EX-4.4



 Exhibit 4.4 

STOCKHOLDERS’ AGREEMENT 

This Stockholders’ Agreement (this “Agreement”) is made and entered into as of January 13, 2017, by and among
ViewRay, Inc., a Delaware corporation (the “Company”), Puissance Cross Border Opportunities I LP (“Puissance”), and each of such other persons and entities, severally and not jointly, listed as a Purchaser on the
Schedule of Purchasers attached as Exhibit A to the Purchase Agreement (as defined below) (together with Puissance, the “Stockholders”). 

This Agreement is made pursuant to the Securities Purchase Agreement, dated as of January 13, 2017, by and among the Company and each of
those persons and entities, severally and not jointly, listed as a Purchaser on the Schedule of Purchasers attached as Exhibit A thereto (the “Purchase Agreement”). 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, the Company and the Stockholders agree as follows: 
 1. Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the respective meanings
set forth in this Section 1: 
 “Advice” shall have the meaning set forth in Section 7(d). 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly through one or more
intermediaries, Controls, is controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Beneficially Owns” (including the terms “Beneficial Ownership,” “Beneficially Owned” or
“Beneficially Owning”) shall mean beneficial ownership within the meaning of Rule 13d-3 under the Exchange Act. 

“Change of Control” shall mean a sale, conveyance or other disposition of all or substantially all of the property or
business of the Company (other than to a wholly-owned subsidiary of the Company), or a merger or consolidation with or into any other corporation or other business transaction or series of transactions as a result of which stockholders of the
Company immediately prior to the transaction would hold less than a majority of the voting interests of the Company (or successor or parent company thereof) after the transaction; provided, that a Change of Control shall not include any transaction
or series of related transactions principally for bona fide equity financing purposes. 
 “Commission” means the United
States Securities and Exchange Commission, or any successor entity or entities, including, if applicable, the staff of the Commission. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company. 







 “Control” (including the terms “controlling,” “controlled
by” or “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or
otherwise. 
 “Effectiveness Date” means: (a) with respect to the Initial Registration Statement required to be filed
hereunder, the 150th calendar day following the Closing Date, (b) with respect to any additional Registration Statements which may be required pursuant to Section 2, the 120th calendar day following the date on which the Company first knows, or reasonably should have known, that such additional Registration Statement is required under such Section (or the 150th calendar day following such date in the event such additional Registration Statement is reviewed by the Commission). If the Effectiveness Date falls on a Saturday, Sunday or other date that the
Commission is closed for business, the Effectiveness Date shall be extended to the next day on which the Commission is open for business. 

“Effectiveness Period” shall have the meaning set forth in Section 2(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Filing Date” means: (a) with respect to the Initial Registration Statement, the 60th calendar day following the Closing Date, and (b) with respect to any additional Registration Statements that may be required pursuant to Section 2 hereof, the 60th calendar day following the date on which the Company first knows, or reasonably should have known, that such additional Registration Statement is required under such Section. 

“Holder” or “Holders” means the holder or holders, as the case may be, from time to time of Registrable
Securities. 
 “Indemnified Party” shall have the meaning set forth in Section 6(c). 

“Indemnifying Party” shall have the meaning set forth in Section 6(c). 

“Initial Registration Statement” shall mean the initial Registration Statement required to be filed to cover the resale by
the Holders of the Registrable Securities pursuant to Section 2(a). 
 “Losses” shall have the meaning set forth in
Section 6(a). 
 “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means the prospectus included
in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted 

  
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from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A or Rule 430B promulgated by the Commission pursuant to the Securities Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including
post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Reduction Securities” shall have the meaning set forth in Section 2(b). 

“Registrable Securities” means (i) the Shares issued pursuant to the Purchase Agreement, (ii) the Underlying Shares
issuable upon exercise of the Warrants and (iii) any other shares of Common Stock issued as (or issuable upon conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to,
in exchange for or in replacement of the Shares or the Underlying Shares; provided, however, that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any,
or file another, Registration Statement hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities is declared effective by the Commission under the Securities Act and
such Registrable Securities have been disposed of by the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously sold in accordance with Rule 144, or (c) such securities are
eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Company’s transfer
agent and the affected Holders, as reasonably determined by the Company, upon the advice of counsel to the Company. 
 “Registration
Statement” means each of the following: (i) an initial registration statement which is required to register the resale of the Registrable Securities, and (ii) each additional registration statement, if any, contemplated by
Section 2, and including, in each case, the Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference
or deemed to be incorporated by reference in such registration statement. 
 “Resignation Event” means the first occurrence
of any one of the following: (i) Puissance no longer continuing to beneficially own at least 10% or more of the then outstanding Voting Shares; (ii) a Change of Control; or (iii) the date that is three (3) years following the
date of this Agreement. 
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

  
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 “Rule 424” means Rule 424 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shares” shall have the meaning set forth in the Purchase Agreement. 

“Trading Day” means any day on which the Common Stock is traded on the Nasdaq Global Market, or, if the Nasdaq Global Market
is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded. 

“Transaction Documents” shall have the meaning set forth in the Purchase Agreement. 

“Underlying Shares” shall have the meaning set forth in the Purchase Agreement. 

“Voting Shares” shall mean shares of Company voting securities, whether now owned or hereafter acquired. 

