EX-10.30




 Exhibit 10.30 

THIS WARRANT, AND THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT, OR ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT
AGREEMENT 
 To Purchase Shares of Preferred Stock of 

ViewRay Incorporated 
 Dated as of
December 16, 2013 (the “Effective Date”) 
 WHEREAS, ViewRay Incorporated, a Delaware corporation, has entered into a Loan and
Security Agreement of even date herewith (the “Loan Agreement”) with Hercules Technology III, L.P., a Delaware limited partnership (the “Warrantholder”), the several banks and other financial institutions or
entities from time to time parties thereto (collectively, referred to as “Lender”), and Hercules Technology Growth Capital, Inc., a Maryland corporation, as agent for the Lender; and 

WHEREAS, the Company (as defined below) desires to grant to Warrantholder, in consideration for, among other things, the financial accommodations provided for
in the Loan Agreement, the right to purchase shares of Preferred Stock (as defined below) pursuant to this Warrant Agreement (the “Agreement”); 

NOW, THEREFORE, in consideration of the Warrantholder executing and delivering the Loan Agreement and providing the financial accommodations contemplated
therein, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows: 

SECTION 1. GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK. 

For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the conditions hereinafter
set forth, to subscribe for and purchase, from the Company up to 312,500 shares of the Preferred Stock (defined below). The Exercise Price of such shares is subject to adjustment as provided in Section 8. As used herein, the following terms
shall have the following meanings: 
 “Act” means the Securities Act of 1933, as amended. 

“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries,
controls or is controlled by or is under common control with the Person specified. 

  
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 “Company” means ViewRay, Incorporated, a Delaware corporation, and any successor
or surviving entity that assumes the obligations of the Company under this Agreement pursuant to Section 8(a). 

“Charter” means the Company’s Articles of Incorporation, Certificate of Incorporation or other constitutional document,
as may be amended from time to time. 
 “Common Stock” means the Company’s common stock, $0.01 par value per share.

 “Eligible Assignee” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Equity Round” means any non-public offering of equity securities by the Company, after the Effective Date but prior to the
consummation of an Initial Public Offering in a transaction or series of related transactions principally for equity financing purposes in which the cash is received by the Company and/or debt of the Company is cancelled or converted in exchange for
equity securities of the Company at an effective price per share that is lower than $2.40 per share as determined in good faith by the board of directors of the Company based on relevant facts, economics and circumstances at the time of the Next
Round, after taking into consideration the rights, preferences and privileges of such equity securities, including without limitation, liquidation preferences, any options and/or warrants issued in connection with such offering, pay to play
provisions, original issue prices, liquidation multiples, conversion rate, and anti-dilution protection available to such new securities (for the avoidance of doubt, the parties hereby acknowledge and agree that the seniority of such securities
alone, shall not be deemed to cause such securities to have an effective price per share that is lower than $2.40 per share). 

“Exercise Price” means (a) if Preferred Stock means Series C Preferred Stock, $2.40 per share, or (b) if
Preferred Stock means Next Round Stock, the lowest price per share of Next Round Stock paid by investors in the Next Round, in either case subject to adjustment pursuant to Section 8. 

“Initial Public Offering” means the initial underwritten public offering of the Company’s Common Stock pursuant to a
registration statement under the Act, which public offering has been declared effective by the Securities and Exchange Commission (“SEC”). 

“Merger Event” means any sale, lease or other transfer of all or substantially all assets of the Company or any merger or
consolidation involving the Company in which the Company is not the surviving entity, or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for shares of preferred stock, other securities or
property of another entity. 
 “Next Round” means the first subsequent Equity Round following the date of this Agreement in
which the Company issues and sells shares of its preferred stock for aggregate gross cash proceeds of at least $5,000,000. 

  
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 “Person” means any individual, sole proprietorship, partnership, joint venture,
trust, unincorporated organization, association, corporation, limited liability company, institution, other entity or government. 

