Document:

EX-10.15

 Exhibit 10.15 

[***] 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. 
 DEVELOPMENT AND SUPPLY AGREEMENT 

This Development and Supply Agreement (“Agreement”) is entered into as of June 1, 2010 (“Effective
Date”) by and between ViewRay Incorporated, a Delaware corporation (“ViewRay”), and Quality Electrodynamics, LLC, a Ohio limited liability company (“QED”). 

Background 
 ViewRay possesses valuable
knowledge, expertise, intellectual properties and resources with regard to radiation oncology devices which incorporate Magnetic Resonance Imaging (MRI). QED possesses valuable knowledge, expertise, intellectual properties and resources with regard
to radio frequency (RF) coils for use in MRI. 
 ViewRay wishes to engage QED to develop a family of RF coils which will meet certain agreed technical
specifications for incorporation into ViewRay’s RenaissanceTM radiation therapy system. ViewRay also wishes to purchase from QED quantities of such device. 

QED is willing to provide ViewRay with development services for this device and is also willing to sell ViewRay quantities of such device at favorable pricing
in exchange for ViewRay’s agreement to maintain exclusivity of supply during a specified period. 
 NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement, and for other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties agree as follows: 

1. DEFINITIONS. 
 1.1 Defined Terms. Capitalized
terms used in this Agreement and not otherwise defined herein shall have the meaning set forth below. 

“Affiliate” means with respect to either party, any Person that, directly or indirectly, is controlled
by, controls or is under common control with such party. For purposes of this definition only, “control” means, with respect to any Person, the direct or indirect ownership of more than fifty percent (50%) of the voting
or income interest in such Person or the possession otherwise, directly or indirectly, of the power to direct the management or policies of such Person. 

“Applicable Laws” means all applicable laws, statutes, regulations and ordinances. 

“Business Day” means any day other than a Saturday or Sunday that is not a national holiday in the
United States. 
 “Commercially Reasonable Efforts” means (i) with respect to any
objective by any party, commercially reasonable, diligent, good faith efforts to accomplish such objective as such party would normally use to accomplish a similar objective under similar circumstances; and (ii) with respect to any objective
relating to the development or commercialization of any product by any party, efforts and resources normally used by such party with respect to a product owned by such party at a similar stage in the development or life of such product.

 “Confidential Information” means any proprietary or
confidential information of either party (including but not limited to all ViewRay Intellectual Property and all QED Intellectual Property) disclosed to the other party pursuant to this Agreement, except any portion thereof which: (i) is known
to the receiving party, as evidenced by the receiving party’s prior written records, before receipt thereof under this Agreement; (ii) is disclosed to the receiving party by a third person who is under no obligation of confidentiality to
the disclosing party hereunder with respect to such information and who otherwise has a right to make such disclosure; (iii) is or becomes generally known in the public domain through no fault of the receiving party; or (iv) is
independently developed by the receiving party, as evidenced by the receiving party’s written records, without access to such information. 

“Control or Controlled” means, with respect to any Intellectual Property Right, the possession (whether
by ownership, license, or other agreement or arrangement existing now or after the Effective Date, other than pursuant to this Agreement) by a party or an Affiliate thereof of the right to grant to the other party a license as provided herein under
such Intellectual Property Right without violating the terms of any agreement or other arrangement of such party or its Affiliate with any third party. 

“FCA” means “Free Carrier (named place)”, as that expression is defined in Incoterms
2000, ICC Publishing S.A. 
 “Intellectual Property Right(s)” means all rights in
(1) U.S. and foreign utility and/or design patents, patent applications, and utility models; (2) patents issuing on the patent applications described in clause (1); (3) continuations, continuations-in-part, divisions, reissues,
reexaminations, or extensions of the patents or applications described in clauses (1)-(2); (4) inventions, invention disclosures and improvements, whether or not patentable; (5) works of authorship, whether or not protectable by
copyright, all copyrights to such works, including all copyright registrations and applications and all renewals and extensions thereof; (6) rights in industrial designs, and (7) Confidential Information, trade secrets, know-how,
processes, algorithms, proprietary databases, and other proprietary information, and all tangible and intangible embodiments thereof. 

“Person” means any individual, corporation, association, partnership (general or limited), joint
venture, trust, estate, limited liability company, limited liability partnership, unincorporated organization, government (or any agency or political subdivision thereof) or other legal entity or organization, other than QED or ViewRay.

 “Product” means each of the [***] that can be incorporated in the ViewRay RenaissanceTM
radiation therapy system. 
 “Program” means the development program described in
Attachment 1 
 “Program Intellectual Property” means, individually and
collectively, all Intellectual Property Rights that are conceived, created, discovered, developed, generated, made or reduced to practice or fixed in a tangible medium of expression as part of or based upon or related to activities undertaken as
part of the Program whether: (a) solely by one or more employees or  
  

[***] 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. 

 
agents of QED; (b) solely by one or more employees or agents of ViewRay; or (c) jointly by one or more employees or agents of QED and one or more employees or agents of ViewRay.
Program Intellectual Property will be listed in Attachment 3, which shall be amended from time-to-time to include new Program Intellectual Property, in accordance with Section 5.3. 

“QED Intellectual Property” means, individually and collectively, all Intellectual Property Rights that
are conceived, discovered, developed, generated, created, made or reduced to practice or fixed in a tangible medium of expression by employees or consultants of QED at any time prior to the Effective Date or after the Effective Date if such
Intellectual Property Rights are not based upon or related to the performance of the Program. The term QED Intellectual Property, however, does not include any know-how, processes, information and data which is, as of the Effective Date or later
becomes, generally available to the public through no breach by ViewRay of its obligations under this Agreement. 

“Specifications” or “Product Specifications” means the specifications for the
Product set forth in Attachment 1, as they may be amended or supplemented by the parties pursuant to Section 2.4. 

“ViewRay Domain” means the [***]. 

“ViewRay Intellectual Property” means, individually and collectively, all Intellectual Property Rights
that are conceived, discovered, developed, generated, created, made or reduced to practice or fixed in a tangible medium of expression solely by employees or consultants of ViewRay at any time prior to the Effective Date or after the Effective Date
if such Intellectual Property Rights are not based upon or related to the performance of the Program. The term ViewRay Intellectual Property, however, does not include any know-how, processes, information and data which is, as of the Effective Date
or later becomes, generally available to the public through no breach by QED of its obligations under this Agreement. 
 1.2 Other Defined
Terms. The following terms shall have the meanings set forth in the section appearing opposite such term: 
  

			
	“Acceptance”		Section 2.3
	“Act”		Section 4.1
	“AER”		Section 4.3
	“affected party”		Section 10.14
	“Agreement”		Recitals
	“Applicable Standards”		Section 4.1
	“Bankruptcy Code”		Section 5.1
	“Change Control Document”		Section 2.4
	“Change Request”		Section 2.4
	“Deliverable(s)”		Section 2.3
	“disadvantaged party”		Section 10.14
	“ECI”		Section 3.5
	“Effective Date”		Recitals

  
 [***] 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. 

			
	“FDA”		Section 4.2
	“Force Majeure”		Section 10.14
	“Forecast”		Section 3.2
	“Full Production”		Section 3.2
	“Grant Agreement”		Section 2.7.
	“Indemnifying Party”		Section 8.4
	“ISO”		Section 4.1
	“Losses”		Section 8.2
	“Manufacturing Materials”		Section 2.6
	“MDR”		Section 4.3
	“Net Sales”		Section 5.5
	“Purchase Order”		Section 3.3
	“QED”		Recitals
	“QED’s Cost of Goods Sold”		Section 3.5
	“QED Indemnified Party(ies)”		Section 8.3
	“Regulatory Authority”		Section 4.2
	“Response Period”		Section 2.4
	“RMA”		Section 3.9
	“Rules”		Section 10.2
	“SOPs”		Section 4.3
	“Term”		Section 9.1
	“ViewRay”		Recitals
	“ViewRay Indemnified Party(ies)”		Section 8.2.

 2. DEVELOPMENT PROGRAM 

2.1 Development of Product. The Program is directed toward the development of a series of Products that each meet the applicable Specifications
set forth in Section A of Attachment 1 (including the documents referenced therein) and is expected to have a duration of twenty (24) months. It is understood and agreed that QED will use its Commercially Reasonable
Efforts to complete the Program and deliver a Product that meets the applicable Specifications; delivering a detailed design for each of the Products that satisfies the Specifications detailed in Section A of
Attachment 1 and will deliver a prototype of said Product in accordance with the schedule in Section B of Attachment 1. Attachment 1 specifies
information to be delivered to QED by ViewRay in order for QED to progress the Program and the dates by which such information will be delivered by ViewRay. QED shall not be responsible for Program delays resulting from delay by ViewRay in
delivering information necessary to progress the Program and accordingly a day-for-day adjustment to the schedule set forth in Attachment 1 shall be made for any such delay by ViewRay. 

2.2 Progress Reports. (a) ViewRay and QED shall periodically meet, in person or by telephone or videoconference at such times and places as are
mutually agreed upon, for QED to provide ViewRay with an update on the status of the progress of the Program. ViewRay and QED shall each be responsible for its own expenses incurred in connection with attending such meetings. The parties’
representatives for purposes of meetings under this Section 2.2 will be QED’s Program Manager, or closest equivalent existing at the time, and ViewRay’s Director of MRI Engineering, or closest equivalent existing at the time. 

 
 [***] 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. 

 (b) QED shall provide ViewRay in advance of each meeting pursuant to Section 2.2(a) an
agenda for such meeting and reasonably-detailed written reports describing the results of the Program, including difficulties encountered in achieving the technical objectives of the Program during the period since their last meeting. It is
understood and agreed that neither party may change the Specifications without the consent of the other party using the procedure set forth in Section 2.4. 

2.3 Deliverables. (a) QED shall deliver each deliverable due under Attachment 1 (each, a
“Deliverable”) to ViewRay’s Oakwood Village, Ohio facility in accordance with the schedule in Section B of Attachment 1. Prior to shipment QED will perform bench testing to mutually agreed
specifications and with mutually agreed testing protocols and deliver to ViewRay a report on the test results including any non-conformances. ViewRay will review the test results and within five (5) working days from delivery of said report
will either approve the Deliverable for shipment to such location as designated by ViewRay or will indicate any and all areas of testing non-conformance which must be addressed prior to shipment. After receipt at the location designated by ViewRay,
ViewRay shall inspect the Deliverable and test such Deliverable against the applicable Specifications. If ViewRay accepts the Deliverable, ViewRay shall acknowledge its acceptance (“Acceptance”) of the Deliverable in writing. If
ViewRay rejects the Deliverable, ViewRay shall provide QED with notice of rejection, including a reasonably specific description of the deficiencies alleged. QED will use Commercially Reasonable Efforts to cure any such deficiencies in an expedient
manner and either “re-deliver” such Deliverable to ViewRay within ten (10) Business Days following the notice of rejection or, if QED cannot accomplish such re-delivery within such 10-Business Day period deliver to ViewRay within such
10-Business Day period a plan for curing said deficiencies. If QED makes re-delivery of the Deliverable, ViewRay shall, following its receipt of the re-delivered Deliverable, accept or reject the Deliverable
using the procedure specified above. If QED instead provides a correction plan for such Deliverable, ViewRay shall within five (5) Business Days following receipt of such correction plan either agree to, offer modifications of or reject said
correction plan. The parties shall repeat the above process until the earlier of the date that a mutually acceptable correction plan is agreed or thirty (30) Business Days following ViewRay’s notice of rejection. If the parties are unable
to agree on a mutually acceptable correction plan, and do not extend the timeframe for reaching an accepting a mutually acceptable plan, then ViewRay may withdraw the specific Product in question from this Agreement and ViewRay will
“return” the Deliverable to QED and QED shall, within thirty (30) days following receipt of the rejected Deliverable, return to ViewRay all sums (if any) paid by ViewRay to QED for the Deliverable that is the subject of such
rejection; provided, that QED shall not be required to [***] of Attachment 1 for such Deliverable through the date of withdrawal of the Product in question from the contract). If the parties do agree upon a
correction plan, then QED shall perform such correction plan and “re-deliver” the Deliverable within the agreed time period. ViewRay shall, following its receipt of the re-delivered Deliverable, accept or reject the Deliverable using the
procedure specified above. The process specified in this Section 2.3 shall be repeated until the earliest of the date: (i) ViewRay accepts the re-delivered Deliverable; or (ii) ViewRay rejects the Deliverable [***] for failure to
comply with the Specifications; or (iii) [***] elapses from the initial notice of rejection. If the parties are unable to resolve such nonconformity within such time period, then ViewRay may withdraw the applicable Product from coverage under
this Agreement and 
  
 [***] 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. 

 
ViewRay may “return” the Deliverable to QED and QED shall, within thirty (30) days following receipt of the rejected Deliverable, return to ViewRay all sums (if any) paid by
ViewRay to QED for the Deliverable that is the subject of such rejection; provided, that QED shall not be required to [***] of Section D of Attachment 1 for such Deliverable through the date of termination. For
the avoidance of doubt all inspection, testing and final Acceptance of the Deliverables by ViewRay shall occur at ViewRay’s Oakwood Village facility. 

(b) It is understood and agreed that the Deliverables [***] for ViewRay to make payment of the progress payments (if any) specified in
Attachment 1, but if any Deliverable delivery or redelivery [***] in accordance with the [***], ViewRay [***] such Deliverable delivery or redelivery. Notwithstanding the foregoing, Acceptance will not relieve QED of its
obligation to [***]. ViewRay’s obligations to pay for the Deliverables are subject to Acceptance, ViewRay shall have no obligation to pay for Deliverables except to the extent they are the subject of ViewRay’s Acceptance. 

(c) ViewRay will use Commercially Reasonable Efforts to test each Deliverable as quickly as practicable and in any event within
thirty (30) days of “delivery” of such Deliverable. 
 2.4 Changes. (a) During the Program, ViewRay may request amendments to
Attachment 1 to effect changes in the Specifications. If ViewRay wishes to make a change it shall notify QED of the requested change specifying the change with sufficient details to enable QED to evaluate it (a
“Change Request”). Within ten (10) Business Days following the date of QED’s receipt of a ViewRay Change Request, QED shall deliver a document that: (i) assesses the impact of the change on the
schedule, and (ii) incorporates a description of the requested change and the cost therefor (a “Change Control Document”). 

(b) Within ten (10) Business Days following ViewRay’s receipt of a QED Change Control Document (“Response
Period”), ViewRay will notify QED whether or not it accepts the Change Control Document. If ViewRay accepts the Change Control Document, then the provisions of this Agreement shall be deemed amended to incorporate such change in
accordance with the Change Control Document. If ViewRay notifies QED not to proceed within the Response Period, then the Change Request shall be deemed withdrawn and QED shall take no further action in respect of it. If QED has not received any
notice by the expiration of the Response Period, then ViewRay shall be deemed to have advised QED not to proceed. A separate Change Control Document will be required for each Change Request but a Change request may include multiple changes; and each
Change Control Document will become subject to this Agreement when signed by QED and ViewRay. 
 (c) QED may not make
any changes in the form, fit, function, design, manufacturing process, manufacturing location or appearance of the Products or the Specifications without ViewRay’s prior written approval, which shall not be unreasonably withheld. QED may
recommend amendments to Attachment 1 to effect changes in the Specifications if necessary to respond to difficulties encountered in achieving the technical objectives of the Program. If QED wishes to recommend a Change
Request, it shall notify ViewRay of the requested change and provide ViewRay with a Change Control Document and the provisions of Section 2.4(a)-(b) shall apply. 

 
 [***] 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. 

 2.5 Success Criteria. If the Product prototype delivered in Phase 2 of the Program meets the applicable
Specifications, then the provisions of Section 3 shall take effect as it applies to the specific product delivered. If the Product prototype delivered in Phase 2 of the Program does not meet the Specifications or if ViewRay and QED
determine during the course of the Program that the results of the Program are unsatisfactory; which determination shall be made with reference to the prospects for realizing Products that meet the Specifications then in each case they may mutually
agree to remove the specific Product from the Program. If all the products are removed then the parties may mutually agree to terminate the Program under Section 9.2(b). If the parties do not agree with respect to removal of a Product or
termination of the Program, they shall resolve such dispute using the procedure specified in Section 10.2(a)-(b). 
 2.6 Release of Manufacturing
Materials. If (i) QED is in material breach of its obligations under Section 3 of this Agreement and fails to cure such breach within the time period set forth in Section 9.2; or (ii) QED commences a voluntary case under the
Bankruptcy Code or acquiesces to any petition filed against it in an involuntary case under the Bankruptcy Code, or if QED contests such action, such case is not dismissed within sixty (60) days of its initial filing, QED shall hand over to
ViewRay, at ViewRay’s first written request, all of the special tools, engineering data, in-supplier lists, software and other documentation and information which are required and/or useful for the manufacture of the Products (collectively, the
“Manufacturing Materials”). Effective upon release of the Manufacturing Materials in accordance with this Section 2.6, QED grants ViewRay a limited, non-exclusive, license to use, reproduce, and modify the
Manufacturing Materials as necessary to (i) manufacture, support and maintain (or have manufactured, supported or maintained on its behalf by a third party) the Products. The Manufacturing Materials will be treated as Confidential Information
of QED and ViewRay will restrict disclosure of the Manufacturing Materials to those of its employees, agents and consultants to whom it is necessary to disclose such Confidential Information in connection with the performance of their duties
hereunder. Receipt by ViewRay of the Manufacturing Materials pursuant to this Section 2.6 does not in any way convey title or ownership of the Manufacturing Materials, which shall remain with QED and all Manufacturing Materials, will continue
to be treated as QED Confidential Information following the release thereof. The indemnification obligations of Section 8.2 below shall not apply with respect to any Products manufactured by or for ViewRay pursuant to this Section 2.6.

 2.7 Payment. (a) All payments under this Section 2 will be made by check or wire transfer. Payments will be made in US Dollars. All
amounts due under this Section 2 will be due within thirty (30) days of receipt of invoice subject to (i) ViewRay’s Acceptance of the applicable Deliverable in accordance with Section 2.3 and (ii) receipt by ViewRay of
reimbursement from the State of Ohio Department of Development under the Grant Agreement, dated June 8, 2009 between the State of Ohio, Department of Development and ViewRay [ODOD # TECH 09-075] (the “Grant
Agreement”). 
 (b) Notwithstanding the provisions of Section 2.1(a)(i), QED may invoice
ViewRay for ten percent (10%) of the fee specified in Column 2 of Table 6 of Section D of Attachment 1 for each Deliverable on the date QED commences work on such Deliverable. Thereafter, QED shall invoice ViewRay monthly
for the fees incurred by QED with respect to each Deliverable on  
  
 [***]
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. 

 
which it is working since the date of its then most recent invoice; provided that QED may not bill ViewRay for an amount in excess of the aggregate sum set forth in Column 2 of
Table 6 of Section D of Attachment 1 without ViewRay’s prior consent, which consent may be provided by means of a Change Control Document adopted in accordance with Section 2.4. 

