Document:

EX-10.13

 Exhibit 10.13 

ViewRay Incorporated 

Two Thermo Fisher Way 

Village of Oakwood, Ohio 44146 

March 16 , 2016 
 Mr. Michael Cogswell

 ***** 
 ***** 

***** 
 Dear Mike: 

We are pleased to extend you this offer to serve as Senior Vice President of Sales of ViewRay Incorporated (the “Company”). This offer may be
accepted by countersigning where indicated at the end of this letter. Your employment with the Company shall be effective as of April 1st, 2016 (the “Start Date”). 

 

	1.	Duties and Extent of Service 

 As Senior Vice President of Sales of the Company, you will have
responsibility for performing those duties as are customary for, and are consistent with, such position, as well as those duties as the Company’s Chief Executive Officer (“CEO”) may from time to time designate. You agree to abide by
the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted from time to time by the Company. Except for vacations and absences due to temporary illness, you will be expected to
devote your full time and effort to the business and affairs of the Company and shall not, during your employment by the Company, without the prior written approval of either the CEO or of the board of directors of the Company (the
“Board”), be employed by or otherwise engaged in any other business activity requiring any of your time, other than previously disclosed in Addendum “B,” and further that the total combined time dedicated to these
disclosed activities does not exceed 8 hours per month, and that employee attests that none of the activities listed are competitors to Viewray, and that if they become competitors, employee will immediately resign any director and/or officer
positions related to those activities. 
 The Company is currently located in Mountain View, California and Village of Oakwood, Ohio (or such other
locations as the Company may from time to time utilize as its principal offices) (the “Principal Offices”). The Company acknowledges that your primary residence is in Evansville, Indiana. You shall not be required to relocate your
primary residence to either of the Company’s Principal Offices’ areas. The Company expects that in your capacity as Senior Vice President of Sales, you will spend the substantial majority of your time outside the Company’s Principal
Office traveling to and working at prospective customers’ locations. In addition, you will be expected to frequent the Principal Offices, for various internal meetings. 
  

	2.	Compensation 

 In consideration of your employment with the Company, the Company will pay you a base
salary, payable in periodic installments in accordance with the Company’s standard payroll practices, which annualizes to $300,000. You shall also be entitled to the exclusive use of a company car, which will be leased by the Company and
provided to you at no cost to you, up to a maximum monthly lease cost to the Company of $900. Should you prefer, you may elect to receive $900 per month car allowance instead, provided that such election is made prior to the Company entering into a
lease agreement for a leased car for your use. You acknowledge that the use of a company car or a car allowance may be considered taxable income by federal and state taxing authorities. 

  
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 You shall also be entitled to receive additional commission compensation according to a sales incentive
compensation plan to be negotiated with the company CEO on an annual basis. The general outline of the commission plan for your first year will result in a sales incentive compensation paid to you of approximately $150,000 at the achievement of ten
(10) new sales orders, provided they are of quality, price, and accompanying deposit as described in your commission plan. The achievement of fifteen (15) new sales orders as described above shall result in a sales incentive compensation
paid to you of approximately $200,000. The attached commission schedule represents an approximate form of the sales incentive commission plan. 
 You hereby
acknowledge and confirm that sales orders in the radiation oncology industry, as well as the Company’s sales orders, are inherently complex and contain a number of important strategic and business considerations that must be constructed to meet
specific customer and market opportunities and remain within the strategic parameters set forth both formally and informally by the Company. Accordingly, there are factors including, but not limited to, price to the customer, warranty period, down
payment deposits, and other important business and contractual terms which may effect the economics and accounting treatment of such orders, and therefore these parameters must be determined in collaboration with the Company’s CEO and other
members of Company senior management. The final determination of such terms shall be made by the CEO, Chief Financial Officer, and/or other members of senior management as may be appropriate and the final determination of sales incentive
compensation for such sales orders shall be made by the CEO. 
 You will also be entitled to 20 days of paid time off (“PTO”) annually (which is
accrued as you work) in accordance with the Company’s standard vacation and PTO policy and 2 days of personal holidays. You will be entitled to participate in such employee benefit plans and fringe benefits as may be offered or made available
by the Company from time to time to its employees. The Board reserves the right from time to time to change the Company’s employee benefit plans and fringe benefits. Your participation in such employee benefit plans and fringe benefits, and the
amount and nature of the benefits to which you shall be entitled thereunder or in connection therewith, shall be subject to the terms and conditions of such employee benefit plans and fringe benefits. 

