Document:

Non-Qualified Stock Option Agreement

 Exhibit 10.1 
  
 NONQUALIFIED STOCK OPTION AGREEMENT 
 UNDER 
 STEREOTAXIS, INC. 
 2002 NON-EMPLOYEE DIRECTORS’ STOCK PLAN 
  
 THIS AGREEMENT, made this      day of
                    , 20    , by and between Stereotaxis, Inc. (the “Company”), and
(“Optionee”); 
  
 WITNESSETH THAT:

  
 WHEREAS, the Board of Directors of the Company (the
“Board of Directors”) has adopted the Stereotaxis, Inc. 2002 Non-Employee Directors’ Stock Plan (the “Plan”) pursuant to which options to purchase
                     shares of the common stock of the Company are to be granted to Non-Employee Directors of the Company on each annual
meeting of the stockholders; and 
  
 WHEREAS, there was an
annual meeting of the stockholders on                     , 2002; and 
  
 WHEREAS, Optionee is a Non-Employee Director and was a Non-Employee Director on such date: 
  
 NOW, THEREFORE, in consideration of the premises, and of the mutual
agreements hereinafter set forth, it is covenanted and agreed as follows: 
  
 1. Grant Subject to Plan. This option is granted under and is expressly subject to, all the terms and provisions of the Plan, which terms are incorporated herein by reference. The Committee
referred to in Paragraph II of the Plan (“Committee”) has been appointed by the Board of Directors, to administer the Plan. 
  
 2. Grant and Terms of Option. Effective as of
                    , 200     (“Date of Grant”), the Company grants to Optionee the option to purchase
all or any part of                     
(                    ) shares of the common stock of the Company, for a period of ten (10) years from the Date of Grant, at the
purchase price of $                     per share; provided, however, that the right to exercise such option shall be, and is hereby,
restricted so that no shares may be purchased prior to the first anniversary of the Date of Grant; that at any time during the term of this option on or after the first anniversary of the Date of Grant, Optionee may purchase up to 100% of the total
number of shares to which this option relates. Notwithstanding the foregoing, in the event of a Change of Control (as defined in the Plan) Optionee may purchase 100% of the total number of shares to which this option relates. However, in no event
may this option or any part thereof be exercised after the expiration of ten (10) years from the Date of Grant. The 

 purchase price of the shares subject to the option may be paid for (i) in cash, (ii) in the discretion of
the Committee, by tender of shares of Common Stock already owned by Optionee, or (iii) in the discretion of the Committee, by a combination of methods of payment specified in clauses (i) and (ii). 
  
 3. Anti-Dilution Provisions. In the event that, during
the term of this Agreement, there is any change in the number or kind of shares of outstanding Common Stock of the Company by reason of stock dividends, recapitalizations, mergers, consolidations, split-ups, combinations or exchanges of shares and
the like, the number of shares covered by this option agreement and the price thereof shall be adjusted, to the same proportionate number of shares and price as in this original agreement. 
  
 4. Investment Purpose. Optionee represents that, in the
event of the exercise by him of the option hereby granted, or any part thereof, he intends to purchase the shares acquired on such exercise for investment and not with a view to resale or other distribution; except that the Company, at its election,
may waive or release this condition in the event the shares acquired on exercise of the option are registered under the Securities Act of 1933, or upon the happening of any other contingency which the Company shall determine warrants the waiver or
release of this condition. Optionee agrees that the certificates evidencing the shares acquired by him on exercise of all or any part of this option, may bear a restrictive legend, if appropriate, indicating that the shares have not been registered
under said Act and are subject to restrictions on the transfer thereof, which legend may be in the following form (or such other form as the Company shall determine to be proper), to-wit: 
  
 “The shares represented by this certificate have not been registered
under the Securities Act of 1933, but have been issued or transferred to the registered owner pursuant to the exemption afforded by Section 4(2) of said Act. No transfer or assignment of these shares by the registered owner shall be valid or
effective, and the issuer of these shares shall not be required to give any effect to any transfer or attempted transfer of these shares, including without limitation, a transfer by operation of law, unless (a) the issuer shall have received an
opinion of its counsel that the shares may be transferred without requirement of registration under said Act, or (b) there shall have been delivered to the issuer a ‘no-action’ letter from the staff of the Securities and Exchange
Commission, or (c) the shares are registered under said Act.” 
  
 5. Non-Transferability. Neither the option hereby granted nor any rights thereunder or under this Agreement may be assigned, transferred or in any manner encumbered except by will or the laws of descent and
distribution, and any attempted assignment, transfer, mortgage, pledge or encumbrance except as herein authorized, shall be void and of no effect. The option may be exercised during Optionee’s lifetime only by him. 
  
  

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 6. Termination of Service. If Optionee terminates service for any reason, the
Optionee may exercise this option, to the extent that he was entitled to exercise it at the date of such termination of service, at any time within one (1) year after such termination, but under no circumstances may the Optionee exercise the option
after ten (10) years from the Date of Grant. 
  