(c) ViewRay shall apply for reimbursement by the State of Ohio under the Grant Agreement in accordance with the provisions of the Grant
Agreement and shall promptly pay QED upon receipt of funds from the State of Ohio under the Grant Agreement according to the provisions of the Grant Agreement and Sections 2.3 and 2.7. 

3. PURCHASE OF PRODUCTS AND TERMS OF SALE 
 3.1
Supply. If the Products meet the Specifications then ViewRay will purchase Products from QED from time to time during the term of this Agreement. 

3.2 Purchase Forecasts. At least [***] prior to the first delivery to ViewRay of commercial Products, ViewRay will deliver to QED a [***] rolling
forecast (the “Forecast”). The Forecast will cover the [***] commencing with and including the calendar month in which the first delivery of commercial Products is to occur. After delivery of the initial
Forecast, the Forecast will be updated on a [***] basis. The Forecast shall be non-binding until [***] prior to the forecast shipment date at which time the quantities become binding on ViewRay. 

3.3 Product Orders. ViewRay will submit to QED firm written purchase orders (each a “Purchase Order”) for the purchase of
Products at least [***] prior to the specified delivery date of the ordered Products. Each Purchase Order will specify the quantity or, if more than one shipment is requested, quantities of Products ordered, the requested delivery date or dates, and
ship-to locations. Orders will be placed by ViewRay to QED by email or facsimile, or by other means agreed upon by the parties, to an address provided by QED, which will initially be, [***]. In the case of conflict between the provisions of this
Agreement and either the standard printed terms of any Purchase Order or the standard printed terms of sale of QED, the provisions of this Agreement will control. Purchase Orders [***], but ViewRay may [***]. 

3.4 Obligation to Supply. (a) QED will acknowledge all Purchase Orders within five (5) Business Days following receipt of same and will
deliver all orders within ninety (90) days following the date such Purchase Order is received. QED will accept all Purchase Orders for a particular calendar month to the extent that the Purchase Order (1) does not exceed the amount of the
binding Forecast for such calendar month, and (2) requires delivery no less than [***] following the date on which QED receives the Purchase Order. QED will not be in breach of this Section 3.4 if QED’s failure to supply Products is
due to a Force Majeure event or if QED’s failure is limited to quantities in excess of the quantities specified in the binding Forecast period. 

(b) Each party will promptly notify the other party of any circumstances that it believes may be of importance as to QED’s ability to
meet ViewRay’s needs for the Products in a timely manner. If the Forecasts indicate that ViewRay’s need for the Products will exceed QED’s existing capacity to supply the Products, the parties will determine in good faith whether QED
successfully can expand its production capacity so as to meet ViewRay’s needs in a timely manner. 
  

[***] 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. 

 3.5 Pricing. (a) Section A of Attachment 2 includes target pricing for
each of the [***] Products to be supplied to ViewRay pursuant to this Section 3. As soon as practicable following the Effective Date, but in any event not later than the date when [***] of the funding for the portion of the Program covering the
Deliverables that correspond to the applicable Product has been expended, QED will “confirm” the target pricing with notice to ViewRay. If the “confirmed” pricing for the applicable Product is equal to or less than the target
pricing then the confirmed pricing will be applicable for purposes of this Agreement. If the “confirmed” pricing for a Product is greater than the target pricing and ViewRay objects to the increased pricing, then the parties will negotiate
in good faith for a period of sixty (60) days to establish mutually acceptable pricing for the applicable Product, using the procedure specified in Section 10.2(a) if necessary. 

(b) If the parties cannot agree upon pricing for any of the Products using the procedure specified in Section 3.5(a), then the pricing
shall [***]. It is understood and agreed that the provisions of Section 10.2(b) shall not be used to resolve a pricing disagreement under this Section 3.5. 

3.6 Payment. (a) All payments under this Section 3 will be made by check or wire transfer. Payments will be made in US Dollars. All amounts
due under this Section 3 will be due within thirty (30) days of receipt of invoice and when being funded with the proceeds due ViewRay under the Grant Agreement shall be subject to ViewRay’s receipt of reimbursement from the State of
Ohio Department of Development under such Grant Agreement. QED will invoice ViewRay upon shipment. 
 (b) If ViewRay fails to make any
payment due to QED under this Agreement by the due date for payment, then, without limiting QED’s remedies under Section 9.2, the overdue amount shall accrue interest at the rate of [***]% per annum from the due date until the date of
actual payment of the overdue amount. This Section 3.6(b) shall not apply to payments that ViewRay contests in good faith using the procedures in Section 10.2 during the pendancy of such dispute; provided that in the event ViewRay does not
prevail in such dispute then [***] from the [***]. 
 3.7 Resale Prices. Nothing contained herein shall be deemed to limit in any way the right of
ViewRay to determine the prices at which, or the terms on which, the Products purchased by ViewRay may be resold by ViewRay as part of ViewRay products or services. 

3.8 Shipping. QED shall arrange for shipment and invoicing to ViewRay of the Products ordered by ViewRay via common carrier, FCA QED’s Mayfield
Village facility. ViewRay shall pay all transportation, customs, duties and other governmental charges, if any, relating to the export, import and sale of the Products, and shall have all responsibility for storing and clearing the Products through
all customs requirements. 
 3.9 Acceptance; Defective Product. (a) QED shall perform all in-process and finished Product tests required by the
Product Specifications. All such tests and test results shall be performed, documented and summarized by QED in accordance with the Product Specifications and the Applicable Standards. Each shipment of Product from QED to ViewRay shall contain such
quality control certificates as are necessary to show that the Product is in conformity with 
  

[***] 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. 

 
the Product Specifications and the Applicable Standards. If during the manufacturing process, QED identifies an issue which is anticipated to result in an end shipment date delay QED will
promptly notify ViewRay of the issue and/or its anticipated impact on shipment date. 
 (b) Any claim by ViewRay that a
Product does not conform to the applicable warranties specified in Section 7.2 during the applicable warranty period specified will be addressed using the procedure specified in this Section 3.9. ViewRay will notify QED in writing of any
alleged defect of Product, will request a Return Material Authorization (“RMA”) number and will within thirty (30) days of receipt of such RMA number return such Product to QED freight prepaid and properly insured, along
with a reasonably detailed statement of the claimed defect and proof of date of purchase. Such notice and statement may be sent to an email address provided by QED, which will initially be [***]. QED will use Commercially Reasonable Efforts to
deliver replacement Product to ViewRay or its designated customer freight prepaid and properly insured with earliest delivery which can be obtained. Alternatively, QED may dispatch service personnel to inspect the applicable Product in the field,
and in such cases will use Commercially Reasonable Efforts to dispatch such personnel to the site of the applicable Product within five (5) days if the Product is not functioning to Specification. ViewRay may also request that QED dispatch
service personnel to inspect the applicable Product in the field, in which case QED will use commercially reasonable efforts to dispatch such personnel within five (5) days after such request. Repair or replacement of defective Products will be
at QED’s expense. In the event that QED reasonably determines that any allegedly nonconforming Product is in fact not defective (including Product that has been modified, misused, abused or the subject of unauthorized repair), QED will notify
ViewRay in writing and ViewRay will [***] related to the [***], the [***], and the [***] (if applicable). If ViewRay disputes QED’s determination that a Product is not defective, the dispute will be discussed and resolved using the procedure
provided in Section 10.2. 
 3.10 Manufacturing Rights. (a) If QED fails to supply Product ordered by ViewRay in accordance with
the terms of this Agreement regarding the quantity or quality of Products supplied to ViewRay, then QED shall within fifteen (15) Business Days of said failure present ViewRay with a plan to remedy the problem and shall use Commercially
Reasonable Efforts to execute such plan and remedy the problem or QED shall secure an alternative source of supply within a reasonable time at no additional cost to ViewRay. Any such alternative source of supply shall be on terms substantially
identical with the terms of this Agreement. If QED is unable to provide a plan to remedy the problem or secure an alternative source of supply within [***] after its initial failure to supply, then QED shall consult with ViewRay and the parties
shall work together to remedy the problem. If QED is unable to remedy the supply problem after [***] (or longer as agreed in writing by the parties), commencing with the date upon which such failure to supply began, then ViewRay may at its option,
and upon notice to QED, manufacture the Products itself or through a third party in accordance with the provisions of Section 3.10(b). 

(b) If ViewRay notifies QED pursuant to Section 3.10(a), above, that ViewRay will manufacture the Products itself or through a third
party, QED shall (i) deliver to ViewRay within thirty (30) days media embodying or disclosing all Program technology and Program proprietary or intellectual property rights necessary to enable ViewRay or its designee to manufacture 

 
 [***] 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. 

 
Products conforming with the Specifications; and (ii) provide ViewRay or its designee, upon request, with reasonable assistance in establishing a back-up manufacturing line. ViewRay shall
require any third party ViewRay designates to manufacture Products pursuant to this Section 3.10, to agree in writing to observe the terms of this Agreement relating to confidentiality and the manufacture of Products. Notwithstanding any
provision of this Section 3.10 to the contrary, in no case shall QED be required to pay ViewRay in respect of any Products purchased by ViewRay from a third party operating a back-up manufacturing line established pursuant to this
Section 3.10 or manufactured by ViewRay or its Affiliates pursuant to this Section 3.10. 
 3.11 Changes. (a) The Product
Specifications for “commercial” Product supplied pursuant to this Section 3 may be modified or changed only by ViewRay. ViewRay shall use the procedure specified in Section 2.4(a)-(b) to request such modifications or
changes, except as modified in this Section 3.11. To the extent that any such modification or change results in an increase or decrease in the cost of manufacturing any Product or requires additional capital investment or other material changes
to the manufacturing process, the parties shall jointly examine and mutually agree upon the consequences thereof and shall make an appropriate increase or decrease to the purchase price of such Product arising from such modification or change. In
the event that any such change or modification results in the obsolescence of any raw materials, work-in-process, and/or finished materials, the cost of any such obsolescence shall be the sole responsibility of ViewRay to a maximum of [***] of the
change date. At least [***] prior notice is required for any requested Product Specifications change pursuant to this Section 3.11; provided, however, that if any requested Product Specifications change requires additional regulatory
approval(s), the implementation of such requested change shall in no event be required until [***] after such approval(s) have been obtained. QED shall not be required to implement any change to the Product Specifications that it reasonably believes
will prevent it from being able to perform in accordance with the terms of this Agreement unless such terms are modified. If QED notifies ViewRay that it believes the preceding sentence is applicable the parties shall meet and attempt to resolve the
matter within ninety (90) days using the procedure specified in Section 10.2 if necessary; during any such period the Product will continue to be manufactured under the Product Specifications without such modification. If the parties are
unable to resolve such matter within such 90-day period, then QED shall continue to supply the Product to ViewRay under the Product Specifications without such modification. 

(b) QED will not alter, modify, add to, or otherwise change the Product Specifications, Product, or any materials, suppliers or manufacturing
techniques used in the design or production of the Products that will or may possibly affect the form, fit or function of the Products without ViewRay’s prior written approval. ViewRay may require QED to make changes in raw materials or
processes subject to a mutually agreed price adjustments. QED may rebalance its production line in its reasonable business judgment; provided that the rebalancing makes no change to and has no effect on the form, fit or function of the
Products. ViewRay will not make any changes to the Product Specifications without notifying QED in accordance with Section 3.11(a). 
  

[***] 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. 

 4. QUALITY ASSURANCE; SUPPORT 

4.1 Manufacturing Practices; Testing. QED shall manufacture the Products supplied pursuant to Section 3 in accordance with mutually agreed quality
standards and the Specifications. QED will install and maintain effective quality control systems, conduct quality assurance testing and keep comprehensive process control records conforming to (1) appropriate best practices, including the then
applicable good manufacturing practices regulations of the U.S. Food and Drug Administration (“FDA”) under 21 C.F.R. Part 820 or comparable regulations of any other supra-national, regional, federal, state, or local
regulatory agency or authority that has authority to grant registrations, authorizations, licenses and approvals necessary for the commercial manufacture, distribution, marketing, promotion, sale, use, importation, or exportation of the Products,
including specifically ISO 13485 certification, ISO 9001 certification and MHLW accreditation (each, including the FDA, a “Regulatory Authority”) that apply to the manufacture of the Products (“Applicable
Standards”); and (2) other requirements set forth herein. 
 4.2 Regulatory Clearances. ViewRay will have sole responsibility and
authority for obtaining and maintaining regulatory clearance of the ViewRay system incorporating the Product (and all improvements or variations to such ViewRay system incorporating the Product developed during the term of this Agreement), including
without limitation obtaining and maintaining approvals and clearances from the FDA and any other Regulatory Authority necessary for the ViewRay system incorporating the Product or the commercial distribution and sale of the ViewRay system
incorporating the Product. All regulatory filings with the FDA or any other Regulatory Authority relating to the ViewRay system incorporating the Product will be made in the name of ViewRay or its designee and ViewRay will be responsible for
maintaining the required records for such system. 
 4.3 Quality Assurance Inspections. (a) During regular business hours and upon reasonable
advance notice, QED will permit ViewRay and its agents and its customers to inspect the facilities of QED, pertaining to the Products and provide access to QED’s manufacturing quality control documentation related to the Products to the extent
necessary for, and for the purpose of assessing QED’s compliance with this Agreement. As a condition of provision to ViewRay agents or ViewRay customers of access to QED’s facilities and documentation, all information obtained by ViewRay
agents or ViewRay customers as a result of such access will be QED Confidential Information for purposes of this Agreement. QED may require any agent or customer of ViewRay seeking access to QED’s facilities under this Section 4.3(a), as a
condition to such access, to execute a standard confidentiality agreement with QED under which such agent agrees to treat information disclosed during such inspection as the Confidential Information of QED under terms and conditions no less
restrictive than the terms contained in Section 6.2. 
 (b) If an inspection pursuant to Section 4.3(a) reveals that the
facilities used to manufacture Products do not satisfy the Applicable Standards in all material respects, then ViewRay will promptly provide to QED written notice of such fact, which notice will contain in reasonable detail the deficiencies found in
the manufacturing facilities and, if practicable, those steps ViewRay believes QED should undertake in order to remedy such deficiencies. QED will remedy such deficiencies within a reasonable period of time after receipt of such written notice and
provide evidence of this corrective action to ViewRay as requested. 
  
 [***] 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. 

 (c) QED will maintain manufacturing quality documentation and will certify that Product was
manufactured and tested in accordance with the Specifications and Applicable Standards. ViewRay may request copies of such certifications as part of the inspections permitted under Section 4.3(a). 

(d) QED will comply with the Specifications and Applicable Standards in its manufacturing of the Products. Prior to shipping any Product, QED
will carry out the Product tests specified in the applicable Specifications on each unit of Product. If a Product or any part of a Product fails to meet the Specifications, the Product will be repaired or replaced by QED as set forth in
Section 7.3 and the relevant test will be repeated until such Product passes such test requirements. No Product will be shipped to ViewRay or its designee without passing all tests specified in the Specifications. Certification of conformance
and/or test reports will be provided on request with each unit as evidence of compliance. 
 4.4 Recalls. (a) Prior to the commercial release of
the ViewRay system incorporating the Product, ViewRay will provide QED with ViewRay’s standard operating procedures (“SOPs”) as to recalls. If either party becomes aware of information about any Product indicating that
it may not conform to the Specifications, it will promptly so notify the other party. The parties will promptly confer to discuss such circumstances and to consider appropriate courses of action, which courses of action will be consistent with the
SOPs. ViewRay will have the right to initiate, and will bear all costs associated with, a recall, withdrawal, or field correction of the ViewRay system incorporating the Product for any reason; provided that ViewRay may proceed against QED
pursuant to Section 7.3 if such recall, withdrawal, or field correction of the ViewRay system incorporating the Product is the direct result of (i) any breach by QED of its duties under the Agreement or (ii) QED’s negligence or
willful misconduct. 
 (b) With respect to any recall, withdrawal, or field correction of a Product incorporated in a ViewRay system,
ViewRay or its designee will be responsible for coordinating all of the necessary activities in connection with such recall, withdrawal, or field correction. ViewRay and QED will coordinate any statements to customers and the media, including, but
not limited to, press releases and interviews for publication or broadcast and neither party will issue any such statements without consulting with the other and neither party shall identify the other party in any such statements without the other
party’s written consent, not to be unreasonably withheld, except as required by a Regulatory Authority. The parties will reasonably cooperate with each other in the conduct of such activities and will perform any acts reasonably requested by
the other party to facilitate the recall, withdrawal or field correction. Each party will keep the other party fully informed of progress and in relation to all material decisions or actions such party undertakes pursuant to this
Section 4.4(b). 
 (c) Each party will promptly (within two (2) working days unless a shorter time period is required under
applicable law) notify the other party in writing of any event or complaint that gives rise or could give rise to the need to file a Medical Device Report (an “MDR”) within the meaning of the Federal Food, Drug and Cosmetic
Act of 1941, as amended (the “Act”) or a similar report under the laws or regulations administered by any Regulatory Authority (collectively, an “AER”), with respect to any Product or the manufacture,
distribution or use thereof in accordance with the MDR regulation, 21 C.F.R. Part 803 or similar regulations 
  

[***] 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. 

 
covering AER’s. Each such written notice will be Confidential Information under this Agreement. If, as a result of any corrective action or any final, non-appealable or non-appealed
governmental or court action, an AER is required to be issued for any Product sold hereunder, ViewRay will bear the costs and expenses of and will be responsible for all corrective actions associated with such AER but may proceed against QED
pursuant to Section 7.3 if such AER is the direct result of (i) any breach by QED of its duties under the Agreement or (ii) QED’s negligence or willful misconduct. 

5. LICENSES; PROPRIETARY RIGHTS 
 5.1 QED Licenses.
(a) QED hereby grants to ViewRay and ViewRay hereby accepts, a worldwide, perpetual, paid-up and royalty-free license, including the right to grant sublicenses, to use the QED Intellectual Property Rights and the Program Intellectual Property
Rights owned by QED for the purpose of developing and selling products and delivering services that embody or utilize the Products to customers within the ViewRay Domain. ViewRay will not use QED Intellectual Property for any other purpose, without
QED’s prior written permission and ViewRay shall not grant, or attempt to grant, a sublicense under this Section 5.1(a) to use QED Intellectual Property Rights, including the Program Intellectual Property Rights owned by QED outside the
ViewRay Domain without the express written consent of QED. 
 (b) The license granted under Section 5.1(a) excludes the right to
sublicense or otherwise practice the QED Intellectual Property and the Program Intellectual Property owned by QED for the purpose of making or having made Products except as otherwise provided under Section 3.10. 

