Document:

Amendment to Office Lease

 Exhibit 10.22 
 FIRST AMENDMENT TO OFFICE LEASE 
 THIS FIRST AMENDMENT TO OFFICE LEASE (“First Amendment”)
is made and entered into this 30th day of November, 2007, by and between STEREOTAXIS, INC., a Delaware corporation (“Tenant”), and CORTEX WEST DEVELOPMENT I, LLC, a Missouri limited liability company (“Landlord”). 
 RECITALS 
 A. Landlord and Tenant entered
into that certain Office Lease, dated November 15, 2004 (the “Original Lease”), as supplemented by that certain Memorandum of Occupancy, dated March 31, 2006 (the “Memorandum of Occupancy”) (the Original Lease and the
Memorandum of Occupancy are referred to herein collectively as the “Lease”), for certain Office Space and approximately 11,738 rentable square feet of Assembly Space on the first and second floors of the Building, located at 4320 Forest
Park Blvd. in St. Louis, Missouri, as more particularly described in the Lease. 
 B. With the passage of time and the occurrence of certain
events, Landlord and Tenant wish to amend the Lease on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the
foregoing Recitals and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree, as follows: 
 1. Incorporation; Defined Terms. The foregoing Recitals are incorporated herein by reference as if set forth in full. Terms defined in the Lease shall have the same respective meanings ascribed to them in the
Lease when used herein, unless otherwise expressly defined herein. 
 2. Acknowledgment of Occupancy and Expansions. The parties
acknowledge that as of October 19, 2007, Tenant has taken occupancy of all of the rentable square feet of the first floor portion of the Premises and all but 1,659 rentable square feet of the second floor portion of the Premises. Such occupancy
includes an additional 1,274 rentable square feet of Office Space taken as of February 1, 2007, and an additional 2,990 rentable square feet of Office Space taken as of March 26, 2007, with the Annual Base Rent payable and all other
amounts under the Lease payable and adjusted as of such dates with respect to such Office Space. Such occupancy also includes an additional 1,729 rentable square feet of Office Space resulting from a re-measurement of the first and second floor
portions of the Premises using the BOMA Standards to correct the original computation of such rentable square feet as set forth in Section 4 of the Memorandum of Occupancy (i.e., the 34,092 rentable square feet of Office Space identified in
Section 4 of the Memorandum of Occupancy is increased to 35,821 square feet of Office Space). The Annual Base Rent and other charges based on such increase of 1,729 rentable square feet of Office Space shall commence to be payable on
January 1, 2008. Landlord and Tenant 

 
contemplate that Tenant will take occupancy of the remaining 1,659 rentable square feet of the second floor portion of the Premises referenced above in this
Section on or before December 31, 2007. The Annual Base Rent and other charges based on such 1,659 rentable square feet of Office Space shall commence to be payable on January 1, 2008. 
 3. Lease of All of First and Second Floor Portions of the Premises. Effective January 1, 2008, the Premises shall include all of the first
floor and all of the second floor of the west wing of the Building, containing a total of 53,482 rentable square feet (47,752 useable square feet), of which 11,738 rentable square feet (10,480 useable square feet) are Assembly Space and 41,744
rentable square feet (37,272 useable square feet) are Office Space. Accordingly, the parties agree that, effective January 1, 2008, all references in the Lease to rentable square feet and/or useable square feet with regard to the first and
second floor portions of the Premises shall be deemed amended to be consistent with the number of rentable square feet and useable square feet set forth above in this Section, notwithstanding any provision in the Original Lease or the Memorandum of
Occupancy to the contrary. Except as expressly provided otherwise in Sections 4 and 5 of this First Amendment, commencing on January 1, 2008, the Annual Base Rent and the Monthly Base Rent for the Office Space and the Assembly Space (subject to
the footnote in Section 1.11 of the Lease) shall be adjusted as follows: 
  

									
	 Lease Year
	  	Annual Base Rent - Rental
Rate for Office Space	  	Annual Base
Rent for Office Space	  	Annual Base Rent - Rental
Rate for Assembly Space	  	Annual Base
Rent for Assembly Space
	 3 through 4
	  	$19.00/rsf	  	$793,136.00	  	$14.00/rsf	  	$164,332.00
	 5 through 6
	  	$20.00/rsf	  	$834,880.00	  	$14.00/rsf	  	$164,332.00
	 7 through 8
	  	$21.00/rsf	  	$876,624.00	  	$14.00/rsf	  	$164,332.00
	 9 through 10
	  	$22.00/rsf	  	$918,368.00	  	$14.00/rsf	  	$164,332.00

