Document:

Employment Agreement

 Exhibit 10.8 
  

			
	

	 	DIGITAL SOLUTIONS FOR INTERVENTIONAL MEDICINE

  
 August 5, 2009 
 Dan Johnston 
 1939 Newburyport
Road 
 Chesterfield, MO 63005 
 Dear Dan: 
 I am pleased to extend you an offer to join Stereotaxis as Chief Financial Officer. This letter outlines the terms of your employment offer and is based on a
September 1, 2009 start date. 
 Your annualized base salary will be $320,000 payable semi-monthly. In addition, you will be eligible for a target bonus
opportunity of 50% of your annual salary with an overachievement maximum of 100% of your annual salary subject to the 2009 Annual Bonus Plan. Your bonus opportunity will be prorated for 2009. 
 You will also receive a $20,000 net signing bonus (grossed-up) payable upon hire in fully vested shares. 
 You will be granted options to purchase up to 175,000 shares of the Company’s stock in the form of Stock Appreciation Rights. The strike price for the options will be the closing price on September 1, 2009.
These options will vest 25% after the first year and then monthly thereafter at the rate of 2.0833% per month such that all rights are available by the end of 4 years from the date of grant. All shares shall be subject to the other terms and
conditions set forth in the Company’s stock option plan and the Stock Appreciation Rights Agreement. 
 Additionally, you will be granted 25,000
Performance Based Restricted shares of the Company’s stock on September 1, 2009. These Performance Based Restricted shares shall vest if certain performance criteria are met. All shares shall be subject to the other terms and conditions
set forth in the Company’s stock option plan and the Performance Share Agreement. 
 Along with this initial grant, you will receive an additional
50,000 options in February 2010. Any awards beyond 2010 will be based on your performance and subject to Company guidelines for your position. All grants are subject to Board approval. 
 You shall be entitled to the standard benefits made available by the Company from time to time (see attached current benefit summary), such as medical and dental insurance for you and your family (subject to employee
contributions) and paid time off for vacation and sick time (PTO) of fifteen days per year accumulated at a rate of 1.25 days per month. You will be awarded an 

  

 Stereotaxis, Inc • 4320 Forest Park Avenue • St. Louis, MO • 63108•
(314) 678-6100 • (314) 678-6119 Fax 

 
initial five days of PTO on your start date, subject to the fifteen day maximum annual accrual otherwise set forth in the Company’s PTO policy on
accruals and usage. 
 Stereotaxis is an “at-will” employer, which means that you or Stereotaxis may terminate your employment at any time, with or
without cause and without notice. If you are terminated other than for cause, or your employment terminates under certain circumstances as set forth in your Employment Agreement, you will receive a guaranteed continuation of 18 months salary equal
to your monthly base salary, as well as continued medical and dental benefits under the Company’s standard program for the same period, subject to any necessary suspension or deferrals of such payments as required by Section 409A of the
Internal Revenue Code. (If you find employment during that period after termination without cause, your compensation will offset the salary continuation amount and the benefits will terminate.) 
 If you accept the terms of this offer, we will enter into an employment agreement that incorporates the terms outlined in this letter, as well as the Company’s
standard terms and conditions applicable to executive employees. The agreement will include confidentiality and non-compete covenants and provisions relating to arbitration of employment disputes. 
 This offer is contingent upon your execution of your Employment Agreement. You must also furnish us with proof that you are authorized to work in the US. By signing this
letter, you agree that you are not a party to any employment, non-compete, confidentiality, or other agreements that might be inconsistent with employment by Stereotaxis or the terms of your agreement. 
 Dan, we welcome you to Stereotaxis and are enthusiastic about working with you to build our Company. This letter and the associated terms and conditions contain all of
the terms and conditions of the Company’s offer of employment to you and supersedes and replaces any previous discussions, understandings or agreements. Please indicate your acceptance and agreement by signing this letter in the space provided
below. 
  

	
	Sincerely,
	
	 /s/ Mike Kaminski

	
	Mike Kaminski
	President and CEO

 ACCEPTED and AGREED this 5th day of August 2009. 
 My starting date
will be the 1st day of September, 2009. 
  

	
	 /s/ Dan Johnston

	
	Dan Johnston

  

 Stereotaxis, Inc • 4320 Forest Park Avenue • St. Louis, MO • 63108 •
(314) 678-6100 • (314) 678-6110 Fax 

 EXECUTIVE EMPLOYMENT AGREEMENT 
 Terms and Conditions 
  

	1)	Scope. Dan Johnston (“Employee”) accepts and agrees to the terms of the Stereotaxis offer letter dated August 5, 2009. Both parties agree that Employee’s
employment by Stereotaxis, Inc. (the “Company” or “Stereotaxis”) shall be subject to these terms and conditions. The offer letter and these Terms and Conditions together are the “Agreement”. 

  

	2)	Definitions. 

  

	 	a)	“Cause” means : (i) the institution of criminal charges against the Employee, or the admission by Employee of, or any action or omission by Employee that constitutes
embezzlement, theft or other intentional misappropriation of any property of Company, (ii) any willful act involving moral turpitude which brings disrepute or disparagement to the Company or substantially impairs its good will and reputation,
or results in a conviction for or plea of guilty to a felony involving moral turpitude, fraud or misrepresentation, (iii) material neglect of duties which, if curable, is not cured by the Employee, provided however, the Employee shall receive a
reasonable opportunity to cure within at least fifteen (15) days after written notice of such neglect of duties if such material neglect of duties is curable within such period, (iv) material breach of fiduciary obligations to Company
after written notice of such breach, or (v) chemical dependence that materially affects the performance of Employee’s duties and responsibilities. 

  

	 	b)	“Change of Control” means (i) an event whereby any natural person, corporation, general partnership, limited partnership, joint venture, proprietorship or other
business organization (each, a “Person”), including such Person’s affiliates, or “group” (as such term is defined under Section 13(d) of the Securities Exchange Act of 1934, as amended) acquires beneficial ownership of
capital stock of the Company entitling the holder(s) thereof to more than fifty percent (50%) of the voting power of the then outstanding capital stock of the Company with respect to the election of the Company’s directors, or (ii) a
sale or transfer of all or substantially all of the assets of the Company to any Person. 

  

	 	c)	“Confidential Information” means any information pertaining to the Stereotaxis Business and/or other information of the Company acquired by Employee during the course of
or as a result of employment with the Company, which is not publically known, such as but not limited to, trade secrets, know-how, processes, designs, products, documentation, data, research and development plans and activities, standard operating
procedures and validation records, drawings, tools, techniques, software and computer programs and derivative works, inventions (whether patentable or not), improvements, copyrightable material, business and marketing plans, projections, sales data
and reports, confidential evaluations, the confidential use, nonuse or compilation by the Company of technical or business information in the public domain, customers and prospects, customer requirements, costs, profitability, sales and marketing
strategies, pricing policies, operational methods, strategic plans, training materials, internal financial information, operating and financial data and projections, distribution or sales methods, prices charged by or to Company, inventory lists,
sources of supplies, supply lists, lists of current or past employees and information concerning relationships between Company and its employees, collaborators, or customers. 

  

	 	d)	“Restricted Period” means during executive’s employment plus the later of one year following the date of (i) the final day of the Severance Period or
(ii) termination of employment for any reason; however the Restricted Period shall not exceed two years beyond the date of termination of employment. 