 

	3.	Stock Options 

 (a) As soon as reasonably practicable after your Start Date and subject to the separate
approvals of the Board and Compensation Committee, you shall be entitled to a stock option grant (the “Option”) to purchase 115,000 shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”), underlying the Option (the “Option Shares”) which Option shall be set forth in an Incentive Stock Option and Reverse Vesting Agreement between you and the Company (the “Option Agreement”) issued
under the Company’s 2015 Stock Incentive Plan. The Option will be exercisable at a price per share equal to the fair market value per share of the Company’s Common Stock on the Start Date. The Option will be subject to the following
vesting schedule: 28,750 Option Shares shall vest on the one-year anniversary of the Start Date, with 1/36th of the remaining Option Shares vesting monthly thereafter. 

(b) The Option Agreement shall provide that, in the event that (i) a Change of Control (defined below) occurs during your employment hereunder,
and (ii) your employment with the Company is terminated by the Company (or its successor) without Cause or you resign for Good Reason (as defined below) at any time during the (12) twelve-month period following such Change of
Control, then (x) without further action by the Company (or its successor) or the Company’s Board of Directors, all Option Shares shall accelerate and become vested and exercisable as of the date of such termination, and
(y) you shall be entitled to receive the Severance subject to, and in accordance with Section 12 of this letter agreement. As used herein, “Change of Control” means (i) a sale of all or substantially all of the
assets of the Company and its subsidiaries taken as a whole, or (ii) a merger, consolidation or other similar business combination involving the Company, if, upon completion of such transaction the beneficial owners of voting equity securities
of the Company immediately prior to the transaction beneficially own less than fifty percent of the successor entity’s voting equity securities; provided, that “Change 

  
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of Control” shall not include a transaction where the consideration received or retained by the holders of the then outstanding capital stock of the Company does not consist primarily of
(i) cash or cash equivalent consideration, (ii) securities which are registered under the Securities Act of 1933, as amended (the “Securities Act”), or any successor statute and/or (iii) securities for which the
Company or any other issuer thereof has agreed, including pursuant to a demand, to file a registration statement within ninety days of completion of the transaction for resale to the public pursuant to the Securities Act. 

 

	4.	Travel Expenses  

 During your employment with the Company, the Company shall reimburse you for
reasonable costs of accommodation, transportation and commercial air travel between your home, the Principal Office and all prospective customer locations, as required by the Company and subject to the Company’s travel and related procedures
and practices as established by the Company; provided, that in addition to complying with all travel and related policies, the “reasonableness” of all such costs shall be determined by the Chief Executive Officer and/or the Board.

  

	5.	Immigration Status; Background Checks 

 For purposes of federal immigration law, you will be required to
provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three business days of your date of hire, or our employment relationship with you may
be terminated. 
 The Company reserves the right to conduct background investigations and/or reference checks on all of its potential employees. Your job
offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, if any. 
  

	6.	Nondisclosure and Developments 

 Regardless of the reason your employment with the Company terminates,
you will continue to comply with the Employee Confidentiality, Inventions and Non-Interference Agreement, dated as of the date hereof, between you and the Company (the “Employee Confidentiality Inventions and Non-Interference
Agreement”). 
  