  

					
	 Lease Year
	  	Monthly Base
Rent for Office Space	  	Monthly Base
Rent for Assembly Space
	 3 through 4
	  	$66,094.67	  	$13,694.33
	 5 through 6
	  	$69,573.33	  	$13,694.33
	 7 through 8
	  	$73,052.00	  	$13,694.33
	 9 through 10
	  	$76,530.67	  	$13,694.33

 Tenant agrees that, pursuant to the last sentence of Section 3.7 of the Lease, Tenant is not entitled to any further
leasehold improvement allowance for the first floor and second floor portions of the Premises. 
 4. Remainder Space. Landlord and
Tenant agree that as of January 1, 2008, the Premises will include all but 6,026 rentable square feet (5,380 useable square feet) of the aggregate 16,000 rentable square feet of the First Expansion Space and Second Expansion Space identified in
Section 3.5 and Section 3.6, respectively, of the Original Lease. Such 6,026 rentable square feet are located on the third floor of the west wing of the Building and are referred to herein as the “Remainder Space.” Tenant shall
commence paying Annual Base Rent for the Remainder Space on the earlier to occur of (i) January 1, 2011, or (ii) the date on which Tenant first takes occupancy of the Remainder Space, at the rental rate for Annual Base Rent for Office
Space specified in Section 3 of this Amendment. The Remainder Space shall be located somewhere within the space on the third floor of the Building identified as the Stereotaxis Expansion Area on Exhibit A-3 hereto, containing a total of 28,794
rentable square feet (25,709 useable square feet). For purposes of clarification, Landlord and Tenant hereby acknowledge that the leasehold improvement allowance referenced in Section 3.7 of the Original Lease remains in effect with respect to
the Remainder Space. 
 5. Lease of Third Floor Portion of Premises. Commencing January 1, 2008 (i.e., the first day of Lease
Year 3 under the Lease), Landlord shall lease to Tenant and Tenant shall lease from Landlord, as Office Space, the following portions of the third floor of the Building (collectively, the “Third Floor Premises”), containing 22,768 rentable
square feet (20,329 useable square feet) in the aggregate: 
 (a) 15,680 contiguous rentable square feet (14,000 useable square feet) (the
“Third Floor Premises One”) within the space of the third floor of the Building identified as the Stereotaxis Expansion Area on Exhibit A-3 hereto, with an Annual Base Rent for Lease Year 3 of $344,960.00 and a Monthly Base Rent for Lease
Year 3 of $28,746.67 (i.e., a rental rate of $22.00 per rentable square foot). On the first day of Lease Year 4 (i.e., January 1, 2009) and on the first day of each Lease Year thereafter during the Term, the Annual Base Rent for the Third Floor
Premises One shall be increased by the percentage increase in the CPI (as hereinafter defined) between the CPI published for the applicable Earlier Month (as hereinafter defined) and the applicable Later Month (as hereinafter defined), calculated by
dividing the difference between the CPI for such Later Month and the CPI for such Earlier Month by the CPI for such Earlier Month and converting the quotient (rounded up to the nearest 1/100) to a percent. As used herein, “CPI” shall mean
the consumer price index now known as “United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index, U.S. City Average for all Urban Consumers, Seasonally Adjusted, All Items (1982-84=100).” As used herein,
“Later Month” shall mean the calendar month 2 months prior to the first day of the Lease Year on which the increase shall occur. As used herein, “Earlier Month” shall mean the same month as the Later Month of the calendar year
that is one year prior to the year of the applicable Later Month. By way of example only, since Lease Year 3 commences on January 1, 2008, and Lease Year 4 commences on January 1, 2009, the Later Month for the purpose of calculating the
Annual Base Rent for Lease Year 4 will be November of 2008 and the Earlier Month will be November of 2007, and if the CPI published for the Earlier Month is 156 and the CPI published 