“Warrants” shall have the meaning set forth in the Purchase Agreement. 

2. Registration. 
 (a) On
or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale of all of the Registrable Securities that are not then registered on an existing and effective Registration Statement
for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement filed hereunder shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in
which case such registration shall be on another form appropriate for such purpose) and shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the
“Plan of Distribution” in substantially the form attached hereto as Annex A. The Company shall use its commercially reasonable efforts to cause a Registration Statement filed under this Agreement to be declared effective under the
Securities Act promptly but, in any event, no later than the Effectiveness Date for such Registration Statement, and shall, subject to Section 7(d) hereof, use its commercially reasonable efforts to keep the Registration Statement continuously
effective under the Securities Act until the earlier of (i) the date that is three years after the Closing Date and (ii) the date on which all securities covered by this Agreement have ceased to be Registrable Securities (the
“Effectiveness Period”). Notwithstanding the foregoing, the Company shall be entitled to suspend the effectiveness of the Registration Statement at any time prior to the expiration of the Effectiveness Period for up to an aggregate
of 30 consecutive Trading Days or an aggregate of 50 Trading Days (which need not be consecutive) in any given 360-day period if the Company furnishes to the Holders a certificate signed by the Chief Executive Officer or equivalent senior executive
officer of the Company advising such Holder of the occurrence of any event of the kind described in Section 3(c)(ii)-(v) (a “Shelf Suspension”). The Shelf Suspension shall not contain any material, non-public information
of the Company. It 

  
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is agreed and understood that the Company shall, from time to time, be obligated to file one or more additional Registration Statements to cover any Registrable Securities which are not
registered for resale pursuant to a pre-existing Registration Statement. 
 (b) Notwithstanding anything contained herein to the contrary,
in the event that the Commission limits the amount of Registrable Securities that may be included and sold by the Holders in any Registration Statement, including the Initial Registration Statement, pursuant to Rule 415 or any other basis, the
Company may reduce the number of Registrable Securities included in such Registration Statement on behalf of the Holders in whole or in part (in case of an exclusion as to a portion of such Registrable Securities, such portion shall be allocated pro
rata among such Holders first in proportion to the respective numbers of Registrable Securities represented by Underlying Shares requested to be registered by each such Holder over the total amount of Registrable Securities represented by Underlying
Shares, and second in proportion to the respective numbers of Registrable Securities represented by Shares requested to be registered by each such Holder over the total amount of Registrable Securities represented by Shares) (such Registrable
Securities, the “Reduction Securities”). In such event the Company shall give the Holders prompt notice of the number of such Reduction Securities excluded and the Company will not be liable for any damages under this Agreement in
connection with the exclusion of such Reduction Securities. The Company shall use its commercially reasonable efforts at the first opportunity that is permitted by the Commission to register for resale the Reduction Securities. Such new Registration
Statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another form appropriate for such purpose) and shall contain
(except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan of Distribution” in substantially the form attached hereto as Annex A. The Company shall
use its commercially reasonable efforts to cause each such Registration Statement to be declared effective under the Securities Act as soon as possible but, in any event, no later than the Effectiveness Date, and shall use its commercially
reasonable efforts to keep such Registration Statement continuously effective under the Securities Act during the entire Effectiveness Period, subject to Section 13(d) hereof. Notwithstanding the foregoing, the Company shall be entitled to a
Shelf Suspension for such Registration Statement. 
 (c) If: (i) the Initial Registration Statement is not filed with the Commission on
or prior to the Filing Date, (ii) the Initial Registration Statement is not declared effective by the Commission (or otherwise does not become effective) on or prior to the Effectiveness Date or (iii) after the date it is declared
effective by the Commission and except as provided in Section 3(i), such Registration Statement ceases for any reason (including without limitation by reason of a stop order, or the Company’s failure to update the Registration Statement),
to remain continuously effective as to all Registrable Securities included in such Registration Statement or (iv) the Company fails to satisfy the current public information requirement pursuant to Rule 144(c)(1) as a result of which
the Holders are unable to sell Registrable Securities under Rule 144 (or any successor rule thereto), (any such failure or breach in clauses (i) through (iv) above being referred to as an “Event,” and, for purposes of
clauses (i), (ii), (iii) or (iv), that date on which such Event occurs being referred to as an “Event Date”), then in addition to any other rights the Holders may have hereunder or under applicable law, on each such Event Date
and on each monthly anniversary of each such Event Date (if the applicable Event shall not have 

