Document:

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                                                                   Exhibit 4.11

                                     WARRANT

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NEITHER THIS WARRANT
NOR SUCH SECURITIES MAY BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER
SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.

                                STEREOTAXIS, INC.

                              COMMON STOCK WARRANT

                        VOID AFTER __________, 2009

ISSUED:  __________, 2004                                            CSW-<<CSW>>

      1. Warrant; Period of Exercise. Subject to the terms and conditions herein
set forth, <<Shareholder>> or its assigns (the "Holder") is hereby entitled to
subscribe for and purchase <<No_of_Warrants>> shares of the fully paid and
nonassessable shares of the Common Stock, par value $0.001 per share (the
"Common Stock") of the Company, at a price per share of $2.93 (as the same may
be adjusted pursuant to the terms and conditions set forth herein, the "Warrant
Price"). The Common Stock issuable upon exercise of this Warrant (the "Shares")
shall be entitled to registration rights pursuant to that certain Fourth Amended
and Restated Investor Rights Agreement, dated as of December 17, 2002, among the
Company and certain securityholders of the Company named therein, as amended, as
the same may be hereafter amended, restated or otherwise modified. The Warrants
are exercisable at a price equal to the Warrant Price at any time from and after
__________, 2004 but no later than the earlier of (i) __________, 2009 and (ii)
the date on which the Company consummates a Senior Preferred Qualified IPO, as
defined in Section 4(d)(ii) of Article V of the Company's Amended and Restated
Certificate of Incorporation, provided that if this Warrant has not been
exercised as of the date of any such Senior Preferred Qualified IPO, then the
Holder of this Warrant shall be deemed to have made an election to effect a
cashless exercise as of such date for all Shares issuable hereunder pursuant to
Section 5.B hereof. In the event of such a deemed exercise, the Fair Market
Value shall be equal to the net per share proceeds to the Company of the Common
Stock in such Senior Preferred Qualified IPO, after deduction of underwriting
commissions and discounts.

      2. Fractional Shares. No fractional Shares will be issued in connection
with any exercise hereunder. In lieu of any fractional Shares which would
otherwise be issuable, the Company shall pay cash equal to the product of such
fraction multiplied by the Fair Market Value less the exercise price of one
share of the Common Stock on the date of exercise, as determined in good faith
by the Company's Board of Directors.
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      3. No Stockholder Rights. This Warrant shall not entitle its Holder to any
of the rights of a stockholder of the Company until the Holder has exercised
this Warrant (or shall have been deemed to exercise this Warrant pursuant to
Section 1 hereof).

      4. Reservation of Stock. The Company covenants that during the period this
Warrant is exercisable, the Company will reserve from its authorized but
unissued shares of Common Stock, a sufficient number of shares to provide for
the issuance of the Shares upon the exercise of this Warrant. The Company agrees
that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of executing stock certificates to
execute and issue the necessary certificates for the Shares.

      5.    Exercise of Warrant.

            A. Without limiting Section 5.B below, the purchase right
represented by this Warrant may be exercised by the Holder hereof, in whole or
in part, by the surrender of this Warrant (with the notice of exercise form
attached hereto as EXHIBIT A duly executed) at the principal executive offices
of the Company, and by the payment in full to the Company, by check or other
form of immediately available funds, of an amount equal to the then applicable
Warrant Price per share multiplied by the number of Shares then being purchased.
The person or persons in whose name(s) any certificate(s) representing Shares
shall be issuable upon exercise of this Warrant shall be deemed to have become,
and shall be treated for all purposes as, the record Holder(s) of the Shares
represented thereby (and such Shares shall be deemed to have been issued)
immediately prior to the close of business on the date or dates upon which this
Warrant is exercised. In the event of any exercise of the rights represented by
this Warrant, certificates for the Shares so purchased shall be delivered to the
Holder hereof as promptly as practicable following such exercise, and, unless
this Warrant has been fully exercised or expired, a new Warrant representing the
portion of the Shares, if any, with respect to which this Warrant shall not then
have been exercised shall also be issued to the Holder hereof as promptly as
practicable.