(c) The license granted under this Section 5.1 shall be treated as a license of rights to “intellectual property” (as defined
in Section 101(56) of Title 11 of the United States Code, as amended (the “Bankruptcy Code”)) for purposes of Section 365(n) of the Bankruptcy Code. The parties agree that ViewRay may elect to retain and may fully
exercise all of its rights and elections under the Bankruptcy Code provided, that it abides by the terms of this Agreement. 
 5.2 ViewRay
Licenses. ViewRay hereby grants and agrees to grant to QED, solely to provide the applicable services under this Agreement and to supply Deliverables (during the Program) and Products (pursuant to Section 3) to ViewRay, a non-exclusive,
paid-up and royalty-free license to use the ViewRay Intellectual Property and the Program Intellectual Property owned by ViewRay in connection with its performance of the Program and its supply of Products pursuant to Section 3. Upon the
expiration or termination of the applicable Program work, QED’s license shall terminate and be of no further force or effect. 
 5.3 Reservation of
Rights. (a) This Agreement does not convey to ViewRay any ownership rights in any portion of any QED Intellectual Property or the Program Intellectual Property owned by QED by implication, estoppel or otherwise, but constitutes only a
license to use the QED Intellectual Property and the Program Intellectual Property owned by QED as necessary to give effect to the license and in accordance with all of the terms of this Agreement. Title to the QED Intellectual Property and the
Program Intellectual Property owned by QED, shall at all times remain vested in QED. All rights in and to the QED Intellectual Property and the Program Intellectual Property owned by QED not expressly granted under. his Agreement are reserved to and
retained by QED. 
  
 [***] 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. 

 (b) This Agreement does not convey to QED any ownership rights in any portion of the ViewRay
Intellectual Property or the Program Intellectual Property owned by ViewRay by implication, estoppel or otherwise. Title to the ViewRay Intellectual Property and the Program Intellectual Property owned by ViewRay shall at all times remain vested in
ViewRay. All rights in and to the ViewRay Intellectual Property and the Program Intellectual Property owned by ViewRay not expressly granted under this Agreement are reserved to and retained by ViewRay. 

(c) Title to and any interest in Program Intellectual Property described in clause (a) of the Program Intellectual Property definition
shall be the property of QED. Title to and any interest in Program Intellectual Property described in clause (b) of the Program Intellectual Property definition shall be the property of ViewRay. Title to and any interest in Program Intellectual
Property described in clause (c) of the Program Intellectual Property definition shall be owned jointly by QED and ViewRay; provided, that, except as set forth in Section 5.3(e), ViewRay shall not use such jointly owned Program
Intellectual Property except in connection with the practice of the license granted under Section 5.1. 
 (d) For purposes of this
Agreement, except as otherwise set forth in this Agreement, the determination of as to which party invented any invention will be made in accordance with the standards of inventorship and conception under title 35 of the U.S. Code and title 37 of
the U.S. Code of Federal Regulations. 
 (e) During the term of this Agreement, each party shall promptly disclose to the other in
writing any Program Intellectual Property that might, under applicable law, be patentable or otherwise protectable. Program Intellectual Property (including, without limitation, improvements thereon whether developed by such party or any employee,
or agent of such party) will be added to Attachment 3. Within forty five (45) days following the date of such disclosure regarding the existence of particular Program Intellectual Property (including, without limitation,
improvements thereon whether developed by a party or any employee or agent of such party) that is jointly owned, the parties shall confer and mutually agree as to appropriate protection for such Program Intellectual Property, including an
application, preparation, prosecution and maintenance strategy. If the parties cannot agree upon whether or not to seek patent or other protection with respect to any Program Intellectual Property that is jointly owned, the party desiring to seek
such protection may take whatever actions it deems necessary or appropriate to seek such protection in any and all jurisdictions deemed appropriate by such party at its cost and expense, and the other party shall assign to the party desiring to seek
such protection all right, title and interest in and to such Program Intellectual Property and shall cooperate and assist the party seeking such protection in such efforts at the cost and expense of the party seeking such protection; whereupon the
party to which such Program Intellectual Property has been assigned shall grant to the assignor thereof a non-exclusive, worldwide, irrevocable, paid-up, royalty-free, sublicensable license: (i) if ViewRay is the licensee, to make, have made,
use, practice, offer to sell, sell and import, export and otherwise commercially exploit such Program Intellectual Property within the ViewRay Domain; and (ii) if QED is the licensee, to make, have made, use, practice, offer to sell, sell and
import, export and otherwise commercially exploit such Program Intellectual Property outside of the ViewRay Domain. 
  

[***] 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. 

 (f) QED shall have the sole right, but not the obligation, to file, prosecute, and maintain, at
QED’s sole expense, patents covering Program Intellectual Property owned solely by QED. QED shall promptly furnish or have furnished to ViewRay copies of all patents, patent applications, substantive patent office actions, and substantive
responses received or filed in connection with such applications (excluding patents and patent applications covering solely QED Intellectual Property that is not licensed to ViewRay under Section 5.1). In the case of patent applications and
responses, copies will be furnished to ViewRay at least fifteen (15) days before filing or mailing, as the case may be. ViewRay may itself or through its attorney offer comments and suggestions with respect to the matters that are the subject
of this Section 5.3(f) and QED agrees to consider such comments and suggestions; provided that nothing herein shall obligate QED to adopt or follow such comments or suggestions. ViewRay shall cooperate in the preparation, filing,
prosecution and maintenance of any and all patent applications and patents covering Program Intellectual Property owned solely by QED. QED shall promptly provide notice to ViewRay as to all matters that come to its attention that may affect the
preparation, filing, prosecution or maintenance of any patents or patent applications covering Program Intellectual Property owned solely by QED. In the event that QED elects not to file for patent protection or elects not to prosecute or maintain a
patent or patent application in respect of Program Intellectual Property owned solely by QED it shall notify ViewRay of such decision at least forty five (45) days prior to the due date of any action or payment due. ViewRay shall then have the
right, but not the obligation, to assume the responsibility therefor at its own cost and expense. 
 (g) ViewRay shall have the sole right,
but not the obligation, to prepare, file, prosecute, and maintain, at ViewRay’s sole expense, patents covering Program Intellectual Property owned solely by ViewRay. ViewRay shall promptly furnish or have furnished to QED copies of all patents,
patent applications, substantive patent office actions and substantive responses relevant to the design or manufacturing practice of QED, received or filed in connection with such applications. In the case of such patent applications and responses,
copies will be furnished to QED at least fifteen (15) days before filing or mailing, as the case may be. QED may itself or through its attorney offer comments and suggestions with respect to the matters that are the subject of this
Section 5.3(g) relating to the design or manufacturing practice of QED and ViewRay agrees to consider such comments and suggestions; provided that nothing herein shall obligate ViewRay to adopt or follow such comments or suggestions. QED
shall cooperate in the preparation, filing, prosecution and maintenance of any and all patent applications and patents covering Program Intellectual Property owned solely by ViewRay. 

5.4 Enforcement. (a) QED shall be solely responsible for defense and enforcement of QED Intellectual Property and Program Intellectual Property
owned by QED, but in each case subject to the provisions of Section 5.4(b) with respect to enforcement within the ViewRay Domain. ViewRay shall be solely responsible for the defense and enforcement of ViewRay Intellectual Property and Program
Intellectual Property owned by ViewRay. 
  
 [***] 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. 

 (b) QED shall have the first option to pursue any enforcement of QED Intellectual Property and
Program Intellectual Property owned by QED within the ViewRay Domain; provided, that QED pays all costs and expenses related to the same, keeps ViewRay reasonably informed of its progress and provides ViewRay with copies of any substantive
documents related to such proceedings and reasonable notice of all such proceedings. QED’s costs and expenses in prosecuting or defending such matters shall be subject to reimbursement in accordance with Section 5.4(d). QED shall notify
ViewRay of its decision to exercise its right to enforce or defend such intellectual property within the ViewRay Domain not later than ninety (90) days following its discovery or receipt of notice of the alleged infringement. 

(c) If (i) QED notifies ViewRay that it will not exercise its option to enforce any intellectual property in accordance with
Section 5.4(b); (ii) ViewRay and QED have not otherwise agreed not to pursue or defend against such infringement for business reasons; (iii) QED has not persuaded the alleged infringer to desist or the person alleging the infringement
to forebear, (iv) QED is not diligently pursuing an infringement action or diligently defending the validity or enforceability of such intellectual property within the ViewRay Domain; or (v) QED has not provided ViewRay with evidence of
bona fide negotiations of an acceptable sublicense agreement with the alleged infringer or person alleging infringement, then ViewRay shall have the right to pursue legal action against the alleged infringer or take control of any action initiated
by, or being defended by, QED at ViewRay’s own cost and expense. 
 (d) Any recovery of damages in any suit handled by one party
pursuant to Section 5.4(b) or Section 5.4(c) shall be applied first in satisfaction of any unreimbursed expenses and legal fees of the party handling the suit or settlement thereof. The balance of any recovery obtained by settlement or
otherwise shall be distributed: (i) first to [***], and (ii) then to [***] (assuming [***]). The balance, if any, remaining after ViewRay and QED have been compensated pursuant to Section 5.4(d)(i)-(ii) shall be [***]. No
settlement, consent judgment or other voluntary final disposition of any suit subject to Section 5.4(b) or Section 5.4(c) may be entered into without the consent of the other party, which consent shall not be unreasonably withheld. 

(e) In any infringement suit as either party may institute to enforce Intellectual Property Rights covered by this Section 5.4, or in any
declaratory judgment action alleging invalidity or non-infringement of any Intellectual Property Rights covered by this Section 5.4 brought against QED or ViewRay, the other party shall, at the request and expense of the party initiating or
defending the suit or action, cooperate and assist in all reasonable respects, having its employees testify when requested and making available relevant records, papers, information, specimens and the like. 

6. CONFIDENTIALITY 
 6.1 Publicity. The terms of
this Agreement (including its existence) shall be treated as the Confidential Information of both parties and neither party will issue any press release or make any other statement, written or oral, to the public, the press or otherwise, relating to
this Agreement and the transactions contemplated by this Agreement that has not previously been approved in writing by the other party. Nothing in this Section 6.1 shall prohibit a party from making such disclosures to the extent required under
applicable federal or state securities laws or any rule or regulation of any nationally recognized securities exchange. In such event, however, 
  

[***] 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. 

 
the disclosing party shall use good faith efforts to notify and consult with the other party prior to such disclosure and, where applicable, shall diligently seek confidential treatment to the
extent such treatment is available under applicable securities laws. Each party may provide a copy of this Agreement or disclose the terms of this Agreement: (a) to any finance provider in conjunction with a financing transaction, if such
finance provider agrees to keep the terms of this Agreement confidential, (b) to enforce its rights under this Agreement in a proceeding in accordance with Section 10.2, (c) to any legal or financial advisor of such party, or
(d) to current/prospective investors provided such investors are subject to a confidentiality agreement that is consistent with the terms of Section 6.2 regarding protection of Confidential Information of the other party. 

6.2 Confidentiality. (a) Confidential Information of each party will be used by the other party solely for the purposes permitted by this
Agreement. All Confidential Information of a disclosing party will be received and held in confidence by the receiving party, subject to the provisions of this Agreement. Each party acknowledges that, except for the rights expressly granted under
this Agreement, it will not obtain any rights of any sort in or to the Confidential Information of the other party as a result of such disclosure and that any such rights must be the subject of separate written agreement(s). 

(b) Each party will restrict disclosure of the other party’s Confidential Information to those of its employees and consultants to whom
it is necessary or useful to disclose such Confidential Information in connection with the purposes permitted under this Agreement. Each party shall use Commercially Reasonable Efforts including at least efforts commensurate with those employed by
the party for the protection of its own Confidential Information, to protect the Confidential Information of the other party. 
 (c) Nothing
herein shall prevent a receiving party from disclosing all or part of the Confidential Information of the other party in response to a court order or other legal proceeding requesting disclosure of same; provided, the party that receives such
order or process provides prompt notice to the disclosing party before making any disclosure (to the extent possible) and permits the disclosing party to oppose or narrow such request for disclosure and supports any of the disclosing party’s
reasonable efforts to oppose such request (at disclosing party’s expense), and only to the extent necessary to comply with such request. Disclosure of Confidential Information pursuant to this Section 6.2(c) will not alter the character of
that information as Confidential Information hereunder. 
 (d) Either disclosing party may at any time notify the receiving party that such
receiving party must return to the disclosing party the disclosing party’s Confidential Information. Each receiving party hereby agrees to, within thirty (30) days of such notification: (i) return all documents and tangible items it
or its employees or agents have received or created pursuant to this Agreement pertaining, referring or relating to the other party’s Confidential Information; and (ii) return or certify (in a writing attested to by a duly authorized
officer of such party) destruction of all copies, summaries, modifications or adaptations that such party or its employees or agents have made from the materials provided by the disclosing party; provided, however, that a party is permitted to
retain one copy of such materials in its legal files to be used to verify compliance with its obligations hereunder. 
  

[***] 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. 

 7. REPRESENTATIONS AND WARRANTIES. 

7.1 Authorization; Enforceability. Each of ViewRay and QED represents and warrants to the other party that: (a) it is duly organized and validly
existing under the laws of its jurisdiction of organization and has all requisite power and authority to enter into this Agreement; (b) it is duly authorized by all requisite action to execute, deliver and perform this Agreement and to
consummate the transactions contemplated hereby, and that the same do not conflict or cause a default with respect to such party’s obligations under any other agreement; (c) it has duly executed and delivered this Agreement; and
(d) it is authorized to disclose any and all Confidential Information made available to the other party pursuant to this Agreement. 
 7.2
Products. (a) QED warrants to ViewRay that all Products supplied to ViewRay pursuant to Section 3 shall: (i) for a period of twelve (12) months from the date of acceptance by the ViewRay customer but not more than
eighteen (18) months from the date of shipment by QED to ViewRay, whichever is longer, conform to its then current published specifications and documentation and the Specifications (provided that in the event of a conflict between the
Specifications and the published specifications or documentation, the terms of the Specifications will control), and (ii) be manufactured, labeled, packaged, stored and tested (while in the possession or control of QED) in accordance with the
Specifications current as of the date of manufacture and the applicable laws and regulations in relation to the manufacture and testing of the Product (including all Applicable Standards). This warranty does not apply to any non-conformity of the
Products resulting from misuse, mishandling or unauthorized modification of the Products or storage in an improper environment in each case by any party other than QED or its agents. 

(b) QED warrants to ViewRay that all Products shall be delivered free and clear of all liens and encumbrances. 

7.3 Remedy. In the event any Products purchased by ViewRay from QED fail to conform to the warranty set forth in Section 7.2, QED shall, at
QED’s option, repair or replace the Products. ViewRay shall notify QED of any such nonconformity and return the applicable Products in accordance with Section 3.9. It is understood and agreed that the remedy set forth in this
Section 7.3 shall not limit either party’s other remedies at law or equity, including a party’s remedies with respect to third party claims arising pursuant to Sections 8.2-8.3. 

7.4 Disclaimer. (a) EXCEPT FOR THE WARRANTIES EXPRESSLY MADE IN SECTIONS 7.1-7.2, NEITHER PARTY MAKES ANY OTHER REPRESENTATION OR WARRANTY, EITHER
EXPRESS OR IMPLIED (WHETHER WRITTEN OR ORAL), INCLUDING, WITHOUT LIMITATION ANY WARRANTY OF MERCHANTABILITY OR ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO ANY MATTER WHATSOEVER, INCLUDING BUT NOT LIMITED TO, THE PRODUCTS. 

(b) THE REPRESENTATIONS AND WARRANTIES OF EACH OF QED AND VIEWRAY EXTEND ONLY TO THE OTHER PARTY. NEITHER PARTY WILL BE LIABLE FOR ANY CLAIM
OR DEMAND AGAINST SUCH OTHER PARTY BY A THIRD PARTY, EXCEPT TO THE EXTENT PROVIDED IN SECTIONS 8.2-8.3. 
  

[***] 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. RISK ALLOCATION 

8.1 Limitation of Liability. EXCEPT FOR BREACH OF CONFIDENTIALITY OBLIGATIONS UNDER SECTION 6 AND EXCEPT AS OTHERWISE PROVIDED IN SECTIONS 8.2-8.3 WITH
RESPECT TO THIRD PARTY CLAIMS, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY LOST PROFITS OR SAVINGS OR FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES IN CONNECTION WITH THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY, REGARDLESS OF WHETHER THE PARTIES HAVE ADVISED OR BEEN ADVISED OF THE POSSIBILITY OF ANY SUCH LOSS OR DAMAGE. 

8.2 Indemnification of ViewRay. Subject to the provisions of Section 8.4, QED will defend, indemnify, and hold harmless ViewRay and its
Affiliates, officers, directors, employees, agents, and their successors and assigns (each, in such capacity, an “ViewRay Indemnified Party”) from and against any claim, suit, demand, loss, damage, expense (including
reasonable attorneys’ fees of ViewRay Indemnified Party(ies) and those that may be asserted by a third party) or liability (collectively, “Losses”) arising from any third party claim or proceeding against the ViewRay
Indemnified Party(ies) by any third party to the extent that such claim or proceeding is based on: (a) a third party assertion that the Products infringe any third party Intellectual Property Rights, except to the extent of infringement claims
covered in Section 8.3, below; or (b) a third party allegation of product liability or personal injury arising from or relating to a manufacturing defect of the Products. The foregoing indemnification action shall not apply in the event
and to the extent that such Losses arose as a result of any ViewRay Indemnified Party’s negligence, intentional misconduct or breach of this Agreement. 

8.3 Indemnification of QED. Subject to the provisions of Section 8.4, ViewRay will defend, indemnify, and hold harmless QED and its Affiliates,
officers, directors, employees, agents, and their successors and assigns (each, in such capacity, an “QED Indemnified Party”) from and against any Losses arising from any third party claim or proceeding against the QED
Indemnified Party(ies) by any third party to the extent that such claim or proceeding is based on: (a) any third party allegation of infringement of third party Intellectual Property Rights, where such claim is based upon the combination,
operation or use of the Products with ViewRay technology or products in a manner not explicitly contemplated by this Agreement, if such claim of infringement would have been avoided but for such combination, operation or use; or (b) any third
party allegation of product liability or personal injury arising from or relating to the ViewRay products or services (other than due to the failure of a Product). The foregoing indemnification action shall not apply in the event and to the extent
that such Losses arose as a result of any QED Indemnified Party’s negligence, intentional misconduct or breach of this Agreement. 
 8.4
Procedure. To receive the benefit of indemnification under Section 8.2 or Section 8.3, the ViewRay Indemnified Party or QED Indemnified Party, as applicable, must: (a) promptly notify the party from whom indemnification is sought
(each, an “Indemnifying Party”) of any claim or proceeding; provided, that failure to give such notice shall not relieve Indemnifying Party of its 

 
 [***] 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. 

 
indemnification obligations except where, and solely to the extent that, such failure actually and materially prejudices the rights of Indemnifying Party; (b) provide reasonable cooperation
to the Indemnifying Party (and its insurer), as reasonably requested, at Indemnifying Party’s cost and expense; and (c) tender to the Indemnifying Party (and its insurer) full authority to defend or settle the claim or suit;
provided that no settlement requiring any admission by the Indemnified Party or that imposes any obligation on the Indemnified Party shall be made without the Indemnified Party’s consent. Neither party has any obligation to indemnify the
other party in connection with any settlement made without the Indemnifying Party’s written consent. The Indemnified Party has the right to participate at its own expense in the claim or suit and in selecting counsel therefore. 