“Preferred Stock” means, at the election of the Warrantholder, (A) the Series C Preferred Stock of the Company or
(B) upon the closing of the Next Round, the class and series of the preferred stock of the Company issued in Next Round (such stock, the “Next Round Stock”), and, to the extent provided in Sections 8(a) and (b), any other
stock into or for which such Preferred Stock may be converted or exchanged; provided that upon and after the occurrence of an event which results in the automatic or voluntary conversion, redemption or retirement of all (but not less than all) of
the outstanding shares of such Preferred Stock, including, without limitation, the consummation of an Initial Public Offering of the Common Stock in which such a conversion occurs, then from and after the date upon which such outstanding shares are
so converted, redeemed or retired, “Preferred Stock” shall mean the Common Stock. 
 “Purchase Price” means, with
respect to any exercise of this Agreement, an amount equal to the Exercise Price as of the relevant time multiplied by the number of shares of Preferred Stock requested to be exercised under this Agreement pursuant to such exercise. 

SECTION 2. TERM OF THE AGREEMENT. 

Except as otherwise provided for herein, the term of this Agreement and the right to purchase Preferred Stock as granted herein (the
“Warrant”) shall commence on the Effective Date and shall be exercisable for a period ending upon the later to occur of (i) ten (10) years from the Effective Date; or (ii) five (5) years after the Initial Public
Offering. 
 SECTION 3. EXERCISE OF THE PURCHASE RIGHTS. 

(a) Exercise. The purchase rights set forth in this Agreement are exercisable by the Warrantholder, in whole or in part, at any time, or
from time to time, prior to the expiration of the term set forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of
Exercise”), duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than three (3) days thereafter, the
Company shall issue to the Warrantholder a certificate for the number of shares of Preferred Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of
Exercise”) indicating the number of shares which remain subject to future purchases, if any. 
 The Purchase Price may be paid at the
Warrantholder’s election either (i) by cash or check, or (ii) by surrender of all or a portion of the Warrant for shares of Preferred Stock to be exercised under this Agreement and, if applicable, an amended Agreement representing the
remaining number of shares purchasable hereunder, as determined below (“Net Issuance”). If the Warrantholder elects the Net Issuance method, the Company will issue Preferred Stock in accordance with the following formula: 

  
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		  		  		  	X = Y(A - B)
             A
	  	
		  		  		  	  	
		  	Where:	  	X =	  	the number of shares of Preferred Stock to be issued to the Warrantholder.	  	
					
		  		  	Y =	  	the number of shares of Preferred Stock requested to be exercised under
this Agreement.	  	
					
		  		  	A =	  	the fair market value of one (1) share of Preferred Stock at the time of
issuance of such shares of Preferred Stock.	  	
					
		  		  	B =	  	the Exercise Price.	  	

 For purposes of the above calculation, current fair market value of Preferred Stock shall mean with respect to each share of
Preferred Stock: 
 (i) if the exercise is in connection with an Initial Public Offering, and if the Company’s
Registration Statement relating to such Initial Public Offering has been declared effective by the SEC, then the fair market value per share shall be the product of (x) the initial “Price to Public” of the Common Stock specified in
the final prospectus with respect to the offering and (y) the number of shares of Common Stock into which each share of Preferred Stock is convertible at the time of such exercise; 

(ii) if the exercise is after, and not in connection with an Initial Public Offering, and: 

(A) if the Common Stock is traded on a securities exchange, the fair market value shall be deemed to be the product of
(x) the average of the closing prices over a five (5) day period ending three days before the day the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each share
of Preferred Stock is convertible at the time of such exercise; or 
 (B) if the Common Stock is traded over-the-counter,
the fair market value shall be deemed to be the product of (x) the average of the closing bid and asked prices quoted on the NASDAQ system (or similar system) over the five (5) day period ending three days before the day the current fair
market value of the securities is being determined and (y) the number of shares of Common Stock into which each share of Preferred Stock is convertible at the time of such exercise; 

(iii) if at any time the Common Stock is not listed on any securities exchange or quoted in the NASDAQ National Market or the
over-the-counter market, the current fair market value of Preferred Stock shall be the product of (x) the highest price per share which the Company could obtain from a willing buyer (not a current employee or director) for shares of Common
Stock sold by the Company, from authorized but unissued shares, as determined in good faith by 

