Document:

EX-10.16(b)

 Exhibit 10.16(b) 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 
 STANDARD EXCLUSIVE LICENSE AGREEMENT 

WITH SUBLICENSING TERMS 

AMENDMENT NO. 1 

ViewRay, Inc., a Florida corporation (Licensee), and University of Florida Research Foundation, Inc., a Florida not-for-profit
corporation (UFRF) entered into the certain Standard Exclusive License Agreement With Sublicensing Terms as of December 15, 2004 (Effective Date) (the Agreement). Pursuant to Section 14.4 of the
Agreement, Licensee and UFRF wish to enter into this Amendment No. 1 to the Agreement (Amendment No. 1) effective as of December 6, 2007 (the Amendment Date) to amend certain provisions of the Agreement.
Capitalized terms used in this Amendment No. 1 and not defined herein are used with the meanings ascribed to them in the Agreement. 

NOW THEREFORE, in consideration of the mutual covenants and promises contained in this Amendment No. 1, the parties agree as follows: 

1. Definitions. The following sub-sections in Section 1 of the Agreement are modified as follows: 

(a) Section 1.1 of the Agreement is hereby amended to read in full as follows: 
  

	“1.1	“Licensed Patents” shall refer to and mean all of the following UFRF intellectual property: 

  

	 	1.1.1	(i) the United States patent(s)/patent application(s) [***] in the [***], (ii) all divisionals, and continuations of the application identified in clause (i),
(iii) United States patents and foreign patents issuing in respect of the application(s) described in clauses (i)-(ii)), and (iv) reissues and reexaminations and extensions of the patents based
on the patent(s) described in clause (iii), all to the extent owned or controlled by the University of Florida.” 

 (b)
Section 1.4 of the Agreement is hereby amended to read in full as follows: 
  

	“1.4	Net Sales” shall mean the amounts collected on the sales of Licensed Product and/or Licensed Processes by Licensee, its Affiliates or Sublicensees from the sale or transfer for value of any Licensed Products
(in an arms-length transaction) to an independent third party distributor, agent or end user (in each case who is not a Sublicensee) after deducting, if not already deducted in the amount invoiced: (a) offered and taken trade and/or quantity
discounts and rebates; (b) credits, refunds and allowances credited or paid to customers for defective, damaged, and returned Licensed Products; (c) outbound transportation costs paid; and (d) sales, excise, value added, turnover,
use, and other like taxes, and customs duties, paid, absorbed or allowed excluding net income tax, imposed upon the sale of the Licensed Product or Licensed Process. Net Sales shall not include revenue received by Licensee (or any of its Affiliates)
from transactions with an Affiliate, where the Licensed Product or Licensed Process in question will be resold to an independent third-party distributor, agent or end user by the Affiliate (such revenue to be included at the time of such later
sale). Revenue received by Licensee (or any of its Affiliates) from transactions with an Affiliate, where the Licensed Product or Licensed Process in question is used by the Affiliate solely for such Affiliate’s internal purposes shall be
[***]. 

 Licensed Products transferred to a third party distributor, agent or end user for
promotional purposes without charge shall be [***]. 
 If Licensee is required, in its reasonable judgment, to
pay royalties or similar payments to one or more third parties for patented technology to avoid infringement of such third party patent(s) by a Licensed Product or the manufacture of a Licensed Product, in each case that is the subject of commercial
distribution generating Net Sales, Licensee may, beginning from the date of Net Sales in respect of which it makes payments under such third party license, deduct [***] percent ([***]%) of the amount of royalties paid to
such third party on sales of the applicable Licensed Product under such license(s) from the amounts payable to UFRF under Section 4.3, provided that such deductions shall: (i) only apply in cases where the royalty rate otherwise due
UFRF under Section 4.3 with respect to such Licensed Product is [***] percent ([***]%); (ii) not reduce the royalty payable to UFRF under Section 4.3 for the applicable Licensed Product to less than
[***] percent ([***]%) of Net Sales of the applicable License Product, regardless of the number of licenses required by Licensee; (iii) shall not apply in cases where the Licensed Product in question is
[***] and the [***] exceeds [***] percent ([***]%). Licensee shall provide UFRF with notice of any third party license it enters into that is the subject of this clause. 

(c) Section 1.6 of the Agreement is hereby amended to read in full as follows: 
  

	“1.6	The term “Sublicensee” shall mean any Affiliate or third party to whom Licensee grants the right under the Licensed Patents to make, use and/or sell Licensed Product and/or Licensed Processes.”

 2. Sublicenses. Section 2.2 of the Agreement is hereby amended to read in full as follows: 

 

	“2.2	Sublicense 

  

	 	2.2.1	Licensee may grant written sublicenses to third parties or Affiliates described in clauses (a)-(c) of Section 1.5. Any agreement granting a sublicense shall
require that the Sublicensee comply with the terms and provisions of Sections 5.2, 6.1-6.2, 12, 13, 14.3, 14.5 and 14.6 of this Agreement. The grant of a sublicense will not relieve Licensee of any of its
obligations under this Agreement and Licensee shall have the same responsibility for the activities of any Sublicensee as if the activities were directly those of Licensee. 

 

	 	2.2.2	In respect to sublicenses granted by Licensee under 2.2.1 above, Licensee shall pay to UFRF [***]. In addition, if Licensee receives any fees, minimum royalties, or other payments in consideration
for any rights granted under a sublicense, and such payments are not based directly upon the amount or value of Licensed Products and/or Licensed Processes sold by the Sublicensee, then: (i) if such sublicense occurs within [***]
of the Effective date Licensee shall pay UFRF [***] percent ([***]%) of such payments; (ii) [***] percent ([***]%) 

 
 [***] Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	
of such payments if sublicense occurs after [***] but less than [***] from the Effective Date; or (iii) [***] percent ([***]%) if
sublicense occurs after [***] from the Effective Date, all of which shall be paid in the manner specified in Section 4.5; provided, that this Section 2.2.2 shall not apply to: (1) equity investments in Licensee by
a Sublicensee up to the amount of the fair market value of the equity purchased on the date of the investment; (2) loan proceeds paid to Licensee by a Sublicensee in full recourse debt financing; (3) sponsored research funding for future
research paid to Licensee by a Sublicensee in a bona fide transaction; or (4) payments directly attributable to supplying goods (at no more than actual manufacturing cost) or services (at no more than actual direct labor and out-of-pocket costs
to Licensee) to such Sublicensee to enable their practice of such sublicense. Licensee shall not receive from Sublicensees [***] under this Agreement without the express prior written permission of UFRF whose permission shall not be
unreasonably withheld. 

  

	 	2.2.3	Licensee shall provide UFRF with a copy of each sublicense agreement within thirty (30) days after the execution of the sublicense agreement. UFRF’s receipt of the sublicense agreement, however, will
constitute neither an approval of the sublicense nor a waiver of any right of UFRF or obligation of Licensee under this Agreement.” 

  

	 	2.2.4	In the event the license granted to Licensee under Section 2.1 terminates for any reason, any sublicense granted by Licensee shall survive, provided that the Sublicensee (a) is not in breach of its
sublicense at the time the license granted to Licensee under Section 2.1 is terminated; and (b) agrees in writing that: (i) UFRF is entitled to enforce all relevant provisions of such sublicense agreement directly against such
Sublicensee; and (ii) UFRF shall not assume, and shall not be responsible to such Sublicensee for, any representations, warranties or obligations of Licensee to such Sublicensee, other than to permit such Sublicensee to exercise any rights to
Licensed Patents that are sublicensed under such sublicense agreement in a manner consistent with the terms and conditions set forth in this Agreement.” 

3. Diligence. Section 3 of the Agreement is hereby amended to read in full as follows: 

“Section 3 Due Diligence 
  

	 	3.1.1	Licensee agrees to and warrants that: it has, or will obtain, the expertise necessary to independently evaluate the inventions of the Licensed Patents; it will establish and [***] pursue the
Development Plan attached as Appendix A, as it may be amended from time to time by Licensee as reported to UFRF pursuant to a Development Report and as mutually agreed by UFRF, such agreement not to be unreasonably withheld by UFRF (the
“Development Plan”) to the end that the inventions of the Licensed Patents will be utilized to provide Licensed Products and/or Licensed Processes for sale in the retail market within the Licensed Field; and until the date of First
Commercial Sale of Licensed Products, it will supply UFRF with a written Development Report 

  

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

	 	
annually fifteen (15) days after the end of the calendar year (see Appendix B). All development activities and strategies and all aspects of product design and decisions to market and
the like are entirely at the discretion of Licensee, and Licensee shall rely entirely on its own expertise with respect thereto. UFRF’s review of Licensee’s Development Plan is solely to verify the existence of Licensee’s commitment
to development activity and to ensure compliance with Licensee’s obligations to commercialize the inventions of the Licensed Patents, as set forth above, other than those elements of the Development Plan as designated as Due Diligence
milestones in 3.1.2 below. Achievement of the milestones specified in Section 3.1.2(1)-(5) within the specified time periods, as they may be extended pursuant to Section 3.1.3 shall be deemed to satisfy Licensee’s diligence
obligations under this Section 3. “First Commercial Sale” means any sale or transfer for value of a Licensed Product and/or Licensed Process (in an arms-length transaction) to an independent third party distributor, agent or end user
after obtaining all necessary authorizations by the appropriate regulatory authority(ies) required for the manufacture, importation, marketing, promotion, pricing and sale of the Licensed Products and/or Licensed Process in the applicable country.

  

	3.1.2(a)	Licensee agrees that the first commercial sale of products to the retail customer shall occur on or before December 31, 2014 or UFRF shall have the right to terminate the Agreement pursuant to
Section 9.3 hereto. In addition, Licensee agrees to the following due diligence elements which if not accomplished by the following dates, then UFRF shall have the right to terminate the Agreement pursuant to Section 9.3:

  

					
	 (1) Complete business plan and STTR grant application
		 	4th Q 2004	  
	 (2) Secure venture financing of at least $20,000,000
		 	2007	  
	 (3) Successful relocation and build out of company headquarters
		 	2008	  
	 (4) receipt of first magnet from OEM partner
		 	2009	  
	 (5) Hire CEO with industry experience in developing and commercializing similar products
		 	2010	  
	 (6) Filing for FDA 510k approval
		 	2012	  
	 (7) First Commercial Sale of Licensed Product
		 	2014	  

 (b) If Licensee fails to actively pursue the Development Plan with respect to a certain field(s) of use
within the Licensed Field and UFRF has received written notice from a third party that wishes to negotiate a license for such field(s) of use, UFRF may terminate this License with respect to such field(s) of use upon ninety (90) days written
notice to Licensee and pursue negotiations with the third party for such field(s) of use unless Licensee shall within such 90 day period present a credible development plan to UFRF to pursue development of such Licensed Products for such
field(s) of use and begin to execute that plan. UFRF shall notify Licensee in writing of the fields of use UFRF proposes to license to any such licensee prior to entering into any such license to permit Licensee to propose revisions to clarify and
prevent any overlap between the 
  
 [***] Certain information in this document
has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
scope of the licenses granted under this Agreement and remaining under this Agreement and the licenses UFRF proposes to grant to such third party. UFRF shall also provide Licensee with any
material revisions to such fields of use made after Licensee’s receipt and review of such fields of use . In each case, Licensee shall provide UFRF with written comments within ten (10) days after it receives any such license. 

 

	 	3.1.3	With regard to each of the milestones specified in Section 3.1.2(a)(4)-(5), the Licensee may extend such milestone by one year with written notice to UFRF prior to the
due date thereof specified in Section 3.1.2(a) and upon paying UFRF $[***] within thirty (30) days after such notice. The Licensee may extend a milestone for an additional one year period by written notice to UFRF prior to
expiration of the initial one-year extension period and payment to UFRF of a fee of $[***] within thirty (30) days after such written notice. Each of the milestones specified in
Section 3.1.2(a)(4)-(5) is extendable under this Section 3.1.3 for no more than two years.” 

4. Liquidity Event Payment; Equity Adjustment. Section 4.1.2 of the Agreement is hereby deleted. The Agreement is hereby amended to add a new
Section 4.2A to follow Section 4.2 and to read in full as follows: 
  

	 	“4.2A	Issuance of Additional Equity. As additional consideration payable to UFRF, Licensee will cause James F. Dempsey, Russell S. Donda and Jim Carnall (collectively, the “Founders”) to transfer to
UFRF an additional [***]. 

 UFRF will enter into the Investor Rights Agreement with the Licensee
and its stockholders and such other agreements as the Company determines are necessary and desirable, on terms and conditions acceptable to both parties, and shall also provide Licensee with an accredited investor certification. The Investor Rights
Agreement will include provisions for UFRF to hold: (1) piggyback registration rights; (2) co-sale rights; and (3) participation rights with respect to future financings to maintain its
allocable pro rata ownership position; and will also provide that UFRF shall not be subject to a lock up at any time when UFRF’s holdings represent less than 1% of the Licensee’s voting securities on a fully-diluted as converted to Common
Stock basis.” 
 5. Records. Section 6 of the Agreement is hereby amended to read in full as follows 

 

	 	“6.1	Licensee and its Sublicensee(s) shall keep books and records sufficient to verify the accuracy and completeness of Licensee’s and its Sublicensee(s)’s accounting referred to in Section 4.5 above,
including without limitation, inventory, purchase and invoice records, manufacturing records, sales analysis, general ledgers, financial statements, and tax returns relating to the Licensed Products and/or Licensed Processes. Such books and records
shall be preserved for a period not less than three year after they are created, both during and after the term of this Agreement 

  

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

	 	6.2	Licensee and its Affiliates shall, and Licensee shall cause its’ Sublicensee(s) to, take all steps necessary so that an independent certified public accountant, appointed by UFRF and reasonably acceptable to
Licensee or the applicable Sublicensee may, within thirty (30) days of its written request, audit, or review all of the books and records required by Section 6.1 at a single U.S. location to verify the accuracy of Licensee’s and its
Sublicensee(s)’s accounting. Such review may be performed upon reasonable notice and during regular business hours not more than once in any calendar year during the term of this Agreement and for a period of three (3) years thereafter
(unless U.S. Generally Accepted Accounting Principles require that such records be maintained for a longer period in which case the records shall be maintained for such longer period) nor more than once with respect to sales of Licensed Products in
any given payment period. If a deficiency with regard to any payment hereunder is determined, Licensee and its Sublicensee(s) shall pay the deficiency within thirty (30) days of receiving notice thereof along with applicable interest as
described in Section 4.5.1. If a royalty payment deficiency for a calendar year exceeds [***] percent ([***]%) of the royalties paid for that year, then Licensee and its Sublicensee(s) shall be responsible for paying
UFRF’s out-of-pocket expenses incurred with respect to such review. UFRF agrees to hold in confidence all information concerning royalty payments and reports, and all information learned in the course of any review or audit, except to the
extent necessary for UFRF to reveal such information in order to enforce its rights under this Agreement or if disclosure is required by law, regulation or judicial order. Any person or entity conducting such review or audit will agree in writing
with Licensee or the applicable Sublicensee to treat all records reviewed in the course of the review or audit as the confidential information of Licensee or such Sublicensee. In the event that Licensee or any Sublicensee objects to an auditor
proposed by UFRF they shall document the basis of their objection in writing and with specificity.” 

