Document:

EX-10.15(a)

 Exhibit 10.15(a) 

ViewRay Incorporated 

Two Thermo Fisher Way 

Village of Oakwood, Ohio 44146 

December 9, 2011 
 Dear
Michael: 
 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 January 9, 2012 (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 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 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. 
 The Company is currently located in Village of Oakwood, Ohio
(or such other location as the Company may from time to time utilizes as its principal office) (the “Principal Office”). The Company acknowledges that your primary residence is in Los Gatos, California. You shall not be required to
relocate your primary residence to the greater Cleveland, Ohio area. 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. ln addition, you will be expected to frequent the Principal Office, 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 $250,000. You will be eligible for an annual bonus of up to 35% of your annual base salary which will be based
upon the achievement of certain milestones recommended by the Compensation Committee of the Board (the “Compensation Committee”) 

  
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and approved by the Board: provided, that such bonus shall not reflect the achievement by the Company of any milestones prior to the Start Date. In addition to the foregoing, you shall be
entitled to receive a one-time signing bonus, which shall be paid to you by the Company in monthly or semi-monthly installments (at the Company’s sole discretion) for a period of 12-months, which annualizes to a maximum of $25,000 (the “Signing Bonus”). 
 You shall
be entitled to receive additional compensation according to the Company’s Sales Compensation Plan. The Company anticipates that the Sales Compensation Plan may be substantially modified in the near future with the input of the Company’s
CEO, Senior Vice President Sales, and CFO. In accordance with the Sales Compensation Plan and subject to the terms and conditions set forth in this letter, for the calendar year 2012: (i) based on your sales efforts in 2012, you will be
eligible for sales commission up to an amount equal to $50,000 for sales achievements equal to the 2012 sales operational plan (the “Sales Commission”), and (ii) the Company is offering you an amount which annualizes to $25,000
as a guaranteed amount of sales commission payments for your sales efforts (a “Guarantee”); for the avoidance of doubt the Guarantee will be subject to and deemed to be included within the “Sales Commission.” So long as
you continue to be actively employed by the Company, such Guarantee shall be paid to you by the Company in monthly or semi-monthly installments (at the Company’s sole discretion), beginning on the Start Date and continuing through
December 31, 2012. If at any time during such period you are not actively employed by the Company, you shall not be entitled to any additional payments of the Guarantee. Any commissions paid by the Company to you in excess of the Guarantee
shall be subject to the “Sales Commission” and governed by the terms of the Sales Compensation Plan. For 2013 and subsequent years, sales commission payments shall be governed by the terms of the Sales Compensation Plan for each fiscal
year as determined by the Company’s Chief Executive Officer. 
 You will also be entitled to twenty days of paid vacation annually. 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 215,000 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 2008 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: 53,750 Option Shares shall vest on the one-year anniversary of the Start Date, with 1/36th of the remaining Option Shares vesting monthly thereafter. 

  
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 (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 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”). 

  
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	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
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 

  
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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 

 Subject to Section 3(b) above: 

(a) If your employment with the Company is terminated by the Company for Cause (defined below) or by you without Good Reason (defined below),
then the Company will pay you all accrued but unpaid wages, based on your then current base salary, through the termination date. 
 (b) If
your employment with the Company is terminated by the Company without Cause or you resign for Good Reason (defined below), the Company shall pay you equal monthly installments of the Severance Amount (defined below), in accordance with the
Company’s standard payroll practices, for a four-month period beginning on the termination date (“Severance”). The “Severance Amount” means an amount, in cash, equal to (i) one third of your annualized base
salary, plus (ii) one third of the amount of the annual bonus that you received from the Company in the year preceding the termination date, if any, plus, (iii) any unpaid portion of the Signing Bonus, if any. The receipt of
any Severance pursuant to this clause (b) will be subject to you signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory to the Company. No Severance will be paid or provided until the separation
agreement and release agreement becomes effective. The receipt of any Severance will also be subject to you not violating the provisions set forth above under the headings Non-Competition,
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. 
 (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, position, title, or responsibilities or a material, adverse change in your reporting structure or
(iii) a 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. 

