EXHIBIT 10.36

 
VOTING AGREEMENT
 
This Voting Agreement (the “Agreement”) dated as of September 1, 2005 by and
between ASOC Acquisition Corp., a Delaware corporation (the “Buyer”), and the
undersigned holder (the “Stockholder”) of shares (the “Shares”) of common stock,
par value $0.001 per share, of Axeda Systems Inc., a Delaware corporation (the
“Company”).
 
WHEREAS, the Buyer, the Company and certain of the Company’s direct and indirect
subsidiaries have entered into an Asset Purchase Agreement dated as of the date
hereof (as such agreement may be subsequently amended or modified, the “Purchase
Agreement”), providing for the sale by the Company and its subsidiaries, and the
purchase by the Buyer, of substantially all of the assets of the Business (as
defined in the Purchase Agreement) (the “Asset Sale”);
 
WHEREAS, the Stockholder beneficially owns and has sole or shared voting power
with respect to the number of Shares, and holds stock options or other rights to
acquire the number of Shares indicated under the Stockholder’s name on the
signature page hereto;
 
WHEREAS, it is a condition to the Buyer’s execution and delivery to the Company
of the Purchase Agreement that the undersigned execute and deliver to the Buyer
this Agreement on a date even herewith; and
 
WHEREAS, all capitalized terms used in this Agreement without definition herein
shall have the meanings ascribed to them in the Purchase Agreement.
 
NOW, THEREFORE, in consideration of, and as a condition to, the Buyer entering
into the Purchase Agreement and proceeding with the transactions contemplated
thereby, and in consideration of the expenses incurred and to be incurred by the
Buyer in connection therewith, the Stockholder and the Buyer agree as follows:
 
Agreement to Vote Shares. The Stockholder agrees that at any meeting of the
stockholders of the Company or any adjournment thereof, or in connection with
any written consent of the stockholders of the Company, with respect to the
Asset Sale, the Purchase Agreement or any Acquisition Proposal, the Stockholder
shall:
 
appear at such meeting or otherwise cause the Shares to be counted as present
thereat for purposes of calculating a quorum;
 
vote (or cause to be voted), or deliver a written consent (or cause a consent to
be delivered) covering all of the Shares that such Stockholder shall be entitled
to so vote, whether such Shares are beneficially owned by such Stockholder on
the date of this Agreement or are subsequently acquired, (i) in favor of
adoption and approval of the Purchase Agreement, the Asset Sale and all other
transactions contemplated by the Purchase Agreement as to which stockholders of
the Company are called upon to vote or consent; (ii) against any action or
agreement that would reasonably be expected to result in a breach in any
material respect of any covenant, representation or warranty of the Stockholder
contained in this Agreement; and (iii) against any Acquisition Proposal, or any
agreement or transaction that is intended to, or could reasonably be expected
to, materially impede, interfere with, delay, postpone, discourage or materially
and adversely affect the consummation of the Asset Sale; and
 
 
 

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not vote or execute any written consent to rescind or amend in any manner any
prior vote or written consent approving or adopting the Purchase Agreement
and/or the Asset Sale.
 
Termination Date. This Agreement shall terminate upon the earlier to occur of
(a) the consummation of the Asset Sale, (b) such date and time as the Purchase
Agreement shall be terminated pursuant to Article XII thereof, or (c) upon
mutual written agreement of the parties hereto to terminate this Agreement. Upon
termination or expiration of this Agreement, no party shall have any further
obligations or liabilities under this Agreement; provided, however, such
termination or expiration shall not relieve any party from liability for any
willful breach of this Agreement prior to termination hereof.
 
Agreement to Retain Shares. From and after the date hereof, the Stockholder
shall not directly or indirectly, and will not permit any company, trust or
other entity controlled by the Stockholder to, sell, assign, transfer, or
otherwise dispose of (including, without limitation, by the creation of a Lien
(as defined in Section 4(c) below)), or enter into any contract, option,
commitment or other arrangement or understanding with respect to the sale,
transfer, assignment or other disposition of, any Shares owned by the
Stockholder, whether such Shares are held by the Stockholder on the date of this
Agreement or are subsequently acquired, whether by the exercise of any stock
options to acquire Shares or otherwise. Notwithstanding the foregoing, the
Stockholder may make transfers by will or by operation of law or other transfers
for estate planning purposes, in which case this Agreement shall bind the
transferee.
 