  
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 its Board of Directors and (y) the number of shares of Common Stock into which each share of
Preferred Stock is convertible at the time of such exercise, unless the Company shall become subject to a Merger Event, in which case the fair market value of Preferred Stock shall be deemed to be the per share value received by the holders of the
Company’s Preferred Stock on a common equivalent basis pursuant to such Merger Event. 
 Upon partial exercise by either cash or Net Issuance, the
Company shall promptly issue an amended Agreement representing the remaining number of shares purchasable hereunder. All other terms and conditions of such amended Agreement shall be identical to those contained herein, including, but not limited to
the Effective Date hereof. 
 (b) Exercise Prior to Expiration. To the extent this Agreement is not previously exercised as to all
Preferred Stock subject hereto, and if the fair market value of one share of the Preferred Stock is greater than the Exercise Price then in effect, this Agreement shall be deemed automatically exercised pursuant to Section 3(a) (even if not
surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair market value of one share of the Preferred Stock upon such expiration shall be determined pursuant to Section 3(a). To the extent this Agreement
or any portion thereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of shares of Preferred Stock, if any, the Warrantholder is to receive by reason of
such automatic exercise. 
 SECTION 4. RESERVATION OF SHARES. 

During the term of this Agreement, the Company will at all times have authorized and reserved a sufficient number of shares of its Preferred Stock to provide
for the exercise of the rights to purchase Preferred Stock as provided for herein, and shall have authorized and reserved a sufficient number of shares of its Common Stock to provide for the conversion of the shares of Preferred Stock issuable
hereunder. 
 SECTION 5. NO FRACTIONAL SHARES OR SCRIP. 

No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Agreement, but in lieu of such fractional shares the
Company shall make a cash payment therefor upon the basis of the then fair market value of one share of Preferred Stock. 

SECTION 6. NO RIGHTS AS STOCKHOLDER. 

This Agreement does not entitle the Warrantholder to any voting rights or other rights as a shareholder/stockholder of the Company prior to the exercise of
this Agreement. 
 SECTION 7. WARRANTHOLDER REGISTRY. 

The Company shall maintain a registry showing the name and address of the registered holder of this Agreement. Warrantholder’s initial address, for
purposes of such registry, is set forth below Warrantholder’s signature on this Agreement. Warrantholder may change such address by giving written notice of such changed address to the Company. 

  
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 SECTION 8. ADJUSTMENT RIGHTS. 

The Exercise Price and the number of shares of Preferred Stock purchasable hereunder are subject to adjustment, as follows: 

(a) Merger Event. If at any time there shall be Merger Event, then, as a part of such Merger Event, lawful provision shall be made so
that the Warrantholder shall thereafter be entitled to receive, upon exercise of this Agreement, the number of shares of preferred stock or other securities or property (collectively, “Reference Property”) that the Warrantholder
would have received in connection with such Merger Event if Warrantholder had exercised this Agreement immediately prior to the Merger Event. In any such case, appropriate adjustment (as determined in good faith by the Company’s Board of
Directors) shall be made in the application of the provisions of this Agreement with respect to the rights and interests of the Warrantholder after the Merger Event to the end that the provisions of this Agreement (including adjustments of the
Exercise Price and adjustments to ensure that the provisions of this Section 8 shall thereafter be applicable, as nearly as possible, to the purchase rights under this Agreement in relation to any Reference Property thereafter acquirable upon
exercise of such purchase rights) shall continue to be applicable in their entirety, and to the greatest extent possible. Without limiting the foregoing, in connection with any Merger Event, upon the closing thereof, the successor or surviving
entity shall assume the obligations of this Agreement; provided that the foregoing assumption requirement shall not apply if the consideration to be paid for or in respect of the outstanding shares of Preferred Stock in such Merger Event consists
solely of cash and/or readily marketable securities. In connection with a Merger Event and upon Warrantholder’s written election to the Company, the Company shall cause this Warrant Agreement to be exchanged for the consideration that
Warrantholder would have received if Warrantholder had chosen to exercise its right to have shares issued pursuant to the Net Issuance provisions of this Warrant Agreement without actually exercising such right, acquiring such shares and exchanging
such shares for such consideration. The provisions of this Section 8(a) shall similarly apply to successive Merger Even. 
 (b)
Reclassification of Shares. Except for Merger Events subject to Section 8(a), and subject to Section 8(f), if the Company at any time shall, by combination, reclassification, exchange or subdivision of securities or otherwise,
change any of the securities as to which purchase rights under this Agreement exist into the same or a different number of securities of any other class or classes, this Agreement shall thereafter represent the right to acquire such number and kind
of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under this Agreement immediately prior to such combination, reclassification, exchange, subdivision or
other change. The provisions of this Section 8(b) shall similarly apply to successive combination, reclassification, exchange, subdivision or other change. 