 6. Minimum Royalty.
Section 4.4.1 of the Agreement is hereby amended to read in full as follows: 
  

	“4.4	Other Payments 

  

	 	4.4.1	Licensee agrees to pay UFRF Minimum Royalty payments, as follows: 

  

			
	Payment		Year
	$200,000		2014 and every year thereafter on the same date, for the life of this Agreement.

 The Minimum Royalty shall be paid in advance on a quarterly basis for each year in which this Agreement
is in effect. The first quarterly Minimum Royalty payment shall be due on December 31, 2013 (for the 2014 year) and shall be in the amount of $50,000. The Minimum Royalty for a given year shall be due in advance and shall be paid in quarterly
installments on March 31, June 30, September 30, and December 31 for the following quarter. Any Minimum 
  

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

 
Royalty paid in a calendar year will be credited against the earned royalties for that calendar year (except that the payment made each December 31 shall be applied to the next calendar
year). It is understood that the Minimum Royalties will be applied to earned royalties on a calendar year basis, and that sales of Licensed Products and/or Licensed Processes requiring the payment of earned royalties made during a prior or
subsequent calendar year shall have no effect on the annual Minimum Royalty due UFRF for other than the same calendar year in which the royalties were earned.” 

7. Patent Enforcement. Section 8 of the Agreement is hereby amended to read in full as follows: 

 

	 	“8.1	Either party shall inform the other party in writing within ten (10) business days of it becoming aware of any alleged infringement of the Licensed Patents by a third party, along with any available evidence
thereof. 

  

	 	8.2	During the term of this Agreement, UFRF shall have the first right, but shall not be obligated, to prosecute at its own expense using outside counsel reasonably acceptable to Licensee any such infringements of the
Licensed Patents. UFRF shall inform Licensee of its decision to exercise its right to enforce or defend Licensed Patents within sixty (60) days following UFRF’s becoming aware of, or receiving notice of, the alleged infringement. If UFRF
does not exercise its option to enforce or defend any Licensed Patents, then Licensee shall have the right and option to pursue the alleged infringer using outside counsel reasonably acceptable to UFRF, at Licensee’s own expense. If either
party prosecutes any such infringement, the other party agrees that it may be joined as a co-plaintiff in any such suit if so required by law, without expense to the other party. The party prosecuting any such
action shall indemnify the other party against any order for costs that may be made against such other party in such proceedings. 

  

	 	8.3	If within six (6) months after having notified Licensee that it shall prosecute or defend Licensed Patents UFRF shall have been unsuccessful in persuading the alleged infringer to desist and shall not have
brought and shall not be diligently prosecuting an infringement action, then Licensee shall have the right, but shall not be obligated, to prosecute at its own expense any infringement of the Licensed Patents. No settlement, consent judgment or
other voluntary final disposition of any infringement suit that is the subject of this Section 8 may be entered into without the consent of both parties, which consent shall not be unreasonably withheld 

 

	 	8.4	In the event that UFRF shall undertake the enforcement by litigation and/or defense of the Licensed Patents by litigation, any recovery of damages by UFRF for any such suit shall be applied first in satisfaction
of any reasonable unreimbursed expenses and legal fees of UFRF relating to the suit, and next toward reimbursement of Licensee for its reasonable unreimbursed expenses and legal fees. The balance, if any, remaining shall be allocated so that UFRF
receives [***] of such remainder and Licensee receives [***]; provided that in the event that deeming the amount of such balance as [***] at the rate of either [***] (if the
[***] that are the subject of [***]) or at the rate of [***] (if the [***] that are the subject of [***] may elect to [***] based upon such [***].

  
 [***] Certain information in this document has been omitted
and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	8.5	In the event that Licensee shall undertake the enforcement by litigation and/or defense of the Licensed Patents by litigation, any recovery of damages by Licensee for any such suit shall be applied first in
satisfaction of any reasonable unreimbursed expenses and legal fees of Licensee relating to the suit, and next toward reimbursement of UFRF for any reasonable unreimbursed expenses and legal fees. The balance then remaining on any such recovery
shall be divided so that Licensee receives [***] on the [***] (whichever measure of [***] (if any)), and UFRF receives an amount equal to the [***] based on such sales (if the
[***]) or a [***] of the [***] (if the [***]). The balance, if any, remaining shall be allocated so that Licensee receives [***] of such remainder and UFRF receives
[***] ; provided that in the event that deeming the amount of such balance as [***] at the rate of either [***] (if the [***]that are the subject of [***]) or at the rate
of [***] (if the [***] may elect to [***] based upon such [***]. 

  

	 	8.5A	If UFRF does not exercise its option to enforce or defend Licensed Patents in accordance with Section 8.2 and the Licensee subsequently notifies UFRF that it is unable or unwilling to undertake the
enforcement or defense of the Licensed Patents with respect to the third party that is the subject of the notice delivered pursuant to Section 8.1 (such notice to be delivered within one hundred twenty (120) days following receipt of
UFRF’s notice pursuant to Section 8.2) then UFRF shall again have the right to enforce or defend the Licensed Patents with respect to such third party in accordance with Section 8.2 and if UFRF proceeds against such infringer then the
allocation of recovery provided in Section 8.4 with respect to the balance of any recovery after reimbursement of the parties respective costs shall be [***]. It is understood and agreed that this Section 8.5A shall not apply
to an infringer other than the third party that has been the subject of a Section 8.1 notice and that with respect to other infringers the parties shall use the provisions of Sections 8.1-8.5 before
this Section 8.5A becomes operative with respect to such infringers. 

  

	 	8.6	In any infringement suit that either party may institute to enforce the Licensed Patents pursuant to this Agreement, the other party hereto shall, at the request and expense of the party initiating such suit,
cooperate in all respects and, to the extent possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens, and the like. 

 

	 	8.7	In the event a declaratory judgment action alleging invalidity or noninfringement of any of the Licensed Patents shall be brought against Licensee, UFRF, at its option, shall have the right, within thirty
(30) days after commencement of such action, to intervene and take over the sole defense of the action at its own expense. 

  

	 	8.8	In the event Licensee contests the validity of any Licensed Patents, Licensee shall [***] with respect to that patent [***] until the patent is adjudicated invalid or unenforceable by a
court of last resort.” 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 8. Mergers and Acquisitions. Section 10 of the Agreement is hereby amended to read in full as
follows: 
  

	“Section	10 Assignability 

 Licensee may not assign its rights or obligations under
this Agreement without the prior written consent of UFRF except that Licensee may assign this Agreement without UFRF’s prior written consent in connection with the sale of all or substantially all of the assets or stock of the Licensee, whether
by merger, acquisition, or otherwise, if the assignee or successor assumes all of the Licensee’s obligations hereunder in writing; provided however, this Section 10 shall not limit Licensee’s right to enter into sublicenses in
accordance with the terms of this Agreement.” 
 9. Indemnity. Section 12.1 of the Agreement is hereby amended to read in full as
follows: 
  

	 	“12.1	Licensee and its Sublicensee(s) shall, at all times during the term of this Agreement and thereafter, indemnify, defend and hold UFRF, the Florida Board of Governors, the University of Florida Board of Trustees,
the University of Florida, and each of their directors, officers, employees, and agents, and the inventors of the Licensed Patents, regardless of whether such inventors are employed by the University of Florida at the time of the claim, harmless
against all claims and expenses, including legal expenses and reasonable attorneys fees, arising from a third party claim (including legal expenses and attorneys fees resulting from UFRF’s enforcing this indemnification clause against Licensee
with respect to any such third party claim) (collectively, “Liabilities”) arising out of (a) the death of or injury to any person or persons or (b) any damage to property or (c) any other claim, proceeding, demand, expense
and liability of any kind whatsoever (other than patent infringement claims) resulting from the production, manufacture, sale, use, lease, consumption, marketing, or advertisement of Licensed Products or Licensed Process(es) or (d) arising from
any material breach by Licensee or its Affiliates of any obligation of Licensee hereunder. Notwithstanding the above, UFRF at all times reserves the right to retain counsel of its own and at its expense, to defend UFRF’s, the Florida Board of
Governors’, the University of Florida Board of Trustees’, the University of Florida’s, and the inventor’s interests. The foregoing indemnification action shall not apply to the extent that such liabilities or losses arose as a
result of any indemnified party’s gross negligence or intentional misconduct. 

 To receive the benefit of
indemnification under this Section 12.1, UFRF and/or the other indemnitees must (i) promptly notify Licensee in writing of any claim or suit of which it has actual notice that may give rise to Liabilities for which it seeks
indemnification; provided, that failure to give such notice shall not relieve Licensee of its indemnification obligations except where, and solely to the extent that, such failure actually and materially prejudices the rights of Licensee);
(ii) provide reasonable cooperation (at the Licensee’s expense); and (iii) tender to the Licensee full authority to defend or settle the claim or suit 
  

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

 
using counsel selected by Licensee and reasonably acceptable to UFRF, provided that UFRF may, at its own expense, also be represented by counsel of its own choosing; provided that UFRF may, at
its own expense, also be represented by counsel of its own choosing; provided that Licensee will not settle or compromise or consent to any claim or action giving rise to Liabilities in any manner that imposes any restrictions on obligations on UFRF
or the other indemnitees or grants any rights to the Licensed Patents or the Licensed Products without the applicable indemnitee’s (and including where applicable, UFRF’s) prior written consent. Licensee has no obligation to indemnify any
indemnified party in connection with any settlement made without Licensee’s written consent. Although the Licensee shall have the sole right to control the defense or settlement of any such claim or action (subject to the consent rights
provided to UFRF herein), UFRF shall be kept informed about the status of any such action, including, without limitation, prior advance notice of any significant issues or matters in the action.” 

10. Termination of [***] Sublicense. UFRF acknowledges that the [***] entered into as of [***] between Licensee and [***], as amended (the
Sublicense Agreement) has been terminated effective as of the Effective Date based upon the determination by [***] that the [***] was organized to pursue is [***]; and UFRF understands that Licensee does not presently intend to [***]
and agrees that the [***] with respect to [***] under this Agreement and that in the event and to the extent any [***] in the [***] shall be subject to Section [***] of this Agreement. Licensee covenants and agrees that in the event it makes a
decision to [***] for the [***] it shall notify UFRF. 
 11. Subsequent Effect. If the Licensee does not complete the Series B Preferred Stock
financing contemplated by the certain Series B Preferred Stock Purchase Agreement between Licensee and the other parties named on the signature pages thereto within sixty (60) days following the Amendment Date, then UFRF shall have the
right to terminate this Amendment No. 1 and the Agreement shall thereafter mean the Agreement without the provisions of this Amendment No. 1. 

12. Ratification. Except to the extent expressly amended by this Amendment No. 1, all of the terms, provisions and conditions of the Agreement are
hereby ratified and confirmed and shall remain in full force and effect. The term “Agreement” (as used in the Agreement), shall henceforth be deemed to be a reference to the Agreement as amended by this Amendment No. 1. 

[remainder of this page intentionally left blank] 
  

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

 13. General. This Amendment No. 1 may be executed in counterparts, each of which will be deemed an
original with all such counterparts together constituting one instrument. 
 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to
be executed by their respective duly authorized officers, and have duly delivered and executed this Amendment No. 1 under seal as of the Amendment Date. 
  

			
	UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.
		
	By:		 /s/ David L. Day

			David L. Day
			Director, Office of Technology Transfer
	
	VIEWRAY, INCORPORATED
		
	By:		 /s/ William Wells

	Name:		William Wells
	Title:		Chief Executive Officer

  
 [***] Certain information in this document has been
omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.EX-10.17(a)

 Exhibit 10.17(a) 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT is made and dated as of December 16, 2013 and is entered into by and between ViewRay Incorporated, a
Delaware corporation, and each of its subsidiaries (hereinafter collectively referred to as the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (collectively, referred
to as “Lender”) and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation, in its capacity as administrative agent for itself and the Lender (in such capacity, the “Agent”). 

RECITALS 
 A. Borrower has
requested Lender to make available to Borrower a loan in an aggregate principal amount of up to Fifteen Million Dollars ($15,000,000) (the “Term Loan”); and 

B. Lender is willing to make the Term Loan on the terms and conditions set forth in this Agreement. 

AGREEMENT 
 NOW,
THEREFORE, Borrower, Agent and Lender agree as follows: 
 SECTION 1. DEFINITIONS AND RULES OF CONSTRUCTION

 1.1 Unless otherwise defined herein, the following capitalized terms shall have the following meanings: 

“Account Control Agreement(s)” means any agreement entered into by and among the Agent, Borrower and a third party Bank or other
institution (including a Securities Intermediary) in which Borrower maintains a Deposit Account or an account holding Investment Property and which grants Agent a perfected first priority security interest in the subject account or accounts. 

“ACH Authorization” means the ACH Debit Authorization Agreement in substantially the form of Exhibit H. 

“Advance(s)” means a Term Loan Advance. 

“Advance Date” means the funding date of any Advance. 

“Advance Request” means a request for an Advance submitted by Borrower to Agent in substantially the form of Exhibit A. 

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

  

 “Agent” has the meaning given to it in the preamble to this Agreement. 

“Agreement” means this Loan and Security Agreement, as amended from time to time. 

“Amortization Date” means January 1, 2015; provided however, if the Interest Only Extension Conditions are satisfied, then such
date shall be automatically extended to July 1, 2015. 
 “Assignee” has the meaning given to it in Section 11.13. 

“Borrower Products” means all products, software, service offerings, technical data or technology currently being designed,
manufactured or sold by Borrower or which Borrower intends to sell, license, or distribute in the future including any products or service offerings under development, collectively, together with all products, software, service offerings, technical
data or technology that have been sold, licensed or distributed by Borrower since its incorporation. 
 “Business Day” means any
day other than Saturday, Sunday and any other day on which banking institutions in the State of California are closed for business. 

“Cash” means all cash and liquid funds. 

“Cash Interest Rate” means for any day a per annum rate of interest equal to the greater of either (i) the prime rate as
reported in The Wall Street Journal plus 7.00%, and (ii) 10.25%. 
 “Change in Control” means any (i) reorganization,
recapitalization, consolidation, merger, sale or exchange of outstanding shares (or similar transaction or series of related transactions) of Borrower in which the holders of Borrower outstanding shares immediately before consummation of such
transaction or series of related transactions do not, immediately after consummation of such transaction or series of related transactions, retain shares representing more than fifty percent (50%) of the voting power of the surviving entity of
such transaction or series of related transactions (or the parent of such surviving entity if such surviving entity is wholly owned by such parent), in each case without regard to whether Borrower is the surviving entity; provided that any sale or
other disposition of the shares of Borrower after the Closing Date among the four (4) larger holders of such interests on the Closing Date shall not constitute a Change in Control, or (ii) sale or issuance by Borrower of new shares of
Preferred Stock of Borrower to investors, none of whom are current investors in Borrower, and such new shares of Preferred Stock are senior to all existing Preferred Stock and Common Stock with respect to liquidation preferences, and the aggregate
liquidation preference of the new shares of Preferred Stock is more than fifty percent (50%) of the aggregate liquidation preference of all shares of Preferred Stock of Borrower; provided, however, an Initial Public Offering shall not
constitute a Change in Control. 
 “Claims” has the meaning given to it in Section 11.10. 

“Closing Date” means the date of this Agreement. 

