Document:

<PAGE>
                                                                   Exhibit 10.17
                          AT-WILL EMPLOYMENT AGREEMENT

It is understood and agreed that the employment by Stereotaxis, Inc., a Delaware
corporation (the "Company" or "Stereotaxis"), of the employee named below
("Employee") shall be subject to the terms and conditions of this At-Will
Agreement ("Agreement").

1.     Position; Salary; Incentive Compensation; Termination.

1.1  Position: Employee shall serve as Vice President and Chief Financial
     Officer or in such other capacity or capacities as Stereotaxis may from
     time to time direct. Employee shall report to Bevil J. Hogg or such other
     person as he may from time to time direct. Employee's supervisor shall
     schedule employee's hours of work and Employee's position with the Company
     is Exempt.

1.2  Salary: Employee shall be paid a base salary equivalent to $200,000
     (annualized) in semi-monthly installments, which shall be subject to
     applicable withholdings and deductions (pro-rated based on Employee's start
     date). Employee shall also have an incentive bonus opportunity of up to 25%
     of his salary subject to attainment of goals (pro-rated based on Employee's
     start-date) as provided for in the Employee's offer letter.

1.3  Incentive Compensation: Employee shall be granted an option to purchase up
     to 250,000 shares of stock in accordance with the Company's 2002 Incentive
     Stock Incentive Plan in accordance with the terms of his offer letter.

1.4  Termination: If Employee is terminated without cause, Employee shall be
     eligible for up to 12 months of salary continuation under certain
     circumstances as defined in his offer letter.

2.     Vacation and Sick Leave Benefits (PTO).

The terms and conditions under which Employee is eligible for paid time off
(PTO) is governed by the Employee Handbook; however, the number of vacation and
sick leave days available to Employee will be as described in his offer letter.

3.     Company Benefits.

While employed by the Company, Employee shall be entitled to receive the
benefits of employment as the Company may offer from time to time. Employee
agrees that as a condition of Employee's employment by the Company that Employee
will be bound and subject to the terms and conditions of the Company's Employee
Handbook. The Employee Handbook may be revised from time to time at the sole
discretion of the Company.

4.     Attention to Duties; Conflict of Interest.

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 perform all duties and services in a faithful and
diligent manner and to the best of Employee's abilities. Employee shall not,
without the Company's prior written consent, render to others, services of any
kind for compensation, or engage in any other business activity that would
materially interfere with the performance of Employee's duties under this
Agreement. Employee represents that Employee has no other outstanding
commitments inconsistent with any of the terms of this Agreement or the services
to be rendered to Stereotaxis. While employed by the Company, Employee shall
not, directly or indirectly, whether as a partner, employee, creditor,
shareholder, or otherwise, promote, participate or engage in any activity or
other business competitive with the Company's business. Employee shall not
invest in any company or business, which competes in any manner with the
Company, except those companies whose securities are listed on the national
securities exchanges.
<PAGE>
5.   Proprietary Information.

Employee agrees to be bound by the terms of the Confidentiality and Non-compete
Agreement and exhibits thereto, which are attached as Exhibit A and
incorporated by this reference ("Confidentiality and Noncompete Agreement"),
and, by the rules of confidentiality promulgated by Stereotaxis from time to
time.

6.   At-Will employer.

The Company is an "at-will" employer. This means that the Company may terminate
Employee's employment at any time, with or without cause, and that Employee may
terminate Employee's employment at any time, 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, if any, shall alter Employee's status as an
"at-will" employee or create any implied contract of employment. Discussion of
possible or potential benefits in future years is not an express or implied
promise of continued employment. No manager, supervisor or officer of
Stereotaxis has the authority to change Employee's status as an "at-will"
employee. The "at-will" nature of the employment relationship with Employee can
only be altered by a written agreement signed by each member of the Board of
Directors of Stereotaxis. No position within Stereotaxis is considered
permanent.

7.   Binding Arbitration.

Any dispute, claim or controversy with respect to Employee's termination of
employment with the Company (whether the termination of employment is voluntary
or involuntary), and any dispute, claim or controversy with respect to
incidents or events leading to such termination or the method or manner of such
termination, and any question of arbitrability hereunder, shall be settled
exclusively by arbitration.

Employee and Stereotaxis each waive their constitutional rights to have such
matters determined by a jury. Instead of a jury trial, Stereotaxis and Employee
shall choose an arbitrator. Arbitration is preferred because, among other
reasons, it is quicker, less expensive and less formal than litigation in court.

The arbitrator shall not have the authority to alter, amend, modify, add to or
eliminate any condition or provision of this Agreement, including, but not
limited to, the "at-will" nature of the employment relationship. 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 alleged wrong or violation, all remedies regarding such
alleged wrong or violation shall be waived.

Should any court determine that any provision(s) of this Agreement to arbitrate
is void or invalid; the parties specifically intend every other provision of
this Agreement to arbitrate to remain enforceable and intact. The parties
explicitly and definitely prefer arbitration to recourse to the courts, for the
reasons described above, and have prescribed arbitration as their sole and
exclusive method of dispute resolution.

8.   No Inconsistent Obligations.

Employee represents that Employee is not aware of any obligations, legal or
otherwise, inconsistent with the terms of this Agreement or Employee's
undertakings under this Agreement.

9.   Miscellaneous.

Stereotaxis may assign this Agreement and Employee's employment to an affiliated
entity to which the operations it currently manages are transferred.
<PAGE>
No promises or changes in Employee's status as an employee of the Company or any
of the terms and conditions of this Agreement can be made unless they are made
in writing and approved by the Board of Directors of Stereotaxis. This
Agreement and the terms and conditions described in it cannot be changed orally
or by any conduct of either Employee or Stereotaxis or any course of dealings
between Employee, or another person and Stereotaxis.

Unless otherwise agreed upon in writing by the parties, Employee, after
termination of any employment, shall not seek nor accept employment with the
Company in the future and the Company is entitled to reject without cause any
application for employment with the Company made by Employee, and not hire
Employee. Employee agrees that Employee shall have no cause of action against
the Company arising out of any such rejection.

This agreement and performance under it, and any suits or special proceedings
brought under it, shall be construed in accordance with the laws of the United
States of America and the State of Missouri and any arbitration, mediation or
other proceeding arising hereunder shall be filed and adjudicated in St. Louis,
Missouri.

If any term or condition, or any part of a term or condition, of this Agreement
shall prove to be invalid, void or illegal, it shall in no way affect, impair
or invalidate any of the other terms or conditions of this Agreement, which
shall remain in full force and effect.

The failure of either party to enforce any provision of this Agreement shall
not be construed as a waiver of or acquiescence in or to such provision.

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. The captions
to this Agreement and its sections, subsections, tables and exhibits are
inserted only for convenience and shall not be construed as part of this
Agreement or as a limitation on or broadening of the scope of this Agreement or
any section, subsection, table or exhibit.

Employee and Stereotaxis have executed this Agreement and agree to enter into
and be bound by the provisions hereof as of 3/22/04.

THIS CONTRACT CONTAINS A BINDING ARBITRATION PROVISION, WHICH MAY BE ENFORCED
BY THE PARTIES.

STEREOTAXIS, INC.

By:     /s/ BEVIL J. HOGG
       ------------------------------------
Name:  Bevil J. Hogg, President and CEO

TIMOTHY J. MORTENSON

Signature: /s/ TIMOTHY J. MORTENSON
          ---------------------------------
<PAGE>
                                   EXHIBIT A

                    CONFIDENTIALITY AND NONCOMPETE AGREEMENT

This Confidentiality and Noncomplete Agreement ("Agreement") is made and
entered into this 22nd day of March, 2004, by and between Stereotaxis, Inc., a
Delaware corporation ("Company"), and Timothy J. Mortenson, ("Employee").

WHEREAS, Company is engaged in, among other things, the business of
researching, marketing and selling medical devices. The Company is
headquartered and its principal place of business is located in St. Louis,
Missouri;

WHEREAS, Company has expended a great deal of time, money and effort to develop
and maintain its proprietary Confidential and Trade Secret Information (as
defined herein) which provides it with a significant competitive advantage;

WHEREAS, the success of Company depends to a substantial extent upon the
protection of its Confidential and Trade Secret Information and customer
goodwill by all of its employees;

WHEREAS, Employee desires to be employed, or to continue to be employed, by
Company to provide managerial, administrative, technical and/or sales services
for Company; to be eligible for opportunities for advancement within Company
and/or compensation increases which otherwise would not be available to
Employee; and to be given access to Confidential and Trade Secret Information
of Company which is necessary for Employee to perform his or her job, but which
Company would not make available to Employee but for Employee's signing and
agreeing to abide by the terms of this Agreement as a condition of Employee's
employment and continued employment with Company. Employee recognizes and
acknowledges that Employee's position with Company has provided and/or will
continue to provide Employee with access to Company's Confidential and Trade
Secret Information;

WHEREAS, Company compensates its employees to, among other things, develop and
preserve goodwill with its customers on Company's behalf and business
information for Company's ownership and use;

WHEREAS, If Employee were to leave Company, Company, in all fairness, would
need certain protections in order to prevent competitors of Company from
gaining an unfair competitive advantage over Company and/or diverting goodwill
from Company, and to prevent misuse or misappropriation by Employee of the
Confidential and Trade Secret Information;

WHEREAS, Company desires to obtain the benefit of the services of Employee and
Employee is willing to render such services on the terms and conditions
hereinafter set forth;

NOW, THEREFORE, In consideration of the compensation and other benefits of
Employee's employment by Company and the recitals, mutual covenants and
agreements hereinafter set forth, Employee and Company agrees as follows:

1.   Employment Services.

     1.1   Employee agrees that throughout Employee's employment with Company,
           Employee will (i) faithfully render such services as may be delegated
           to Employee by Company, (ii) devote Employee's entire business time,
           good faith, best efforts, ability, skill and attention to Company's
           business, and (iii) follow and act in accordance with all of
           Company's rules, policies and procedures of Company, including, but
           not limited to, working hours, sales and promotion policies and
           specific Company rules.

