Document:

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EXHIBIT 10.1

SECOND AMENDMENT TO

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

THIS AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Amendment”) is made 20th
day of March, 2008 (the “Effective Date”) by and between Navarre Corporation, a Minnesota
corporation (the “Company”) and Cary L. Deacon, a resident of the State of Minnesota (“Executive”).

W I
T N E S S E T H 

WHEREAS, Company and Executive previously entered into that certain Amended and Restated Employment
Agreement dated December 28, 2006, as amended January 29, 2007 (the “Employment Agreement”);

WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of
the Company and its shareholders to amend the Employment Agreement in order to secure Executive’s
continued services in the event of any actual or threatened change in control; and

WHEREAS, Company and Executive desire to further amend the Employment Agreement in order to ensure
compliance with the final Internal Revenue Regulations adopted pursuant Section 409A of the Code
and avoid the imposition of any additional taxes or penalties on Executive.

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

1. Article II of the Employment Agreement is hereby amended by deleting Section 2.07(b) in its
entirety and substituting therefor the following new Section 2.07(b):

          “(b) In addition to those amounts payable pursuant to Section 2.07(a), if Executive’s
employment under this Agreement is terminated by the Company pursuant to Section 3.02(e) (Without
Cause) or by Executive pursuant to Section 3.02(d) (for Good Reason), then Executive will also be
entitled to the following, as severance.

     (i) Subject to Section 2.07(d), an amount equal to Executive’s Base Salary for a period
of the greater of the remaining current term of this Agreement (as provided in Section 3.01)
or two (2) years following the date of termination of the Executive’s employment. If the
termination occurs within twelve (12) months following a Change of Control Transaction (as
defined in the Plan), then the amount payable shall be equal to three (3) times Executive’s
then current Base Salary, in effect prior to any reduction following a Change in Control.

     (ii) In full substitution for Executive’s rights under the Company’s annual incentive
bonus plan, the Executive will be paid a substitute incentive award equal to the average
amount of the Bonus earned and paid to the Executive with respect to the preceding three (3)
fiscal years, and multiplied by a factor of two (2). If the termination occurs within
twelve (12) months following a Change of Control Transaction (as defined in the Plan), then
the amount payable shall be equal to three (3) times the average amount of the Bonus earned
and paid to the Executive with respect to the preceding three (3) fiscal years.

 

 

     (iii) The severance amounts calculated pursuant to 2.07(b)(i) and (ii) above shall be
paid in one lump sum on the first day of the seventh month following the month in which the
termination of employment occurred.

     (iv) Upon the occurrence of a Change in Control Transaction (as defined in the Plan),
Company shall establish a “rabbi trust” for the benefit of Executive under Revenue Procedure
92-64 (the assets of which are available only to the reach of the employer’s secured and
unsecured creditors), and, at the time of establishment, the Company shall contribute to
such trust an amount of cash equal to the contingent payments provided in 2.07(b)(i) and
(ii) above. If Executive does not vest in such payments, the assets of the trust will
revert to the Company twelve (12) months and one (1) day following the Change in Control
Transaction.

     (v) The Company shall provide Executive with reimbursement for the costs of continuing
coverage of medical, dental and life benefits pursuant to applicable COBRA laws, rules or
regulation for a period not to exceed eighteen (18) months from the time of termination.
The Company will discontinue such benefits coverage before such date, if, and at such time
as, Executive (a) is covered under the health, dental, or life insurance policy of a new
employer, or (b) chooses to discontinue his insurance coverage with the Company, for
whatever reason. The reimbursement for any self-insured plans, and for any group plans
other than medical and dental, shall be delayed until the first day of the seventh month
following the month in which Executive’s termination of employment occurred. By Executive’s
entering into this Agreement, he acknowledges and agrees that the Company may modify his
insurance plans or terminate his insurance plans at any time, but only in a manner
consistent with those provided to the Company’s other senior executives. Executive further
agrees to promptly provide the Company with written notice should he become covered under
the health, dental, or life insurance policy of a future employer.

     (vi) The term “termination of employment” and other similar terms used in this
Agreement shall be construed to have the same meaning as is given to the term “separation
from service” in Section 409A of the Code.”