  
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 “Collateral” means the property described in Section 3. 

“Confidential Information” has the meaning given to it in Section 11.12. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person
with respect to (i) any Indebtedness, lease, dividend, letter of credit or other obligation of another, which is directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by
such Person, or in respect of which such Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued for the account of such Person; and
(iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect such Person against fluctuation in
interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent
Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 

“Copyright License” means any written agreement granting any right to use any Copyright or Copyright registration, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Copyrights” means all
copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any State thereof, or of any other country. 

“Deposit Accounts” means any “deposit accounts,” as such term is defined in the UCC, and includes any checking account,
savings account, or certificate of deposit. 
 “Domestic Subsidiary” means any Subsidiary that is not a Foreign Subsidiary. 

“Eligible Assignee” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 
 “ERISA” means
the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder. 
 “Event of Default”
has the meaning given to it in Section 9. 
 “Facility Charge” means one percent (1%) of the Maximum Term Loan Amount.

 “Financial Statements” has the meaning given to it in Section 7.1. 

  
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 “Foreign Subsidiary” means any Subsidiary other than a Subsidiary organized under the
laws of any state within the United States. 
 “GAAP” means generally accepted accounting principles in the United States of
America, as in effect from time to time. 
 “Indebtedness” means indebtedness of any kind, including (a) all indebtedness for
borrowed money or the deferred purchase price of property or services (excluding trade credit entered into in the ordinary course of business and not past due for more than 61 days), including reimbursement and other obligations with respect to
surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations. 

“Initial Public Offering” means the initial firm commitment underwritten offering of Borrower’s common stock pursuant to a
registration statement under the Securities Act of 1933 filed with and declared effective by the Securities and Exchange Commission. 

“Intellectual Property” means all of Borrower’s Copyrights; Trademarks; Patents; Licenses; trade secrets and inventions; mask
works; Borrower’s applications therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing, together with Borrower’s rights to sue for past, present and future infringement of
Intellectual Property. 
 “Interest Only Extension Conditions” shall mean satisfaction of each of the following events: (a) no
default or Event of Default shall have occurred and be continuing; and (b) delivery by Borrower to Lender of evidence satisfactory to Lender of the placement of six (6) Borrower’s systems by December 31, 2014 and receipt of the
purchase price thereof by Borrower within 6 months of delivery pursuant to invoicing in the ordinary course of business. 

“Investment” means any beneficial ownership (including stock, partnership or limited liability company interests) of or in any
Person, or any loan, advance or capital contribution to any Person or the acquisition of all, or substantially all, of the assets of another Person. 

“Joinder Agreements” means for each Subsidiary, a completed and executed Joinder Agreement in substantially the form attached hereto
as Exhibit G. 
 “Lender” has the meaning given to it in the preamble to this Agreement. 

“License” means any Copyright License, Patent License, Trademark License or other license of rights or interests. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, levy, lien
or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, and any lease in the nature of a security interest. 

“Loan” means the Advances made under this Agreement. 

  
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 “Loan Documents” means this Agreement, the Notes (if any), the ACH Authorization, the
Account Control Agreements, the Joinder Agreements, all UCC Financing Statements, the Warrant, and any other documents executed in connection with the Secured Obligations or the transactions contemplated hereby, as the same may from time to time be
amended, modified, supplemented or restated. 
 “Magnet Collateral” means the collateral pledged to the County of Cuyahoga, Ohio,
as the secured party, as described on the Closing Date on Schedule 1.2 attached hereto and made a part hereof. 
 “Material Adverse
Effect” means a material adverse effect upon: (i) the business, operations, properties, assets or financial condition of Borrower; or (ii) the ability of Borrower to perform the Secured Obligations in accordance with the terms of the
Loan Documents, or the ability of Agent or Lender to enforce any of its rights or remedies with respect to the Secured Obligations; or (iii) the Collateral or Agent’s Liens on the Collateral or the priority of such Liens. 

“Maximum Term Loan Amount” means Fifteen and No/100 Dollars ($15,000,000). 

“Maximum Rate” shall have the meaning assigned to such term in Section 2.3. 

“Note(s)” means a Term Note. 

“Patent License” means any written agreement granting any right with respect to any invention on which a Patent is in existence or a
Patent application is pending, in which agreement Borrower now holds or hereafter acquires any interest. 
 “Patents” means all
letters patent of, or rights corresponding thereto, in the United States or in any other country, all registrations and recordings thereof, and all applications for letters patent of, or rights corresponding thereto, in the United States or any
other country. 
 “Permitted Indebtedness” means: (i) Indebtedness of Borrower in favor of Lender or Agent arising under this
Agreement or any other Loan Document; (ii) Indebtedness existing on the Closing Date which is disclosed in Schedule 1A; (iii) Indebtedness of up to $1,000,000 outstanding at any time secured by a Lien described in clause (vii) of
the defined term “Permitted Liens,” provided such Indebtedness does not exceed the lesser of the cost or fair market value of the Equipment financed with such Indebtedness; (iv) Indebtedness to trade creditors incurred in the ordinary
course of business, including Indebtedness incurred in the ordinary course of business with corporate credit cards; (v) Indebtedness that also constitutes a Permitted Investment; (vi) Subordinated Indebtedness; (vii) reimbursement
obligations in connection with letters of credit that are secured by cash or cash equivalents and issued on behalf of the Borrower or a Subsidiary thereof in an amount not to exceed $200,000 at any time outstanding, (viii) guarantees provided
by Borrower in respect and to the extent of Indebtedness otherwise constituting Permitted Indebtedness, (ix) Indebtedness arising from any judgment, order, decree or award not constituting and Event of Default under Section 9.6,
(x) other Indebtedness in an amount not to exceed $500,000 at any time outstanding, and (xi) extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms
modified to impose materially more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

  
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 “Permitted Investment” means: (i) Investments existing on the Closing Date which
are disclosed in Schedule 1B; (ii) (a) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing within one year from the date of acquisition
thereof, (b) commercial paper maturing no more than one year from the date of creation thereof and currently having a rating of at least A-2 or P-2 from either
Standard & Poor’s Corporation or Moody’s Investors Service, (c) certificates of deposit issued by any bank with assets of at least $500,000,000 maturing no more than one year from the date of investment therein,
(d) money market accounts and (e) Cash; (iii) repurchases of stock from former employees, directors, or consultants of Borrower in an aggregate amount not to exceed $250,000 in any fiscal year, provided that no Event of Default has
occurred, is continuing or would exist after giving effect to such repurchase; (iv) Investments accepted in connection with Permitted Transfers; (v) Investments (including debt obligations) received in connection with the bankruptcy or
reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; (vi) Investments consisting of notes receivable
of, or prepaid royalties and other credit extensions, to customers and suppliers who are not affiliates, in the ordinary course of business, provided that this subparagraph (vi) shall not apply to Investments of Borrower in any Subsidiary;
(vii) Investments consisting of loans not involving the net transfer on a substantially contemporaneous basis of cash proceeds to employees, officers or directors relating to the purchase of capital stock of Borrower pursuant to employee stock
purchase plans or other similar agreements approved by Borrower’s Board of Directors; (viii) Investments consisting of travel advances in the ordinary course of business; (ix) Investments in newly-formed Domestic Subsidiaries,
provided that each such Domestic Subsidiary enters into a Joinder Agreement promptly after its formation by Borrower and execute such other documents as shall be reasonably requested by Agent; (x) Investments in Foreign Subsidiaries approved in
advance in writing by Agent; (xi) joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the nonexclusive licensing of technology, the development of technology or the providing of technical
support, provided that any cash Investments by Borrower do not exceed $100,000 in the aggregate in any fiscal year; and (xii) additional Investments that do not exceed $500,000 in the aggregate. 

“Permitted Liens” means any and all of the following: (i) Liens in favor of Agent or Lender; (ii) Liens existing on the
Closing Date which are disclosed in Schedule 1C; (iii) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings; provided, that Borrower
maintains adequate reserves therefor in accordance with GAAP (if so required); (iv) Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen, landlords and other like Persons arising in the ordinary course of
Borrower’s business and imposed without action of such parties; provided, that the payment thereof is not overdue or such Liens, in the aggregate, do not materially impair the use thereof in the operation of the business of Borrower;
(v) Liens arising from judgments, decrees or attachments in circumstances which do not constitute an Event of Default hereunder; (vi) Liens incurred in the ordinary course of business in connection with deposits under worker’s
compensation, unemployment insurance, social security and other similar laws, or to secure the performance of bids, tenders or contracts (other than for the 

  
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repayment of borrowed money) or to secure indemnity, performance or other similar bonds for the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to
secure statutory obligations (other than Liens arising under ERISA or environmental Liens) or surety or appeal bonds, or to secure indemnity, performance or other similar bonds; (vii) Liens constituting purchase money Liens and Liens in
connection with capital leases securing Indebtedness permitted in clause (iii) of “Permitted Indebtedness”; (viii) Liens incurred in connection with Subordinated Indebtedness; (ix) leasehold interests in leases or subleases
and licenses granted in the ordinary course of business and not interfering in any material respect with the business of the licensor; (x) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of custom
duties that are promptly paid on or before the date they become due; (xi) Liens on insurance proceeds securing the payment of financed insurance premiums that are not overdue (provided that such Liens extend only to such insurance proceeds and
not to any other property or assets); (xii) statutory and common law rights of set-off and other similar rights as to deposits of Cash and securities in favor of banks, other depository institutions and brokerage firms; (xiii) easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business so long as they do not materially impair the value or marketability of the related property; (xiv) Liens
on Cash or cash equivalents securing obligations permitted under clause (vii) of the definition of Permitted Indebtedness; (xv) the interests of lessors under operating leases and non-exclusive licensors under Licenses;
(xvi) non-exclusive licenses of Intellectual Property rights in the ordinary course of business; (xvii) other Liens which do not secure Indebtedness for borrowed money or letters of credit and as to which the aggregate amount of the
obligations secured thereby does not exceed $500,000; and (viii) Liens incurred in connection with the extension, renewal or refinancing of the Indebtedness secured by Liens of the type described in clauses (i) through (xi) above;
provided, that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness being extended, renewed or refinanced (as may have been reduced by any payment
thereon) does not increase. 
 “Permitted Transfers” means (i) sales of Inventory in the ordinary course of business,
(ii)(A) non-exclusive licenses and similar arrangements for the use of Intellectual Property in the ordinary course of business and (B) licenses that could not result in a legal transfer of title of the licensed property but that may be
exclusive in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas outside of the United States in the ordinary course of business, (iii) dispositions of worn-out, obsolete or surplus
Equipment or other capital assets at fair market value in the ordinary course of business, (iv) the leasing or subleasing of assets of Borrower in the ordinary course of business, (v) the sale, discount or write-off of past due or impaired
accounts receivable for collection purposes (but not for factoring, securitization or other financing purposes); (vi) any involuntary loss, damage or destruction of property; (vii) any involuntary condemnation, seizure or taking, by
exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of property; and (viii) other Transfers of assets having a fair market value of not more than $500,000 in the aggregate in any fiscal year. 

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

  
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 “PIK Rate” means 1.50% per annum. 

“Preferred Stock” means at any given time any equity security issued by Borrower that has any rights, preferences or privileges
senior to Borrower’s common stock. 
 “Prepayment Charge” shall have the meaning assigned to such term in Section 2.5.

 “Receivables” means (i) all of Borrower’s Accounts, Instruments, Documents, Chattel Paper, Supporting Obligations,
letters of credit, proceeds of any letter of credit, and Letter of Credit Rights, and (ii) all customer lists, software, and business records related thereto. 

“Required Lenders” means, at any time, the holders of more than 50% of the aggregate unpaid principal amount of the Term Loans then
outstanding; provided that any affiliate of a Lender which holds any portion of the Term Loan shall be deemed to have voted with such Lender with respect to any matter hereunder. 

“SBA” shall have the meaning assigned to such term in Section 7.16. 

“SBIC” shall have the meaning assigned to such term in Section 7.16. 

“SBIC Act” shall have the meaning assigned to such term in Section 7.16. 

“Secured Obligations” means Borrower’s obligations under this Agreement and any Loan Document, including any obligation to pay
any amount now owing or later arising. 
 “Subordinated Indebtedness” means Indebtedness subordinated to the Secured Obligations in
amounts and on terms and conditions reasonably satisfactory to Agent. 
 “Subsequent Financing” means the closing of the next
institutional private equity financing which becomes effective after the Closing Date and results in aggregate proceeds to Borrower of at least $5,000,000. 

“Subsidiary” means an entity, whether corporate, partnership, limited liability company, joint venture or otherwise, in which
Borrower owns or controls 50% or more of the outstanding voting securities, including each entity listed on Schedule 1 hereto. 

“Term Commitment” means as to any Lender, the obligation of such Lender, if any, to make a Term Loan Advance to the Borrower in a
principal amount not to exceed the amount set forth under the heading “Term Commitment” opposite such Lender’s name on Schedule 1.1. 

“Term Loan Advance” means any Term Loan funds advanced under this Agreement. 

“Term Loan Maturity Date” means June 1, 2017. 

“Term Note” means a Promissory Note in substantially the form of Exhibit B. 

  
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 “Trademark License” means any written agreement granting any right to use any Trademark
or Trademark registration, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Trademarks” means all trademarks (registered, common law or otherwise) and any applications in connection therewith, including
registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof. 

“UCC” means the Uniform Commercial Code as the same is, from time to time, in effect in the State of California; provided, that in
the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on any Collateral is governed by the Uniform Commercial Code as the same is, from time
to time, in effect in a jurisdiction other than the State of California, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time to time, in such other jurisdiction solely for purposes of the provisions thereof
relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. 

“Warrant” means any warrant entered into in connection with the Loan, as may be amended, restated or modified from time to time. 

Unless otherwise specified, all references in this Agreement or any Annex or Schedule hereto to a “Section,” “subsection,”
“Exhibit,” “Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement. Unless otherwise specifically provided herein, any accounting term used in
this Agreement or the other Loan Documents shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP, consistently applied. Unless otherwise defined
herein or in the other Loan Documents, terms that are used herein or in the other Loan Documents and defined in the UCC shall have the meanings given to them in the UCC. 

SECTION 2. THE LOAN 

2.1 Term Loan. 

(a) Advances. Subject to the terms and conditions of this Agreement, Lender will severally (and not jointly) make in an amount
not to exceed its respective Term Commitment, and Borrower agrees to draw, a Term Loan Advance of $15,000,000 on the Closing Date. The aggregate outstanding Term Loan Advances may be up to the Maximum Term Loan Amount. 

(b) Advance Request. To obtain a Term Loan Advance, Borrower shall complete, sign and deliver an Advance Request (at least one
(1) Business Day before the Advance Date) to Agent. Lender shall fund the Term Loan Advance in the manner requested by the Advance Request provided that each of the conditions precedent to such Term Loan Advance is satisfied as of the requested
Advance Date. 

  
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 (c) Cash Interest. The principal balance of each Term Loan Advance shall bear
interest thereon from such Advance Date until the date the Secured Obligations are paid in full (other than unasserted contingent indemnification obligations) at the Cash Interest Rate based on a year consisting of 360 days, with interest computed
daily based on the actual number of days elapsed. The Cash Interest Rate will float and change on the day the Prime Rate changes from time to time. 

