Document:

EX-10.18

 Exhibit 10.18 

ViewRay Incorporated 

Two Thermo Fisher Way 

Village of Oakwood, Ohio 44146 

May 31, 2016 
 Mr. Ajay Bansal 

[Address Redacted] 
 Dear Ajay: 

We are pleased to extend you this offer to serve as Chief Financial Officer of ViewRay, Inc. (the “Company”), reporting to the Chief Executive
Officer. This offer will expire if not accepted by June 1, 2016 at 5:00p.m., Eastern Standard Time. 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 June 6, 2016 or such other date as may be mutually agreed between you and the Company (the “Start Date”). 
 1. Duties and
Extent of Service 
 As Chief Financial Officer 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 will be based in the Company’s Mountain View, California office. 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 will 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. 
 2. Compensation; Sign-on Bonus 

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 $330,000. 
 As additional consideration for the your agreement to accept employment with the
Company, and contingent upon: (i) the execution and delivery of the Employee Confidentiality, Inventions and Non-Interference Agreement by you, and (ii) commencing your employment as Chief Financial Officer under this letter agreement on
the Start Date, the Company will pay to you a signing bonus in an amount equal to $75,000 (the “Signing Bonus”). The Signing Bonus will be paid 1/3 on the six month anniversary of the Start Date, 1/3 on the 9 month anniversary of
the Start Date, and 1/3 on the 12 month anniversary of the Start Date, subject to your continued service through the applicable payment date. You will forfeit any remaining unpaid amount of your Signing Bonus if you voluntarily terminate your
employment with the Company prior the applicable payment date(s). 
 You will be eligible for an annual bonus of up to 45% 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”) and approved by the Board; provided, that, any bonus for 2016 will be prorated,
based on the number of days that you are employed by the Company during 2016; and, provided, further, that such bonus shall not reflect the achievement by the Company of any milestones prior to the Start Date. 

In your initial year of employment, you will accrue paid vacation at the rate of twenty days per full year of employment, provided, that once you accrue
twenty days of paid vacation, you will cease accruing additional paid vacation until your paid vacation balance is reduced below twenty days. The number of days of vacation which can be accrued per full year of employment shall be subject to the
Company’s vacation and benefits policies. You will be entitled to participate in such other 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 will be granted an option (the “Option”) to purchase up to
550,000 shares (the “Option Shares”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”), which Option shall be evidenced by an option agreement between you and the Company (the
“Option Agreement”). The Option will be subject to the terms of the Company’s 2015 Stock Incentive Plan, as amended, and the Option Agreement. The Option will be exercisable at a price per share equal to the closing trading
price per share of the Company’s Common Stock on the date of grant. The Option will be subject to the following vesting schedule: 137,500 Option Shares shall vest and become exercisable on the one-year anniversary of the Start Date, with 1/36th of the remaining Option Shares vesting and becoming exercisable monthly thereafter on the monthly anniversary of the Start Date such that the Option is fully vested and exercisable as of the fourth
anniversary of the Start Date, in each case, subject to your continued service to the Company through the applicable vesting date. 

  

	(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 twelve-month period following such Change of Control, then (x) without further action by the Company (or its successor) or the
Company’s Board, all unvested 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 11 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. 

  

	(c)	In addition, should the Company issue shares of its common stock in connection with an Equity Financing Transaction that closes on or prior to December 31, 2016, you will be granted an additional option (the
“Additional Option”) to purchase up to an amount of the Company’s common stock equal to 1% (one percent) of the number of shares of Common Stock issued by the Company in such Equity Financing Transaction. Such Additional Option shall
be evidenced by an Option Agreement and will be subject to the terms of the Company’s 2015 Stock Incentive Plan, as amended. The Additional Option will be exercisable at a price per share equal to the closing trading price per share of the
Company’s Common Stock on the date of grant. The Option will be subject to the following vesting schedule: 25% of the shares subject to the Additional Option shall vest and become exercisable on the one-year anniversary of date of grant, with
1/36th of the remaining shares subject to the Additional Option vesting and becoming exercisable monthly on each monthly anniversary thereafter, in each case, subject to your continued service to
the Company through the applicable vesting date. For purposes hereof, “Equity Financing Transaction” shall mean a transaction effected by the Company primarily for the purpose of financing the Company with cash whereby the Company
issues shares of its common stock (as determined by the Company without regard to whether such transaction is effectuated by a merger, financing or otherwise). 