 
for the Later Month is 165, then the CPI increase would be 6 percent (165—156 = 9; 9 ÷ 156 = .057692; rounded up to .06, the equivalent of 6
percent). Annual Base Rent for the Third Floor Premises One shall be abated for the period from January 1, 2008 to May 31, 2008 and shall commence to be payable on June 1, 2008. Landlord shall provide Tenant with a leasehold
improvement allowance for the Third Floor Premises One in an amount equal to $25.00 per rentable square foot (i.e., $392,000.00). If publication of the CPI is discontinued or its method of computation is changed, then Landlord and Tenant shall
select another index measuring the purchasing power of the U.S. Dollar published by a governmental or academic entity to replace the CPI. 
 (b) 7,088 contiguous rentable square feet (6,329 useable square feet) (“the “Third Floor Premises Two”) within the space on the third floor of the Building identified as the Stereotaxis Expansion Area on Exhibit A-3 hereto,
with an Annual Base Rent for Lease Year 3 of $138,216.00 and a Monthly Base Rent for Lease Year 3 of $11,518.00 (i.e., a rental rate of $19.50 per rentable square foot). Annual Base Rent for the Third Floor Premises Two shall be abated for the
period from January 1, 2008 to May 31, 2008 and shall commence to be payable on June 1, 2008. It is anticipated that the Third Floor Premises Two may not be improved or occupied by Tenant for the two (2) year period from
January 1, 2008 through December 31, 2009. Commencing on the earlier to occur of January 1, 2010, as to the entirety of the Third Floor Premises Two, or the date on which any portion of the Third Floor Premises Two is improved and
occupied by Tenant, as to such portion of the Third Floor Premises Two, the rental rate for the Annual Base Rent for such improved and occupied portion of the Third Floor Premises Two shall become the same as the rental rate for the Annual Base Rent
then in effect for the Third Floor Premises One. Landlord shall provide Tenant with a leasehold improvement allowance for the Third Floor Premises Two in an amount equal to $25.00 per rentable square foot in that portion of the Third Floor Premises
Two then being improved. 
 The expiration date of the lease of the Third Floor Premises shall be co-terminus with the expiration date of the lease of the
first and second floor portions of the Premises. Landlord and Tenant hereby acknowledge and confirm that the initial Term expires on December 31, 2015, as stated in the Memorandum of Occupancy. Effective January 1, 2008, the Premises shall
include all of the first floor and all of the second floor of the west wing of the Building, the Remainder Space and the Third Floor Premises, containing a total of 82,276 rentable square feet (73,461 useable square feet), of which 11,738 rentable
square feet (10,480 useable square feet) are Assembly Space and 70,538 rentable square feet (62,981 useable square feet) are Office Space. Accordingly, the parties agree that, effective January 1, 2008, all references in the Lease to rentable
square feet and/or useable square feet of the entire Premises shall be deemed amended to be consistent with the number of rentable square feet and useable square feet set forth above in this paragraph. 
 6. Amendment of Section 3.8 of the Lease. Section 3.8 of the Lease is hereby amended to read in its entirety, as follows: 
 “3.8 Termination Option—Unavailability of Space. Tenant shall have the option, exercisable by written notice given at
least one (1) year in advance and delivered at any time between January 1, 2015, and January 1, 2016, to terminate this Lease, 

 
effective at the end of the twelfth (12th) month
after the month in which such notice is given, such termination option to be exercisable in the event, and only in the event, that Landlord is unable to deliver to Tenant, within one hundred eighty (180) days after advance written notice by
Tenant, such additional space in the Building (over and above the Premises as described in Section 5 of the First Amendment (i.e., 82,276 rentable square feet) as Tenant deems, in its sole discretion, is necessary for the expansion of its
operations. Should Tenant elect to terminate the Lease pursuant to this Section 3.8, then on the termination date, and as a condition to such termination, Tenant shall pay to Landlord a termination fee in an amount equal to one hundred twenty
percent (120%) of all of Landlord’s unamortized expense of improving the Premises for Tenant, including all leasehold improvement allowances actually paid or funded by Landlord during the initial Term of the Lease, plus any exercised
extensions thereof, computed on a straight-line basis from the date of such expense over the number of Lease Years (or remainder of Lease Years from the date of such expense) in the initial Term, plus any exercised extensions thereof. Landlord
acknowledges that the leasehold improvements made to the Premises at the commencement of the initial Term will be fully amortized on December 31, 2015.” 
 7. Exercise of First Renewal Option. Pursuant to Section 3.3 of the Lease, Tenant
hereby exercises its first option to renew the term of the Lease as to the Premises (inclusive of the Remainder Space and the Third Floor Premises), totaling 82,276 rentable square feet, for a period of three (3) years, to the end that the
expiration date of the Term of the Lease is December 31, 2018. Notwithstanding the provisions of Section 3.3 of the Lease, the Annual Base Rent payable during the first Lease Year of the renewal term (i.e., calendar year 2016 or the 11
th Lease Year of the Term, as extended hereby) for all of the Office Space in the Premises (including the Office Space in the Third Floor Premises)
shall be an amount per annum equal to $27.87 per rentable square foot contained therein, and for all of the Assembly Space in the Premises shall be an amount per annum equal to $18.81 per square foot contained therein (subject to a maximum Assembly
Space area of 11,738 rentable square feet). Commencing on the first day of Lease Year 12 (i.e., January 1, 2017) and on the first day of each Lease Year thereafter during the Term, as extended hereby, the Annual Base Rent for all of the Office
Space and all of the Assembly Space shall be increased by the percentage increase in the CPI (as defined in Section 5 of this First Amendment) between the CPI published for the applicable Earlier Month (as defined in Section 5 of this
First Amendment) and the applicable Later Month (as defined in Section 5 of this First Amendment), calculated by dividing the difference between the CPI for such Later Month and the CPI for such Earlier Month by the CPI for such Earlier Month
and converting the quotient (rounded up to the nearest  1/100) to a percent. 
 8. Right of First Offer. If Tenant has taken occupancy and has built out all of the Remainder Space and the Third Floor Premises, and if no
uncured event of default by Tenant has occurred under the Lease, and if Landlord is prepared to enter into negotiations with a third party for the lease of certain specific space in the Building containing 5,000 rentable square feet or more, then
Landlord shall be obligated to offer, in writing, such space for lease to Tenant by notice to Tenant on terms and conditions, which, taken as a whole, are no less favorable to Landlord than the terms and conditions upon which Landlord is prepared to
lease such space to such third party (“Landlord’s Offer”). Tenant shall have seven (7) calendar days following the 