(d) Deferred PIK Interest. In addition to the interest accrued pursuant to Section 2.1(c), the principal balance of each
Term Loan Advance shall bear interest thereon from such Advance Date until the date the Secured Obligations are paid in full (other than unasserted contingent indemnification obligations) at the PIK Rate based on a year consisting of 360 days, with
interest computed daily based on the actual number of days elapsed. Interest at the PIK Rate shall be due on any monthly interest payment date and shall be paid by Borrower by adding such PIK Rate interest to the principal balance of the Term Loan
Advances outstanding on such date after giving effect to any amortization payments made pursuant to this Agreement. All interest accrued at the PIK Rate pursuant to this Section 2.1(d) shall be repaid in full by Borrower on the Term Loan
Maturity Date or when otherwise declared due and payable by Lender upon the occurrence and during the continuance of an Event of Default. 

(e) Payment. Borrower will pay interest on each Term Loan Advance on the first Business Day of each month, beginning the month
after the Advance Date. Borrower shall repay the aggregate Term Loan principal balance that is outstanding on the day immediately preceding the Amortization Date, in equal monthly installments of principal and interest (mortgage style) beginning on
the Amortization Date and continuing on the first Business Day of each month thereafter until the Secured Obligations are repaid. The entire Term Loan principal balance and all accrued but unpaid interest hereunder, shall be due and payable on Term
Loan Maturity Date. Borrower shall make all payments under this Agreement without setoff, recoupment or deduction and regardless of any counterclaim or defense. Lender will initiate debit entries to the Borrower’s account as authorized on the
ACH Authorization on each payment date of all periodic obligations (including but not limited to principal, interest and fees set forth in Section 11.11) payable to Lender under each Term Advance. 

2.2 Maximum Interest. Notwithstanding any provision in this Agreement or any other Loan Document, it is the parties’ intent not to
contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent jurisdiction shall deem applicable hereto (which under the laws of the State of California shall be deemed to be
the laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If a court of competent jurisdiction shall finally determine that Borrower has actually paid to Lender an amount of interest in excess of the
amount that would have been payable if all of the Secured Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually paid by Borrower shall be applied as follows: first, to the payment of the Secured
Obligations consisting of the outstanding principal; second, after all principal is repaid, to the payment of Lender’s accrued interest, costs, expenses, professional fees and any other Secured Obligations; and third, after all Secured
Obligations are repaid, the excess (if any) shall be refunded to Borrower. 

  
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 2.3 Default Interest. In the event any payment is not paid on the scheduled payment date (after
giving effect to any grace period provided therefor pursuant to Section 9.1), an amount equal to five percent (5%) of the past due amount shall be payable on demand. In addition, upon the occurrence and during the continuation of an Event
of Default hereunder, all Secured Obligations, including principal, interest, compounded interest, and professional fees, shall bear interest at a rate per annum equal to the rate set forth in Section 2.1(c) and Section 2.1(d), plus five
percent (5%) per annum. 
 2.4 Prepayment. At its option upon at least seven (7) Business Days prior notice to Agent, Borrower may
prepay, in whole or in part, the outstanding Advances. Any such prepayment shall include the principal amount being repaid, all accrued and unpaid interest thereon, together with a prepayment charge equal to (a) 5% of the Advance amount being
prepaid during the first twelve (12) months following the Closing Date, or (b) 1% of the Advance amount being prepaid after the first twelve (12) months following the Closing Date (a “Prepayment Charge”). Borrower agrees
that the Prepayment Charge is a reasonable calculation of Lender’s lost profits in view of the difficulties and impracticality of determining actual damages resulting from an early repayment of the Advances. Upon the occurrence of a Change in
Control, Borrower shall prepay the outstanding amount of all principal and accrued interest through the prepayment date and the Prepayment Charge. 

2.5 Notes. If so requested by Lender by written notice to Borrower, then Borrower shall execute and deliver to Lender (and/or, if applicable
and if so specified in such notice, to any Person who is an assignee of Lender pursuant to Section 11.13) (promptly after the Borrower’s receipt of such notice) a Note or Notes to evidence Lender’s Loans. 

2.6 Pro Rata Treatment. Each payment (including prepayment) on account of any fee and any reduction of the Term Loans shall be made pro rata
according to the Term Commitments of the relevant Lender. 
 SECTION 3. SECURITY INTEREST 

3.1 Subject to Section 3.2, as security for the payment in full when due of all the Secured Obligations (other than unasserted contingent
indemnification obligations), Borrower grants to Agent a security interest in all of Borrower’s right, title, and interest in and to the following personal property whether now owned or hereafter acquired (collectively, the
“Collateral”): (a) Receivables; (b) Equipment; (c) Fixtures; (d) General Intangibles; (e) Inventory; (f) Investment Property (but excluding thirty-five percent (35%) of the capital stock of any foreign
Subsidiary that constitutes a Permitted Investment); (g) Deposit Accounts; (h) Cash; (i) Goods; and all other tangible and intangible personal property of Borrower whether now or hereafter owned or existing, leased, consigned by or
to, or acquired by, Borrower and wherever located, and any of Borrower’s property in the possession or under the control of Agent; and, to the extent not otherwise included, all Proceeds of each of the foregoing and all accessions to,
substitutions and replacements for, and rents, profits and products of each of the foregoing. 

  
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 3.2 Notwithstanding anything herein to the contrary, that the Collateral will not include
(a) any application for a Trademark that would otherwise be deemed invalidated, cancelled or abandoned due to the grant of a Lien thereon unless and until such time as the grant of such Lien will not affect the validity of such trademark,
(b) any lease, license (including any License), contract, or agreement, if the grant of a security interest in such lease, license, contract, or agreement under the terms thereof or under applicable law with respect thereto, is prohibited and
such prohibition has not been or is not waived or the consent of the other party to such lease, license, contract, or agreement has not been or is not otherwise obtained or under applicable law such prohibition cannot be waived, (c) more than
65% of the voting equity interests of any Foreign Subsidiary, (d) vehicles and other goods subject to a certificate of title, (e) the Magnet Collateral, and (f) any deposit accounts (i) used exclusively for payroll or employee
benefit payment purposes and (ii) which are zero balance accounts; provided that (x) any such limitation described in the foregoing clause (b) on the security interests granted hereunder shall only apply to the extent that any such
prohibition could not be rendered ineffective pursuant to the UCC or any other applicable law or principles of equity and (y) in the event of the termination or elimination of any such prohibition or the requirement for any consent contained in
any applicable law, lease, license, contract or other agreement, to the extent sufficient to permit any such item to become Collateral hereunder, or upon the granting of any such consent, or waiving or terminating any requirement for such consent, a
security interest in such lease, license, contract or other agreement shall be automatically and simultaneously granted hereunder and shall be included as Collateral hereunder. 

SECTION 4. CONDITIONS PRECEDENT TO LOAN 

The obligations of Lender to make the Loan hereunder are subject to the satisfaction by Borrower of the following conditions: 

4.1 Initial Advance. On or prior to the Closing Date, Borrower shall have delivered to Agent the following: 

(a) executed originals of the Loan Documents, Account Control Agreements, a legal opinion of Borrower’s counsel, and all
other documents and instruments reasonably required by Agent to effectuate the transactions contemplated hereby or to create and perfect the Liens of Agent with respect to all Collateral, in all cases in form and substance reasonably acceptable to
Agent; 
 (b) certified copy of resolutions of Borrower’s board of directors evidencing approval of (i) the Loan
and other transactions evidenced by the Loan Documents; and (ii) the Warrant and transactions evidenced thereby; 
 (c)
certified copies of the Certificate of Incorporation and the Bylaws, as amended through the Closing Date, of Borrower; 
 (d)
a certificate of good standing for Borrower from its state of incorporation and similar certificates from all other jurisdictions in which it does business and where the failure to be qualified would have a Material Adverse Effect; 

(e) payment of the Facility Charge and reimbursement of Agent’s and Lender’s reasonable and documented current
expenses reimbursable pursuant to this Agreement, which amounts may be deducted from the initial Advance; and 

  
 12 

 (f) such other documents as Agent may reasonably request. 

4.2 Advance. On the Closing Date: 

(a) Agent shall have received an Advance Request for the Term Loan as required by Section 2.1(b), duly executed by
Borrower’s Chief Executive Officer or Chief Financial Officer. 
 (b) The representations and warranties set forth in
this Agreement and in Section 5 and in the Warrant shall be true and correct in all material respects on and as of the Closing Date. 

(c) Borrower shall be in compliance with all the terms and provisions set forth herein and in each other Loan Document on its
part to be observed or performed, and at the time of and immediately after such Advance no Event of Default shall have occurred and be continuing. 

(d) Since December 31, 2012, no event that has had or could reasonably be expected to have a Material Adverse Effect has
occurred and is continuing. 
 SECTION 5. REPRESENTATIONS AND WARRANTIES OF BORROWER 

Borrower represents and warrants that: 

5.1 Corporate Status. Borrower is a corporation duly organized, legally existing and in good standing under the laws of the State of Delaware,
and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business or location of its properties require such qualifications except where the failure to be qualified could reasonably be expected to have a
Material Adverse Effect. Borrower’s name reflected on its public organic record, jurisdiction of formation, tax identification number, organizational identification number and other information are correctly set forth in Exhibit C, as may
be updated by Borrower in a written notice (including any Compliance Certificate) provided to Agent after the Closing Date. 
 5.2
Collateral. Borrower owns, or has valid rights as a lessee or licensee with respect to, all Collateral, free of all Liens, except for Permitted Liens. Borrower has the power and authority to grant to Agent a Lien in the Collateral as security for
the Secured Obligations. 
 5.3 Consents. Borrower’s execution, delivery and performance of this Agreement and all other Loan Documents,
(i) have been duly authorized by all necessary corporate action of Borrower, (ii) will not result in the creation or imposition of any Lien upon the Collateral, other than Permitted Liens and the Liens created by this Agreement and the
other Loan Documents, (iii) do not violate any provisions of Borrower’s certificate of incorporation, bylaws, or any material applicable law, regulation, order, injunction, judgment, decree or writ to which Borrower is subject and
(iv) except as described on Schedule 5.3, do not violate any material contract or agreement or require the consent or approval of any other Person which have not already been obtained. The individual or individuals executing the Loan
Documents are duly authorized to do so. 

  
 13 

 5.4 Material Adverse Effect. Since December 31, 2012, no event that has had or could
reasonably be expected to have a Material Adverse Effect has occurred and is continuing. 
 5.5 Actions Before Governmental Authorities.
Except as described on Schedule 5.5, there are no actions, suits or proceedings at law or in equity or by or before any governmental authority now pending or, to the knowledge of Borrower, threatened against or affecting Borrower or its
property that, if adversely determined, could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 

5.6 Laws. Borrower is not in violation of any law, rule or regulation, or in default with respect to any judgment, writ, injunction or decree
of any governmental authority, where such violation or default could reasonably expected to result in a Material Adverse Effect. Borrower is not in default in any manner under any provision of any material agreement or instrument evidencing
Indebtedness, or any other material agreement to which it is a party or by which it is bound. 
 5.7 Information Correct and Current. No
information, report, Advance Request, financial statement, exhibit or schedule furnished, by or on behalf of Borrower to Agent in connection with any Loan Document or included therein or delivered pursuant thereto contained, contains any material
misstatement of fact or omitted to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, and were not misleading at the time such statement was made or deemed made.
Additionally, any and all financial or business projections provided by Borrower to Agent, whether prior to or after the Closing Date, shall be (i) provided in good faith and based on the most current data and information available to Borrower,
and (ii) the most current of such projections provided to Borrower’s Board of Directors (it being understood that such projections are subject to significant uncertainties and contingencies, many of which are beyond the control of
Borrower, and no assurances can be given that such projections will be realized, and although reflecting Borrower’s good faith estimate, projections or forecasts based on methods and assumptions which the Borrower believed to be reasonable at
the time such projections were prepared, are not to be viewed as facts, and that actual results during the period or periods covered by the projections may differ materially from projected or estimated results). 

5.8 Tax Matters. Except as described on Schedule 5.8, (a) Borrower has filed all material federal, state and local tax returns that
it is required to file, (b) Borrower has duly paid or reserved in accordance with GAAP for all material taxes or installments thereof (including any interest or penalties) as and when due, which have or may become due pursuant to such returns,
and (c) Borrower has paid or reserved in accordance with GAAP for any material tax assessment received by Borrower for the three (3) years preceding the Closing Date, if any (including any taxes being contested in good faith and by
appropriate proceedings). 
 5.9 Intellectual Property Claims. Except as could not reasonably be expected to have a Material Adverse Effect,
Borrower is the sole owner of, or otherwise has the right to use, the Intellectual Property. Except as described on Schedule 5.9, (i) each of the material Copyrights, Trademarks and Patents is valid and enforceable, (ii) no material
part of the Intellectual Property has been judged invalid or unenforceable, in whole or in part, and (iii) no claim has been made to Borrower that any material part of the Intellectual Property violates the rights of any third party.

  
 14 

 
Exhibit D is a true, correct and complete list of each of Borrower’s Patents, registered Trademarks, registered Copyrights, and material agreements under which Borrower licenses
Intellectual Property from third parties (other than shrink-wrap software licenses), together with application or registration numbers, as applicable, owned by Borrower or any Subsidiary, in each case as of the Closing Date. Borrower is not in
material breach of, nor has Borrower failed to perform any material obligations under, any of the foregoing contracts, licenses or agreements and, to Borrower’s knowledge, no third party to any such contract, license or agreement is in material
breach thereof or has failed to perform any material obligations thereunder. 
 5.10 Intellectual Property. Except as described on
Schedule 5.10, Borrower has all material rights with respect to Intellectual Property necessary in the operation or conduct of Borrower’s business as currently conducted by Borrower. Without limiting the generality of the foregoing,
and in the case of any material Licenses necessary in the operation or conduct of Borrower’s business as currently conducted by Borrower, except for restrictions that are unenforceable under Division 9 of the UCC, Borrower has the right,
to the extent required to operate Borrower’s business, to freely transfer, license or assign Intellectual Property without condition, restriction or payment of any kind (other than license payments in the ordinary course of business) to any
third party, and Borrower owns or has the right to use, pursuant to valid licenses, all software development tools, library functions, compilers and all other third-party software and other items that are material to the Borrower Products and used
in the design, development, promotion, sale, license, manufacture, import, export, use or distribution of Borrower Products. 
 5.11 Borrower
Products. Except as described on Schedule 5.11, no material Intellectual Property owned by Borrower or Borrower Product has been or is subject to any actual or, to the knowledge of Borrower, threatened litigation, proceeding (including
any proceeding in the United States Patent and Trademark Office or any corresponding foreign office or agency) or outstanding decree, order, judgment, settlement agreement or stipulation that restricts in any manner Borrower’s use, transfer or
licensing thereof or that may affect the validity, use or enforceability thereof. There is no decree, order, judgment, agreement, stipulation, arbitral award or other provision entered into in connection with any litigation or proceeding that
obligates Borrower to grant licenses or ownership interest in any future Intellectual Property related to the operation or conduct of the business of Borrower or Borrower Products that could reasonably be expected to have, either individually or in
the aggregate, a Material Adverse Effect. Borrower has not received any written notice or claim, or, to the knowledge of Borrower, oral notice or claim, challenging or questioning Borrower’s ownership in any Intellectual Property (or written
notice of any claim challenging or questioning the ownership in any licensed Intellectual Property of the owner thereof) or suggesting that any third party has any claim of legal or beneficial ownership with respect thereto nor, to Borrower’s
knowledge, is there a reasonable basis for any such claim that could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. To the Borrower’s knowledge, neither Borrower’s use of its
Intellectual Property nor the production and sale of Borrower Products infringes upon the rights of others in the Intellectual Property. 