  
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been cured by such date) until the earlier of (1) the applicable Event is cured or (2) the Registrable Securities are eligible for resale pursuant to Rule 144 without manner of
sale or volume restrictions or the current public information requirement, the Company shall pay to each Holder an amount in cash, as liquidated damages and not as a penalty (“Liquidated Damages”), equal to one percent (1%) of
the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for any unregistered Registrable Securities then held by such Holder. The parties agree that (1) notwithstanding anything to the contrary herein or in the
Purchase Agreement, no Liquidated Damages shall be payable with respect to any period after the expiration of the Effectiveness Period (except in respect of an Event described in Section 2(c)(iv) herein), (it being understood that this
sentence shall not relieve the Company of any Liquidated Damages accruing prior to the Effectiveness Deadline) and in no event shall, the aggregate amount of Liquidated Damages payable to a Holder exceed, in the aggregate, five percent (5%) of
the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement) and (2) in no event shall the Company be liable in any thirty (30) day period for Liquidated Damages under this Agreement in excess of one percent
(1%) of the aggregate purchase price paid by the Holders pursuant to the Purchase Agreement. The Liquidated Damages pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the cure of an
Event, except in the case of the first Event Date. The Company shall not be liable for Liquidated Damages under this Agreement as to any Registrable Securities which are not permitted by the Commission to be included in a Registration
Statement. In such case, the Liquidated Damages shall be calculated to only apply to the percentage of Registrable Securities which are permitted to be included in such Registration Statement. The Effectiveness Deadline for a Registration
Statement shall be extended without default or Liquidated Damages hereunder in the event that the Company’s failure to obtain the effectiveness of the Registration Statement on a timely basis results from the failure of a Purchaser to
timely provide the Company with information requested by the Company and necessary to complete the Registration Statement in accordance with the requirements of the Securities Act (in which the Effectiveness Deadline would be extended with respect
to Registrable Securities held by such Purchaser). 
 3. Registration Procedures. 

In connection with the Company’s registration obligations hereunder, the Company shall: 

(a) Not less than five Trading Days prior to the filing of a Registration Statement or any related Prospectus or any amendment or supplement
thereto, the Company shall furnish to the Holders copies of all such documents proposed to be filed (other than those incorporated by reference). Notwithstanding the foregoing, the Company shall not be required to furnish to the Holders any
prospectus supplement being prepared and filed solely to name new or additional selling security holders unless such Holders are named in such prospectus supplement. In addition, in the event that any Registration Statement is on a form which does
not permit applicable incorporation by reference, the Company shall not be required to furnish to the Holders any prospectus supplement containing information included in a report or proxy statement filed under the Exchange Act that would be
incorporated by reference in such Registration Statement if such Registration Statement were on another form which permits incorporation by reference. The Company shall duly consider any comments made by the


  
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Holders and received by the Company not later than two Trading Days prior to the filing of the Registration Statement, but shall not be required to accept any such comments to which it reasonably
objects. 
 (b) (i) Prepare and file with the Commission such amendments, including post-effective amendments, to each Registration
Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Securities for its Effectiveness Period and prepare and file with the
Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus
supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to each Registration Statement or any amendment thereto
and, as promptly as reasonably possible provide the Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to the Holders as selling stockholders but not any comments
that would result in the disclosure to the Holders of material and non-public information concerning the Company; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the
Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement. 
 (c) Notify the Holders
as promptly as reasonably possible (and, in the case of (i)(A) below, not less than three Trading Days prior to such filing) and (if requested by any such Person) confirm such notice in writing no later than one Trading Day following the day: (i)(A)
when a Prospectus or any prospectus supplement (but only to the extent notice is required under Section 3(a) above) or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the
Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all
written responses thereto to each of the Holders that pertain to the Holders as selling stockholders or to the Plan of Distribution, but not information which the Company believes would constitute material and non-public information); and
(C) with respect to each Registration Statement or any post-effective amendment, when the same has been declared effective; (ii) of any request by the Commission or any other Federal or state governmental authority for amendments or
supplements to a Registration Statement or Prospectus or for additional information that pertains to the Holders as selling stockholders or the Plan of Distribution; (iii) of the issuance by the Commission of any stop order suspending the
effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; (v) of the occurrence of any event or passage of time that
makes the financial statements included or incorporated by reference in a Registration Statement ineligible for inclusion or incorporation by reference therein or any statement made in such Registration Statement or Prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or


  
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the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading; and (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be material and
that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement or Prospectus; provided, that any and all of such information shall remain confidential to each
Holder until such information otherwise becomes public, unless disclosure by a Holder is required by law; provided, further, that notwithstanding each Holder’s agreement to keep such information confidential, each such Holder makes no
acknowledgement that any such information is material, non-public information. 
 (d) Use its reasonable best efforts to avoid the issuance
of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale
in any jurisdiction, at the earliest practicable moment. 
 (e) Furnish to each Holder, without charge, at least one conformed copy of each
Registration Statement and each amendment thereto and all exhibits to the extent reasonably requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission;
provided, that the Company shall have no obligation to provide any document pursuant to this clause that is available on the EDGAR system. 

(f) Promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) and
each amendment or supplement thereto as such Persons may reasonably request. Subject to Section 13(d) hereof, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in
connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 

(g) Prior to any public offering of Registrable Securities, use its commercially reasonable efforts to register or qualify or cooperate with
the selling Holders in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of those jurisdictions within the
United States as any Holder reasonably requests in writing to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things necessary or advisable to enable
the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statements; provided, that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or
subject the Company to any material tax in any such jurisdiction where it is not then so subject. 
 (h) Cooperate with the Holders to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to the Registration Statements, which certificates shall be free, to the extent permitted by the Purchase
Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may request. 

