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Stereotaxis Accused of Hiding Info on CEO’s Milestone-Based Pay

April 30, 2021, 4:09 PM

A Stereotaxis Inc. investor sued it in Delaware on Friday, claiming the medical device maker’s board is concealing key details about an equity-based pay package for its CEO that could range in value from virtually nothing to nearly $600 million.

The lawsuit, filed in Delaware Chancery Court, concerns stock awards up to a maximum of 13 million shares for CEO Daniel Fischel, whose compensation is set to increase in “tranches” of 1 to 2 million shares each time the company hits a certain market capitalization threshold.

But although the board has disclosed the relevant milestones—that is, the potential range of...

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