5.12 Financial Accounts. Exhibit E, as may be updated by the Borrower in a written notice provided to Agent after the Closing Date, is a
true, correct and complete list of (a) all banks and other financial institutions at which Borrower or any Subsidiary maintains Deposit 

  
 15 

 
Accounts and (b) all institutions at which Borrower or any Subsidiary maintains an account holding Investment Property, and such exhibit correctly identifies the name, address and telephone
number of each bank or other institution, the name in which the account is held, a description of the purpose of the account, and the complete account number therefor. 

5.13 Employee Loans. Except as permitted hereunder, Borrower has no outstanding loans to any employee, officer or director of the Borrower nor
has Borrower guaranteed the payment of any loan made to an employee, officer or director of the Borrower by a third party. 
 5.14
Capitalization and Subsidiaries. Borrower’s capitalization as of the Closing Date is set forth on Schedule 5.14 annexed hereto. Borrower does not own any stock, partnership interest or other securities of any Person, except for Permitted
Investments. Attached as Schedule 5.14, as may be updated by Borrower in a written notice provided after the Closing Date, is a true, correct and complete list of each Subsidiary. 

SECTION 6. INSURANCE; INDEMNIFICATION 

6.1 Coverage. Borrower shall cause to be carried and maintained commercial general liability insurance, on an occurrence form, against risks
customarily insured against in Borrower’s line of business. Such risks shall include the risks of bodily injury, including death, property damage, personal injury, advertising injury, and contractual liability. Borrower must maintain a minimum
of $2,000,000 of commercial general liability insurance for each occurrence. Borrower has and agrees to maintain of directors’ and officers’ insurance of a minimum of $2,000,000 in the aggregate. So long as there are any Secured
Obligations outstanding, within 60 days after the Closing Date, Borrower shall maintain a key man life insurance policy for the Chief Executive Officer/President in an amount of $5,000,000 in form and substance reasonably satisfactory to Agent,
naming Agent as designated payee. So long as there are any Secured Obligations outstanding, Borrower shall also cause to be carried and maintained insurance upon the Collateral, insuring against all risks of physical loss or damage howsoever caused,
in an amount not less than the full replacement cost of the Collateral, provided that such insurance may be subject to standard exceptions and deductibles. 

6.2 Certificates. Borrower shall deliver to Agent certificates of insurance that evidence Borrower’s compliance with its insurance
obligations in Section 6.1 and the obligations contained in this Section 6.2. Borrower’s insurance certificate shall state Agent is an additional insured for commercial general liability, a designated payee for the key man life
insurance policy, a loss payee for all risk property damage insurance, subject to the insurer’s approval, and a loss payee for property insurance and additional insured for liability insurance for any future insurance that Borrower may acquire
from such insurer. Attached to the certificates of insurance will be additional insured endorsements for liability and lender’s loss payable endorsements for all risk property damage insurance. All certificates of insurance will provide for a
minimum of thirty (30) days advance written notice to Agent of cancellation or any other change adverse to Agent’s interests. Agent agrees that the certificates delivered to Agent as of the Closing Date are acceptable for the requirements
hereunder. 

  
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 6.3 Indemnity. Borrower agrees to indemnify and hold Agent, Lender and their officers, directors,
employees, agents, in-house attorneys, representatives and shareholders (each, an “Indemnified Person”) harmless from and against any and all claims, costs, expenses, damages and liabilities
(including such claims, costs, expenses, damages and liabilities based on liability in tort, including strict liability in tort), including reasonable attorneys’ fees and disbursements and other costs of investigation or defense (including
those incurred upon any appeal) (collectively, “Liabilities”), that may be instituted or asserted against or incurred by such Indemnified Person as the result of credit having been extended, suspended or terminated under this Agreement and
the other Loan Documents or the administration of such credit, or in connection with or arising out of the transactions contemplated hereunder and thereunder, or any actions or failures to act in connection therewith, or arising out of the
disposition or utilization of the Collateral, excluding in all cases Liabilities to the extent resulting solely from any Indemnified Person’s gross negligence or willful misconduct. Borrower agrees to pay, and to save Agent and Lender harmless
from, any and all liabilities with respect to, or resulting from any delay in paying, any and all excise, sales or other similar taxes (excluding taxes imposed on or measured by the net income of Agent or Lender) that may be payable or determined to
be payable with respect to any of the Collateral or this Agreement. In no event shall any Indemnified Person be liable on any theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits, business
or anticipated savings). 
 SECTION 7. COVENANTS OF BORROWER 

Borrower agrees as follows: 
 7.1
Financial Reports. Borrower shall furnish to Agent the financial statements and reports listed hereinafter (the “Financial Statements”): 

(a) as soon as practicable (and in any event within 30 days) after the end of each month, unaudited interim and
year-to-date financial statements as of the end of such month (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and cash flows accompanied by a report detailing any material
contingencies (including the commencement of any material litigation by or against Borrower) or any other occurrence that has had a Material Adverse Effect, all certified by Borrower’s Chief Executive Officer or Chief Financial Officer to the
effect that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, (ii) that they are subject to normal year end adjustments, and (iii) they do not contain certain non-cash items that are customarily
included in quarterly and annual financial statements; 
 (b) as soon as practicable (and in any event within 30 days)
after the end of each calendar quarter, unaudited interim and year-to-date financial statements as of the end of such calendar quarter (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related
statements of income and cash flows accompanied by a report detailing any material contingencies (including the commencement of any material litigation by or against Borrower) or any other occurrence that has had a Material Adverse Effect, certified
by Borrower’s Chief Executive Officer or Chief Financial Officer to the effect that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, and (ii) that they are subject to normal year-end
adjustments; as well as the most recent capitalization table for Borrower, including the weighted average exercise price of employee stock options; 

  
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 (c) as soon as practicable (and in any event within one hundred fifty
(150) days) after the end of each fiscal year, unqualified audited financial statements as of the end of such year (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and
cash flows, and setting forth in comparative form the corresponding figures for the preceding fiscal year, certified by a firm of independent certified public accountants selected by Borrower and reasonably acceptable to Agent, accompanied by any
management report from such accountants (to the extent received by Borrower); 
 (d) in connection with the deliverables
required by Sections 7.1(a), 7.1(b) and 7.1(c), a Compliance Certificate in the form of Exhibit F; 
 (e) as soon
as practicable (and in any event within 30 days) after the end of each month, a report showing agings of accounts receivable and accounts payable; 

(f) as soon as practicable (and in any event within 30 days) after the end of each month a report showing details (buyer,
price, payment method, expected delivery date) of all orders for Borrower’s systems placed during the month; 
 (g)
promptly after the sending or filing thereof, as the case may be, copies of any proxy statements, financial statements or reports that Borrower has made available to holders of its Preferred Stock and copies of any regular, periodic and special
reports or registration statements that Borrower files with the Securities and Exchange Commission or any governmental authority that may be substituted therefor, or any national securities exchange; 

(h) at the same time and in the same manner as it gives to its directors, copies of all materials that Borrower provides to its
directors in connection with meetings of the board of directors; provided that in all cases Borrower may exclude confidential compensation information and any other information relating to this Agreement, any other Loan Document, or Borrower’s
relationship with Agent or Lender, or any information Borrower reasonably believes may create a conflict of interest for Agent or Lender or affect the attorney/client or a similar privilege of any of Borrower and their legal advisors; and 

(i) financial and business projections promptly following their approval by Borrower’s Board of Directors, and in any
event, within 45 days following the end of Borrower’s fiscal year, as well as budgets, operating plans and other financial information reasonably requested by Agent. 

Borrower shall not make any change in its (a) accounting policies or reporting practices, except as required by GAAP or (b) fiscal years or fiscal
quarters. The fiscal year of Borrower shall end on December 31. 

  
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 The executed Compliance Certificate may be sent via facsimile to Agent at
(650) 473-9194 or via e-mail to cnorman@herculestech.com. All Financial Statements required to be delivered pursuant to clauses (a), (b) and
(c) shall be sent via e-mail to financialstatements@herculestech.com with a copy to cnorman@herculestech.com provided, that if e-mail is not available or sending
such Financial Statements via e-mail is not possible, they shall be sent via facsimile to Agent at: (866) 468-8916, attention Chief Credit Officer. 

7.2 Management Rights. Borrower shall permit any representative that Agent or Lender authorizes, including its attorneys and accountants, to
inspect the Collateral and examine and make copies and abstracts of the books of account and records of Borrower at reasonable times and upon reasonable prior written notice during normal business hours. In addition, any such representative shall
have the right to meet with management and officers of Borrower to discuss such books of account and records. In addition, Agent or Lender shall be entitled at reasonable times and intervals and upon reasonable prior written notice to consult with
and advise the management and officers of Borrower concerning significant business issues affecting Borrower. Such consultations shall not unreasonably interfere with Borrower’s business operations. The parties intend that the rights granted
Agent and Lender shall constitute “management rights” within the meaning of 29 C.F.R Section 2510.3-101(d)(3)(ii), but that any advice, recommendations or participation by Agent or Lender with respect to any business issues shall
not be deemed to give Agent or Lender, nor be deemed an exercise by Agent or Lender of, control over Borrower’s management or policies. 

7.3 Further Assurances. Borrower shall from time to time execute, deliver and file, alone or with Agent, any financing statements, security
agreements, collateral assignments, notices, control agreements, or other documents to perfect or give the highest priority to Agent’s Lien on the Collateral. Borrower shall from time to time procure any instruments or documents as may be
reasonably requested by Agent, and take all further action that may be necessary or desirable, or that Agent may reasonably request, to perfect and protect the Liens granted hereby and thereby. In addition, and for such purposes only, Borrower
hereby authorizes Agent to file such financing statements and any amendment thereto indicating Agent’s interest in the Collateral. Borrower shall, to the extent commercially reasonable, protect and defend Borrower’s title to the Collateral
and Agent’s Lien thereon against all Persons claiming any interest adverse to Borrower or Agent other than Permitted Liens. 
 7.4
Indebtedness. Borrower shall not (a) create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness, or (b) prepay any Indebtedness, except
(i) in accordance with the terms of any Permitted Indebtedness (other than Subordinated Indebtedness), (ii) as permitted pursuant to any subordination or other agreement with respect to such Indebtedness with Agent or (iii) in
connection with the conversion of Indebtedness into equity interests and the payment of cash in lieu of fractional shares in connection with such conversion. 

7.5 Collateral. Borrower shall at all times keep the Collateral and all other property and assets used in Borrower’s business or in which
Borrower now or hereafter holds any interest free and clear from any legal process or Liens whatsoever (except for Permitted Liens), and, following Borrower’s knowledge thereof, shall give Agent prompt written notice of any legal process
affecting the Collateral, such other property and assets, or any Liens thereon, provided 

  
 19 

 
however, that the Collateral and such other property and assets may be subject to Permitted Liens. Borrower shall cause its Subsidiaries to protect and defend such Subsidiary’s title to its
assets from and against all Persons claiming any interest adverse to such Subsidiary, and Borrower shall cause its Subsidiaries at all times to keep such Subsidiary’s property and assets free and clear from any legal process or Liens whatsoever
(except for Permitted Liens), and, following Borrower’s or such Subsidiary’s knowledge thereof, shall give Agent prompt written notice of any legal process affecting such Subsidiary’s assets. 

7.6 Investments. Borrower shall not directly or indirectly acquire or own, or make any Investment in or to any Person, or permit any of its
Subsidiaries so to do, other than Permitted Investments. 
 7.7 Distributions. Borrower shall not, and shall not allow any Subsidiary to,
(a) repurchase or redeem any class of stock or other equity interest other than pursuant to employee, director or consultant repurchase plans or other similar agreements, provided, however, in each case the repurchase or redemption price does
not exceed the original consideration paid for such stock or equity interest, (b) declare or pay any cash dividend or make a cash distribution on any class of stock or other equity interest, except that a Subsidiary may pay dividends or make
distributions to Borrower, (c) lend money to any employees, officers or directors or guarantee the payment of any such loans granted by a third party in excess of $250,000 in any fiscal year, (d) waive, release or forgive any Indebtedness
owed by any employees, officers or directors in excess of $250,000 in any fiscal year, or (e) repurchase or redeem for cash the Series A equity interests of Borrower held by Sasa Mutic on or prior to the date of the first anniversary of the
Closing Date; provided that such repurchase or redemption permitted by this clause (e) shall not exceed $60,000. 
 7.8 Transfers.
Except for Permitted Transfers, Borrower shall not voluntarily or involuntarily transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial or legal interest in any material portion of its assets. 

7.9 Mergers or Acquisitions. Borrower shall not merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into
any other business organization (other than mergers or consolidations of (a) a Subsidiary which is not a Borrower into another Subsidiary or into Borrower or (b) a Borrower into another Borrower), or acquire, or permit any of its
Subsidiaries to acquire, all or substantially all of the equity interests or property of another Person. 
 7.10 Taxes. Borrower and its
Subsidiaries shall pay when due all material taxes, fees or other charges of any nature whatsoever (together with any related interest or penalties) now or hereafter imposed or assessed against Borrower or the Collateral or upon Borrower’s
ownership, possession, use, operation or disposition thereof or upon Borrower’s rents, receipts or earnings arising therefrom. Borrower shall file on or before the due date therefor all material personal property tax returns in respect of the
Collateral. Notwithstanding the foregoing, Borrower shall not be in default of its obligations under this Section 7.10 if it is contesting, in good faith and by appropriate proceedings, such taxes, fees or other charges of any nature whatsoever
(together with any related interest or penalties) for which Borrower maintains adequate reserves therefor in accordance with GAAP. 

  
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 7.11 Corporate Changes. Neither Borrower nor any Subsidiary shall change its corporate name,
legal form or jurisdiction of formation without ten (10) Business Days’ prior written notice to Agent. Neither Borrower nor any Subsidiary shall relocate its chief executive office or its principal place of business unless: (i) it has
provided prior written notice to Agent; and (ii) such relocation shall be within the continental United States. Neither Borrower nor any Subsidiary shall relocate any item of Collateral (other than (x) sales of Inventory in the ordinary
course of business, (y) relocations of Equipment having an aggregate value of up to $150,000 in any fiscal year, and (z) relocations of Collateral from a location described on Exhibit C to another location described on Exhibit C)
unless (i) it has provided prompt written notice to Agent, (ii) such relocation is within the continental United States and, (iii) if such relocation is to a third party bailee, it has used commercially reasonable efforts to deliver a
bailee agreement in form and substance reasonably acceptable to Agent. 
 7.12 Deposit Accounts. Other than Deposit Accounts (x) used
exclusively for payroll or employee benefit payment purposes, (y) which are zero balance accounts and (z) those accounts at PNC Bank, National Association for which Borrower has deposited cash collateral in support of its obligations under
letters of credit in an aggregate amount not to exceed $460,000 and credit cards in an aggregate amount not to exceed $60,000, neither Borrower nor any Subsidiary shall maintain any Deposit Accounts, or accounts holding Investment Property, except
with respect to which Agent has an Account Control Agreement. 
 7.13 Borrower shall notify Agent of each Subsidiary formed subsequent to the
Closing Date and, within 30 days of formation, shall cause any such Subsidiary to execute and deliver to Agent a Joinder Agreement. 