	7.	No Conflicting Obligation 

 You hereby represent and warrant that the execution and delivery of this
letter agreement, the performance by you of any or all of the terms of this letter agreement and the performance by you of your duties as an employee of the Company do not and will not breach or contravene (i) any agreement or contract
(including, without limitation, any employment or consulting agreement, any agreement not to compete or any confidentiality or nondisclosure agreement) to which you are or may become a party, or (ii) any obligation you may otherwise have under
applicable law to any former employer or to any person to whom you have provided, provide or will provide consulting services. 
  

	8.	Non-Competition 

 During your employment with the Company, you shall not, directly or indirectly, own any
interest in, operate, join, control or participate as a partner, director, principal, officer, or agent of, enter into the employment of, act as a consultant to, or perform any services for any company in the business of manufacturing, marketing or
distributing any radiotherapy device incorporating real-time imaging. The parties hereto expressly agree that the scope and duration of the restrictions set forth in this paragraph are reasonable. In the event that any arbitrator or court of
competent jurisdiction shall hold that the duration or scope of the restrictions set forth in this paragraph are unreasonable under circumstances now or hereafter existing, the maximum duration or scope of restriction

  
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reasonable under such circumstances shall be substituted, and each party hereto shall petition any such court to cause the maximum duration or scope of restriction reasonable under such
circumstances to be so substituted for the duration or scope of restriction set forth herein. 
  

	9.	Non-Disparagement 

 During your employment with the Company and thereafter, you agree that you will not
knowingly disparage, criticize, or otherwise make any derogatory statements regarding the Company or its past, present or future directors, officers, employees or products. 
  

	10.	No Cooperation 

 During your employment with the Company and thereafter, you agree that you will not act
in any manner that might damage the business of the Company. You agree that you will not counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges or complaints by
any third party against the Company and/or any officer, director, employee, agent, representative, stockholder or attorney of the Company, unless under a subpoena or other court order to do so. 

 

	11.	At-Will 

 You acknowledge that the employment relationship between the Company and you is at-will,
meaning that the employment relationship may be terminated, at any time, by the Company or you for any reason or for no reason, with or without notice. However, you agree to make reasonable efforts to provide the Company at least thirty
(30) days’ written notice prior to termination of the employment relationship. 
  

	12.	Severance 

 (a) If your employment with the Company is terminated for any or no reason, then the Company
will pay you all accrued but unpaid wages and paid vacation, based on your then current base salary, and any other amounts required by applicable law through the termination date. 

(b) If your employment with the Company is terminated by the Company without Cause (as defined below) or you resign for Good Reason (defined
below), then, subject to your delivery to the Company of a release of claims against the Company and its affiliates in a form acceptable to the Company that becomes effective and irrevocable within sixty (60) days following your
termination of employment, the Company shall pay you equal monthly installments of the Severance Amount (defined below), in accordance with the Company’s standard payroll practices, with the first such installment to be paid on the payroll date
following the date the release is effective and irrevocable (“Severance”). The “Severance Amount” means an amount, in cash, equal to three (3) months of your annualized base salary. No Severance will be paid or provided
unless the release of claims becomes effective and irrevocable within sixty (60) days following your termination of employment. The receipt of any Severance will also be subject to you not violating the provisions set forth above under the
headings Non-Disparagement and No Cooperation. In the event that you breach any of those provisions, all continuing payments to which you may otherwise be entitled will immediately cease. 

(c) As used herein, “Cause” means (i) your willful failure to perform your material duties as Senior Vice President of Sales, other than
a failure resulting from your complete or partial incapacity due to long-term physical or mental illness or impairment, (ii) your willful act that constitutes gross misconduct and that is injurious to the Company, (iii) your willful breach
of a provision of this letter agreement, (iv) your material and willful violation of a federal or state law or regulation applicable to the business of the Company, or (v) your conviction or plea of guilty or no contest to a felony. 

