properly distribute
PS2-DL to all of the retailers for the 2002 Thanksgiving and Christmas holiday
seasons, and Maker shall be irreparably harmed and damaged and, therefore, the
Holder hereby irrevocably agrees that the Maker shall have no obligation to make
any payment under this Note and this Note shall be deemed satisfied and paid in
full.

         UNSECURED OBLIGATION.  This Note is an unsecured obligation of Maker.

NAVARRE CORPORATION,
a Minnesota Corporation

By:     /s/ James G. Gilbertson
   -----------------------------------------
Its:     Chief Financial Officer
    ----------------------------------------

                                       2<PAGE>
                                                                    EXHIBIT 10.4

                            UNSECURED PROMISSORY NOTE

$500,000.00                                              July 31, 2002
                                                         Los Angeles, California

         INDEBTEDNESS. FOR VALUE RECEIVED, Navarre Corporation, a Minnesota
corporation (hereinafter referred to as "Maker"), promises to pay to the
bankruptcy estate of Encore Software, Inc. (hereinafter referred to as "Holder"
or "Encore"), or order, at 2029 Century Park East, Suite 300, Los Angeles, CA
90067 or at such other place as may be designated in writing by the holder of
this Promissory Note (hereinafter referred to as this the principal sum of Five
Hundred Thousand and 00/100 Dollars ($500,000.00), together with interest
accrued thereon if not paid when due. This Note evidences a portion of the
purchase price payable by Maker to Encore for the property purchased under that
certain Asset Purchase Agreement dated June 7, 2002, as amended and modified by
that certain Amended and Restated Asset Purchase Agreement dated July 10, 2002,
and by that certain First Amendment dated July 31, 2002 to the Amended and
Restated Asset Purchase Agreement (collectively referred to hereinafter as the
"Asset Purchase Agreement"), between Maker and Encore.

         INTEREST. Except as provided in the immediately following sentence, no
interest shall accrue under this Note. In the event that (i) any payment due
under this Note is not paid when due, (ii) Holder provides written notice
thereof to Maker and (iii) Maker fails to make such payment within ten (10) days
from receipt of such written notice, and without affecting any of Holders rights
and remedies provided herein, the amount due under this Note shall include
interest accrued from the date hereof to the date of payment on the unpaid
principal balance of this Note at a fixed rate of interest equal to eight
percent (8%) per annum.

         PAYMENT. The entire principal amount of this Note shall be due and
payable in full on January 1, 2003.

         PREPAYMENT. Maker may prepay all or part of the principal balance due
under this Note, without premium or penalty.

         WAIVERS. Maker, for itself, its legal representatives, successors and
assigns, except as provided herein, expressly waives presentment, protest,
demand, notice of dishonor, notice of nonpayment, notice of maturity, notice of
protest, presentment for the purpose of accelerating maturity and diligence in
collection, and consents that Holder may extend the time for payment or
otherwise modify the terms of payment of any part or the whole of the debt
evidenced hereby.

<PAGE>

         CHOICE OF LAW. This Note and all transactions hereunder and/or
evidenced hereby shall be governed by, construed under and enforced in
accordance with the laws of the State of California.

         ASSIGNMENT, ETC. Holder reserves the right to sell, assign, transfer,
negotiate or grant participation interests in all or any part of or any interest
in Holder's rights and benefits hereunder.

         MODIFICATION. This Note may not be changed, modified, amended or
terminated orally, but only by a written document executed by Maker.

         IRREVOCABLE AND UNCONDITIONAL PROMISE. Maker hereby represents,
warrants and covenants that its obligations under this Note are absolute and
unconditional and that Maker has no defenses, claims, damages or offsets of any
nature whatsoever that could or would reduce, excuse or in any way affect its
obligations under this Note.

         UNSECURED OBLIGATION.  The Note is an unsecured obligation of Maker.

NAVARRE CORPORATION,
a Minnesota Corporation

By:  /s/ James G. Gilbertson
   --------------------------------------------------

Its: Chief Financial Officer
    -------------------------------------------------

                                       2<PAGE>
                                                                   EXHIBIT 10.16

                       FIFTH AMENDMENT TO CREDIT AGREEMENT

         THIS FIFTH AMENDMENT (the "Amendment") dated as of May 22, 2002, is to
that certain Credit Agreement dated as of August 29, 1998, as amended by a First
Amendment to Credit Agreement dated as of December 18, 1998, as amended by a
Second Amendment to Credit Agreement dated as of July 10, 2000, as amended by a
Waiver and Third Amendment to Credit Agreement dated as of May 15, 2001, as
further amended by a Waiver, Consent and Fourth Amendment to Credit Agreement
dated April 19, 2002 (as may be subsequently amended and modified from time to
time, the "Credit Agreement"), by and among TUFCO, L.P., a Delaware limited
partnership (the "Borrower"), TUFCO TECHNOLOGIES, INC., a Delaware corporation
(the "Parent"), the other guarantors defined therein, the several banks and
other financial institutions identified therein (the "Lenders") and WACHOVIA
BANK, NATIONAL ASSOCIATION, formerly known as First Union National Bank, as
agent for the Lenders thereunder (in such capacity, the "Agent"). Terms used but
not otherwise defined herein shall have the meanings provided in the Credit
Agreement.