            B. Cashless Exercise. Notwithstanding anything to the contrary
contained in this Warrant, this Warrant may be exercised by presentation and
surrender of this Warrant to the Company at its principal executive offices with
a written notice of the Holder's intention to effect a cashless exercise,
including a calculation of the number of Shares to be issued upon such exercise
in accordance with the terms hereof. In the event of a cashless exercise at the
Holder's election (including a deemed election pursuant to Section 1 hereof), in
lieu of paying the Warrant Price in cash, the Holder shall surrender this
Warrant for that number of Shares of Common Stock determined by multiplying the
number of Shares to which it would otherwise be entitled by a fraction, the
numerator of which shall be the difference between the then current Fair Market
Value per share of Common Stock and the then applicable Warrant Price and the
denominator of which shall be the then current Fair Market Value per share of
the Common Stock. The "Fair Market Value" shall mean (1) if the Shares are
traded on an exchange or quoted on the National Association of Securities
Dealers Automated Quotations System ("NASDAQ"), the closing price on the day
before the exercise date, (2) if the Shares are not traded on an exchange or on
the NASDAQ National Market but are traded in the over-the-counter market, the
closing price on the day before the exercise date, or (3) if the Shares are not
traded on an exchange or on the

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NASDAQ National Market or in the over-the-counter market, the Fair Market Value
as determined in good faith by the Board of Directors of the Company.

      6. Adjustment of Warrant Price and Number of Shares. The number and kind
of securities purchasable upon the exercise of the Warrant and the Warrant Price
shall be subject to adjustment from time to time upon the occurrence of certain
events, as follows:

            A. Reclassification or Merger. In case of any reclassification,
change or conversion of securities of the class issuable upon exercise of this
Warrant (other than a change in par value, or from par value to no par value, or
from no par value to par value, or as a result of a subdivision or combination),
or in case of any merger of the Company with or into another corporation (other
than a merger with another corporation in which the Company is a continuing
corporation and which does not result in any reclassification or change of
outstanding securities issuable upon exercise of this Warrant), or in case of
any sale of all or substantially all of the assets of the Company, the Company,
or such successor or purchasing corporation, as the case may be, shall execute a
new Warrant providing that the Holder of this Warrant shall have the right to
exercise such new Warrant and upon such exercise to receive, in lieu of each
Share theretofore issuable upon exercise of this Warrant, the kind and amount of
shares of stock, other securities, money and property receivable upon such
reclassification, change or merger by a Holder of one share of stock issuable
upon the exercise hereof. Such new Warrant shall provide for adjustments that
shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Section 6. The provisions of this paragraph 6.A shall similarly
apply to successive reclassifications, changes, mergers and transfers.

            B. Subdivisions or Combination of Shares. If the Company at any time
while this Warrant remains outstanding and unexpired shall subdivide or combine
its stock, the Warrant Price and the number of Shares issuable upon exercise
hereof shall be proportionately adjusted.

            C. Stock Dividends. If the Company at any time while this Warrant is
outstanding and unexpired shall pay a dividend payable in shares of stock
(except any distribution specifically provided for in the foregoing paragraphs
6.A and 6.B), then the Warrant Price shall be adjusted, from and after the date
of determination of stockholders entitled to receive such dividend or
distribution, to that price determined by multiplying the Warrant Price in
effect immediately prior to such date of determination by a fraction (a) the
numerator of which shall be the total number of shares of Common Stock
outstanding immediately prior to such dividend or distribution, assuming that
all convertible securities of the Company have been converted into shares of
Common Stock and (b) the denominator of which shall be the total number of
shares of Common Stock outstanding immediately after such dividend or
distribution, assuming that all convertible securities of the Company have been
converted into shares of Common Stock, and the number of Shares subject to this
Warrant shall be proportionately adjusted.

            D. No Impairment. The Company will not, by amendment of its Amended
and Restated Certificate of Incorporation or through any reorganization,
recapitalization, transfer

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of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be observed or performed hereunder by the Company, but
will at all times in good faith assist in the carrying out of all the provisions
of this Section 6 and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Holder of this Warrant against
impairment.

            E. Notices of Record Date. In the event of any taking by the Company
of a record of its stockholders for the purpose of determining stockholders who
are entitled to receive payment of any dividend (other than a cash dividend) or
other distribution, any right to subscribe for, purchase or otherwise acquire
any share of any class or any other securities or property, or to receive any
other right, or for the purpose of determining stockholders who are entitled to
vote in connection with any proposed merger or consolidation of the Company with
or into any other corporation, or any proposed sale, lease or conveyance of all
or substantially all of the assets of the Company, or any proposed liquidation,
dissolution or winding up of the Company, the Company shall mail to the
registered Holder, at least twenty (20) days prior to the date specified
therein, a notice specifying the date on which any such record is to be taken
for the purpose of such dividend, distribution or right, and the amount and
character of such dividend, distribution or right.