 4. Reimbursement 

During your employment with the Company, the Company will reimburse you (or, in the Company’s sole discretion, will pay directly), upon presentation of
vouchers and other supporting documentation as the Company may reasonably require, for reasonable out-of-pocket expenses incurred by you relating to the business or affairs of the Company or the performance of your duties hereunder, including,
without limitation, reasonable expenses with respect to travel, lodging and similar items, provided that the incurring of such expenses shall have been approved in accordance with the Company’s regular reimbursement procedures and
practices in effect from time to time. The Company’s regular reimbursement procedures and practices and the reasonableness of future travel, lodging and similar items shall be subject to the periodic review and amendment by 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-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. 
 9. 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. 

 10. 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. 
 11. 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 (i) six months of your annualized base salary plus (ii) one-half of the amount of the annual bonus that you received from the Company in the year preceding the termination
date, if any. 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 Chief Financial Officer, 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, 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). 

12. 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 12 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. 

 13. Section 409A of the Code. 

To the extent that any payments or benefits under this letter agreement are deemed to be subject to Section 409A of the Code, this letter agreement will
be interpreted in accordance with Section 409A 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 409A of the Code. 
 14. Governing Law; Arbitration 

This letter agreement shall be governed by and construed in accordance with the substantive laws of California (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. 
 15. Entire Agreement; Amendment; Severability 

This letter agreement (together with the Employee Confidentiality, Inventions and Non-Interference Agreement and the equity awards agreements, including the
Option Agreement and, if applicable, the Additional 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.] 

 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 no later than June 1, 2016 at 5p.m. (Eastern Standard Time), to indicate your acceptance of this offer of employment. This offer expires June 1, 2016 at 5p.m. (Eastern Standard
Time). 
  

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

	Name:	 	Chris A. Raanes
	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/ Ajay Bansal

	Ajay Bansal
	
	Date: May 31, 2016
	
	Please Complete the Following:
	Home Address: [Redacted]
	Home Telephone:
	Home Fax, if any:
	Home Email, if any:
	  [Redacted]EX-10.19

 Exhibit 10.19 

TRANSITION AND SEPARATION AGREEMENT 

This Transition and Separation Agreement (the “Agreement”) by and between David Chandler (“Executive”) and
ViewRay, Inc. (the “Company”) is dated as of June 8, 2016 and is made effective as of eight (8) days after Executive’s signature hereto (the “Effective Date”), unless Executive revokes his acceptance
of this Agreement as provided in Section 6(d) below. 
  

	 	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 Separation Date (as defined below). 

 

	 	B.	Executive and the Company want to transition Executive’s duties and end their employment relationship amicably and also to establish the obligations of the parties including, without limitation, all amounts due and
owing to Executive. 

  

	 	C.	The payments and benefits being made available to Executive pursuant to this Agreement are intended to satisfy all outstanding obligations under that certain offer letter agreement by between Executive and the Company
dated as of November 11, 2010 (the “Employment Agreement”). 

 NOW, THEREFORE, in consideration of the
mutual covenants and agreements hereinafter set forth, the parties agree as follows: 
  

	1.	Separation Date. Executive acknowledges and agrees that his status as an officer and employee of the Company and as an officer and/or director of the Company’s parent and subsidiaries will end effective as
of June 8, 2016 (the “Separation 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 end of Executive’s status as an
officer of the Company and, if applicable, officer and/or director of any of parent or its subsidiaries; provided that such documents shall not be inconsistent with any of the terms of this Agreement. 

