Document:

<PAGE>
                                                                   Exhibit 10.26

   THIRD LOAN MODIFICATION AGREEMENT TO EQUIPMENT LOAN AND SECURITY AGREEMENT
         DATED JANUARY 31, 2002 AND FOURTH LOAN MODIFICATION AGREEMENT
  TO REVOLVING LOAN AND SECURITY AGREEMENT DATED MARCH 19, 2002 AND FIRST LOAN
        MODIFICATION AGREEMENT TO EQUIPMENT LOAN AND SECURITY AGREEMENT
                            DATED SEPTEMBER 30, 2002

     This Loan Modification Agreement is entered into as of December 31, 2002,
by and between Stereotaxis, Inc. ("Borrower") whose address is 4041 Forest Park
Avenue, St. Louis, Missouri 63108 and Silicon Valley Bank ("Bank") whose address
is 3003 Tasman Drive, Santa Clara, CA 95054, with a loan production office at
230 West Monroe, Suite 730, Chicago, Illinois 60606.

1.   DESCRIPTION OF EXISTING INDEBTEDNESS; Among other indebtedness which may be
owing by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other
documents, an Equipment Loan and Security Agreement in the principal amount of
$2,000,000, dated as of January 31, 2002, as may be amended from time to time
(the " First Equipment Loan"), a Revolving Loan and Security Agreement in the
principal amount of $2,000,000, dated as of March 19, 2002, as may be amended
from time to time (the "Revolving Loan,"), and an Equipment Loan and Security
Agreement in the principal amount of $1,000,000, dated as of September 30, 2002,
as may be amended from time to time (the "Second Equipment Loan" and together
with the First Equipment Loan and the Revolving Loan, collectively the
"Financing Agreements"). Defined terms used but not otherwise defined herein
shall have the same meanings as in the Financing Agreements.

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

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

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

3.   DESCRIPTION OF CHANGE IN TERMS.

     A.  Modifications to Financing Agreements.

         The Financing Agreements are hereby amended to provide for a change in
         certain affirmative covenants and to provide for a change in the
         Borrowing Base. Financing Agreements is a defined term under all of the
         Financing Agreements.

                                       1
<PAGE>

     B.  Modifications to Financing Agreements.

         1. SECTION 2.1.1(a) OF THE SECOND EQUIPMENT LOAN is hereby amended by
         deleting the reference to "October 31, 2002" and substituting therefor
         "March 31, 2003."

         2. SECTION 6.11 OF THE FIRST EQUIPMENT LOAN EQUITY FINANCING/IPO, is
         hereby amended by deleting the subsection in full and substituting the
         following:

                  Equity Financing. Borrower shall obtain new equity financing
         of at least $40 million on a cumulative basis by September 30, 2004.
         Minimum amounts are required as follows. Borrower shall (a) have closed
         on new equity financing of at least $5 million by December 31, 2002;
         and (b) have closed on a cumulative total of new equity financing at
         least $10 million by January 31, 2003; and (c) have closed on a
         cumulative total of new equity financing of at least $30 million by
         August 31, 2003; and (d) have closed on cumulative total of new equity
         financing of at least $40 million by September 30, 2004. New equity
         financings include all new equity funds received after December 1,
         2002.

         3. SECTION 6.11 OF THE SECOND EQUIPMENT LOAN EQUITY FINANCING/IPO, is
         hereby amended by deleting the subsection in full and substituting the
         following:

         Equity Financing. Borrower shall obtain new equity financing of at
         least $40 million on a cumulative basis by September 30, 2004. Minimum
         amounts are required as follows. Borrower shall (a) have closed on new
         equity financing of at least $5 million by December 31, 2002; and (b)
         have closed on a cumulative total of new equity financing at least $10
         million by January 31, 2003; and (c) have closed on a cumulative total
         of new equity financing of at least $30 million by August 31, 2003; and
         (d) have closed on cumulative total of new equity financing of at least
         $40 million by September 30, 2004. New equity financings include all
         new equity funds received after December 1, 2002.

         4. SECTION 6.11 OF THE REVOLVING LOAN EQUITY FINANCING/IPO, is hereby
         amended by deleting the subsection in full and substituting the
         following:

         Equity Financing. Borrower shall obtain new equity financing of at
         least $40 million on a cumulative basis by September 30, 2004. Minimum
         amounts are required as follows. Borrower shall (a) have closed on new
         equity financing of at least $5 million by December 31, 2002; and (b)
         have closed on a cumulative total of new equity financing at least $10
         million by January 31, 2003; and (c) have closed on a cumulative total
         of new equity financing of at least $30 million by August 31, 2003; and
         (d) have closed on cumulative total of new equity financing

                                       2
<PAGE>

         of at least $40 million by September 30, 2004. New equity financings
         include all new equity funds received after December 1, 2002.