8.5 Insurance. Each party shall procure and maintain insurance, including product liability insurance, adequate to cover its obligations hereunder and
which are consistent with normal business practices of prudent companies similarly situated. It is understood that such insurance shall not be construed to create a limit of either party’s liability with respect to its indemnification
obligations under this Section 8. Each party shall cause the other to be listed as an additional named insured on such policy(ies) and shall provide the other with written evidence of such insurance upon request. Each party shall provide the
other with written notice at least fifteen (15) days prior to the cancellation, non-renewal or material change in such insurance or self-insurance which materially adversely affects the rights of the other party hereunder. If such party does
not obtain replacement insurance or take other measures that allow it to provide comparable coverage within such 15-day period, the other party shall have the right to terminate this Agreement effective at the end of such 15-day period without
notice or any additional waiting periods. 
 9. TERM AND TERMINATION 

9.1 Term. This Agreement shall take effect as of the Effective Date and shall remain in effect until the fifth anniversary of the Effective Date (the
“Term”), unless sooner terminated in accordance with Section 9.2. Thereafter, this Agreement will renew automatically for additional one-year terms unless either party provides the other party with written notice at
least twelve (12) months in advance of the scheduled renewal date. With respect to the initial renewal term, if either party does not intend to renew this Agreement at the expiration of the initial 5-year
term, it shall provide the other party with notice of its intention to let this Agreement expire not later than the fourth anniversary of the Effective Date. 

9.2 Termination. (a) During the term of the Program, either party may terminate the Program and this Agreement upon thirty (30) days written
notice to the other party if the other party commits a material breach of this Agreement, unless such breach is cured within the thirty (30) day notice period, or if such breach is not capable of being cured within thirty (30) days unless
such party during such thirty (30) day period initiates actions reasonably expected to cure the breach and thereafter diligently proceeds to cure the breach. Except for termination by QED based upon non-payment by ViewRay of amounts due under
this Agreement, termination of the Program pursuant to this Section 9.2(a) shall not result in termination of this Agreement except as otherwise provided in Section 9.2(c). The parties may also terminate the Program at any time in
accordance with the procedure specified in Section 2.5. 
  
 [***] 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. 

 (b) Following completion of the Program and, with respect to matters not directly related to the
Program at any time during or following completion of the Program, either party may terminate this Agreement upon sixty (60) days written notice to the other party if the other party commits a material breach of this Agreement (other than
non-payment), unless such breach is cured within the sixty (60) day notice period, or if such breach is not capable of being cured within sixty (60) days unless such party during such sixty (60) day period initiates actions reasonably
expected to cure the breach and thereafter diligently proceeds to cure the breach. 
 (c) The parties may terminate this Agreement at any
time by mutual agreement. ViewRay may also terminate this Agreement in accordance with Section 3.11(a). 
 (d) The disadvantaged party
(as defined in Section 10.14) shall have the right to terminate this Agreement upon thirty (30) days notice if a Force Majeure condition has prevented performance by the other party for more than sixty (60) consecutive days or an
aggregate one hundred twenty (120) days in any 12-month period. 
 9.3 Effect of Termination. (a) Upon termination of the Program pursuant
to Section 9.2(a): (i) QED will terminate all Program tasks then in process in an orderly manner, as soon as practical and in accordance with a schedule agreed to by ViewRay and QED; (ii) QED shall deliver to ViewRay a
reasonably-detailed written report describing the results of the Program up to the date of such termination; and (iii) ViewRay shall pay QED any monies due and owing QED as of the time of termination for work that has been completed. 

(b) Upon any termination (including expiration) of this Agreement each party shall return to the other party or certify in writing to the
other party that it has destroyed all documents (including those stored on computer systems and networks) and other tangible items it or its employees or agents have received or created pertaining, referring or relating to the Confidential
Information of the other party; provided, that a party is permitted to retain one copy of such materials in its legal files to be used to verify compliance with its obligations hereunder. 

(c) Upon termination or expiration of this Agreement for any reason, ViewRay will have the right to continue to sell all unsold Products that
are in its possession or that are subject to an open ViewRay Purchase Order as of the effective date of such termination or expiration. In addition, upon termination of this Agreement for any reason but specifically excluding expiration of this
Agreement in accordance with Section 9.1, QED will continue to supply ViewRay with Products for a period of [***] after termination to wind-down the supply of Products for ViewRay from QED, provided that if termination was effected by
QED as a result of ViewRay’s material breach of this Agreement then ViewRay will promptly pay all sums due QED under this Agreement as of the date of termination. The supply of Products by QED pursuant to this Section 9.3(c) shall be
subject to the provisions of Sections 4-9. 
 (d) Nothing herein shall be construed to release either party of any obligation which matured
prior to the effective date of any termination, including the obligation of ViewRay to purchase all Products that are the subject of a binding Forecast as of the effective date of termination. Either party’s liability for any uncontested
charges, payments or expenses due to the other party that accrued prior to the termination date shall not be extinguished by termination, and such amounts (if not otherwise due on an earlier date) shall be immediately due and payable on the
termination date. 
  
 [***] 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. 

 9.4 Survival. Sections 1, 2.6, 2.7, 3.10(b), 4.4(c), 5-8, 9.3 (and the Sections of this Agreement
referenced therein), 9.4 10.1-10.4, 10.7-10.13 and 10.15 shall survive any termination or expiration of this Agreement. 
 10. GENERAL PROVISIONS.

 10.1 Governing Law. This Agreement shall be governed and construed in accordance with the internal, substantive laws of Ohio, to the exclusion
of any choice or conflict of laws rule or provision that would result in the application of the substantive law of any other jurisdiction. The United Nations Convention on Contracts for the International Sale of Goods shall not apply to this
Agreement or the transactions contemplated by this Agreement. 
 10.2 Dispute Resolution. (a) The parties will attempt to settle any claim or
controversy arising out of this Agreement or the subject matter hereof through consultation and negotiation in good faith in a spirit of mutual cooperation. Such matters will be initially addressed by the Manager of Hardware Development of ViewRay
and the Manager of Operations of QED, who shall use reasonable efforts to attempt to resolve the dispute through good faith negotiations by telephone or in person as may be agreed. If they fail to resolve the dispute within thirty (30) days
after either party notifies the other of the dispute, then the matter will be escalated to the Senior Vice President of Engineering of ViewRay and the Vice President of Operations of QED, or their designees for resolution. They will use reasonable
efforts to attempt to resolve the dispute through good faith negotiations by telephone or in person as may be agreed. If they fail to resolve the dispute within thirty (30) days after it is referred to them and do not mutually agree to extend
the time for negotiation, then the dispute will be submitted to arbitration in accordance with the procedure set forth in Section 10.2(b). 

(b) Except with respect to actions by either party seeking equitable or declaratory relief, any claim or controversy arising in whole or in
part under or in connection with this Agreement or the subject matter hereof that is not resolved pursuant to Section 10.2(a) will be referred to and finally resolved by arbitration in accordance with the Commercial Arbitration Rules (the
“Rules”) of the American Arbitration Association as such Rules may be modified by this Agreement, by one arbitrator, who will be agreed upon by the parties. If the parties are unable to agree upon a single arbitrator within
thirty (30) days following the date arbitration is demanded, three arbitrators will be used, one selected by each party within ten (10) days after the conclusion of the 30-day period and a third selected by the first two within
10 days thereafter. Unless the parties agree otherwise, they will be limited in their discovery to directly relevant documents. Responses or objections to a document request will be served twenty (20) days after receipt of the request. The
arbitrator(s) will resolve any discovery disputes. The foregoing arbitration proceedings may be commenced by either party by notice to the other party. Unless otherwise agreed by the parties, all such arbitration proceedings will be held in
Cleveland, Ohio, USA; provided that proceedings may be conducted by telephone conference call with the consent of the arbitrator. All arbitration proceedings will be conducted in the English language and the arbitrator(s) will apply the law
of Ohio. The arbitrator(s) will only have the authority to award actual money damages (with interest on unpaid amounts from the date due) and, except with 
  

[***] 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. 

 
respect to a breach or nonperformance of any provision of this Agreement relating to Confidential Information, the arbitrator(s) will not have the authority to award indirect, incidental,
consequential, exemplary, special or punitive damages, and the parties expressly waive any claimed right to such damages. The arbitrator(s) also shall be authorized to grant any temporary, preliminary or permanent equitable remedy or relief the
arbitrators deem just and equitable and within the scope of this Agreement, including an injunction or order for specific performance. The award of the arbitrator(s) shall be the sole and exclusive remedy of the parties. Judgment on the award
rendered by the arbitrator(s) may be enforced in any court having competent jurisdiction thereof, subject only to revocation on grounds of fraud or clear bias on the part of the arbitrator(s). The arbitration will be of each party’s individual
claims only, and no claim of any other party will be subject to arbitration in such proceeding. The costs and expenses of the arbitration, but not the costs and expenses of the parties, will be shared equally by the parties. If a party fails to
proceed with arbitration, unsuccessfully challenges the arbitration award, or fails to comply with the arbitration award, the other party is entitled to costs, including reasonable attorneys’ fees, for having to compel arbitration or defend or
enforce the award. Except as otherwise required by law, the parties and the arbitrator(s) will maintain as confidential all information or documents obtained during the arbitration process, including the resolution of the dispute. Judgment on the
award granted in any arbitration hereunder may be entered in any court having jurisdiction over the award or any of the parties or any of their respective assets. The parties knowingly and voluntarily waive their rights to have their dispute tried
and adjudicated by a judge and jury except as expressly provided herein. 
 (c) Nothing in this Section 10.2 will prevent a party from
resorting to judicial proceedings if (i) interim relief from a court is necessary to prevent serious and irreparable injury to such party; or (ii) litigation is required to be filed prior to the running of the applicable statute of
limitations. The use of any alternative dispute resolution procedure will not be construed under the doctrine of latches, waiver or estoppel to affect adversely the rights of either party. 

10.3 Amendment and Waiver. No provision of or right under this Agreement shall be deemed to have been waived by any act or acquiescence on the part of
either party, its agents or employees, but only by an instrument in writing signed by an authorized officer of each party. No waiver by either party of any breach of this Agreement by the other party shall be effective as to any other breach,
whether of the same or any other term or condition and whether occurring before or after the date of such waiver. 
 10.4 Independent Contractors.
Each party represents that it is acting on its own behalf as an independent contractor and is not acting as an agent for or on behalf of any third party. This Agreement and the relations hereby established by and between ViewRay and QED do not
constitute a partnership, joint venture, franchise, agency or contract of employment. Neither party is granted, and neither party shall exercise, the right or authority to assume or create any obligation or responsibility on behalf of or in the name
of the other party or its Affiliates. Each party shall be solely responsible for compensating all its personnel and for payment of all related FICA, workers’ compensation, unemployment and withholding taxes. Neither party shall provide the
other party’s personnel with any benefits, including but not limited to compensation for insurance premiums, paid sick leave or retirement benefits. 
  

[***] 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. 

 10.5 Assignment. Neither party may assign this Agreement or any of its rights and obligations under this
Agreement without the prior written consent of the other party; provided, that either party may assign this Agreement without the consent of the other party to an Affiliate or in connection with any merger, acquisition, or sale a majority of
such party’s voting stock or a sale of substantially all such party’s assets; provided, further, that in each instance the assignee expressly assumes all obligations imposed on the assigning party by this Agreement in writing
and the other party is notified in advance of such assignment. Any purported assignment in violation of this Section 10.5 shall be null and void. 

10.6 Successors and Assigns. This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and permitted
assigns. 
 10.7 Notices. Unless otherwise provided herein, any notice, report, payment or document to be given by one party to the other shall be in
writing and shall be deemed given when delivered personally or mailed by certified or registered mail, postage prepaid (such mailed notice to be effective on the date which is three (3) Business Days after the date of mailing), or sent by
nationally recognized overnight courier (such notice sent by courier to be effective one (1) Business Day after it is deposited with such courier), or sent by telefax (such notice sent by telefax to be effective when sent, if confirmed by
certified or registered mail or overnight courier as aforesaid) to the address set forth on the signature page to this Agreement or to such other place as any party may designate as to itself by written notice to the other party. 

10.8 Severability. In the event any provision of this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other term or provision hereof. The parties agree that they will negotiate in good faith or will permit a court to replace any provision hereof so held invalid, illegal or
unenforceable with a valid provision which is as similar as possible in substance to the invalid, illegal or unenforceable provision. 
 10.9
Captions. Captions of the sections and subsections of this Agreement are for reference purposes only and do not constitute terms or conditions of this Agreement and shall not limit or affect the meaning or construction of the terms and
conditions hereof. 
 10.10 Word Meanings. Words such as herein, hereinafter, hereof and hereunder refer to this
Agreement as a whole and not merely to a section or paragraph in which such words appear, unless the context otherwise requires. The singular shall include the plural, and each masculine, feminine and neuter reference shall include and refer also to
the others, unless the context otherwise requires. 
 10.11 Entire Agreement. The terms and provisions contained in this Agreement (including the
Attachments) constitute the entire understanding of the parties with respect to the transactions and matters contemplated hereby and supersede all previous communications, representations, agreements and understandings relating to the subject matter
hereof. No representations, inducements, promises or agreements, whether oral or otherwise, between the parties not contained in this Agreement shall be of any force or effect. No agreement or understanding extending this Agreement or varying its
terms (including any inconsistent terms in any purchase order, acknowledgment or similar form) shall be binding upon either party unless it is in a writing specifically referring to this Agreement and signed by a duly authorized representative of
the applicable party. 
  
 [***] 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. 

 10.12 Rules of Construction. The parties agree that they have participated equally in the formation of
this Agreement and that the language and terms of this Agreement shall not be construed against either party by reason of the extent to which such party or its professional advisors participated in the preparation of this Agreement. 

10.13 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Facsimile signatures shall be accepted as original signatures, orders may be transmitted electronically and any document created pursuant to this Agreement may be maintained in an electronic document storage
and retrieval system, a copy of which shall be considered an original. 
 10.14 Force Majeure. Except as otherwise provided in this Agreement, in the
event that a delay or failure of a party to comply with any obligation created by this Agreement is caused by acts of God, wars (declared or undeclared and including the continuance, expansion or new outbreak of any war or conflict now in
existence), revolution, civil commotion, acts of public enemy, labor strikes (other than employees of the affected party), terrorism, embargo or acts of government in its sovereign capacity (collectively, “Force Majeure”),
the “affected party” will, after giving prompt notice to the “disadvantaged party,” be excused from such performance on a day-to-day basis during the continuance of such prevention, restriction, or interference (and the
disadvantaged party will likewise be excused from performance of its obligations on a day-to-day basis during the same period), provided, however, that the affected party will use its best efforts to avoid or remove the causes of nonperformance and
both parties will proceed immediately with the performance of their obligations under this Agreement whenever the causes are removed or cease. If Force Majeure conditions continue for more than sixty (60) consecutive days or an aggregate one
hundred twenty (120) days in any 12-month period, then the disadvantaged party may terminate this Agreement in accordance with Section 9.2(d). 

10.15 Further Assurances. Each party covenants and agrees that, subsequent to the execution and delivery of this Agreement and without any additional
consideration, it will execute and deliver any further legal instruments and perform any acts which are or may become reasonably necessary to effectuate the purposes 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. 

 IN WITNESS WHEREOF the parties have caused this Agreement to be executed on their behalf by their duly authorized
representatives intending it to take effect as an instrument under seal as of the Effective Date. 
  

									
	QUALITY ELECTRODYNAMICS, LLC	 		 	VIEWRAY INCORPORATED
					
	By:	 	 /s/ Hiroyuki Fujita
	 		 	By:	 	 /s/ Gregory M. Ayers

	 Hiroyuki Fujita, Ph.D.,
	 		 	Gregory M. Ayers, MD, PhD,
	 President & Chief Executive Officer
	 		 	Chief Executive Officer
			
	 Notice Address:
	 		 	Notice Address:
	 Quality Electrodynamics, LLC
	 		 	ViewRay Incorporated
	 700 Beta Drive, Suite 100
	 		 	#2 Thermo Fisher Way
	 Mayfield Village, Ohio 44143
	 		 	Oakwood Village, OH 44146
	 Phone: [***]
	 		 	Phone: [***]
	 Fax: [***]
	 		 	Fax: [***]

 Attachment 1 Product Specifications; Program 

Attachment 2 Pricing 

Attachment 3 Program Intellectual Property 
  

[***] 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. 

 ATTACHMENT 1 

Product Specifications, Deliverables, and Schedule 

Section A: Product Specifications 
 [***] 

Section B: Target Schedule 
 [***] 

Section C: Deliverables 
 [***] 

Section D: NRE Costs and Payment Terms 
 [***] 

Section E: Unallocated Fund 
 [***] 

Section F: Total Program Costs 
  

					
	 Line Item
	  	Cost	 
	 [***]
	  	 	[***]	  

  

									
	QUALITY ELECTRODYNAMICS, LLC	 		 	VIEWRAY INCORPORATED
					
	By:	 	 /s/ Hiroyuki Fujita
	 		 	By:	 	 /s/ Gregory M. Ayers

	 Hiroyuki Fujita, Ph.D.,
	 		 	Gregory M. Ayers, MD, PhD,
	 President & Chief Executive Officer
	 		 	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. 

 ATTACHMENT 2 

Production Pricing 
 Pricing of the
Products supplied to ViewRay pursuant to Section 3 of the Agreement shall be determined using the procedure specified in Section 3.5 and when determined for a Product this Attachment 2 shall be amended to incorporate such commercial supply
pricing. 
  

									
	 Product

[***]
	 		 	 Commercial Supply Pricing

[***]

  
  

									
	QUALITY ELECTRODYNAMICS, LLC	 		 	VIEWRAY INCORPORATED
					
	By:	 	 /s/ Hiroyuki Fujita
	 		 	By:	 	 /s/ Gregory M. Ayers

	Hiroyuki Fujita, Ph.D.,	 		 	Gregory M. Ayers, MD, PhD,
	 President & Chief Executive Officer
	 		 	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. 