(c) Subdivision or Combination of Shares. If the Company at any time shall combine or subdivide its Preferred Stock, (i) in the
case of a subdivision, the Exercise Price shall be proportionately decreased and the number of shares of Preferred Stock issuable hereunder shall be proportionately increased, or (ii) in the case of a combination, the Exercise Price shall be
proportionately increased and the number of shares of Preferred Stock issuable hereunder shall be proportionately decreased. 

  
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 (d) Stock Dividends. If the Company at any time while this Agreement is outstanding and
unexpired shall: 
 (i) pay a dividend with respect to the Preferred Stock payable in Preferred Stock, then the Exercise
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 Exercise 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 Preferred Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of
Preferred Stock outstanding immediately after such dividend or distribution; or 
 (ii) make any other distribution with
respect to Preferred Stock, except any distribution specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the Company such that the Warrantholder shall receive upon exercise or
conversion of this Warrant a proportionate share of any such distribution as though it were the holder of the Preferred Stock as of the record date fixed for the determination of the stockholders of the Company entitled to receive such distribution.

 (e) Antidilution Rights. Additional antidilution rights applicable to the Preferred Stock purchasable hereunder are as set forth in
the Charter and shall be applicable with respect to the Preferred Stock issuable hereunder. The Company shall promptly provide the Warrantholder with any restatement, amendment, modification or waiver of the Charter; provided, that no such
amendment, modification or waiver shall impair or reduce the antidilution rights applicable to the Preferred Stock as of the date hereof unless such amendment, modification or waiver affects the rights of Warrantholder with respect to the Preferred
Stock in the same manner as it affects all other holders of Preferred Stock. 
 (f) Notice of Adjustments. If: (i) the Company
shall declare any dividend or distribution upon its stock, whether in stock, cash, property or other securities; (ii) there shall be any Merger Event; (iii) there shall be an Initial Public Offering; (iv) the Company shall sell,
lease, license or otherwise transfer all or substantially all of its assets; or (v) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall send to the
Warrantholder: (A) at least twenty (20) days’ prior written notice of the date on which the books of the Company shall close or a record shall be taken for such dividend, distribution, or for determining rights to vote in respect of
such Merger Event, dissolution, liquidation or winding up; (B) in the case of any such Merger Event, sale, lease, license or other transfer of all or substantially all assets, dissolution, liquidation or winding up, at least fifteen
(15) days’ prior written notice of the date when the same shall take place (and specifying the date on which the holders of Preferred Stock shall be entitled to exchange their Preferred Stock for securities or other property deliverable
upon such Merger Event, dissolution, liquidation or winding up); and (C) in the case of an Initial Public Offering, the Company shall give the Warrantholder at least fifteen (15) days’ written notice prior to the effective date
thereof. 

  
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 Each such written notice shall set forth, in reasonable detail, (i) the event requiring the notice, and
(ii) if any adjustment is required to be made, (A) the amount of such adjustment, (B) the method by which such adjustment was calculated, (C) the adjusted Exercise Price (if the Exercise Price has been adjusted), and (D) the
number of shares subject to purchase hereunder after giving effect to such adjustment, and shall be given in accordance with Section 12(g) below. 

(g) Timely Notice. Failure to timely provide such notice required by subsection (f) above shall entitle Warrantholder to retain the
benefit of the applicable notice period notwithstanding anything to the contrary contained in any insufficient notice received by Warrantholder. For purposes of this subsection (g), and notwithstanding anything to the contrary in
Section 12(g), the notice period shall begin on the date Warrantholder actually receives a written notice containing all the information required to be provided in such subsection (g). 

