Document:

Exhibit 10.1

 

Exhibit 10.1

TENDER AND VOTING AGREEMENT

     This TENDER AND VOTING AGREEMENT (this “Agreement”) is made and entered into as of
December 20, 2004, by and among Black Box Corporation, a Delaware corporation (the
“Parent”), SF Acquisition Co., a Minnesota corporation and a direct wholly-owned subsidiary
of Parent (the “Acquisition Co.”), and certain shareholders and the executive officers and
directors of Norstan, Inc., a Minnesota corporation (the “Company”), each of which is
identified on Schedule A attached hereto (each a “Shareholder” and, collectively,
the “Shareholders”).

     WHEREAS, simultaneously with the execution of this Agreement, Parent, Acquisition Co. and the
Company are entering into an Agreement and Plan of Merger, dated as of the date hereof (as the same
may be amended or supplemented, the “Merger Agreement”), which provides, among other
things, for the acquisition of the Company by Parent by means of a cash tender offer (the
“Offer”) by Acquisition Co. for all outstanding shares of common stock, $ .10 par value per
share, of the Company (the “Company Common Stock”) and for the subsequent merger of
Acquisition Co. with and into the Company with the Company continuing as the surviving entity (the
“Merger”);

     WHEREAS, as of the date hereof, each Shareholder is the Beneficial Owner (as defined below) of
the outstanding shares of Company Common Stock set forth opposite such Shareholder’s name in
Schedule A (such Shareholder’s “Owned Shares”); and

     WHEREAS, as an inducement and a condition to its entering into the Merger Agreement and
incurring the obligations set forth therein, Parent has required that each Shareholder enter into
this Agreement;

     NOW, THEREFORE, in consideration of the foregoing and the mutual premises, representations,
warranties, covenants and agreements contained herein and in the Merger Agreement, the parties
hereto, intending to be legally bound hereby, agree as follows:

     1. Certain Definitions. (a) Capitalized terms used but not defined in this
Agreement shall have the meanings ascribed to such terms in the Merger Agreement. In addition, for
purposes of this Agreement:

     “Affiliate” means, with respect to any specified Person, any Person that directly, or
indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, the Person specified. For purposes of this Agreement, with respect to any
Shareholder, “Affiliate” shall not include the Company or the Persons that directly, or
indirectly through one or more intermediaries, are controlled by the Company.

     “Beneficially Owned” or “Beneficial Ownership” with respect to any securities
means having both voting power and investment power (as determined pursuant to Rule 13d-3(a) under
the Exchange Act) over such securities, including pursuant to any agreement, arrangement or
understanding, whether or not in writing. Without duplicative counting of the same securities by
the same holder, securities Beneficially Owned by a Person shall include securities Beneficially

 

 

Owned by all Affiliates of such Person and all other Persons with whom such Person would
constitute a “Group” within the meaning of Section 13(d) of the Exchange Act and the rules
promulgated thereunder.

     “Beneficial Owner” with respect to any securities means a Person who has Beneficial
Ownership of such securities.

     “Person” means an individual, corporation, partnership, limited liability company,
association, trust or other entity or organization, including a government or political subdivision
or an agency or instrumentality thereof.

     “Proposed Business Combination” means the Offer, the Merger and the related
transactions contemplated by the Merger Agreement.

     “Transfer” means, with respect to a security, the sale, transfer, pledge,
hypothecation, encumbrance, assignment, gift or other disposition of such security or the
Beneficial Ownership thereof (other than by operation of law), the offer to make such a sale,
transfer, pledge, hypothecation, encumbrance, assignment, gift or other disposition, and each
option, agreement, arrangement or understanding, whether or not in writing, to effect any of the
foregoing. As a verb, “Transfer” shall have a correlative meaning.

     2. Tender of Shares.

     (a) In order to induce Parent and Acquisition Co. to enter into the Merger Agreement,
each Shareholder hereby agrees to validly tender (or cause the record owner of such shares to
validly tender), pursuant to and in accordance with the terms of the Offer, not later than the
20th business day after commencement of the Offer, such Shareholder’s Owned Shares. Any
tender of shares under this Agreement shall not be completed by guaranteed delivery where
actual delivery of the shares has not occurred. If a Shareholder acquires Beneficial
Ownership of additional shares of Company Common Stock after the date hereof and prior to
termination of this Agreement, such Shareholder shall tender such additional shares of Company
Common Stock on such 20th business day or, if later, on the second business day after such
acquisition. A Shareholder shall not withdraw any shares tendered pursuant to this Section
2(a) unless this Agreement is terminated or the Offer is terminated or has expired without
Acquisition Co. purchasing all shares validly tendered in the Offer and not withdrawn or
Acquisition Co. reduces the Per-Share Amount below $5.60.

     (b) Notwithstanding the foregoing, at no time and in no event shall the total number of shares of the Company’s capital stock restricted pursuant to this Section 2 exceed nineteen
and nine-tenths percent (19.9%) of the outstanding capital stock of the Company (the
“Maximum Restricted Amount”). In the event that the total number of Owned Shares
exceeds the Maximum Restricted Amount, then Acquisition Co., in its sole and absolute
discretion, shall determine which Owned Shares shall be restricted pursuant to this Section 2.
Prior to any proposed transfer restricted by Section 3 hereof, each Shareholder shall provide
written notice to Acquisition Co. at least forty-eight (48) hours prior to the proposed
transfer. Such notice shall include the number and class of Owned Shares

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(including options and warrants) to be transferred, the price per share, and the proposed
transferee. If the Owned Shares so restricted have not yet exceeded the Maximum Restricted
Amount, then Acquisition Co. may restrict such proposed transfer as provided herein. If Owned
Shares upon which such restrictions have already been imposed equal or exceed the Maximum
Restricted Amount, then Acquisition Co. may not enforce the restrictions on transfer under
this Agreement. Acquisition Co., in its sole and absolute discretion, shall make the
determination of whether Owned Shares subject to restriction pursuant to Section 3 hereof have
equaled or exceeded the Maximum Restricted Amount. Regardless of whether the Maximum
Restricted Amount has been reached, the notice provision of this Section 2(b) shall apply
until termination of this Agreement.