7.14 [Intentionally Deleted]. 

7.15 Notification of Event of Default. Borrower shall notify Agent immediately of the occurrence of any Event of Default, such notice to be
sent via facsimile to Agent. 
 7.16 Agent and Lender have received a license from the U.S. Small Business Administration (“SBA”)
to extend loans as a small business investment company (“SBIC”) pursuant to the Small Business Investment Act of 1958, as amended, and the associated regulations (collectively, the “SBIC Act”). Portions of the loan to Borrower
will be made under the SBA license and the SBIC Act. Addendum 1 to this Agreement outlines various responsibilities of Agent, Lender and Borrower associated with an SBA loan, and such Addendum 1 is hereby incorporated in this Agreement. 

7.17 Borrower shall deliver to Agent within 30 days after the Closing Date landlord consent in a form reasonably acceptable to Agent for
the office located in Oakwood Village, Ohio. 
 SECTION 8. RIGHT TO INVEST 

8.1 Lender or its assignee or nominee shall have the right, in its discretion, to participate in any Subsequent Financing in an amount of up to
$1,000,000 on the same terms, conditions and pricing afforded to others participating in any such Subsequent Financing. 

  
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 SECTION 9. EVENTS OF DEFAULT 

The occurrence of any one or more of the following events shall be an Event of Default: 

9.1 Payments. Borrower fails to pay any amount due under this Agreement or any of the other Loan Documents on the due date (unless such non
payment is the result of Lender’s failure to debit the Borrower’s accounts, in which case Borrower shall pay within 3 Business Days after Lender’s request of such payment); or 

9.2 Covenants. Borrower breaches or defaults in the performance of any covenant or Secured Obligation under this Agreement, or any of the other
Loan Documents or any other agreement among Borrower, Agent and Lender, and (a) with respect to a default under any covenant under this Agreement (other than under Sections 6, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.15, 7.16 and 7.17), any other
Loan Document or any other agreement among Borrower, Agent and Lender, such default continues for more than fifteen (15) days after the earlier of the date on which (i) Agent or Lender has given notice of such default to Borrower and
(ii) Borrower has actual knowledge of such default or (b) with respect to a default under any of Sections 6, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9,7.15, 7.16 and 7.17 the occurrence of such default; or 

9.3 Material Adverse Effect. There occurs a Material Adverse Effect; or 

9.4 Representations. Any representation or warranty made by Borrower in any Loan Document shall have been false or misleading in any material
respect; or 
 9.5 Insolvency. Borrower (A) (i) shall make an assignment for the benefit of creditors; or (ii) shall be unable
to pay its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall become insolvent; or (iii) shall file a voluntary petition in bankruptcy; or (iv) shall file any petition, answer, or document seeking
for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances; or (v) shall seek or consent to or
acquiesce in the appointment of any trustee, receiver, or liquidator of Borrower or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or (vi) shall cease
operations of its business as its business has normally been conducted, or terminate substantially all of its employees; or (vii) Borrower or its directors or majority shareholders shall take any action initiating any of the foregoing actions
described in clauses (i) through (vi); or (B) either (i) sixty (60) days shall have expired after the commencement of an involuntary action against Borrower seeking reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder affecting the operations or the business of Borrower being stayed; or
(ii) a stay of any such order or proceedings shall thereafter be set aside and the action setting it aside shall not be timely appealed; or (iii) Borrower shall file any answer admitting or not contesting the material allegations of a
petition filed against Borrower in any such proceedings; or (iv) the court in which such proceedings are pending shall enter a decree or order granting the relief sought in any such proceedings; or (v) sixty (60) days shall have
expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the properties of Borrower without such appointment being vacated; or 

  
 22 

 9.6 Attachments; Judgments. Any one or more judgments or decrees involving an aggregate amount
(to the extent not paid or fully bonded or covered by insurance as to which the surety or insurer, as the case may be, has the financial ability to perform and has acknowledged liability in writing) in excess of $250,000 shall be entered or filed
against Borrower or any of its properties and the same shall not be paid, dismissed, bonded, vacated, stayed or discharged within a period of 30 days; or 

9.7 Other Obligations. The occurrence of any default under any agreement or obligation of Borrower involving any Indebtedness (other than trade
credit incurred in the ordinary course of business so long as disputed in good faith with adequate reserves) in excess of $250,000. 

SECTION 10. REMEDIES 

10.1 General. Upon and during the continuance of any one or more Events of Default, (i) Agent may, at its option, accelerate and demand
payment of all or any part of the Secured Obligations together with a Prepayment Charge and declare them to be immediately due and payable (provided, that upon the occurrence of an Event of Default of the type described in Section 9.5, all of
the Secured Obligations shall automatically be accelerated and made due and payable, in each case without any further notice or act), (ii) Agent may, at its option, sign and file in Borrower’s name any and all collateral assignments,
notices, control agreements, security agreements and other documents it deems necessary or appropriate to perfect or protect the repayment of the Secured Obligations, and in furtherance thereof, Borrower hereby grants Agent an irrevocable power of
attorney coupled with an interest, and (iii) Agent may notify any of Borrower’s account debtors to make payment directly to Agent, compromise the amount of any such account on Borrower’s behalf and endorse Agent’s name without
recourse on any such payment for deposit directly to Agent’s account. Agent may exercise all rights and remedies with respect to the Collateral under the Loan Documents or otherwise available to it under the UCC and other applicable law,
including the right to release, hold, sell, lease, liquidate, collect, realize upon, or otherwise dispose of all or any part of the Collateral and the right to occupy, utilize, process and commingle the Collateral. All Agent’s rights and
remedies shall be cumulative and not exclusive. 
 10.2 Collection; Foreclosure. Upon the occurrence and during the continuance of any Event
of Default, Agent may, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially reasonable preparation or
processing, in such order as Agent may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten (10) calendar days’
prior written notice to Borrower. Agent may require Borrower to assemble the Collateral and make it available to Agent at a place designated by Agent that is reasonably convenient to Agent and Borrower. The proceeds of any sale, disposition or other
realization upon all or any part of the Collateral shall be applied by Agent in the following order of priorities: 
 First, to Agent and
Lender in an amount sufficient to pay in full Agent’s and Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 11.11; 

  
 23 

 Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations
(including principal, interest, and the Default Rate interest), in such order and priority as Agent may choose in its sole discretion; and 

Finally, after the full, final, and indefeasible payment in Cash of all of the Secured Obligations, to any creditor holding a junior Lien on
the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. 
 Agent shall be deemed to have acted reasonably
in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC. 

10.3 No Waiver. Agent shall be under no obligation to marshal any of the Collateral for the benefit of Borrower or any other Person, and
Borrower expressly waives all rights, if any, to require Agent to marshal any Collateral. 
 10.4 Cumulative Remedies. The rights, powers and
remedies of Agent hereunder shall be in addition to all rights, powers and remedies given by statute or rule of law and are cumulative. The exercise of any one or more of the rights, powers and remedies provided herein shall not be construed as a
waiver of or election of remedies with respect to any other rights, powers and remedies of Agent. 
 SECTION 11.
MISCELLANEOUS 
 11.1 Severability. Whenever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective only to the extent and duration of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 11.2 Notice. Except as
otherwise provided herein, any notice, demand, request, consent, approval, declaration, service of process or other communication (including the delivery of Financial Statements) that is required, contemplated, or permitted under the Loan Documents
or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery or delivery by an
overnight express service or overnight mail delivery service; or (ii) the third calendar day after deposit in the United States mails, with proper first class postage prepaid, in each case addressed to the party to be notified as follows: 

 

	 	(a)	If to Agent: 

 HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 

Legal Department 
 Attention:
Chief Legal Officer and Chad Norman 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 

Facsimile: 650-473-9194 

Telephone: 650-289-3060 

  
 24 

	 	(b)	If to Lender: 

 HERCULES TECHNOLOGY III, L.P. 

Legal Department 
 Attention:
Chief Legal Officer and Chad Norman 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 

Facsimile: 650-473-9194 

Telephone: 650-289-3060 
  

	 	(c)	If to Borrower: 

 ViewRay Incorporated 

2 Thermo Fisher Way 

Bedford, OH 44146 

Attention: Chief Financial Officer 

Facsimile: 800.417.3459 

Telephone: 440.703.3210 
 with a
copy (which shall not constitute notice or delivery) to: 
 Bingham McCutchen LLP 

One Federal Street 

Boston, MA 02110 

Attention: Julio Vega 

Facsimile: 617.345.5016 
 or to such other
address as each party may designate for itself by like notice. 
 11.3 Entire Agreement; Amendments. 

(a) This Agreement and the other Loan Documents constitute the entire agreement and understanding of the parties hereto in
respect of the subject matter hereof and thereof, and supersede and replace in their entirety any prior proposals, term sheets, non-disclosure or confidentiality agreements, letters, negotiations or other documents or agreements, whether written or
oral, with respect to the subject matter hereof or thereof (including Agent’s revised proposal letter dated October 3, 2013). 

(b) Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified
except in accordance with the provisions of this Section 11.3(b). The Required Lenders, Borrower, Agent any other Person party to the relevant Loan Document may, or, with the written consent of the Required Lenders, the Agent and the Borrower
party to the relevant Loan Document may, from time to time, (i) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan
Documents or changing in any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (ii) waive, on such terms and 

  
 25 

 
conditions as the Required Lenders or the Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any default or Event
of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (A) forgive the principal amount or extend the final scheduled date of maturity of any Loan, extend the scheduled
date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or fee payable hereunder) or extend the scheduled date of any payment thereof, in each case without the written consent of each Lender directly
affected thereby; (B) eliminate or reduce the voting rights of any Lender under this Section 11.3(b) without the written consent of such Lender; (C) reduce any percentage specified in the definition of Required Lenders, consent to the
assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Collateral or release a Borrower from its obligations under the Loan Documents, in
each case without the written consent of all Lenders; or (D) amend, modify or waive any provision of Section 11.17 without the written consent of the Agent. Any such waiver and any such amendment, supplement or modification shall apply
equally to each Lender and shall be binding upon Borrower, the Lender, the Agent and all future holders of the Loans. 
 11.4 No Strict
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the
parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

11.5 No Waiver. The powers conferred upon Agent and Lender by this Agreement are solely to protect its rights hereunder and under the other
Loan Documents and its interest in the Collateral and shall not impose any duty upon Agent or Lender to exercise any such powers. No omission or delay by Agent or Lender at any time to enforce any right or remedy reserved to it, or to require
performance of any of the terms, covenants or provisions hereof by Borrower at any time designated, shall be a waiver of any such right or remedy to which Agent or Lender is entitled, nor shall it in any way affect the right of Agent or Lender to
enforce such provisions thereafter. 
 11.6 Survival. All agreements, representations and warranties contained in this Agreement and the
other Loan Documents or in any document delivered pursuant hereto or thereto shall be for the benefit of Agent and Lender and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement. 

11.7 Successors and Assigns. The provisions of this Agreement and the other Loan Documents shall inure to the benefit of and be binding on
Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement or any of the other Loan Documents without Agent’s express prior written consent, and any such attempted assignment shall be void and of
no effect. Subject to Section 11.13, Agent and Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents without prior notice to Borrower, and all of such rights shall inure to the benefit of Agent’s
and Lender’s successors and assigns. 

  
 26 

 11.8 Governing Law. This Agreement and the other Loan Documents have been negotiated and
delivered to Agent and Lender in the State of California, and shall have been accepted by Agent and Lender in the State of California. Payment to Agent and Lender by Borrower of the Secured Obligations is due in the State of California. This
Agreement and the other Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other
jurisdiction. 
 11.9 Consent to Jurisdiction and Venue. All judicial proceedings (to the extent that the reference requirement of
Section 11.10 is not applicable) arising in or under or related to this Agreement or any of the other Loan Documents may be brought in any state or federal court located in the State of California. By execution and delivery of this Agreement,
each party hereto generally and unconditionally: (a) consents to nonexclusive personal jurisdiction in Santa Clara County, State of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of
California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement or the other Loan
Documents. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance with the requirements for notice set forth in Section 11.2, and shall be deemed effective and
received as set forth in Section 11.2. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 

11.10 Mutual Waiver of Jury Trial / Judicial Reference. 

(a) Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by an
experienced and expert Person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF BORROWER, AGENT AND
LENDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER AGAINST AGENT, LENDER OR THEIR
RESPECTIVE ASSIGNEE OR BY AGENT, LENDER OR THEIR RESPECTIVE ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims, including Claims that involve Persons other than Agent, Borrower and Lender; Claims that arise out of or are in any way
connected to the relationship among Borrower, Agent and Lender; and any Claims for damages, breach of contract, tort, specific performance, or any equitable or legal relief of any kind, arising out of this Agreement, any other Loan Document. 

(b) If the waiver of jury trial set forth in Section 11.10(a) is ineffective or unenforceable, the parties agree that all
Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a referee selected by the Presiding Judge of
the Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery applicable to such proceeding. 