SECTION 9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 

(a) Reservation of Preferred Stock. The Preferred Stock issuable upon exercise of the Warrantholder’s rights has been or, in the
case of Preferred Stock issuable in the Next Round, will be duly and validly reserved and, when issued in accordance with the provisions of this Agreement, will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens,
charges or encumbrances of any nature whatsoever; provided, that the Preferred Stock issuable pursuant to this Agreement may be subject to restrictions on transfer under state and/or federal securities laws. The Company has made available to
the Warrantholder true, correct and complete copies of its Charter and current bylaws. The issuance of certificates for shares of Preferred Stock upon exercise of this Agreement shall be made without charge to the Warrantholder for any issuance tax
in respect thereof, or other cost incurred by the Company in connection with such exercise and the related issuance of shares of Preferred Stock; provided, that the Company shall not be required to pay any tax which may be payable in respect
of any transfer and the issuance and delivery of any certificate in a name other than that of the Warrantholder. 
 (b) Due Authority.
The execution and delivery by the Company of this Agreement and the performance of all obligations of the Company hereunder, including the issuance to Warrantholder of the right to acquire the shares of Preferred Stock and the Common Stock into
which it may be converted, have been duly authorized by all necessary corporate action on the part of the Company. This Agreement: (1) does not violate the Company’s Charter or current bylaws; (2) does not contravene any law or
governmental rule, regulation or order applicable to it; and (3) does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which it is a party or by which it is
bound. This Agreement constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms. 
 (c)
Consents and Approvals. No consent or approval of, giving of notice to, registration with, or taking of any other action in respect of any state, federal or other governmental authority or agency is required with respect to the execution,
delivery and performance by the Company of its obligations under this Agreement, except for the filing of notices pursuant to Regulation D under the Act and any filing required by applicable state securities law, which filings will be effective
by the time required thereby. 

  
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 (d) Issued Securities. All issued and outstanding shares of Common Stock, Preferred Stock
or any other securities of the Company have been duly authorized and validly issued and are fully paid and nonassessable. All outstanding shares of Common Stock, Preferred Stock and any other securities were issued in full compliance with all
federal and state securities laws. In addition, as of the date immediately preceding the date of this Agreement: 
 (i) The
authorized capital of the Company consists of (A) 81,000,000 shares of Common Stock, of which 2,141,690 shares are issued and outstanding, and (B) 67,460,997 shares of Preferred Stock, of which 61,013,326 shares are issued and outstanding
and as of the date hereof, are convertible into shares of Common Stock on a 1:1 basis; 
 (ii) The Company has reserved
11,510,000 shares of Common Stock for issuance under its Stock Option Plan(s), under which 7,445,374 options are outstanding. The Company has no outstanding loans to any employee, officer or director of the Company, and the Company agrees not to
enter into any such loan or otherwise guarantee the payment of any loan made to an employee, officer or director by a third party; and 

(iii) In accordance with the Company’s Charter and except as set forth in the Investor Rights Agreement (defined below),
no stockholder of the Company has preemptive rights to purchase new issuances of the Company’s capital stock. 
 (e) Registration
Rights. The Company agrees that the shares of Common Stock issued and issuable upon conversion of the shares of Preferred Stock issued upon exercise of this Warrant, and, at all times (if any) when the Preferred Stock shall be Common Stock, the
shares of Preferred Stock issued upon exercise of this Warrant, shall have the “Piggyback,” and S-3 registration rights pursuant to and as set forth in the Company’s investor rights agreement or
similar agreement (as may be amended from time to time, the “Investor Rights Agreement”) on a pari passu basis with the holders of outstanding shares of Preferred Stock of the same series who are parties thereto. The provisions set
forth in the Company’s Investor Rights Agreement or similar agreement relating to such registration rights in effect as of the Effective Date may not be amended, modified or waived without the prior written consent of the Warrantholder unless
such amendment, modification or waiver affects the rights associated with the shares of Preferred Stock issued upon exercise hereof in the same manner as such amendment, modification, or waiver affects the rights associated with all outstanding
shares of Preferred Stock of the same series whose holders are parties thereto. 
 (f) Other Commitments to Register Securities.
Except as set forth in the Investor Rights Agreement, the Company is not, pursuant to the terms of any other agreement currently in existence, under any obligation to register under the Act any of its presently outstanding securities or any of its
securities which may hereafter be issued. 

  
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 (g) Exempt Transaction. Subject to the accuracy of the Warrantholder’s
representations in Section 10, the issuance of the Preferred Stock upon exercise of this Agreement, and the issuance of the Common Stock upon conversion of the Preferred Stock, will each constitute a transaction exempt from (i) the
registration requirements of Section 5 of the Act, in reliance upon Section 4(2) thereof; and (ii) the qualification requirements of the applicable state securities laws. 