  
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 (d) As used herein, “Good Reason” means the occurrence of one or more of the following
conditions, without your consent and without remedy by the Company as described herein: (i) a material reduction in your compensation, including but not limited to your level of base salary and annual bonus opportunity, other than reductions
approved by the Board that are applicable to all employees of the Company, (ii) a material, non-voluntary, reduction of your authority, duties, or responsibilities or a material, adverse change in your reporting structure or (iii) a
material reduction in the kind or level of your benefits to which you were entitled immediately prior to such reduction, other than reductions approved by the Board that are applicable to all employees of the Company. Notwithstanding the forgoing,
in no event will you have Good Reason to resign unless (i) you provide written notice to the Company of the event or condition giving rise to Good Reason within ninety (90) days of its initial occurrence, (ii) the Company fails to
remedy the event or condition giving rise to Good Reason within thirty (30) days after receiving your written notice and (iii) your resignation is effective within thirty (30) days after the expiration of the Company’s period to
remedy under subclause (ii). 
  

	13.	Code Section 280G 

 (a) In the event it shall be determined that any payment or distribution to you or
for your benefit which is in the nature of compensation and is contingent on a change in the ownership or effective control of the Company or the ownership of a substantial portion of the assets of the Company (within the meaning of
Section 280G(b)(2) of the Code), whether paid or payable pursuant to this letter agreement or otherwise (a “Payment”), would constitute a “parachute payment” under Section 280G(b)(2) of the Code and would be
subject to the excise tax imposed by Section 4999 of the Code (together with any interest or penalties imposed with respect to such excise tax, the “Excise Tax”), then the Payments shall be reduced to the extent necessary so
that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code but only if, by reason of such reduction, the net after-tax benefit received by you shall exceed the net after-tax benefit received by you if no such
reduction was made. The specific Payments that shall be reduced and the order of such reduction shall be determined so as to achieve the most favorable economic benefit to you, and to the extent economically equivalent, the Payments shall be reduced
pro rata, all as determined by the Company in its sole discretion. For purposes of this section, “net after-tax benefit” shall mean (i) the Payments which you receive or are then entitled to receive from the Company that would
constitute “parachute payments” within the meaning of Section 280G of the Code, less (ii) the amount of all federal, state and local income taxes payable with respect to the Payments calculated at the maximum marginal income tax
rate for each year in which the Payments shall be paid to you (based on the rate in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing), less (iii) the amount of Excise Taxes imposed
with respect to the Payments. 
 (b) All determinations required to be made under this Section 13 shall be made by such nationally recognized
accounting firm as may be selected by the Audit Committee of the Board as constituted immediately prior to the change in control transaction (the “Accounting Firm”), provided, that the Accounting Firm’s determination
shall be made based upon “substantial authority” within the meaning of Section 6662 of the Code. The Accounting Firm shall provide its determination, together with detailed supporting calculations and documentation, to you and the
Company within 15 business days following the date of termination of your employment, if applicable, or such other time as requested by you (provided, that you reasonably believe that any of the Payments may be subject to the Excise Tax) or
the Company. All reasonable fees and expenses of the Accounting Firm in reaching such a determination shall be borne solely by the Company. 
  

	14.	Section 409(A) of the Code. 

 To the extent that any payments or benefits under this letter
agreement are deemed to be subject to Section 409(A) of the Code, this letter agreement will be interpreted in accordance with Section 409(A) of the Code and Department of Treasury regulations and other interpretive guidance issued
thereunder in order to (a) preserve the intended tax treatment of the benefits provided with respect to such payments and (b) comply with the requirements of Section 409(A) of the Code. 

  
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	15.	Governing Law; Arbitration 

 This letter agreement shall be governed by and construed in accordance with
the substantive laws of Ohio (without reference to principles of conflicts or choice of law that would cause the application of the internal laws of any other jurisdiction). 