     3. No Disposition or Solicitation.

     (a) Each Shareholder agrees that from and after the date hereof, except as
contemplated by this Agreement, such Shareholder will not (as a Shareholder, trustee or
custodian) Transfer or agree to Transfer any of such Shareholder’s Owned Shares or any options
or warrants or other rights held or owned by such Shareholder to acquire Company Common Stock
(other than any transfer of an option or warrant to the Company in connection with the
exercise of such option or warrant by such Shareholder) without Parent’s prior written consent
(which consent shall not be unreasonably withheld or delayed in the context of a Transfer to
any member of the immediate family of such Shareholder or to any trust the Beneficial
Ownership of which is held by such Shareholder, provided in each case that such
transferee agrees, in a form satisfactory to Parent, to be bound by the terms of this
Agreement), or grant any proxy or power-of-attorney with respect to any such Company Common
Stock other than pursuant to this Agreement.

     (b) Shareholder will not, in its capacity as a shareholder of the Company, and will
use its reasonable best efforts to ensure that its investment bankers, attorneys, accountants,
agents or other advisors or representatives (the “Shareholder Representatives”),
directly or indirectly, will not take any action with respect to any Alternative Transaction
Proposal that the Company is prohibited from taking under Section 5.3 of the Merger Agreement;
provided that, in the event the Company takes permissible action under Section 5.3 of
the Merger Agreement, each Shareholder will be entitled to participate in all actions that the
Company is or would be entitled to take under Section 5.3 of the Merger Agreement so long as
such actions are taken in compliance with such Section 5.3.

     (c) Shareholder will cease and cause to be terminated all existing discussions or
negotiations conducted by it or at its behest with respect to any Alternative Transaction
Proposal (other than with Parent and Acquisition Co.).

     4. Option.

     (a) On the terms and subject to the conditions set forth herein, each Shareholder
hereby grants to each of Parent and Acquisition Co. an irrevocable option to purchase all of
the right, title and interest of such Shareholder in and to such Shareholder’s Owned Shares,

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as well as any other shares of Company Common Stock Beneficially Owned by the Shareholder
after the date hereof, at a price per share equal to the Per-Share Amount (as defined in the
Merger Agreement) (the “Option”) at any one time after the Offer Closing Date (as
defined in the Merger Agreement) and until the earlier of (a) immediately following the
Closing Date (as defined in the Merger Agreement) and (b) the termination of the Merger
Agreement in accordance with its terms. The Parent or Acquisition Co., as the case may be, may
exercise an Option in whole, but not in part.

     (b) In the event that Parent or Acquisition Co. desires to exercise an Option, Parent
or Acquisition Co. shall send a written notice in accordance with Section 12(e) hereof to the
relevant Shareholder or parties prior to the termination of this Agreement specifying the
place and the date for the closing of such purchase, which date may be the date of the notice
and shall be not more than three business days after the date of such notice; provided
that in the event that prior notification to, or approval of, any Governmental Body is
required in connection with the exercise of an Option or there shall be in effect any
preliminary or final injunction or other order issued by any Governmental Body prohibiting the
exercise of an Option, the period of time during which the date of the closing may be fixed
shall be extended until the fifth business day following the last date on which all required
approvals shall have been obtained, all required waiting periods shall have expired or been
terminated and any such prohibition shall have been vacated, terminated or waived;
provided further that (x) in no event shall notice of such purchase be given after the
termination of this Agreement pursuant to paragraph (ii) of Section 11 and (y) in no event
such purchase be consummated after the termination of this Agreement pursuant to paragraph
(i), (iii), (iv) or (v) of Section 11.

     (c) At the closing of the purchase of a Shareholder’s Owned Shares pursuant to
exercise of an Option, simultaneously with the payment by Parent or Acquisition Co. of the
purchase price for a Shareholder’s Owned Shares, such Shareholder shall deliver, or cause to
be delivered, to Parent or Acquisition Co. certificates representing such Owned Shares duly
endorsed to Parent or Acquisition Co. or accompanied by stock powers duly executed by the
Shareholder in blank, together with any necessary stock transfer stamps properly affixed, free
and clear of all liens.

     (d) Notwithstanding the foregoing, at no time and in no event shall the shares of the
Company’s capital stock subject to this Section 4 exceed the Maximum Restricted Amount. In
the event that the total number of Owned Shares exceeds the Maximum Restricted Amount, then
Acquisition Co., in its sole and absolute discretion, shall determine which Owned Shares shall
be subject to this Section 4.