(h) Compliance with Rule 144. If the Warrantholder proposes to sell Preferred Stock issuable upon the exercise of this Agreement,
or the Common Stock into which it is convertible, in compliance with Rule 144 promulgated by the SEC, then, upon Warrantholder’s written request to the Company, the Company shall promptly furnish to the Warrantholder a written statement
confirming the Company’s compliance with the filing requirements of the SEC as set forth in such Rule, as such Rule may be amended from time to time. 

(i) Information Rights. During the term of this Warrant, Warrantholder shall be entitled to the information rights contained in
Section 7.1 of the Loan Agreement, and Section 7.1 of the Loan Agreement is hereby incorporated into this Agreement by this reference as though fully set forth herein, provided, however, that the Company shall (i) not be required to
deliver a Compliance Certificate once all Indebtedness (as defined in the Loan Agreement) owed by the Company to Warrantholder has been repaid; and (ii) be free to make any change in its accounting policies and reporting practices in accordance
with GAAP. 
 SECTION 10. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER. 

This Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder: 

(a) Investment Purpose. The right to acquire Preferred Stock is being acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Warrantholder has no present intention of selling or engaging in any public distribution of such rights or the Preferred Stock except pursuant to an effective registration statement or an exemption from the
registration requirements of the Act. 
 (b) Private Issue. The Warrantholder understands (i) that the Preferred Stock issuable
upon exercise of this Agreement is not registered under the Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Agreement will be exempt from the registration and qualifications requirements
thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 10. 

(c) Financial Risk. The Warrantholder has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of its investment, and has the ability to bear the economic risks of its investment. 

  
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 (d) Risk of No Registration. The Warrantholder understands that if the Company does not
register with the SEC pursuant to Section 12 of the Securities Exchange Act of 1934 (the “1934 Act”), or file reports pursuant to Section 15(d) of the 1934 Act, or if a registration statement covering the securities under
the Act is not in effect when it desires to sell (i) the rights to purchase Preferred Stock pursuant to this Agreement or (ii) the Preferred Stock issuable upon exercise of the right to purchase, it may be required to hold such securities
for an indefinite period. The Warrantholder also understands that any sale of (A) its rights hereunder to purchase Preferred Stock or (B) Preferred Stock issued or issuable hereunder which might be made by it in reliance upon Rule 144
under the Act may be made only in accordance with the terms and conditions of that Rule. 
 (e) Accredited Investor. Warrantholder is
an “accredited investor” within the meaning of the Securities and Exchange Rule 501 of Regulation D, as presently in effect. 

SECTION 11. TRANSFERS. 
 Subject to
compliance with applicable federal and state securities laws, this Agreement and all rights hereunder are transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes) upon surrender of this Agreement properly
endorsed; provided, that so long as no Event of Default has occurred and is continuing, Warrantholder can only assign any interest hereunder to a Person who is an Affiliate of Warrantholder or an Eligible Assignee upon thirty (30) days prior
notice to the Company. Any proposed transfer of this Agreement or any rights hereunder is prohibited unless transferred in accordance with the terms hereof. Each permitted taker and holder of this Agreement, by taking or holding the same in
accordance with the terms hereof, consents and agrees that this Agreement, when endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Agreement shall have been so endorsed and its transfer recorded on the
Company’s books, shall be treated by the Company and all other persons dealing with this Agreement as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Agreement. The transfer of
this Agreement shall be recorded on the books of the Company upon receipt by the Company of a notice of transfer in the form attached hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to
the Company of all transfer taxes and other governmental charges imposed on such transfer. Until the Company receives such Transfer Notice, the Company may treat the registered owner hereof as the owner for all purposes. Any proposed transfer not in
accordance with the terms hereof shall be null and void ab inititio. 
 SECTION 12. MISCELLANEOUS. 

(a) Effective Date. The provisions of this Agreement shall be construed and shall be given effect in all respects as if it had been
executed and delivered by the Company on the date hereof. This Agreement shall be binding upon any successors or assigns of the Company. 