     1.2   "Company" means Stereotaxis, Inc. or one of its subsidiaries;
           whichever is Employee's employer. The "Subsidiary" means any
           corporation, joint venture or other business
<PAGE>
     organization in which Stereotaxis, Inc. now or hereafter, directly or
     indirectly, owns or controls more than fifty percent (50%) interest.

2.   Confidential and Trade Secret Information.

     2.1   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 proprietary Confidential and Trade Secret
           Information.

     2.2   "Confidential and Trade Secret Information" includes any information
           pertaining to Company's business which is not generally known in the
           medical devices industry, such as, but not limited to, trade secrets,
           know-how processes, designs, products, documentation, quality control
           and assurance inspection and test data, production schedules,
           research and development plans and activities, equipment
           modifications, product formulae and production and recycling records,
           standard operating procedure and validation records, drawings,
           apparatus, 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 and compilation by the Company of technical
           or business information in the public domain, margins, customers,
           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, mailing lists and
           information concerning relationships between Company and its
           employees or customers.

     2.3   During Employee's employment, Employee will not copy, reproduce or
           otherwise duplicate, record, abstract, summarize or otherwise use,
           any papers, records, reports, studies, computer printouts, equipment,
           tools or other property owned by the Company, except as expressly
           permitted or required for the proper performance of his or her duties
           on behalf of the Company.

3.   Post-Termination Restrictions.

Employee recognizes that (i) Company has spent substantial money, time and
effort over the years in and in developing its Confidential and Trade Secret
Information; (ii) Company pays its employees to, among other things, develop
and preserve business information, customer goodwill, customer loyalty and
customer contacts for and on behalf of Company; and (iii) Company is hereby
agreeing to employ and pay Employee based upon Employee's assurances and
promises contained herein not to put himself or herself in a position following
Employee's employment with Company in which the confidentiality of Company's
information might somehow be compromised. Accordingly, Employee agrees that
during Employee's employment with Company, and for a period of two years
thereafter, regardless of how Employee's termination occurs and regardless of
whether it is with or without cause. Employee will not, directly or indirectly
(whether as owner, partner, consultant, employee or otherwise):

     3.1   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
           which is engaged, or will be engaged, in the 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 or Trade
           Secret Information while at Company ("Competitive Work"), and which
           Employee seeks to serve in any market which was being served by
           Employee at the time of Employee's termination or was served at any
           time during Employee's last six (6) months of employment by Company.
           Competitive Work shall be
<PAGE>
               limited to the field of magnetic instrument guidance and related
               therapeutic agents or devices;

          3.2  solicit, call on or in any manner cause or attempt to cause, or
               provide any Competitive Work to any customer or active
               prospective customer of the Company with whom Employee dealt, or
               on whose account he or she worked for which Employee was
               responsible, or with respect to which Employee was provided or
               had access to Confidential and Trade Secret Information to
               divert, terminate, limit, modify or fail to enter into any
               existing or potential relationship with Company; and

          3.3  induce or attempt to induce any Employee, consultant or advisor
               of Company to accept employment or an affiliation with an
               organization other than Stereotaxis.

4.        Acknowledgement Regarding Restrictions.

Employee recognizes and agrees that the restraints contained in Section 3 are
reasonable and enforceable in view of Company's legitimate interests in
protecting its Confidential and Trade Secret Information and customer goodwill.
Employee understands that the post-employment restrictions contained herein
will preclude, for a time, Employee's employment with such major competitors of
Company in the field of magnetic instrument guidance. Employee understands that
the restrictions of Section 3 are not limited geographically in view of
Company's nationwide operations and the Confidential and Trade Secret
Information and customers to which Employee had access.

5.        Inventions.

          5.1  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 time that
               Employee is employed by Company, whether or not during working
               hours, that relate to (i) current and anticipated businesses
               and/or activities of Company, (ii) Company's current and
               anticipated research or development, or (iii) any work performed
               by Employee for Company, shall be the sole and exclusive property
               of Company, and Company shall own any and all right, title and
               interest to such. Employee assigns and agrees to assign to
               Company any and all right, title and interest in and to any such
               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, 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.

          5.2  Paragraph 5(*.1) 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
               Company's 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.

6.        Company Property.

Employee acknowledges that any an all notes, records, sketches, computer
diskettes, training materials and other documents relating to the Company
obtained by or provided to Employee, or otherwise made, produced or compiled
during the course of Employee's employment with Company regardless of the type
of medium in which they are preserved, are the sole and exclusive property of
Company and shall be

<PAGE>
surrendered to Company upon Employee's termination of employment and on demand
at any time by Company.

7.     Non-Waiver of Rights.

Company's failure to enforce at any time any of the provisions of this
Agreement or to require at any time performance by Employee of any of the
provisions hereof 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.

8.     Company's Right to Injunctive Relief.

In the event of a breach or threatened breach of any of Employee's duties and
obligations under the terms and provisions of Sections 2, 3 and 5 hereof,
Company shall be entitled, in addition to any other legal or equitable remedies
it may have in connection therewith (including any right to damages that may
suffer), to temporary, preliminary and permanent injunctive relief restraining
such breach or threatened breach. Employee hereby expressly acknowledges that
the harm which might result to Company's business as a result of any
noncompliance by Employee with any of the provisions of Sections 2, 3 or 5
would be largely irreparable. Employee specifically agrees that if there is a
question as to the enforceability of any of the provisions of Sections 2, 3 or
5 hereof, Employee will not engage in any conduct inconsistent with or contrary
to such Sections until after the question has been resolved by a final judgment
of a court of competent jurisdiction.

9.     Invalidity of Provisions.

If any provision of this Agreement is adjudicated to be invalid or
unenforceable under applicable law in any jurisdiction, the validity or
enforceability of the remaining provisions thereof shall be unaffected as to
such jurisdiction and such adjudication shall not affect the validity or
enforceability of such provisions in any other jurisdiction. To the extent that
any provision of this Agreement is adjudicated to be invalid or unenforceable
because it is overbroad, that provision shall not be void, but rather shall be
limited only to the extent required by applicable law and enforced as to
limited. The parties expressly acknowledge and agree that this Section is
reasonable in view of the parties' respective interests.

10.   Employee Representations.

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.

11.   Company's Right to Recover Costs and Fees.

Employee agrees that if Employee breaches or threatens to breach this
Agreement, Employee shall be liable for any attorneys' fees and costs incurred
by the Company in enforcing its rights under this Agreement in the event that a
court determines that Employee has breached this Agreement or if the Company
obtains injunctive relief against the Employee and is successful on the merits
of its claim against employee.

12.   Employment at Will.

Employee acknowledges that employee is, and at all times will be, an
employee-at-will of Company and nothing contained herein shall be construed to
alter or affect such employee-at-will status.

13.   Exit Interview.

To ensure a clear understanding of this Agreement, Employee agrees, at the time
of termination of Employee's employment, to engage in an exit interview with
Company at a time and place designated by Company and at Company's expense.
Employee understands and agrees that during said exit interview,
<PAGE>
Employee may be required to confirm that Employee will comply with Employee's
obligations under Sections 2, 3 and 5 of this Agreement. Company may elect, at
its option, to conduct the exit interview by telephone.

14. Amendments.

No modification, amendment or waiver of any of the provisions of this Agreement
shall be effective unless in writing specifically referring hereto, and signed
by the parties hereto. This Agreement supersedes all prior agreements and
understandings between Employee and Company to the extent that any such
agreements or understandings conflict with the terms of this Agreement.

15. Assignments.

This Agreement shall be freely assignable by Company to, and shall inure to
the benefit of, and be binding upon, Company, its successors and assigns and/or
any other entity which shall succeed to the business presently being conducted
by Company. Being a contract for personal services, neither this Agreement nor
any rights hereunder shall be assigned by Employee.

16. Choice of Forum and Governing Law.

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: (i) 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 (ii) the Agreement
shall be interpreted in accordance with the governed by the laws of the State of
Missouri, with regard for any conflict of law principles.

17. Headings.

Section headings are provided in this Agreement for convenience only and shall
not be deemed to substantially alter the content of such sections.

PLEASE NOTE: 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 (D) UNDERSTANDS EMPLOYEE'S RIGHTS AND OBLIGATIONS UNDER THE
AGREEMENT.