2. Article II of the Employment Agreement is hereby further amended by deleting Section 2.07(c) in
its entirety and substituting therefor the following new Section 2.07(c):

     “(c) In addition to those amounts payable pursuant to Section 2.07(a), if Executive’s
employment under this Agreement is terminated due to his death pursuant to Section 3.02(a),
Executive will be entitled to payment of his annual bonus pursuant to Section 2.02 to which
Executive would have been entitled for the fiscal year in which such death occurred, pro-rated to
the date of his death. Said amount will be paid promptly after the date the amount of such bonus
has been determined and approved but in no event earlier than the first day of the seventh month
following the month in which Executive’s death occurred.”

3. Article II of the Employment Agreement is hereby further amended by deleting Section 2.07(d) in
its entirety and substituting therefor the following new Section 2.07(d):

     “(d) If applicable, the severance amount provided for in Section 2.07(b)(i) will be offset by
any income protection benefits payable to Executive during the first twenty-four months of a
qualifying disability under the Company’s group short-term and long-term disability insurance
plans.”

4. Article III of the Employment Agreement is hereby amended by deleting Section 3.02(b) in its
entirety.

 

 

5. Article III of the Employment Agreement is hereby further amended by deleting Section 3.02(e) in
its entirety and substituting therefore the following new Section 3.02(e):

     “(e) Termination by the Company Without Cause. The Company shall have the right to
terminate Executive’s employment under this Agreement for any reason upon written notice to
Executive. A termination by the Company for any reason other than pursuant to 3.02(a) (Death) or
3.02(c) (for Cause) shall be a termination “Without Cause,” including a termination on account of
incapacity caused by a disability.”

     6. Article VII of the Employment Agreement is hereby amended by deleting Section 7.02 in its
entirety and substituting therefor the following new Section 7.02:

     “7.02 Deferred Compensation Restrictions. It is intended that any amounts payable under this
Agreement shall comply with the provisions of Section 409A of the Code, and the treasury
regulations relating thereto, so as not to subject the Executive to the payment of tax penalties
and interest which may be imposed under Code Section 409A. If the Executive notifies the Company
in writing (with specificity as to the reason therefore) that the Executive believes that any
provision of this Agreement (or of any payment of compensation under this Agreement) would cause
the Executive to incur any additional tax or interest under Section 409A of the Code, and the
Company concurs with such belief or the Company (without any obligation whatsoever to do so)
independently makes such determination, the parties shall, in good faith, reform such provision to
try to comply with Section 409A through good faith modifications to the minimum extent reasonably
appropriate to conform with Section 409A. To the extent that any provision hereof is modified by
the parties to try to comply with Section 409Aof the Code, such modification shall be made in good
faith and shall, to the maximum extent reasonably possible, maintain the original intent of the
applicable provision without violating the provisions of Section 409A. Notwithstanding the
foregoing, the Company shall not be required to assume any economic burden in connection with
compliance or noncompliance with Section 409A of the Code.”

7. The parties hereto hereby acknowledge and agree that except as expressly amended hereby, the
Employment Agreement remains in full force and effect in accordance with its terms, and that this
Amendment, together with the Employment Agreement, reflect the entire agreement of the parties
hereto.

8. This Agreement may be executed in counterparts, each of which will be deemed an original but all
of which will constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first
above written.

	 	 	 	 	 	 	 
	NAVARRE CORPORATION	 	 	 	EXECUTIVE
	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	J. Reid Porter
	 	 	 	Cary L. Deacon
	 

	 	Its: Executive Vice President and C.F.O.exv10w2

 

EXHIBIT 10.2

AMENDED AND RESTATED

EXECUTIVE SEVERANCE AGREEMENT

     THIS AMENDED AND RESTATED EXECUTIVE SEVERANCE AGREEMENT (the “Agreement”) dated as of the
20th day of March, 2008 (the “Effective Date”), is entered into by and between NAVARRE
CORPORATION, a Minnesota corporation (the “Company”), and J. Reid Porter, the Company’s Executive
Vice President and Chief Financial Officer (the “Executive’).

