Document:

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                                                                   EXHIBIT 10.22

                           LOAN MODIFICATION AGREEMENT

         This Loan Modification Agreement is entered into as of May 14, 2002, by
and between Stereotaxis, Inc. ("Borrower") whose address is 4041 Forest Park
Avenue, St. Louis, Missouri 63108 and Silicon Valley Bank ("Bank") whose address
is 3003 Tasman Drive, Santa Clara, CA 95054, with a loan production office at
230 West Monroe, Suite 730, Chicago, Illinois 60606.

1. DESCRIPTION OF EXISTING INDEBTEDNESS; Among other indebtedness which may be
owing by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other
documents, an Equipment Loan and Security Agreement, dated as of January 31,
2002, as may be amended from time to time (the "Equipment Loan"), and a
Revolving Loan and Security Agreement dated as of March 19, 2002, as may be
amended from time to time (the "Revolving Loan," and together with the Equipment
Loan, collectively the "Financing Agreements"). The Financing Agreements provide
for, among other things, an Equipment Advance of TWO MILLION AND 00/100 DOLLARS
($2,000,000) and Revolving Advances of up to TWO MILLION AND 00/100 Dollars
($2,000,000). Defined terms used but not otherwise defined herein shall have the
same meanings as in the Financing Agreements.

Hereinafter, all indebtedness owing by Borrower to Bank shall be referred to as
the "Indebtedness."

2. DESCRIPTION OF COLLATERAL. Repayment of the Indebtedness is secured by the
Collateral as described in the Financing Agreements.

Hereinafter, the above-described security documents, together with all other
documents securing repayment of the Indebtedness shall be referred to as the
"Security Documents". Hereinafter, the Security Documents, together with all
other documents evidencing or securing the Indebtedness shall be referred to as
the "Existing Loan Documents".

3. DESCRIPTION OF CHANGE IN TERMS.

        A.   Modifications to Financing Agreements.
             The Financing Agreements are hereby amended to provide that:

             Borrower shall obtain approval from the Food and Drug
             Administration for the first Stereotaxis System Application on or
             before May 17, 2002.

        B.   Modifications to Financing Agreements.

             1. Section 6.10 of the Equipment Loan FDA Approval, is hereby
             amended by deleting the section in full and substituting the
             following:

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                  FDA Approval. Borrower shall receive final approval from the
         Food and Drug Administration for the first Stereotaxis System
         Application on or before May 17, 2002.

         2. SECTION 6.10 OF THE REVOLVING LOAN FDA APPROVAL, is hereby amended
         by deleting the section in full and substituting the following:

                  FDA Approval. Borrower shall receive final approval from the
         Food and Drug Administration for the first Stereotaxis System
         Application on or before May 17, 2002.

4. WAIVER OF DEFAULTS. The Bank hereby waives and releases the Borrower from any
and all defaults under the Financing Agreements existing prior to the date
hereof.

5. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above.

6. PAYMENT OF EXPENSES. Borrower shall pay to Bank all fees and expenses
incurred in negotiating and drafting this Loan Modification Agreement and the
Loan Modification variance fee of $500.00.

7. NO DEFENSES OF BORROWER. Borrower agrees that it has no defenses against the
obligations to pay any amounts under the Indebtedness.

8. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Indebtedness, Bank is relying upon Borrower's representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except
as expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.
Bank's agreement to modifications to the existing Indebtedness pursuant to this
Loan Modification Agreement in no way shall obligate Bank to make any future
modifications to the Indebtedness. Nothing in this Loan Modification Agreement
shall constitute a satisfaction of the Indebtedness. It is the intention of Bank
and Borrower to retain as liable parties all makers and endorsers of Existing
Loan Documents, unless the party is expressly released by Bank in writing. The
terms of this paragraph apply not only to this Loan Modification Agreement, but
also to all subsequent loan modification agreements.

9. CONDITIONS. The effectiveness of this Loan Modification Agreement is
conditioned upon (i) execution by Borrower of this Loan Modification Agreement;
and (ii) payment by Borrower of all fees and expenses required under this
Agreement.

                           [Signature Pages To Follow]

                                       2
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         This Loan Modification Agreement is executed as of the date first
written above.