 
date of receipt by Tenant of Landlord’s Offer in which to respond, in writing, to Landlord’s Offer (a failure by Tenant to respond to
Landlord’s Offer, in writing, within such time period being deemed a rejection of Landlord’s Offer by Tenant). If Tenant accepts Landlord’s Offer, then Landlord and Tenant shall enter into an amendment to the Lease containing the
terms and provisions of Landlord’s Offer. If Tenant rejects or is deemed to have rejected Landlord’s Offer, then Tenant’s right of first offer shall lapse and become void, and Landlord shall thereafter be free to offer to lease and to
lease such space to a third party, without any obligation to offer such space to Tenant; provided, however, that if such space remains unleased on the first anniversary of the date on which Landlord receives or is deemed to have received
Tenant’s rejection of Landlord’s Offer, then, once again, Landlord shall be obligated to offer such space to Tenant as hereinabove set forth. The foregoing right of Tenant is a right of first offer, and not a right of first refusal, and
shall be applicable only to space in the Building as it exists as of the date of this First Amendment and not to space in any future addition to or expansion of the Building. 
 9. Leasehold Improvements in Third Floor Premises. Tenant, at its cost, shall be responsible for making all leasehold improvements to the Third
Floor Premises. Prior to commencing any improvements to the Third Floor Premises, Tenant shall cause to be prepared the plans and specifications (“Preliminary Plans”) for the proposed improvements to the Third Floor Premises (including,
without limitation, installations outside of the Third Floor Premises required to provide service to the Third Floor Premises and the connections between the same) (“Tenant’s Improvements”). Tenant shall deliver the Preliminary Plans
to Landlord for Landlord’s review and approval (such approval not to be unreasonably withheld, conditioned or delayed). Within ten (10) days following receipt of the Preliminary Plans, Landlord shall deliver to Tenant Landlord’s
written comments on the Preliminary Plans. The Preliminary Plans shall be revised by Tenant to incorporate Landlord’s comments within ten (10) days after delivery of such comments to Tenant; provided, however, if Tenant disagrees with any
of Landlord’s comments, Landlord and Tenant shall cooperate in good faith to resolve such disagreement. The revised Preliminary Plans shall again be submitted to Landlord, and Landlord and Tenant shall continue the review and approval process
as hereinabove provided; provided, however, the response time by each party shall be shortened to five (5) days until the Preliminary Plans have finally been approved by Landlord, whereupon the Preliminary Plans shall be the “Approved
Plans.” The Approved Plans shall not be changed without the prior written approval of Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. All of Tenant’s Improvements shall be made in accordance with the
Approved Plans. Tenant’s Improvements shall remain the property of Tenant during the Term of this Lease and, if not removed at the end of the Term of this Lease, shall become the property of Landlord; provided, however, that at the expiration
or sooner termination of the Term of this Lease, Tenant shall (unless such requirement is waived by Landlord in writing) remove all of Tenant’s furniture, fixtures and equipment, including, without limitation, all non-standard items located in
the Building penthouse serving the Premises, and all specialty devices and equipment, but excluding Landlord approved partitions, walls, doors, lighting, ceilings, plumbing and flooring. In constructing Tenant’s Improvements, Tenant shall use
only labor forces compatible with the labor forces of Landlord and its contractors then present in the Building. Upon completion of construction of Tenant’s Improvements for each of the Third Floor Premises One and the Third Floor Premises Two,
as the case may be, and upon delivery to Landlord of full and final waivers of lien from all contractors, subcontractors and material and labor suppliers for such Tenant’s 