  

	 	e)	“Severance Period” means the period during which the Employee receives any salary continuation and/or continuation of benefits due to termination without Cause or
termination in the event of Change of Control under Section 15. 

  

 1 

	 	f)	“Stereotaxis Business” means a) the development, manufacture, and sale of (1) equipment, software, devices, and methods in the field of remote, computer-controlled or
computer-aided navigation and delivery of interventional medical devices, with or without the use of magnetic devices or systems, and (2) workstations, software, and networks used in or with medical procedures, and b) research and planning and
business development that is planned or implemented by Company during the term of employment, with respect to which Employee receives Confidential Information during employment. 

  

	3)	Position; Base Salary; Incentive Compensation. Employee shall serve as Chief Financial Officer or in such other capacity as agreed to in writing by the parties and shall report to
Mike Kaminski or such other person, in each case as the Company may from time to time direct. Employee shall be paid according to the terms of the offer letter, subject to increases, or as agreed to in writing by the Employee and the Company from
time to time in writing, and all payments shall be subject to applicable withholdings and deductions. 

  

	4)	Company Benefits. While employed by the Company, Employee shall be entitled to receive such benefits of employment as the Company may offer from time to time. Company-paid time off
for vacation, sick leave, and other personal needs will be governed by the Employee Handbook and Company policies as modified from time to time by the Company. 

  

	5)	Employment Services; Employee Handbook and Company Policies. Employee agrees that throughout the term of Employee’s employment, as a condition of Employee’s employment,
Employee shall (a) diligently, in good faith and to the best of Employee’s abilities render such services as may be delegated to the Employee by the Company and (b) follow and act in accordance with all of Company’s rules,
policies and procedures of Company, including, but not limited to this Agreement, the Company rules and policies, and the Employee Handbook, any of which may be revised from time to time at the sole discretion of the Company, with or without prior
notice. 

  

	6)	At-Will Employment. The Company is an “at-will” employer. This means that the Company or the Employee may terminate Employee’s employment at any time, for any reason
or for no reason and/or with or without cause. Stereotaxis makes no promise that Employee’s employment will continue for a set period of time, nor is there any promise that it will be terminated only under particular circumstances. No raise or
bonus or discussion of possible or potential future benefits or changes to Employee’s capacity, reporting, or compensation (or failure to agree on same) shall alter Employee’s status as an “at-will” employee or create any implied
or express contract or promise of continued employment. No manager, supervisor or officer of Stereotaxis has the authority to change Employee’s status as an “at-will” employee. 

  

	7)	Inventions and Developments. 

  

	 	a)	Any and all ideas, inventions, discoveries, patents, patent applications, continuation-in-part patent applications, divisional patent applications, technology, copyrights,
derivative works, trademarks, service marks, improvements, trade secrets and the like, which are developed, conceived, created, discovered, learned, produced and/or otherwise generated by Employee, whether individually or otherwise, during the term
of Employee’s employment whether or not during working hours, that relate to Stereotaxis Business or any work performed by Employee for Company (collectively, “Inventions and Developments”), shall be the sole and exclusive property of
Company, and Company shall own any and all right, title and interest to such Inventions and Developments. Employee assigns and agrees to assign to Company any and all right, title and interest in and to any such Inventions and Developments whenever
requested to do so by Company, at Company’s expense, and Employee agrees to execute any and all applications, assignments or other instruments which Company deems desirable or necessary to protect such interests, both during and after the term
of Employment. 

  

 2 

	 	b)	By way of clarification, Paragraph 6(a) shall not apply to any invention for which no equipment, supplies, facilities or Confidential and Trade Secret Information of Company was
used and which was developed entirely on Employee’s own time, unless (i) the invention relates to Stereotaxis Business or to Company’s actual or demonstrably-anticipated research or development, or (ii) the invention results from
any work performed by Employee for Company. 

  

	8)	Confidential Information. Employee agrees to keep secret and confidential, and not to use or disclose to any third parties, except as directly required for Employee to perform
Employee’s employment responsibilities for Company, any of Company’s Confidential Information. Excluded from the scope of these restrictions is Confidential Information that becomes generally available to the public in any manner other
than by a breach of this Agreement by the Employee. 

  

	9)	Company Materials. All notes, records, correspondence, data, hardware, software, documents or the like obtained by or provided to the Company regarding Stereotaxis Business, or
otherwise made, produced, or compiled during the course or as a result of employment with the Company which contain Confidential Information, regardless of the type of medium in which such is preserved, (“Company Materials”), are the sole
and exclusive property of the Company, and shall be surrendered to the Company on request or upon Employee termination for any reason. During Employee’s employment, Employee will not copy, reproduce or otherwise duplicate, record, abstract,
summarize or otherwise use, any Company Materials except as expressly permitted or required for the proper performance of Employee’s duties on behalf of the Company. 

  

	10)	Attention to Duties; Conflict of Interest. 

  

	 	a)	Employee represents that the execution and delivery of the Agreement and Employee’s employment with Company do not violate any previous employment agreement or other
contractual obligation of Employee, and there are no outstanding commitments or agreements inconsistent with any of the terms of this Agreement or the services to be rendered to Stereotaxis. 

  

	 	b)	While employed by the Company, Employee shall devote Employee’s full business time, energy and abilities exclusively to the business and interests of Stereotaxis and shall not,
without the Company’s prior written consent, obtain any direct or indirect interests in or relationships with any organization that might affect the objectivity and independence of the Employee’s judgment or conduct in carrying out duties
and responsibilities to the Company under this Agreement or that would interfere with the performance of Employee’s duties under this Agreement. However, nothing herein shall preclude employee from pursuing Employee’s personal, financial
and legal affairs, or, subject to the prior written consent of the Company, (i) serving on any corporate or governmental board of directors, (ii) serving on the board of, or working for, any charitable, not-for-profit or community
organization, or (iii) pursuing any other activity; provided that Employee shall not engage in any other business, profession, occupation or other activity, for compensation or otherwise, which would violate the provisions of this Agreement or
would otherwise conflict or interfere with the performance of Employee’s duties and responsibilities hereunder, either directly or indirectly. 

  

	 	c)	If in the course of Employee’s employment, Employee becomes aware of any obligations or commitments under Paragraph (a) or any real or apparent conflicts of commitment or
conflicts of interest, Employee shall immediately disclose them to Employee’s supervisor. 

  

	11)	Non-Competition, Non-solicitation. Employee agrees that during the Restricted Period, and regardless of how Employee’s termination occurs and regardless of whether it is with
or without Cause, Employee shall not, directly or indirectly (whether individually or as owner, partner, consultant, employee or otherwise): 

  

	 	a)	 engage in, assist or have an interest in, enter the employment of, or act as an agent, advisor or consultant for, any person or entity that then is or intends to be
in competition with the Company with respect to Stereotaxis Business. A person or entity will be deemed “in competition” if it is 

  

 3 

	 	 
involved in research, development, manufacture, supplying or sale of a product, process, apparatus, service or development which is competitive with a
product, process, apparatus, service or development on which Employee worked, or with respect to which Employee has or had access to Confidential Information during the Employee’s employment. 