  
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 (i) Upon the occurrence of any event contemplated by Section 3(c)(v), as promptly as
reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by
reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (j) The Company may
require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and any Affiliate thereof, the natural persons thereof that have voting and dispositive control
over the shares and any other information with respect to such Holder as the Commission requests. 
 4. Holder’s Obligations.
Each Holder agrees, by acquisition of the Registrable Securities, that no Holder shall be entitled to sell any of such Registrable Securities pursuant to a Registration Statement or to receive a Prospectus relating thereto, unless such Holder has
furnished the Company with all material information required to be set forth in the Purchaser Questionnaire and Selling Stockholder Questionnaire pursuant to the Purchase Agreement. Any sale of any Registrable Securities by any Holder shall
constitute a representation and warranty by such Holder that the information regarding such Holder is as set forth in the Prospectus delivered by such Holder in connection with such disposition, and that such Prospectus does not as of the time of
such sale contain any untrue statement of a material fact regarding such Holder or omit to state any material fact regarding such Holder necessary to make the statements in such Prospectus, in the light of the circumstances under which they were
made, not misleading, solely to the extent such facts are based upon information regarding such Holder furnished in writing to the Company by such Holder for use in such Prospectus. 

5. Registration Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under
this Agreement (excluding any underwriting discounts and selling commissions) shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the preceding
sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with the Principal Market on which the Common Stock is then
listed for trading, and (B) in compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses
if the printing of prospectuses is reasonably requested by the holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) reasonable fees and
disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) reasonable fees and expenses of all other Persons retained by the Company in connection with the
consummation of the transactions contemplated by this Agreement. In addition, the Company 

  
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shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries
and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required
hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the Holders. 

6. Indemnification. 
 (a)
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, agents, partners, members, stockholders and employees of each Holder, each
Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents, partners, members, stockholders and employees of each such controlling
Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or
supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose), or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (1) such untrue
statements, alleged untrue statements, omissions or alleged omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information
relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of
Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v),
the use by such Holder of an outdated or defective Prospectus after the Company has validly notified such Holder in writing (in accordance with Section 13(h) below) that the Prospectus is outdated or defective and prior to the receipt by such
Holder of an Advice (as defined below) or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss
would have been corrected. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. 

(b) Indemnification by Holders. Each Holder shall, notwithstanding any termination of this Agreement, severally and not jointly,
indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, agents, partners, members, stockholders or employees of such controlling 

  
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Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising solely out of or based solely upon: (x) for so long as the Company is not a
“Seasoned Issuer” and the prospectus delivery requirements of the Securities Act apply to sales by such Holder, such Holder’s failure to comply with the prospectus delivery requirements of the Securities Act or (y) any
untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising solely out of or based solely upon any omission of a material fact required
to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the
extent that, (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such
Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or
in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such
Holder of an outdated or defective Prospectus after the Company has validly notified such Holder in writing (in accordance with Section 13(h) below) that the Prospectus is outdated or defective and prior to the receipt by such Holder of an
Advice or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected. In no
event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

(c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such
notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not
subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party. 

An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such
Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party


  
 11 








 
and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party,
the Indemnifying Party shall not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided, that the Indemnifying Party shall not be liable for the fees and expenses of more than one
separate firm of attorneys at any time for all Indemnified Parties pursuant to this Section 6(c). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not
be unreasonably withheld. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes
an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party
may reasonably request in writing and as shall be reasonably required in connection with defense of such claim and litigation resulting therefrom. 

All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating
or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party (regardless of whether it is
ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally
judicially determined that such Indemnified Party is not entitled to indemnification hereunder). 
 (d) Contribution. If a claim for
indemnification under Section 6(a) or 6(b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in
such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in
Section 6(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification
provided for in this Section was available to such party in accordance with its terms. 
 The parties hereto agree that it would not be just
and equitable if contribution pursuant to this Section 6(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provisions of this Section 6(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by 

  
 12 








 
which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. 
 The indemnity and contribution agreements contained in this
Section 6 are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties and are not in diminution or limitation of the indemnification provisions under the Purchase Agreement. 

7. Standstill. For a period of three years from the date hereof (the “Standstill Period”), Puissance shall not,
without the prior written consent of a majority of the independent members of the Board of Directors of the Company (the “Board”) who are not affiliated with Puissance: 

(a) in any manner acquire, agree or seek to acquire, or make any proposal or offer (other than to a member of the Board or senior management of
the Company by means that would not cause public dissemination thereof) to acquire, whether directly or indirectly, 
 (i) any material
assets of the Company or 
 (ii) any Common Stock, voting equity securities of the Company or any securities convertible or exchangeable
into or exercisable for any such securities (including derivatives), other than acquisitions that would not, in the aggregate, result in Puissance together with its Affiliates Beneficially Owning (as defined herein) more than 19.99% of the
Company’s issued and outstanding Common Stock or Voting Shares, as of the date of such acquisition (including, for the avoidance of doubt, any Common Stock or Voting Shares acquired pursuant to the Purchase Agreement); 

(b) propose to any person (other than to a member of the Board or senior management of the Company by means that would not cause public
dissemination thereof) or effect, seek to effect or enter into, whether alone or in concert with others, any merger, consolidation, acquisition, scheme, business combination or other extraordinary transaction in which the Company or any of its
subsidiaries is a constituent corporation or party (a “Business Combination”); 
 (c) solicit proxies or shareholder
consents or participate in any such solicitation for any purpose relating to the election or removal of directors of the Company or a Business Combination; 

(d) form, join, encourage, influence, advise or participate in a “group” (as defined in Section 13(d)(3) of the Exchange Act)
with respect to the voting, ownership or control of any Common Stock; 
 (e) seek to have the Company waive, amend or modify its Certificate
of Incorporation or Bylaws; 

  
 13 








 (f) assist, advise or encourage (including by knowingly providing or arranging financing for that
purpose) any other person in connection with any of the foregoing; or 
 (g) make, or take any action (including a request to waive or amend
any provision of this agreement) that would cause the Company to make, a public announcement regarding any intention of Puissance or any of its respective Affiliates to take an action which would be prohibited by any of the foregoing. 