 
Improvements, Landlord shall deliver to Tenant the leasehold improvement allowances applicable to the Third Floor Premises One and/or the Third Floor
Premises Two, as the case may be; provided, however, if Tenant spends less than the total of the leasehold improvement allowances for Tenant’s improvements applicable to the Third Floor Premises One and/or the Third Floor Premises Two, as the
case may be, then Landlord shall be obligated to pay to Tenant only such amount of such leasehold improvement allowances as Tenant actually shall have expended for such Tenant’s Improvements. 
 10. Termination Fee. The termination fee described in Section 3.9 of the Lease is hereby amended to be an amount equal to fifty percent
(50%) of the Annual Base Rent payable by Tenant through December 31, 2018; provided, however, if Tenant exercises the second renewal option pursuant to Section 3.3 of the original Lease, such termination fee shall be an amount equal
to fifty percent (50%) of the Annual Base Rent payable by Tenant through the end of such second renewal term. 
 11. Increase in Security Deposit. Within ten (10) days after the full execution and delivery of this First Amendment, Tenant shall deposit with Landlord Twenty-Five Thousand and  00/100 Dollars ($25,000.00), which amount shall be added to the Security Deposit of Fifty Thousand and  00/100 Dollars ($50,000.00) currently deposited with and held by Landlord. Upon the deposit of such amount with Landlord, the Security
Deposit under Section 1.14 of the original Lease shall be Seventy-Five Thousand and  00/100 Dollars ($75,000.00). 

 12. Amendment of Exhibits. Exhibits A-1, A-2 and A-3 attached to the original Lease are hereby deleted and replaced
with Exhibits A-1, A-2 and A-3 attached hereto and made a part hereof. 
 13. Effect. As amended hereby, the Lease shall remain in
full force and effect. 
 IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Office Lease as of the day and year
first above set forth. 
 [COUNTERPART SIGNATURE PAGES FOLLOW] 

					
	LANDLORD:
	
	 CORTEX WEST DEVELOPMENT I, LLC,
 a Missouri
limited liability company

		
	By:	 	Center of Research Technology and Entrepreneurial Expertise, Sole Member
			
		 	By:	 	 /s/ John Dubinsky

		 		 	President

			
	TENANT:
	
	 STEREOTAXIS, INC.,
 a Delaware corporation

		
	By:	 	 /s/ James. M Stolze

		 	Vice President and Chief Financial Officer

 EXHIBIT A-1 
 Floor Plan of First Floor 

 EXHIBIT A-2 
 Floor Plan of Second Floor 

 EXHIBIT A-3 
 Floor Plan of Third FloorFourth Loan Modification Agreement

 Exhibit 10.29 
 EXPLANATORY NOTE: “*” INDICATES THE PORTION OF THIS EXHIBIT THAT HAS BEEN 
 OMITTED AND SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION 
 PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT. 
 FOURTH LOAN MODIFICATION AGREEMENT 
 This Fourth Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of December 26, 2007, by and between SILICON VALLEY BANK, a California-chartered bank, with a loan
production office located at 230 W. Monroe, Suite 720, Chicago, Illinois 60606 (“Bank”) and STEREOTAXIS, INC., a Delaware corporation with its chief executive office located at 4320 Forest Park Avenue, Suite 100, St. Louis, Missouri
63108 (“Borrower”). 
 1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing
by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of April 30, 2004, evidenced by, among other documents, a certain Loan and Security Agreement dated as of April 30, 2004, between Borrower and Bank,
as amended by a First Loan Modification Agreement dated as of November 3, 2004, between Borrower and Bank, as amended by a Second Loan Modification Agreement dated as of November 8, 2005, between Borrower and Bank, and as amended by a
Third Loan Modification Agreement dated as of March 12, 2007, between Borrower and Bank (as amended, the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement.

 2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement (together with any other
collateral security granted to Bank, the “Security Documents”). 
 Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”. 
  