  

	 	b)	solicit, divert, or take away, or attempt to solicit, divert or take away from the Company the business of any customers for the purpose of selling or providing to such customer any
product or service which is included in the Stereotaxis Business as defined herein; 

  

	 	c)	knowingly to cause or attempt to cause any customer, vendor, or other third party collaborating with the Company to terminate or reduce its existing relationship with the Company;

  

	 	d)	knowingly solicit, induce, or hire, or attempt to solicit, induce, or hire, any employee, consultant, or distributor of the Company to leave the employ of the Company and/or to work
for any competitor of the Company. 

  

	12)	Notification; Non-disparagement. Employee shall notify any prospective employer of the existence and terms of this Agreement, prior to acceptance of employment outside of the
Company. Company may inform any person or entity subsequently employing, or evidencing an intention to employ Employee of the nature of the information Company asserts to be Confidential Information, and may inform that person or entity of the
existence of this Agreement, the terms hereof, and provide to that person or entity a copy of these terms and conditions. Neither party shall in any way disparage the other, including current or former officers, directors and employees of the
Company, and neither party shall make or solicit any comments, statements or the like to the media or to others, including their agents or representatives, that may be considered to be derogatory or detrimental to the good name or business
reputation of the other party. 

  

	13)	Acknowledgments Regarding Restrictions. Employee acknowledges, understands, and agrees that: 

  

	 	a)	The provisions relating to confidentiality, conflicts of interest, non-competition, and their post-employment continuation are material consideration for the compensation and other
benefits of Employee’s employment by Company, and without Employee’s agreement to these provisions and restrictions, Employee would not be employed by the Company. 

  

	 	b)	Employee agrees that the covenants relating to non-competition, non-solicitation, and disparagement in this Agreement are appropriate and fair and necessary to avoid conflicts of
interest and commitment and to protect the Company’s legitimate interests in its Confidential Information, goodwill, and relationships. 

  

	 	c)	The restrictions contained herein are not limited geographically in view of Company’s worldwide operations and the nature of the Confidential Information, customers and /or
other business relationships to which Employee will have access. These restrictions may preclude, for a time, Employee’s employment with competitors of Company. Company agrees, however, that if it is commercially reasonable, after the
Employee’s employment and within the Restricted Period it may provide written permission for Employee to provide services to or be employed by firms that are engaged in Stereotaxis Business, so long as such services or employment are provided
to divisions, departments, or affiliates that are not engaged in Stereotaxis Business within those firms. Such permission shall not be deemed to waive or diminish the prohibitions on disclosure or use of Confidential Information or the covenants of
non-competition in this Agreement. 

  

	 	d)	None of these restrictions is intended to prevent the Employee from owning up to one percent (1%) of the publicly traded stock of any company during the Restricted Period.

  

	 	e)	 In the event of a breach or threatened breach of any of Employee’s duties and obligations under Sections 7-12, Company shall be entitled, in addition to any
other legal or equitable remedies 

  

 4 

	 	 
(including any right to damages), to temporary, preliminary and permanent injunctive relief restraining such breach or threatened breach. Employee expressly
acknowledges that the harm that might result to Company’s business as a result of any noncompliance by Employee with any of the provisions of these Sections would be largely irreparable. 

  

	 	f)	To ensure Employee’s understanding of and compliance with the obligations under this Agreement, Employee agrees to engage in an exit interview with the Company at the
Company’s expense prior to Employee’s last day of employment, at a time and place or by telephone, as designated by the Company, and that Employee may be required to confirm that Employee will comply with Employee’s post termination
obligations. 

  

	14)	Non-Waiver of Rights. Company’s failure at any time to enforce or require performance by Employee of any of the provisions of this Agreement shall in no way be construed to be
a waiver of such provisions or to affect either the validity of this Agreement, or any part hereof, or the right of Company thereafter to enforce each and every provision in accordance with the terms of this Agreement. 

  

	15)	Continuation of Salary and Benefits. 

  

	 	a)	Continuation upon Certain Termination Events. If the Employee’s employment is terminated (i) by the Company without Cause; or (ii) within twelve months after a Change
of Control of the Company under which the Company is not the surviving entity and the Employee was not offered a position and salary in the surviving entity comparable to the position and salary held immediately prior to the Change of Control, then
subject to the conditions below, Employee will receive during the 18 month period immediately following the date of termination under (i) or (ii) a guarantee of salary continuation equal to Employee’s monthly base salary on the date
of termination, as well as continuation of medical and dental benefits pursuant to Company policies (including any requirement for employee premium contributions) in effect during the said period. Salary continuation payments shall be made in
accordance with the regularly scheduled payroll frequency in effect on the date of Employee’s termination of employment. Each installment payment required under this Section shall be considered a separate payment under Internal Revenue Code
Section 409A. 

  

	 	b)	Conditions. The continuation of salary and benefits under this Section 15 is conditioned on Employee’s (i) compliance with the terms and conditions of this Agreement,
including any post-termination restrictions and covenants, and (ii) execution of a release of any and all claims against the Company and its officers, directors, and employees arising from or related to the Employee’s employment. Salary
continuation payments in the event of termination by the Company without Cause under (a) above will be offset by the amount of any compensation Employee receives during the Severance Period from the Company or another employer or as an
independent contractor. Medical and dental benefits continued in the event of termination under (a) or (b) will terminate upon receipt of comparable benefits from another employer. The release required pursuant to subsection
(ii) above shall be substantially similar with respect to all material terms and conditions to the form attached hereto as Attachment A, and must be executed and returned to the Company within forty fine (45) days of Employee’s
termination of employment to avoid forfeiture by Employee of the salary continuation payments described in Section 15(a) above. 

  

	 	c)	 Key Employee Six Month Deferral. Notwithstanding anything to the contrary in this Section 15, if any such payments set forth in paragraph 15(a) are classified
as nonqualified deferred compensation, as defined in Internal Revenue Code Section 409A and the regulations thereunder, such payments subject to Section 409A shall be deferred until at least six (6) month after the date of
termination. Any payment of nonqualified deferred compensation otherwise due in such six (6) month period shall be suspended and become payable in a lump sum at the end of such six (6) month period, and shall not otherwise be subject to
any offset or reduction pursuant to paragraph 15(b) above solely because of said deferral. However, any payments not subject to 

  

 5 

	 	 
Section 409A shall be immediately payable pursuant to Section 15(a) and will not be suspended or deferred. 

  

	 	d)	Effect on Employment at Will. By way of clarification, Employee is not entitled to salary or benefits continuation if Employee terminates the employment except as specified in this
Paragraph 15, and nothing in this Section is intended to affect the rights of either party to terminate the employment at any time with or without Cause. 

  

	16)	Binding Arbitration. 

  

	 	a)	Any dispute, claim or controversy with respect to Employee’s employment or its termination (whether the termination of employment is voluntary or involuntary) shall be settled
exclusively (except as set out in Section 13(e) above) by arbitration in accordance with the rules of the American Arbitration Association (“AAA”). Either party may request arbitration in writing after good faith efforts to resolve
the matter internally, and the parties shall select an arbitrator under the AAA rules. Employee and Stereotaxis each waive their constitutional rights to have such matters determined by a jury, explicitly and definitely prefer arbitration to
recourse to the courts, and have prescribed arbitration as their sole and exclusive method of binding dispute resolution because, among other reasons, it is quicker, less expensive, and less formal than litigation in court. 