Notwithstanding anything to contrary, nothing contained in this Section 7 shall prevent Puissance from selling, tendering or otherwise
disposing of its securities in compliance with the other provisions of this Agreement and the applicable securities laws. 
 8. No Effect
on Directors. Notwithstanding any of the foregoing, the provisions set forth in Section 7 shall in no way limit the ability of any individual who is serving as a director of the Company to take any actions (or to refrain from taking any
actions) in their capacity as directors of the Company. 
 9. Waiver of Section 203. The Company represents and warrants to the
Stockholders that the Board has taken all action necessary to render inapplicable all control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under
the Company’s certificate of incorporation (or similar charter documents) or the laws of its state of incorporation (including the provisions of Section 203 of the General Corporation Law of the State of Delaware (“Section
203”)) that is or would be reasonably likely to become applicable to the Stockholders as a result of the Stockholders and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without
limitation as a result of the Company’s issuance of the securities thereunder and the Stockholders’ ownership of such securities. (the “Waiver”); provided, however, such Waiver shall no longer be applicable to a particular
Stockholder if, subsequent to becoming an “interested stockholder” (as defined in Section 203), such Stockholder no longer has Beneficial Ownership of 15% or more of Common Stock as a result of any sale or disposition of Beneficial
Ownership of Common Stock by such Stockholder. 
 10. Voting Agreement. In the event Puissance and its Affiliates Beneficially Own
more than 19.99% of the Voting Shares, any Voting Shares Beneficially Owned by Puissance and its Affiliates in excess of 19.99% of the Voting Shares shall be voted as directed by the Board, whether at an annual or special meeting of stockholders of
the Company, by written consent or otherwise. If requested by the Board, Puissance shall execute and deliver to the Company an irrevocable proxy to the foregoing effect. 

11. Limitation on Sales; Right of First Offer.

(a) Without the prior written consent of a majority of the independent members of the Board who are not affiliated with any particular
Stockholder: 
 (i) such Stockholder shall not sell or cause any shares of Common Stock Beneficially Owned by it or its Affiliates to be
sold pursuant to Rule 144 under the Securities Act; and 

  
 14 








 (ii) except for sales pursuant to Section 11(b) or distributions in accordance with
Section 11(d), all shares of Common Stock Beneficially Owned by such Stockholder shall be sold only in compliance with the “Plan of Distribution” in substantially the form attached hereto as Annex A. 

(b) No sales of Common Stock Beneficially Owned by such Stockholder shall be made pursuant to a private sale or other exemption from the
registration requirements of the Securities Act without the prior written consent of the Company if, (i) the purchaser of such shares is a medical device company or in the reasonable determination of the Board otherwise competes with the
Company, or (ii) such purchaser, or group of affiliated purchasers, would, after giving effect to such sale, Beneficially Own more than 5.0% of the Common Stock unless in each case the identity of the purchaser is unknown. 

(c) Prior to any private sale of the Company’s Common Stock by such Stockholder pursuant to Section 11(b) above, such
Stockholder will notify the Company of its intent to sell such shares (the “Offered Shares”). The Company may, within 36 hours after the receipt of such notice, offer to purchase the Offered Shares (the
“Offer”). The Offer will be in writing and shall specify the price and other terms and conditions of the Offer. Until the expiration of such 36 hour period, such Stockholder will not accept, make or solicit any other
offers to sell such shares. 
 (d) The provisions of Section 11(a), (b) and (c) shall have no force or effect as to a
particular Stockholder to the extent such Stockholder’s Common Stock purchased pursuant to the Purchase Agreement (including any Common Stock acquired upon exercise of the Warrants issued pursuant to the Purchase Agreement) constitutes 5.0% or
less of the then outstanding Common Stock of the Company. 
 12. Voting Arrangement to Elect Puissance Designee. 

(a) Obligations to Vote Voting Shares for Puissance Designee. For so long as a Resignation Event shall not have occurred, at any annual
or special meeting called, or in connection with any other action (including the execution of written consents) taken, for the purpose of electing directors to the Board, each of the Stockholders shall vote such Stockholder’s Voting Shares in a
manner necessary to elect and maintain as a director of the Company one (1) member designated in writing by Puissance that meets Nasdaq’s independence criteria and agrees to serve as a member of the Board, reasonably prior to the date of
any such election in compliance with the Company’s Amended and Restated Bylaws as then in effect, to initially be Ted Wang (provided that he is designated by Puissance notwithstanding anything to the contrary herein) (the “Puissance
Designee”). 
 (b) Obligations to Vote Voting Shares for Removal of Director; Filling Vacancy. Puissance shall have the
right to request the resignation or removal of an elected Puissance Designee reasonably prior to any such election in compliance with the Company’s Amended and Restated Bylaws as then in effect. In such event, each of the Stockholders shall
vote such Stockholder’s Voting Shares in a manner that would cause the removal of such director, whether at any annual or special meeting called, or, in connection with any other action (including the execution of written consents) taken, for
the purpose of removing such director. 