In consideration of the Company employing you and the wages and benefits provided under this letter agreement, you and the Company each agree that all claims
arising out of or relating to your employment, including its termination, shall be resolved by arbitration. 
 The dispute will be arbitrated in accordance
with the rules of the American Arbitration Association. The Company agrees to pay the fees and expenses relating to arbitration, except those related to your legal fees and costs. However, if either party prevails on a statutory claim which affords
the prevailing party attorneys’ fees and costs, the arbitrator may award reasonable fees and costs to the prevailing party, under the standards for an award of fees and costs provided by law. You and the Company agree to file any demand for
arbitration within the time limit established by the applicable statute of limitations for the asserted claims or within one year of the conduct that forms the basis of the claim if no statutory limitation is applicable. Failure to demand
arbitration within the prescribed time period shall result in waiver of said claims. 
 These provisions regarding arbitration will cover all matters
directly or indirectly related to your recruitment, employment or termination of employment by the Company, including, but not limited to claims involving laws against any form of discrimination whether brought under federal or state law, and claims
involving present and former employees, officers and directors of the Company, but excluding workers’ compensation and unemployment insurance claims. EACH PARTY TO THIS LETTER AGREEMENT UNDERSTANDS AND AGREES THAT IT IS WAIVING ITS RIGHTS TO
BRING SUCH CLAIMS TO COURT, INCLUDING THE RIGHT TO A JURY TRIAL. 
  

	16.	Entire Agreement; Amendment; Severability 

 This letter agreement (together with the Employee
Confidentiality, Inventions and Non-Interference Agreement and Option Agreement) sets forth the sole and entire agreement and understanding between the Company and you with respect to the specific matters contemplated and addressed hereby and
thereby. No prior agreement, whether written or oral, shall be construed to change or affect the operation of this letter agreement in accordance with its terms, and any provision of any such prior agreement which conflicts with or contradicts any
provision of this letter agreement is hereby revoked and superseded. Any prior agreement, if any, you may have with the Company regarding your employment, whether written or oral, is hereby, and without any further action on your part or the
Company’s, terminated, revoked and superseded by this letter agreement. This letter agreement may be amended or terminated only by a written instrument executed both by you and the Company. In the event that any provision of this letter
agreement shall, in whole or in part, be determined to be invalid, unenforceable or void for any reason, such determination shall affect only the portion of such provision determined to be invalid and unenforceable or void and shall not affect in
any way the remainder of such provision or any other provision of this letter agreement. 
 [The remainder of this page is intentionally
left blank.] 

  
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 We are excited to have you on board. Please acknowledge your acceptance of this offer and the terms of this
letter agreement by signing below and returning a copy to me. 
  

			
	Sincerely,
	
	VIEWRAY INCORPORATED
		
	By:	 	 /s/ Chris A. Raanes

	Name: Chris A. Raanes
	Title: President and Chief Executive Officer

  

	
	I hereby acknowledge that I have had a full and adequate opportunity to read, understand and discuss the terms and conditions contained in this letter agreement prior to signing hereunder.
	
	  /s/ Michael Cogswell

	Michael Cogswell
	
	Date: 3/16/2016
	
	Please Complete the Following:
	Home Address: ******
	Home Telephone: ******
	Home Fax, if any:N/A
	Home Email, if any: ******

  
 7EX-10.24 (b)

 Exhibit 10.24(b) 

AMENDMENT NO. 1 TO TERM LOAN AGREEMENT 

THIS AMENDMENT NO. 1 to Term Loan Agreement, dated as of March 24, 2016 (this “Amendment”) is made
among ViewRay Technologies, Inc., a Delaware corporation (formerly known as ViewRay Incorporated) (“Borrower”) and the lenders listed on the signature pages hereof under the heading “LENDERS” (each a
“Lender” and, collectively, the “Lenders”), with respect to the Loan Agreement referred to below. 

RECITALS 

WHEREAS, the Borrower and the Lenders are parties to a Term Loan Agreement, dated as of June 26, 2015 (the “Loan
Agreement”).  
 WHEREAS, the parties hereto desire to amend the Loan Agreement on the terms and subject to the
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the
parties agree as follows: 
 SECTION 1. Definitions; Interpretation.  