      7. Notice of Adjustments. Whenever the Warrant Price shall be adjusted
pursuant to the provisions hereof, the Company shall within thirty (30) days of
such adjustment deliver a certificate signed by an executive officer to the
registered Holder(s) hereof setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such
adjustment was calculated, and the Warrant Price after giving effect to such
adjustment.

      8. Compliance with Securities Laws.

            A. The Holder represents and agrees that this Warrant (and the
Shares, if the Warrant is exercised), are purchased only for investment, for the
Holder's own account, and without any present intention to sell or distribute
the Warrant or the Shares. The Holder further acknowledges that the Shares will
not be issued pursuant to the exercise of this Warrant unless the exercise of
the Warrant and the issuance and delivery of such Shares shall comply with all
relevant provisions of law, including, without limitation, the Securities Act of
1933, as amended (the "1933 Act"), and other federal and state securities laws
and regulations and the requirements of any stock exchange upon which the
securities may then be listed.

            B. The Holder of this Warrant acknowledges and agrees that this
Warrant and the Shares have not been registered under the 1933 Act and
accordingly will not be transferable except as permitted under the various
exemptions contained in the 1933 Act, or upon satisfaction of the registration
and prospectus delivery requirements of the 1933 Act. Therefore, the Warrant and
Shares must be held indefinitely unless they are subsequently registered under
the 1933 Act, or an exemption from such registration is available. The Holder
understands that the certificate evidencing the Shares will be imprinted with a
legend which prohibits the transfer of the Shares unless they are registered or
unless the Company receives an opinion of counsel reasonably

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satisfactory to the Company that such registration is not required. The Holder
is aware of the adoption of Rule 144 by the Securities and Exchange Commission
and that the Company is not now and, at the time such Holder wishes to sell the
Shares, may not be satisfying the current public information requirements of
Rule 144 and, in such case, the Holder would be precluded from selling the
Shares under Rule 144. The Holder understands that a stop transfer instruction
will be in effect with respect to transfer of Shares consistent with the
requirements of applicable securities laws.

            C. All Shares issued upon exercise of this Warrant (unless
registered under the 1933 Act) shall be stamped or imprinted with legends in
substantially the following form:

            "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933 OR UNDER APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT AS TO THE SECURITIES UNDER SAID LAWS OR AN OPINION OF COUNSEL
SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

            THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
TERMS OF AN INVESTOR RIGHTS AGREEMENT, AS AMENDED OR RESTATED FROM TIME TO TIME,
BETWEEN THE HOLDER AND THE CORPORATION, A COPY OF WHICH MAY BE OBTAINED FROM THE
SECRETARY OF THE CORPORATION.

            THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
TERMS OF A STOCKHOLDERS' AGREEMENT, AS AMENDED OR RESTATED FROM TIME TO TIME,
BETWEEN THE HOLDER AND THE CORPORATION, A COPY OF WHICH MAY BE OBTAINED FROM THE
SECRETARY OF THE CORPORATION."

      9. Miscellaneous. This Warrant shall be governed by the internal laws of
the State of Missouri. The headings in this Warrant are for purposes of
convenience of reference only and shall not be deemed to constitute a part
hereof. Neither this Warrant nor any term hereof may be change, waived,
discharged or terminated orally but only by an instrument in writing signed by
the Company and the registered Holder hereof. All notices and other
communications from the Company to the Holder of this Warrant shall be mailed by
first class registered or certified mail, postage prepaid, to the address
furnished to the Company in writing by the last Holder of this Warrant who shall
have furnished an address to the Company in writing.

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

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            This Common Stock Warrant is issued this 28th day of January, 2004.

                                          STEREOTAXIS, INC.

                                          BY: ____________________________
                                               Bevil J. Hogg, President
                                               and Chief Executive Officer

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                                    EXHIBIT A

                               NOTICE OF EXERCISE

To:  Stereotaxis, Inc.

      1. The undersigned hereby elects to purchase _______ shares of the Common
Stock of Stereotaxis, Inc. pursuant to the terms of the attached Common Stock
Warrant No CSW-_____, and tenders herewith payment of the purchase price of such
shares in full.