 ATTACHMENT 3 

Program Intellectual Property 

This attachment will serve as the listing of Program Intellectual property as described in the ‘definitions’ section of the
Development and Supply Agreement. This attachment shall be amended from time-to-time to include new Program Intellectual Property, in accordance with Section 5.3 of the agreement. 

 

									
	QUALITY ELECTRODYNAMICS, LLC	 		 	VIEWRAY INCORPORATED
					
	By:	 	 /s/ Hiroyuki Fujita
	 		 	By:	 	 /s/ Gregory M. Ayers

	Hiroyuki Fujita, Ph.D.,	 		 	Gregory M. Ayers, MD, PhD,
	President & Chief Executive Officer	 		 	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-10.16(a)

 Exhibit 10.16(a) 

[***] 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. 
 Agreement No. A4072 

STANDARD EXCLUSIVE LICENSE AGREEMENT 

WITH SUBLICENSING TERMS 

TABLE OF CONTENTS 
  

			
	 Section 1
		Definitions
	 Section 2
		Grant
	 Section 3
		Due Diligence
	 Section 4
		Royalties
	 Section 5
		Certain Warranties and Disclaimers of UFRF
	 Section 6
		Record keeping
	 Section 7
		Patent Prosecution
	 Section 8
		Infringement and Invalidity
	 Section 9
		Term and Termination
	 Section 10
		Assignability
	 Section 11
		Dispute Resolution Procedures
	 Section 12
		Product Liability; Conduct of Business
	 Section 13
		Use of Names
	 Section 14
		Miscellaneous
	 Section 15
		Notices
	 Section 16
		Contract Formation and Authority
	 Section 17
		United States Government Interests
		
	 Appendix A
		Development Plan
	 Appendix B
		Development Report
	 Appendix C
		UFRF Royalty Report

 This Agreement is made effective the 15th day of
December, 2004, (the “Effective Date”) by and between the University of Florida Research Foundation, Inc. (hereinafter called “UFRF”), a nonstock, nonprofit Florida corporation, and ViewRay, Inc. (hereinafter called
“Licensee”), a corporation organized and existing under the laws of the State of Florida; 
 WHEREAS, UFRF owns certain inventions
that are described in the “Licensed Patents” defined below, and UFRF is willing to grant a license to Licensee under any one or all of the Licensed Patents and Licensee desires a license under all of them; 

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

 

	Section 1	Definitions 

  

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

	 	1.1.1	the United States patent(s)/patent application(s) [***] in the [***], and all divisionals, and continuations United States patents and foreign patents, reissues and reexaminations based on [***] all to the extent owned
or controlled by the University of Florida. 

  

	 	1.2	“Licensed Product” and “Licensed Process” shall mean: 

  

	 	1.2.1	In the case of a Licensed Product, any product or part thereof developed by or on behalf of Licensee that: 

  

	 	(a)	is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents, in any country in which any product is made, used or sold; or 

 

	 	(b)	is manufactured by using a process which is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents, in any country in which any such process is used or in which
any such product is used or sold. 

  

	 	1.2.2	In the case of a Licensed Process, any process which is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents in any country in which such process is practiced.

  

	 	1.3	“Improvements” shall mean any modification of an invention described in the Licensed Patents which, if unlicensed, would infringe one or more claims of the Licensed Patents. 

 

	 	1.4	“Net Sales” shall mean the amount collected on sales of Licensed Product and/or Licensed Processes after deducting, if not already deducted in the amount invoiced: 

 

	 	•	 	Trade and/or quantity discounts 

  

	 	•	 	Credits on returns and allowances 

  

	 	•	 	Outbound transportation costs paid 

  

	 	•	 	Sales Taxes 

 The “Net Sales” for Licensed Software that is transferred to a third
party for promotional purposes without charge or at a discount shall be the average invoiced price to the customer of that type of Licensed Product and/or Licensed Process during the applicable calendar quarter. Licensee will not transfer or use
equipment for promotional purpose. 
  

	 	1.5	The term “Affiliate” shall mean: (a) any person or entity which controls at least fifty percent (50%) of the equity or voting stock of the Licensee or 

 
 [***] 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. 

 
(b) any person or entity fifty percent (50%) of whose equity or voting stock is owned or controlled by the Licensee or (c) any person or entity of which at least fifty percent
(50%) of the equity or voting stock is owned or controlled by the same person or entity owning or controlling at least fifty percent (50%) of Licensee or (d) any entity in which any officer, employee, or director is also an officer,
employee, or director of Licensee or any person who is an officer, employee or director of Licensee. 
  

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

 

	 	1.7	“Development Plan” shall mean a written report summarizing the development activities that are to be undertaken by the Licensee to bring Licensed Products and/or Licensed Processes to the market. The
Development Plan is attached hereto as Appendix A. 

  

	 	1.8	“Development Report” shall mean a written account of Licensee’s progress under the Development Plan having at least the information specified on Appendix B to this Agreement, and shall be sent to the
address specified on Appendix B. 

  

	 	1.9	“Licensed Field” shall be limited to the field of [***]. 

  

	 	1.10	“Licensed Territory” shall be worldwide. 

  

	Section 2	Grant 

  

	 	2.1	License. 

 UFRF hereby grants to Licensee an exclusive license, limited to the Licensed
Field and the Licensed Territory, under the Licensed Patents to make, use and sell Licensed Products and/or Licensed Processes. UFRF reserves to itself and the University of Florida the right to make, have made, use, sell, offer for sale, develop
and import Licensed Products and/or Licensed Processes solely for their internal, non-commercial research, clinical (including, but not limited to patient care at Shands Teaching Hospital and University of Florida patient care facilities), and
educational purposes. In addition, UFRF reserves to itself, as well as to the University of Florida the right to use materials that might be covered under Licensed Patents solely for their internal, non-commercial research purposes and to meet all
applicable governmental requirements governing the ability to transfer materials. UFRF shall treat any information relating to the Licensed Patents as confidential except that inventor of Licensed Patents shall have the right to [***] and Licensee
shall [***]. 
  
 [***] 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. 

	 	2.2	Sublicense. 

  

	 	2.2.1	Licensee may grant written, nonexclusive Sublicenses to third parties. Any agreement granting a Sublicense shall state that the Sublicense is subject to the termination of this Agreement. 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 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 ([***]%) 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. 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 prior to the execution of the sublicense agreement. 

 

	Section 3	Due Diligence 

  

	 	3.1	Development. 

  

	 	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 (see
Appendix A) 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 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 

 
 [***] 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. 

	 	
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. 

  

	 	3.1.2	Licensee agrees that the first commercial sale of products to the retail customer shall occur on or before January 1, 2011 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)		Complete proof-of-concept		 	4th Q 2005	  
	(3)		Secure design/mfg relationship with OEM manufacturer		 	2nd Q 2006	  
	(4)		Potential need for VC round		 	2008	  
	(5)		Complete working commercial prototype		 	2010	  
	(6)		Hire industry CEO		 	2010	  
	(7)		FDA 510k approval		 	2011	  
	(8)		Market launch of first generation Device		 	2011	  
	(9)		Market launch of second generation Device		 	2013	  

 If Licensee fails to actively pursue the Development Plan with respect to a certain field(s) of use and
UFRF has received notice that a third party 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 sixty (60) days written notice to Licensee and pursue negotiations
with the third party. Licensee shall have the right to come into compliance within 90 days. 
 During the notice period, Licensee may
provide UFRF with a revised Development Plan with respect to the field(s) of use in question. UFRF may consider the revised Development Plan and determine, in UFRF’s sole discretion, whether the revised Development Plan will be accepted or
whether the License will terminate with respect to such field(s) of use upon expiration of the notice period. 
  

	Section 4	Royalties 

  

	 	4.1	License Issue Fee. 

  

	 	4.1.1	Licensee agrees to pay to UFRF a License Issue Fee of $[***] within thirty (30) days of the Effective Date. 

  

[***] 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. 

	 	4.1.2	Notwithstanding UFRF’s right to receive any proceeds or income as otherwise set forth in this Agreement or the Equity Agreement attached hereto, in the event of a Licensee “liquidity event,” defined as
the one-time cash sale of all or substantially all of the assets or stock of the Licensee or an initial public offering of Licensee’s shares, Licensee shall, no more than once during the term of this Agreement, pay UFRF a fee of [***].

  

	 	4.2	Issuance of Equity 

 As further consideration for the rights granted to Licensee by this
Agreement, as of the Effective Date, (i) Licensee will issue to UFRF that number of shares of common stock of Licensee equal to five percent (5%) of the total number of issued and outstanding shares of Licensee on the Effective Date
inclusive of shares set aside in the Stock Plan approved by the Board and as set forth in the Capitalization Table a copy of which is attached hereto as Attachment 4.2 and incorporated by reference herein. If at any time after the Effective
Date of this Agreement and before Licensee receives a total of one million dollars ($1,000,000) in the form of cash, cash equivalents, or other consideration in exchange for the issuance of (i) Licensee’s equity securities and/or
(ii) debt securities that are convertible into or exercisable or exchangeable for Licensee’s equity securities, Licensee issues any (a) shares of common stock or (b) securities that are convertible into or exercisable or
exchangeable for shares of Licensee’s common stock, then in such event, Licensee shall issue additional shares of common stock to UFRF such that immediately after such issuance to UFRF the total number of shares issued to UFRF under this
Section constitutes five percent (5%) of the total number of issued and outstanding shares of Licensee calculated on a fully diluted basis. The issuance of common stock to UFRF under this Section 4.2 shall be made in accordance with that
certain Equity Agreement by and between UFRF and Licensee of even date herewith, a copy of which is attached hereto as Appendix D and incorporated by reference herein. 
  

	 	4.3	Running Royalty. 

 In addition to the Section 4.1 License Issue Fee, Licensee
agrees to pay to UFRF a royalty calculated as a percentage of Net Sales in accordance with the terms and conditions of this Agreement. The royalty is deemed earned as of the date the Licensed Product and/or Licensed Process is actually sold and paid
for. The royalty shall remain fixed while this Agreement is in effect at a rate of one percent (1%) of Net Sales. In the event that any Net Sales result from Licensee’s sale of Licensed Product or Licensed Process which is comprised solely
of “software” then Licensee shall pay a royalty of [***] percent ([***]%) of Net Sales on such software. 
  

[***] 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. 

	 	4.4	Other Payments. 

  

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

  

			
	Payment	  	Year
	 $ [***]
	  	2011
	 $ [***]
	  	2012
	 $ [***]
	  	2013
	 $200,000
	  	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 Minimum Royalty payment shall be due on [***] and shall be in the amount of $[***]. 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 Royalty paid in a calendar year will be credited against the earned royalties for that 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. 
  

	 	4.5	Accounting for Payments. 

  

	 	4.5.1	Amounts owing to UFRF under Sections 2.2 and 4.3 shall be paid on a quarterly basis after the amount of Minimum Royalties paid is exceeded, with such amounts due and received by UFRF on or before the thirtieth day
following the end of the calendar quarter ending on March 31, June 30, September 30 or December 31 in which such amounts were earned. The balance of any amounts which remain unpaid more than thirty (30) days after they are
due to UFRF shall accrue interest until paid at the rate of the lesser of [***] percent ([***]%) per month or [***]. However, in no event shall this interest provision be construed as a grant of permission for any payment delays. Licensee shall also
be responsible for [***] overdue payments due from this Section 4.5.1, Section 6.2 or any other applicable section 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. 

	 	4.5.2	Except as otherwise directed, all amounts owing to UFRF under this Agreement shall be paid in U.S. dollars to UFRF at the following address: 

University of Florida Research Foundation, Inc. 

223 Grinter Hall 
 PO
Box 115500 
 Gainesville, Florida 32611-5500 

Attention: Business Manager 

All royalties owing with respect to Net Sales stated in currencies other than U.S. dollars shall be converted at the rate shown in the Federal
Reserve Noon Valuation—Value of Foreign Currencies on the day preceding the payment. 
  

	 	4.5.3	A certified full accounting statement showing how any amounts payable to UFRF under Section 4.3 have been calculated shall be submitted to UFRF on the date of each such payment. In addition to being certified, such
accounting statements shall contain a written representation signed by an executive officer of Licensee that states that the statements are true, accurate, and fairly represent all amounts payable to UFRF pursuant to this Agreement. Such accounting
shall be on a per-country and product line, model or trade name basis and shall be summarized on the form shown in Appendix C of this Agreement. In the event no payment is owed to UFRF because the amount of Minimum Royalties paid has not been
exceeded or otherwise, an accounting demonstrating that fact shall be supplied to UFRF. 

  

	 	4.5.4	UFRF is exempt from paying income taxes under U.S. law. Therefore, all payments due under this Agreement shall be made without deduction for taxes, assessments, or other charges of any kind which may be imposed on UFRF
by any government outside of the United States or any political subdivision of such government with respect to any amounts payable to UFRF pursuant to this Agreement. All such taxes, assessments, or other charges shall be assumed by Licensee.

  

	Section 5	Certain Warranties and Disclaimers of UFRF 

  

	 	5.1	UFRF warrants that, except as otherwise provided under Section 17.1 of this Agreement with respect to U.S. Government interests, it is the owner of the Licensed Patents or otherwise has the right to grant the
licenses granted to Licensee in this Agreement. However, nothing in this Agreement shall be construed as: 

  

[***] 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. 

	 	5.1.1	a warranty or representation by UFRF as to the validity or scope of any right included in the Licensed Patents; 

  

	 	5.1.2	a warranty or representation that anything made, used, sold or otherwise disposed of under the license granted in this Agreement will or will not infringe patents of third parties; 

 

	 	5.1.3	an obligation to bring or prosecute actions or suits against third parties for infringement of Licensed Patents: 

  

	 	5.1.4	an obligation to furnish any know-how not provided in Licensed Patents or any services other than those specified in this Agreement; or 

 

	 	5.1.5	a warranty or representation by UFRF that it will not grant licenses to others to make, use or sell products not covered by the claims of the Licensed Patents which may be similar and/or compete with products made or
sold by Licensee. 

  

	 	5.2	EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, UFRF MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, AND VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR PENDING. UFRF ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT TO USE, SALE, OR OTHER DISPOSITION BY LICENSEE, ITS SUBLICENSEE(S), OR THEIR VENDEES OR OTHER
TRANSFEREES OF PRODUCT INCORPORATING OR MADE BY USE OF INVENTIONS LICENSED UNDER THIS AGREEMENT. 

  

	Section 6	Record keeping 

  

	 	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 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 six years 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 Sublicensee(s) shall take all steps necessary so that UFRF may, within thirty (30) days of its written request, audit, review and/or copy all of the books and records at a single U.S. location to
verify the 

	 	accuracy of Licensee’s and its Sublicensee(s)’s accounting. Such review may be performed by any authorized employees of UFRF as well as by any attorneys and/or accountants designated by UFRF, upon reasonable
notice and during regular business hours but not to exceed more than two such reviews in any calendar year. 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. 

  

	 	6.3	At any time during the term of this agreement, but not to exceed more than once annually, UFRF may request in writing that Licensee verify the calculation of any past payments owed to UFRF through the means of a
self-audit. Within ninety (90) days of the request, Licensee shall complete a self-audit of its books and records to verify the accuracy and completeness of the payments owed. Within thirty (30) days of the completion of the self-audit,
Licensee shall submit to UFRF a report detailing the findings of the self-audit and the manner in which it was conducted in order to verify the accuracy and completeness of the payments owed. If Licensee has determined through its self-audit that
there is any payment deficiency, Licensee shall pay UFRF the deficiency along with applicable interest under Section 4.5.1 with the submission of the self-audit report to UFRF. 

 

	Section 7	Patent Prosecution 

  

	 	7.1	UFRF shall diligently prosecute and maintain the Licensed Patents using counsel of its choice and reasonably acceptable to Licensee. UFRF shall promptly provide Licensee with a copy of all Licensed Patent:
applications, amendments, filings, all office actions, invoices and other communications sent to, and received from, the Licensed Patent counsel, the United States Patent and Trademark Office, and foreign patent offices. Both parties agree to
keep such information confidential. 

  

	 	7.2	Licensee shall [***] for the preparation, filing, prosecution, issuance, and maintenance of the Licensed Patents upon the first to occur of either (1) [***]; or (2) the Licensee’s receipt of [***]. A
copy of [***] up to the Effective date is attached hereto. It shall be the responsibility of Licensee to keep UFRF fully apprised of the “small entity” status of Licensee with respect to the U.S. patent laws and with respect to the
patent laws of any other countries, if applicable, and to inform UFRF of any changes in such status, within thirty days of any such change. 

  

[***] 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. 

	Section 8	Infringement and Invalidity 

  

	 	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 right, but shall not be obligated, to prosecute at its own expense any such infringements of the Licensed Patents. If UFRF prosecutes any such infringement,
Licensee agrees that UFRF may include Licensee as a co-plaintiff in any such suit, without expense to Licensee. UFRF shall indemnify Licensee against any order for costs that may be made against Licensee in
such proceedings. 

  

	 	8.3	If within six (6) months after having been notified of any alleged infringement, 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, or if UFRF shall notify Licensee at any time prior thereto of its intention not to bring suit against any alleged infringer, then, and in those events only, Licensee shall have the right, but shall not
be obligated, to prosecute at its own expense any infringement of the Licensed Patents, and Licensee may, for such purposes, use the name of UFRF as party plaintiff. No settlement, consent judgment or other voluntary final disposition of the suit
may be entered into without the consent of UFRF, which consent shall not be unreasonably withheld. Licensee shall indemnify UFRF against any order for costs that may be made against UFRF in such proceedings. 

 

	 	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 then remaining on any such recovery shall be divided [***].

  

	 	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
[***]. 

  

	 	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, 

 
 [***] 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. 

	 	
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.

  

	Section 9	Term and Termination 

  

	 	9.1	The term of this license shall begin on the Effective Date of this Agreement and continue until the earlier of the date that no Licensed Patent remains an enforceable patent or the payment of earned royalties under
Section 4.3, once begun, ceases for more than four (4) consecutive calendar quarters. 

  

	 	9.2	Licensee may terminate this Agreement at any time by giving at least sixty (60) days written notice of such termination to UFRF. Such a notice shall be accompanied by a statement of the reasons for termination.

  

	 	9.3	UFRF may terminate this Agreement by giving Licensee at least sixty (60) days written notice if the date of first commercial sale does not occur by the date specified in Section 3.1.2. 

 

	 	9.4	If Licensee at any time defaults in the timely payment of any monies due to UFRF or the timely submission to UFRF of any Development Report, fails to actively pursue the Development Plan, or commits any breach of any
other covenant herein contained, and Licensee fails to remedy any such breach or default within sixty (60) days after written notice thereof by UFRF, UFRF may, at its option, immediately terminate this Agreement by giving notice of termination
to Licensee. 