     5. Agreement to Vote. Each Shareholder agrees that (a) at such time as the
Company conducts a meeting (including any adjournment thereof) of or otherwise seeks a vote or
consent of its shareholders for the purpose of approving the Merger Agreement and the transactions
contemplated by the Merger Agreement, including the Merger, such Shareholder will vote, or provide
a consent with respect to, all Company Common Stock (including the Owned Shares) which, as of the
relevant record date, such Shareholder has the power to vote, in favor of approving the Merger
Agreement and the transactions contemplated by such Agreement,

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including the Merger, and (b) such Shareholder will (at any meeting of shareholders or in
connection with any consent solicitation) vote all shares of Company Common Stock (including the
Owned Shares) which, as of the relevant record date, such Shareholder has the power to vote,
against, and will not consent to, any Alternative Transaction Proposal with a Person other than
Parent and Acquisition Co. or any action that would or is designed to delay, prevent or frustrate
the Proposed Business Combination; provided, Shareholder’s agreement to vote or consent as
described above shall not be effective if the Merger Agreement is amended to reduce the Per-Share
Amount below $5.60. Without limiting the foregoing, it is understood that the obligations under
clause (a) in this Section 5 shall remain applicable in respect of each meeting of shareholders of
the Company duly called for the purpose of approving the Merger Agreement and the transactions
contemplated thereby, including the Merger, regardless of the position of the Company’s board of
directors as to the Proposed Business Combination at the time of such meeting. Notwithstanding the
foregoing, at no time and in no event shall the shares of the Company’s capital stock subject to
this Section 5 exceed the Maximum Restricted Amount. In the event that the total number of Owned
Shares exceeds the Maximum Restricted Amount, then Acquisition Co., in its sole and absolute
discretion, shall determine which Owned Shares shall be subject to this Section 5.

     6. Information. Each Shareholder will provide any information reasonably
requested by the Company or Parent for any regulatory application or filing made or approval sought
for the transactions contemplated by the Merger Agreement (including filings with the SEC).

     7. Additional Stock. Each Shareholder agrees that any additional shares of
Company Common Stock or securities convertible into Company Common Stock acquired by such
Shareholder or over which it acquires Beneficial Ownership or voting power or dispositive power,
whether pursuant to existing stock option agreements, warrants or otherwise, shall be subject to
the provisions of this Agreement.

     8. Irrevocable Proxy.

     (a) In furtherance of the agreements contained in this Agreement, each Shareholder
hereby irrevocably grants to, and appoints, Parent and Fred C. Young, Chief Executive Officer
of Parent, Michael McAndrew, Chief Financial Officer of Parent, and Christopher H. Gebhardt,
General Counsel of Parent, in their respective capacities of Parent, and any individual who
shall hereafter succeed to any such position of Parent, and each of them individually, such
Shareholder’s proxy and attorney-in-fact (with full power of substitution), for and in the
name, place and stead of such Shareholder, to vote all shares of such Shareholder’s Owned
Shares or Company Common Stock over which such Shareholder has voting power, or grant a
consent or approval in respect of such shares, or execute and deliver a proxy to vote such shares, (i) in favor of adopting the Merger Agreement and approving the transactions
contemplated thereby, including the Merger, and (ii) against any Alternative Transaction
Proposal with a Person other than Parent or Acquisition Co. or any other matter referred to in
clause (b) of Section 5 hereof; provided, that such proxy shall not be effective if
Shareholder’s agreement to vote or consent as described above shall not be effective pursuant
to Section 5. For the avoidance of doubt, the proxy granted by each Shareholder pursuant to
this Section 8(a) is not granted with

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respect to any matter other than those matters set forth in items (i) and (ii) of this
Section 8(a).

     (b) Each Shareholder represents and warrants to Parent and Acquisition Co. that any
proxies heretofore given by it in respect of shares of Company Common Stock are not
irrevocable, and that any such proxies are hereby revoked, and agrees to communicate in
writing notice of revocation of such proxies to the relevant proxy holders.

     (c) Each Shareholder hereby affirms that the irrevocable proxy set forth in Section
8(a) is given in connection with, and in consideration of, the execution of the Merger
Agreement by Parent and Acquisition Co., and that such irrevocable proxy is given to secure
the performance of the duties of such Shareholder under this Agreement. Each Shareholder
hereby further affirms that the irrevocable proxy is coupled with an interest and may under no
circumstances be revoked. Such Shareholder hereby ratifies and confirms all that such
irrevocable proxyholder may lawfully do or cause to be done by virtue hereof. Such irrevocable
proxy is executed and intended to be irrevocable in accordance with the provisions of Section
302A.449 of the Minnesota Business Corporation Act.

     (d) Nothing contained in this Agreement shall give Parent or Acquisition Co. the right to
control or direct the Company or the Company’s operations.

     (e) Notwithstanding the foregoing, at no time and in no event shall the total number of shares of the Company’s capital stock subject to this Section 8 exceed the Maximum Restricted
Amount. In the event that the total number of shares of Company Common Stock subject to this
Section 8 exceeds the Maximum Restricted Amount, then the aforementioned attorneys and proxies
shall determine, in their sole and absolute discretion determined by majority vote, those
Owned Shares that are to be subject to this Section 8 and shall release the excess shares from
the restrictions of this Section 8. The attorneys and proxies, upon such determination, shall
notify holders of released shares. Upon such release, such shareholders shall be entitled to
vote such shares or to direct the attorneys and proxies to vote such shares at their
direction. Acquisition Co., in its sole and absolute discretion, shall make the determination
of whether shares of Company Common Stock subject to restriction pursuant to this Section 8
have equaled or exceeded the Maximum Restricted Amount.

     9. Representations, Warranties and Covenants of the Shareholders. Each
Shareholder hereby individually (and not jointly or severally) represents and warrants to, and
agrees with, Parent and Acquisition Co. as follows:

     (a) Such Shareholder has all necessary power and authority and legal capacity to
execute and deliver this Agreement and perform its obligations hereunder. In the case of each
Shareholder who is not a natural person, no other proceedings or actions on the part of such
Shareholder are necessary to authorize the execution, delivery or performance of this
Agreement or the consummation of the transactions contemplated hereby.

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     (b) This Agreement has been duly and validly executed and delivered by such
Shareholder and constitutes a valid, legal and binding agreement of such Shareholder,
enforceable against such Shareholder in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
transfer and similar laws of general applicability relating to or affecting creditors’ rights
or by general equity principles.

