Stereotaxis Announces Long-Term CEO Performance Stock Award

ST. LOUIS, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Stereotaxis (NYSE: STXS), the global leader in innovative robotic technologies for the treatment of cardiac arrhythmias, today announced a 10-year CEO performance stock award for David Fischel with vesting entirely contingent upon the company achieving billion-dollar market capitalization milestones.

David Fischel has served as unpaid CEO of Stereotaxis since February 2017. Over his four-year tenure he has led the revitalization of Stereotaxis’ commercial capabilities, strengthened its financial position, and led the development of a robust innovation strategy. Shareholders have benefited substantially, with Stereotaxis’ stock appreciating approximately 10-fold during this period. The performance stock agreement is designed to retain Mr. Fischel for the long term and align his compensation with continued substantial shareholder returns.

Mr. Fischel’s total cash compensation is now fixed at $60,000 annually. He will not be eligible for any additional cash or time-vested equity or stock option awards. In place of competitive cash or long-term incentives typically consisting of stock or stock options, Mr. Fischel is granted, subject to shareholder approval, performance stock awards consisting of 10 tranches of stock that vest in 10 years only if Stereotaxis’ market cap appreciates substantially above its current value. To meet the first milestone, Stereotaxis’ market cap must increase to $1 billion. Vesting of each of the remaining milestones is contingent upon Stereotaxis’ market capitalization continuing to increase in additional $500 million increments. Thus, full vesting of the award is contingent upon Stereotaxis’ market cap increasing to $5.5 billion. The award is designed to provide Mr. Fischel with approximately 10% equity ownership in Stereotaxis on a fully diluted basis if this highest threshold is accomplished.

“David Fischel has demonstrated an ability to develop and execute a highly-attractive strategic plan despite considerable challenges,” said Dr. Arun Menawat, Stereotaxis Director and Chairman of Stereotaxis’ Compensation Committee. “The first stage of Stereotaxis’ turnaround process has played out successfully, and as we look towards subsequent stages, we are excited by the scope of efforts to drive long-term growth and value. This plan ensures Stereotaxis can benefit from David’s contributions in the coming years.”