      2. Please issue a certificate or certificates representing said shares in
the name of the undersigned or in such other name or names as are specified
below:

           Name                                       Address

__________________________________            __________________________________

__________________________________            __________________________________

__________________________________            __________________________________

__________________________________            __________________________________

                                              __________________________________
                                                        (Signature)

__________________________________
      (Date)

                                       7<PAGE>

                                                                    EXHIBIT 4.12

NEITHER THIS SECURITY NOR THE SHARES OF STOCK ISSUABLE UPON CONVERSION HEREOF
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE "ACT") OR
UNDER THE SECURITIES LAWS OF ANY STATE. NEITHER THIS SECURITY NOR THE SHARES OF
STOCK ISSUED UPON CONVERSION HEREOF MAY BE TRANSFERRED, SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT, (B) AN EXEMPTION OR QUALIFICATION UNDER APPLICABLE
SECURITIES LAWS OR (C) DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
ANY ATTEMPT TO TRANSFER, SELL, PLEDGE OR HYPOTHECATE THIS SECURITY OR SUCH
SHARES IN VIOLATION OF THESE RESTRICTIONS SHALL BE VOID.

PURSUANT TO THE NOTE AGREEMENT PURSUANT TO WHICH THIS SECURITY WAS ISSUED (THE
"AGREEMENT"), INDEBTEDNESS UNDER THIS SECURITY IS SUBORDINATED TO THE PRIOR
PAYMENT IN FULL OF ALL SENIOR OBLIGATIONS (AS DEFINED IN THE AGREEMENT) OF THE
COMPANY ON THE TERMS SET FORTH IN THE AGREEMENT, A COPY OF WHICH IS AVAILABLE
FROM THE COMPANY UPON REQUEST OF THE HOLDER HEREOF.

                                STEREOTAXIS, INC.

                               8% CONVERTIBLE NOTE
                               Due August 1, 2006

$2,000,000                                                         August 1,2003
                                                             St. Louis, Missouri

         1. General. Stereotaxis, Inc., a Delaware corporation (the "Company"),
for value received, hereby promises to pay to the order of Siemens
Aktiengesellschaft (the "Holder") the principal sum of Two Million Dollars
($2,000,000), on the date that is three years from the date hereof (the
"Maturity Date"), in such coin or currency of the United States of America as at
the time of payment shall be legal tender therein for the payment of public and
private debts, and to pay interest on the unpaid balance of the principal hereof
from the date hereof, at the rate of eight percent (8%) per annum, in like coin
or currency, on the Maturity Date (subject to Section 5 below); all payments of
principal and interest on this Note to be made at the offices of the attorneys
of the Company, Bryan Cave LLP, One Metropolitan Square, St. Louis, Missouri
63102. In the event that the principal amount of this Note is not paid in full
when such amount becomes due and payable, interest at the rate of ten percent
(10%) (the "Default Rate") shall continue to accrue on the balance of any unpaid
principal until such balance is paid.

         This Note is issued in connection with that certain Open Architecture
Letter Agreement between the Company and the Holder, dated as of May 28, 2003,
as the same may from time to time be amended, modified or supplemented (the
"Agreement"). The holder of this Note is subject to certain restrictions set
forth in the Agreement and shall be entitled to certain rights and privileges
set forth in the Agreement

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         2. Optional Prepayment. The Company may at any time, prepay the unpaid
principal amount of this Note, or any part thereof, without penalty or premium,
but with interest accrued to the date fixed for prepayment. Notice of prepayment
shall be given by the Company by mail and shall be mailed to the holder of this
Note not less than 30 days prior to the date fixed for prepayment. Upon giving
of notice of prepayment as aforesaid, this Note (or the portion thereof to be
prepaid, as the case may be) shall on the prepayment date specified in such
notice become due and payable; and from and after the prepayment date so
specified (unless the Company shall default in making such prepayment) interest
on this Note (or the portion thereof to be prepaid, as the case may be) shall
cease to accrue and, on presentation and surrender hereof to the Company for
cancellation, this Note (or the portion thereof to be prepaid as the case may
be) shall be paid by the Company at the prepayment price aforesaid.