  

	 	9.5	UFRF may immediately terminate this Agreement upon the occurrence of the second separate default by Licensee within any consecutive three-year period for failure to pay royalties, patent or any other expenses when due
hereunder. 

  
 [***] 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. 

	 	9.6	If Licensee shall cease to carry on its business pertaining to Licensed Patents, this Agreement shall terminate upon thirty (30) days notice by UFRF. 

 

	 	9.7	Upon the termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation that matured prior to the effective date of such termination. Licensee shall remain
obligated to provide an accounting for and to pay royalties earned to the date of termination, and any Minimum Royalties shall be prorated as of the date of termination by the number of days elapsed in the applicable calendar year. Licensee may,
however, after the effective date of such termination, sell all Licensed Products, and complete Licensed Products in the process of manufacture at the time of such termination and sell the same, provided that Licensee shall remain obligated to
provide an accounting for and to pay running royalties thereon. 

  

	Section 10	Assignability 

 Neither party may assign its rights or obligations
under this Agreement except that Licensee may assign this Agreement 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 successor assumes all of the
Licensee’s obligations hereunder; provided however, this Section shall not limit Licensee’s right to enter into sublicenses in accordance with the terms of this Agreement. 

 

	Section 11	Dispute Resolution Procedures 

  

	 	11.1	Mandatory Procedures. 

 In the event either party intends to file a lawsuit against the
other with respect to any matter in connection with this Agreement, compliance with the procedures set forth in this Section shall be a condition precedent to the filing of such lawsuit, other than for injunctive relief. Either party may terminate
this Agreement as provided in this Agreement without following the procedures set forth in this section. 
  

	 	11.1.1	When a party intends to invoke the procedures set forth in this section, written notice shall be provided to the other party. Within thirty (30) days of the date of such notice, the parties agree that
representatives designated by the parties shall meet at mutually agreeable times and engage in good faith negotiations at a mutually convenient location to resolve such dispute. 

 

	 	11.1.2	If the parties fail to meet within the time period set forth in section 11.1.1 above or if either party subsequently determines that negotiations between the representatives of the parties are at an impasse, the
party declaring that the negotiations are at an impasse shall give notice to the other party stating with particularity the issues that remain in dispute. 

  

[***] 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. 

	 	11.1.3	Not more than fifteen (15) days after the giving of such notice of issues, each party shall deliver to the other party a list of the names and addresses of at least three individuals, any one of whom would be
acceptable as a neutral advisor in the dispute (the “Neutral Advisor”) to the party delivering the list. Any individual proposed as a Neutral Advisor shall have experience in determining, mediating, evaluating, or trying intellectual
property litigation and shall not be affiliated with the party that is proposing such individual. 

  

	 	11.1.4	Within 10 days after delivery of such lists, the parties shall agree on a Neutral Advisor. If they are unable to so agree within that time, within five (5) days, they shall each select one individual from the
lists. Within five (5) days, the individuals so selected shall meet and appoint a third individual from the lists to serve as the Neutral Advisor. Within thirty (30) days after the selection of a Neutral Advisor: 

 

	 	(a)	The parties shall each provide a written statement of the issues in dispute to the Neutral Advisor. 

  

	 	(b)	The parties shall meet with the Neutral Advisor in Gainesville, Florida on a date and time established by the Neutral Advisor. The meeting must be attended by persons authorized to make final decisions on behalf of each
party with respect to the dispute. At the meeting, each party shall make a presentation with respect to its position concerning the dispute. The Neutral Advisor will then discuss the issues separately with each party and attempt to resolve all
issues in the dispute. At the meeting, the parties will enter into a written settlement agreement with respect to all issues that are resolved. Such settlement agreement shall be final and binding with respect to such resolved issues and may not be
the subject of any lawsuit between the parties, other than a suit for enforcement of the settlement agreement. 

  

	 	11.1.5	The expenses of the neutral advisor shall be shared by the parties equally. All other out-of-pocket costs and expenses for the alternative dispute resolution procedure required under this Section shall be paid by the
party incurring the same. 

  
 [***] 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. 

	 	11.1.6	Positions taken and statements made during this alternative dispute resolution procedure shall be deemed settlement negotiations and shall not be admissible for any purpose in any subsequent proceeding.

  

	 	11.2	Failure to Resolve Dispute. 

 If any issue is not resolved at the meeting with the
Neutral Advisor, either party may file appropriate administrative or judicial proceedings with respect to the issue that remains in dispute. No new issues may be included in the lawsuit without the mandatory procedures set forth in this section
having first been followed. 
  

	 	11.3	Survival. 

 The provisions of this Section shall survive termination of this
Agreement. 
  

	Section 12	Product Liability; Conduct of Business  

  

	 	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, whether arising from a third party claim or resulting from UFRF’s enforcing this indemnification clause against Licensee, arising out of the death of or injury to
any person or persons or out of any damage to property and against 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 arising from any right or 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. 

 

	 	12.2	Licensee warrants that it now maintains and will continue to maintain liability insurance coverage appropriate to the risk involved in producing, manufacturing, selling, marketing, using, leasing, consuming, or
advertising the products subject to this Agreement and that such insurance coverage lists UFRF, the Florida Board of Governors, the University of Florida Board of Trustees, the University of Florida, and the inventors of the Licensed Patents as
additional insureds. Within sixty (60) days after 

  
 [***] 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. 

	 	
the execution of this Agreement and thereafter annually between January 1 and January 31 of each year, Licensee will present evidence to UFRF that the coverage is being maintained with
UFRF, the University of Florida, and its inventors listed as additional insureds. In addition, Licensee shall provide UFRF with at least thirty (30) days prior written notice of any change in or cancellation of the insurance coverage.

  

	Section 13	Use of Names  

 Licensee and its Sublicensee(s) shall not use the
names of UFRF, or of the University of Florida, nor of any of either institution’s employees, agents, or affiliates, nor the name of any inventor of Licensed Patents, nor any adaptation of such names, in any sales promotion, advertising, or any
other form of publicity without the prior written approval of UFRF in each case, except that Licensee may state that it has received a license from UFRF under one or more or the patents and/or applications comprising the Licensed Patents. 

 

	Section 14	Miscellaneous  

  

	 	14.1	This Agreement shall be construed in accordance with the internal laws of the State of Florida 

  

	 	14.2	The parties hereto are independent contractors and not joint venturers or partners. 

  

	 	14.3	Licensee shall insure that it applies patent markings that meet all requirements of U.S. law, 35 U.S.C. §287, with respect to all Licensed Products subject to this Agreement. 

 

	 	14.4	This Agreement constitutes the full understanding between the parties with reference to the subject matter hereof, and no statements or agreements by or between the parties, whether orally or in writing, shall vary or
modify the written terms of this Agreement. Neither party shall claim any amendment, modification, or release from any provisions of this Agreement by mutual agreement, acknowledgment, or otherwise, unless such mutual agreement is in writing, signed
by the other party, and specifically states that it is an amendment to this Agreement. 

  

	 	14.5	Licensee shall not encumber or otherwise grant a security interest in any of the rights granted hereunder to any third party. 

  

	 	14.6	Licensee acknowledges that it is subject to and agrees to abide by the United States laws and regulations (including the Export Administration Act of 1979 and Arms Export Contract Act) controlling the export of
technical data, computer software, laboratory prototypes, biological material, and other commodities. The transfer of such items may require a 

  

[***] 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. 

	 	
license from the cognizant agency of the U.S. Government or written assurances by Licensee that it shall not export such items to certain foreign countries without prior approval of such agency.
UFRF neither represents that a license is or is not required or that, if required, it shall be issued. 

  

	Section 15	Notices  

 Any notice required to be given pursuant to the
provisions of this Agreement shall be in writing and shall be deemed to have been given 
  

	 	•	 	when delivered personally, 

  

	 	•	 	if sent by facsimile transmission, when receipt thereof is acknowledged at the facsimile number of the recipient as set forth below, 

 

	 	•	 	the second day following the day on which the notice has been delivered prepaid to a national air courier service, or 

  

	 	•	 	five (5) business days following deposit in the U.S. mail if sent certified mail, return receipt requested: 

  

	 	15.1	If to the University of Florida Research Foundation, Inc.: 

 President 

University of Florida Research Foundation, Inc. 

223 Grinter Hall 
 University of
Florida 
 Post Office Box 115500 

Gainesville, FL 32611-5500 

Facsimile Number: [***] 
 with a
copy to: 
 Office of Technology Licensing 

Attn: Director 
 308 Walker Hall

 University of Florida 

Post Office Box 115500 

Gainesville, Florida 32611-5500 

Facsimile Number: [***] 
  

	 	15.2	If to Licensee: 

 [***] 

 

	Section 16	Contract Formation and Authority 

  

	 	16.1	No agreement between the parties shall exist unless the duly authorized representative of Licensee and the Director of the Office of Technology Transfer of UFRF have signed this document within thirty (30) days of
the Effective Date written on the first page 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. 

	 	16.2	UFRF and Licensee hereby warrant and represent that the persons signing this Agreement have authority to execute this Agreement on behalf of the party for whom they have signed. 

 

	 	16.3	Force Majuere. 

 No default, delay, or failure to perform on the part of Licensee or
UFRF shall be considered a default, delay or failure to perform otherwise chargeable hereunder, if such default, delay or failure to perform is due to causes beyond either party’s reasonable control including, but not limited to: strikes,
lockouts, or inactions of governmental authorities, epidemics, war, embargoes, fire, earthquake, acts of God, or default of common carrier. In the event of such default, delay or failure to perform, any date or times by which either party is
otherwise scheduled to perform shall be extended automatically for a period of time equal in duration to the time lost by reason of the excused default, delay or failure to perform. 

 

	Section 17	United States Government Interests 

  

	 	17.1	It is understood that the United States Government (through any of its agencies or otherwise) has funded research, Grant No n/a, during the course of or under which any of the inventions of the Licensed
Patents were conceived or made. The United States Government is entitled, as a right, under the provisions of 35 U.S.C. §202-212 and applicable regulations of Title 37 of the Code of Federal Regulations, to a non-exclusive,
nontransferable, irrevocable, paid-up license to practice or have practiced the inventions of such Licensed Patents for governmental purposes. Any license granted to Licensee in this Agreement shall be subject
to such right. 

  

	 	17.2	Licensee agrees that for Licensed Products covered by the Licensed Patents that are subject to the non-exclusive royalty-free license to the United States Government, said Licensed Products will be manufactured
substantially in the United States. Licensee further agrees that it shall abide by all the requirements and limitations of U.S. Code, Title 35, Chapter 18, and implementing regulations thereof, for all patent applications and patents
invented in whole or in part with federal money. 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the dates
indicated below. 
  

			
	 UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.

		
	 /s/ David L. Day
		Date: 12/15, 2004
	 David L. Day
		
	 Director, Office of Technology Transfer
		

  
 [***] 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. 

					
	 LICENSEE
	  	
			
	By:	 	 /s/ Russell S. Donda
	  	Dec 3, 2004
		
	 Name and Office: Russell S. Donda, CEO
	  	

  
  

 

					
	Reviewed by UFRF’s Attorney:	 		 	 Reviewed by Licensee’s Attorney

		 		 	
	  
	 		 	 —N/A— RSD

	(name typed)	 		 	(name typed)

 (Neither attorney shall be deemed a signatory to this Agreement.) 

UFRF Ref: UF#- [***] 
  

[***] 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. 

 Appendix A 

Development Plan 
  

[***] 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. 

 Industry Background 

Radiation therapy, with a market size approaching two billion dollars annually, is commonly used in the treatment of cancer, either alone or in combination
with surgery or chemotherapy. An important advantage of radiation therapy is that the radiation acts with some selectivity on cancer cells. When a cell absorbs radiation, the radiation affects the cell’s genetic structure and inhibits its
replication, leading to its gradual death. Cancerous cells replicate very fast and therefore the radiation they absorb can disproportionately damage them. 

Currently, the most common type of radiotherapy uses X-rays delivered by a linear accelerator or LINAC.
The most prevalent use of LINACs is in intensity modulated radiation therapy or IMRT. Using IMRT, the intensity and angle of the radiation beams are varied or modulated across the target area of the patient being treated. This conforms the
radiation beams more closely to the tumor and allows doctors to deliver higher doses of radiation to tumors while limiting the amount of radiation directed at nearby healthy tissue. In this way, clinicians can design and deliver an individualized
treatment plan for each patient, targeting the patient’s tumor as closely as possible. 
 The holy grail of radiation therapy, however,
is image guided therapy, referred to as IGRT, wherein real-time visualization and precise treatment of moving and changing tumors (resulting from moving and changing anatomy) is expected to enable greater radiation dosing and accuracy while
preserving healthy surrounding tissues. IGRT, however, is a nascent technology that is not yet widely recognized: real time imaging of a patient while dosing with radiation presents monumental engineering challenges. 

Those challenges include the gross incompatibility of LINACs and magnetic resonance imaging or MRI, as LINACs cannot function in the extreme
magnetic field of an MRI unit. The alternative to MRI—x-ray or CT scanning—while having no affect on LINAC functionality, is currently too slow to provide real-time visualization, and is itself a
source of radiation dosing over and beyond that of the radiation treatment. This additional dosing, particularly with the volume of imaging required for real-time, bathes the patient in an entirely unacceptable level of radiation. [***] 

LINACs, which are priced in the $2 million a unit range, are sold by Varian Medical Systems, Siemens, Elekta, TomoTherapy, and Nucletron. Varian
presently has the largest share of the market (primarily hospitals, clinics, private and governmental institutions, health care agencies and doctors’ offices) with 2003 radiation product sales of $732 million. Varian’s long-term
expectations for growth is 10% to 15% annually. 
 ViewRay 

ViewRay is a Florida corporation having offices at the Sun Center in downtown Gainesville. The company has three founding managers: Russ Donda, President and
CEO; Jim Dempsey, Ph.D., CSO; and Jim Carnall, Vice President of Operations. 
  
 [***]
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. 

 The company proposes to advance the Technology from its present conceptual state to U.S. market saturation with
an FDA approved device (the “Device”) that provides simultaneous radiation treatment and real-time tumor imaging. While the company’s early stage activities will center on R&D, its later efforts are expected to emphasize
marketing, service, and education; it anticipates securing an OEM manufacturer to produce the Device. The fundamental milestones of the commercialization plan, in order, are: 
  

					
	 (1) Complete business plan and STTR grant application
		 	4th Q 2004	  
	(2) Complete proof-of-concept		 	4th Q 2005	  
	(3) Secure design/mfg relationship with OEM manufacturer		 	2nd Q 2006	  
	(4) Potential need for VC round		 	2008	  
	(5) Complete working commercial prototype		 	2010	  
	(6) Hire industry CEO		 	2010	  
	(7) FDA 510k approval		 	2011	  
	(8) Market launch of first generation Device		 	2011	  
	(9) Market launch of second generation Device		 	2013	  

 The STTR program announcement NTH PA-04-063 is particularly applicable to the ViewRay project: to support the
development and clinical validation of systems for image-guided interventions (IGI) for cancer. Specifically, the goals of this program are to provide support for: 

1) The development and optimization of fully integrated cancer imaging, monitoring, and therapy systems; 

2) Validation of integrated IGI systems through clinical evaluations; 

3) The development of multiple prototype integrated IGI systems as required for multi-site clinical evaluations; 

4) Partnerships among small business, large business, and academic clinical centers, as well as small business joint ventures, in order to
reach the research goals. 
 Moreover, STTR funding is up to $150,000 for first year Phase I; a maximum of 3 years of support at budgets of up to
$1,000,000 total costs per year for Phase II research that includes clinical evaluation and, as such, would provide ViewRay with more than $3 million over 4 years. Although, as of this date, full details of development costs are
unknown, preceding discussions with engineers and others of technical and industry experience indicate capital requirements up to market launch at under $10 million. While an IPO is an option, at this time it appears to not be a necessity. 

In addition to support through the STTR and founding management funding (to pay for operating expenses not covered under the STTR), ViewRay is working to
secure strategic relationships to assist in the Technology’s development. [***] are underway for the [***] with a [***] A collaboration has been established with [***] Additionally, collaborations have been formed with [***] to assist with 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. 

 Although ViewRay will be working toward market saturation as its ultimate objective, it is possible that one or
more competitors may find the Device of interest and propose some form of merger or acquisition. Provided that the interested company has the wherewithal and desire to achieve market saturation and pay a fair value for the concern, ViewRay expects
to be amenable to discussions. 
 Management 
 Chief
Executive Officer, Russ Donda, has more than 20 years of experience in executive and entrepreneurial leadership roles. As one of the founding managers of Regeneration Technologies (RTIX) he helped author RTIX’s business plan and played a
supporting role in the company’s initial formation and funding, and ultimately in the RTIX IPO. He is well versed in strategic planning and strategic alliance structuring, business acquisitions and mergers, intellectual property development,
and has spearheaded the development of novel technologies with multiple market segments. He managed project teams and negotiated final contracts leading to the acquisition of two medical industry companies and established relationships for research
with a number of major research universities and hospitals. Mr. Donda is familiar with Federal grant funding and has previously advanced a foray into the NIST Advanced Technology program resulting in a successful award of $3,000,000 over three
years for a leading edge, biomedical technology. 
 Chief Scientific Officer, James Dempsey, Ph.D., is the inventor of the Technology. He is an
assistant professor in the Department of Radiation Oncology at the University of Florida. After obtaining his doctorate in nuclear chemistry at Washington University in St. Louis, he transitioned into the field of radiotherapy medical physics. He
performed postdoctoral research training in medical physics and graduated from an accredited radiotherapy clinical medical physics residency program at the Mallinckrodt Institute of Radiology at the Washington University School of Medicine before
joining the faculty at the University of Florida. Dr. Dempsey is a board certified therapeutic radiological physicist by the American Board of Radiology and holds an affiliate faculty title with the Department of Nuclear and Radiological
Engineering. He is a full member of the American Association of Physicists in Medicine, the American Society of Therapeutic Radiation Oncology, and the Institute for Operations Research and Management Science. Though early in his career,
Dr. Dempsey has already coauthored 57 peer-reviewed manuscripts, 86 published abstracts, and obtained over $1,400,000 dollars of research funding in government, state, and corporate research grants as a principal investigator.
Dr. Dempsey will apply his expertise in nuclear chemistry and physics, medical physics, and optimization science to guide the scientific and technical aspects of the development of the Technology. 