     (c) Each Shareholder is the sole Beneficial Owner of such Shareholder’s Owned Shares,
other than those Owned Shares Beneficially Owned by a family trust or child of such
Shareholder. Each Shareholder has the sole right to vote, or cause to be voted, and to
dispose, or cause the disposition, of such Shareholder’s Owned Shares and there exist no
limitations on its ability to exercise such right. Each Shareholder has good and marketable
title (which may include holding in nominee or “street” name) to all of such Shareholder’s
Owned Shares (other than those Owned Shares Beneficially Owned by a family trust or child of
such Shareholder), free and clear of all liens (other than as created by this Agreement and
the restrictions on Transfer under applicable securities laws). The Owned Shares constitute
all of the capital stock of the Company Beneficially Owned by such Shareholder.

     (d) Neither the execution nor delivery of this Agreement by such Shareholder nor the
Shareholder’s consummation of the transactions contemplated hereby will conflict with, result
in any violation of or constitute a default under (i) any material mortgage, bond, indenture,
agreement, instrument or obligation to which such Shareholder is a party or by which such
Shareholder or any of the Owned Shares is bound (or, in the case of each Shareholder that is
not a natural person, such Shareholder’s constituent documents), or (ii) any judgment, decree,
order or material law or regulation of any governmental agency or authority in the United
States by which such Shareholder or any of its subsidiaries is bound, except, with respect to
clauses (i) and (ii) above, where the conflict or default, individually or in the aggregate,
will not have a material adverse effect on such Shareholder.

     (e) Each Shareholder understands and acknowledges that each of Parent and Acquisition
Co. is entering into the Merger Agreement in reliance upon such Shareholder’s execution,
delivery and performance of this Agreement.

     10. Representations and Warranties of Parent and Acquisition Co. Parent represents
and warrants to each Shareholder as follows:

     (a) Parent is a corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware with all requisite corporate power and authority to own,
operate and lease its properties, to carry on its business as now being conducted, and to
enter into this Agreement and perform its obligations hereunder.

     (b) Parent owns all of the issued and outstanding shares of Acquisition Co. Acquisition
Co. is a corporation duly organized, validly existing and in good standing under

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the laws of the State of Minnesota with all requisite corporate power to enter into this
Agreement and perform its obligations hereunder.

     (c) Each of Parent and Acquisition Co. has taken all necessary corporate action to
approve this Agreement and the performance of its obligations hereunder. This Agreement has
been duly and validly executed and delivered by each of Parent and Acquisition Co. and
constitutes a valid, legal and binding agreement of each of Parent and Acquisition Co.,
respectively, enforceable against each of Parent and Acquisition Co. in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer and similar laws of general applicability
relating to or affecting creditors’ rights or by general equity principles.

     (d) Neither the execution nor delivery of this Agreement by Parent or Acquisition Co. nor
Parent’s or Acquisition Co.’s consummation of the transactions contemplated hereby will
conflict with, result in any violation of, or constitute a default under, the Certificate or
Articles of Incorporation or Bylaws of Parent or Acquisition Co. or any agreement, mortgage,
indenture, license, permit, lease or other instrument material to Parent and its subsidiaries
taken as a whole or any judgment, decree, order, or any material law or regulation of any
governmental agency or authority in the United States by which Parent or any of its
subsidiaries is bound.

     11. Termination. This Agreement, and all rights and obligations of the parties
hereunder (other than those set forth in Section 12(a)), shall terminate upon the earliest of: (i)
the Effective Time of the Merger, (ii) as to the rights and obligations associated with any Owned
Shares, the acceptance for payment of such Owned Shares by Parent or Acquisition Co. in the Offer,
(iii) the failure of Acquisition Co. to timely commence the Offer, (iv) the failure of Acquisition
Co. to timely purchase all Owned Shares of the Shareholders in the Offer or (v) the date upon which
the Merger Agreement is terminated pursuant to Article 8 thereof without the Merger having been
consummated.

     12. Miscellaneous.

     (a) Costs and Expenses. Except as otherwise provided in this Agreement, all
costs and expenses incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the party incurring such expenses.

     (b) Execution in Counterparts. For the convenience of the parties, this
Agreement and any amendments, supplements, waivers and modifications may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same document.

     (c) Assignment. This Agreement and all of the provisions hereof shall be
binding upon and inure to the benefit of the parties and their respective successors, personal
or legal representatives, executors, administrators, heirs, distributees, devisees, legatees
and permitted assigns, but neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned by any party (whether by operation of law or
otherwise), in

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whole or in part, without the prior written consent of the other parties;
provided, that Parent or Acquisition Co. may assign any or all rights under this
Agreement to any subsidiary of Parent, and Acquisition Co. may assign any or all rights under
this Agreement to Parent.

     (d) Amendments and Waivers. This Agreement may not be amended, changed,
supplemented, or otherwise modified or terminated, except upon the execution and delivery of a
written agreement executed by the parties hereto; provided, that each of Parent and
Acquisition Co. may waive compliance by any other party with any representation, agreement or
condition otherwise required to be complied with by any other party under this Agreement or
release any other party from its obligations under this Agreement, but any such waiver or
release shall be effective only if in a writing executed by Parent and Acquisition Co.

     (e) Notices. All notices, requests, claims, demands and other communications
hereunder shall be provided as set forth in the Merger Agreement; provided, that the address
to which notices shall be sent to the Shareholder shall be the address set forth in Schedule A
attached hereto.