(a) Terms Defined in Loan Agreement. All capitalized terms used in this Amendment (including in the recitals hereof) and not
otherwise defined herein shall have the meanings assigned to them in the Loan Agreement. 
 (b) Interpretation. The
rules of interpretation set forth in Section 1.03 of the Loan Agreement shall be applicable to this Amendment and are incorporated herein by this reference. 

SECTION 2. Amendment of Loan Agreement. Subject to Section 3, the Loan Agreement is hereby amended as follows: 

(a) The definition of “Commitment Period” in Section 1.01 of the Loan Agreement is hereby amended and restated as follows: 

““Commitment Period” means the period from and including the first date on which all of the conditions precedent set
forth in Section 6.01 have been satisfied (or waived by the Lenders) and through and including March 29, 2017.” 
 (b) The
lead-in to Section 6.02 shall be amended and restated as follows: 
 “6.02 Conditions to Second (and Related Third)
Borrowings. The obligation of each Lender to make a Loan or Loans as part of a second or a related third Borrowing is subject to the following conditions precedent:” 

(c) Section 6.02(a) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

 “(a) Borrowing Date. Such second or third Borrowing shall occur on or prior to
August 29, 2016.” 
 (d) Section 6.02(b) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 “(b) Amount of Borrowing(s). The amount of such Borrowing(s) under this Section 6.02 shall be at Borrower’s
option and shall be up to $15,000,000 in aggregate but not less than $10,000,000 and may be made in one or two advances. The first advance under this Section 6.02 shall be deemed the “Second Borrowing” and must be at least
$10,000,000. If two advances are made under this Section 6.02, the third advance shall be deemed the “Third Borrowing” hereunder and must be $5,000,000.” 

(e) Section 6.02(c) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

“(c) Borrowing Milestone. Borrower shall have achieved minimum Revenue from the sale of the Product of at least $15,000,000 during
any consecutive twelve (12) month period, provided that Borrower shall have achieved such Borrowing milestone relating to minimum Revenue no later than March 31, 2016.” 

(f) Section 6.02(d) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

“(d) Notice of Milestone Achievement and Audit. Borrower shall have delivered to the Lenders a notice certifying satisfaction of
the conditions set forth in Section 6.02(c) no later than 120 calendar days thereafter, and the Lenders shall have been reasonably satisfied with the evidence of such achievement and with the results of its audit of Borrower’s
Revenue by examining Borrower’s books and records.” 
 (g) Section 6.02(e) of the Loan Agreement is hereby amended and
restated in its entirety as follows: 
 “(e) Notice of Borrowing. A Notice of Borrowing for one or two advances up to the amount
permitted under Section 6.02(b) shall have been received no later than 120 calendar days after satisfaction of the condition set forth in Section 6.02(c).” 

(h) Section 6.03 of the Loan Agreement is hereby amended and restated in its entirety as follows: 

“6.03 Conditions to Subsequent Borrowing(s). The obligation of each Lender to make a Loan or Loans as part of a Borrowing or
Borrowings subsequent to the Loan or Loans made under Section 6.02 is subject to the following conditions precedent: 
 (a)
Borrowing Date. Such Borrowing(s) shall occur on or prior to March 29, 2017. 
 (b) Amount of Borrowing(s). The aggregate
amount of such Borrowing(s) shall be $20,000,000 minus the aggregate amount drawn under the Borrowing(s) pursuant to 

  
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Section 6.02. If only $10,000,000 has been advanced pursuant to Section 6.02 in the aggregate, Borrower may make up to two draws under this Section 6.03 of
$5,000,000 each. If $15,000,000 has been advanced pursuant to Section 6.02 in the aggregate, Borrower may make only one draw under this Section 6.03 of $5,000,000. Each draw hereunder shall be deemed a “Borrowing”.