  
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	13.	Code Section 2800 

 (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
Finn’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 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/ Gregory M. Ayers

	Name:	 	Gregory M. Ayers, M.D., Ph.D.
	Title:	 	Chief Executive Officer & President

 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 Brandt

	Michael Brandt	 	

  

			
	Date:	 	 December 9, 2011

 

			
	Please Complete the Following:
	Home Address:	 	
	Home Telephone:	 	
	Home Fax, if any:	 	
	Home Email, if any:	 	

  
 8EX-10.15(b)

 Exhibit 10.15(b) 

SEPARATION AGREEMENT 

This Separation Agreement (the “Agreement”) by and between Michael Brandt (“Executive”) and ViewRay, Inc.
(the “Company”) is made effective as of the eighth (8th) day following the date Executive signs this Agreement (the “Effective Date”) with reference to the
following facts: 
 A. Executive’s employment with the Company and status as an officer and employee of the Company and each of its
affiliates will end effective upon the Termination Date (as defined below). 
 B. Executive and the Company want to end their relationship
amicably and also to establish the obligations of the parties including, without limitation, all amounts due and owing to Executive. 
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows: 
 1.
Termination Date. Executive acknowledges and agrees that his status as an officer and employee of the Company will end effective as of April 2, 2016 (the “Termination Date”). Executive hereby agrees to execute such
further document(s) as shall be determined by the Company as necessary or desirable to give effect to the termination of Executive’s status as an officer and employee of the Company and each of its affiliates; provided that such
documents shall not be inconsistent with any of the terms of this Agreement. 
 2. Final Paycheck; Payment of Accrued
Wages and Expenses. 
 (a) Final Paycheck. As soon as administratively practicable on or after the Termination
Date, the Company will pay Executive all accrued but unpaid base salary and all accrued and unused vacation earned through the Termination Date, subject to standard payroll deductions and withholdings. Executive is entitled to these payments
regardless of whether Executive executes this Agreement. 
 (b) Business Expenses. The Company shall reimburse
Executive for all outstanding expenses incurred prior to the Termination Date which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the
Company’s requirements with respect to reporting and documenting such expenses. Executive is entitled to this reimbursement regardless of whether Executive executes this Agreement. 

3. Separation Payments and Benefits. Without admission of any liability, fact or claim, the Company hereby agrees,
subject to (i) Executive’s execution of this Agreement on or within twenty-one (21) days following Executive’s receipt of the Agreement, (ii) Executive not revoking this Agreement prior to the Effective Date,
(iii) Executive’s continued cooperation with the Company pursuant to Section 6 below, and (iv) Executive’s performance of his continuing obligations pursuant to this Agreement, the employment agreement between the Company
and Executive dated December 9, 2011 (the “Employment Agreement”) and any confidentiality agreement between the Company and Executive (the “Confidentiality Agreement”), to provide Executive the severance
benefits set forth below. Specifically, the Company and Executive agree as follows: 
 (a) Severance. The Company
shall pay to Executive $93,375.00 which constitutes the sum of (i) one-third (1/3rd) of Executive’s annual base salary at the rate in

  
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effect as of immediately prior to the Termination Date and (ii) one-third (1/3rd) of the annual performance bonus that Executive
received from the Company in 2015 (the year preceding the Termination Date) (the “Severance”). The Severance shall be paid to Executive in four substantially equal semi-monthly installments in accordance with the Company’s
standard payroll practices, less applicable withholdings and deductions, with each payment deemed to be a separate payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The first
such payment shall commence on the first payroll date following the Effective Date, which shall include amounts otherwise due and payable under this Section 3(a) on or before such date. 

(b) 2015 Bonus. The Company shall pay to Executive his annual performance bonus, to the extent earned, for fiscal year
2015 based solely on the Company’s actual results against the Company’s goals for the year, as determined by the Company in its sole discretion. Any such fiscal year 2015 annual performance bonus that becomes earned and payable under this
Section 3(b) shall be paid, less applicable withholdings and deductions, to Executive at the same time related bonuses are paid to the Company’s continuing executive employees. 