 

	2.	Transition Services. During the period (the “Transition Period”) commencing on the Separation Date and ending on the three (3)-month anniversary of the Separation Date Executive shall enter into
a mutually-agreeable consulting agreement to provide such transition services (the “Transition Services”) in his area of expertise as shall be requested by the Company. During the first two weeks of the Transition Period, Executive
shall spend at least two business days at the Company’s office in Mountain View, California. During the Transition Period, Executive may engage in other full-time or part-time employment or other business endeavors of Executive’s choosing,
provided that he is able to perform the Transition Services at such times and locations as mutually agreed to by Executive and the Company. 

  

	3.	Final Paycheck; Payment of Accrued Wages and Expenses. 

  

	 	(a)	Final Paycheck. As soon as administratively practicable on or after the Separation Date, the Company will pay Executive all accrued but unpaid base salary and all accrued and unused vacation earned through the
Separation 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 Separation 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, including, without limitation, expenses incurred pursuant to Executive’s services
as a director of any of the Company’s subsidiaries. Executive is entitled to these reimbursements regardless of whether Executive executes this Agreement. 

  

  
 1 

	 	(c)	COBRA. 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”). If eligible, Executive is entitled to elect COBRA coverage regardless of whether Executive executes this Agreement. 

 

	4.	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 following the Separation Date but
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 and (iii) Executive’s performance of his continuing obligations
pursuant to this Agreement, including the provisions of Transition Services, the Employment Agreement and that certain Employee Confidentiality, Inventions and Non-Interference Agreement by and between Executive and the Company dated as of
November 11, 2010 (the “Confidentiality Agreement”) (including, without limitation, the non-solicitation restrictive covenants set forth therein for the periods set forth in the Confidentiality Agreement), to provide Executive
the following severance benefits: 

  

	 	(a)	Severance. The Company shall continue to pay to Executive his base salary at the rate in effect as of immediately prior to the Separation Date for the period of time commencing on the Separation Date and ending
on the six (6)-month anniversary of the Separation Date (such payments, the “Severance Payments”). Severance Payments shall be made 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 Code. The first such Severance Payment shall commence on the first payroll date following the Effective Date. In addition to the Severance
Payments, the Company shall pay to Executive evenly distributed over the same 6 month period, a total cash payment equal to $19,828, which represents fifty percent (50%) of Executive’s 2015 annual bonus, these payments shall be made in
accordance with the Company’s standard payroll practices less applicable withholdings and deductions. 

  

	 	(b)	2015 Bonus. The Company shall pay to Executive $39,665.00, which constitutes the amount of the bonus Executive earned for fiscal year 2015. Any amount that becomes payable under this Section 4(b) shall be
paid, less applicable withholdings and deductions, to Executive within thirty (30) days following the payment to other executives of their 2015 Bonuses. 

  

	 	(c)	Stock Options. As of June 8, 2016, Executive will hold vested options to purchase 207,879 shares of Company common stock and unvested options to purchase 73,115 shares of Company common stock pursuant to the
Company’s equity incentive plans and the option agreements evidencing such grants (collectively, the “Equity Awards”). Upon the Separation Date, Executive’s Equity Awards shall cease vesting and the unvested portion of
such Equity Awards as of such date shall terminate. Executive warrants and represents to the Company that Executive presently intends to exercise for cash consideration all vested Equity Awards held by Executive, except the 19,310 vested options in
grant named 072315-ISO $5, on or before September 1, 2016. Executive hereby agrees that each agreement evidencing his Equity Awards shall be deemed amended to the extent necessary to provide that Executive’s vested Equity Awards, to the
extent unexercised, shall terminate on September 1, 2016. If Executive desires to exercise any vested Equity Awards, Executive must follow the procedures set forth in Executive’s option agreements, including payment of the exercise price
and any withholding obligations before such date. If by September 1, 2016, the Company has not received a duly executed notice of exercise and remuneration in accordance with Executive’s option agreements, Executive’s vested Equity
Awards shall terminate for no consideration and be of no further effect. 

	 	(d)	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 arising from this Agreement. To the extent that any reimbursements payable pursuant to this Agreement are subject to the provisions of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), such reimbursements shall be paid to Executive no later than December 31 of the year following 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. 