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

/s/ TIMOTHY J. MORTENSON
----------------------------------
Timothy J. Mortenson

/s/ BEVIL J. HOGG
----------------------------------
Sterotaxis, Inc.<PAGE>
                                                                   EXHIBIT 10.21

                          LOAN AND SECURITY AGREEMENT
                               Stereotaxis, Inc.
                                January 31, 2002

<PAGE>
                                                                               .
                                                                               .
                                                                               .
                               TABLE OF CONTENTS

<Table>
<Caption>
                                                                          PAGE
                                                                          ----
<S>   <C>                                                                   <C>
1     ACCOUNTING AND OTHER TERMS .......................................    3
2     LOAN AND TERMS OF PAYMENT ........................................    3
   2.1 Credit Extensions ...............................................    3
   2.1.1  Equipment Loan ...............................................    3
   2.2  Interest Rate: Payments ........................................    4
   2.3  Agreements Regarding Interest and Other Charges.................    4
   2.4  Fees ...........................................................    5
   2.5  Additional Costs ................................................   5
3     CONDITIONS OF LOAN ...............................................    5
   3.1  Conditions Precedent to Initial Credit Extension ...............    5
   3.2  Reserved .......................................................    5
4     CREATION OF SECURITY INTEREST ....................................    5
   4.1  Grant of Security Interest .....................................    5
   4.2  Reserved .......................................................    6
5     REPRESENTATIONS AND WARRANTIES ...................................    6
   5.1  Due Organization and Authorization .............................    6
   5.2  Collateral .....................................................    6
   5.3  Litigation .....................................................    6
   5.4  No Material Adverse Change in Financial Statements .............    6
   5.5  Solvency .......................................................    6
   5.6  Regulatory Compliance ..........................................    7
   5.7  Subsidiaries ...................................................    7
   5.8  Full Disclosure ................................................    7
6     AFFIRMATIVE COVENANTS ............................................    7
   6.1   Government Compliance ..........................................   7
   6.2   Financial Statements, Reports, Certificates ....................   7
   6.3   Inventory; Returns .............................................   8
   6.4   Taxes ..........................................................   8
   6.5   Insurance ......................................................   8
   6.6   Bank Accounts ..................................................   9
   6.7   Further Assurances .............................................   9
   6.8   Financial Covenants.............................................   9
   6.9   Expense Tracking ...............................................   9
   6.10  FDA Approval ...................................................   9
   6.11  Equity Financing/IPO ...........................................   9
7     NEGATIVE COVENANTS ................................................   9
   7.1  Dispositions ....................................................   9
   7.2  Changes in Business, Ownership, Management or Business Locations    9
   7.3  Negative Pledge .................................................  10
   7.4  Mergers or Acquisitions .........................................  10
   7.5  Indebtedness ....................................................  10
</TABLE>
<PAGE>
        <Table>
        <S>   <C>                                                                <C>
        7.6   Encumbrance....................................................... 10
        7.7   Investments, Distributions........................................ 10
        7.8   Transactions with Affiliates...................................... 10
        7.9   Subordinated Debt................................................. 10
        7.10  Compliance........................................................ 10
     8        EVENTS OF DEFAULT................................................. 11
        8.1   Payment Default................................................... 11
        8.2   Covenant Default.................................................. 11
        8.3   Material Adverse Change........................................... 11
        8.4   Attachment........................................................ 11
        8.5   Insolvency........................................................ 11
        8.6   Other Agreements.................................................. 12
        8.7   Judgments......................................................... 12
        8.8   Misrepresentations................................................ 12
     9        BANK'S RIGHTS AND REMEDIES........................................ 12
        9.1   Rights and Remedies............................................... 12
        9.2   Power of Attorney................................................. 13
        9.3   Accounts Collection............................................... 13
        9.4   Bank Expenses..................................................... 13
        9.5   Bank's Liability for Collateral................................... 13
        9.6   Remedies Cumulative............................................... 13
        9.7   Demand Waiver..................................................... 14
    10        NOTICES........................................................... 14
    11        CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER ....................... 14
    12        GENERAL PROVISIONS................................................ 14
        12.1  Successors and Assigns............................................ 14
        12.2  Indemnification................................................... 14
        12.3  Time of Essence................................................... 15
        12.4  Severability of Provision......................................... 15
        12.5  Amendments in Writing, Integration................................ 15
        12.6  Counterparts...................................................... 15
        12.7  Survival.......................................................... 15
        12.8  Confidentiality................................................... 15
        12.9  Attorneys' Fees, Costs and Expenses............................... 15
    13        DEFINITIONS....................................................... 16
        13.1  Definitions....................................................... 16
        </Table>

<PAGE>
                           LOAN AND SECURITY AGREEMENT

         THIS LOAN AND SECURITY AGREEMENT (this "Agreement") dated January 31,
2002 between SILICON VALLEY BANK ("Bank"), whose address is 3003 Tasman Drive,
Santa Clara, California 95054, with a loan production office located at 230 West
Monroe, Suite 720, Chicago, Illinois 60606, and STEREOTAXIS, INC. ("Borrower"),
a Delaware corporation with chief executive offices located at 4041 Forest Park
Avenue, St. Louis, Missouri 63108, provides the terms on which Bank will lend to
Borrower and Borrower will repay Bank. The parties agree as follows:

1 ACCOUNTING AND OTHER TERMS

         Accounting terms not defined in this Agreement will be construed
following GAAP. Calculations and determinations must be made following GAAP. The
term "financial statements" includes the notes and schedules. The terms
"including" and "includes" always mean "including (or includes) without
limitation" in this or any Loan Document. Capitalized terms in this Agreement
shall have the meanings set forth in Section 13. This Agreement shall be
construed to impart upon Bank a duty to act reasonably at all times.

2 LOAN AND TERMS OF PAYMENT

2.1 CREDIT EXTENSIONS. Borrower will pay Bank the unpaid principal amount of all
Credit Extensions and interest on the unpaid principal amount of all Credit
Extensions.

2.1.1 EQUIPMENT LOAN.

         (a) Bank will make an Equipment Loan available to Borrower. The
Equipment Loan shall be funded by a single advance to be executed no later than
January 31, 2002 (the "Equipment Advance"). The Equipment Advance may only be
used to finance or pay for Eligible Equipment purchased on or after August 1,
2001. The Equipment Advance may not exceed 100% of the invoice for Eligible
Equipment and up to 30% of the Equipment Advance may include soft costs, such as
transferable software licenses, leasehold improvements, sales taxes, shipping,
warranty charges, freight discounts and installation expenses. By June 30, 2002,
Borrower shall have submitted to Bank invoices for Eligible Equipment equal to
the amount of the Equipment Loan. In the event Borrower fails to submit to Bank
by June 30, 2002, invoices for Eligible Equipment equal to the Equipment Loan,
Bank may demand, and Borrower shall pay to Bank, the difference between the
Equipment Loan and the amount of the invoices for Eligible Equipment submitted
to the Bank. If Borrower is required to make a pay down in accordance with the
preceding provision, the Equipment Loan Payment shall be adjusted pro-rata.

         (b) Borrower will pay 36 equal monthly installments of principal plus
accrued interest of $64,000 (the "Equipment Loan Payment"), with the first and
last payment due on the Closing Date and deducted from the Equipment Advance.
Each subsequent Equipment Loan Payment is payable on the first day of each
month, commencing on March 1, 2002 and continuing on the first day of each month
until 36 months after the Advance (the "Equipment Loan Maturity Date") when all
outstanding principal and interest will be due and payable.

<PAGE>

Interest accrues at the rate in Section 2.2(a). The Equipment Loan when repaid
may not be reborrowed.

         (c) To obtain the Equipment Advance, Borrower must deliver to Bank the
Payment/Advance Form attached as Exhibit B which must be signed by a Responsible
Officer and include a copy of the invoices for the Eligible Equipment being
financed. Bank shall credit the Equipment Advance to Borrower's deposit account.
Borrower can transfer the Equipment Advance from Borrower's account on the date
the Bank makes the Equipment Advance, if the transfer is within regular business
hours of the Bank. Bank may make the Equipment Advance under this Agreement
based on instructions from a Responsible Officer or his or her designee. Bank
may rely on any telephone notice given by a person whom Bank believes is a
Responsible Officer or designee.

2.2 INTEREST RATE: PAYMENTS.

         (a) Interest Rate. The Equipment Loan accrues interest on the
outstanding principal balance at the rate of 10 per cent per annum. After an
Event of Default, Obligations accrue interest at 5 percent above the rate
effective immediately before the Event of Default. Interest is computed on a
360-day year for the actual number of days elapsed.

         (b) Payments. Interest and principal on the Equipment Loan is payable
on the first day of each month following the Advance under the Equipment Loan.
Bank may debit any of Borrower's deposit accounts including Account Number
501569370 for principal and interest payments or any other amounts that Borrower
owes Bank under this Agreement if the same are not paid within fifteen days of
the date when due. Bank will notify Borrower when it debits Borrower's accounts.
These debits are not a set-off. Payments received after 12:00 noon Pacific time
are considered received at the opening of business on the next Business Day.
When a payment is due on a day that is not a Business Day, the payment is due
the next Business Day.

         (c) Pre-Payments. Borrower shall be allowed to prepay the Equipment
Loan without premium or penalty, except with respect to the Final Payment,
described in Section 2.2(d) below.

         (d) Final Payment. On the date of the final Equipment Loan Payment, or
upon prepayment of the Equipment Loan in full, Borrower will pay, in addition to
the unpaid principal and accrued interest and all other amounts due on such date
with respect to the Equipment Loan, an amount equal to the Final Payment.

2.3 AGREEMENTS REGARDING INTEREST AND OTHER CHARGES.

         Borrower and the Bank agree that the only charges imposed or to be
imposed by Bank upon Borrower for the use of money in connection with the
Obligations is and will be the interest required to be paid under the provisions
of this Agreement as well as the related provisions of the Loan Documents, the
amount of interest due and payable under this Agreement or the Loan Documents
will not exceed the maximum rate of interest allowed by applicable law and, if
any payment is made by Borrower or received by Bank in excess of such payment,
such sum shall be credited as a payment of principal. It is the express intent
that Borrower not pay and the Bank

                                       4
<PAGE>

not receive, directly or indirectly or in any manner, interest in excess of that
which may be lawfully paid under applicable law. All interest and other charges,
fees or other amounts deemed to be interest which are paid or agreed to be paid
to Bank under this Agreement or the Loan Documents shall, to the maximum extent
permitted by applicable law, be amortized, allocated and spread on a pro-rata
basis throughout the entire actual term of the Obligations. Any and all fees
payable under this Agreement are not intended, and will not be deemed to be
interest or a charge for use of money, but rather will constitute an "other
charge."