(c) Sales Commissions. Executive acknowledges and agrees that he has been paid all sales commissions earned in respect
of fiscal year 2015. For fiscal year 2016, in exchange of Executive’s assistance and cooperation as provided in Section 6(b) below, Executive shall be eligible to receive a portion of the sales commissions that he would have received had
he remain employed with the Company through the end of 2016 equal to: (i) one hundred percent (100%) of the sales commissions that would have been earned for all qualifying sales transactions that Executive directly assisted on that close
on or before June 30, 2016, (ii) fifty percent (50%) of the sales commissions that would have been earned for all qualifying sales transactions that Executive directly assisted on that close on or before September 30, 2016, and
(iii) twenty-five percent (25%) of the sales commissions that would have been earned for all qualifying sales transactions that Executive directly assisted on that close on or before December 31, 2016. 

(d) COBRA & Equity Awards. If eligible, Executive will be given the opportunity to elect continuation of
healthcare benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or the applicable state equivalent (together, “COBRA”). In addition, under the terms of Executive’s equity award agreements
and the applicable equity incentive plan documents, vesting of Executive’s outstanding equity awards granted under the Company’s equity plan as in effect from time to time (collectively, the “Equity Awards”) will cease on
the Termination Date and Executive’s unvested Equity Awards will terminate and cease to be outstanding on that date for no consideration. Executive’s vested Equity Awards, including his rights to exercise any vested Equity Awards, if
applicable, are governed by the terms of the applicable Equity Award agreement with the Company and the applicable equity incentive plan. 

(e) Taxes. Executive understands and agrees that all payments under this Agreement will be subject to appropriate tax
withholding and other deductions. To the extent any taxes may be payable by Executive for the benefits provided to him by this Agreement beyond those withheld by the Company, Executive agrees to pay them himself and to indemnify and hold the Company
and the other entities released herein harmless for any tax claims or penalties, and associated attorneys’ fees and costs, resulting from any failure by him to make required payments. To the extent that any reimbursements payable pursuant to
this Agreement are subject to the provisions of Section 409A of Code, such reimbursements shall be paid to Executive no later than December 31 of the year following 

  
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the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Executive’s right
to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 
 (f) SEC
Reporting. Executive acknowledges that to the extent required by the Securities Exchange Act of 1934, as amended (the “Exchange Act”), he will have continuing obligations under Section 16(a) and 16(b) of the Exchange Act to
report his transactions in Company common stock for six (6) months following the Termination Date. Executive hereby agrees not to undertake, directly or indirectly, any reportable transactions until the end of such six (6) month period.

 (g) Sole Separation Benefit. Executive agrees that the payments provided by this Section 3 are not required
under the Company’s normal policies and procedures and are provided as a severance solely in connection with this Agreement. Executive acknowledges and agrees that the payments referenced in this Section 3 constitute adequate and valuable
consideration, in and of themselves, for the promises contained in this Agreement. 
 (h) Unemployment Benefits. After
the Termination Date, Executive may apply for unemployment benefits. Whether Executive receives benefits will be determined by the State. 

(i) No Mitigation. In no event shall Executive be obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to Executive under any of the provisions of this Section 3, nor shall the amount of any payment hereunder be reduced by any compensation earned by Executive as a result of subsequent employment. 

4. Full Payment. Executive acknowledges that the payment and arrangements herein shall constitute full and complete
satisfaction of any and all amounts properly due and owing to Executive as a result of his employment with the Company and the termination thereof, including, without limitation, all amounts set forth in the Employment Agreement. Executive further
acknowledges that, other than the Confidentiality Agreement, this Agreement shall supersede each agreement entered into between Executive and the Company regarding Executive’s employment, including, without limitation, the Employment Agreement,
other than the agreements evidencing Executive’s Equity Awards, shall be deemed terminated and of no further effect as of the Termination Date. 

5. Executive’s Release of the Company. Executive understands that by agreeing to the release provided by this
Section 5, Executive is agreeing not to sue, or otherwise file any claim against, the Company or any of its employees or other agents for any reason whatsoever based on anything that has occurred as of the date Executive signs this Agreement.