 

	 	b)	Except as set out in Section 18 below, the arbitrator shall not have the authority to modify, add to or eliminate any provision of this Agreement. The arbitration shall be held
in St. Louis, Missouri. The award of the arbitrator shall be final and binding on the parties. Judgment upon the arbitrator’s award may be entered in any court, state or federal, having jurisdiction over the parties. If a written request for
arbitration is not made within one (1) year of the date of the termination of employment or, in the case of disputes not resolved internally, the date of the final decision reached by the Human Resources Department, all remedies regarding such
dispute, claim or controversy shall be waived. 

  

	 	c)	In the event of any litigation or arbitration or other proceeding by which one party seeks to enforce its rights or seeks a declaration of any rights or obligations under this
Agreement, aparty that is finally determined to have breached this Agreement or the party against which injunctive relief is awarded shall pay the other party its reasonable attorney fees, costs, and expenses incurred.

  

	17)	Choice of Forum and Governing Law. Employee acknowledges and agrees that substantial and material aspects of the employment under this Agreement take place in St. Louis, Missouri
and that the important decisions, training, planning and activities hereunder are focused in St. Louis, Missouri. In light of Company’s substantial contacts with the State of Missouri, the parties’ interests in ensuring that disputes
regarding the interpretation, validity and enforceability of this Agreement are resolved on a uniform basis, and Company’s execution of, and the making of this Agreement in Missouri, the parties agree that: (a) any litigation involving any
noncompliance with or breach of the Agreement, or regarding the interpretation, validity and/or enforceability of the Agreement, shall be filed and conducted exclusively in the state or federal courts in St. Louis County, Missouri; and (b) the
Agreement shall be interpreted in accordance with and governed by the laws of the State of Missouri. 

  

	18)	Severability. If any provision(s) of this Agreement are or become invalid, are ruled illegal or are deemed unenforceable by any tribunal of competent jurisdiction, it shall be
modified and enforced to the maximum extent permissible under applicable law. It is the intention of the Parties that the remainder of this Agreement shall not be affected, provided that a Party’s rights under this Agreement are not materially
affected, in which case the Parties covenant and agree to revise any such provision or the Agreement in good faith in order to provide a term, covenant, condition or application of this Agreement that most closely complies with the intent of the
Parties under the Agreement as originally executed. 

  

 6 

	19)	Assignment. The Company may assign this Agreement and Employee’s employment to any entity to which the operations it currently manages are transferred, whether through
reorganization, merger, sale or any other transfer. As a contract for personal services, neither this Agreement nor any rights hereunder shall be assigned by Employee. 

  

	20)	Construction. The Parties to this Agreement represent and acknowledge that in executing this Agreement they do not rely and have not relied upon any representation or statement made
by the other party or the other party’s agents, attorneys or representatives regarding the subject matter, basis, or effect of this Agreement or otherwise, other than those specifically stated in this written Agreement. This Agreement shall be
interpreted in accordance with the plain meaning of its terms and not strictly for or against any party. This Agreement shall be construed as if each party was its author and each party hereby adopts the language of this Agreement as if it were his,
her or its own. Section headings are provided in this Agreement for convenience only and shall not be deemed to substantively affect the content of such sections. In addition, in light of the post-employment compensation to be paid to Employee under
Section 15 of this Agreement if Employee is terminated without Cause, Employee acknowledges and agrees that Employee’s post-employment obligations under Section 11 are reasonable and should be fully enforceable regardless of why or
how his employment may end, and regardless of the reason(s) why and/or whether or not such termination of employment is with or without Cause. 

  

	21)	Entire Agreement. This Agreement, including the Offer Letter and these Terms and Conditions and any Exhibits attached hereto, sets forth all the covenants, promises, agreements,
representations, conditions and understandings between the Parties hereto with respect to the subject matter hereof and supersedes and terminates all prior agreements and understandings between the Parties. There are no covenants, promises,
agreements, representations, conditions or understandings, either oral or written, between the Parties with respect to the subject matter hereof other than as set forth herein and therein. No amendment, change or addition to this Agreement shall be
binding upon the Parties unless reduced to writing and signed by the Employee and an authorized representative of the Company. This Agreement cannot be changed orally or by any conduct of either Employee or the Company or any course of dealings
between Employee, or another person and the Company. 

  

 7 

 Employee and the Company have executed this Agreement and agree to enter into and be bound by the provisions hereof as of
August 5, 2009. 
 BY SIGNING THIS AGREEMENT, EMPLOYEE IS HEREBY CERTIFYING THAT EMPLOYEE (A) HAS RECEIVED A COPY OF THIS AGREEMENT FOR REVIEW AND
STUDY BEFORE EXECUTING IT; (B) HAS READ THIS AGREEMENT CAREFULLY BEFORE SIGNING IT; (C) HAS HAD SUFFICIENT OPPORTUNITY BEFORE SIGNING THE AGREEMENT TO ASK ANY QUESTIONS EMPLOYEE HAS ABOUT THE AGREEMENT AND HAS RECEIVED SATISFACTORY ANSWERS
TO ALL SUCH QUESTIONS AND TO CONFER WITH COUNSEL; AND (D) UNDERSTANDS EMPLOYEE’S RIGHTS AND OBLIGATIONS UNDER THE AGREEMENT. 
 THIS CONTRACT
CONTAINS A BINDING ARBITRATION PROVISION. 
  

			
	Employee	 	Stereotaxis, Inc.
		
	 /s/ Dan Johnston
	 	 /s/ David Giffin

		
	Dan Johnston	 	David Giffin
		
		 	Vice President, Human Resources

  

 8 

 Attachment A 
 FORM OF SEVERANCE AGREEMENT AND RELEASE 
 This Severance Agreement and Release
(“Agreement”) is made between Stereotaxis, Inc. (“Stereotaxis”), including its divisions, subsidiaries, parent and affiliated corporations, their successors and assigns (individually and collectively “Stereotaxis”) and
                             with Employee’s heirs, executors, administrators, successors and assigns
(“Employee”). 
 WHEREAS, Stereotaxis and Employee entered into an Employment Agreement dated
                         (said agreement and any and all amendments collectively, the “Employment Agreement”), and now
desire to terminate their employment relationship and settle all legal rights and obligations resulting from Employee’s employment with Stereotaxis. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises, representations and undertakings of the parties set forth herein, the adequacy and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows: 
  

	1.	Separation Date. Employee’s employment with Stereotaxis will terminate effective
                        . 

  

	2.	In consideration for Employee’s execution of, and subject to the terms and conditions of this Severance Agreement and Release, Stereotaxis agrees as follows:

  

	 	(a)	Severance. Employee will receive              weeks of base pay in the amount of
$            per week as severance, for a total payment of $            , less deductions required by law. Employee’s
severance will payable in accordance with Stereotaxis’ normal payroll dates and will commence once the revocation period set forth in paragraph 6(e) has elapsed without Employee revoking this Release. 

  

	 	(b)	Vacation. Employee will be paid $            , less deductions required by law, as full and complete
payment of all remaining vacation hours and personal time earned but not used by Employee’s Separation Date. 