	3.	DESCRIPTION OF CHANGE IN TERMS. 

  

	 	A.	Modifications to Loan Agreement. 

  

	 	1.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 2.1.1(a): 

 “(a) Availability. Bank shall make Advances not exceeding (i) the lesser of (A) the Revolving Line or (B) the Borrowing Base
minus (ii) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), minus (iii) the FX Reserve, and minus (iv) the aggregate outstanding Advances hereunder (including any Cash Management
Services). Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement.” 
 and inserting in lieu
thereof: 
 “(a) Availability. Subject to the terms and conditions of this Agreement, Bank shall make Advances not exceeding the
Availability Amount. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date, reborrowed, subject to the applicable terms and conditions precedent herein.” 
  

	 	2.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 2.1.2(a): 

 “(a) Bank shall issue or have issued Letters of Credit for Borrower’s account not exceeding (i) the lesser of the Revolving Line or the
Borrowing Base minus (ii) the outstanding principal balance of any Advances (including any Cash Management Services), minus (iii) the amount of all Letters of Credit (including drawn but unreimbursed Letters of Credit), plus an amount
equal to any Letter of Credit Reserves. The face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed Three Million Five Hundred Thousand Dollars
($3,500,000.00). Each Letter of Credit shall have an expiry date no later than 180 days after the Revolving Maturity Date provided Borrower’s Letter of Credit reimbursement obligation shall be secured by cash on terms acceptable to Bank on and
after (i) the Maturity Date of the Revolving Line if the Maturity Date of the Revolving Line is not extended by Bank, or (ii) the occurrence of an Event of Default hereunder. All Letters of Credit shall be, in form and substance,
acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank’s form of standard Application and Letter of Credit Agreement. Borrower agrees to execute any further documentation in connection with the
Letters of Credit as Bank may reasonably request.” 
 and inserting in lieu thereof: 
 “(a) Bank shall issue or have issued Letters of Credit for Borrower’s account not exceeding the Availability Amount. The face amount of
outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed Eight Million Dollars ($8,000,000.00). Each Letter of Credit shall have an expiry date no later than 180 days after
the Revolving Maturity Date provided Borrower’s Letter of Credit reimbursement obligation shall be secured by cash on terms acceptable to Bank on and after (i) the Maturity Date of the Revolving Line if the Maturity Date of the Revolving
Line is not extended by Bank, or (ii) the occurrence of an Event of Default hereunder. All Letters of Credit shall be, in form and substance, acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of
Bank’s form of standard Application and Letter of Credit Agreement. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request.” 
  

	 	3.	The Loan Agreement shall be amended by deleting the following appearing as Section 2.1.3 thereof: 

 “2.1.3 Foreign Exchange Sublimit. If there is availability under the Revolving Line and the Borrowing Base, then Borrower may enter in
foreign exchange forward contracts with the Bank under which Borrower commits to purchase from or sell to Bank a set amount of foreign currency more than one business day after the contract date (the “FX Forward Contract”). Bank shall
subtract 10% of each outstanding FX Forward Contract from the foreign exchange sublimit, which sublimit is a maximum of Eight Million Dollars ($8,000,000.00) (the “FX Reserve”). The total FX Forward Contracts at any one time may not exceed
10 times the amount of the FX Reserve. Bank may terminate the FX Forward Contracts if an Event of Default occurs.” 
 and inserting in
lieu thereof: 
 “2.1.3 Foreign Exchange Sublimit. As part of the Revolving Line, Borrower may enter into foreign
exchange contracts with Bank under which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency (each, a “FX 

 
Forward Contract”) on a specified date (the “Settlement Date”). FX Forward Contracts shall have a Settlement Date of at least
one (1) FX Business Day after the contract date and shall be subject to a reserve of ten percent (10%) of each outstanding FX Forward Contract in a maximum aggregate amount equal to $800,000.00 (the “FX Reserve”),
inclusive of Credit Extension relating to Sections 2.1.2 and 2.1.4. The aggregate amount of FX Forward Contracts at any one time may not exceed ten (10) times the amount of the FX Reserve and the aggregate amount of FX Forward Contracts may not
exceed Eight Million Dollars ($8,000,000.00), inclusive of Credit Extensions relating to Sections 2.1.2 and 2.1.4. The amount otherwise available for Credit Extensions under the Revolving Line shall be reduced by an amount equal to ten percent
(10%) of each outstanding FX Forward Contract. Any amounts needed to fully reimburse Bank will be treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to Advances.” 
  

	 	4.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 2.2 thereof: 

 “2.2 Overadvances. If Borrower’s Obligations under Section 2.1.1, 2.1.2, 2.1.3., and 2.1.4 exceed the lesser of either
(i) the Revolving Line or (ii) the Borrowing Base, Borrower must immediately pay in cash to Bank the excess. 
 and inserting in
lieu thereof the following: 
 “2.2 Overadvances. If, at any time, the Credit Extensions under Sections 2.1.1, 2.1.2,
2.1.3 and 2.1.4 exceed the lesser of either (i) the Revolving Line or (ii) the aggregate of (A) the Borrowing Base, plus (B) the Permitted Overadvances, Borrower shall immediately pay to Bank in cash such excess.”