     (f) Inadequate Remedy at Law; Specific Performance. Each Shareholder
acknowledges and agrees that in the event of any breach of this Agreement, Parent would be
irreparably and immediately harmed and could not be made whole by monetary damages. It is
accordingly agreed with respect to any provision of this Agreement that (i) each Shareholder
will waive, in any action for specific performance, the defense of adequacy of a remedy at
law, and (ii) Parent shall be entitled, in addition to any other remedy to which it may be
entitled at law or in equity, to compel specific performance of this Agreement.

     (g) Cumulative Rights, Powers and Remedies. All rights, powers and remedies
provided under this Agreement or otherwise available in respect hereof at law or in equity
shall be cumulative and not alternative, and the exercise of any thereof by any party shall
not preclude the simultaneous or later exercise of any other such right, power or remedy by
such party. The failure of any party hereto to exercise any right, power or remedy provided
under this Agreement or otherwise available in respect hereof at law or in equity, or to
insist upon compliance by any other party hereto with its obligations hereunder, and any
custom or practice of the parties at variance with the terms hereof, shall not constitute a
waiver by such party of its right to exercise any such or other right, power or remedy or to
demand such compliance.

     (h) Entire Agreement; No Third Party Beneficiaries. This Agreement, along with
the specific references to the Merger Agreement, constitutes the complete, final and exclusive
agreement among the parties and supersedes any and all prior agreements and understandings,
written or oral, among the parties heretofore made with respect to the subject matter hereof.
Nothing in this Agreement, express or implied, is intended to or shall confer upon any other
Person any rights, benefits or remedies of any nature whatsoever under or by reason of this
Agreement.

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     (i) Governing Law; Jurisdiction and Venue. This Agreement shall be governed
by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, regardless
of any conflicts-of-law principles. In any action between or among any of the parties arising
out of or relating to this Agreement or any of the transactions contemplated by this
Agreement, the Merger Agreement and the Acquisition Co. Option Agreement: (a) each of the
parties irrevocably and unconditionally consents and submits to the non-exclusive jurisdiction
and venue of the state and federal courts located in the Western District of the Commonwealth
of Pennsylvania (and agrees not to commence any such action except in such courts) and
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that
any such action brought in such court has been brought in an inconvenient forum; (b) if any
such action is commenced in a state court, then, subject to applicable Law, no party shall
object to the removal of such action to any federal court located in the Western District of
the Commonwealth of Pennsylvania; (c) each of the parties irrevocably waives the right to
trial by jury; and (d) each of the parties irrevocably consents to service of process by
first-class certified mail, return receipt requested, postage prepaid, to the address at which
such party is to receive notice in accordance with Section 9.12 of the Merger Agreement.

     (j) [Intentionally omitted.]

     (k) Severability. If any term, provision, covenant or restriction contained
in this Agreement is held by a court or a federal or state regulatory agency of competent
jurisdiction to be invalid, void or unenforceable under any rule of law in any particular
respect or under any particular circumstances, the remainder of the terms, provisions and
covenants and restrictions contained in this Agreement shall remain in full force and effect,
and shall in no way be affected, impaired or invalidated. If any provision of this Agreement
is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as
is enforceable.

     (l) Interpretation. The section and paragraph captions herein are for
convenience of reference only, do not constitute part of this Agreement and shall not be
deemed to limit or otherwise affect any of the provisions hereof. The words “include,”
“includes,” and “including” shall be deemed to be followed by “without limitation” whether or
not they are in fact followed by such words or words of like import.

     (l) Publicity. Except as otherwise required by law or the rules of the SEC, the
New York Stock Exchange or Nasdaq, for so long as this Agreement is in effect, no party shall,
or shall permit any of their respective subsidiaries to, issue or cause the publication of any
press release or other public announcement with respect to the transactions contemplated by
this Agreement without the consent of the other parties, which consent shall not be
unreasonably withheld; provided, however, that any party hereto may file a copy of this
Agreement and the related agreements with the SEC and Acquisition Co. and the Parent may
summarize the terms of this Agreement in Acquisition Co.’s tender offer materials and in any
oral solicitations made in accordance with Regulation 14D promulgated by the SEC and in any
other filings made by Parent with the SEC.

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     13. Shareholder Capacity. No Shareholder executing this Agreement nor any partner,
member, employee or Affiliate of a Shareholder who is or becomes during the term hereof a director
or officer of the Company makes any agreement or understanding herein in his or her capacity as
such a director or officer, and this Agreement does not bind any partner, member, employee or
Affiliate of a Shareholder in such person’s capacity as a director of officer. Each Shareholder
executing this Agreement does so solely in such Shareholder’s capacity as the owner of record
and/or Beneficial Owner of the Owned Shares or as having the power to vote or dispose of the Owned
Shares and nothing herein (including in Section 4) shall limit or affect any actions taken or
omitted to be taken by a Shareholder, or any partner, member, employee or Affiliate of a
Shareholder, in his or her capacity as an officer or director of the Company (including, for the
avoidance of doubt, any action in the discharge of fiduciary duties in compliance with Section 5.3
of the Merger Agreement); provided, that nothing in this Section 13 shall be deemed to
permit any Shareholder to take any action on behalf of the Company that is prohibited by the Merger
Agreement.

     14. Further Assurances. From time to time, at Parent’s or Acquisition Co.’s
request and without further consideration, each Shareholder shall execute and deliver such
additional documents and take all such further lawful action as may be necessary or desirable to
consummate and make effective, in the most expeditious manner practicable, the transactions
contemplated by this Agreement.