(b) Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either by
suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where Warrantholder will not have an adequate remedy at law and
where damages will not be readily ascertainable. The Company expressly agrees that it shall not oppose an application by the Warrantholder or any other person entitled to the benefit of this Agreement requiring specific performance of any or all
provisions hereof or enjoining the Company from continuing to commit any such breach of this Agreement. 

  
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 (c) No Impairment of Rights. The Company will not, by amendment of its Charter or through
any other means, avoid or seek to avoid the observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate in order to protect the rights of the Warrantholder against impairment. 
 (d) Additional Documents. The Company, upon
execution of this Agreement, shall provide the Warrantholder with an officer’s certificate stating that on and as of the Effective Date, the representations, warranties and covenants set forth in Sections 9(a) through 9(f) shall be true,
correct and complete in all material respects. The Company shall also supply the Warrantholder with documentation reasonably necessary to evaluate whether to exercise (in cash or a net issuance basis) this Warrant, including without limitation,
(i) any merger/purchase/asset sale agreement and related documents and estimated payout allocations to each of the respective shareholders, warrant and option holders in connection with a Merger Event, (ii) the most recent capitalization
tables, 409A valuations (if any), and board determination of share value (including any waterfall or per share allocations provided to the stockholders), and (iii) most recent Charter. 

(e) Attorney’s Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating hereto,
the prevailing party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Agreement. For the purposes of this Section 12(e), attorneys’ fees shall include without limitation fees
incurred in connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding; (iv) garnishment, levy, and debtor and
third party examinations; and (v) post judgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment. 

(f) Severability. In the event any one or more of the provisions of this Agreement shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the
intention of the parties underlying the invalid, illegal or unenforceable provision. 
 (g) Notices. Except as otherwise provided
herein, any notice, demand, request, consent, approval, declaration, service of process or other communication that is required, contemplated, or permitted under this Agreement or with respect to the subject matter hereof shall be in writing, and
shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery if transmission or delivery occurs on a business day at or before 5:00 pm in the
time zone of the recipient, or, if transmission or delivery occurs on a non-business day or after such time, the first business day thereafter, or the first business day after deposit with an overnight express service or overnight mail delivery
service; or (ii) the third calendar day after deposit in the United States mails, with proper first class postage prepaid, and shall be addressed to the party to be notified as follows: 

  
 12 









 If to Warrantholder: 

HERCULES TECHNOLOGY III, L.P. 

Legal Department 
 Attention:
Chief Legal Officer and Manuel Henriquez 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Facsimile: 650-473-9194 
 Telephone: 650-289-3060 

With a copy to: 
 Cooley LLP 

Attention: Maricel Mojares-Moore 

101 California Street, 5th Floor 

San Francisco, CA 94111 

Facsimile: 415-693-2222 

Telephone: 415 693-2134 

(i) If to the Company: 
 ViewRay Incorporated 

Attention: Chief Executive Officer 

2 Thermo Fischer Way 

Oakwood Village, OH 44146 

Facsimile: 
 Telephone: 

or to such other address as each party may designate for itself by like notice. 

(h) Entire Agreement; Amendments. This Agreement constitute the entire agreement and understanding of the parties hereto in respect of
the subject matter hereof, and supersede and replace in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof (including
Lender’s proposal letter dated October 3, 2013). None of the terms of this Agreement may be amended except by an instrument executed by each of the parties hereto. 

(i) Headings. The various headings in this Agreement are inserted for convenience only and shall not affect the meaning or
interpretation of this Agreement or any provisions hereof. 
 (j) No Strict Construction. The parties hereto have participated jointly
in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall
arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

  
 13 









 (k) No Waiver. No omission or delay by Warrantholder at any time to enforce any right or
remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by the Company at any time designated, shall be a waiver of any such right or remedy to which Warrantholder is entitled, nor shall it in any way
affect the right of Warrantholder to enforce such provisions thereafter. 
 (l) Survival. All agreements, representations and
warranties contained in this Agreement or in any document delivered pursuant hereto shall be for the benefit of Warrantholder and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement.