 7.
Death of Optionee. In the event of the death of Optionee during the term of this Agreement and while he is a Non-Employee Director, this option may be exercised, to the extent that he was entitled to exercise it at the date of his
death, by a legatee or legatees of Optionee under his last will, or by his personal representatives or distributees, at any time within a period of one (1) year after his death, but not after ten (10) years from the Date of Grant. 
  
 8. Shares Issued on Exercise of Option. It is the
intention of the Company that on any exercise of this option it will transfer to Optionee shares of its authorized but unissued stock or transfer Treasury shares, or utilize any combination of Treasury shares and authorized but unissued shares, to
satisfy its obligations to deliver shares on any exercise hereof. 
  
 9. Committee Administration. This Committee, or any successor or substitute committee authorized by the Board of Directors or the Board of Directors itself, subject to the express terms of this option, shall have
plenary authority to interpret any provision of this option and to make any determinations necessary or advisable for the administration of this option and the exercise of the rights herein granted, and may waive or amend any provisions hereof in
any manner not adversely affecting the rights granted to Optionee by the express terms hereof. 
  
 10. Option Not an Incentive Stock Option. This option is not intended as, nor shall it be treated as, an incentive stock option under Section 422 of the Code. 
  
 11. Choice of Law. This Agreement shall be governed by the laws
of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Agreement to the substantive law of another jurisdiction. Optionee is deemed to submit to the
exclusive jurisdiction and venue of the federal or state courts of Missouri, County of St. Louis, to resolve any and all issues that may arise out of or relate to this Agreement. 
  
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its Vice President and to
be attested by its Secretary under the seal of the Company, pursuant to due authorization, and Optionee has signed this Agreement to evidence his acceptance of the option herein granted and of the terms hereof, all as of the date hereof. 

 

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	 	 	 	 	STEREOTAXIS, INC.
				
	 	 	 	 	By:	 	  

	 	 	 	 	 	 	Vice President
				
	ATTEST:	 	 	 	 	 	 
				
	  

	 	 	 	 	 	 
	Secretary	 	 	 	 	 	 
	 	 	 	 	

	 	 	 	 	Optionee

  

 4Restricted Stock Agreement

 Exhibit 10.2 
  
 RESTRICTED STOCK AGREEMENT 
 UNDER 
 STEREOTAXIS, INC. 2002 STOCK INCENTIVE PLAN 
 (June, 2005) 
  
 THIS AGREEMENT, made effective as of [date], by and between Stereotaxis, Inc. (the “Company”), and
                             (the “Awardee”); 
  
 WITNESSETH THAT: 
  
 WHEREAS, the Board of Directors of the Company (the “Board of
Directors”) has adopted the Stereotaxis, Inc. 2002 Stock Incentive Plan (the “Plan”) pursuant to which options, performance share awards, restricted stock and stock appreciation rights with respect to shares of the common stock of the
Company may be granted to employees of the Company and its subsidiaries, and certain other individuals; 
  
 WHEREAS, the Company desires to grant to Awardee a restricted stock award for
                     (            ) shares of its stock under the terms
hereinafter set forth; 
  
 NOW, THEREFORE, in consideration
of the premises, and of the mutual agreements hereinafter set forth, it is covenanted and agreed as follows: 
  
 1. Award Subject to Plan. This award is made under and is expressly subject to, all the terms and provisions of the Plan, a copy of
which Employee acknowledges has been given to Awardee, and which terms are incorporated herein by reference. Awardee agrees to be bound by all the terms and provisions of the Plan. Terms not defined herein shall have the meaning ascribed thereto in
the Plan. The Committee referred to in Paragraph 4 of the Plan (“Committee”) has been appointed by the Board of Directors, and designated by it, as the Committee to make awards of restricted stock. 
  
 2. Grant and Terms of Award. Pursuant to action of the
Committee, which action was taken on [date] (“Date of Award”), the Company awards to the Awardee                     
(            ) shares of the Common Stock of the Company, of the par value of $.001 per share (“Shares”); provided, however, that the Shares hereby awarded are subject to
the risks of forfeiture described below and are nontransferable by the Awardee to the extent described below for a period commencing on the Date of Award and ending as follows (“Restriction Periods”): 
  
 During the period ending immediately before the date one year after the Date of Award, all
Shares will be subject to forfeiture and nontransferable by the Awardee. On the date ending one 

 year after the Date of Award, 25% of the Shares awarded will become transferable by the Awardee. On the date ending two
years after the Date of Award, a cumulative 50% of the Shares awarded will become transferable by the Awardee. On the date ending three years after the Date of Award, a cumulative 75% of the Shares awarded will become transferable by the Awardee. On
the date ending four years after the Date of Award, a cumulative 100% of the Shares awarded will become transferable by the Awardee. During the Restriction Periods, the nontransferable Shares shall bear a legend indicating their nontransferability.
If the Awardee terminates service for any reason, including without limitation, upon death or disability, during the Restriction Periods, the Awardee shall forfeit the Shares which remain nontransferable at that time If, at the end of the last
Restriction Period, the Awardee is and has been continuously in the service of the Company since the Date of Award, all of the awarded Shares shall become fully vested and nonforfeitable. Notwithstanding the foregoing, if there is a Change of
Control (as hereinafter defined) and Awardee is involuntarily terminated for reasons other than Cause or terminates for Good Reason on or within one (1) year after the date of the Change of Control, the total number of Shares to which this grant
relates shall vest immediately and become nonforfeitable. Subject to the terms hereof and of the Plan, to the extent a Share is vested, it shall be transferable. 
  