  

	 	(e)	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 any matching transactions in Company common stock for six (6) months following the Separation Date. Executive hereby agrees not to undertake, directly or indirectly, any matching
transactions until the end of such six (6) month period. 

  

	 	(f)	Sole Separation Benefit. Executive agrees that the payments provided by this Agreement 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 Agreement constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement. 

 

	 	(g)	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 Agreement,
nor shall the amount of any payment hereunder be reduced by any compensation earned by Executive as a result of subsequent employment. 

  

	5.	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, and each such
agreement shall be deemed terminated and of no further effect as of the Separation Date. 

  

	6.	Executive’s Release of the Company. Executive understands that by agreeing to the release provided by this Section 6, 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, 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 the Age Discrimination in
Employment Act (“ADEA”), 29 U.S.C. § 621, et seq., 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 Washington Law against Discrimination, the Washington State Minimum Wage Act, the Washington State Industrial Welfare Act, 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., and California Labor Code §§ 1102.5(a),(b); Claims for wages under the Washington and California Labor Codes and any other federal, state
or local laws of similar effect; Claims under the employment and civil rights laws of California and Washington; 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; 

 

	 	(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)	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. 

 

	 	(d)	In accordance with the Older Workers Benefit Protection Act of 1990, Executive has been advised of the following: Executive acknowledges that Executive is knowingly and voluntarily waiving and releasing any rights
Executive may have under the ADEA. Executive also acknowledges that the consideration given for the waiver and release herein is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that Executive
has been advised by this writing, as required by the ADEA, that: (i) Executive’s waiver and release do not apply to any rights or claims that may arise after the execution date of this Agreement; (ii) Executive has been advised hereby
that Executive has the right to consult with an attorney prior to executing this Agreement; (iii) Executive has twenty-one (21) days from the date of this Agreement to execute this Agreement (although Executive may choose to voluntarily
execute this Agreement earlier); (iv) Executive has seven (7) days following the execution of this Agreement by Executive to revoke the Agreement, and Executive will not receive the payments provided by Section 4 above unless and
until such seven (7) day period has expired; (v) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth (8th) day
after this Agreement is executed by Executive, provided that the Company has also executed this Agreement by that date; and (vi) this Agreement does not affect Executive’s ability to test the knowing and voluntary nature of this
Agreement. If Executive wishes to revoke this Agreement, Executive must deliver notice of Executive’s revocation in writing, no later than 5:00 p.m. Pacific Time on the 7th day following Executive’s execution of this Agreement to Chief
Financial Officer, 815 E. Middlefield Road, Mountain View CA 94043, fax: 1-800-417-3459. 

  

	7.	Non-Disparagement, Transition, Transfer of Company Property and Limitations on Service. Both parties further agree 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, or as otherwise requested. The
Company shall not, and shall instruct its officers and directors to not, make 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, and its officers and directors, may respond accurately and fully to any question, inquiry or request for information when required by legal process, or as otherwise
requested. 

	 	(b)	Transition. Each of the Company and Executive shall use its or his 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. 

  

	 	(c)	Transfer of Company Property. On or before the Separation 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. 

 

	8.	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. 

 

	9.	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 another 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 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.

  

	10.	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 laws, provisions or those of any state other than California. 

  

	11.	 Miscellaneous. This Agreement, collectively with the Confidentiality Agreement and the Equity Award
agreements, 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 separation 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. 

  

	12.	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. 

  

	13.	Maintaining Confidential Information. Executive reaffirms his obligations under the Confidentiality Agreement. Executive acknowledges and agrees that the payments provided in Section 4 above shall be subject
to Executive’s continued compliance with Executive’s obligations under the Confidentiality Agreement. 

  

	14.	Executive’s Cooperation. After the Separation 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(s) follow) 

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

  

			
	DATED: June 8, 2016	  	
		
		  	/s/ D. David Chandler        
		  	David Chandler
		
		  	ViewRay, Inc.
		
	DATED: June 8, 2016	  	
		
		  	By: /s/ Chris A. Raanes        
		  	Name: Chris A. Raanes
		  	Title: President & CEO

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