  

	 	5.	The Loan Agreement shall be amended by deleting the following appearing as Section 6.7 entitled “Financial Covenants” in its entirety: 

 “6.7 Financial Covenants. Borrower shall maintain at all times, to be tested as of the last day of each month, unless otherwise noted:

 (a) Adjusted Quick Ratio. To be tested as of the last day of each month, beginning with the month ending
January 31, 2007, an Adjusted Quick Ratio of at least 1.25 to 1.0. 
 (b) Net Loss/Net Income. To be tested for
any such period with respect to which Borrower is unable to provide Bank with satisfactory evidence that Borrower’s Adjusted Quick Ratio is equal to or greater than 1.75 to 1.0), Borrower’s (1) Net Losses shall not exceed: (A) $*
for *, (B) $* for*, (C) $* for *, (D) $* for *, (E) $*for *, (F) $*for * (G) $* for *, and (2) Net Income shall be at least $* for *, and as of the last day * thereafter.” 
 and inserting in lieu thereof the following: 
 “6.7 Financial Covenants. Borrower shall maintain at all times, to be tested as of the last day of each month, unless otherwise noted: 

 (a) Adjusted Quick Ratio. To be tested as of the last day of each month:
(i) beginning with the month ending January 31, 2007, and as of the last day of each month thereafter, through and including November 30, 2007, and (ii) beginning with the month ending January 31, 2008, and as of the last
day of each month thereafter, an Adjusted Quick Ratio of at least 1.25 to 1.0. 
 (b) Net Loss/Net Income. To be
tested for any such period with respect to which Borrower is unable to provide Bank with satisfactory evidence that Borrower’s Adjusted Quick Ratio is equal to or greater than 1.75 to 1.0), Borrower’s (1) Net Losses shall not exceed:
(A) $* for *, (B) $* for *, (C) $* for *, (D) $* for * (E) $* for * (F) $* for *, and (2) Net Income shall be at least $* for * and as of the last day of * thereafter.” 
  

	 	6.	The Loan Agreement shall be amended by deleting the following definitions appearing in Section 13.1 thereof: 

 ““Revolving Line” is an Advance or Advances of up to Twenty-Five Million Dollars ($25,000,000.00).” 
 and inserting in lieu thereof the following: 
 ““Revolving Line” is an Advance or Advances in an aggregate amount of up to Twenty- Five Million Dollars ($25,000,000.00) (including Permitted Overadvances) outstanding at any time.” 
  

	 	7.	The Loan Agreement shall be amended by inserting the following definitions to appear alphabetically in Section 13.1 thereof: 

 ““Availability Amount” is: 
 (a) prior to January 31, 2008, (i) the lesser of (A) the Revolving Line or (B) the aggregate of (1) the Borrower Base, plus (2) the Permitted Overadvance, minus (ii) the amount of all outstanding Letters
of Credit (including drawn but unreimbursed Letters of Credit) plus an amount equal to the Letter of Credit Reserves, minus (iii) the FX Reserve, and minus (iv) the outstanding principal balance of any Advances (including any amounts used
for Cash Management Services). 
 (b) on and after February 1, 2008, the lesser of (i) the Revolving Line or (ii) the
Borrowing Base minus (b) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) plus an amount equal to the Letter of Credit Reserves, minus (c) the FX Reserve, and minus (d) the
outstanding principal balance of any Advances (including any amounts used for Cash Management Services). 
 “Permitted
Overadvances” is a Advance or Advances under the Revolving Line from the Fourth Loan Modification Date until January 31, 2008, in amount not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000.00) outstanding at any time.

 “Fourth Loan Modification Date” is December 26, 2007.” 
 “Settlement Date” is defined in Section 2.1.3.” 
  

	 	8.	The Borrowing Base Certificate appearing as Exhibit C to the Loan Agreement is hereby replaced with the Borrowing Base Certificate attached as Exhibit A hereto.

  

 4. FEES. Borrower shall pay to Bank a modification fee equal to Three Thousand Five Hundred Dollars ($3,500.00),
which fee shall be due on the date hereof and shall be deemed fully earned as of the date hereof. The Borrower shall also reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents.