     WHEREAS, in order to promote the stability of the Company by providing appropriate assurances
to Executive with respect to certain events that result in the Executive’s involuntary termination,
the Company and Executive previously entered into an Executive Severance Agreement on December 12,
2007 (the “Original Agreement”);

     WHEREAS, the Company and Executive now desire to amend in certain respects and restate the
Original Agreement in its entirety, as set forth below, in order to, among other things, secure
Executive’s continued services in the event of any actual or threatened change in control and
ensure compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”);
and

     WHEREAS, the Board of Directors of the Company (the “Board”) has determined that both the
Original Agreement and this Agreement are in the best interests of the Company and its shareholders
in order to secure Executive’s continued services.

     NOW, THEREFORE, in consideration of the above recitals and the mutual promises herein
contained, the parties hereto agree as follows:

	1.	 	Definitions. For purposes of this Agreement the following definitions apply:

a. “Base Salary” shall mean the Executive’s annualized base salary as adjusted
from time to time.

b. “Cause” shall mean a termination of Executive’s employment by the Company due to any of
the following:

(i) Executive’s conviction of, or the entering by Executive of a plea of nolo
contendere to, any felony charge or to any non-felony crime involving
misrepresentation, fraud or moral turpitude;

(ii) Executive’s gross neglect, willful malfeasance or willful misconduct in
connection with his employment hereunder which has had or could have a material
adverse effect on the business or reputation of the Company and its subsidiaries,
unless Executive reasonably believed in good faith that such act or non-act was in
the best interests of the Company;

(iii) A substantial and continual refusal by Executive to perform Executive’s
duties, responsibilities or obligations as assigned by the Company (provided that
such duties, responsibilities or obligations are not inconsistent with Executive’s
position as Chief Financial Officer and are otherwise lawful and further provided
that the failure to perform is not due to incapacity caused by a disability) that
continues for thirty (30)

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days after receipt by Executive of written notice from the Company identifying
the duties, responsibilities or obligations not being performed;

(iv) A violation by Executive of any policy of the Company that is generally
applicable to all employees or all officers of the Companies including, but not
limited to, policies concerning insider trading or sexual harassment, or the
Company’s code of conduct, that Executive knows or reasonably should know could
reasonably be expected to result in a material adverse effect on the Company, unless
such violation is capable of being cured and is not cured within thirty (30) days
after receipt of notice thereof from the Company;

(v) Any fraudulent or dishonest action, or failure to act, with respect to the
business or affairs of the Company or breach of the duty of loyalty toward the
Company, including, without limitation, providing false or misleading information to
the Company as part of the application process or otherwise;

(vi) Executive’s failure to cooperate, if requested by the Board, with any
investigation or inquiry into his or the Company’s business practices, whether
internal or external, including, but not limited to Executive’s refusal to be
deposed or to provide testimony at any trial or inquiry;

(vii) Any material breach by Executive of the provisions of Paragraphs 3, 4, or 5 of
this Agreement, unless such violation is capable of being cured and is not cured
within thirty (30) days after receipt of notice thereof from the Company.

c. “Change in Control” shall mean a transaction involving any of the following:

(i) The approval by the shareholders of the Company of (i) any sale, lease, exchange
or other transfer of all or at least seventy percent (70%) of the assets of the
Company (in one transaction or in a series of related transactions) to a corporation
that is not controlled by the Company, (ii) any plan or proposal for the liquidation
or dissolution of the Company, or (iii) any consolidation or merger of the Company
in which the Company is not the continuing or surviving corporation or pursuant to
which shares of Company stock would be converted into cash, securities or other
property, other than a merger of the Company in which shareholders immediately prior
to the merger have the same proportionate ownership of stock of the surviving
corporation immediately after the merger;

(ii) A change in control of the Company of a nature that would be required to be
reported (assuming such event has not been “previously reported”) in response to
Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is
then subject to such reporting requirement;

(iii) The public announcement (which, for purposes of this definition, shall
include, without limitation, a report filed pursuant to Section 13(d) of the
Exchange Act) by any “person” (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act), or by the Company, that such “person” has become the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 50% or more of the combined voting power of
the Company’s outstanding securities; or

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(iv) The individuals who constitute the board of directors of the Company prior to
the transaction cease for any reason to constitute at least a majority of the board
of directors after the transaction.

	 	d.	 	“Good Reason” shall mean a termination of Executive’s employment by the
Executive for any of the following events, provided that Executive shall have delivered
a written notice to the Company within sixty (60) days of his having actual knowledge
of the occurrence of one of such events, stating that he intends to terminate his
employment for Good Reason and specifying the factual basis for such termination, and
such event shall not have been cured by the Company within thirty (30) days of the
receipt of such notice:

(i) A reduction in any of Executive’s compensation rights or benefits unless part of
a general reduction approved by the Board of Directors or Compensation Committee
thereof and applicable to the Company’s executive officers generally on a
proportionate and non-discriminatory basis;

(ii) A material reduction in Executive’s duties, responsibilities or authority as
Chief Financial Officer of the Company or any other position in which he is then
serving; or

(iii) The assignment to Executive of duties or responsibilities that, in Executive’s
reasonable judgment are materially inconsistent with his status and position as an
executive officer or that materially impair Executive’s ability to function as Chief
Financial Officer of the Company or any other position in which he is then serving;

e.”Severance Event” shall mean either: (i) the effective date
of the termination of Executive’s employment by the Company for any
reason other than for Cause; or (ii) the effective date of the
termination of Executive’s employment by the Executive for Good
Reason. A Severance Event shall not include a termination of
Executive’s employment as a result of Executive’s death. The term
“termination of employment” and other similar terms used in this
Agreement shall be construed to have the same meaning as is given to
the term “separation from service” in Section 409A of the Code.

2. Severance Payments.

a. Upon the occurrence of a Severance Event, and in consideration of and contingent upon the
execution and delivery by Executive of a mutually agreeable general release of all claims
and expiration of any applicable revocation period in connection therewith, Executive shall
be entitled to severance payments (“Severance”) as follows:

(i) Subject to Paragraph 2c below, an amount equal to Executive’s then current Base
Salary, provided, however, if the termination occurs within twelve (12) months
following a Change In Control, then the amount payable shall be equal to two (2)
times Executive’s then current Base Salary in effect prior to any reduction
following a Change in Control; and

(ii) In full substitution for Executive’s rights under the Company’s annual
incentive bonus plan, a substitute incentive award equal to the average amount of
the annual incentive award earned and paid to the Executive with respect to the
preceding

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three (3) fiscal years, provided, however, if the termination occurs
within twelve (12) months following a Change In Control, then the amount payable
shall be equal to two (2) times the average amount of the annual incentive award
earned and paid to the Executive with respect to the preceding three (3) fiscal
years.

b. Severance shall be paid in a lump sum within thirty (30) days after the effective date of
the termination of employment, provided that, if, at the time of Executive’s termination of
employment with the Company, Executive is considered a “specified employee” within the
meaning of Section 409A of the Code, the payment shall be delayed until the first day of the
seventh month following the month in which such termination of employment occurs.

c. If applicable, the severance amount provided for in Paragraph 2a(i) above will be offset
by any income protection benefits payable to Executive during the first twelve months of a
qualifying disability under the Company’s group short-term and long-term disability
insurance plans.

d. Notwithstanding the foregoing to the contrary, in no event shall the amount due and
payable hereunder constitute a “Parachute Payment” within the meaning of the Section
280G(b)(2) of the Internal Revenue Code of 1986, as amended. In the event that any portion
of the severance payment would be deemed a Parachute Payment, the amount of the severance
payment shall be reduced only to the extent necessary to eliminate any such treatment or
characterization.

e. It is the intent of the parties that payments under this Agreement comply with Section
409A of the Code, and, accordingly, to interpret, to the maximum extent permitted, this
Agreement to be in compliance therewith. If the Executive notifies the Company in writing
(with specificity as to the reason therefore) that the Executive believes that any provision
of this Agreement (or of any payment of compensation under this Agreement) would cause the
Executive to incur any additional tax or interest under Section 409A of the Code, and the
Company concurs with such belief or the Company (without any obligation whatsoever to do so)
independently makes such determination, the parties shall, in good faith, reform such
provision to try to comply with Section 409A through good faith modifications to the minimum
extent reasonably appropriate to conform with Section 409A. To the extent that any
provision hereof is modified by the parties to try to comply with Section 409Aof the Code,
such modification shall be made in good faith and shall, to the maximum extent reasonably
possible, maintain the original intent of the applicable provision without violating the
provisions of Section 409A. Notwithstanding the foregoing, the Company shall not be
required to assume any economic burden in connection with compliance or noncompliance with
Section 409A of the Code.