2.4 FEES. Borrower will pay to Bank:

         (a) Facility Fee. A facility fee of $10,000 for the Equipment Loan
shall be paid upon execution of this Agreement; and

         (b) Bank Expenses. All Bank Expenses incurred through and after the
date of this Agreement, are payable when due.

2.5 ADDITIONAL COSTS. If, after the date hereof, any new law or regulation
increases Bank's costs or reduces its income for any loan to a level that would
have been achieved but for such new regulation or law, Borrower will pay the
increase in cost or reduction in income or additional expense; provided,
however, that Borrower shall not be liable for any amount attributable to any
period before 180 days prior to the date Bank notifies Borrower of such
increased costs. Bank agrees that it will allocate any increased costs among its
customers similarly affected in good faith and in a manner consistent with
Bank's customary practice.

3 CONDITIONS OF LOAN

3.1 CONDITIONS PRECEDENT TO INITIAL CREDIT EXTENSION. Bank's obligation to make
the initial Credit Extension is subject to the conditions precedent that the
Borrower executes, and the Bank receives (i) a fully executed copy of this
Agreement; (ii) a fully executed copy of the Warrant Agreement, attached hereto
as Exhibit D; (iii) all executed financing statements, termination statements,
and subordination agreements which the Bank requires; (iv) corporate resolutions
authorizing Borrower to enter into the Agreement; (v) the opinion of Borrower's
counsel in a form acceptable to the Bank; (vi) timely receipt of Payment/Advance
Form attached hereto as Exhibit B; and (vii) the representations and warranties
in Section 5 must be materially true on the date of the Payment/Advance Form.
Bank shall have received from Borrower revised balance sheet projections
reclassifying equipment from research and development expenses to capitalized
fixed assets.

3.2 RESERVED.

4 CREATION OF SECURITY INTEREST

4.1 GRANT OF SECURITY INTEREST. Borrower grants Bank a continuing security
interest in all presently existing and later acquired Collateral, and the
proceeds of all Collateral, to secure all Obligations and performance of each of
Borrower's duties under the Loan Documents. Except for Permitted Liens, any
security interest will be a first priority security interest in the Collateral.

                                       5
<PAGE>

Bank may place a "hold" on any deposit account pledged as Collateral. If the
Agreement is terminated, Bank's lien and security interest in the Collateral
will continue until Borrower fully satisfies its Obligations.

4.2 RESERVED.

5 REPRESENTATIONS AND WARRANTIES

         Borrower represents and warrants as follows:

5.1 DUE ORGANIZATION AND AUTHORIZATION. Borrower is duly existing under the laws
of the state of Delaware and qualified and licensed to do business in, and in
good standing in, any state in which the conduct of its business or its
ownership of property requires that it be qualified, except where the failure to
do so could not reasonably be expected to cause a Material Adverse Change.

         The execution, delivery and performance of the Loan Documents have been
duly authorized, and do not conflict with any of Borrower's formation documents,
nor constitute an event of default under any material agreement by which
Borrower is bound. Borrower is not in default under any agreement to which or by
which it is bound in which the default could cause a Material Adverse Change.

5.2 COLLATERAL. Borrower has good title to the Collateral, free of Liens except
Permitted Liens. All inventory is in all material respects of good and
marketable quality, free from material defects except for work in process and
inventory, which due to manufacturing yield issues, may not be free from defect.
Borrower is the sole owner of, or has adequate license rights in, the
Intellectual Property, except for non-exclusive licenses granted to its
customers in the ordinary course of business. No patent has been judged invalid
or unenforceable, in whole or in part, and no claim has been made that any
patent violates the rights of any third party, except to the extent such
invalidity, unenforceability or claim could not reasonably be expected to cause
a Material Adverse Change.

5.3. LITIGATION. Except as identified in Schedule 1, there are no actions or
proceedings pending or, to Borrower's knowledge, threatened by or against
Borrower in which an adverse decision that could cause a Material Adverse Change
is reasonably likely.

5.4 NO MATERIAL ADVERSE CHANGE IN FINANCIAL STATEMENTS. All historical
consolidated financial statements for Borrower, and any Subsidiary, delivered to
Bank fairly present, at the time the statements were created, in all material
respects Borrower's consolidated financial condition and Borrower's consolidated
results of operations as of the date thereof. There has not been any material
deterioration in Borrower's consolidated financial condition since the date of
the most recent financial statements submitted to Bank.

5.5 SOLVENCY. The fair salable value of Borrower's assets (including goodwill
minus disposition costs) exceeds the fair value of its liabilities; the Borrower
is not left with

                                       6
<PAGE>

unreasonably small capital after the transactions in this Agreement; and
Borrower is able to pay its debts (including trade debts) as they mature.

5.6 REGULATORY COMPLIANCE. Borrower is not a registered investment company, or
required to register as an investment company, or a company controlled by a
registered investment company under the Investment Company Act. Borrower is not
engaged as one of its important activities in extending credit for margin stock
(under Regulations T and U of the Federal Reserve Board of Governors). Borrower
has complied with the Federal Fair Labor Standards Act. Borrower has not
violated any laws, ordinances or rules, the violation of which could cause a
Material Adverse Change. None of Borrower's or any Subsidiary's properties or
assets has been used by Borrower or any Subsidiary or, to the best of Borrower's
knowledge, by previous Persons, in disposing, producing, storing, treating, or
transporting any hazardous substance. Borrower and each Subsidiary has timely
filed all required tax returns and paid, or made adequate provision to pay, all
taxes, except those being contested in good faith. Borrower and each Subsidiary
has obtained all consents, approvals and authorizations of, made all
declarations or filings with, and given all notices to, all government
authorities that are necessary to continue its business as currently conducted.

5.7 SUBSIDIARIES. Borrower does not own any stock, partnership interest or other
equity securities except for Permitted Investments.

5.8 FULL DISCLOSURE. No representation, warranty or other statement of Borrower
in any certificate or written statement given to Bank contains any untrue
statement of a material fact or omits to state a material fact necessary to make
the statements contained in the certificates or statements not misleading in any
material respect.

6 AFFIRMATIVE COVENANTS

         Borrower will do all of the following:

6.1 GOVERNMENT COMPLIANCE. Borrower shall maintain its and all Subsidiaries'
legal existence and good standing in its jurisdiction of formation and maintain
qualification in each jurisdiction in which the failure to so qualify is
reasonably likely to have a material adverse effect on Borrower's business or
operations. Borrower shall comply, and have each Subsidiary comply, with all
laws, ordinances and regulations to which it is subject, noncompliance with
which is reasonably likely to have a material adverse effect on Borrower's
business or operations or cause a Material Adverse Change.

6.2 FINANCIAL STATEMENTS, REPORTS, CERTIFICATES.

         (a) Borrower shall deliver to Bank: (i) as soon as available, but no
later than 30 days after the last day of each month, a company prepared
consolidated balance sheet and income statement covering Borrower's consolidated
operations during the period, in a form reasonably acceptable to Bank and
certified by a Responsible Officer; (ii) as soon as available, but no later than
120 days after the last day of Borrower's fiscal year, audited consolidated
financial statements prepared under GAAP, consistently applied, together with an
unqualified opinion on

                                        7

<PAGE>

the financial statements from an independent certified public accounting firm
reasonably acceptable to Bank; (iii) within 5 days of filing, copies of all
statements, reports and notices filed or made available to any government agency
or to any holders of Subordinated Debt; (iv) a prompt report of any legal
actions pending or threatened against Borrower or any Subsidiary that could
result in damages or costs to Borrower or any Subsidiary of $150,000 or more;
(v) prompt notice of any material change in the composition of the Intellectual
Property, including any subsequent ownership right of Borrower in or to any
Copyright, Patent or Trademark not shown in any intellectual property security
agreement between Borrower and Bank or knowledge of an event that materially
adversely affects the value of the Intellectual Property; and (vi) an annual
budget approved by the Board and will provide as soon as available, but no later
than 30 days after requested, sales projections, operating plans or other
financial information requested by the Bank, which request, absent an Event of
Default, shall not occur more than once per calendar year.

         (b) Within 30 days after the last day of each month, Borrower will
deliver to Bank with the monthly financial statements a Compliance Certificate
signed by a Responsible Officer in the form of Exhibit C.

         (c) Bank has the right to audit the Collateral once per calendar year
absent an Event of Default, and to require certification of the existence of the
Collateral, once per calendar year absent an Event of Default, at Borrower's
expense.

6.3 INVENTORY; RETURNS. Borrower will keep all Inventory in good and marketable
condition, free from material defects. Returns and allowances between Borrower
and its account debtors will follow Borrower's practices as they exist at
execution of the Agreement. Borrower must promptly notify Bank of all returns,
recoveries, disputes and claims that involve more than $50,000 in any one
instance.

6.4 TAXES. Except for taxes being contested in good faith and for which Borrower
has made appropriate reserves, Borrower shall make timely payment of all
material federal, state, and local taxes or assessments and will deliver to
Bank, on demand, appropriate certificates attesting to the payment.

6.5 INSURANCE. Borrower will keep its business and the Collateral insured for
risks and in amounts, as is typical in Borrower's business. Insurance policies
will be in a form, with companies, and in amounts that are satisfactory to Bank
in Bank's reasonable discretion. All property policies will have a lender's loss
payable endorsement showing Bank as an additional loss payee and all liability
policies will show the Bank as an additional insured and provide that the
insurer must give Bank at least 20 days notice before canceling its policy. At
Bank's request, Borrower will deliver certified copies of policies and evidence
of all premium payments. So long as no Event of Default has occurred and is
continuing, Borrower shall have the option of applying the proceeds of any
casualty policy to the replacement or repair of destroyed or damaged property;
provided that, after the occurrence and during the continuance of an Event of
Default, all proceeds payable under any such casualty policy shall, at the
option of Bank, be payable to Bank on account of the Obligations.