  

	 	(c)	Insurance. Stereotaxis will permit Employee to exercise Employee’s COBRA conversion privileges as provided by law, effective
            . Stereotaxis will pay the cost under COBRA for continuing Employee’s group medical and dental insurance from
            through             , as set out in the Employment Agreement provided Employee’s regular monthly contribution is
made by deduction from the severance payment. Thereafter, Employee shall be responsible to pay the cost to continue group medical insurance under COBRA. 

  

	3.	The parties agree that the compensation and benefits described above provided Employee by Stereotaxis represent additional compensation and benefits to which Employee would not be
entitled absent this Agreement, and constitute the total compensation and benefits payable by Stereotaxis to Employee with regard to Employee’s employment by Stereotaxis and its termination, and that no other compensation, commissions, bonuses,
benefits or payments of any kind will be paid other than the amounts set forth above. 

  

	4.	 Employee hereby waives and releases Stereotaxis, its subsidiaries, related, parent and affiliated corporations and business entities, their successors and assigns,
and their past and present officers, directors, shareholders, employees and agents (“the Released Parties”) from any and all claims made, to be made, or which might have been made of whatever nature, whether known or unknown, since the
beginning of time through the date of this Agreement, including, but not limited to, any claim Employee may have under any agreements which Employee may have with 

	 	 
any of the Released Parties, any claims that arose as a consequence of Employee’s employment by Stereotaxis, or arising out of the termination of the
employment relationship, or arising out of any acts committed or omitted during or after the existence of the employment relationship through the date of this Agreement. Such release and waiver of claims will include, but shall not be limited to,
those claims which were, could have been, or could be the subject of an internal grievance or appeal procedure or an administrative or judicial proceeding filed either by Employee or on Employee’s behalf under any federal, state or local law or
regulation, any claim of discrimination under any state or federal statute, regulation or ordinance including, but not limited to Titles 29 and 42 of the United States Code, Title VII of the Civil Rights Act of 1964, as amended, the Employee
Retirement Income Security Act of 1974, as amended, the Civil Rights Act of 1991, the Americans with Disabilities Act of 1990, the Civil Rights Act of 1866, the Rehabilitation Act of 1973, as amended, the Family and Medical Leave Act, the Older
Worker Benefit Protection Act, the Missouri Human Rights Act, City of St. Louis Ordinance 62710, any other federal, state or local law, ordinance or regulation regarding employment, discrimination in employment or termination of employment, any
claims for breach of contract, wrongful termination, promissory estoppel, detrimental reliance, negligent or intentional infliction of emotional distress, or any other actions at common law, in contract or tort, all claims for lost wages, bonuses,
commissions, benefits, expenses, severance, service letter, re-employment, compensatory or punitive damages, attorney’s fees, and all claims for any other type of legal or equitable relief. Employee further waives all rights to future
employment with Stereotaxis and agrees not to apply for employment with Stereotaxis. 

 This Release does not affect any
vested rights Employee may have under any retirement plan of Stereotaxis. 
  

	5.	Employee covenants not to sue or otherwise make any claims against Stereotaxis or any other party released herein with respect to any claim released pursuant to this Agreement.

  

	6.	By execution of this document, Employee expressly waives any and all rights to claims under the Age Discrimination in Employment Act of 1967, 29 U.S.C. § 621, et seq.
(the “ADEA”). 

  

	 	(a)	Employee acknowledges that Employee’s waiver of rights or claims refers to rights or claims arising under the ADEA is in writing and is understood by Employee.

  

	 	(b)	Employee expressly understands that by execution of this document, Employee does not waive any rights or claims under the ADEA that may arise after the date the waiver is
executed. 

  

	 	(c)	Employee acknowledges that the waiver of Employee’s rights or claims arising under the ADEA is in exchange for the consideration outlined in this Agreement which is above and
beyond that to which Employee is entitled. 

  

	 	(d)	Employee acknowledges that Stereotaxis expressly advised Employee to consult an attorney of Employee’s choosing prior to executing this document and that Employee has been
given a period of not less than forty-five (45) days within which to consider this Agreement. 

  

	 	(e)	 Employee acknowledges that Employee has been advised by Stereotaxis that Employee is entitled to revoke (in the event Employee executes this document)
Employee’s waiver of rights or claims arising under the ADEA within seven (7) days after executing this document by notifying Stereotaxis in writing at: Stereotaxis, 4320 Forest Park Avenue, Suite 100, St. Louis, Missouri 63108, Attn: VP
of Human Resources that Employee intends to revoke this waiver and that said waiver will not and does not become effective or enforceable until the seven (7) day period has expired. Employee agrees that payment of monies due under this executed
and 

  

 10 

	 	 
unrevoked waiver shall not be payable until the seven (7) day revocation period has expired and Employee has not revoked this waiver.

  

	7.	Employee agrees that the terms and provisions of this Agreement and the fact and amount of consideration paid pursuant to this Agreement shall at all times remain confidential and
not be disclosed to anyone not a party to this Agreement, other than (1) to the extent disclosure is required by law, or (2) to Employee’s spouse, attorneys, accountant and tax advisors who have a need to know in order to render
Employee professional advice or service. Employee agrees to ensure said individuals maintain such confidentiality. 

  

	8.	Employee agrees not to a) disclose or use confidential information of Employer required to be kept confidential under the Employment Agreement, b) violate any covenants of
non-competition or any other surviving terms or conditions of the Employment Agreement, c) disparage Employer or make or solicit any comments, statements, or the like to the media or to any third party that may be considered to be derogatory or
detrimental to the good name and/or business reputation of Employer, including its directors, officers, employees, agents, representatives and customers. 

  

	9.	Employee agrees to promptly return to Stereotaxis any and all electronic media files, company keys, company vehicles, credit cards, equipment, documents, papers, records, notes,
memoranda, plans, files, and other records containing information concerning Stereotaxis or its employees, customers, or operations, and any other information or materials required to be returned pursuant to the Employment Agreement.

  

	10.	Nothing contained in this Agreement shall be construed to require the commission of any act contrary to law or to be contrary to law, and whenever there is any conflict between any
provision of this Agreement and any present or future statute, law, government regulation or ordinance contrary to which the parties have no legal right to contract, the latter shall prevail, but in such event the provisions of this Agreement
affected shall be curtailed and restricted only to the extent necessary to bring them within legal requirements. 

  

	11.	The existence and execution of this Agreement shall not be considered, and shall not be admissible in any proceeding, as an admission by Stereotaxis or anyone released hereby, of
any liability, error, violation or omission. 

  

	12.	This Agreement shall be governed by, and construed and interpreted according to, the laws of the State of Missouri and whenever possible, each provision herein shall be interpreted
in such manner as to be effective or valid under applicable law. 

  

	13.	The parties acknowledge this Agreement constitutes the entire agreement between them superseding all prior written and oral agreements or understandings between them, with the
exception of any terms and conditions of the Employment Agreement that survive its termination. 

  

	14.	This Agreement may not be modified, altered or changed except by written agreement signed by the parties hereto. 

  

	15.	Employee acknowledges that the only consideration for Employee signing this Agreement are the terms stated above and that no other promise, agreement, statement or representation of
any kind has been made to Employee by any person or entity to cause Employee to sign this Agreement, and that Employee a) has read this Agreement, b) has had a reasonable amount of time to consider its terms, c) is competent to execute this
Agreement, d) has had an adequate opportunity to discuss this Agreement with an attorney and has done so or has voluntarily elected not to do so, d) fully understands the meaning and intent of this Agreement, and e) is voluntarily executing it of
Employee’s own free will. 