  
 15 








 
In the event of the resignation, death, removal or disqualification of an elected Puissance Designee, Puissance shall promptly designate a new director (a “Replacement”) and,
subject to prior approval of any Replacement by the remaining members of the Board, after written notice of the nomination has been given by such Party to each of the parties hereto, each Stockholder will vote his or her Voting Shares to elect such
designee to the Board as the Puissance Designee. 
 (c) Resignation Event. Prior to any Puissance Designee serving as a director of
the Company, Puissance shall cause such Puissance Designee to sign a resignation letter, in a form acceptable to the Company, such that upon the occurrence of any Resignation Event such Puissance Designee would agree to immediately tender his or her
resignation as a director of the Company. 
 (d) Nomination. The Board will nominate the Puissance Designee or, subject to prior
approval of any Replacement by the remaining members of the Board, any Replacement and will recommend that the Company’s shareholders vote in favor of the election of the Puissance Designee or Replacement (along with all other Company nominees)
at any annual or special meeting called, or in connection with any other action (including the execution of written consents) taken, for the purpose of electing directors to the Board, and support him or her for election in a manner not materially
less rigorous and favorable than the manner in which the Company supports its other nominees. 
 13. Miscellaneous. 

(a) Remedies. In the event of a breach by the Company or by a Holder, of any of their obligations under this Agreement, each Holder or
the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company
and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agree that, in the event of any action for specific
performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 
 (b) Compliance. Each
Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement. 

(c) Subsequent Registration Rights. Until the Initial Registration Statement required hereunder is declared effective by the
Commission, the Company shall not enter into any agreement granting any registration rights with respect to any of its securities to any Person without the written consent of Holders representing no less than a majority of the then outstanding
Registrable Securities; provided, that this Section 13(c) shall not prohibit the Company from fulfilling its obligations under any other registration rights agreements existing as of the date hereof. 

(d) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from
the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of 

  
 16 








 
such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is
advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be
incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. 

(e) Furnishing of Information. Each Holder shall furnish in writing to the Company such information regarding itself, the Registrable
Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably requested by the Company to effect the registration of such Registrable Securities and shall execute such documents in
connection with such registration as the Company may reasonably request. 
 (f) Piggy-Back Registrations. If at any time during the
Effectiveness Period, except as contemplated by Section 2(b) hereof, there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a
registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then
equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the stock option or other employee benefit plans, then the Company shall send
to each Holder a written notice of such determination and, if within 15 days after the date of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable
Securities such Holder requests to be registered; provided, however, that the Company shall not be required to register any Registrable Securities pursuant to this Section 13(f) that are eligible for resale pursuant to Rule 144 promulgated
under the Securities Act without manner of sale or volume restrictions or the current public information requirement or that are the subject of a then effective Registration Statement; provided, further, however, if there is not an effective
Registration Statement covering all of the Registrable Securities during the Effectiveness Period, the Company may file a registration statement with the Commission to register equity securities of the Company to be sold on a primary basis, provided
that the Company does not sell any such shares until there is an effective Registration Statement covering all of the Registrable Securities. The Company shall have the right to terminate or withdraw any registration initiated by it under this
Section 13(f) prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. Notwithstanding the foregoing, the Company shall be allowed to file one primary shelf registration
statement on Form S-3, including any amendments thereto, without complying in any such case with the obligations in this Section 13(f). 

(g) Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the
Company and the Holder or Holders (as applicable) of no less than a majority of the then outstanding Registrable Securities. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with
respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent 

  
 17 








 
default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of
any such right. 
 (i) Termination of Registration Rights. For the avoidance of doubt, it is expressly agreed and understood that
(i) in the event that there are no Registrable Securities outstanding as of a Filing Date, then the Company shall have no obligation to file, caused to be declared effective or to keep effective any Registration Statement hereunder (including
any Registration Statement previously filed pursuant to this Agreement) and (ii) all registration rights granted to the Holders hereunder (including the rights set forth in Sections 13(c) and 13(f)), shall terminate in their entirety effective
on the first date on which there shall cease to be any Registrable Securities outstanding. If not previously terminated pursuant to the foregoing sentence, it is expressly agreed and understood that all registration rights granted to the Holders
pursuant to this Agreement shall terminate as to the Holder on the date that is ten (10) years following the date of this Agreement. 

(h) Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed
facsimile or electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, and shall be deemed given when so sent in the case of facsimile or electronic mail
transmission, or when so received in the case of mail or courier, and addressed as follows: 
 if to the Company, to: 

ViewRay, Inc. 
 2 Thermo Fisher
Way 
 Oakwood Village, Ohio 44146 

Attention: Chief Financial Officer 

Facsimile: (800) 417-3459 

E-Mail: abansal@viewray.com 

with a copy (which shall not constitute notice) to: 

Latham & Watkins LLP 

140 Scott Drive 
 Menlo Park,
California 94025 
 Attention: Mark Roeder 

Facsimile: (650) 463-2600 

E-Mail: mark.roeder@lw.com 
  

			
	If to a Stockholder:	 	To the address set forth under such Stockholder’s name on the signature pages hereto


  
 18 









			
	If to any other Person who is then the registered Holder:	 	To the address of such Holder as it appears in the stock transfer books of the Company

 or such other address as may be designated in writing hereafter, in the same manner, by such Person. 