         5. SECTION 6 OF THE SECOND EQUIPMENT LOAN AFFIRMATIVE COVENANTS, is
         hereby amended by adding the following subsection:

            6.12 Money Market Account. Borrower shall deposit $1 million in
         Borrower's Money Market Account with Bank. Hank shall place a hold on
         the Money Market Account until Bank receives invoices for Eligible
         Equipment supporting the Equipment Advance of $1 million. Bank will
         release its hold on the Money Market Account, pro rata, by the amount
         of invoices for Eligible Equipment received by Bank.

         6. SECTION 13 OF THE REVOLVING LOAN DEFINITIONS, is hereby amended by
         amending the definition of "BORROWING BASE" by deleting the reference
         to "October 2, 2002" in the last line and substituting therefore
         "January 7, 2003."

         7. SECTION 13 OF THE REVOLVING LOAN DEFINITIONS is hereby amended by
         adding the following to the end of the definition of "ELIGIBLE
         ACCOUNTS":

            Notwithstanding the foregoing, Eligible Accounts shall include those
         accounts owing from Rush Presbyterian-St. Luke Medical Center due
         October 17, 2002 if collected on or before January 7, 2003.

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

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

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

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

     8.  CONTINUING VALIDITY. Borrower understands and agrees that in modifying
     the existing Indebtedness, Bank is relying upon Borrower's representations,
     warranties, and agreements, as set forth in the Existing Loan Documents.
     Except as expressly modified pursuant to this Loan Modification Agreement,
     the terms of the Existing Loan Documents remain unchanged and in full force
     and effect. Bank's agreement to modifications to the existing Indebtedness
     pursuant to this Loan Modification Agreement in no way shall obligate Bank
     to make any future modifications to the Indebtedness. Nothing in this Loan
     Modification Agreement shall constitute a satisfaction of the Indebtedness.
     It is the intention of Bank and Borrower to retain as liable parties all
     makers and endorsers of Existing Loan Documents, unless

                                       3
<PAGE>

     the party is expressly released by Bank in writing. The terms of this
     paragraph apply not only to this Loan Modification Agreement, but also to
     all subsequent loan modification agreements.

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

                                                [SIGNATURE PAGES TO FOLLOW]

                                       4
<PAGE>

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

BORROWER:                                         BANK:

STEREOTAXIS, INC.                                 SILICON VALLEY BANK

By:    /s/ Peggy S. Stohr                         By:
       -------------------------                        ------------------------

Name:  Peggy S. Stohr                             Name:
       -------------------------                        ------------------------

Title: VP Admin/Controller                        Title:
       -------------------------                        ------------------------

                                       5
<PAGE>

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

BORROWER:                                        BANK:

STEREOTAXIS, INC.                                SILICON VALLEY BANK

By:    /S/ Peggy S. Stohr                        By:    /s/ Amanda Peak
       -------------------------                        -----------------------

Name:  Peggy S. Stohr                            Name:  Amanda Peak
       -------------------------                        -----------------------

Title: VP Admin/Controller                       Title: Assistant Vice President
       -------------------------                        -----------------------

                                       5<PAGE>
                                                                   Exhibit 10.27

            FOURTH LOAN MODIFICATION AGREEMENT TO EQUIPMENT LOAN AND
            SECURITY AGREEMENT DATED JANUARY 31, 2002 AND FIFTH LOAN
             MODIFICATION AGREEMENT TO REVOLVING LOAN AND SECURITY
          AGREEMENT DATED MARCH 19, 2002 AND SECOND LOAN MODIFICATION
            AGREEMENT TO EQUIPMENT LOAN AND SECURITY AGREEMENT DATED
                               SEPTEMBER 30, 2002

     This Loan Modification Agreement is entered into as of April __, 2003, by
and between Stereotaxis, Inc. ("Borrower") whose address is 4041 Forest Park
Avenue, St. Louis, Missouri 63108 and Silicon Valley Bank ("Bank") whose address
is 3003 Tasman Drive, Santa Clara, CA 95054, with a loan production office at
230 West Monroe, Suite 730, Chicago, Illinois 60606.

1. DESCRIPTION OF EXISTING INDEBTEDNESS; Among other indebtedness which may be
owing by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other
documents, an Equipment Loan and Security Agreement in the principal amount of
$2,000,000, dated as of January 31, 2002, as may be amended from time to time
(the "First Equipment Loan"), a Revolving Loan and Security Agreement in the
principal amount of $2,000,000, dated as of March 19, 2002, as may be amended
from time to time (the "Revolving Loan,"), and an Equipment Loan and Security
Agreement in the principal amount of $1,000,000, dated as of September 30, 2002,
as may be amended from time to time (the "Second Equipment Loan" and together
with the First Equipment Loan and the Revolving Loan, collectively the
"Financing Agreements"). Defined terms used but not otherwise defined herein
shall have the same meanings as in the Financing Agreements.

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

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

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

3. DESCRIPTION OF CHANGE IN TERMS.

   A. Modifications to Financing Agreements.

      The Financing Agreements are hereby amended, as more specifically
      described herein, to provide for a CHANGE in (1) the Committed Revolving
      Line, (2) the Revolving Maturity Date, (3) certain affirmative covenants,
      and (4) the Borrowing Base.