  

 11 

	
	AGREED TO AND ACCEPTED:
	
	  

	Employee
	

  

			
	STATE OF                                     
	 	)
		 	)
	COUNTY OF                                     
            	 	)

 COMES NOW
                            , who states to me that he/she has read and understands the foregoing Agreement
and agrees to and accepts its terns and conditions as a free act of his/her own volition. 
 Subscribed and sworn to before me this
             day of                             .

  

	
	  

	Notary Public

 My Commission Expires: 
  

			
	STEREOTAXIS:
		
	By:	 	  

		
	Date:	 	  

  

 12Directors' Stock Compensation Plan - May 31, 2009 Restatement

 Exhibit 10.1 
 MARSH & McLENNAN COMPANIES, INC. 
 DIRECTORS’ STOCK COMPENSATION PLAN 

May 31, 2009 Restatement 

 MARSH & McLENNAN COMPANIES, INC. 
 DIRECTORS’ STOCK COMPENSATION PLAN 
 May 31, 2009 Restatement 

 1. Purpose. 
 The
Marsh & McLennan Companies, Inc. Directors’ Stock Compensation Plan is intended to provide an incentive to members of the Board of Directors of Marsh & McLennan Companies, Inc. who receive fees for their services, to remain in
the service of the Company and to encourage such Directors to acquire additional stock ownership interests in the Company. 
 2. Definitions.

 (a) “Accounting Date” means June 1st of each Plan Year. 
 (b) “Annual Share Fee” means the number of shares of Common Stock payable to each Director pursuant to Section 5(a) hereof, as shall be determined by the Committee in its discretion. 
 (c) “Board” means the Board of Directors of the Company. 
 (d) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 (e) “Code
Section 409A” means Section 409A of the Code and the regulations and other guidance issued thereunder. 
 (f)
“Committee” means the Directors and Governance Committee of the Board. 
 (g) “Common Stock” means the common stock, par
value $1.00 per share, of the Company. 
 (h) “Company” means Marsh & McLennan Companies, Inc., a Delaware corporation.

 (i) “Deferral Election” has the meaning set forth in Section 5(c) hereof. 
 (j) “Deferred Shares” has the meaning set forth in Section 5(c) and including any Dividend Equivalents credited thereon as described in
Section 5(d) hereof. 
  

 1 

 In addition, “Deferred Shares” include converted phantom stock units held as of June 1, 1995 by Directors
pursuant to a deferral agreement or arrangement between the Company and the Director. 
 (k) “Dividend Equivalents” has the meaning
set forth in Section 5(d). 
 (l) “Director” means a member of the Board who receives fees for his or her services.

 (m) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (n) “Fair Market Value” on any given date means, except as otherwise provided in Section 5(f) hereof, the average of the high and low
prices of the Common Stock on the New York Stock Exchange on the last trading day preceding such date. 
 (o) “Maximum Cash
Compensation” means the aggregate amount payable in cash to a Director for such Director’s services on the Board, including the annual retainer specified in a dollar amount payable to a Director during each Plan Year (at the rate in effect
on the Accounting Date of such Plan Year) for such Director’s services on the Board and any amounts payable with respect to service on a committee of the Board or other committee of Directors or for attendance at Board or committee meetings,
but excluding the Annual Share Fee. 
 (p) “Plan” means the Marsh & McLennan Companies, Inc. Directors’ Stock
Compensation Plan, as in effect from time to time. 
 (q) “Plan Year” means the twelve-month period commencing
June 1st and ending on the following May 31st. 
 3. Administration of the Plan. 
 The Plan shall be administered by the Committee. The Committee shall adopt
such rules as it may deem appropriate in order to carry out the purpose of the Plan. All questions of interpretation, administration, and application of the Plan shall be determined by a majority of the members of the Committee, except that the
Committee may authorize any one or more of its members, or any officer of the Company, to execute and deliver documents on behalf of the Committee. The determination of such majority shall be final and binding in all matters relating to the Plan. No
member of the Committee shall be liable for any act done or omitted to be done by such member or by any other member of the Committee in connection with the Plan, except for such member’s own willful misconduct or as expressly provided by
statute. 
  

 2 

 4. Common Stock Reserved for the Plan. 
 The number of shares of Common Stock authorized for issuance under the Plan, as adjusted pursuant to Section 6 hereof for events prior to
May 15, 2003, is 1,500,000, including Deferred Shares, whether anticipated to be distributed as shares or paid in cash, subject to further adjustment pursuant to Section 6 hereof for events subsequent to May 15, 2003. Shares of Common
Stock delivered hereunder may be either authorized but unissued shares or previously issued shares reacquired and held by the Company. 
 5.
Terms and Conditions of Grants. 
 (a) Annual Share Fee. On each Accounting Date, each Director shall automatically receive an Annual Share
Fee as additional annual compensation for such Director’s services on the Board. 
 (b) Elective Portion of Maximum
Cash Compensation. Each Director may elect that a designated percentage (in increments of 10%) of his or her future Maximum Cash Compensation be paid in shares of Common Stock. Such shares of Common Stock (including fractional shares) shall be
received in lieu of the payment of cash in respect of the designated percentage of future Maximum Cash Compensation payable for services rendered in the quarters ended August 15th, November 15th, February 15th and May 15th, as the case may be. Such shares of Common Stock shall be transferred in accordance with Section 5(e) hereof, except to the
extent that a Deferral Election shall be in effect with respect to such shares or to the extent that Section 5(f) hereof applies. An election hereunder shall be in the form of a document executed and filed with the Secretary of the Company and
shall remain in effect until the effectiveness of any modification or revocation. 
 (c) Deferral Election. With respect to (i) the
Annual Share Fee payable in Common Stock under Section 5(a) hereof and (ii) the designated percentage of Maximum Cash Compensation payable in Common Stock under Section 5(b) hereof, each Director may elect to defer the receipt (a
“Deferral Election”) of all or any portion of the shares of Common Stock otherwise transferable pursuant to Section 5(e) hereof. In such event, there shall be credited to an account maintained on behalf of such Director, as of the
date on which shares would otherwise be transferred hereunder, a number of shares (“Deferred Shares”) equal to the number of shares otherwise transferable. 
 A Deferral Election hereunder shall be in the form of a document established for such purpose by the Committee that is executed by the Director and filed with the Secretary of the Company prior to the time established
by the Committee, which in no event shall be later than the end of the calendar year preceding the year in which the fees or compensation to which such election relates will be earned. Any such election will remain in effect until so modified or
revoked in accordance with rules established by the Committee. With respect to director fees or compensation already earned, deferral elections may be modified within the sole discretion of the Committee subject to such conditions and restrictions
as the Committee determines are necessary or appropriate including, without limitation, to comply with federal income tax law and rules. 
  