                                       8
<PAGE>

6.6 BANK ACCOUNTS. Borrower shall maintain with the Bank (i) its primary
operating account (the "SVB Account"); and (ii) the majority of all excess cash
and investment balances, which the Borrower has the sole right to direct the
Bank as to how the monies are to be invested; provided, however, that the
Borrower shall not be required to terminate any existing fixed maturity
instrument with a third party to comply with this requirement. Borrower's
investment control includes, but is not limited to, the type of instrument
(commercial paper), amount and timing. The Bank agrees that any management or
transaction fees will be comparable to those which it charges to other companies
to which it provides similar services.

6.7 FURTHER ASSURANCES. Borrower shall execute any further instruments and take
further action as Bank reasonably requests to perfect or continue Bank's
security interest in the Collateral or to effect the purposes of this Agreement.

6.8 FINANCIAL COVENANTS.

         Remaining Months Liquidity. Borrower will maintain, as of the last day
of each month, at least three (3) months Remaining Months Liquidity. Remaining
Months Liquidity ("RML") is cash on hand (and cash equivalents) maintained at
Bank, divided by EBITDA.

6.9 EXPENSE TRACKING. Borrower shall maintain monthly operating expenses within
25% of the operating budget approved by the Borrower's Board of Directors and
reviewed by Bank.

6.10 FDA APPROVAL. Borrower shall receive final approval from the Food and Drug
Administration for the first Stereotaxis System Application on or before April
30, 2002.

6.11 EQUITY FINANCING/IPO. Borrower shall either (a) have received a hard
circled term sheet for new equity financing for the greater of $15 million or 12
months of RMIL by September 30, 2002, which equity financing must close on or
before November 30, 2002; or (b) Borrower shall have completed an initial public
offering on or before November 1, 2002.

7 NEGATIVE COVENANTS.

         Borrower shall not do any of the following:

7.1 DISPOSITIONS. Without Bank's prior written consent, which consent may be
granted or withheld in Bank's sole reasonable discretion, convey, sell, lease,
transfer or otherwise dispose of (collectively "Transfer") all or any part of
its business or property, other than Transfers (i) of Inventory in the ordinary
course of business; (ii) of non-exclusive licenses and similar arrangements for
the use of the property of Borrower or its Subsidiaries in the ordinary course
of business; or (iii) of worn-out or obsolete Equipment.

7.2 CHANGES IN BUSINESS, OWNERSHIP, MANAGEMENT OR BUSINESS LOCATIONS. Engage in
any business other than the businesses currently engaged in by Borrower, or have
a material change in its management or ownership, other than the sale of
Borrower's equity securities in a public offering or to venture capital
investors approved by Bank, which approval shall not be unreasonably withheld.
Borrower will not, without at least 30 days prior written notice to Bank,

                                       9
<PAGE>

relocate its principal executive office, add any new offices or business
locations, or change its state of incorporation.

7.3 NEGATIVE PLEDGE. Except as set forth in Section 7.1, sell, transfer, assign,
mortgage, pledge, lease, grant a security interest in, release, disburse, or
encumber any of Borrower's property, except to Bank and except for Permitted
Liens, including but not limited to any securities, securities entitlements,
securities accounts, investment property, financial assets, instruments, chattel
paper, contract rights, Inventory, Equipment, accounts receivable, licenses,
Intellectual Property, including proceeds, distributions from sale, exchange or
liquidation of same, now owned or hereafter acquired, except for such sales,
transfers, and pledges made by Borrower in the ordinary course of Borrower's
business or with Bank's prior written consent.

7.4 MERGERS OR ACQUISITIONS. Without Bank's consent (which shall not be
unreasonably withheld), merge or consolidate, or permit any of its Subsidiaries
to merge or consolidate, with any other Person, or acquire, or permit any of its
Subsidiaries to acquire, all or substantially all of the capital stock or
property of another Person. A Subsidiary may merge or consolidate into another
Subsidiary or into Borrower.

7.5 INDEBTEDNESS. Create, incur, assume, or be liable for any Indebtedness,
other than Permitted Indebtedness.

7.6 ENCUMBRANCE. Create, incur, or allow any Lien on any of its property, or
assign or convey any right to receive income, except for Permitted Liens, or
permit any Collateral not to be subject to Bank's first priority security
interest granted herein.

7.7 INVESTMENTS, DISTRIBUTIONS. Directly or indirectly acquire or own any
Person, or make any Investment, other than Permitted Investments, or permit any
of its Subsidiaries to do so. Pay any dividends or make any distribution or
payment (whether by cash or securities) or redeem, retire or purchase any
capital stock except pursuant to employee stock repurchase agreements.

7.8 TRANSACTIONS WITH AFFILIATES. Directly or indirectly enter into or permit
any material transaction with any Affiliate without Bank's prior consent which
consent shall not be unreasonably withheld, except transactions that are in the
ordinary course of Borrower's business, on terms less favorable to Borrower than
would be obtained in an arm's length transaction with a non-affiliated Person.

7.9 SUBORDINATED DEBT. Make or permit any payment on any Subordinated Debt,
except under the terms of the Subordinated Debt, or amend any provision in any
document relating to the Subordinated Debt, without Bank's prior written
consent, which consent shall not be unreasonably withheld.

7.10 COMPLIANCE. Become a registered investment company or be required to
register as an investment company or a company controlled by a registered
investment company under the Investment Company Act of 1940, or undertake as one
of its important activities extending credit to purchase or carry margin stock,
or use the proceeds of any Advance for that purpose; fail to meet the minimum
funding requirements of ERISA, permit a Reportable Event or Prohibited

                                       10
<PAGE>

Transaction, as defined in ERISA, to occur if the violation would cause a
Material Adverse Change; fail to comply with the Federal Fair Labor Standards
Act or violate any other law or regulation, if the violation could have a
material adverse effect on Borrower's business or operations or cause a Material
Adverse Change.

8 EVENTS OF DEFAULT

         Any one of the following is an Event of Default:

8.1 PAYMENT DEFAULT. Borrower fails to pay any of the Obligations within 3 days
after their due date. During the additional period the failure to cure the
default is not an Event of Default, but no Credit Extensions shall be made
during the cure period;

8.2 COVENANT DEFAULT. Borrower does not perform any obligation in Article 6 or
violates any covenant in Article 7 or does not perform or observe any other
material term, condition or covenant in this Agreement, any Loan Documents, or
in any other material agreement between Borrower and Bank and as to any default
under a term, condition or covenant that can be cured, has not cured the default
within 10 days after it occurs, or if the default cannot be cured within 10 days
or cannot be cured after Borrower's attempts in the 10 day period, and the
default may be cured within a reasonable time, then Borrower has an additional
time (of not more than 30 days) to attempt to cure the default. During the
additional period the failure to cure the default is not an Event of Default,
but no Credit Extensions shall be made during the cure period;

8.3 MATERIAL ADVERSE CHANGE. If there (i) occurs a material adverse change in
the business, operations, or condition (financial or otherwise) of the Borrower;
or (ii) is a material impairment of the prospect of repayment of any portion of
the Obligations; or (iii) is a material impairment of the value or priority of
Bank's security interests in a material portion of the Collateral;

8.4 ATTACHMENT. (i) Any material portion of Borrower's assets is attached,
seized, levied on, or comes into possession of a trustee or receiver and the
attachment, seizure or levy is not removed in 10 days; (ii) Borrower is
enjoined, restrained, or prevented by court order from conducting a material
part of its business; (iii) a judgment or other claim becomes a Lien on a
material portion of Borrower's assets and the same is not satisfied or
discharged within thirty (30) days; or (iv) a notice of lien, levy, or
assessment is filed against any of Borrower's assets by any government agency
and not paid within 30 days after Borrower receives notice, or the same are not
being contested in good faith. These are not Events of Default if stayed or if a
bond is posted pending contest by Borrower, but no Credit Extensions shall be
made during the cure period;

8.5 INSOLVENCY. (i) Borrower becomes insolvent; (ii) Borrower begins an
Insolvency Proceeding; or (iii) an Insolvency Proceeding is begun against
Borrower and not dismissed or stayed within 30 days, but no Credit Extensions
shall be made before any Insolvency Proceeding is dismissed;

                                       11
<PAGE>

8.6 OTHER AGREEMENTS. There exists a default in any agreement between Borrower
and a third party that gives the third party the right to accelerate any
Indebtedness exceeding $200,000.00 or that is reasonably likely to cause a
Material Adverse Change;

8.7 JUDGMENTS. A money judgment or judgments in the aggregate of at least
$200,000.00 and that could cause a Material Adverse Change are rendered against
Borrower and are unsatisfied and unstayed for 30 days, but no Credit Extensions
shall be made before the judgment is stayed or satisfied.

8.8 MISREPRESENTATIONS. Borrower or any Person acting for Borrower makes any
material misrepresentation or material misstatement now or later in any warranty
or representation in this Agreement or in any communication delivered to Bank or
to induce Bank to enter this Agreement or any Loan Document.