  
 27 

 (c) In the event Claims are to be resolved by judicial reference, either party
may seek from a court identified in Section 11.9, any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise
subject to resolution by judicial reference. 
 11.11 Professional Fees. Borrower promises to pay Agent’s and Lender’s reasonable
and documented fees and expenses necessary to finalize the loan documentation, including but not limited to reasonable and documented attorneys fees, UCC searches, filing costs, and other miscellaneous expenses. In addition, Borrower promises to pay
any and all reasonable and documented attorneys’ and other professionals’ fees and expenses (including fees and expenses of in-house counsel) incurred by Agent and Lender after the Closing Date in
connection with or related to: (a) the Loan; (b) the administration, collection, or enforcement of the Loan; (c) the amendment or modification of the Loan Documents; (d) any waiver, consent, release, or termination under the Loan
Documents; (e) the protection, preservation, audit, field exam, sale, lease, liquidation, or disposition of Collateral or the exercise of remedies with respect to the Collateral; (f) any legal, litigation, administrative, arbitration, or
out of court proceeding in connection with or related to Borrower or the Collateral, and any appeal or review thereof; and (g) any bankruptcy, restructuring, reorganization, assignment for the benefit of creditors, workout, foreclosure, or
other action related to Borrower, the Collateral, the Loan Documents, including representing Agent or Lender in any adversary proceeding or contested matter commenced or continued by or on behalf of Borrower’s estate, and any appeal or review
thereof. 
 11.12 Confidentiality. Agent and Lender acknowledge that certain items of Collateral and information provided to Agent and Lender
by Borrower are confidential and proprietary information of Borrower, if and to the extent such information either (x) is marked as confidential by Borrower at the time of disclosure, or (y) should reasonably be understood to be
confidential (the “Confidential Information”). Accordingly, Agent and Lender agree that any Confidential Information it may obtain in the course of acquiring, administering, or perfecting Agent’s security interest in the Collateral
shall not be disclosed to any other Person or entity in any manner whatsoever, in whole or in part, without the prior written consent of Borrower, except that Agent and Lender may disclose any such information: (a) to its own directors,
officers, employees, accountants, counsel and other professional advisors and to its affiliates if Agent or Lender in their sole discretion determines that any such party should have access to such information in connection with such party’s
responsibilities in connection with the Loan or this Agreement and, provided that such recipient of such Confidential Information either (i) agrees to be bound by the confidentiality provisions of this paragraph or (ii) is otherwise
subject to confidentiality restrictions that reasonably protect against the disclosure of Confidential Information; (b) if such information is generally available to the public; (c) if required or appropriate in any report, statement or
testimony submitted to any governmental authority having or claiming to have jurisdiction over Agent or Lender; (d) if required or appropriate in response to any summons or subpoena or in connection with any litigation, to the extent permitted
or deemed advisable by Agent’s or Lender’s counsel; (e) to comply with any legal requirement or law applicable to Agent or Lender; (f) to the extent reasonably necessary in 

  
 28 

 connection with the exercise of any right or remedy under any Loan Document, including Agent’s sale, lease,
or other disposition of Collateral after default; (g) to any participant or assignee of Agent or Lender or any prospective participant or assignee; provided, that such participant or assignee or prospective participant or assignee agrees in
writing to be bound by this Section prior to disclosure; or (h) otherwise with the prior consent of Borrower; provided, that any disclosure made in violation of this Agreement shall not affect the obligations of Borrower or any of its
affiliates or any guarantor under this Agreement or the other Loan Documents. 
 11.13 Assignment of Rights. Borrower acknowledges and
understands that Agent or Lender may sell and assign all or part of its interest hereunder and under the Loan Documents to any Person or entity (an “Assignee”); provided, that so long as no Event of Default has occurred and is continuing,
Agent or Lender can only assign any interest hereunder or under the Loan Documents to a Person who is an Affiliate of Lender or Agent or an Eligible Assignee with thirty (30) days prior notice to Borrower. After such assignment the term
“Agent” or “Lender” as used in the Loan Documents shall mean and include such Assignee, and such Assignee shall be vested with all rights, powers and remedies of Agent and Lender hereunder with respect to the interest so
assigned; but with respect to any such interest not so transferred, Agent and Lender shall retain all rights, powers and remedies hereby given. No such assignment by Agent or Lender shall relieve Borrower of any of its obligations hereunder. Lender
agrees that in the event of any transfer by it of the Note(s)(if any), it will endorse thereon a notation as to the portion of the principal of the Note(s), which shall have been paid at the time of such transfer and as to the date to which interest
shall have been last paid thereon. 
 11.14 Revival of Secured Obligations. This Agreement and the Loan Documents shall remain in full force
and effect and continue to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the benefit of creditors, if a receiver or trustee is appointed for
all or any significant part of Borrower’s assets, or if any payment or transfer of Collateral is recovered from Agent or Lender. The Loan Documents and the Secured Obligations and Collateral security shall continue to be effective, or shall be
revived or reinstated, as the case may be, if at any time payment and performance of the Secured Obligations or any transfer of Collateral to Agent, or any part thereof is rescinded, avoided or avoidable, reduced in amount, or must otherwise be
restored or returned by, or is recovered from, Agent, Lender or by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment, performance, or
transfer of Collateral had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations shall be deemed, without any
further action or documentation, to have been revived and reinstated except to the extent of the full, final, and indefeasible payment to Agent or Lender in Cash. 

11.15 Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts,
and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument. 

  
 29 

 11.16 No Third Party Beneficiaries. No provisions of the Loan Documents are intended, nor will be
interpreted, to provide or create any third-party beneficiary rights or any other rights of any kind in any Person other than Agent, Lender and Borrower unless specifically provided otherwise herein, and, except as otherwise so provided, all
provisions of the Loan Documents will be personal and solely among Agent, the Lender and the Borrower. 
 11.17 Agency. 

(a) Lender hereby irrevocably appoints Hercules Technology Growth Capital, Inc. to act on its behalf as the Agent hereunder and
under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. 
 (b) Lender agrees to indemnify the Agent in its capacity as such (to the extent not reimbursed by Borrower and
without limiting the obligation of Borrower to do so), according to its respective Term Commitment percentages (based upon the total outstanding Term Loan Commitments) in effect on the date on which indemnification is sought under this
Section 11.7, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time be imposed on, incurred by or asserted
against the Agent in any way relating to or arising out of, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or
omitted by the Agent under or in connection with any of the foregoing; The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 

(c) Agent in Its Individual Capacity. The Person serving as the Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term “Lender” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each such Person serving
as Agent hereunder in its individual capacity. 
 (d) Exculpatory Provisions. The Agent shall have no duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Agent shall not: 
  

	 	(i)	be subject to any fiduciary or other implied duties, regardless of whether any default or any Event of Default has occurred and is continuing; 

 

	 	(ii)	have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to
exercise as directed in writing by the Lender, provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or
applicable law; and 

  
 30 

	 	(iii)	except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and the Agent shall not be liable for the failure to disclose, any information relating to the Borrower or any of its
affiliates that is communicated to or obtained by any Person serving as the Agent or any of its affiliates in any capacity. 

(e) The Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Lender or as the Agent shall believe in good faith shall be necessary, under the circumstances or (ii) in the absence of its own gross negligence or willful misconduct. 

(f) The Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Agent. 
 (g) Reliance by Agent. Agent may rely, and shall be fully protected in acting, or refraining to
act, upon, any resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document that it has no reason to believe to be other than genuine and to have been signed or presented by the
proper party or parties or, in the case of cables, telecopies and telexes, to have been sent by the proper party or parties. In the absence of its gross negligence or willful misconduct, Agent may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to Agent and conforming to the requirements of the Loan Agreement or any of the other Loan Documents. Agent may consult with counsel, and any opinion
or legal advice of such counsel shall be full and complete authorization and protection in respect of any action taken, not taken or suffered by Agent hereunder or under any Loan Documents in accordance therewith. Agent shall have the right at any
time to seek instructions concerning the administration of the Collateral from any court of competent jurisdiction. Agent shall not be under any obligation to exercise any of the rights or powers granted to Agent by this Agreement, the Loan
Agreement and the other Loan Documents at the request or direction of Lenders unless Agent shall have been provided by Lender with adequate security and indemnity against the costs, expenses and liabilities that may be incurred by it in compliance
with such request or direction. 

  
 31 

 11.18 Publicity. (a) Borrower consents to the publication and use by Agent or Lender and any
of its member businesses and affiliates of (i) Borrower’s name (including a brief description of the relationship among Borrower, Agent and Lender) and logo and a hyperlink to Borrower’s web site, separately or together, in written
and oral presentations, advertising, promotional and marketing materials, client lists, public relations materials or on its web site (together, the “Lender Publicity Materials”); (ii) the names of officers of Borrower in the Lender
Publicity Materials; and (iii) Borrower’s name, trademarks or servicemarks in any news release concerning Agent or Lender. 

(b) Neither Borrower nor any of its member businesses and affiliates shall, without Agent’s and Lender’s consent,
publicize or use (i) Agent’s or Lender’s name (including a brief description of the relationship among Borrower, Agent and Lender), logo or hyperlink to Agent’s or Lender’s web site, separately or together, in written and
oral presentations, advertising, promotional and marketing materials, client lists, public relations materials or on its web site (together, the “Borrower Publicity Materials”); (ii) the names of officers of Agent or Lender in the
Borrower Publicity Materials; and (iii) Agent’s or Lender’s name, trademarks, servicemarks in any news release concerning Borrower. 

(SIGNATURES TO FOLLOW) 

  
 32 

 IN WITNESS WHEREOF, Borrower, Agent and Lender have duly executed and delivered this Loan and
Security Agreement as of the day and year first above written. 
  

			
	BORROWER:
	
	VIEWRAY INCORPORATED
		
	Signature:	 	 /s/ D. David Chandler

	Print Name:	 	DAVID CHANDLER
	Title:	 	CFO

 Accepted in Palo Alto, California: 

 

			
	AGENT:
	
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
		
	Signature:	 	 /s/ Ben Bang

	Print Name:	 	Ben Bang
	Title:	 	SENIOR COUNSEL

  

			
	LENDER:
	
	 HERCULES TECHNOLOGY III, L.P.,
 a
Delaware limited partnership

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

	Name:	 	Ben Bang
	Its:	 	SENIOR COUNSEL

  
 [Signature Page to Loan
and Security Agreement] 

 Table of Addenda, Exhibits and Schedules 

 

			
	Addendum 1:	  	SBA Provisions
		
	Exhibit A:	  	 Advance Request
 Attachment to Advance
Request

		
	Exhibit B:	  	Term Note
		
	Exhibit C:	  	Name, Locations, and Other Information for Borrower
		
	Exhibit D:	  	Borrower’s Patents, Trademarks, Copyrights and Licenses
		
	Exhibit E:	  	Borrower’s Deposit Accounts and Investment Accounts
		
	Exhibit F:	  	Compliance Certificate
		
	Exhibit G:	  	Joinder Agreement
		
	Exhibit H:	  	ACH Debit Authorization Agreement
		
	Schedule 1	  	Subsidiaries
	Schedule 1.1	  	Commitments
	Schedule 1.2	  	Description of Magnet Collateral
	Schedule 1A	  	Existing Permitted Indebtedness
	Schedule 1B	  	Existing Permitted Investments
	Schedule 1C	  	Existing Permitted Liens
	Schedule 5.3	  	Consents, Etc.
	Schedule 5.5	  	Actions Before Governmental Authorities
	Schedule 5.8	  	Tax Matters
	Schedule 5.9	  	Intellectual Property Claims
	Schedule 5.10	  	Intellectual Property
	Schedule 5.11	  	Borrower Products
	Schedule 5.14	  	Capitalization

 ADDENDUM 1 to LOAN AND SECURITY AGREEMENT 

(a) Borrower’s Business. For purposes of this Addendum 1, Borrower shall be deemed to include its “affiliates” as
defined in Title 13 Code of Federal Regulations Section 121.103. Borrower represents and warrants to Agent and Lender as of the Closing Date and covenants to Agent and Lender for a period of one year after the Closing Date with respect to
subsections 2, 3, 4, 5, 6 and 7 below, as follows: 
  

	 	1.	Size Status. Borrower does not have tangible net worth in excess of $18 million or average net income after Federal income taxes (excluding any carry-over losses) for the preceding two completed fiscal years in
excess of $6 million. 

  

	 	2.	No Relender. Borrower’s primary business activity does not involve, directly or indirectly, providing funds to others, purchasing debt obligations, factoring, or long-term leasing of equipment with no provision for
maintenance or repair. 

  

	 	3.	No Passive Business. Borrower is engaged in a regular and continuous business operation (excluding the mere receipt of payments such as dividends, rents, lease payments, or royalties). Borrower’s employees are
carrying on the majority of day to day operations. Borrower will not pass through substantially all of the proceeds of the Loan to another entity. 

  

	 	4.	No Real Estate Business. Borrower is not classified under Major Group 65 (Real Estate) or Industry No. 1531 (Operative Builders) of the SIC Manual. The proceeds of the Loan will not be used to acquire or refinance
real property unless Borrower (x) is acquiring an existing property and will use at least 51 percent of the usable square footage for its business purposes; (y) is building or renovating a building and will use at least
67 percent of the usable square footage for its business purposes; or (z) occupies the subject property and uses at least 67 percent of the usable square footage for its business purposes. 

 

	 	5.	No Project Finance. Borrower’s assets are not intended to be reduced or consumed, generally without replacement, as the life of its business progresses, and the nature of Borrower’s business does not require
that a stream of cash payments be made to the business’s financing sources, on a basis associated with the continuing sale of assets (e.g., real estate development projects and oil and gas wells). The primary purpose of the Loan is not to fund
production of a single item or defined limited number of items, generally over a defined production period, where such production will constitute the majority of the activities of Borrower (e.g., motion pictures and electric generating plants).

  

	 	6.	No Farm Land Purchases. Borrower will not use the proceeds of the Loan to acquire farm land which is or is intended to be used for agricultural or forestry purposes, such as the production of food, fiber, or wood, or is
so taxed or zoned. 

  
 1-1 

	 	7.	No Foreign Investment. The proceeds of the Loan will not be used substantially for a foreign operation. At the time of the Loan, Borrower will not have more than 49 percent of its employees or tangible assets
located outside the United States. The representation in this subsection (7) is made only as of the date hereof and shall not continue for one year as contemplated in the first sentence of this Section 1. 

(b) Small Business Administration Documentation. Agent and Lender acknowledge that Borrower completed, executed and delivered to Agent
SBA Forms 480, 652 and 1031 (Parts A and B) together with a business plan showing Borrower’s financial projections (including balance sheets and income and cash flows statements) for the period described therein and a written
statement (whether included in the purchase agreement or pursuant to a separate statement) from Agent regarding its intended use of proceeds from the sale of securities to Lender (the “Use of Proceeds Statement”). Borrower represents and
warrants to Agent and Lender that the information regarding Borrower and its affiliates set forth in the SBA Form 480, Form 652 and Form 1031 and the Use of Proceeds Statement delivered as of the Closing Date is accurate and complete.

 (c) Inspection. The following covenants contained in this Section (c) are intended to supplement and not to restrict
the related provisions of the Loan Documents. Subject to the preceding sentence, Borrower will permit, for so long as Lender holds any debt or equity securities of Borrower, Agent, Lender or their representative, at Agent’s or Lender’
expense, and examiners of the SBA to visit and inspect the properties and assets of Borrower, to examine its books of account and records, and to discuss Borrower’s affairs, finances and accounts with Borrower’s officers, senior management
and accountants, all at such reasonable times as may be requested by Agent or Lender or the SBA and shall be during normal business hours of Borrower. 

(d) Annual Assessment. Promptly after the end of each calendar year (but in any event prior to February 28 of each year) and at
such other times as may be reasonably requested by Agent or Lender, Borrower will deliver to Agent a written assessment of the economic impact of Lender’s investment in Borrower, specifying the full-time equivalent jobs created or retained in
connection with the investment, the impact of the investment on the businesses of Borrower in terms of expanded revenue and taxes, other economic benefits resulting from the investment (such as technology development or commercialization, minority
business development, or expansion of exports) and such other information as may be required regarding Borrower in connection with the filing of Lender’s SBA Form 468. Lender will assist Borrower with preparing such assessment. In addition
to any other rights granted hereunder, Borrower will grant Agent and Lender and the SBA access to Borrower’s books and records for the purpose of verifying the use of such proceeds (provided Agent and Lender may not use such right to take any
action otherwise prohibited by the Loan Documents and shall use such right solely for compliance with the rules and regulations of the SBIC Act). Borrower also will furnish or cause to be furnished to Agent and Lender such other information
regarding the business, affairs and condition of Borrower as Agent or Lender may from time to time reasonably request. 

  
 1-2 

 (e) Use of Proceeds. Borrower will use the proceeds from the Loan only for purposes set
forth in Section 7.16. Borrower will deliver to Agent from time to time promptly following Agent’s request, a written report, certified as correct by Borrower’s Chief Financial Officer, verifying the purposes and amounts for which
proceeds from the Loan have been disbursed. Borrower will supply to Agent such additional information and documents as Agent reasonably requests with respect to its use of proceeds and will permit Agent and Lender and the SBA to have access to any
and all Borrower records and information and personnel as Agent deems necessary to verify how such proceeds have been or are being used, and to assure that the proceeds have been used for the purposes specified in Section 7.16. 