Representations and Warranties of the Stockholder. The Stockholder hereby
represents and warrants to the Buyer as follows:
 
the Stockholder has the complete and unrestricted power and the unqualified
right to enter into and perform the terms of this Agreement;
 
this Agreement constitutes a valid and binding agreement with respect to the
Stockholder, enforceable against the Stockholder in accordance with its terms,
except as enforcement may be limited by general principles of equity whether
applied in a court of law or a court of equity and by bankruptcy, insolvency and
similar laws affecting creditors’ rights and remedies generally;
 
the Stockholder beneficially owns the number of Shares (including options and
rights to purchase Shares) indicated under such Stockholder’s name on the
signature page hereto, free and clear of any liens, claims, charges or other
encumbrances or restrictions of any kind whatsoever (“Liens”), and has sole or
shared, and otherwise unrestricted, voting power with respect to such Shares;
and
 
the execution and delivery of this Agreement by the Stockholder does not, and
the performance by the Stockholder of his obligations hereunder and the
consummation by the Stockholder of the transactions contemplated hereby will
not, violate or conflict with, or constitute a default under, any agreement,
instrument, contract or other obligation or any order, arbitration award,
judgment or decree to which the Stockholder is a party or by which the
Stockholder is bound, or any statute, rule or regulation to which the
Stockholder is subject or, in the event that the Stockholder is a corporation,
partnership, trust or other entity, any bylaw or other organizational document
of the Stockholder.
 
 
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Irrevocable Proxy. By execution of this Agreement, the Stockholder does hereby
appoint the Buyer, with full power of substitution and resubstitution, as the
Stockholder’s true and lawful attorney and irrevocable proxy, to the fullest
extent of the undersigned’s rights with respect to the Shares, to vote, if the
Stockholder is unable, unwilling or otherwise fails, or is reasonably expected
to be unable, unwilling or to fail, to perform his or her obligations under this
Agreement, each of such Shares solely with respect to the matters set forth in
Section 1 hereof. The Stockholder intends this proxy to be irrevocable and
coupled with an interest hereunder until termination of this Agreement and
hereby revokes any proxy previously granted by the Stockholder with respect to
the Shares.
 
No Solicitation. The Stockholder, in his or her capacity as a stockholder of the
Company, shall not, and shall not permit any of his or her Representatives (to
the extent applicable to the Stockholder) to, directly or indirectly, invite,
initiate, solicit, encourage or facilitate (including by way of furnishing
nonpublic information or assistance) any inquiries, proposals, discussions or
negotiations or the making or implementation of any proposal or offer
(including, without limitation, any proposal or offer to the stockholders of the
Company) with respect to, or that may reasonably be expected to lead to, any
direct or indirect Acquisition Proposal or engage in any discussions or
negotiations with any Third Party with respect to, or that may reasonably be
expected to lead to, an Acquisition Proposal, or enter into any letter of
intent, agreement in principle or agreement relating to an Acquisition Proposal,
or propose publicly to do any of the foregoing.
 
Specific Enforcement. The Stockholder has signed this Agreement intending to be
legally bound thereby. The Stockholder expressly agrees that this Agreement
shall be specifically enforceable in any court of competent jurisdiction in
accordance with its terms against the Stockholder. All of the covenants and
agreements contained in this Agreement shall be binding upon, and inure to the
benefit of, the respective parties and their permitted successors, assigns,
heirs, executors, administrators and other legal representatives, as the case
may be.
 
Counterparts. This Agreement may be executed in one or more counterparts, each
of which will be deemed an original but all of which together shall constitute
one and the same instrument.
 
 
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No Waivers. No waivers of any breach of this Agreement extended by the Buyer to
the Stockholder shall be construed as a waiver of any rights or remedies of the
Buyer with respect to any other stockholder of the Company who has executed an
agreement substantially in the form of this Agreement with respect to Shares
held or subsequently held by such stockholder or with respect to any subsequent
breach of the Stockholder or any other such stockholder of the Company. No
waiver of any provisions hereof by either party shall be deemed a waiver of any
other provisions hereof by any such party, nor shall any such waiver be deemed a
continuing waiver of any provision hereof by such party.
 
Miscellaneous. This Agreement to be governed by the laws of the Commonwealth of
Massachusetts, without giving effect to the principles of conflicts of laws
thereof. If any provision hereof is deemed unenforceable, the enforceability of
the other provisions hereof shall not be affected.
 