Vice President of Operations, Jim Carnall, obtained his BSEE in 1978 from Rochester Institute of Technology. Mr. Carnall enjoyed a 20 year career at
Eastman Kodak Company from 1978 to 1997. He was promoted to Vice President of Manufacturing for Kodak Health Imaging Systems (“KHIS”) in 1993 where he was responsible for the operations functions in both Rochester, NY and
Dallas, TX. KHIS developed and manufactured medical devices used in tele-radiology and computed radiography business. In 1997, Mr. Carnall joined the University of Florida Tissue Bank (UFTB) as Director of Operations. He was hired to
develop all functions associated with 
  
 [***] 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. 

 
the production and material management including; production processing, purchasing, inventory control, shipping and receiving, facility management, quality control and external manufacturing
operations. Mr. Carnall became the founding Director of Operations for Regeneration Technologies (RTIX) in 1998. During his tenure at UFTB, and through RTIX’s successful IPO in 2000, Mr. Carnall was instrumental in creating a nearly 16-fold increase in production output, resulting in product availability of over $100 million annually. 
 Current
Capitalization Table 
  

									
	 Shareholders:
	  	Cum. Shrs	 	  	%	 
	 Jim Dempsey
	  	 	450,000	  	  	 	34.6	% 
	 Russ Donda
	  	 	465,875	  	  	 	35.8	% 
	 Jim Carnall
	  	 	135,875	  	  	 	10.4	% 
		  				  	 	0.0	% 
	 University of Florida
	  	 	65,000	  	  	 	5.0	% 
	 Incentive Stock Plan
	  	 	185,000	  	  	 	14.2	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTALS (Fully diluted)
		 	1,301,750	  		 	—  	  
		  	  
	  
	 	  	  
	  
	 

 Medical Advisory Board 

ViewRay’s Medical Advisory Board is in the formative stages. The company anticipates a Board comprised of both clinicians and scientists. 

Board of Directors 
 ViewRay is presently formalizing a
three person board. 
  
 [***] 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. 

 Appendix B 

Development Report 
 When
appropriate, indicate estimated start date and finish date for activities. 
  

	I.	Date Development Plan Initiated and Time Period Covered by this Report. 

  

	II.	Development Report (4-8 paragraphs). 

  

	 	A.	Activities completed since last report including the object and parameters of the development, when initiated, when completed and the results. 

 

	 	B.	Activities currently under investigation, i.e., ongoing activities including object and parameters of such 

  

	III.	Future Development Activities (4-8 paragraphs). 

  

	 	A.	Activities to be undertaken before next report including, but not limited to, the type and object of any studies conducted and their projected starting and completion dates. 

 

	 	B.	Estimated total development time remaining before a product will be commercialized. 

  

	IV.	Changes to Initial Development Plan (2-4 paragraphs). 

  

	 	A.	Reasons for change. 

  

	 	B.	Variables that may cause additional changes. 

  

	V.	Items to be Provided if Applicable: 

  

	 	A.	Information relating to Licensed Products that has become publicly available, e.g., published articles, competing products, patents, etc. 

 

	 	B.	Development work being performed by third parties, other than Licensee, to include name of third party, 

  

	 	C.	Update of competitive information trends in industry, government compliance (if applicable) and market plan. 

  

	 	D.	Information and copies of relevant materials evidencing the status of any patent applications or other protection relating to Licensed Products or the Licensed Patents. 

PLEASE SEND DEVELOPMENT REPORTS TO: 

University of Florida Research Foundation, Inc. 

Attn: Director 
 308 Walker Hall

 P.O. Box 115500 

Gainesville, FL 32611-5500 

Facsimile: [***] 
  

[***] 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. 

 Appendix C 

UFRF Royalty Report 
  

			
	
Licensee:                      
                                    
	  	Agreement
No.:                                       
       
		
	
Inventor:                      
                                    
	  	P#:
P                                         
                       
		
	 Period Covered:            
From:       /   /2    
	  	Through:       /   /2    
		
	 Prepared By
                                        
          
	  	Date:                                   
                             
		
	 Approved
By:                                        
          
	  	Date:                                   
                             

If license covers several major product lines, please prepare a separate report 

for each line. Then combine all product lines into a summary report. 
  

							
			
	 Report Type:
	  	 ̈	  	Single Product Line
Report:                                       
                       
			
		  	 ̈	  	Multiproduct Summary Report. Page 1 of              Pages
			
		  	 ̈	  	Product Line Detail. Line:              Tradename:              Page:
          
			
	 Report Currency:
	  	 ̈	  	U. S. Dollars          ̈
Other                                        
                           

  

															
	Country	  	 Unit

Sales
	  	 Gross

$$ Sales
	  	* Less:
Allowances	  	 Net

$$ Sales
	  	 Royalty

Rate
	  	Period Royalty Amount
	  	  	  	  	  	  	This Year	  	Last Year
	 U.S.A.
	  		  		  		  		  		  		  	
								
	 Canada
	  		  		  		  		  		  		  	
								
	 Europe:
	  		  		  		  		  		  		  	
								
	 Japan
	  		  		  		  		  		  		  	
								
	 Other:
	  		  		  		  		  		  		  	
								
	 TOTAL:
	  		  		  		  		  		  		  	

  

	
	 Total Royalty:                  
Conversion Rate:                   Royalty in U.S. Dollars:
$                

 The following royalty forecast is non-binding and for UFRF’s internal planning purposes only: 

 

	
	 Royalty Forecast Under This Agreement: Next Quarter:             Q2:
             Q3:              Q4:
            

 * On a separate page, please indicate the reasons for returns or other adjustments if significant. 

Also note any unusual occurrences that affected royalty amounts during this period. To assist 

UFRF’s forecasting, please comment on any significant expected trends in sales volume. 

 
 [***] 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. 

 [***] 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. 
 * On a separate page, please indicate the
reasons for returns or other adjustments if significant. 
 Also note any unusual occurrences that affected royalty amounts during this
period. 
 To assist UFRF’s forecasting, please comment on any significant expected trends in sales volume. 

Appendix D 

Equity Agreement 

TABLE OF CONTENTS 
  

			
	Section 1		Definitions
	Section 2		Issuance of Shares to UFRF; Closing Deliveries
	Section 3		Representations and Warranties
	Section 4		Miscellaneous Covenants
	Section 5		Termination
	Section 6		Assignability
	Section 7		Miscellaneous
	Section 8		Notices
	Section 9		Integration
		
	Exhibit A		Definitions In Equity Agreement
	Exhibit B		Articles of Incorporation and Bylaws
	Exhibit C		Stock Restrictions
	Exhibit D		Financial Statements
	Exhibit E		List of Stockholders and Optionholders
	Exhibit F		Form of Opinion

 THIS EQUITY AGREEMENT (the “Equity Agreement”) is made effective the 15th day of December, 2004 by
and between the University of Florida Research Foundation, Inc. (hereinafter called “UFRF”), a nonstock, nonprofit Florida corporation, and ViewRay, Inc. (hereinafter called “Licensee”, a corporation organized and existing under
the laws of the State of Florida. 
 WHEREAS, UFRF and Licensee have entered into certain License Agreements with respect to certain
inventions owned by UFRF or in which UFRF has a joint, undivided interest; 
 WHEREAS, as an accommodation to Licensee, UFRF is willing to
accept shares of common stock of Licensee (the “UFRF Shares”) in lieu of charging Licensee certain fees under the License Agreements. 

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

 

	Section 1	Definitions 

 For the purpose of this Equity Agreement, the Exhibit A definitions
shall apply. Capitalized terms used and not otherwise defined herein shall have the meanings assigned thereto in the License Agreements. 
  

	
	 /s/ DD

	Initials

	Section 2	Issuance of Shares to UFRF; Closing Deliveries 

  

	 	2.1	Issuance of Shares 

 On the Effective Date of the License Agreement, Licensee shall
issue to UFRF 65,000 Shares, (the “UFRF Shares”) being equal to five percent (5%) of the total number of issued and outstanding Shares of Licensee on the Effective Date which is inclusive of Shares set aside in the Stock Plan approved
by the Board and as set forth in Attachment 4.2, the “Capitalization Table” and calculated on a fully diluted basis. Licensee shall deliver, or cause to be delivered, to UFRF a stock certificate, duly signed by appropriate officers of
Licensee and issued in UFRF’s name, representing all of the Shares required to be issued to UFRF. If at any time after the Effective Date of the License Agreement and before the Threshold Investment Licensee receives cash, cash equivalents, or
other consideration in exchange for the issuance of (i) Licensee’s equity securities and/or (ii) debt securities that are convertible into or exercisable or exchangeable for Licensee’s equity securities, Licensee issues any
(a) shares of common stock or (b) securities that are convertible into or exercisable or exchangeable for shares of Licensee’s common stock, then in such event, Licensee shall issue additional shares of common stock to UFRF such that
immediately after such issuance to UFRF the total number of UF Shares issued to UFRF under this Section constitutes five percent (5%) of the total number of issued and outstanding shares of Licensee calculated on a fully diluted basis. 

 

	 	2.1.1	All UFRF Shares shall be fully-paid and non-assessable upon their issuance to UFRF. UFRF’s execution of this Equity Agreement and the License Agreements shall be deemed full consideration for the issuance of the
UFRF Shares, and no additional consideration for such UFRF Shares shall be due from UFRF. No Shares shall be subject to any restrictions on their transfer other than the restrictions specified in this Equity Agreement. 

 

	 	2.1.2	If UFRF owns 1% or less of the outstanding shares of common stock of Licensee, or will own 1% or less as a result of an initial public offering by Licensee, the UFRF Shares will not be subject to any lock-up requirement
or other restriction on selling such Shares, other than as required by law, in connection with the initial public offering or any public offering by Licensee thereafter. 

  

	
	 /s/ DD

	Initials

 [***] 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. 

	 	2.2	Closing Deliveries  

 On the Effective Date, in addition to the certificates evidencing
the UFRF Shares, Licensee shall deliver to UFRF the following: 
  

	 	2.2.1	a certificate from Licensee, dated as of the Effective Date and signed by the Secretary or an Assistant Secretary of Licensee, certifying that the attached copies of the Certificate of Incorporation, Bylaws of Licensee,
and resolutions of the Board of Directors of Licensee approving the License Agreements, this Equity Agreement and the transactions contemplated thereby, are all true, complete and correct and that such resolutions remain unamended and in full force
and effect. 

  

	 	2.2.2	A letter signed by the Chief Executive Officer of Licensee dated as of the Effective Date and substantially in the form of Exhibit F hereto. 

 

	Section 3	Representations and Warranties 

  

	 	3.1	Representations and Warranties by Licensee  

 Licensee represents and warrants to UFRF
that: 
  

	 	3.1.1	Licensee is a duly organized and validly existing corporation under the laws of the State of Florida with adequate power and authority to conduct the business in which it is now engaged or currently proposed to be
engaged, and Licensee is duly qualified to do business as a foreign corporation and is in good standing in such other states or jurisdictions as is necessary to enable it to carry on its business or own its properties. 

 

	 	3.1.2	There are no actions, suits, or proceedings pending or threatened against or affecting Licensee, its officers or directors in their capacity as such, its properties, or its patents in any court or before any
governmental or administrative agency, which can have any material adverse effect on the business as now conducted or as currently proposed to be conducted, on the properties, the financial condition, or income of Licensee, or the transactions
contemplated by this Equity Agreement or the License Agreements and Licensee is not in default under any order or judgment of any court or governmental or administrative agency. 

 

	 	3.1.3	Licensee is not a party to any agreement or instrument, or subject to any charter, bylaw, or other corporate restrictions materially adversely affecting its business and operations, present or prospective, or its
property, assets, or condition, financial or otherwise. 

  

	 	3.1.4	Licensee is not in default or breach in the performance, observance, or fulfillment of any of the obligations, covenants, or conditions contained in any bond, debenture, note, or other evidence of indebtedness or any
contract or other agreement of Licensee. 

  

	
	 /s/ DD

	Initials

 [***] 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. 

	 	3.1.5	This Equity Agreement has been duly authorized, executed, and delivered on behalf of Licensee and constitutes the valid and binding agreement of Licensee, enforceable in accordance with its terms, and Licensee has full
power and lawful authority to issue, sell, and repurchase the UFRF Shares on the terms and conditions herein set forth. 

  

	 	3.1.6	Consummation of the transactions contemplated by this Equity Agreement in compliance with provisions of this Equity Agreement will not result in any breach of any of the terms, conditions, or provisions of, or
constitute a default under, or result in the creation of any lien, charge, or encumbrance on, any property or assets of Licensee pursuant to any indenture, mortgage, deed of trust, agreement, corporate charter, bylaws, contract, or other instrument
to which Licensee is a party or by which Licensee may be bound or any law, rule, regulation, qualification, license, order or judgment applicable to Licensee or any of its property. 

 

	 	3.1.7	Licensee is in compliance with all federal, state and local environmental laws and there are no conditions currently existing or contemplated which are likely to subject Licensee to damages, penalties, injunctive
relief, removal costs, remedial costs or cleanup costs under any such laws or assertions thereof. 

  

	 	3.1.8	Attached hereto as Exhibit B and hereby made a part hereof are the Articles of Incorporation (including any amendments thereto) and Bylaws (including any amendments thereto) of Licensee in effect on the date hereof.
Pursuant to its Articles of Incorporation, Licensee is authorized to issue 10,000,000 shares, of which 1,116,750 Shares (including UFRF Shares) are issued and outstanding. All issued and outstanding shares are, and the UFRF Shares will be, validly
issued, fully paid and nonassessable, and are not subject to any preemptive rights. There are no other authorized or outstanding Equity Securities of any class, kind, or character, and there are no outstanding subscriptions, options, warrants, or
other agreements, or commitments obligating Licensee to issue any additional shares of its capital stock of any class, or any options or rights with respect thereto, or any securities convertible into any shares of stock of any class. No person has
any preemptive rights, rights of first refusal, “tag along” rights, rights of co-sale or any similar rights with respect to the issuance of the UFRF Shares contemplated hereby. 

 

	 	3.1.9	Attached hereto as Exhibit C and hereby made a part hereof is a list of all restrictions on the transfer of any shares or other securities of Licensee and all agreements between any shareholders or convertible debt
holders of Licensee regarding the valuation, voting or transfer of any shares or other securities of Licensee. 

  

	
	 /s/ DD

	Initials

 [***] 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. 

	 	3.1.10	Attached hereto as Exhibit D and hereby made a part hereof are the unaudited Financial Statements of Licensee. These financial statements are true and complete and are in accordance with the books and records of
Licensee. As of the date of the most recent financial statements provided to UFRF under this Equity Agreement, Licensee has no material liabilities, absolute or contingent, that are not reflected in such financial statements except obligations
incurred in the ordinary course of business and the License Agreements. 

  

	 	3.1.11	Since the date of the most recent financial statements provided to UFRF under this Equity Agreement, there has been no: (a) material adverse change in the condition, financial or otherwise, of Licensee other than
changes in the ordinary course of business; (b) damage or loss, whether or not covered by insurance, materially and adversely affecting Licensee’s properties or business taken as a whole; and (c) declaration or setting aside, or
payment of any dividend or other distribution in respect of the stock of Licensee or any direct or indirect redemption, purchase or other acquisition of such shares. 

 

	 	3.1.12	Licensee has timely filed all tax returns and reports required to be filed by it. Licensee has timely paid all taxes, interest and penalties required to be paid pursuant to said returns or otherwise required to be paid
by it. 

  

	 	3.1.13	Attached hereto as Exhibit E is a true and complete record of (i) issued and outstanding shares as of the Effective Date and the holders thereof, and (ii) shares issuable under options, warrants or other
convertible equity or debt instruments outstanding as of the Effective Date, whether vested or non-vested, restricted or unrestricted, and the holders thereof. 

  

	 	3.2	Representations and Warranties by UFRF 

 UFRF represents and warrants to Licensee that:

  

	 	3.2.1	UFRF is acquiring the UFRF Shares for investment for its own account and not with a view to resale or distribution within the meaning of the Securities Act, and UFRF does not intend to divide its participation with
other or to resell or otherwise dispose of all or any part of the UFRF Shares without registration under the Securities Act, except to Licensee or unless and until it determines at some future date that changed circumstances, not now in its
contemplation, make such disposition advisable. 

  

	 	3.2.2	 This Equity Agreement has been duly authorized, executed, and delivered on behalf of UFRF and constitutes the valid and binding agreement of

  

	
	 /s/ DD

	Initials

 [***] 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. 

	 	
UFRF, enforceable in accordance with its terms, and UFRF has full power and lawful authority to acquire the UFRF Shares on the terms and conditions herein set forth. 

 

	 	3.2.3	UFRF understands that its investments in the UFRF Shares involves a high degree of risk. 

  

	 	3.2.4	UFRF has had the opportunity to request information from and ask questions of the Licensee’s officers, employees and agents concerning Licensee, its assets, business and operations and the opportunity to receive
information and answers to such requests and questions. 

  

	 	3.3	Survival and Timing of Warranties 

 The warranties and representation made in this
Section 3 shall survive the closing of any issuance of UFRF Shares to UFRF. The warranties and representations made in this Section 3 shall be true and correct as of the date of this Equity Agreement and as of the date the UFRF Shares are
issued to UFRF. 
  

	Section 4	Miscellaneous Covenants 

  

	 	4.1	Financial Statements and Other Information  

 As long as UFRF owns any Equity
Securities, Licensee shall promptly provide to UFRF such amendments to or restatements of its Articles of Incorporation or Bylaws, stock transfer restrictions and agreements among shareholders with respect to the valuation, transfer or voting of
shares and amendments thereto as may be effected from time to time, and such other information as UFRF may reasonably request. UFRF shall have the right to inspect Licensee’s Financial Statements and UFRF’s representatives may visit and
inspect any of the properties, books and information of Licensee, all upon reasonable notice and frequency, during business hours and in a manner not disruptive to the business of the Licensee. 

 

	 	4.2	Issuance of Shares/Options to Affiliates/Founders 

 Licensee shall not issue any Equity
Securities (including shares) to any of the shareholders of Licensee listed on Exhibit A attached hereto (the “Founders”), Affiliate thereof or Affiliate of Licensee for less than the fair market value of that security except pursuant to a
Stock Option Plan or other long term stock incentive plan adopted by Licensee’s Shareholders or Board of Directors. Licensee shall have the burden of proving that the consideration to be paid for any such Equity Securities equals the fair
market value of such Equity Securities issued. 

  

	
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Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	4.3	Rule 144 Reporting 

 With a view to making available to UFRF the benefits of certain
rules and regulations of the Commission which may permit UFRF to sell securities of Licensee to the public without registration, Licensee agrees to: 
  

	 	4.3.1	Make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times following the effective date of the first registration under the Securities Act
filed by Licensee for an offering of its securities to the general public; 

  

	 	4.3.2	Use its best efforts to file with the Commission in a timely manner all reports and other documents required of Licensee under the Securities Act and the Exchange Act at any time following registration of any of its
securities under the Securities Act or Exchange Act; and 

  

	 	4.3.3	So long as UFRF owns any UFRF Shares, furnish to UFRF forthwith upon request a written statement by Licensee as to its compliance with the reporting requirements of Rule 144 (at any time following the effective date of
the first registration statement filed by Licensee for an offering of its securities to the general public), and of the Securities Act and the Exchange Act following registration of any of its securities under the Securities Act or Exchange Act, a
copy of the most recent annual or quarterly report of Licensee, and such other reports and documents so filed as UFRF may reasonably request in availing itself of any rule or regulation of the Commission allowing UFRF to sell any such securities
without registration. 