 3 

 Notwithstanding anything else in this Plan, the Committee may, in its sole discretion, accelerate the distribution of
Deferred Shares in cases of extreme emergency or hardship; provided, however, that for any Deferred Shares under this Plan which are subject to Code Section 409A, such distribution must comply with the unforeseeable emergency or hardship
provisions of Code Section 409A. 
 The Director shall elect (a) that Deferred Shares be distributed in a lump sum or in annual
installments (not exceeding 10), and (b) that the lump sum or first installment be distributed on the tenth day of the calendar year immediately following either (i) the year in which the Director ceases to be a Director of the Company or
(ii) the earlier of the year in which the Director ceases to be a Director of the Company or a date designated by the Director; provided, however, that any such election shall be subject to Section 5(f) hereof. Installments subsequent to
the first installment shall be distributed on the tenth day of each succeeding calendar year until all of the Director’s Deferred Shares shall have been distributed. 
 In the event the Director should die before all of the Director’s Deferred Shares have been distributed, the balance of the Deferred Shares shall
be distributed in a lump sum to the beneficiary or beneficiaries designated in writing by the Director, or if no designation has been made, to the estate of the Director. 
 All lump sum distributions of Deferred Shares shall be in whole shares of Common Stock, with cash to be paid in lieu of fractional shares. The number of
shares to be distributed on each installment date to a Director who has elected to receive shares in annual installments shall be determined by multiplying the number of Director’s remaining Deferred Shares by a fraction the numerator of which
is one and the denominator of which is the then remaining number of annual installments (including the immediate installment); all such distributions shall be in whole shares of Common Stock, with cash to be paid in lieu of fractional shares for the
final installment and fractional shares to be rounded to the nearest whole number for all other installments. 
 (d) Dividend Equivalents.
Deferred Shares shall be credited with an amount equal to the dividends which would have been paid on an equal number of outstanding shares of Common Stock (“Dividend Equivalents”). Dividend Equivalents shall be credited (i) as of the
payment date of such dividends, and (ii) only with respect to Deferred Shares credited to such Director prior to the record date of the dividend. Deferred Shares held pending distribution shall continue to be credited with Dividend Equivalents.

 Dividend Equivalents so credited shall be converted into an additional number of Deferred Shares as of the payment date of the dividend
(based on the Fair Market Value on such payment date). Such Deferred Shares shall thereafter be treated in the same manner as any other Deferred Shares under the Plan. 
 (e) Transfer of Shares. All shares transferable pursuant to this Section 5(e) will be so transferred unless the Director has made a Deferral Election pursuant to Section 5(c) hereof, in which case only those
shares that are not subject to the Deferral Election will be so transferred. 
  

 4 

 Shares of Common Stock issuable to a Director under Section 5(a) hereof shall
be transferred to such Director as of each Accounting Date. Shares of Common Stock issuable to a Director under Section 5(b) hereof shall be transferred to such Director on August 31st, November 30th, February 28th and May 31st of each Plan Year. The total number of shares of Common Stock to be so transferred on each such date shall be determined by
dividing (y) the product of (1) the percentage specified by the Director pursuant to Section 5(b) hereof and (2) the Director’s Maximum Cash Compensation payable for services rendered in the quarter ending on August 15
th, November 15th, February 15th or May 15th of such Plan Year, as the case may be, by (z) the Fair Market Value of a share of Common Stock on such date. The registrar for
the Company will make an entry on its books and records evidencing that such shares (including any fractional shares) have been duly issued as of such dates; provided, however, that a Director may in the alternative elect in writing prior thereto to
receive a stock certificate representing the number of whole such shares acquired plus cash in lieu of any fractional shares. 
 (f) Change
in Control. Upon a Change in Control, all Deferred Shares, to the extent credited prior to the Change in Control, shall be paid immediately in cash. For purposes of this Section 5(f), with respect to determining the cash equivalent value of a
Deferred Share, the Fair Market Value of such a Deferred Share shall be deemed to equal the greater of (i) the highest Fair Market Value per share at any time during the 60-day period preceding a Change in Control and (ii) the price of a
share of Common Stock which is paid or offered to be paid, by any person or entity, in connection with any transaction which constitutes a Change in Control pursuant to this Section 5(f). 
 For purposes of the Plan, a “Change in Control” shall have occurred if: 
 (i) any “person”, as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Common Stock of the Company), is or
becomes 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 then outstanding voting
securities; 
 (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any

  

 5 

 new director (other than a director designated by a person who has entered into an agreement with the
Company to effect a transaction described in clause (i), (iii), or (iv) of this Section 5(f)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof;

 (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than (A) a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
more than 50% of the combined voting power of the voting securities of the Company or such surviving entity (or any parent of the Company or such surviving entity) outstanding immediately after such merger or consolidation or (B) a merger or
consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no “person” (as herein above defined) acquired more than 50% of the combined voting power of the Company’s then outstanding
securities; or 
 (iv) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets (or any transaction having a similar effect); 
 provided, however, that for any Deferred Shares under this Plan which are subject to Code Section 409A, a “Change in Control” shall have occurred if: 
 (i) any “person”, as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Common Stock of the Company), or more
than one person acting as a group is or becomes 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 then outstanding voting securities; 
  

 6 

 (ii) during any twelve-month period, individuals who at the beginning of such period constitute the
Board, and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of
the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof; 
 (iii) there is consummated a merger or consolidation of the Company with any other corporation, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) 50% or more of the combined voting power of the voting securities of the Company or such surviving entity (or
any parent of the Company or such surviving entity) outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no
“person” (as herein above defined) or more than one person acting as a group acquired 50% or more of the combined voting power of the Company’s then outstanding securities; or 
 (iv) during any twelve-month period, any person or more than one person acting as a group acquires all or substantially all of the Company’s assets
(or any transaction having a similar effect); provided that such assets have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company and its subsidiaries. 

6. Effect of Certain Changes in Capitalization. 
 In the event of any recapitalization, stock split, reverse stock split, stock dividend, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event affecting
the Common Stock, the maximum number or class of shares available under the Plan, and the number or class of shares of Common Stock to be delivered hereunder shall be adjusted by the Committee to reflect any such change in the number or class of
issued shares of Common Stock. 
 7. Term of Plan. 
 The Plan shall remain in effect until all authorized shares have been issued, unless sooner terminated by the Board. 
  

 7 

 8. Amendment; Termination. 
 The Board may at any time and from time to time alter, amend, suspend, or terminate the Plan in whole or in part. 
 9. Rights of Directors. 
 Nothing contained in the Plan or with respect to any grant shall interfere with or limit in any way the
right of the stockholders of the Company to remove any Director from the Board, nor confer upon any Director any right to continue in the service of the Company as a Director. 
 10. General Restrictions. 
 (a) Investment
Representations. The Company may require any Director to whom Common Stock is issued, as a condition of receiving such Common Stock, to give written assurances in substance and form satisfactory to the Company and its counsel to the effect that such
person is acquiring the Common Stock for his own account for investment and not with any present intention of selling or otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate in order to comply with
Federal and applicable state securities laws. 
 (b) Compliance with Securities Laws. Each issuance shall be subject to the requirement that,
if at any time counsel to the Company shall determine that the listing, registration or qualification of the shares upon any securities exchange or under any state or Federal law, or the consent or approval of any governmental or regulatory body, is
necessary as a condition of, or in connection with, the issuance of shares hereunder, such issuance may not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected
or obtained on conditions acceptable to the Committee. Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration or qualification. 
 (c) Nontransferability. Deferred Shares under the Plan shall not be transferable by a Director other than by the laws of descent and distribution or
pursuant to a qualified domestic relations order as defined in the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder. 
 11. Code Section 409A. 
 Deferred Shares
under this Plan that were deferred before January 1, 2005 are intended to the maximum extent possible to be exempt from the application of Code Section 409A. To the extent that any such Deferred Shares deferred prior to January 1,
2005 are or become subject to the application of Section 409A, and with respect to Deferred Shares deferred on or after January 1, 2005, the Plan is intended to comply with the requirements of Code Section 409A. The provisions hereof
shall be interpreted in a manner that satisfies the requirements of Code Section 409A and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any 