[Remainder of page intentionally left blank]

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[Shareholders’ Signature Pages to Shareholder Tender Agreement]

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

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/ G. Wayne Andrews	 
	 	 	Name:  	G. Wayne Andrews 	 
	 	 	Title:  	Director 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
Paul Baszucki	 
	 	 	Name:  	Paul Baszucki 	 
	 	 	Title:  	Director and Chairman 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
Scott G. Christian	 
	 	 	Name:  	Scott G. Christian 	 
	 	 	Title:  	Director, President and CEO 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
John R. Eickhoff	 
	 	 	Name:  	John R. Eickhoff 	 
	 	 	Title:  	Director 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
James E. Ousley	 
	 	 	Name:  	James E. Ousley 	 
	 	 	Title:  	Director 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
Frank P. Russomanno	 
	 	 	Name:  	Frank P. Russomanno 	 
	 	 	Title:  	Director 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
Jagdish N. Sheth	 
	 	 	Name:  	Jagdish N. Sheth 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
Mercedes Walton	 
	 	 	Name:  	Mercedes Walton 	 
	 	 	Title:  	Director 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
Steven D. Anderson	 
	 	 	Name:  	Steven D. Anderson 	 
	 	 	Title:  	Sr. Vice President, Eastern U.S. and Canada 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
Michael E. Laughlin	 
	 	 	Name:  	Michael E. Laughlin 	 
	 	 	Title:  	Sr. Vice President, Corporate Customer Services 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
Roger
D. Van Beusekom	 
	 	 	Name:  	Roger D. Van Beusekom 	 
	 	 	Title:  	Sr. Vice President, Resale Services 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
Robert J. Vold	 
	 	 	Name:  	Robert J. Vold 	 
	 	 	Title:  	Sr. Vice President and CFO 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
Donna M. Warner	 
	 	 	Name:  	Donna M. Warner 	 
	 	 	Title:  	Sr. Vice President, Central and Western U.S. 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[NAME OF SHAREHOLDER]

 	 
	 	By:  	/s/
Alan R. Perry	 
	 	 	Name:  	Alan R. Perry 	 
	 	 	Title:  	Vice President, Human Resources 	 

 

 

	 	 	 	 	 

[Parent’s and
Acquisition Co.’s Signature Page to Tender and Voting Agreement]

	 	 	 	 	 
	 	PARENT:

BLACK BOX CORPORATION

 	 
	 	By:  	/s/
Fred C. Young	 
	 	 	Fred C. Young, Chief Executive Officer 	 
	 	 	 	 
	 
	 	ACQUISITION CO.:

SF ACQUISITION CO.

 	 
	 	By:  	/s/
Fred C. Young	 
	 	 	Fred C. Young, Chief Executive OfficerExhibit 10.2

 

Exhibit 10.2

STOCK OPTION AGREEMENT

     This Stock Option Agreement is made and entered into as of December 20,
2004, by and among Black Box Corporation, a Delaware corporation (“Parent”), SF
Acquisition Co., a Minnesota corporation and a wholly-owned subsidiary of
Parent (“Acquisition Co.”), and Norstan, Inc., a Minnesota corporation (the
“Company”).

     WHEREAS, the Company, Parent and Acquisition Co. are entering into an
Agreement and Plan of Merger (the “Merger Agreement”) of even date herewith
providing for (a) a cash tender offer to purchase any and all outstanding
shares of (i) common stock, $.10 par value per share, of the Company (the
“Common Stock”) and the associated Rights (as defined in the Merger Agreement),
at the Per-Share Amount, as defined in the Merger Agreement, net to the seller
in cash without interest thereon, upon the terms and subject to the conditions
set forth in the Merger Agreement (the “Offer”); and (b) the merger (the
“Merger”) of Acquisition Co. with and into the Company; and

     WHEREAS, as a condition to the willingness of Parent and Acquisition Co.
to enter into the Merger Agreement and commence the Offer, Parent and
Acquisition Co. have requested, and the Company has agreed to grant Acquisition
Co., the option to purchase, as described herein, authorized but unissued
shares of Common Stock.

     NOW THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements set forth herein, and for other good and valuable consideration
the sufficiency of which is hereby acknowledged, the parties, intending to be
legally bound, agree as follows:

     1. Grant of Option. On the terms and subject to the conditions of this
Agreement, the Company hereby grants to Acquisition Co. an irrevocable option
(the “Option”) to purchase for the Per-Share Amount, as defined in the Merger
Agreement (the “Purchase Price”), shares of Common Stock, in such relative
amounts as shall be determined by Acquisition Co. in its sole and absolute
discretion, up to such number of shares which, upon exercise, would result in
Acquisition Co. owning in excess of ninety percent (90%) of the
then-outstanding shares of Common Stock on an as-converted, fully-diluted basis
(collectively, the “Optioned Shares”); provided, that the number of shares of
Common Stock issuable under the Option may not exceed the number of authorized
but unissued shares of Common Stock.

     2. Exercise of Option. Subject to the two immediately succeeding
sentences, the Option may be exercised by Acquisition Co., in whole or in part,
at any one time after the Offer Closing Date (as defined in the Merger
Agreement) and until the earlier of (a) immediately following the Closing Date
(as defined in the Merger Agreement) and (b) the termination of the Merger
Agreement in accordance with its terms. The exercise of the Option is
conditioned upon Acquisition Co. and the Parent owning in the aggregate,
immediately following such exercise, at least ninety percent (90%) of the
outstanding shares of Common Stock. The obligation of the Company to deliver
the Optioned Shares at the Option Closing is subject to the following
conditions: (i) any applicable waiting period under the HSR Act relating to the
issuance of the Optioned Shares will have expired or been terminated, (ii) no
provision of any applicable law or regulation and no judgment, injunction or
decree shall prohibit the exercise of the Option or the

 