9 BANK'S RIGHTS AND REMEDIES

9.1 RIGHTS AND REMEDIES. When an Event of Default occurs and continues Bank may,
without notice or demand, do any or all of the following:

         (a) Declare all Obligations immediately due and payable (but if an
Event of Default described in Section 8.5 occurs all Obligations are immediately
due and payable without any action by Bank);

         (b) Stop advancing money or extending credit for Borrower's benefit
under this Agreement or under any other agreement between Borrower and Bank;

         (c) Settle or adjust disputes and claims directly with account debtors
for amounts, on terms and in any order that Bank considers advisable;

         (d) Make any payments and do any acts it considers necessary or
reasonable to protect its security interest in the Collateral. Borrower will
assemble the Collateral if Bank requests and make it available as Bank
designates. Bank may enter premises where the Collateral is located, take and
maintain possession of any part of the Collateral, and pay, purchase, contest,
or compromise any Lien which appears to be prior or superior to its security
interest and pay all expenses incurred. Borrower grants Bank a license to enter
and occupy any of its premises, without charge, to exercise any of Bank's rights
or remedies; Not withstanding anything set forth herein to the contrary, Bank
shall pay all expenses incurred for damage caused by Bank or any of its agents
to any of its premises which are outside of ordinary wear and tear;

         (e) Apply to the Obligations any (i) balances and deposits of Borrower,
or (ii) any amount held by Bank owing to or for the credit or the account of
Borrower;

         (f) Ship, reclaim, recover, store, finish, maintain, repair, prepare
for sale, advertise for sale, and sell the Collateral; and

                                       12
<PAGE>

         (g) Exercise all rights and remedies accorded to the Bank under the
Uniform Commercial Code;

provided, however, that nothing in this Section 9.1 shall give the Bank any
right in any Collateral beyond the ownership rights possessed by the Borrower or
the right to take any action on behalf of the Borrower in breach of the
Borrower's obligations to third parties.

9.2 POWER OF ATTORNEY. When an Event of Default occurs and continues, Borrower
irrevocably appoints Bank as its lawful attorney to: (i) endorse Borrower's name
on any checks or other forms of payment or security; (ii) sign Borrower's name
on any invoice or bill of lading for any Account or drafts against account
debtors, (iii) make, settle, and adjust all claims under Borrower's insurance
policies; (iv) settle and adjust disputes and claims about the Accounts directly
with account debtors, for amounts and on terms Bank determines reasonable; and
(v) transfer the Collateral into the name of Bank or a third party as permitted
under the Uniform Commercial Code. Bank may exercise the power of attorney to
sign Borrower's name on any documents necessary to perfect or continue the
perfection of any security interest in the Collateral regardless of whether an
Event of Default has occurred. Bank's appointment as Borrower's attorney in
fact, and all of Bank's rights and powers, coupled with an interest, are
irrevocable until all Obligations have been fully repaid and performed and
Bank's obligation to provide Credit Extensions terminates.

9.3 ACCOUNTS COLLECTION. When an Event of Default occurs and continues, Bank may
notify any Person owing Borrower money of Bank's security interest in the funds
and verify the amount of the Account. In such case, Borrower must collect all
payments in trust for Bank and, if requested by Bank, immediately deliver the
payments to Bank in the form received from the account debtor, with proper
endorsements for deposit.

9.4 BANK EXPENSES. If Borrower fails to pay any amount or furnish any required
proof of payment to third persons, Bank may make all or part of the payment or
obtain insurance policies required in Section 6.5, and take any action under the
policies Bank reasonably deems prudent. Any amounts paid by Bank are Bank
Expenses and immediately due and payable, bearing interest at the then
applicable rate and secured by the Collateral. No payments by Bank are deemed an
agreement to make similar payments in the future or Bank's waiver of any Event
of Default.

9.5 BANK'S LIABILITY FOR COLLATERAL. If Bank complies with reasonable banking
practices and the Uniform Commercial Code, Bank shall have no liability or
responsibility for: (a) the safekeeping of the Collateral; (b) any loss or
damage to the Collateral; (c) any diminution in the value of the Collateral; or
(d) any act or default of any carrier, warehouseman, bailee, or other person.
Borrower bears all risk of loss, damage or destruction of the Collateral.

9.6 REMEDIES CUMULATIVE. Bank's rights and remedies under this Agreement, the
Loan Documents, and all other agreements are cumulative. Bank has all rights and
remedies provided under the Uniform Commercial Code, by law, or in equity.
Bank's exercise of one right or remedy is not an election, and Bank's waiver of
any Event of Default is not a continuing waiver.

                                       13
<PAGE>

Bank's delay is not a waiver, election, or acquiescence. No waiver is effective
unless signed by Bank and then is only effective for the specific instance and
purpose for which it was given.

9.7 DEMAND WAIVER. Borrower waives demand, notice of default or dishonor, notice
of payment and nonpayment, nonpayment at maturity, release, compromise,
settlement, extension, or renewal of accounts, documents, instruments, chattel
paper, and guarantees held by Bank on which Borrower is liable.

10 NOTICES

         All notices or demands by any party to this Agreement or any other
related agreement must be in writing and be personally delivered or sent by an
overnight delivery service, by certified mail, postage prepaid, return receipt
requested, at the addresses listed at the beginning of this Agreement or by
telefacsimile at the numbers set forth on the signature page hereof. A party may
change its notice address by giving the other party written notice.

11 CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER

         Illinois law governs the Loan Documents without regard to principles of
conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of
the State and Federal courts in Cook County, Illinois.

BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY
TRANSACTION CONTEMPLATED HEREBY, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND
ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER
INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

12 GENERAL PROVISIONS

12.1 SUCCESSORS AND ASSIGNS. This Agreement binds and is for the benefit of the
successors and permitted assigns of each party. Borrower may not assign this
Agreement or any rights or Obligations under it without Bank's prior written
consent which may be granted or withheld in Bank's discretion. Bank has the
right, without the consent of, but with notice to, Borrower, to sell, transfer,
negotiate, or grant participation in all or any part of, or any interest in,
Bank's obligations, rights and benefits under this Agreement, the Loan Documents
or any related agreement; provided that, except if part of a sale of
substantially all of the Bank's assets, the Borrower shall have the right to
prepay all Obligations within 30 days of such sale or other transfer in
accordance with Section 2.2.

12.2 INDEMNIFICATION.

Except as otherwise as contemplated by Section 9.5 of this Agreement, Borrower
shall indemnify, defend and hold harmless Bank and its officers, employees and
agents (collectively, the "Indemnified Parties") against: (a) all obligations,
demands, claims, and liabilities asserted

                                       14

<PAGE>
by any other party in connection with the transactions contemplated by the Loan
Documents; and (b) all losses or Bank Expenses incurred, or paid by Bank from,
following, or consequential to transactions between Bank and Borrower (including
reasonable attorneys' fees and expenses). Notwithstanding anything set forth
herein to the contrary, in no event shall the described indemnity extend to
claims or losses caused by an Indemnified Party's gross negligence or willful
misconduct.

12.3 TIME OF ESSENCE. Time is of the essence for the performance of all
Obligations in this Agreement.

12.4 SEVERABILITY OF PROVISION. Each provision of this Agreement is severable
from every other provision in determining the enforceability of any provision.

12.5 AMENDMENTS IN WRITING, INTEGRATION. All amendments to this Agreement must
be in writing signed by both Bank and Borrower. This Agreement and the Loan
Documents represent the entire agreement about this subject matter, and
supersedes prior or contemporaneous negotiations or agreements. All prior or
contemporaneous agreements, understandings, representations, warranties, and
negotiations between the parties about the subject matter of this Agreement and
the Loan Documents merge into this Agreement and the Loan Documents.

12.6 COUNTERPARTS. This Agreement may be executed in any number of counterparts
and by different parties on separate counterparts, each of which, when executed
and delivered, are an original, and all taken together, are one Agreement.

12.7 SURVIVAL. All covenants, representations and warranties made in this
Agreement continue in full force while any Obligations remain outstanding. The
obligations of Borrower in Section 12.2 to indemnify Bank will survive until all
statutes of limitations for actions that may be brought against Bank have run.

12.8 CONFIDENTIALITY. In handling any confidential information, Bank will
exercise the same degree of care that it exercises for its own proprietary
information, but no less than a reasonable standard of care, but disclosure of
information may be made on a need-to-know basis: (i) to Bank's subsidiaries or
affiliates in connection with their present or prospective business relations
with Borrower; (ii) to prospective transferees or purchasers of any interest in
the Loans; (iii) as required by law, regulation, subpoena, or other order, (iv)
as required in connection with Bank's examination or audit; and (v) as Bank
reasonably considers appropriate in exercising remedies under this Agreement.
Confidential information does not include information that either: (a) is in the
public domain or in Bank's possession when disclosed to Bank, or becomes part of
the public domain after disclosure to Bank; or (b) is disclosed to Bank by a
third party, if Bank does not know that the third party is prohibited from
disclosing the information.

12.9 ATTORNEYS' FEES, COSTS AND EXPENSES. In any action or proceeding arising
out of or related to Bank's efforts to collect the Obligations, Bank will be
entitled to recover its reasonable attorneys' fees and other reasonable costs
and expenses incurred, in addition to any other relief to which it may be
entitled.

                                       15
<PAGE>

13 DEFINITIONS

13.1 DEFINITIONS.

         "ACCOUNTS" are all existing and later existing accounts, contract
rights, and other obligations owed Borrower in connection with its sale or lease
of goods (including licensing software and other technology) or provision of
services, all credit insurance, guaranties, other security and all merchandise
returned or reclaimed by Borrower and Borrower's Books relating to any of the
foregoing.

         "ADVANCE" means the Equipment Advance.

         "AFFILIATE" of a Person is a Person that owns five percent (5%) or more
or controls directly or indirectly the Person, any Person that controls or is
controlled by or is under common control with the Person, and each of that
Person's senior executive officers, directors, partners and, for any Person that
is a limited liability company, that Person's managers and members.