 (a) On behalf of Executive and Executive’s heirs, assigns, executors, administrators, trusts, spouse and estate,
Executive hereby releases and forever discharges the “Releasees” hereunder, consisting of the Company and each of its owners, affiliates, subsidiaries, predecessors, successors, assigns, agents, directors, officers, partners,
employees, and insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts,
agreements, promises, liability, claims, demands, damages, loss, cost or expense, of any nature whatsoever, known or unknown, 

  
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fixed or contingent (hereinafter called “Claims”), which Executive now has or may hereafter have against the Releasees, or any of them, by reason of any matter, cause, or thing
whatsoever from the beginning of time to the date hereof, including, without limiting the generality of the foregoing, any Claims arising out of, based upon, or relating to Executive’s hire, employment, remuneration or termination by the
Releasees; Claims arising under federal, state, or local laws relating to employment; Claims of any kind that may be brought in any court or administrative agency, including any Claims arising under Title VII of the Civil Rights Act of 1964, as
amended by the Civil Rights Act of 1991, 42 U.S.C. § 2000 et seq., the Equal Pay Act, 29 U.S.C. § 206(d), the Civil Rights Act of 1866, 42 U.S.C. § 1981, the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq.,
the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the False Claims Act, 31 U.S.C. § 3729 et seq., the Employee Retirement Income Security Act, 29 U.S.C. § 1001 et seq., the Worker Adjustment and Retraining
Notification Act, 29 U.S.C. § 2101 et seq., the Fair Labor Standards Act, 29 U.S.C. § 215 et seq., the Sarbanes-Oxley Act of 2002, the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621, et seq., the Ohio Civil Rights
Act, Ohio Rev. Code Ann. § 4112.01 et seq., Ohio’s equal pay statute, Ohio Rev. Code Ann. § 4111.17, the Ohio wage payment anti-retaliation statute, Ohio Rev. Code Ann. § 4111.13, Ohio Whistleblower’s Protection Act, Ohio
Rev. Code Ann. §§ 4113.51 et seq., the Ohio Workers’ Compensation anti-retaliation statute, Ohio Rev. Code Ann. § 4123.90, the California Fair Employment and Housing Act, as amended, Cal. Lab. Code § 12940 et seq., the
California Equal Pay Law, as amended, Cal. Lab. Code §§ 1197.5(a),199.5, the Moore-Brown-Roberti Family Rights Act of 1991, as amended, Cal. Gov’t Code §§12945.2, 19702.3, California Labor Code §§ 1101, 1102 and
the California WARN Act, California Labor Code §§ 1400 et seq., California Labor Code §§ 1102.5(a),(b); Claims for wages under the California Labor Code and any other federal, state or local laws of similar effect; Claims under
the employment and civil rights laws of California; Claims for breach of contract; Claims for breach of contract; Claims arising in tort, including, without limitation, Claims of wrongful dismissal or discharge, discrimination, harassment,
retaliation, fraud, misrepresentation, defamation, libel, infliction of emotional distress, violation of public policy and/or breach of the implied covenant of good faith and fair dealing; and Claims for damages or other remedies of any sort,
including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees. 
 (b)
Notwithstanding the generality of the foregoing, Executive does not release the following claims: 
 (i) Claims with respect
to the Company’s obligations under this Agreement; 
 (ii) Claims for unemployment compensation or any state disability
insurance benefits pursuant to the terms of applicable state law; 
 (iii) Claims for workers’ compensation insurance
benefits under the terms of any worker’s compensation insurance policy or fund of the Company; 
 (iv) Claims to
continued participation in certain of the Company’s group benefit plans pursuant to the terms and conditions of COBRA; 

(v) Claims to any benefit entitlements vested as the date of Executive’s employment termination, pursuant to written
terms of any Company employee benefit plan; 