 (c) Second Borrowing. An advance of at least $10,000,000 has occurred pursuant to Section 6.02 as the Second Borrowing.

 (d) Borrowing Milestone. Borrower shall have (i) achieved minimum Revenue from the sale of the Product of at least $25,000,000
during any consecutive twelve (12) month period, provided that Borrower shall have achieved such Borrowing milestone relating to minimum Revenue no later than December 31, 2016, and (ii) executed the first contract, by no later
than December 31, 2016, for commercial sales of Borrower’s first next generation LINAC unit (Prometheus). 
 (e) Notice of
Milestone Achievement and Audit. Borrower shall have delivered to the Lenders a notice certifying satisfaction of the conditions set forth in Section 6.03(d) no later than 60 calendar days thereafter, and the Lenders shall have been
reasonably satisfied with the evidence of such achievement and with the results of its audit of Borrower’s Revenue by examining Borrower’s books and records. 

(f) Notice of Borrowing. A Notice of Borrowing shall have been received no later than 60 calendar days after satisfaction of the
condition set forth in Section 6.03(d).” 
 (i) Section 10.02(a) of the Loan Agreement is hereby amended and restated
in its entirety as follows: 
 “(a) during the twenty-four month period beginning on January 1, 2015, of at least
$30,000,000;” 
 SECTION 3. Conditions of Effectiveness. The effectiveness of Section 2 shall be subject to the following conditions
precedent: 
 (a) Borrower shall have paid or reimbursed Lenders for Lenders’ reasonable out of pocket costs and expenses
incurred in connection with this Amendment, including Lenders’ reasonable out of pocket legal fees and costs, pursuant to Section 12.03(a)(i)(z) of the Loan Agreement. 

(b) The representations and warranties in Section 4 shall be true and correct on the date hereof. 

SECTION 4. Representations and Warranties; Reaffirmation.  

(a) Borrower hereby represents and warrants to each Lender as follows: 

  
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 (i) Borrower has full power, authority and legal right to make and perform this Amendment. This
Amendment is within Borrower’s corporate powers and has been duly authorized by all necessary corporate and, if required, by all necessary shareholder action. This Amendment has been duly executed and delivered by Borrower and constitutes a
legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general
applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). This Amendment
(x) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any third party, except for such as have been obtained or made and are in full force and effect, (y) will
not violate any applicable law or regulation or the charter, bylaws or other organizational documents of Borrower and its Subsidiaries or any order of any Governmental Authority, other than any such violations that, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect, (z) will not violate or result in an event of default under any material indenture, agreement or other instrument binding upon Borrower and its Subsidiaries or assets, or give
rise to a right thereunder to require any payment to be made by any such Person. 
 (ii) No Default has occurred or is continuing or will
result after giving effect to this Amendment. 
 (iii) The representations and warranties made by or with respect to Borrower in
Section 7 of the Loan Agreement are true in all material respects (taking into account any changes made to schedules updated in accordance with Section 7.20 of the Loan Agreement or attached hereto), except that such
representations and warranties that refer to a specific earlier date were true in all material respects on such earlier date. 
 (iv) There
has been no Material Adverse Effect since the date of the Loan Agreement. 
 (b) Borrower hereby ratifies, confirms, reaffirms, and
acknowledges its obligations under the Loan Documents to which it is a party and agrees that the Loan Documents to which it is a party remain in full force and effect, undiminished by this Amendment, except as expressly provided herein and in that
certain Amendment No. 1 to Fee Letter dated as of the date hereof. By executing this Amendment, Borrower acknowledges that it has read, consulted with its attorneys regarding, and understands, this Amendment. 

SECTION 5. GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER
OF JURY TRIAL.  
 (a) Governing Law. This Amendment
and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of
any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply. 