Capacity as Stockholder. The Stockholder signs this Agreement solely in the
Stockholder’s capacity as a stockholder of the Company, and not in the
Stockholder’s capacity as a director, officer or employee of the Company or any
of its subsidiaries or in the Stockholder’s capacity as a trustee or fiduciary
of any ERISA plan or trust. Notwithstanding anything herein to the contrary,
nothing herein shall in any way restrict a director and/or officer of the
Company in the exercise of his or her fiduciary duties consistent with the terms
of the Purchase Agreement as a director and/or officer of the Company or in his
or her capacity as a trustee or fiduciary of any ERISA plan or trust or prevent
or be construed to create any obligation on the part of any director and/or
officer of the Company or any trustee or fiduciary of any ERISA plan or trust
from taking any action in his or her capacity as a director of the Company.
 
No Agreement Until Executed. Irrespective of negotiations among the parties or
the exchanging of drafts of this Agreement, this Agreement shall not constitute
or be deemed to evidence a contract, agreement, arrangement or understanding
between the parties hereto unless and until (a) the Board of Directors of the
Company has approved, for purposes of any applicable anti-takeover laws and
regulations, and any applicable provision of the Company’s certificate of
incorporation, the Asset Sale by the Buyer pursuant to the Purchase Agreement
and (b) the Purchase Agreement is executed by all parties thereto.
 
Entire Agreement. This Agreement supersedes all prior agreements, written or
oral, among the parties hereto with respect to the subject matter hereof and
contains the entire agreement among the parties with respect to the subject
matter hereof. This Agreement may not be amended, supplemented or modified, and
no provisions hereof may be modified or waived, except by an instrument in
writing signed by each party hereto.
 
[Signature Page Follows Next]

 
 
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EXECUTED as of the date first above written.
 
STOCKHOLDER
 
/s/ David Bennett

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Full Legal Name: David Bennett
 
No. of Shares: 7,800
 
Options or other
Rights to Purchase: 260,500
 
 
ASOC ACQUISITION CORP.
 
By:  /s/ Bradford Woloson

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Name: Bradford Woloson
Title: President
 

 
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EXECUTED as of the date first above written.
 
STOCKHOLDER
 
/s/ Paul Vais

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Full Legal Name: Paul Vais
 
No. of Shares: 0
 
Options or other
Rights to Purchase: 55,000
 
 
ASOC ACQUISITION CORP.
 
By:   /s/ Bradford Woloson

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Name: Bradford Woloson
Title: President

 
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EXECUTED as of the date first above written.
 
STOCKHOLDER
 
/s/ Karen Kupferberg

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Full Legal Name: Karen Kupferberg
 
No. of Shares: 0
 
Options or other
Rights to Purchase: 325,000
 
 
ASOC ACQUISITION CORP.
 
By:  /s/ Bradford Woloson

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Name: Bradford Woloson
Title: President
 

 
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EXECUTED as of the date first above written.
 
STOCKHOLDER
 
/s/ James Hansen

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Full Legal Name: James Hansen
 
No. of Shares: 12,400 + 5,142
 
Options or other
Rights to Purchase: 425,000
 
 
ASOC ACQUISITION CORP.
 
By:  /s/ Bradford Woloson

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Name: Bradford Woloson
Title: President
 

 
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EXECUTED as of the date first above written.
 
STOCKHOLDER
 
/s/ Robert M. Russell, Jr.

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Full Legal Name: Robert M. Russell, Jr.
 
No. of Shares: 122,900
 
Options or other
Rights to Purchase: 881,000
 
 
ASOC ACQUISITION CORP.
 
By:   /s/ Bradford Woloson

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Name: Bradford Woloson
Title: President
 

 
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EXECUTED as of the date first above written.
 
STOCKHOLDER
 
/s/ Richard MacKeen

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Full Legal Name: Richard MacKeen
 
No. of Shares: 12,300
 
Options or other
Rights to Purchase: 780,000
 
 
ASOC ACQUISITION CORP.
 
By:   /s/ Bradford Woloson

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Name: Bradford Woloson
Title: President
 

 
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EXECUTED as of the date first above written.
 
STOCKHOLDER
 
/s/ Dale Calder

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Full Legal Name: Dale Calder
 
No. of Shares: 158,741
 
Options or other
Rights to Purchase: 575,000
 
 
ASOC ACQUISITION CORP.
 
By:  /s/ Bradford Woloson

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Name: Bradford Woloson
Title: President

 
 
 
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