         3. Events of Default. If any of the events specified in this Section 3
shall occur (herein individually referred to as an "Event of Default"), the
Holder of the Note may, so long as such condition exists, declare the entire
principal and unpaid accrued interest hereon immediately due and payable, by
notice in writing to the Company:

                  (i) Default in the payment of the principal and unpaid accrued
         interest of this Note when due and payable if such default is not cured
         by the Company within ten (10) days after the Holder has given the
         Company written notice of such default; or

                  (ii) The institution by the Company of proceedings to be
         adjudicated as bankrupt or insolvent, or the consent by it to
         institution of bankruptcy or insolvency proceedings against it or the
         filing by it of a petition or answer or consent seeking reorganization
         or release under the federal Bankruptcy Act, or any other applicable
         federal or state law, or the consent by it to the filing of any such
         petition or the appointment of a receiver, liquidator, assignee,
         trustee or other similar official of the Company, or of any substantial
         part of its property, or the making by it of an assignment for the
         benefit of creditors, or the taking of corporate action by the Company
         in furtherance of any such action; or

                   (iii) If, within sixty (60) days after the commencement of an
     action against the Company (and service of process in connection therewith
     on the Company) seeking any bankruptcy, insolvency, reorganization,
     liquidation, dissolution or similar relief under any present or future
     statute, law or regulation, such action shall not have been resolved in
     favor of the Company or all orders or proceedings thereunder affecting the
     operations or the business of the Company stayed, or if the stay of any
     such order or proceeding shall thereafter be set aside, or if, within sixty
     (60) days after the appointment without the consent or acquiescence of the
     Company of any trustee, receiver or liquidator of the Company or of all or
     any substantial part of the properties of the Company, such appointment
     shall not have been vacated.

                  At any time that the unpaid principal balance of this Note,
     together with all accrued and unpaid interest owing thereon, shall have
     become due and payable in full pursuant to this Section 3, the aggregate of
     all such sums shall thereafter bear interest, both before and after
     judgment, at the Default Rate until such sums have been paid. In such
     event, all payments made thereafter shall be applied first to unpaid
     interest hereon, then to the principal of this Note.

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         4. Subordination. The indebtedness evidenced by this Note is hereby
expressly subordinated, to the extent and in the manner hereinafter set forth,
in right of payment to the prior payment in full of all the Company's Senior
Indebtedness, as hereinafter defined.

         4.1 Senior Indebtedness. As used in this Note, the term "Senior
Indebtedness" shall mean the principal of and unpaid accrued interest on: (i)
all indebtedness of the Company to banks, commercial finance lenders, insurance
companies or other financial institutions regularly engaged in the business of
lending money, which is for money borrowed by the Company (whether or not
secured), and (ii) any such indebtedness or any debentures, notes or other
evidence of indebtedness issued in exchange for or to refinance such Senior
Indebtedness, or any indebtedness arising from the satisfaction of such Senior
Indebtedness by a guarantor.

         4.2 Default on Senior Indebtedness. If there should occur any
receivership, insolvency, assignment for the benefit of creditors, bankruptcy,
reorganization or arrangements with creditors (whether or not pursuant to
bankruptcy or other insolvency laws), sale of all or substantially all of the
assets, dissolution, liquidation or any other marshalling of the assets and
liabilities of the Company, then (i) no amount shall be paid by the Company in
respect of the principal of or interest on this Note at the time outstanding,
unless and until the principal of and interest on the Senior Indebtedness then
outstanding shall be paid in full, and (ii) no claim or proof of claim shall be
filed with the Company by or on behalf of the Holder of this Note that shall
assert any right to receive any payments in respect of the principal of and
interest on this Note, except subject to the payment in full of the principal of
and interest on all of the Senior Indebtedness then outstanding. If there occurs
an event of default that has been declared in writing with respect to any Senior
Indebtedness, or in the instrument under which any Senior Indebtedness is
outstanding, permitting the holder of such Senior Indebtedness to accelerate the
maturity thereof, then, unless and until such event of default shall have been
cured or waived or shall have ceased to exist, or all Senior Indebtedness shall
have been paid in full, no payment shall be made in respect of the principal of
or interest on this Note.

         4.3 Effect of Subordination. Subject to the rights, if any, of the
holders of Senior Indebtedness under this Section 4 to receive cash, securities
or other properties otherwise payable or deliverable to the Holder of this Note,
nothing contained in this Section 4 shall impair, as between the Company and the
Holder, the obligation of the Company, subject to the terms and conditions
hereof, to pay to the Holder the principal hereof and interest hereon as and
when the same become due and payable, or shall prevent the Holder of this Note,
upon default hereunder, from exercising all rights, powers and remedies
otherwise provided herein or by applicable law.