                                   WITNESSETH:

         WHEREAS, the Lenders have established a credit facility for the benefit
of the Borrower pursuant to the terms of the Credit Agreement;

         WHEREAS, the Borrower has requested that the Required Banks amend
certain provisions of the Credit Agreement by making certain modifications
thereto including a $3,000,000 decrease to the Revolving Commitment; and

         WHEREAS, the Required Banks have agreed to the requested amendment on
the terms and conditions hereinafter set forth;

         NOW, THEREFORE, IN CONSIDERATION of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         A. The Credit Agreement is amended in the following respects:

            1.  The definition of "Revolving Commitment" in Section 1.1 of the
                Credit Agreement is hereby amended by deleting the amount of
                "Twelve Million Dollars ($12,000,000)" in the last sentence
                thereof and replacing it with "Nine Million Dollars
                ($9,000,000)".

            2.  The definition of "Revolving Termination Date" in Section 1.1
                of the Credit Agreement is hereby amended by deleting the
                reference to "June 1, 2002" and replacing it with "August 1,
                2002".

         B. Except as modified hereby, all of the terms and provisions of the
Credit Agreement (and Exhibits) remain in full force and effect.

<PAGE>

         C. This Amendment shall become effective upon the satisfaction of the
following conditions precedent:

         (a) Execution of the Amendment. The Agent shall have received
         counterparts of this Amendment, executed by a duly authorized officer
         of each party hereto.

         (b) Amendment Fee. The Borrower shall have paid an amendment fee equal
         to $22,500 to be shared pro rata among the Lenders party hereto.

         (c) Expenses. The Borrower agrees to pay all reasonable costs and
         expenses in connection with the preparation, execution and delivery of
         this Amendment, including without limitation, the reasonable fees and
         expenses of Agent's legal counsel.

         D. This Amendment may be executed in any number of counterparts, each
of which when so executed and delivered shall be deemed an original and it shall
not be necessary in making proof of this Amendment to produce or account for
more than one such counterpart.

         E. This Amendment and the Credit Agreement, as amended hereby, shall be
deemed to be contracts made under, and for all purposes shall be construed in
accordance with the laws of the State of North Carolina.

                                       2
<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart
of this Amendment to be duly executed and delivered as of the date and year
first above written.

BORROWER:                    TUFCO, L.P.,

                             By:  Tufco Tech, Inc.
                                  its Managing General Partner

                                  By:
                                      -----------------------------------------
                                      Name: Drew W. Cook
                                      Title: CAO/Corporate Controller

PARENT:                      TUFCO TECHNOLOGIES, INC.,

                             By:
                                 -----------------------------------------------
                                 Name: Drew W. Cook
                                 Title: CAO/Corporate Controller
OTHER
GUARANTORS:                  TECHNOLOGIES I, INC.

                             By:
                                 -----------------------------------------------
                                 Name: Kathy Manos
                                 Title: President

                             TUFCO, INC.

                             By:
                                 -----------------------------------------------
                                 Name: Kathy Manos
                                 Title: President

                             TFCO, INC.

                             By:
                                 -----------------------------------------------
                                 Name: Kathy Manos
                                 Title: President

                             FOREMOST MANUFACTURING COMPANY INC.

                             By:
                                 -----------------------------------------------
                                 Name: Drew W. Cook
                                 Title: CAO/Corporate Controller

                                       3
<PAGE>

                             TUFCO TECH, INC.

                             By:
                                 -----------------------------------------------
                                 Name: Drew W. Cook
                                 Title: CAO/Corporate Controller

                                       4

<PAGE>

AGENTS AND LENDERS:          WACHOVIA BANK, NATIONAL ASSOCIATION,
                             formerly known as FIRST UNION NATIONAL BANK,
                             as Administrative Agent and as a Lender

                             By:
                                 -----------------------------------------------
                                   Name:
                                   Title:

                                       5
<PAGE>

                              JP MORGAN CHASE BANK

                              By:
                                 -----------------------------------------------
                                   Name:
                                   Title:

                                       6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]