(f) Activities and Proceeds. Neither Borrower nor any of its affiliates (if any) will engage in any activities or use directly or
indirectly the proceeds from the Loan for any purpose for which a small business investment company is prohibited from providing funds by the SBIC Act, including 13 C.F.R. §107.720. Without obtaining the prior written approval of Agent,
Borrower will not change within 1 year of the date hereof, Borrower’s current business activity to a business activity which a licensee under the SBIC Act is prohibited from providing funds by the SBIC Act. 

(g) Redemption Provisions. Notwithstanding any provision to the contrary contained in the Certificate of Incorporation of Borrower, as
amended from time to time (the “Charter”), if, pursuant to the redemption provisions contained in the Charter, Lender is entitled to a redemption of its Warrant, such redemption (in the case of Lender) will be at a price equal to the
redemption price set forth in the Charter (the “Existing Redemption Price”). If, however, Lender delivers written notice to Borrower that the then current regulations promulgated under the SBIC Act prohibit payment of the Existing
Redemption Price in the case of an SBIC (or, if applied, the Existing Redemption Price would cause the Series C Preferred Stock to lose its classification as an “equity security” and Lender has determined that such classification is
unadvisable), then Borrower and Lender shall negotiate in good faith a redemption price which shall be in compliance with the then applicable rules and regulations of the SBIC Act; provided, however, the amount calculated in subsections (i) or
(ii) above shall not exceed the Existing Redemption Price. 
 (h) Compliance and Resolution. Borrower agrees that a failure to
comply with Borrower’s obligations under this Addendum, or any other set of facts or circumstances where it has been asserted by any governmental regulatory agency that Agent, Lender and their affiliates are not entitled to hold, or exercise
any significant right with respect to, any securities issued to Lender by Borrower, will constitute a breach of the obligations of Borrower with respect to any of the SBIC Act requirements under the financing agreements among Borrower, Agent and
Lender. In the event of (i) a failure to comply with Borrower’s obligations under this Addendum; or (ii) an assertion by any governmental regulatory agency of a failure to comply with Borrower’s obligations under this Addendum,
then (x) Agent, Lender and Borrower will meet and resolve any such issue in good faith to the satisfaction of Borrower, Agent, Lender and any governmental regulatory agency, and (y) upon request of Lender or Agent, Borrower will cooperate
and assist with any assignment of the financing agreements among Hercules Technology III, L.P. and Hercules Technology Growth Capital, Inc. required for compliance with the rules and regulations under the SBIC Act. 

  
 1-3 

 EXHIBIT A 

ADVANCE REQUEST 
  

							
	To:	 	Agent:	  	Date:         , 2013

 Hercules Technology Growth Capital, Inc. (the “Agent”) 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 

Facsimile: 650-473-9194 

Attn: 
 ViewRay Incorporated
(“Borrower”) hereby requests from Agent and Hercules Technology III, L.P. (“Lender”) an Advance in the amount of Fifteen Million Dollars ($15,000,000) on
                    ,                     (the
“Advance Date”) pursuant to the Loan and Security Agreement dated as of December [    ], 2013 among Borrower, Agent and Lender (the “Agreement”). Capitalized words and other terms used but not otherwise
defined herein are used with the same meanings as defined in the Agreement. 
 Please: 

 

					
	 (a)    
	  	Issue a check payable to Borrower	  	  

			
		  	or	  	
			
	(b)	  	Wire Funds to Borrower’s account	  	  

			
		  	Bank:	  	  

		  	Address:	  	  

		  		  	  

		  	ABA Number:	  	  

		  	Account Number:	  	  

		  	Account Name:	  	  

 Borrower represents to Agent and Lender that: 

(1) the representations and warranties set forth in the Agreement and in each other Loan Document are true and correct in all material respects
on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date; 

(2) no Event of Default has occurred and is continuing on the Advance Date, both immediately before and after giving effect to the advance
requested herein; and 
 (3) since December 31, 2012, no event has occurred that could reasonably be expected to have a Material Adverse
Effect. 

  
 A-1 

 Borrower understands and acknowledges that Agent has the right to review the financial
information supporting this representation and, based upon such review in its sole discretion, Lender may decline to fund the requested Advance. 

Executed as of [            ], 20[    ]. 

 

			
	BORROWER: VIEWRAY INCORPORATED
		
	SIGNATURE:	 	  

	TITLE:	 	  

	PRINT NAME:	 	  

  
 A-2 

 EXHIBIT B 

SECURED TERM PROMISSORY NOTE 
  

			
	$15,000,000	  	Advance Date:                  , 2013
		
		  	Maturity Date:                      , 2017

 FOR VALUE RECEIVED, ViewRay Incorporated, a Delaware corporation, for itself and each of its Subsidiaries (the
“Borrower”) hereby promises to pay to the order of Hercules Technology III, L.P., a Delaware limited partnership or the holder of this Note (the “Lender”) at 400 Hamilton Avenue, Suite 310, Palo Alto, CA 94301 or
such other place of payment as the holder of this Secured Term Promissory Note (this “Promissory Note”) may specify from time to time in writing, in lawful money of the United States of America, the principal amount of Fifteen Million
Dollars ($15,000,000) or such other principal amount then outstanding, together with any accrued but unpaid interest thereon pursuant to the terms specified in the Loan Agreement (defined below). 

This Promissory Note is the Note referred to in, and is executed and delivered in connection with, that certain Loan and Security Agreement
dated December [            ], 2013, by and among Borrower, Hercules Technology Growth Capital, Inc., a Maryland corporation (the “Agent”) and the several banks and other
financial institutions or entities from time to time party thereto as lender (as the same may from time to time be amended, modified or supplemented in accordance with its terms, the “Loan Agreement”), and is entitled to the benefit and
security of the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), to which reference is made for a statement of all of the terms and conditions thereof. All payments shall be made in accordance with the Loan Agreement.
All terms defined in the Loan Agreement shall have the same definitions when used herein, unless otherwise defined herein. An Event of Default under the Loan Agreement shall constitute a default under this Promissory Note. 

Borrower waives presentment and demand for payment, notice of dishonor, protest and notice of protest under the UCC or any applicable law.
Borrower agrees to make all payments under this Promissory Note without setoff, recoupment or deduction and regardless of any counterclaim or defense. This Promissory Note has been negotiated and delivered to Lender and is payable in the State of
California. This Promissory Note shall be governed by and construed and enforced in accordance with, the laws of the State of California, excluding any conflicts of law rules or principles that would cause the application of the laws of any other
jurisdiction. 
 IN WITNESS WHEREOF, the undersigned has caused this Promissory Note to be duly executed as of the date first written above. 

 

			
	VIEWRAY INCORPORATED
		
	By:	 	
	Name:	 	
	Title:	 	

  
 B-1 

 EXHIBIT C 

NAME, LOCATIONS, AND OTHER INFORMATION OF BORROWER 

  
 C-1 

 EXHIBIT D 

BORROWER’S PATENTS, TRADEMARKS, COPYRIGHTS AND LICENSES 

  
 D-1 

 EXHIBIT E 

BORROWER’S DEPOSIT ACCOUNTS AND INVESTMENT ACCOUNTS 

  
 E-1 

 EXHIBIT F 

COMPLIANCE CERTIFICATE 
 Hercules
Technology Growth Capital, Inc. (as “Agent”) 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Reference is made to
that certain Loan and Security Agreement dated December [            ], 2013 (as amended from time to time, the “Loan Agreement”) by and among the several banks and other
financial institutions or entities from time to time party thereto (collectively, the “Lender”), Hercules Technology Growth Capital, Inc., as agent for the Lender (the “Agent”) and ViewRay Incorporated (the “Company”),
as Borrower. All capitalized terms not defined herein shall have the same meaning as defined in the Loan Agreement. 
 The undersigned is an
Officer of the Company, knowledgeable of all Company financial matters, and is authorized to provide certification of information regarding the Company; hereby certifies in [his/her] capacity as an officer and not in [his/her] individual capacity
that: 
  

	 	1.	The undersigned certifies that the attached financial statements are prepared in accordance with GAAP (except for the absence of footnotes with respect to unaudited financial statements and subject to normal year-end
adjustments). 

  

	 	2.	[Except as set forth below,] [N]o Event of Default has occurred and is continuing on the date hereof. 

[Describe here or in a separate attachment any exceptions to paragraph 2 above by listing, in reasonable detail, the nature of the Event
of Default, the period during which it existed and the action that Borrower has taken or proposes to take with respect thereto.] 
  

					
			
	REPORTING REQUIREMENT	  	REQUIRED	  	 CHECK IF
 ATTACHED

			
	Interim Financial Statements	  	Monthly within 30 days	  	
			
	Interim Financial Statements	  	Quarterly within 30 days	  	
			
	Audited Financial Statements	  	FYE within 150 days	  	

  
 F-1 

 
			
	Very Truly Yours,
	
	VIEWRAY INCORPORATED
		
	By:		  

		
	Name:		  

		
	Its:		  

  
 F-2 

 EXHIBIT G 

FORM OF JOINDER AGREEMENT 

This Joinder Agreement (the “Joinder Agreement”) is made and dated as of
[            ], 20[    ], and is entered into by and between
                    , a
                    corporation (“Subsidiary”), and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation (as
“Agent”). 
 RECITALS 

A. Subsidiary’s Affiliate, ViewRay Incorporated (“Company”) [has entered/desires to enter] into that certain Loan and Security
Agreement dated December [            ], 2013, with the several banks and other financial institutions or entities from time to time party thereto as lender (collectively, the
“Lender”) and the Agent, as such agreement may be amended (the “Loan Agreement”), together with the other agreements executed and delivered in connection therewith; 

B. Subsidiary acknowledges and agrees that it will benefit both directly and indirectly from Company’s execution of the Loan Agreement
and the other agreements executed and delivered in connection therewith; 
 AGREEMENT 

NOW THEREFORE, Subsidiary and Agent agree as follows: 
  

	1.	The recitals set forth above are incorporated into and made part of this Joinder Agreement. Capitalized terms not defined herein shall have the meaning provided in the Loan Agreement. 

 

	2.	By signing this Joinder Agreement, Subsidiary shall be bound by the terms and conditions of the Loan Agreement the same as if it were the Borrower (as defined in the Loan Agreement) under the Loan Agreement, mutatis
mutandis, provided however, that (a) with respect to (i) Section 5.1 of the Loan Agreement, Subsidiary represents that it is an entity duly organized, legally existing and in good standing under the laws of
[            ], (b) neither Agent nor Lender shall have any duties, responsibilities or obligations to Subsidiary arising under or related to the Loan Agreement or the other agreements
executed and delivered in connection therewith, (c) that if Subsidiary is covered by Company’s insurance, Subsidiary shall not be required to maintain separate insurance or comply with the provisions of Sections 6.1 and 6.2 of the
Loan Agreement, and (d) that as long as Company satisfies the requirements of Section 7.1 of the Loan Agreement, Subsidiary shall not have to provide Agent separate Financial Statements. To the extent that Agent or Lender has any duties,
responsibilities or obligations arising under or related to the Loan Agreement or the other agreements executed and delivered in connection therewith, those duties, responsibilities or obligations shall flow only to Company and not to Subsidiary or
any other Person or entity. By way of example (and not an exclusive list): (i) Agent’s providing notice to Company in accordance with the Loan Agreement or as otherwise agreed among Company, Agent and Lender shall be deemed provided to
Subsidiary; (ii) a Lender’s providing an Advance to Company shall be deemed an Advance to Subsidiary; and (iii) Subsidiary shall have no right to request an Advance or make any other demand on Lender. 

  
 G-1 

	3.	Subsidiary agrees not to certificate its equity securities without Agent’s prior written consent, which consent may be conditioned on the delivery of such equity securities to Agent in order to perfect Agent’s
security interest in such equity securities. 

  

	4.	Subsidiary acknowledges that it benefits, both directly and indirectly, from the Loan Agreement, and hereby waives, for itself and on behalf on any and all successors in interest (including without limitation any
assignee for the benefit of creditors, receiver, bankruptcy trustee or itself as debtor-in-possession under any bankruptcy proceeding) to the fullest extent provided by law, any and all claims, rights or defenses to the enforcement of this Joinder
Agreement on the basis that (a) it failed to receive adequate consideration for the execution and delivery of this Joinder Agreement or (b) its obligations under this Joinder Agreement are avoidable as a fraudulent conveyance.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 G-2 

 [SIGNATURE PAGE TO JOINDER AGREEMENT] 

 

							
	 SUBSIDIARY:
  
				
				
			By:				
			Name:				
			Title:				
				
			Address:				
				
			Telephone:		___________________		
			Facsimile:		___________________		
		
	AGENT:		
		
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.		
				
			By:		  
		
			Name:		  
		
			Title:		  
		
			
			Address:		
			400 Hamilton Ave., Suite 310		
			Palo Alto, CA 94301		
			Facsimile: 650-473-9194		
			Telephone: 650-289-3060		

  
 G-3 

 EXHIBIT H 

ACH DEBIT AUTHORIZATION AGREEMENT 

Hercules Technology Growth Capital, Inc., as Agent 
 400 Hamilton
Avenue, Suite 310 
 Palo Alto, CA 94301 

Re: Loan and Security Agreement dated December [ ], 2013 between ViewRay Incorporated (“Borrower”), the several banks and
other financial institutions or entities from time to time parties thereto (collectively, referred to as “Lender”), and Hercules Technology Growth Capital, Inc., as agent for the Lender (“Company”) (the “Agreement”)

 In connection with the above referenced Agreement, the Borrower hereby authorizes the Company to initiate debit entries for the periodic payments of
principal and interest due under the Agreement to the Borrower’s account indicated below. The Borrower authorizes the depository institution named below to debit to such account with respect to such payments of principal and interest. 

 

			
		
	DEPOSITORY NAME	  	BRANCH
		
	CITY	  	STATE AND ZIP CODE
		
	TRANSIT/ABA NUMBER	  	ACCOUNT NUMBER

 This authority will remain in full force and effect so long as any amounts are due under the Agreement. 

 

			
	  

	(Borrower)(Please Print)
		
	By:	 	  

		
	Date:	 	  

  
 H-1 

 Schedule 1 

Subsidiaries 
 None. 

 Schedule 1.1 

COMMITMENTS 
  

			
	                    LENDER	  	TERM COMMITMENT
	 Hercules Technology III, L.P.
	  	$15,000,000
	 TOTAL COMMITMENTS
	  	$15,000,000

 Schedule 1.2 

Magnet Collateral 

 Schedule 1A 

Permitted Indebtedness 

 Schedule 1B 

Permitted Investments 

 Schedule 1C 

Permitted Liens 

 Schedule 5.3 

Consents 
 None. 

 Schedule 5.5 

Material Litigation 
 None. 

 Schedule 5.8 

Taxes 
 None. 

 Schedule 5.9 

Intellectual Property Claims 
 None. 

 Schedule 5.10 

Intellectual Property Rights 

 Schedule 5.11 

Borrower Products 
 None. 

 Schedule 5.14 

Capitalization of Borrower

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