  
 4 

 (vi) Claims for indemnification under the Company’s directors and officers
liability insurance, any indemnification agreement, the Company’s Bylaws or applicable law; and 
 (vii)
Executive’s right to bring to the attention of the Equal Employment Opportunity Commission claims of discrimination; provided, however, that Executive does release Executive’s right to secure any damages for alleged discriminatory
treatment. 
 (c) Acknowledgement. In accordance with the Older Workers Benefit Protection Act of 1990, Executive has
been advised of the following: 
 (i) Executive should consult with an attorney before signing this Agreement; 

(ii) Executive has been given at least twenty-one (21) days to consider this Agreement; 

(iii) Executive has seven (7) days after signing this Agreement to revoke it. If Executive wishes to revoke this
Agreement, Executive must deliver notice of Executive’s revocation in writing, no later than 5:00 p.m. on the 7th day following Executive’s execution of this Agreement to the Chief Financial Officer or Human Resources Manager. Executive
understands that if he revokes this Agreement, it will be null and void in its entirety, and he will not be entitled to any payments or benefits provided in this Agreement, other than as provided in Section 2 above. 

(d) EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS BEEN ADVISED OF AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE
SECTION 1542, WHICH PROVIDES AS FOLLOWS: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT
TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH, IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES ANY RIGHTS EXECUTIVE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER
STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 
 6. Non-Disparagement, Transition, Transfer of Company Property and
Limitations on Service. Executive further agrees that: 
 (a) Non-Disparagement. Executive agrees that Executive
will not make statements or representations to any person, entity or firm which could reasonably be expected to cast the Company or any entity or employee affiliated with the Company in an unfavorable light or which could reasonably be anticipated
to adversely affect the name or reputation of the Company or any entity affiliated with the Company, or the name or reputation of any officer, agent or employee of the Company or of any entity affiliated with the Company; provided that
Executive will respond accurately and fully to any question, inquiry or request for information when required by legal process. The officers, directors, 

  
 5 

 
and managing agents of the Company agree to refrain from discussing or making any derogatory or disparaging remarks or statements, oral or written, to any third parties concerning Executive in
any manner likely to be harmful to Executive’s business reputation or personal reputation; provided that the Company officers, directors, and managing agents will respond accurately and fully to any question, inquiry or request for
information when required by legal process. 
 (b) Transition and Cooperation. Each of the Company and Executive shall
use their respective reasonable efforts to cooperate with each other in good faith to facilitate a smooth transition of Executive’s duties to other executive(s) of the Company. Executive agrees that Executive will not act in any manner that
might damage the business of the Company. This includes, without limitation, Executive (i) not interfering in the negotiation or closing-process for any of the Company’s sales matters and (ii) until December 31, 2016, being
available to the Company upon reasonable notice for transition services to assist with the closing of the Company’s deals that Executive had assisted with prior to the Termination Date, provided, however, that any such request by
the Company shall not be unduly burdensome or interfere with Executive’s personal and/or professional obligations. 

(c) Transfer of Company Property. On or before the Termination Date, Executive shall turn over to the Company all files,
memoranda, records, and other documents, and any other physical or personal property which are the property of the Company and which he had in his possession, custody or control at the time he signed this Agreement. 

(d) Job References. Executive should direct any job reference inquiries to the Company’s Human Resources. Pursuant
to Company policy, in response to any such inquiries, the Company will provide only the position Executive held and the dates of employment. The Company will confirm Executive’s salary in response to any such inquiry only if Executive submits a
signed request to the Company to disclose such information. 
 7. Executive Representations. Executive warrants and
represents that (a) he has not filed or authorized the filing of any complaints, charges or lawsuits against the Company or any affiliate of the Company with any governmental agency or court, and that if, unbeknownst to Executive, such a
complaint, charge or lawsuit has been filed on his behalf, he will immediately cause it to be withdrawn and dismissed, (b) he has reported all hours worked as of the date of this Agreement and has been paid all compensation, wages, bonuses,
commissions, and/or benefits to which he may be entitled and no other compensation, wages, bonuses, commissions and/or benefits are due to him, except as provided in this Agreement, (c) he has no known workplace injuries or occupational
diseases and has been provided and/or has not been denied any leave requested under the Family and Medical Leave Act or any similar state law, (d) the execution, delivery and performance of this Agreement by Executive does not and will not
conflict with, breach, violate or cause a default under any agreement, contract or instrument to which Executive is a party or any judgment, order or decree to which Executive is subject, and (e) upon the execution and delivery of this
Agreement by the Company and Executive, this Agreement will be a valid and binding obligation of Executive, enforceable in accordance with its terms. 