(i) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of
each of the parties and inure to the benefit of each Holder. Subject to Section 11 hereof, each Holder may assign its respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement, provided that such
assignees agree to be bound by the terms hereof. 
 (j) Execution and Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile transmission, such signature shall
create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof. 

(k) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by and construed and enforced in accordance with the internal laws of the State of California, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of San Francisco. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of San Francisco for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to
assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby
irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at
the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any other manner permitted by law. 
 (l) Cumulative Remedies. The remedies provided herein are cumulative and not
exclusive of any remedies provided by law. 

  
 19 








 (m) Severability. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable. 
 (n) Use of Terms. The parties agree and acknowledge that when, in this Agreement, the Company is
required to use its reasonable best efforts to perform any covenant under this Agreement, such requirement shall not obligate the Company, in the reasonable judgment of the disinterested members of its Board, to perform any act that will have a
material adverse effect on the Company. 
 (o) Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof. 
 (p) Furnishing of Information. Until the time that any Stockholder no
longer owns any Shares or Warrants (collectively, the “Securities”) of the Company, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to
be filed by the Company after the date hereof pursuant to the Exchange Act so long as the Company is then subject to the reporting requirements of the Exchange Act. For the twelve month period following the Closing Date, if the Company is not
required to file reports pursuant to the Exchange Act, it will prepare and furnish to the Stockholders then holding any Securities and make publicly available in accordance with Rule 144(c) such information as is required for such Stockholder to
sell the Securities, including without limitation, under Rule 144. The Company further covenants that it will take such further action as any holder of Securities may reasonably request, to the extent required from time to time to enable such Person
to sell such Securities without registration under the Securities Act, including without limitation, within the requirements of the exemption provided by Rule 144. 

(q) Independent Nature of Stockholders’ Obligations and Rights. The obligations of each Stockholder hereunder is several and not
joint with the obligations of any other Stockholder hereunder, and no Stockholder shall be responsible in any way for the performance of the obligations of any other Stockholder hereunder. The decision of each Stockholder to purchase Securities
pursuant to the Transaction Documents has been made independently of any other Stockholder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Stockholder pursuant hereto or thereto,
shall be deemed to constitute the Stockholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Stockholders are in any way acting in concert with respect to such obligations or the
transactions contemplated by this Agreement. Each Stockholder acknowledges that no other Stockholder has acted as agent for such Stockholder in connection with making its investment hereunder and that no Stockholder will be acting as agent of such
Stockholder in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction Documents. Each Stockholder shall be 

  
 20 








 
entitled to protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Stockholder to be joined as an
additional party in any proceeding for such purpose. 
 [Signature pages follow] 

  
 21 








 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 VIEWRAY, INC.





			
		
	By:	 	 /s/ Chris A. Raanes





			
	Name:	 	Chris A. Raanes


 
			
	Title:	 	President and Chief Executive Officer


 Signature Page to the ViewRay, Inc. 

Stockholders’ Agreement 







 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  
  

			
	 STOCKHOLDERS:
  

PUISSANCE CROSS BORDER
 OPPORTUNITIES I
LP



 
			
		
	By:	 	 /s/ Theodore Wang





			
	Name:	 	 Theodore Wang



 
			
	Title:	 	 Managing Member of the General
Partner



 
			
	Address:	 	950 Third Ave., 25th Fl New York, NY 10022


 Signature Page to the ViewRay, Inc. 

Stockholders’ Agreement 







 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	STOCKHOLDERS:
	
	ORBIMED PRIVATE INVESTMENTS III, LP
		
	 By:
	 	 OrbiMed Capital GP III LLC,
 its General
Partner

		
	 By:
	 	 OrbiMed Advisors LLC,
 its Managing
Member



 
			
		
	 By:
	 	 /s/ Samuel D. Isaly





			
	 Name:
	 	Samuel D. Isaly


 
			
	 Title:
	 	Managing Member


 
			
	
	ORBIMED ASSOCIATES III, LP


 
			
		
	 By:
	 	 OrbiMed Advisors LLC,
 its General
Partner



 
			
		
	 By:
	 	 /s/ Samuel D. Isaly





			
	 Name:
	 	Samuel D. Isaly


 
			
	 Title:
	 	Managing Member


 Signature Page to the ViewRay, Inc. 

Stockholders’ Agreement 







 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 STOCKHOLDERS:
  

KEARNY VENTURE PARTNERS, L.P.



 
			
		
	By:	 	 Kearny Venture Associates, LLC,
 its General
Partner



 
			
		
	By:	 	 /s/ Caley Castelein, M.D.





			
	Name:	 	Caley Castelein, M.D.


 
			
	Title:	 	Managing Director


 
			
	
	KEARNY VENTURE PARTNERS ENTREPRENEUR’S FUND, L.P.


 
			
		
	By:	 	 Kearny Venture Associates, LLC,
 its General
Partner



 
			
		
	By:	 	 /s/ Caley Castelein, M.D.





			
	Name:	 	Caley Castelein, M.D.


 
			
	Title:	 	Managing Director


 Signature Page to the ViewRay, Inc.