 (m) Governing Law. This Agreement have been negotiated and delivered to Warrantholder in the State of California, and shall have
been accepted by Warrantholder in the State of California. Delivery of Preferred Stock to Warrantholder by the Company under this Agreement is due in the State of California. This Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 

(n) Consent to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Agreement may be brought in any
state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to personal jurisdiction in Santa Clara County,
State of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and
(d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance
with the requirements for notice set forth in Section 12(g), and shall be deemed effective and received as set forth in Section 12(g). Nothing herein shall affect the right to serve process in any other manner permitted by law or shall
limit the right of either party to bring proceedings in the courts of any other jurisdiction. 
 (o) Mutual Waiver of Jury Trial.
Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration
rules), the parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM,
COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such Claims,
including Claims that involve Persons other than the Company and the Warrantholder; Claims that arise out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract,
specific performance, or any equitable or legal relief of any kind, arising out of this Agreement. 

  
 14 









 (p) Judicial Reference. If the waiver of jury trial set forth above is ineffective or
unenforceable, the parties agree that all Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a
referee selected by the Presiding Judge of Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery applicable to such proceeding. 

(q) Prejudgment Relief. In the event Claims are to be resolved by arbitration, either party may seek from a court of competent
jurisdiction identified in Section 12(n), any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to
resolution by judicial reference. 
 (r) Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may
be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument. 

[Remainder of Page Intentionally Left Blank] 

  
 15 









 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by its officers thereunto duly
authorized as of the Effective Date. 
  

							
	COMPANY:	 	 VIEWRAY INCORPORATED, a Delaware

corporation
	 	
				
		 	 By:
	 	 /s/ D. David Chandler
	 	
		 	 Name:
	 	David Chandler	 	
		 	 Title:
	 	CFO	 	
			
	WARRANTHOLDER:	 	 HERCULES TECHNOLOGY III, L.P.,

a Delaware limited partnership
	 	
				
		 	 By:
	 	 Hercules Technology SBIC Management,
 LLC, its
General Partner
	 	
		 	 By:
	 	 Hercules Technology Growth Capital, Inc.,
 its
Manager
	 	
				
		 	 By:
	 	 /s/ Ben Bang
	 	
		 	 Name:
	 	Ben Bang	 	
		 	 Title:
	 	SENIOR COUNSEL	 	


  
 [Signature Page to
Warrant Agreement] 









 EXHIBIT I 

NOTICE OF EXERCISE 
  

	To:	[             ] 

  

	(1)	The undersigned Warrantholder hereby elects to purchase [            ] shares of the
Series [            ] Preferred Stock of ViewRay Incorporated, pursuant to the terms of the Agreement dated the
[            ] day of [November             , 2013] (the “Agreement”) between ViewRay Incorporated and the
Warrantholder, and [CASH PAYMENT: tenders herewith payment of the Purchase Price in full, together with all applicable transfer taxes, if any.] [NET ISSUANCE: elects pursuant to Section 3(a) of the Agreement to effect a Net Issuance.]


  

	(2)	Please issue a certificate or certificates representing said shares of Series [            ] Preferred Stock in the name of the undersigned or in such
other name as is specified below. 

  

							
		 	  

		 	(Name)	 		 	
		 	  

		 	(Address)	 		 	
		
	WARRANTHOLDER:	 	 HERCULES TECHNOLOGY III, L.P.,

a Delaware limited partnership

				
		 	 By:
  
	 	 Hercules Technology SBIC Management,
 LLC, its
General Partner
	 	
				
		 	 By:
  
	 	 Hercules Technology Growth Capital, Inc.,
 its
Manager
	 	
			
		 	By:	 	  

		 	Name:	 		 	
		 	Title:	 		 	









 EXHIBIT III 

TRANSFER NOTICE 
 (To transfer or assign the
foregoing Agreement execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing
Agreement and all rights evidenced thereby are hereby transferred and assigned to the following Warrantholder’s Affiliate: 
  

			
	  

		
	(Please Print)	  	
		
	whose address is	  	  

	  

	
	and whose is a Warrantholder’s Affiliate by virtue of the following relationship:
	  

	  


  

			
	Dated:	 	  

	Holder’s Signature:	 	  

	Holder’s Address:	 	  

	  



 Signature Guaranteed:
                                         
                                         
                           

NOTE: The signature to this Transfer Notice must correspond with the name as it appears on the face of the Agreement, without alteration or enlargement or any
change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Agreement.