BORROWER:                                  BANK:

STEREOTAXIS, INC.                          SILICON VALLEY BANK

By: /s/ NICOLA YOUNG                       By: /s/ DANIEL L. WALLACE
   ------------------------------------       ----------------------------------
Name:   Nicola Young                       Name:   Daniel L. Wallace
     ----------------------------------         --------------------------------
Title:  CFO                                Title:  Vice President
      ---------------------------------          -------------------------------

                                       3<PAGE>
                                                                   Exhibit 10.23

                       SECOND LOAN MODIFICATION AGREEMENT

        This Second Loan Modification Agreement is entered into as of
July 11, 2002, by and between Stereotaxis, Inc. ("Borrower") whose address is
4041 Forest Park Avenue, St. Louis, Missouri 63108 and Silicon Valley Bank
("Bank") whose address is 3003 Tasman Drive, Santa Clara, CA 95054, with a loan
production office at 230 West Monroe, Suite 730, Chicago, Illinois 60606.

1. DESCRIPTION OF EXISTING INDEBTEDNESS; Among other indebtedness which may be
owing by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other
documents, a Revolving Loan and Security Agreement dated as of March 19, 2002,
as may be amended from time to time (the "Financing Agreement"). The Financing
Agreement provided for, among other things, Revolving Advances of, up to TWO
MILLION AND 00/100 Dollars ($2,000,000). Defined terms used but not otherwise
defined herein shall have the same meanings as in the Financing Agreement.

Hereinafter, all indebtedness owing by Borrower to Bank shall be referred to as
the "Indebtedness."

2.       DESCRIPTION OF COLLATERAL. Repayment of the Indebtedness is secured by
the Collateral as described in the Financing Agreement.

Hereinafter, the above-described security documents, together with all other
documents securing repayment of the Indebtedness shall be referred to as the
"Security Documents". Hereinafter, the Security Documents, together with all
other documents evidencing or securing the Indebtedness shall be referred to as
the "Existing Loan Documents".

3.      DESCRIPTION OF CHANGE IN TERMS.

        A.      Modification to Financing Agreement.
                The Financing Agreement is hereby amended to provide that:

                The period in which Borrower may borrow up to $500,000 of
                Non-Formula Borrowings shall be extended from July 1, 2002 to
                October 4, 2002.

        B.      Amendment to Financing Agreement.

                SECTION 13.1 DEFINITIONS, is hereby amended by deleting the last
                sentence of the definition of "BORROWING BASE" and substituting
                the following:

                        Notwithstanding the foregoing, Borrower may borrow up to
                $500,000 subject to availability under the Committed Revolving
                Line, but not subject to the Borrowing Base ("Non-Formula
                Borrowings"), which Non-Formula Borrowings shall be repaid in
                full on or before October 4, 2002.

                                        1
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4.      WAIVER OF DEFAULTS. The Bank hereby waives and releases the Borrower
from any and all defaults under the Financing Agreement existing prior to the
date hereof.

5.      CONSISTENT CHANGES. The Existing Loan Documents are hereby amended
wherever necessary to reflect the changes described above.

6.      PAYMENT OF EXPENSES. Borrower shall pay to Bank all fees and expenses
incurred in negotiating and drafting this Second Loan Modification Agreement.

7.      NO DEFENSES OF BORROWER. Borrower agrees that it has no defenses against
the obligations to pay any amounts under the Indebtedness.

8. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Indebtedness, Bank is relying upon Borrower's representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except
as expressly modified pursuant to this Second Loan Modification Agreement, the
terms of the Existing Loan Documents remain unchanged and in full force and
effect. Bank's agreement to modifications to the existing Indebtedness pursuant
to this Second Loan Modification Agreement in no way shall obligate Bank to make
any future modifications to the Indebtedness. Nothing in this Second Loan
Modification Agreement shall constitute a satisfaction of the Indebtedness. It
is the intention of Bank and Borrower to retain as liable parties all makers and
endorsers of Existing Loan Documents, unless the party is expressly released by
Bank in writing. The terms of this paragraph apply not only to this Second Loan
Modification Agreement, but also to all subsequent loan modification agreements.

9.      CONDITIONS. The effectiveness of this Second Loan Modification Agreement
is conditioned upon (i) execution by Borrower of this Second Loan Modification
Agreement; and (ii) payment by Borrower of all fees and expenses required under
this Agreement:

                           [Signature Pages To Follow]

                                        2
<PAGE>

          This Second Loan Modification Agreement is executed as of the date
     first written above.

BORROWER:                                         BANK:

STEREOTAXIS, INC.                                 SILICON VALLEY BANK

By:    /s/ Nicola J.H. Young                      By:
       -------------------------                        ------------------------

Name:  Nicola J.H. Young                          Name:
       -------------------------                        ------------------------

Title: Chief Financial Officer                    Title:
       -------------------------                        ------------------------

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