         "BANK EXPENSES" are all reasonable audit fees and expenses and
reasonable costs or expenses (including reasonable attorneys' fees and expenses)
for preparing, negotiating, administering, defending and enforcing the Loan
Documents (including appeals or Insolvency Proceedings).

         "BORROWER" is Stereotaxis, Inc., a Delaware corporation.

         "BORROWER'S BOOKS" are all Borrower's books and records including
ledgers, records regarding Borrower's assets or liabilities, the Collateral,
business operations or financial condition and all computer programs or discs or
any equipment containing the information.

         "BUSINESS DAY" is any day that is not a Saturday, Sunday or a day on
which the Bank is closed.

         "CLOSING DATE" is the date of this Agreement.

         "COLLATERAL" is the property described on Exhibit A.

         "CONTINGENT OBLIGATION" is, for any Person, any direct or indirect
liability, contingent or not, of that Person for (i) any indebtedness, lease,
dividend, letter of credit or other obligation of another such as an obligation
directly or indirectly guaranteed, endorsed, co-made, discounted or sold with
recourse by that Person, or for which that Person is directly or indirectly
liable; (ii) any obligations for undrawn letters of credit for the account of
that Person; and (iii) all obligations from any interest rate, currency or
commodity swap agreement, interest rate cap or collar agreement, or other
agreement or arrangement designated to protect a Person against fluctuation in
interest rates, currency exchange rates or commodity prices; but "Contingent
Obligation" does not include endorsements in the ordinary course of business.
The amount of a Contingent Obligation is the stated or determined amount of the
primary obligation for which the Contingent Obligation is made or, if not
determinable, the maximum reasonably anticipated liability for it

                                       16
<PAGE>

determined by the Person in good faith; but the amount may not exceed the
maximum of the obligations under the guarantee or other support arrangement.

         "COPYRIGHTS" are all copyright rights, applications or registrations
and like protections in each work authorship or derivative work, whether
published or not (whether or not it is a trade secret) now or later existing,
created, acquired or held.

         "CREDIT EXTENSION" is the Equipment Loan, or any other extension of
credit by Bank for Borrower's benefit.

         "EBITDA" is earnings before interest, taxes, depreciation and
amortization.

         "ELIGIBLE EQUIPMENT" is all present and future machinery, equipment,
tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments
in which Bank has a valid security interest, including new and/or used
equipment, computer equipment, office equipment, lab equipment, test equipment
and furnishings, provided that no more than 30% of the Equipment Advance may
include soft costs, including, but not limited to, taxes, shipping and
installation.

         "EQUIPMENT" is all present and future machinery, equipment, tenant
improvements, furniture, fixtures, vehicles, tools, parts and attachments in
which Bank has a valid security interest, including new and/or used equipment,
computer equipment, office equipment, lab equipment, test equipment and
furnishings.

         "EQUIPMENT ADVANCE" is defined in Section 2.1.1.

         "EQUIPMENT LOAN" is a loan of $2,000,000 (two million dollars).

         "EQUIPMENT LOAN PAYMENT" is defined in Section 2.1.1.

         "EQUIPMENT MATURITY DATE" is January 31, 2005.

         "ERISA" is the Employment Retirement Income Security Act of 1974, and
its regulations.

         "FINAL PAYMENT" is a payment with respect to the Equipment Advance (in
addition to and not a substitution for the regular monthly payments of principal
plus accrued interest payable with respect to the Equipment Advance) due on the
last payment date of the Equipment Advance equal to the amount of the Equipment
Advance multiplied by the Final Payment Percentage.

         "FINAL PAYMENT PERCENTAGE" is 4% of the amount of the Equipment
Advance.

         "GAAP" is generally accepted accounting principles for U.S.
corporations.

         "INDEBTEDNESS" is (a) indebtedness for borrowed money or the deferred
price of property or services, such as reimbursement and other obligations for
surety bonds and letters of credit,

                                       17
<PAGE>

(b) obligations evidenced by notes, bonds, debentures or similar instruments,
(c) capital lease obligations and (d) Contingent Obligations.

         "INSOLVENCY PROCEEDING" is any proceeding by or against any Person
under the United States Bankruptcy Code, or any other bankruptcy or insolvency
law, including assignments for the benefit of creditors, compositions,
extensions generally with its creditors, or proceedings seeking reorganization,
arrangement, or other relief.

         "INTELLECTUAL PROPERTY" is Borrower's right, title and interest in any
Copyrights, copyright applications, copyright registration and like protection
in each work of authorship and derivative work thereof, whether published or
unpublished, now owned or hereafter acquired; any patents, patent applications
and like protections including without limitation improvements, divisions,
continuations, renewals, reissues, extensions and continuations-in-part of the
same; trademarks; servicemarks and applications therefor, whether registered or
not, and the goodwill of the business of Borrower connected with and symbolized
by such trademarks, any trade secret rights, including any rights to unpatented
inventions, know-how, operating manuals, license rights and agreements and
confidential information, now owned or hereafter acquired; or any claims for
damage by way of any past, present and future infringement of any of the
foregoing.

         "INVENTORY" is present and future inventory in which Borrower has any
interest, including merchandise, raw materials, parts, supplies, packing and
shipping materials, work in process and finished products intended for sale or
lease or to be furnished under a contract of service, of every kind and
description now or later owned by or in the custody or possession, actual or
constructive, of Borrower, including inventory temporarily out of its custody or
possession or in transit and including returns on any accounts or other proceeds
(including insurance proceeds) from the sale or disposition of any of the
foregoing and any documents of title.

         "INVESTMENT" is any beneficial ownership of (including stock,
partnership interest or other securities) any Person, or any loan, advance or
capital contribution to any Person.

         "LIEN" is a mortgage, lien, deed of trust, charge, pledge, security
interest or other encumbrance.

         "LOAN DOCUMENTS" are, collectively, this Agreement, any note, or notes
or guaranties executed by Borrower or any Person, and any other present or
future agreement between Borrower and/or for the benefit of Bank in connection
with this Agreement, all as amended, extended or restated.

         "MATERIAL ADVERSE CHANGE" is defined in Section 8.3.

         "OBLIGATIONS" are debts, principal, interest, Bank Expenses and other
amounts Borrower owes Bank now or later, including letters of credit and foreign
exchange contracts, if any, and including interest accruing after Insolvency
Proceedings begin and debts, liabilities, or obligations of Borrower assigned to
Bank.

                                       18
<PAGE>

         "PATENTS" are patents, patent applications and like protections,
including improvements, divisions, continuations, renewals, reissues, extensions
and continuations-in-part of the same.

         "PERMITTED INDEBTEDNESS" is:

         (a) Borrower's indebtedness to Bank under this Agreement or the Loan
Documents;

         (b) Indebtedness existing on the Closing Date and shown on the
Schedule;

         (c) Subordinated Debt;

         (d) Indebtedness to trade creditors and other third parties incurred in
the ordinary course of business;

         (e) Indebtedness secured by Permitted Liens;

         (f) Indebtedness represented by capital leases or operating leases; and

         (g) Indebtedness of any type which would otherwise not qualify as
"Permitted Indebtedness" under the prior subsections in an aggregate amount of
not more than $200,000.

         "PERMITTED INVESTMENTS" are:

         (a) Investments shown on the Schedule and existing on the Closing Date;

         (b) (i) marketable direct obligations issued or unconditionally
guaranteed by the United States or its agency or any State, (ii) commercial
paper having the highest rating from either Standard & Poor's Corporation or
Moody's Investors Service, Inc., (iii) Bank's certificates of deposit issued;
and (iv) money market mutual funds; and

         (c) Investments of any type which would otherwise not qualify as
"Permitted Investments" under the prior subsections in an aggregate amount of
not more than $200,000.

         "PERMITTED LIENS" are:

         (a) Liens existing on the Closing Date and shown on the Schedule or
arising under this Agreement or other Loan Documents;

         (b) Liens for taxes, fees, assessments or other government charges or
levies, either not delinquent or being contested in good faith and for which
Borrower maintains adequate reserves on its books;

         (c) Purchase money Liens (i) on equipment acquired or held by Borrower
or its Subsidiaries incurred for financing the acquisition of the equipment, or
(ii) existing on equipment when acquired, if the Lien is confined to the
property and improvements and the proceeds of the equipment;

                                       19
<PAGE>

         (d) Leases or subleases and licenses or sublicenses granted in the
ordinary course of Borrower's business, if the leases, subleases, licenses and
sublicenses permit granting Bank a security interest;

         (e) Liens incurred in the extension, renewal or refinancing of the
indebtedness secured by Liens described in (a) through (c), but any extension,
renewal or replacement Lien must be limited to the property encumbered by the
existing Lien and the principal amount of the indebtedness may not increase;

         (f) Liens granted to secure Permitted Indebtedness;

         (g) Liens imposed by any law, such as mechanics', workers'
materialmen's, landlord's, carriers, or other like Liens arising in the ordinary
course of business which secure payment of obligations which are not past due or
which are being contested in good faith;

         (h) Liens of any type which would otherwise not qualify as "Permitted
Liens" under the prior subsections in an aggregate amount of not more than
$200,000.

         "PERSON" is any individual, sole proprietorship, partnership, limited
liability company, joint venture, company, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint
stock company, estate, entity or government agency.

         "RESPONSIBLE OFFICER" is an officer of Borrower authorized under the
corporate borrowing resolution to request an Advance.

         "REMAINING MONTHS LIQUIDITY" or "RML" is cash and cash equivalents held
at Bank divided by EBITDA.

         "SCHEDULE" is any attached schedule of exceptions.