	3.	 	Confidentiality.

a. Executive acknowledges that his position with Company will bring Executive in close
contact with many confidential affairs of the Company and its subsidiaries, including, but
not limited to, information about costs, profits, financial data, markets, trade secrets,
sales, products, key personnel, pricing policies, customer lists, development projects,
operational methods, technical processes, plans for future development, business affairs and
methods and
other information not readily available to the public. In recognition of the foregoing,
Executive covenants and agrees that:

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(i) Executive will keep secret all material confidential matters of the Company
which are not otherwise in the public domain and will not disclose them to anyone
outside of the Company, either during or after the termination of his Employment,
except with the Company’s written consent and except for such disclosure as is
necessary in the performance of Executive’s duties or to the extent required by an
order of a court having competent jurisdiction or under subpoena from an appropriate
government agency; and

(ii) Executive will deliver promptly to the Company on termination of his employment
with the Company, or at any other time the Company may so request, all memoranda,
notes, records, reports and other documents (and all copies thereof)containing
confidential material relating to the Company, which Executive may then possess or
have under his control.

	4.	 	Intellectual Property.

a. All right, title, and interest in and to all inventions, patent applications, patents
thereon, know-how and trade secret information, and all copyrightable material, copyrights,
and copyright applications (collectively, “Intellectual Property”) that Executive conceives
or originates, either individually or jointly with others, and which relate to the business
of the Company, will be the sole and exclusive property of the Company, and Executive
hereby irrevocably assigns and conveys the sole and exclusive right, title and interest
therein, free and clear of any liens or other encumbrances. Such Intellectual Property shall
include, but not be limited to, Intellectual Property that:

(i) Is based on any confidential or proprietary information of the Company or of any
vendor, supplier or customer of the Company;

(ii) Is related to the actual business of or research and development of the
Company;

(iii) Was developed with use of materials, employees, supplies or facilities of the
Company; or

(iv) Was funded by the Company.

b. Executive agrees to execute promptly any papers and perform promptly any other reasonable
acts necessary to assist the Company to perfect all rights, including all Intellectual
Property rights, reserved or conveyed thereto hereunder. Executive agrees to render promptly
aid and assistance to the Company in any interference or litigation pertaining to such
Intellectual Property, and all reasonable expenses therefor incurred by Executive at the
request of the Company will be borne by the Company.

c. Executive will promptly disclose to the Company all Intellectual Property conceived or
originated pursuant to his employment.

d. Executive warrants that in the event that Executive creates any original materials or
uses any proprietary information in rendering services, none of such material shall infringe
any copyrights, trade secrets, rights of privacy, or any other rights of others.

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	5.	 	Covenant Not to Compete.

a. Executive acknowledges that the businesses of the Company and its subsidiaries is highly
competitive and international in scope, that their licenses are sourced and their products
are marketed throughout the world, that the Company and its subsidiaries compete in nearly
all of their business activities with other organizations which are or could be located in
nearly any part of the world and that the nature of Executive’s services, position and
expertise are such that he is capable of competing with the Company from nearly any location
in the world. Executive further acknowledges that all services of Executive are exclusive to
the Company, and that Executive’s performances and services hereunder are of a special,
unique, unusual, extraordinary and intellectual character which gives them peculiar value,
the loss of which cannot reasonably or adequately be compensated in an action at law for
damages and that a breach by Executive of the terms of this Article VI will cause the
Company irreparable injury.

b. In recognition of the foregoing Executive covenants and agrees that during his employment
with the Company and for a period of two (2) years thereafter (the “Restricted Period”) he
will not, directly or indirectly, as a principal, officer, director, shareholder, partner,
member, employee, consultant, independent contractor, agent or executive or in any other
capacity whatsoever, without the prior written consent of the Company, do any of the
following:

(i) Engage in the business of acquiring, licensing or distributing music, home
video, video games or computer software;

(ii) Acquire any ownership of any kind in, or become associated with or provide
services to any other person, corporation, partnership, limited liability company,
business trust, association or other business entity (each an “Entity”) engaged in
the business of acquiring, licensing or distributing music, home video, video games
or computer software;

(iii) Intentionally and knowingly solicit or attempt to solicit or participate in
the solicitation of or otherwise advise or encourage any then employee, agent,
consultant or representative of, or vendor or supplier to, the Company to terminate
his, her or its relationship therewith; or