8. No Assignment by Executive. Executive warrants and represents that no portion of any of the matters released herein,
and no portion of any recovery or settlement to which Executive might be entitled, has been assigned or transferred to any other person, firm or corporation not a party to this Agreement, in any manner, including by way of subrogation or operation
of law or otherwise. If any claim, action, demand or suit should be made or instituted 

  
 6 

 
against the Company or any other Releasee because of any actual assignment, subrogation or transfer by Executive, Executive agrees to indemnify and hold harmless the Company and all other
Releasees against such claim, action, suit or demand, including necessary expenses of investigation, attorneys’ fees and costs. In the event of Executive’s death, this Agreement shall inure to the benefit of Executive and Executive’s
executors, administrators, heirs, distributees, devisees, and legatees. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred
only upon Executive’s death by will or operation of law. 
 9. Governing Law. This Agreement shall be construed
and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of California or, where applicable, United States federal law, in each case, without regard to any conflicts of law provisions or those of any
state other than California. 
 10. Miscellaneous. This Agreement, collectively with the Confidentiality Agreement and
the agreements evidencing Executive’s Equity Awards, comprise the entire agreement between the parties with regard to the subject matter hereof and supersedes, in their entirety, any other agreements between Executive and the Company with
regard to the subject matter hereof. The Company and Executive acknowledge that the termination of the Executive’s employment with the Company is intended to constitute an involuntary separation from service for the purposes of
Section 409A of the Code, and the related Department of Treasury regulations. Executive acknowledges that there are no other agreements, written, oral or implied, and that he may not rely on any prior negotiations, discussions, representations
or agreements. This Agreement may be modified only in writing, and such writing must be signed by both parties and recited that it is intended to modify this Agreement. This Agreement may be executed in separate counterparts, each of which is deemed
to be an original and all of which taken together constitute one and the same agreement. 
 11. Company Assignment and
Successors. The Company shall assign its rights and obligations under this Agreement to any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise). This Agreement shall be binding upon and
inure to the benefit of the Company and its successors, assigns, personnel and legal representatives. 
 12. Maintaining
Confidential Information. Executive reaffirms his obligations under the Confidentiality Agreement. Executive acknowledges and agrees that the payments provided in Section 3 above shall be subject to Executive’s continued compliance
with Executive’s obligations under the Confidentiality Agreement. 
 13. Executive’s Cooperation. After
the Termination Date, Executive shall cooperate with the Company and its affiliates, upon the Company’s reasonable request, with respect to any internal investigation or administrative, regulatory or judicial proceeding involving matters within
the scope of Executive’s duties and responsibilities to the Company or its affiliates during his employment with the Company (including, without limitation, Executive being available to the Company upon reasonable notice for interviews and
factual investigations, appearing at the Company’s reasonable request to give testimony without requiring service of a subpoena or other legal process, and turning over to the Company all relevant Company documents which are or may have come
into Executive’s possession during his employment); provided, however, that any such request by the Company shall not be unduly burdensome or interfere with Executive’s personal schedule or ability to engage in gainful
employment.
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the undersigned have caused this Separation Agreement to be duly executed and
delivered as of the date indicated next to their respective signatures below, which date shall be on or prior to the twenty-first (21st) day following the date Executive received this
Agreement. 
  

							
		 		 	Executive
			
	DATED: 4/5/, 2016	 		 	
			
		 		 	 /s/ Michael Brandt

		 		 	Michael Brandt
			
		 		 	ViewRay, Inc.
				
	DATED: 4/5, 2016	 		 		 	
				
		 		 	By:	 	 /s/ D. David Chandler

		 		 	Name: D. David Chandler
		 		 	Title: CFO

  
 8

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