         "STEREOTAXIS SYSTEM APPLICATION" is the Mapping Electro-physiology
Catheter which is the subject of Borrower's 510(k) application which was filed
with the Food and Drug Administration on October 7, 2001.

         "SUBORDINATED DEBT" is debt incurred by Borrower subordinated to
Borrower's debt to Bank (and identified as subordinated by Borrower and Bank).

         "SUBSIDIARY" is for any Person, or any other business entity of which
more than 50% of the voting stock or other equipment interests is owned or
controlled, directly or indirectly, by the Person or one or more Affiliates of
the Person.

         "SVB ACCOUNT" is the operating account maintained by Borrower with
Bank.

         "UNIFORM COMMERCIAL CODE" or "UCC" means the Uniform
Commercial Code as in effect from time to time in the State of Illinois.

                                       20
<PAGE>

         The parties have executed this Loan and Security Agreement as of the
date first written above.

STEREOTAXIS, INC.

By: /s/ NICOLA YOUNG
    ---------------------------------
Title: CFO
       ------------------------------
Facsimile No.:
               ----------------------

SILICON VALLEY BANK

By:
    ---------------------------------
Title:
      -------------------------------
Facsimile No.:
              -----------------------

                                       21
<PAGE>

                         SCHEDULE OF PENDING LITIGATION

None

<PAGE>

                       SCHEDULE OF PERMITTED INDEBTEDNESS

Toyota Sienna Financing

Lender:                           Chase Manhattan Bank USA, NA
                                  802 Delaware Avenue
                                  Wilmington, Delaware 19801
Term of Financing:                December 1, 2001 to November 30, 2005
Pmt per Month:                    $433.56
Committed as of 12/31/01:         $20,377

Computer Equipment Lease

Lessor:                           CDW Computer Leasing Solutions
                                  7145 SW Vams St.
                                  Portland, Oregon 97223
Term of Lease:                    January 1, 2002 to December 31, 2003
Pmt per month:                    $1,454.21
Committed as of 12/31/01:         $34,901

Copier Lease

Lessor:                           De Lage Landen, Inc.
                                  1111 Old Eagle School Rd
                                  Wayne, PA 19087
Term of Lease:                    August 1, 2001 to July 31, 2006
Pmt per month:                    $207.69
Committed as of 12/31/01:         $11,423

LEASETEC/RSI - VIDEO CONFERENCE EQUIPMENT

Lessor:                           Leasetec Corporation
                                  54 State Street
                                  PO Box 1339
                                  Albany, NY 12201
Term of Lease:                    October 1, 2000 to September 30, 2003
Pmt per month:                    $385.69
Committed as of 12/31/01:         $8,099

<PAGE>

                        SCHEDULE OF PERMITTED INVESTMENTS

                     INVESTMENTS HELD AS OF JANUARY 31, 2002
                           (APPROXIMATE BOOK BALANCE)
                        NON-SILICON VALLEY BANK HOLDINGS

<Table>
<S>                             <C>                <C>
Money Market - Morgan Stanley   $     2,623,985    Morgan Stanley
FNMA Discount Note                      497,955    Morgan Stanley
C/P Stellar                             301,909    Morgan Stanley
FHLMC Discount Note                     497,879    Morgan Stanley
Money Market and other                    6,142    AG Edwards
FHLMC Discount Note                   2,506,583    AG Edwards
FHLB Discount Note                      499,957    AG Edwards
FHLB Discount Note                      103,782    AG Edwards
FHLMC Discount Note                     313,073    AG Edwards
Portland OR Pension                     425,000    AG Edwards
Municipal Elect. - GA                   700,000    AG Edwards
Missouri Higher Ed                      900,000    AG Edwards
 TOTAL                          $     9,376,266
</Table>

Investments held at Morgan Stanley or AG Edwards may change from time to time as
the current investments mature and new securities are purchased.

<PAGE>

                           SCHEDULE OF PERMITTED LIENS

As described in Schedule of Permitted Indebtedness

<PAGE>

                                    EXHIBIT A

         The Collateral consists of all of Borrower's right, title and interest
in and to the following:

         All goods and equipment now owned or hereafter acquired, including,
without limitation, all machinery, fixtures, vehicles (including motor vehicles
and trailers), and any interest in any of the foregoing, and all attachments,
accessories, accessions, replacements, substitutions, additions, and
improvements to any of the foregoing, wherever located;

         All inventory, now owned or hereafter acquired, including, without
limitation, all merchandise, raw materials, parts, supplies, packing and
shipping materials, work in process and finished products including such
inventory as is temporarily out of Borrower's custody or possession or in
transit and including any returns upon any accounts or other proceeds, including
insurance proceeds, resulting from the sale or disposition of any of the
foregoing and any documents of title representing any of the above

         All contract rights and general intangibles now owned or hereafter
acquired, including, without limitation, goodwill, leases, license agreements,
franchise agreements, blueprints, drawings, purchase orders, customer lists,
route lists, infringements, claims, computer programs, computer discs, computer
tapes, literature, reports, catalogs, design rights, income tax refunds,
payments of insurance and rights to payment of any kind;

         All now existing and hereafter arising accounts, contract rights,
royalties, license rights and all other forms of obligations owing to Borrower
arising out of the sale or lease of goods, the licensing of technology or the
rendering of services by Borrower, whether or not earned by performance, and
any and all credit insurance, guaranties, and other security therefor, as well
as all merchandise returned to or reclaimed by Borrower;

         All documents, cash, deposit accounts, securities, securities
entitlements, securities accounts; investment property, financial assets,
letters of credit, certificates of deposit, instruments and chattel paper now
owned or hereafter acquired and Borrower's Books relating to the foregoing; and

         All Borrower's Books relating to the foregoing and any and all claims,
rights and interests in any of the above and all substitutions for, additions
and accessions to and proceeds thereof.

<PAGE>
                                   EXHIBIT B

                  LOAN PAYMENT/ADVANCE TELEPHONE REQUEST FORM

             DEADLINE FOR SAME DAY PROCESSING IS 3:00 P.M., E.S.T.

TO: EAST COAST CENTRAL CLIENT SERVICE DIVISION        DATE:
                                                            ----------------
FAX# (781)431-9906                                    TIME:
                                                            ----------------

FROM: STEREOTAXIS, INC.
      -----------------------------------------------------------------------
                             CLIENT NAME (BORROWER)

REQUESTED BY:
             ----------------------------------------------------------------
                            AUTHORIZED SIGNER'S NAME
AUTHORIZED SIGNATURE:
                     --------------------------------------------------------

PHONE NUMBER:
             ----------------------------------------------------------------

FROM ACCOUNT#                        TO ACCOUNT#
             ---------------------               ----------------------------

REQUESTED TRANSACTION TYPE                    REQUESTED DOLLAR AMOUNT
--------------------------                    -----------------------

PRINCIPAL INCREASE (ADVANCE)                 $
                                              -------------------------------

PRINCIPAL PAYMENT (ONLY)                     $
                                              -------------------------------
INTEREST PAYMENT (ONLY)                      $
                                              -------------------------------
PRINCIPAL AND INTEREST (PAYMENT)             $
                                              -------------------------------

OTHER INSTRUCTIONS:
                   ----------------------------------------------------------

-----------------------------------------------------------------------------

All Borrower's representations and warranties in the Loan and Security Agreement
are true, correct and complete in all material respects on the date of the
telephone request for and Advance confirmed by this Borrowing Certificate; but
those representations and warranties expressly referring to another date shall
be true, correct and complete in all material respects as of that date.
<PAGE>
                                   EXHIBIT C

                             COMPLIANCE CERTIFICATE

TO:       SILICON VALLEY BANK
          3003 Tasman Drive
          Santa Clara, CA 95054

FROM:     STEREOTAXIS, INC.

     The undersigned authorized officer of STEREOTAXIS, INC. ("Borrower")
certifies that under the terms and conditions of the Loan and Security Agreement
between Borrower and Bank (the "Agreement"), (i) Borrower, for the period ending
_______________, has complied with all required covenants except as noted below
and (ii) the representations and warranties in the Agreement are true and
correct in all material respects on this date. Attached are the required
documents supporting the certification. The Officer certifies that these are
prepared in accordance with Generally Accepted Accounting Principles (GAAP)
consistently applied from one period to the next except as explained in an
accompanying letter or footnotes. The Officer acknowledges that no borrowings
may be requested at any time or date of determination that Borrower is not in
compliance with any of the terms of the Agreement, and that compliance is
determined not just at the date this certificate is delivered.

     PLEASE INDICATE COMPLIANCE STATUS BY CIRCLING YES/NO UNDER "COMPLIES"
COLUMN.

<Table>
<Caption>
REPORTING COVENANT                      REQUIRED                      COMPLIES
<C>                                     <S>                           <S>
Monthly financial statements + CC       Monthly within 30 days        Yes  No
Annual (Audited)                        FYE within 120 days           Yes  No
</Table>

<Table>
<Caption>
FINANCIAL COVENANT            REQUIRED            ACTUAL              COMPLIES
<C>                           <S>                 <S>                 <S>
Maintain on a Monthly
Basis:

Remaining Months              3 months                                Yes  No
Liquidity
</Table>

COMMENTS REGARDING EXCEPTIONS:     See Attached.

                                                 -------------------------------
                                                         BANK USE ONLY

Sincerely,                                       Received by: __________________
                                                              AUTHORIZED SIGNER
Stereotaxis, Inc.
                                                 Date: _________________________
______________________________
SIGNATURE                                        Verified: _____________________
                                                              AUTHORIZED SIGNER
______________________________
TITLE                                            Date: _________________________

DATE                                             Compliance Status:   Yes  No
                                                 -------------------------------

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