(iv) Solicit or attempt to solicit or encourage any person, who is then, or was
within the then most recent 12-month period, to the knowledge of Executive, an
employee, agent, consultant or representative of the Company, to become an employee,
agent, representative or consultant of or to Executive or any other individual or
entity.

c. Permitted Investments. Nothing in this Paragraph 5 shall prevent Executive from making
or holding an investment in securities traded on any national securities exchange or traded
in the over-the-counter market, provided said investments do not exceed one percent (1%) of
the issued and outstanding securities of any one such issuer or, if the total investment
in the issuer is $500,000 or less, up to five percent (5%) of such issued and outstanding
securities.

d. Injunctive Relief. Executive agrees that the Company is entitled to injunctive and
other equitable relief to prevent a breach or threatened breach of this Paragraph 5, which
shall be in addition to any other rights or remedies to which the Company may be entitled.

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	6.	 	Assignment. This Agreement and all of the provisions hereof will be binding upon and inure
to the benefit of the parties hereto and their respective successors and permitted assigns,
except that neither this Agreement nor any of the rights, interests or obligations hereunder
may be assigned by Executive without the prior written consent of the Company.

	7.	 	Severability. Whenever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or unenforceable or invalid under applicable law, such
provision will be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Agreement. In
furtherance and not in limitation of the foregoing, should the duration or geographical extent
of, or business activities covered by, any provision of this Agreement be in excess of that
which is valid and enforceable under applicable law, then such provision shall be construed to
cover only that duration, extent or activities which may validly and enforceably be covered.
Executive acknowledges the uncertainty of the law in this respect and expressly stipulates
that this Agreement be given the construction which renders its provisions valid and
enforceable to the maximum extent (not exceeding its express terms) possible under applicable
law.

	8.	 	Complete Agreement. This Agreement contains the complete agreement between the parties with
respect to the subject matter hereof and supersedes any prior understandings, agreements or
representations by or between the parties, written or oral, which may have related to the
subject matter hereof in any way. No person, whether or not an officer, agent, employee or
representative of any party, has made or has any authority to make for or on behalf of that
party any agreement, representation, warranty, statement, promise, arrangement or
understanding not expressly set forth in this Agreement (“Parole Agreements”). The parties
acknowledge that in entering into this Agreement, they have not relied and will not in any way
rely upon any Parole Agreements.

	9.	 	Counterparts. This Agreement may be executed in one or more counterparts, any one of which
need not contain the signatures of more than one party, but all such counterparts taken
together, when delivered, will constitute one and the same instrument.

	10.	 	Governing Law; Choice of Forum; Enforcement. The internal law, without regard to conflicts
of laws principles, of the State of Minnesota will govern all questions concerning the
construction, validity and interpretation of this Agreement and the performance of the
obligations imposed by this Agreement. Any and every legal proceeding arising out of or in
connection with this Agreement shall be brought in the appropriate courts of the State of
Minnesota, and each of the parties hereto consents to the exclusive jurisdiction of such
courts.

	11.	 	Injunctive Relief. Executive agrees that it would be difficult to compensate the Company
fully for damages for any violation of the provisions of Paragraphs 3, 4 and 5 of this
Agreement. Accordingly, Executive specifically agrees that the Company shall be entitled to
injunctive relief to enforce the provisions of such Paragraphs.

	12.	 	No Waiver. No term or condition of this Agreement shall be deemed to have been waived, nor
shall there by any estoppel to enforce any provisions of this Agreement, except by a statement
in writing signed by the party against whom enforcement of the waiver or estoppel is sought.
Any written waiver shall not be deemed a continuing waiver unless specifically stated, shall
operate only as to the specific term or condition waived and shall not constitute a waiver of
such term or condition for the future or as to any act other than that specifically waived.

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	13.	 	Modification. This Agreement may not be altered, modified or amended except by an instrument
in writing signed by Executive and the Company.

	14.	 	Survival. Paragraphs 3, 4, and 5 shall survive the termination of Executive’s employment and
termination or expiration of this Agreement.

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

	 	 	 	 	 	 	 
	NAVARRE CORPORATION  ̧	 	 	 	EXECUTIVE
	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Cary L. Deacon
	 	 	 	          J. Reid Porter
	Its:

	 	President and CEO	 	 	 	 

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