         4.4 Subrogation. Subject to the payment in full of all Senior
Indebtedness and until this Note shall be paid in full, the Holder shall be
subrogated to the rights of the holders of Senior Indebtedness (to the extent of
payments or distributions previously made to such holders of Senior Indebtedness
pursuant to the provisions of Section 4.2 above) to receive payments or
distributions of assets of the Company applicable to the Senior Indebtedness. No
such payments or distributions applicable to the Senior Indebtedness shall, as
between the Company and its creditors, other than the holders of Senior
Indebtedness and the Holder, be

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deemed to be a payment by the Company to or on account of this Note; and for the
purposes of such subrogation, no payments or distributions to the holders of
Senior Indebtedness to which the Holder would be entitled except for the
provisions of this Section 4 shall, as between the Company and its creditors,
other than the holders of Senior Indebtedness and the Holder, be deemed to be a
payment by the Company to or on account of the Senior Indebtedness.

         4.5 Undertaking. By its acceptance of this Note, the Holder agrees to
execute and deliver such documents as may be reasonably requested from time to
time by the Company or the lender of any Senior Indebtedness in order to
implement the foregoing provisions of this Section 4.

         5. Conversion.

         5.1 Automatic Conversion. The entire principal amount of this Note,
together with all accrued but unpaid interest owing thereon, shall be
automatically converted into shares of Common Stock at the Conversion Price (as
hereinafter defined) at the time in effect immediately prior to the closing of a
firmly underwritten public offering pursuant to a registration statement filed
by the Company under the Securities Act of 1933, as amended (the "Act"), with
aggregate gross proceeds in excess of $20,000,000 (a "Qualified IPO"). The
"Conversion Price" shall be equal to the gross per share proceeds to the Company
of the Common Stock in such Qualified IPO, prior to deduction of underwriting
commissions and discounts.

         5.2 Notice of Conversion. If this Note is automatically converted,
written notice shall be delivered to the Holder of this Note at the address last
shown on the records of the Company for the Holder or given by the Holder to the
Company for the purpose of notice or, if no such address appears or is given, at
the place where the principal executive office of the Company is located,
notifying the Holder of the conversion to be effected, specifying the Conversion
Price, the principal amount of the Note to be converted, the amount of accrued
interest to be converted, the date on which such conversion will occur and
calling upon such Holder to surrender to the Company, in the manner and at the
place designated, the Note.

         5.3 Delivery of Stock Certificates. As promptly as practicable after
the conversion of this Note, the Company at its expense will issue and deliver
to the Holder of this Note a certificate or certificates for the number of full
shares of Common Stock issuable upon such conversion.

         5.4 Mechanics and Effect of Conversion. No fractional shares of Common
Stock shall be issued upon conversion of this Note. In lieu of the Company
issuing any fractional shares to the Holder upon the conversion of this Note,
the Company shall pay to the Holder the amount of outstanding principal or
interest that is not so converted, such payment to be in the form as provided
below. Upon the conversion of this Note pursuant to Section 5.1 above, the
Holder shall surrender this Note, duly endorsed, at the principal office of the
Company. At its expense, the Company shall, as soon as practicable thereafter,
issue and deliver to such Holder at such principal office a certificate or
certificates for the number of shares of such Common Stock to which the Holder
shall be entitled upon such conversion (bearing such legends as are required by
the Agreement and applicable state and federal

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 securities laws in the opinion of counsel to the Company), together with any
 other securities and property to which the Holder is entitled upon such
 conversion under the terms of this Note, including a check payable to the
 Holder for any cash amounts payable as described above. In the event of any
 conversion of this Note pursuant to Section 5.1 above, such conversion shall be
 deemed to have been made immediately prior to the closing of the issuance and
 sale of such Common Stock and on and after such date the Holder of this Note
 entitled to receive the shares of such Common Stock issuable upon such
 conversion shall be treated for all purpose as the record Holder of such
 shares. Upon conversion of this Note, the Company shall be forever released
 from all its obligations and liabilities under this Note, except that the
 Company shall be obligated to pay the Holder, within ten (10) days after the
 date of such conversion, any interest accrued and unpaid or unconverted to and
 including the date of such conversion, and no more.