  

 8 

 
Deferral Election would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to
avoid this conflict. Notwithstanding anything in the Plan to the contrary, if a Director is determined under rules adopted by the Committee to be a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i),
payment hereunder shall be delayed to the extent necessary to avoid a violation of Code Section 409A. 
 12. Withholding. 
 The Company may defer making payments under the Plan until satisfactory arrangements have been made for the payment of any Federal, state or local income
taxes required to be withheld with respect to such payment or delivery. 
 13. Governing Law. 
 The Plan and all rights hereunder shall be construed in accordance with and governed by the laws of the State of Delaware. 
 14. Headings. 
 The headings of sections and
subsections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of the Plan. 
  

 9 

 MARSH & McLENNAN COMPANIES, INC. 
 DIRECTORS’ STOCK COMPENSATION PLAN 
 ANNEX I 
 1. Purpose. 
 Pursuant to resolutions
adopted by the Board of Directors of Marsh & McLennan Companies, Inc. on May 21, 1997, the Advisory Director program was discontinued and, in recognition of such discontinuance, those nine Directors who, as of May 20, 1997, had
been receiving compensation for their services as members of the Board (the “Designated Directors”) with the reasonable expectation that they would participate in the Advisory Director program upon retirement from the Board, were each
granted 2,000 shares of Common Stock (together with additional shares purchased with dividends as provided in Section 4 hereof, the “Supplemental Grant Shares”) to be held in a custodial account controlled by the Company for later
delivery to the Designated Director. This Annex I to the Marsh & McLennan Companies, Inc. Director Stock Compensation Plan (the “Plan”) is intended to establish the terms and conditions under which the Supplemental Grant Shares
are to be held and administered by the Company and distributed to the Designated Directors. 
 2. The Plan. 
 This Annex I to the Plan is a supplement to and is part of the Plan, applicable only to the Designated Directors (namely, Lewis W. Bernard, Robert F.
Erburu, Ray J. Groves, Richard S. Hickok, Richard M. Morrow, George Putnam, Adele Smith Simmons, Frank J. Tasco and R.J. Ventres) and only with respect to the Supplemental Grant Shares. The Plan, exclusive of this Annex I, is hereinafter referred to
as the “Basic Plan.” Unless otherwise specified herein or it is clear from the context, the provisions of, including the definitions contained in, the Basic Plan, as in effect from time to time, shall apply to this Annex I. 
 3. Common Stock Reserved. 
 The Supplemental
Grant Shares shall be included in the shares of Common Stock authorized for issuance under the Plan pursuant to, and be subject to the numerical limitation contained in, Section 4 of the Basic Plan. However, the Supplemental Grant Shares to be
delivered shall be exclusively previously issued shares reacquired and held by the Company, i.e., treasury shares. 
 4. Custodial Account;
Distribution. 
 The Supplemental Grant Shares shall be held for each Designated Director in a custodial account maintained by the Company.
Cash dividends paid with respect to Supplemental Grant Shares shall be used to purchase 
  

 1 

 from the Company additional shares to be included in the Designated Director’s account as additional Supplemental
Grant Shares. Unless the Designated Director has elected to defer distribution as provided in Section 5 hereof, and subject to the provisions of Sections 6 and 7 hereof, the Supplemental Grant Shares shall be distributed to the Designated
Director (in whole shares of Common Stock and cash in lieu of any fractional shares) on retirement from the Board or on attaining the age of 72 years, whichever shall be later (the “Normal Distribution Date”). 
 5. Deferral Election. 
 A Designated
Director, independent of any election made under the Basic Plan with respect to Deferred Shares, may elect to defer the receipt (a “Supplemental Deferral Election”) of all or any portion of the Supplemental Grant Shares otherwise
distributable pursuant to Section 4 hereof by executing and filing with the Secretary of the Company a document (the “Supplemental Deferral Election Form”) as described below. 
 In such case, the Supplemental Grant Shares subject to the Supplemental Deferral Election (the “Supplemental Deferred Shares”) shall continue
to be held in a custodial account maintained by the Company (and continue to be Supplemental Grant Shares as defined in this Annex I to the Plan). Subject to provisions of Sections 6 and 7 hereof, the Supplemental Deferred Shares shall be
distributed to the Designated Director as set forth in the Supplemental Deferral Election Form. The Supplemental Deferral Election Form shall specify the percentage (in increments of 10%, the minimum being 10% and the maximum being 100%) of the
Supplemental Grant Shares for which the Supplemental Deferral Election is being made and that distribution of the Supplemental Deferred Shares shall occur either in a lump sum on the tenth day of the calendar year next following the Normal
Distribution Date or in annual installments (in such number, not exceeding ten, as the Designated Director shall elect) commencing on such tenth day and continuing on the tenth day of each succeeding calendar year until all of the Designated
Director’s Supplemental Deferred Shares have been distributed. Notwithstanding the foregoing provisions of this Section 5, the Committee may, in its sole discretion, accelerate the distribution of Supplemental Deferred Shares in cases of
extreme emergency or hardship. A lump sum distribution of Supplemental Deferred Shares shall be in whole shares of Common Stock, with cash to be paid in lieu of fractional shares. The number of shares to be distributed on each installment date to a
Designated Director who has elected to receive shares in annual installments shall be determined by multiplying the number of the Designated Director’s remaining Supplemental Deferred Shares by a fraction the numerator of which is one and the
denominator of which is the then remaining number of annual installments (including the immediate installment); except for distributions being made to a book-entry account maintained for the Designated Director which allows for fractional shares,
all such distributions shall be in whole shares of Common Stock, with cash to be paid in lieu of fractional shares for the final installment and fractional shares to be rounded to the nearest whole number for all other installments. 
  

 2 

 6. Death. 
 In the event the Designated Director should die before all of his or her Supplemental Grant Shares have been distributed, all undistributed Supplemental Grant Shares shall be distributed in a lump sum (in whole shares
of Common Stock and cash in lieu of any fractional shares) to the beneficiary or beneficiaries designated in writing by the Designated Director, or if no designation has been made, to the estate of the Designated Director. Any beneficiary
designation in effect with respect to the Basic Plan, as provided in Section 5(c) thereof, shall be deemed to be a designation pursuant to this Section 6 as well, unless the Designated Director has made a separate designation pursuant
hereto. 
 7. Change in Control. 
 Upon a Change in Control, the Supplemental Grant Shares shall be deemed to be “Deferred Shares” under the Basic Plan with respect to the provisions of Section 5(f) thereof, which section shall be deemed applicable to the
Supplemental Grant Shares. 
 8. Nontransferability. 
 Until the Supplemental Grant Shares are delivered to the Designated Director, such shares shall not be transferable other than by the laws of descent and distribution or pursuant to a qualified domestic relations
order as defined in the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder. 
  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}]]