                                       1

<PAGE>

B.   Modifications to Financing Agreements.

     1. SECTION 2.4.1(b) OF THE REVOLVING LOAN is hereby amended by adding the
     following to the end of the subsection:

          In the event the Borrower terminates this Agreement before expiration
     of the Revolving Maturity Date, a termination fee of .10% of the principal
     amount outstanding under all Credit Extensions will be due and payable.

     2. SECTION 6.11 OF THE FIRST EQUIPMENT LOAN EQUITY FINANCING/IPO, is hereby
     amended by deleting the subsection in full and substituting the following:

          Equity Financing. Borrower shall obtain new equity financing of at
     least $16,750,000 on a cumulative basis by September 30, 2004, portions of
     which shall be obtained in the amounts, and by the dates, set forth as
     follows: Borrower shall (a) have closed on a cumulative total of new equity
     financing of at least $6,750,000 by August 31, 2003; and (b) have closed on
     a cumulative total of new equity financing at least $16,750,000 by
     September 30, 2003. New equity financings include any and all new equity
     funds received after March 1, 2003.

     3. SECTION 6.11 OF THE SECOND EQUIPMENT LOAN EQUITY FINANCING/IPO, is
     hereby amended by deleting the subsection in full and substituting the
     following:

     Equity Financing. Borrower shall obtain new equity financing of at least
     $16,750,000 on a cumulative basis by September 30, 2004, portions of which
     shall be obtained in the amounts, and by the dates, set forth as follows:
     Borrower shall (a) have closed on a cumulative total of new equity
     financing of at least $6,750,000 by August 31, 2003; and (b) have closed on
     a cumulative total of new equity financing at least $16,750,000 by
     September 30, 2003. New equity financings include any and all new equity
     funds received after March 1, 2003.

     4. SECTION 6.11 OF THE REVOLVING LOAN EQUITY FINANCING/IPO, is hereby
     amended by deleting the subsection in full and SUBSTITUTING the following:

     Equity Financing. Borrower shall obtain new equity financing of at least
     $16,750,000 on a cumulative basis by September 30, 2004, portions of which
     shall be obtained in the amounts, and by the dates, set forth as follows:
     Borrower shall (a) have closed on a cumulative total of new equity
     financing of at least $6,750,000 by August 31, 2003; and (b) have closed on
     a cumulative total of new equity financing at least $16,750,000 by
     September 30, 2003. New equity financings include any and all new equity
     funds received after March 1, 2003.

                                       2

<PAGE>

               5. SECTION 13 OF THE REVOLVING LOAN DEFINITIONS, is hereby
               amended by amending the definition of "BORROWING BASE" by
               deleting the last sentence and substituting the following:

                    Notwithstanding the foregoing, (a) outstanding Advances
               shall not exceed $800,000 for Eligible Accounts from a single
               account debtor, and (b) Borrower may borrow up to $500,000
               subject to availability under the Committed Revolving Line, but
               not subject to the Borrowing Base ("Non-formula Borrowings"),
               which Non-Formula Borrowings shall be repaid in full on or before
               July 15, 2003.

               6. SECTION 13 OF THE REVOLVING LOAN DEFINITIONS, is hereby
               amended by amending the definition of "COMMITTED REVOLVING LINE"
               by deleting "$2,000,000" and substituting therefor "$3,000,000."

               7. SECTION 13 OF THE REVOLVING LOAN DEFINITIONS is hereby amended
               by amending the definition of "REVOLVING MATURITY DATE" by
               deleting "March 19, 2003" and substituting therefor "March 19,
               2004."

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

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

6. PAYMENT OF EXPENSES. Borrower shall pay to Bank all fees and expenses
incurred in negotiating and drafting this Loan Modification Agreement and a
loan modification fee of $24,000.

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

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

                                       3
<PAGE>

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

                           [Signature Pages To Follow]

<PAGE>

                              SILICON VALLEY BANK

                       PROFORMA INVOICE FOR LOAN CHARGES

BORROWER:          Stereotaxis, Inc.

LOAN OFFICER:      Daniel Wallace

DATE:              April 17, 2003

                   Facility Fee                $24,000.00
                   Legal Fees

                   TOTAL FEE DUE                        $

Please indicate the method of payment:

     [ ]  A check for the total amount is attached.

     [X]  Debit DDA #501569370 for the total amount.

     [ ]  Loan proceeds

Borrower Stereotaxis, Inc.

    /s/ Nicola Young
By: --------------------------
    (Authorized Signer)

/s/ Daniel Wallace
------------------------------
Silicon Valley Bank   (Date)
Accountant Officer's Signature

<PAGE>

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

BORROWER:                                       BANK:

STEREOTAXIS, INC.                               SILICON VALLEY BANK

By:    /s/ Nicola Young                         By:    /s/ Daniel Wallace
       -------------------------                       ------------------------

Name:  Nicola Young                             Name:  Daniel Wallace
       -------------------------                       ------------------------

Title: CFO                                      Title: Vice President
       -------------------------                       ------------------------

                                       5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]