 

delivery of the Optioned Shares in respect of such exercise and (iii)
Acquisition Co. shall have accepted for payment pursuant to the Offer shares of
Common Stock constituting at least 80% of the shares of Common Stock then
outstanding. In the event Acquisition Co. wishes to exercise the Option,
Acquisition Co. shall give a written notice (the “Notice”) to the Company of
its intention to exercise the Option, specifying the number of Optioned Shares
to be purchased. Such notice shall be delivered to the Company in accordance
with the requirements of Section 7(d), and shall specify a date (which may be
the date of such notice) not more than three (3) business days from the date
such Notice is given for the purchase of the Optioned Shares. The closing (the
“Option Closing”) of the purchase of the Optioned Shares shall take place at
the offices of Buchanan Ingersoll PC, 301 Grant Street, One Oxford Centre, 20th
Floor, Pittsburgh, PA 15219, or at such other location as Acquisition Co. shall
elect. If any decree, injunction, order, law or regulation shall not permit
the purchase of the Optioned Shares to be consummated on the date specified in
such Notice, the date for the Option Closing shall be as soon as practicable
following the cessation of such restriction on consummation, but in any event
within two (2) business days thereof, and in no event shall such purchase be
consummated after the termination of this Option pursuant to Section 2. The
Notice shall be revocable by Acquisition Co. at any time prior to the exercise
of the Option.

     3. Payment and Delivery of Certificate(s). At the Option Closing
hereunder, (a) Acquisition Co. shall make payment to the Company of the
aggregate price for the par value of the Optioned Shares so purchased in
official bank check or by wire transfer to a bank designated in writing by the
Company; (b) Acquisition Co. shall deliver to the Company a Promissory Note
substantially in the form attached hereto as Exhibit A (the “Note”) for the
aggregate price for the Optioned Shares so purchased minus the amount paid in
accordance with clause 3(a); and (c) the Company shall deliver to Acquisition
Co. a certificate or certificates representing the number of Optioned Shares so
purchased registered in the name of Acquisition Co.. Certificates for Optioned
Shares delivered at the Option Closing may be endorsed with a restrictive
legend that shall read substantially as follows:

     “THE SECURITIES OFFERED HEREBY ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES
LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.”

     It is understood and agreed that the reference to the resale restrictions
of the Securities Act of 1933, as amended (the “Act”), in the above legend
shall be removed by delivery of substitute certificate(s) without such
reference if Parent shall have delivered to the Company a copy of an opinion of
counsel reasonably satisfactory to the Company to the effect that registration
of the future resale of the Optioned Shares is not required and that such
legend is not required for purposes of the Act.

     4. Representations and Warranties of the Company. The Company hereby
represents and warrants (such representations and warranties being deemed
repeated at and as of any Option Closing hereunder) to Parent and Acquisition
Co. as follows:

- 2 -

 

          (a) Due Incorporation. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Minnesota
and has the requisite corporate power and authority to enter into and perform
this Agreement.

          (b) Due Authorization, etc. This Agreement and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of the Company. This Agreement has been duly
executed and delivered by a duly authorized officer of the Company and
constitutes the valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except to the extent that
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’
rights generally and by principles of equity regarding the availability of
remedies.

          (c) Company’s Capital Stock. The Company has taken all necessary
corporate action to authorize and reserve for issuance upon exercise of the
Option the Optioned Shares. The shares of Common Stock to be issued upon due
exercise, in whole or in part, of the Option shall, when issued, be validly
issued, fully-paid and non-assessable, and shall be delivered free and clear of
all claims, liens, encumbrances and security interests, including any
preemptive right of any of the shareholders of the Company. At the time of the
Option Closing, the Optioned Shares will be deemed to be owned by Acquisition
Co. for purposes of Section 302A.621 of the Minnesota Business Corporation Act.

     5. Representations and Warranties of Parent and Acquisition Co. Parent
and Acquisition Co. hereby jointly and severally represent and warrant (such
representations and warranties being deemed repeated at and as of any Option
Closing hereunder) to the Company as follows:

          (a) Due Incorporation. Parent is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware.
Acquisition Co. is a corporation duly organized, validly existing and in good
standing under the laws of the State of Minnesota. Each of Parent and
Acquisition Co. has the requisite corporate power and authority to enter into
and perform this Agreement.

          (b) Due Authorization, etc. This Agreement and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of Parent and Acquisition Co. This Agreement has
been duly executed and delivered by a duly authorized officer of each of Parent
and Acquisition Co., and constitutes the valid and binding obligation of each
of Parent and Acquisition Co., enforceable against each in accordance with its
terms, except to the extent that enforceability thereof may be limited by
applicable bankruptcy, insolvency, reorganization or other similar laws
affecting the enforcement of creditors’ rights generally and by principles of
equity regarding the availability of remedies.

          (c) Distribution. Acquisition Co. acknowledges and agrees that the
Optioned Shares have not been registered, and that the Company is under no
obligation to register, the Optioned Shares under the Act or any state
securities laws. Acquisition Co. is acquiring the Option and will acquire the
Optioned Shares to be purchased upon exercise of the Option for its own account
and not with a view to the distribution thereof within the meaning of the Act.
The

- 3 -

 

foregoing representation and warranty shall be made by any assignee under
Section 7(a) and shall be binding upon such assignee.

     6. Adjustment Upon Changes in Capitalization. In the event of any change
in the shares of the Company’s capital stock by reason of any stock dividend,
stock split, merger, recapitalization, combination, conversion, exchange of
shares, issuance of shares (or agreements or commitments to issue shares) or
the like, the number of Optioned Shares subject to the Option and the purchase
price per Optioned Share shall be appropriately and equitably adjusted.