 Stockholders’ Agreement 







 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	STOCKHOLDERS:
	
	HENRY A. MCKINNELL, JR., PH.D
	
	 /s/ Henry A. McKinnell, Jr., Ph.D.



 Signature Page to the ViewRay, Inc. 

Stockholders’ Agreement 







 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 STOCKHOLDERS:
  

AJAY BANSAL

	
	 /s/ Ajay Bansal



 Signature Page to the ViewRay, Inc. 

Stockholders’ Agreement 







 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 STOCKHOLDERS:
  

	MARK S. GOLD, M.D.
	
	 /s/ Mark S. Gold, M.D.



 Signature Page to the ViewRay, Inc. 

Stockholders’ Agreement 







 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 STOCKHOLDERS:
  

	ALTA BIOEQUITIES, L.P.
		
	By:	 	 Alta Bioequities Management LLC,
 its General
Partner



 
			
		
	By:	 	 /s/ Dan Janney





			
	Name:	 	Dan Janney


 
			
	Title:	 	Member


 Signature Page to the ViewRay, Inc. 

Stockholders’ Agreement 







 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 STOCKHOLDERS:
  

ACUTA OPPORTUNITY FUND, LP

		
	 By:
	 	 Acuta Capital Partners, LLC,
 the General
Partner



 
			
		
	 By:
	 	 /s/ Manfred Yu



 

			
	 Name:
	 	Manfred Yu


 
			
	 Title:
	 	Chief Operating Officer


 
			
	
	ACUTA CAPITAL FUND, LP
		
	 By:
	 	 Acuta Capital Partners, LLC,
 the General
Partner



 
			
		
	 By:
	 	 /s/ Manfred Yu



 

			
	 Name:
	 	Manfred Yu


 
			
	 Title:
	 	Chief Operating Officer


 Signature Page to the ViewRay, Inc. 

Stockholders’ Agreement 







 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 STOCKHOLDERS:
  

JMSK LTD



 
			
		
	 By:
	 	 /s/ Steven Gold





			
	 Name:
	 	Steven Gold


 
			
	 Title:
	 	General Partner


 Signature Page to the ViewRay, Inc. 

Stockholders’ Agreement 







 ANNEX A 

PLAN OF DISTRIBUTION 
 The
selling stockholders and any of their pledgees, donees, transferees, assignees or other successors-in-interest may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common
stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market
price, at varying prices determined at the time of sale, or at negotiated prices. The selling stockholders may use one or more of the following methods when disposing of the shares or interests therein: 

 

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction; 


 

	 	•	 	through brokers, dealers or underwriters that may act solely as agents; 

  

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	through the writing or settlement of options or other hedging transactions entered into after the effective date of the registration statement of which this prospectus is a part, whether through an options exchange or
otherwise; 

  

	 	•	 	broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	a combination of any such methods of disposition; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 The selling stockholders may also sell
shares under Rule 144 under the Securities Act of 1933, as amended, or Securities Act, if available, rather than under this prospectus. 

Broker-dealers engaged by the selling stockholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. The selling stockholders do not expect these commissions and discounts to
exceed what is customary in the types of transactions involved. 







 The selling stockholders may from time to time pledge or grant a security interest in some or all
of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell shares of common stock from time to time under this prospectus, or under a
supplement or amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders
under this prospectus. 
 Upon being notified in writing by a selling stockholder that any material arrangement has been entered into with a
broker-dealer for the sale of common stock through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, we will file a supplement to this prospectus, if required, pursuant to Rule
424(b) under the Securities Act, disclosing (i) the name of each such selling stockholder and of the participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at which such shares of common stock were sold,
(iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference in
this prospectus, and (vi) other facts material to the transaction. In addition, upon being notified in writing by a selling stockholder that a donee or pledge intends to sell more than 500 shares of common stock, we will file a supplement to
this prospectus if then required in accordance with applicable securities law. 
 The selling stockholders also may transfer the shares of
common stock in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

In connection with the sale of the shares of common stock or interests in shares of common stock, the selling stockholders may enter into
hedging transactions after the effective date of the registration statement of which this prospectus is a part with broker-dealers or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging
the positions they assume. The selling stockholders may also sell shares of common stock short after the effective date of the registration statement of which this prospectus is a part and deliver these securities to close out their short positions,
or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other transactions after the effective date of the registration statement of which this prospectus is
a part with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such
broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). 

The selling stockholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. The maximum commission or discount to be received by any member of the Financial Industry Regulatory Authority (FINRA) or independent broker-dealer will not be greater than 8% of the initial gross
proceeds from the sale of any security being sold. 







 We have advised the selling stockholders that they are required to comply with Regulation M
promulgated under the Securities and Exchange Act during such time as they may be engaged in a distribution of the shares. The foregoing may affect the marketability of the common stock. 

The aggregate proceeds to the selling security holders from the sale of the common stock offered by them will be the purchase price of the
common stock less discounts or commissions, if any. Each of the selling security holders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made
directly or through agents. We will not receive any of the proceeds from this offering. 
 We are required to pay all fees and expenses
incident to the registration of the shares. We have agreed to indemnify the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act or otherwise. 

We have agreed with the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until
the earlier of (a) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration statement, (b) the date on which the shares of common stock covered by this prospectus
may be sold without any manner of sale or volume restrictions or the current public information requirement under Rule 144 of the Securities Act and (c) [Date].