  
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 (b) Submission to Jurisdiction. Borrower agrees that any suit, action or proceeding
with respect to this Amendment or any other Loan Document to which it is a party or any judgment entered by any court in respect thereof may be brought initially in the federal or state courts in Houston, Texas or in the courts of its own corporate
domicile and irrevocably submits to the non-exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment. This Section 5 is for the benefit of the Lenders only and, as a result, no Lender
shall be prevented from taking proceedings in any other courts with jurisdiction. To the extent allowed by applicable Laws, the Lenders may take concurrent proceedings in any number of jurisdictions. 

(c) Waiver of Jury Trial. BORROWER AND EACH LENDER HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE OTHER
LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

SECTION 6. Miscellaneous. 

(a) No Waiver. Nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition
contained in the Loan Agreement or any of the other Loan Documents or constitute a course of conduct or dealing among the parties. Except as expressly stated herein, the Lenders reserve all rights, privileges and remedies under the Loan Documents.
Except as amended hereby and by that certain Amendment No. 1 to Fee Letter dated as of the date hereof, the Loan Agreement and other Loan Documents remain unmodified and in full force and effect. All references in the Loan Documents to the Loan
Agreement shall be deemed to be references to the Loan Agreement as amended hereby.  
 (b) Severability. In case any
provision of or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby. 
 (c) Headings. Headings and captions used in this
Amendment (including the Exhibits, Schedules and Annexes hereto, if any) are included for convenience of reference only and shall not be given any substantive effect. 

(d) Integration. This Amendment constitutes a Loan Document and, together with the other Loan Documents, incorporates all
negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. 

(e) Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one
and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. 

  
 5 

 (f) Controlling Provisions. In the event of any inconsistencies between the
provisions of this Amendment and the provisions of any other Loan Document, the provisions of this Amendment shall govern and prevail. Except as expressly modified by this Amendment and by that certain Amendment No. 1 to Fee Letter dated
as of the date hereof, the Loan Documents shall not be modified and shall remain in full force and effect. 
 [Remainder of page
intentionally left blank] 

  
 6 

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

			
	BORROWER:
	
	VIEWRAY TECHNOLOGIES, INC.
		
	By:	 	 /s/ David Chandler

	Name: David Chandler
	Title: Chief Financial Officer

 LENDERS: 
  

															
	CAPITAL ROYALTY PARTNERS II L.P.
	               By CAPITAL ROYALTY PARTNERS II GP L.P., its General Partner
		 		 		 		 	By CAPITAL ROYALTY PARTNERS II GP LLC, its General Partner
								
		 		 		 		 	By	 	 /s/ Nathan Hukill
	 		  	
		 		 		 		 		 	Name: Nathan Hukill	  	
		 		 		 		 		 	Title: Authorized Signatory
	
	CAPITAL ROYALTY PARTNERS II (CAYMAN) L.P.
	               By CAPITAL ROYALTY PARTNERS II (CAYMAN) GP L.P., its General Partner
		 		 		 		 	By CAPITAL ROYALTY PARTNERS II (CAYMAN) GP LLC, its General Partner
								
		 		 		 		 	By	 	 /s/ Nathan Hukill
	 		  	
		 		 		 		 		 	Name: Nathan Hukill	 		  	
		 		 		 		 		 	Title: Authorized Signatory	 		  	
				
	Witness:	 	 /s/ Nicole Nesson
	 		  	
	Name: Nicole Nesson	 		  	
		
	PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II L.P.	  	
	               By PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP L.P., its General Partner
		 		 		 		 	By PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP LLC, its General Partner	  	
								
		 		 		 		 	By	 	  /s/ Nathan Hukill
	 		  	
		 		 		 		 		 	Name: Nathan Hukill	 		  	
		 		 		 		 		 	Title: Authorized Signatory	 		  	
			
	CRG ISSUER 2015-1	 		  	
	By CRG SERVICING LLC, as Administrator	 		  	

  

															
	By	 		 		 	 /s/ Nathan Hukill
	 		  	
	Name: Nathan Hukill	 		  	
	Title:   President

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