     7. Miscellaneous.

          (a) Assignment; Guarantee of Acquisition Co.’s Obligations. This
Agreement shall not be assigned by Acquisition Co., except to Parent or a
wholly-owned subsidiary of Parent, without the prior written consent of the
Company. Parent hereby unconditionally guarantees the full and punctual
performance by Acquisition Co. of all of the obligations of Acquisition Co. or
any of its assignees hereunder and under the Note. In connection with the
obligations of Parent under the immediately preceding sentence, Parent hereby
waives any and all rights, notices and defenses to which it otherwise would be
entitled solely in its capacity as a guarantor under this Agreement or the
Note.

          (b) Amendments. This Agreement may not be modified, amended, altered or
supplemented except upon the execution and delivery of a written agreement
executed by the parties hereto.

          (c) Survival of Representations, etc. All representations, warranties and
agreements in this Agreement shall survive the Option Closing.

          (d) Notices. All notices, requests, claims, demands and other
communications hereunder shall be provided as set forth in the Merger
Agreement.

          (e) Governing Law; Jurisdiction and Venue. This Agreement shall be
governed by, and construed in accordance with, the laws of the Commonwealth of
Pennsylvania, regardless of any conflicts-of-law principles. In any action
between or among any of the parties arising out of or relating to this
Agreement or any of the transactions contemplated by this Agreement, the Tender
and Voting Agreement and the Merger Agreement: (a) each of the parties
irrevocably and unconditionally consents and submits to the non-exclusive
jurisdiction and venue of the state and federal courts located in the Western
District of the Commonwealth of Pennsylvania (and agrees not to commence any
such action except in such courts) and irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such action brought
in such court has been brought in an inconvenient forum; (b) if any such action
is commenced in a state court, then, subject to applicable Law, no party shall
object to the removal of such action to any federal court located in the
Western District of the Commonwealth of Pennsylvania; (c) each of the parties
irrevocably waives the right to trial by jury; and (d) each of the parties
irrevocably consents to service of process by first-class certified mail,
return receipt requested, postage prepaid, to the address at which such party
is to receive notice in accordance with Section 9.12 of the Merger Agreement.

          (f) [Intentionally Omitted.]

- 4 -

 

          (g) Execution in Counterparts. For the convenience of the parties, this
Agreement and any amendments, supplements, waivers and modifications may be
executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same document.

          (h) Effect on Headings. The Section headings herein are for convenience
only and shall not effect the construction hereof.

          (i) Entire Agreement. This Agreement constitutes the entire agreement
among the parties with respect to the matters referred to herein and supersedes
all prior agreements or understandings, both written or oral, among the
parties, or any of them, with respect to the subject matter hereof.

          (j) Specific Performance. Parent, Acquisition Co. and the Company each
acknowledge and agree that the other would be irreparably damaged in the event
any of the provisions of this Agreement were not performed by it in accordance
with their specific terms or were otherwise breached. Accordingly, each party
shall be entitled to an injunction or restraining order to prevent breaches of
this Agreement and to enforce specifically the terms and provisions hereof .
In particular, the Company agrees that if for any reason the Company shall have
failed to issue Optioned Shares or to perform any of its other obligations
under the Agreement, then Parent and Acquisition Co. shall be entitled to
specific performance and injunctive and other equitable relief and the Company
agrees to waive any requirement for the securing or posting of a bond in
connection with the obtaining of any such injunctive or other equitable relief.
This provision is without prejudice to any other rights a party may have for
any breach of this Agreement.

[Remainder of page intentionally left blank]

- 5 -

 

     IN WITNESS WHEREOF, Parent, Acquisition Co. and the Company have caused
this Stock Option Agreement to be duly executed on the day and year first above
written.

	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 
	 	 	NORSTAN, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ Scott G. Christian
	

	 	 	

	

	 	 	 	Scott G. Christian, President and
	

	 	 	 	Chief Executive Officer
	 
	 	 	 	 
	 	 	PARENT:
	 
	 	 	 	 
	 	 	BLACK BOX CORPORATION
	 
	 	 	 	 
	

	 	By:	 	/s/ Fred C. Young
	

	 	 	

	

	 	 	 	Fred C. Young, Chief Executive Officer
	 
	 	 	 	 
	 	 	ACQUISITION CO.:
	 
	 	 	 	 
	 	 	SF ACQUISITION CO.
	 
	 	 	 	 
	

	 	By:	 	/s/ Fred C. Young
	

	 	 	

	

	 	 	 	Fred C. Young, Chief Executive Officer

[SIGNATURE PAGE TO STOCK OPTION AGREEMENT]

- 6 -

 

EXHIBIT A

NON-TRANSFERABLE PROMISSORY NOTE

     FOR VALUE RECEIVED, SF Acquisition Co., a Minnesota corporation (“the
Maker”), hereby promises to pay to Norstan, Inc., a Minnesota corporation, the
principal amount of [ ]($       )], with no interest, on [six months
after the date of exercise] by wire transfer of immediately available funds to
an account designated by the payee. The amount due hereunder shall be payable
in money of the United States of America lawful at such time for the payment of
public and private debts.

     The Maker hereby waives presentment, diligence, protest and demand, notice
of protest, demand, dishonor and nonpayment of this Note, and all other notices
of any kind in connection with the delivery, acceptance, performance, default
or enforcement of this Note.

     This Note shall be governed by and construed in accordance with the laws
of the Commonwealth of Pennsylvania without giving effect to the principles of
conflicts of laws thereof.

     IN WITNESS WHEREOF, the Maker has caused this Note to be executed as of
the        day of        , 2004.

	 	 	 	 	 
	 	 	SF ACQUISITION CO.
	 
	 	 	 	 
	

	 	By:
	

	 	 	

	

	 	Name:
	

	 	 	 	

	

	 	Title:

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