 5. RATIFICATION OF NEGATIVE PLEDGE AGREEMENT. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a
certain Negative Pledge Agreement dated as of April 30, 2004, between Borrower and Bank, and acknowledges, confirms and agrees that said Negative Pledge Agreement, shall remain in full force and effect. 
 6. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain
Perfection Certificate dated as of April 30, 2004, between Borrower and Bank, and acknowledges, confirms and agrees the disclosures and information Borrower provided to Bank in the Perfection Certificate has not changed, as of the date hereof.

 7. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described above. 
 8. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security or other collateral granted to the
Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 
 9. NO DEFENSES OF BORROWER. Borrower hereby
acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims
against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 
 10. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, 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
Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the
intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 11. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank 
 [The remainder of this page is intentionally left blank] 
  

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

									
	BORROWER:	  	 	  	BANK:
			
	STEREOTAXIS, INC.	  		  	SILICON VALLEY BANK
					
	By:	  	  
	  		  	By:	  	  

	Name:	  		  		  	Name:	  	
	Title:	  		  		  	Title:	  	

 EXHIBIT A 
 BORROWING BASE CERTIFICATE 
  
  

													
	Borrower:	 	    Stereotaxis, Inc.	 		 		 		 		 	
	Lender:	 	    Silicon Valley Bank	 		 		 		 		 	
	Commitment Amount:    $25,000,000.00	 		 		 		 	

  
  

					
	 ACCOUNTS RECEIVABLE

	 1.
	  	Accounts Receivable Book Value as of
                        	  	$                            

	 2.
	  	Additions (please explain on reverse)	  	$                            

	 3.
	  	TOTAL ACCOUNTS RECEIVABLE	  	$                            

		
	 ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	  	
	 4.
	  	Amounts over 120 days due	  	$                            

	 5.
	  	Siemens accounts over 180 days due and are 60 day past due	  	
	 6.
	  	Balance of 50% over 120 day accounts (except Siemens accounts over 180 days due and are 60 day past due)	  	$                            

	 7.
	  	Credit balances over 90 days	  	$                            

	 8.
	  	Concentration Limits (in excess of $2,000,000.00 for individual account debtors, except Siemens in excess of $3,000,000.00)	  	$                            

	 9.
	  	Foreign Accounts	  	
	 10.
	  	Governmental Accounts	  	$                            

	 11.
	  	Contra Accounts	  	$                            

	 12.
	  	Promotion or Demo Accounts	  	$                            

	 13.
	  	Intercompany/Employee Accounts	  	$                            

	 14.
	  	Other (please explain on reverse)	  	$                            

	 15.
	  	TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS	  	$                            

	 16.
	  	Eligible Accounts (#3 minus #15)	  	$                            

	 17.
	  	LOAN VALUE OF ACCOUNTS ( 80% of #16)	  	$                            

		
	 ELIGIBLE FOREIGN ACCOUNTS
	  	
	 18.
	  	Eligible Foreign Accounts	  	$                            

	 19.
	  	LOAN VALUE OF ELIGIBLE FOREIGN ACCOUNTS (80% of #18, which shall be reduced to 40% of #18, if AQR <1.75: 1.0)	  	$                            

		
	 INVENTORY
	  	
	 20.
	  	Inventory Value as of                         	  	$                            

	 21.
	  	LOAN VALUE OF INVENTORY (lesser of 40% of #20 or 50% of #17 plus #19)	  	$                            

		
	 BALANCES
	  	
	 22.
	  	Maximum Loan Amount	  	$                            

	 23.
	  	Total Funds Available (Lesser of #22 or (#17 plus #19 and #21)	  	$                            

	 24.
	  	Present balance owing on Line of Credit	  	$                            

	 25.
	  	Outstanding under Sublimits (L/C, FX Contract, Cash Mgt. )	  	$                            

	 26.
	  	Permitted Overadances	  	$                            

	 27.
	  	RESERVE POSITION (#23 minus #24 and #25, plus #26)	  	$                            

 The undersigned represents and warrants that this is true, complete and correct, and that the information in
this Borrowing Base Certificate complies with the representations and warranties in the Loan and Security Agreement between the undersigned and Silicon Valley Bank. 
  

											
		  		  		 	BANK USE ONLY
		 	Received by:	 	  

	COMMENTS:	  		 		 	 AUTHORIZED SIGNER

	By:	  	  
	  		 	Date:	 	  

		  	 Authorized Signer
	  		 	Verified:	 	  

		  		  		 		 	 AUTHORIZED SIGNER

		  		  		 	Date:	 	  

		  		  		 	Compliance Status:	  	 Yes         No

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