         6.  Notice of Certain Events; Reservation of Common Stock.

         6.1 Notices of Record Date, etc. In the event of:

         6.1.1 Any capital reorganization of the Company, any reclassification
or recapitalization of the capital stock of the Company or any transfer of all
or substantially all of the assets of the Company to any other person or any
consolidation or merger involving the Company; or

         6.1.2 Any voluntary or involuntary dissolution, liquidation or winding
up of the Company,

the Company will mail to the holder of this Note at least ten (10) days prior to
the earliest date specified therein, a notice specifying the date on which any
such reorganization, reclassification, transfer, consolidation, merger,
dissolution, liquidation or winding up is expected to become effective.

         6.2 Reservation of Stock Issuable Upon Conversion. The Company shall,
at a reasonable time prior to effecting a Qualified IPO, reserve and keep
available out of its authorized but unissued shares of Common Stock solely for
the purpose of effecting the conversion of the Note a number of its shares of
Common Stock as shall be sufficient to effect the conversion of the Note, based
on the good faith estimate of the Company; and if at any time the number of
authorized but unissued shares of Common Stock shall not be sufficient to effect
the conversion of the entire outstanding principal amount of this Note, in
addition to such other remedies as shall be available to the holder of this
Note, the Company will use its reasonable efforts to take such corporate action
as may, in the opinion of its counsel, be necessary to increase its authorized
but unissued shares of Common Stock to such number of shares as shall be
sufficient for such purposes.

         7. Assignment. Subject to the restrictions on transfer described in
Section 9 below, the rights and obligations of the Company and the Holder of
this Note shall be binding upon and benefit the successors, assigns, heirs,
administrators and transferees of the parties.

         8. Waiver and Amendment. Any provision of this Note may be amended,

                                       5
<PAGE>

waived or modified upon the written consent of the Company and the Holder.

         9. Transfer of this Note or Securities Issuable on Conversion Hereof.
With respect to any offer, sale or other disposition of this Note or securities
into which such Note may be converted, the Holder will give written notice to
the Company prior thereto, describing briefly the manner thereof, together with
a written opinion of such Holder's counsel, to the effect that such offer, sale
or other distribution may be effected without registration or qualification
(under any federal or state law then in effect). Promptly upon receiving such
written notice and reasonably satisfactory opinion, if so requested, the
Company, as promptly as practicable, shall notify such Holder that such Holder
may sell or otherwise dispose of this Note or such securities, all in accordance
with the terms of the notice delivered to the Company. If a determination has
been made pursuant to this Section 9 that the opinion of counsel for the Holder
is not reasonably satisfactory to the Company, the Company shall so notify the
Holder promptly after such determination has been made. Each Note thus
transferred and each certificate representing the securities thus transferred
shall bear a legend as to the applicable restrictions on transferability in
order to ensure compliance with the Act, unless in the opinion of counsel for
the Company such legend is not required in order to ensure compliance with the
Act. The Company may issue stop transfer instructions to its transfer agent in
connection with such restrictions.

         10. Heading; References. All headings used herein are used for
convenience only and shall not be used to construe or interpret this Note.
Except where otherwise indicated, all references herein to Sections refer to
Sections hereof.

         11. Notices. Any notice, request or other communication required or
permitted hereunder shall be in writing and shall be deemed to have been duly
given if personally delivered or if telegraphed or mailed by registered or
certified mail, postage prepaid, at the respective addresses of the parties as
set forth herein. Any party hereto may by notice so given change its address for
future notice hereunder. Notice shall conclusively be deemed to have been given
when personally delivered or when deposited in the mail or telegraphed in the
manner set forth above and shall be deemed to have been received when delivered.

         12. No Stockholder Rights. Nothing contained in this Note shall be
construed as conferring upon the Holder or any other person the right to vote or
to consent or to receive notice as a stockholder in respect of meetings of
stockholders for the election of directors of the Company or any other matters
or any rights whatsoever as a stockholder of the Company; and no dividends or
interest shall be payable or accrued in respect of this Note or the interest
represented hereby or the Conversion Shares obtainable hereunder until, and only
to the extent that, this Note shall have been converted.

         13. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, excluding that body of law
relating to conflict of laws.

                                       6
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Note to be issued this
1st day of August, 2003,

                                             STEREOTAXIS, INC.

                                             By  /s/ Nicola Young
                                                 ---------------------------
                                             Name: Nicola Young
                                             Title: CFO

    Name of Holder: Siemens Aktiengesellschaft

    Address:
            --------------------------------

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

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

                                       7

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