 3. Definitions. For purposes of the Award, the following terms shall have the following meanings, except where
otherwise noted: 
  
 (a) “Cause”
shall mean Awardee’s fraud or willful misconduct as determined by the Committee. 
  
 (b) “Change of Control” shall mean: 
  
 (i) The purchase or other acquisition (other than from the Company) by any person, entity or group of
persons, within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (excluding, for this purpose, the Company or its subsidiaries or any employee benefit plan of the Company or its
subsidiaries), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either the then-outstanding shares of common stock of the Company or the combined voting power of the Company’s
then-outstanding voting securities entitled to vote generally in the election of directors; or 
  
 (ii) Individuals who, as of the date hereof, constitute the Board of Directors of the Company (the “Board” and, as of the date
hereof, the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any person who becomes a director subsequent to the date hereof whose election, or nomination for election by the
Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (other than an individual whose initial assumption of office is in 
  

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 connection with an actual or threatened election contest relating to the election of directors of the
Company, as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) shall be, for purposes of this section, considered as though such person were a member of the Incumbent Board; or 
  
 (iii) The consummation of a reorganization, merger or
consolidation, in each case with respect to which persons who were the stockholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than 50% of, respectively, the common stock
and the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated corporation’s then-outstanding voting securities, or of a liquidation or dissolution of the Company or of the sale
of all or substantially all of the assets of the Company. 
  
 (c) “Company” shall mean Stereotaxis, Inc., a Delaware corporation. 
  
 (d) “Company Stock” shall mean common stock of the Company. 
  
 (e) “Good Reason” shall mean”:

  
 (i) Requiring Awardee to be based at any
office or location more than 50 miles from Awardee’s office or location as of the date of the Change of Control; 
  
 (ii) The assignment to Awardee of any duties inconsistent in any respect with Awardee’s position (including status, offices, titles
and reporting requirements), authority, duties or responsibilities as of the date of the Change of Control or any action by the Company or any of its subsidiaries which results in a diminution in such position, authority, duties or responsibilities;
or 
  
 (iii) The reduction in Awardee’s
total compensation and benefits below the level in effect as of the date of the Change of Control. 
  
 4. Medium of Payment. The Award shall be made or otherwise settled in shares of Company Stock. The Company shall withhold sufficient shares
to satisfy the Company’s obligation to withhold for tax requirements at the time of delivery or vesting of shares hereunder, as appropriate, if Awardee is at the time of vesting subject to the Company’s policies regarding restrictions on
trading within specified trading “windows”, and the Company may, in its sole discretion, so withhold if Awardee is not subject to such restrictions upon Awardee’s request. In the event that the Company withholds shares as contemplated
in this Section, the Awardee shall receive a net number of shares equal to the shares to which the Awardee is otherwise entitled hereunder, less the number of shares withheld by the Company 
  

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 hereunder. In the event that the Company determines not to withhold shares for an Awardee who is not subject to the
trading restrictions, prior to the payment or settlement of the Award, as appropriate, the Awardee must pay, or make arrangements acceptable to the Company for the payment of, any and all tax withholding that in the opinion of the Company is
required by law. Such arrangements for payment of withholding may include, for example, directing an appropriate broker to sell such number of shares as necessary to result in a cash amount equal to the withholding requirements. 
  
 5. Termination of Service. Awardee shall forfeit the
Shares to the extent not vested prior to Awardee’s termination of service. The Shares hereby granted shall not be affected by any change of service so long as Awardee continues to be a service provider to the Company or a subsidiary thereof.
Nothing herein shall confer on Awardee the right to continue in the service of the Company or any subsidiary or interfere in any way with the right of the Company or any subsidiary thereof to terminate Awardee’s service at any time. 

 
 6. Committee Administration. This award has been made
pursuant to a determination made by the Committee, and such Committee or any successor or substitute committee authorized by the Board of Directors or the Board of Directors itself, subject to the express terms of this agreement, shall have plenary
authority to interpret any provision of this agreement and to make any determinations necessary or advisable for the administration of this agreement and may waive or amend any provisions hereof in any manner not adversely affecting the rights
granted to the Awardee by the express terms hereof. 
  
 7.
Choice of Law. This Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Agreement to the substantive
law of another jurisdiction. Awardee is deemed to submit to the exclusive jurisdiction and venue of the federal or sate courts of Missouri, County of St. Louis, to resolve any and all issues that may arise out of or relate to this Agreement.

  
 Executed this      day of
                     20    . 
  

			
	STEREOTAXIS, INC.
		
	By:	 	  

	
	  

	Awardee

  

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