  

	 	4.4	Piggyback Registration Rights 

 UFRF shall be granted the same incidental or piggyback
registration rights that are granted to the investor(s) who cause the Threshold Investment to occur and shall be made a party to the registration rights agreement(s) with such investor(s). 

 

	 	4.5	Transfer or Assignment of Registration Rights 

 The rights to cause Licensee to register
the securities granted to UFRF hereunder may be transferred or assigned by UFRF to a transferee or assignee of any of the UF Shares; provided, however, that such transfer or assignment of UFRF Shares (a) may otherwise be effected
in accordance with applicable securities laws, Licensee’s Articles Incorporation, and this Agreement and (b) Licensee is given written notice by UFRF at the time of or within a reasonable time after said transfer, stating the name and
address of said transferee or assignee and identifying the securities with respect to which such registration rights are being assigned. Subject to the foregoing provision this Agreement Shall be binding upon, and inure to the benefit of, the
parties hereto and their respective successors 

  

	
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 [***] 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. 

 
and assigns; provided however, that the registration rights granted in this Agreement shall not be transferred to persons who received the UFRF Shares pursuant to a registration statement
filed under the Securities Act or pursuant to a transaction under Rule 144or any successor provision thereto. 
  

	Section 5	Termination 

  

	 	5.1	Unless terminated sooner by either party as provided below, this Equity Agreement shall terminate on the date that UFRF, after having been issued UFRF Shares hereunder, no longer owns any Equity Securities. If this
Equity Agreement terminates automatically as provided in this Section 5.1, the License Agreements shall remain in effect according to the terms specified therein. 

 

	 	5.2	If Licensee at any time fails to timely issue UFRF Shares to UFRF on a timely basis, or otherwise commits a material breach of this Equity Agreement, or if any of the representations or warranties made by Licensee are
untrue in any material respect as of any date on which they are required to be true and correct, and Licensee fails to remedy any such breach or default within thirty (30) days after written notice thereof by UFRF, UFRF may, at its option,
terminate either or both this Equity Agreement, the License Agreement. 

  

	Section 6	Assignability 

 Except as set forth in Section 4.1, neither party may assign
its rights or obligations under this Equity Agreement, except that Licensee may assign this Equity Agreement 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 successor assumes all of the Licensee’s obligations hereunder. 
  

	Section 7	Right of First Refusal 

  

	 	7.1	UFRF Must Offer the UFRF Shares to the Licensee. If at any time UFRF desires to transfer any of the UFRF Shares to a third party (the “Proposed Transferee”) pursuant to a bona fide offer from the
Proposed Transferee to purchase the UFRF Shares, UFRF shall first submit a written offer (the “Offer”) to Licensee offering to transfer the UFRF Shares to Licensee on the same terms and conditions, including the purchase price per Share,
as those on which UFRF proposes to transfer the UFRF Shares the Proposed Transfer. 

  

	 	7.2	The Offer. The Offer shall disclose (a) the name and address of the Proposed Transferee (b) the number of UFRF Shares proposed to be transferred to be to the Proposed Transferee (collectively, the
“Offered Shares”), (c) the terms and conditions of the Offer, including the purchase price per Offered Share, and (d) any other material facts, terms or conditions related to the Offer. 

  

	
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	 	7.3	Licensees Right to Accept the Offer. Licensee may accept the Offer to purchase from UFRF any or all of the Offered Shares by giving UFRF written notice of such acceptance within [***] after the date that the
Offer is delivered to Licensee (the “Offer Date”). 

  

	 	7.4	Acceptance of the Offer Must Be for All Offered Shares. Licensee must elect to purchase all of the Offered Shares, or else UFRF may, subject to the terms and conditions of this Agreement, transfer all of the
Offered Shares to the Proposed Transferee. 

  

	 	7.5	Obligation to Purchase and Closing. If Licensee elects to purchase all of the Offered Shares, then UFRF shall sell and Licensee shall purchase the Offered Shares for the purchase price per Offered Share and upon
the terms and conditions set forth in the Offer, provided that the closing of such transfer shall take place not more than [***], after the Offer Date. 

  

	 	7.6	Rights to Sell to Proposed Transferee. If Licensee does not elect to purchase all of the Offered Shares, then all of the rights of first refusal of Licensee related to the Offer shall be deemed expired and,
subject to the terms and conditions of this Agreement, all of the Offered Shares may be transferred by UFRF to the Proposed Transferee at any time within [***] after the Offer Date, at the same purchase price per Offered Share and upon the same
terms and conditions, if any, specified in the Offer. If the Offered Shares are not transferred to the Proposed Transferee within [***] after the Offer Date, the Offered Shares shall again be subject to the restrictions set forth in this Agreement.

  

	Section 8	Drag-Along Rights 

  

	 	8.1	Notwithstanding anything contained in this Agreement to the contrary, if at any time any shareholder of Licensee or group of shareholders owning a majority or more of the voting capital stock of Licensee (hereinafter,
collectively the ‘Transferring Shareholders”) proposes to enter into any transaction involving (a) a sale of more than fifty percent (50%) of the outstanding voting capital stock of Licensee in a non-public sale or (b) any
merger, share exchange, consolidation or other reorganization or business combination of Licensee immediately after which a majority of the directors of the surviving entity is not comprised of persons who were directors of Licensee immediately
prior to such transaction or after which persons who hold a majority of the voting capital stock of the surviving entity are not persons who held voting capital stock of Licensee immediately prior to such transaction (a “Change-in-Control
Transaction”), Licensee may require UFRF to participate in such Change-in-Control Transaction with respect to all or such number of the Shareholder’s Shares as Licensee may specify in its discretion by giving UFRF written notice
thereof at least ten (10) days in advance of the date of the transaction or the date that tender is required as the case may be. 

  

	
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	 	8.2	Upon receipt of such notice UFRF shall tender the specified number of UFRF Shares, if any, at the same price applicable to the Transferring Shareholders in the transaction. In each case, tender shall be made upon the
same terms and conditions applicable to the Transferring Shareholders in the transaction or, in the discretion of the acquirer of successor to Licensee, upon payment of the purchase price to the Shareholder in immediately available funds

  

	Section 9	Tag-Along Rights 

  

	 	9.1	If, at any time prior to an initial public offering, any of the shareholders set forth on Exhibit E (the “Disposing Shareholders”) propose to sell, within a two year period and in any one or more private
transactions, capital stock of Licensee which, in the aggregate represents more than fifty percent (50%) of the outstanding capital stock of Licensee on a fully-diluted basis to anyone or more third parties (a “Third Party”), then
UFRF shall have the right to participate (a “Tag-Along Right”) in such sale with respect to the Share, on a pro rata basis for the same consideration per share and otherwise on the same terms as the Disposing Shareholders. If circumstances
occur which give rise to the Tag-Along Right, then the Disposing Shareholders shall give written notice to UFRF, providing the particulars of the proposed sale to the Third Party and advising UFRF of its Tag-Along Rights. UFRF may exercise its
Tag-Along Right by written notice to the Licensee and the Disposing Shareholders within twenty-five (25) days of the date of mailing of the Disposing Shareholders’ notice stating the number of UFRF Shares that UFRF wishes to sell, up to
the maximum permitted herein. If UFRF gives written notice indicating that it wishes to sell, UFRF shall be obligated to sell such number of UFRF Shares specified in its written notice upon the same terms and conditions as the Disposing Shareholders
are selling to the Third Party and shall not be subject to the requirements of Section 7 herein. For purposes of this Section 9, “pro rata” means the percentage derived by dividing the aggregate UFRF Shares then owned by UFRF by
the aggregate Shares then owned by UFRF and the Disposing Shareholders. 

  

	 	9.2	Upon receipt of such notice, Licensee shall tender the specified number of Shares, if any, at the same price applicable to the Transferring Shareholders in the transaction. In each case, tender shall be made upon the
same terms and conditions applicable to the Transferring Shareholders in the transaction or, in the discretion of the acquirer or successor to Licensee, upon payment of the purchase price to the Shareholder in immediately available funds.

  

	Section 10	Miscellaneous 

 This Equity Agreement shall be construed exclusively in
accordance with the internal laws of the State of Florida. 

  

	
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	Section 11	Notices 

 Any notice required to be given pursuant to the provisions of this
Equity Agreement shall be in writing and shall be deemed to have been given at the earlier of the time when actually received as a consequence of any effective method of delivery, including but not limited to hand delivery, transmission by
telecopier, or delivery by a professional courier service or the time when sent by certified or registered mail addressed to the party for whom intended at the address below or at such changed address as the party shall have specified by written
notice, provided that any notice of change of address shall be effective only upon actual receipt: 
 to UFRF: 

University of Florida Research Foundation, Inc. 

219 Grinter Hall 
 PO Box 115500

 Gainesville, Florida 32611-5500 

Attention: President 
 with a
copy to: 
 Office of Technology Licensing 

University of Florida 
 3rd
Floor Walker Hall 
 PO Box 115500 

Gainesville, Florida 32611-5500 

Attention: Director 
 to
Licensee: 
 with a copy to: 

Chief Executive Officer 

ViewRay, Inc. 
 201 SE 2nd
Place, Suite 201D 
 Gainesville FL 32601 
  

	Section 12	Integration 

 This Equity Agreement constitutes the full understanding between the parties with
reference to the subject matter hereof, and no statements or agreements by or between the parties, whether orally or in writing, except as provided for elsewhere in this 0, made prior to or at the signing with respect to the subject matter hereof,
shall vary or modify the written terms of this Equity Agreement. Neither party shall claim any amendment, modification, or release from any provisions of this Equity Agreement by mutual agreement, acknowledgment or otherwise, unless such mutual
agreement is in writing, signed by the other party, and specifically states that it is an amendment to this Equity Agreement. 

  

	
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Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Equity Agreement on the dates indicated below.

  

					
	UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.
		
	 /s/ David L. Day
		Date: 12/15, 2004
	David L. Day
	Director, Office of Technology Transfer

  

					
	LICENSEE
			
	By:		 /s/ Russell Donda
		Date: Dec. 3, 2004

					
	Name and Office: Russell Donda

  

			
	Reviewed by UFRF’s Attorney:		
		
	  
		
	(name typed)		

			
	(Attorney shall not be deemed a signatory to this Equity Agreement.)

  

	
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Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Exhibit A 

Definitions In Equity Agreement 
  

	 	(1)	“Shares” shall mean shares of Licensee’s common stock, $         par value per share. 

 

	 	(2)	“License Agreements” shall mean the          license agreements entered into between UFRF and Licensee of even date herewith pertaining to each Licensed Patent Group, as
such term is defined in each License Agreement. 

 “Affiliate” shall mean (a) any person or entity which controls at least
fifty (50%) percent of the equity or voting stock of the Licensee or (b) any person or entity fifty (50%) of whose equity or voting stock is owned or controlled by the Licensee or (c) any person or entity of which at least fifty
(50%) of the equity or voting stock is owned or controlled by the same person or entity owning or controlling at least fifty (50%) percent of Licensee. 
  

	 	(3)	“Financial Statements” shall mean a balance sheet, and the related statements of earnings, stockholders’ equity and cash flow as of the end of the last fiscal year that has been completed when the
statements are to be provided to UFRF Financial Statements shall be true and complete and prepared in accordance with the books and records of Licensee and with generally accepted accounting principles. 

 

	 	(4)	“Equity Securities” shall mean the Shares, any other capital stock of Licensee (including preferred shares), and any securities of Licensee that are convertible into capital stock of Licensee or that carry a
right to subscribe to or acquire capital stock of Licensee. 

  

	 	(5)	“Register,” “Registered,” and “Registration” shall refer to a registration effected by preparing a filing a Registration Statement in compliance with the Securities Act, and the declaration
or ordering of the effectiveness of such Registration Statement. 

  

	 	(6)	“ 

  

	 	(7)	“Securities Act” shall mean the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the Securities and Exchange Commission issued under such act, as they each
may, from time to time, be in effect. 

  

	 	(8)	“Commission” shall mean the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 

 

	 	(9)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

  

	
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	 	(10)	“Threshold Investment” shall mean the investment received by the Licensee, in the form of cash, cash equivalents or other consideration in exchange for the issuance of (i) Licensee’s equity
securities and/or (ii) debt securities that are convertible into or exercisable or exchangeable for Licensee’s equity securities, that causes the total invested in the Licensee since the Effective Date of the License Agreement to exceed
one million dollars ($1,000,000). 

  

	
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Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Exhibit B 

Articles of Incorporation and Bylaws 

  

	
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Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Exhibit C 

Stock Restrictions 
  

	(1)	Restrictive Legend. 

 Each certificate representing (i) the Shares and (ii) any other
securities issued in respect of the Shares upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the provisions of Section (2) below) be stamped or otherwise
imprinted with a legend in substantially the following form (in addition to any legend required under applicable state securities laws). 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS.

 Each holder consents to Licensee’s making a notation on its records and giving instructions to any transfer agent of the Shares in
order to implement the restrictions on transfer established in this Section (1). Such legend shall be removed by Licensee from any certificate at such time as the holder of the Shares represented by the certificate satisfies the requirements of Rule
144(k) under the Securities Act, provided that Rule 144(k) as then in effect does not differ substantially from Rule 144(k) as in effect as of the date of this Equity Agreement and other applicable regulations do not then require such legend to be
included on the Shares, and provided further that Licensee has received from the holder a written representation that (i) such holder is not an affiliate of Licensee and has not been an affiliate during the preceding three months,
(ii) such holder has beneficially owned the Shares represented by the certificate for a period of at least two years, (iii) such holder otherwise satisfies the requirements of Rule 144(k) as then in effect with respect to such Shares, and
(iv) such holder will submit the certificate for any such Shares to Licensee for reapplication of the legend at such time as the holder becomes an affiliate of Licensee or otherwise ceases to satisfy the requirements of Rule 144(k) as then in
effect. 
  

	(2)	Notice of Proposed Transfers. 

 The holder of each certificate representing Shares by acceptance
thereof agrees to comply in all respects with the provisions of this Section (2). Prior to any proposed sale, 

  

	
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assignment, transfer or pledge of Shares, unless there is in effect a registration statement under the Securities Act covering the proposed transfer, the holder thereof shall give written notice
to the Licensee of such holder’s intention to effect such transfer, sale, assignment or pledge in sufficient detail, and shall be accompanied at such holder’s expense by a written opinion of legal counsel who shall, and whose legal opinion
shall, be reasonably satisfactory to the Licensee addressed to the Licensee, to the effect that the proposed transfer of the Shares may be effected without registration under the Securities Act. Each certificate evidencing the Shares transferred as
above provided shall bear, except if such transfer is made pursuant to Rule 144, the appropriate restrictive legend set forth in Section (1) above, except that such certificate shall not bear such restrictive legend if in the opinion of counsel
for such holder and Licensee such legend is not required in order to establish compliance with any provisions of the Securities Act. Prior to any transfer of the Shares in accordance with this Section (2), such transferee shall execute and deliver a
form of agreement reasonably acceptable to the Licensee wherein the transferee agrees to be bound by the provisions of this Exhibit C. 
  

	(3)	“Market Stand-Off” Agreement. 

 Each holder hereby agrees that during a period, not to
exceed 180 days, following the effective date of the initial, effective registration statement of Licensee filed under the Securities Act, it shall not, to the extent requested by Licensee and any underwriter, sell, pledge, transfer, make any short
sale of, loan, grant any option for the purchase of, or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any common stock of License held by it at any time during such period except common stock included in
such registration; provided, however, that all other stockholders with registration rights and all officers and directors of Licensee enter into similar agreements on substantially similar terms. If requested by any underwriter, each holder shall
execute and deliver to such underwriters an agreement in form reasonably acceptable to such underwriter evidencing the obligation described in this Section (3). 

In order to enforce the foregoing covenant, Licensee may impose stop-transfer instructions with respect to the Shares of each holder (and the
shares or securities of every other person subject to the foregoing restriction) until the end of such period. 
  

	(4)	Transfer to Competitor. 

 No holder shall transfer any Shares to a competitor of Licensee, as
determined by the Board of Directors of Licensee in good faith. This provision shall terminate after the closing of the sale of Equity Securities of Licensee registers pursuant to a registration statement filed under the Securities Act. 

  

	
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 [***] 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. 

 Exhibit D 

Financial Statements 

  

	
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Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Exhibit E 

List of Stockholders and Optionholders 

Current Capitalization Table 
  

									
	 Shareholders:
	  	Cum. Shrs	 	  	%	 
			
	 Jim Dempsey
	  	 	450,000	  	  	 	34.6	% 
			
	 Russ Donda
	  	 	465,875	  	  	 	35.8	% 
			
	 Jim Carnall
	  	 	135,875	  	  	 	10.4	% 
			
		  				  	 	0.0	% 
			
	 University of Florida
	  	 	65,000	  	  	 	5.0	% 
			
	 Incentive Stock Plan
	  	 	185,000	  	  	 	14.2	% 
		  	  
	  
	 	  	  
	  
	 
			
	 TOTALS (Fully diluted)
		 	1,301,750	  		 	—  	  
		  	  
	  
	 	  	  
	  
	 

  

	
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 [***] 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. 

 Exhibit F 

Form of Opinion 

  

	
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 [***] 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. 

 

 
 December 3, 2004 

University of Florida Research Foundation, Inc. 
 219 Grinter
hall 
 PO Box 115500 
 Gainesville FL 32611-5500 

Ladies and Gentlemen: 
 I am the Chief Executive Officer of
ViewRay, Inc. This letter is delivered pursuant to Section 2.2.2 of the Equity Agreement in connection with License Agreement to be executed by and between the University of Florida Research Foundation, Inc. and ViewRay, Inc. (the Agreements).
Except as otherwise set forth herein, all terms used in this letter shall have the meanings assigned to them in the Agreements. 
 As of the date of this
letter: 
  

	 	1)	ViewRay has no subsidiaries; 

  

	 	2)	ViewRay has all requisite corporate power and authority to 

  

	 	a.	Execute and deliver the Agreement; 

  

	 	b.	Sell and issue the UFRF Shares; and 

  

	 	c.	Perform its obligations under the terms of the Agreement. 

  

	 	3)	Except as described in the Agreements 

  

	 	a.	There are no outstanding debt securities issued by ViewRay; 

  

	 	b.	ViewRay is not subject to any contract. Commitment, understanding or arrangement to redeem, repurchase or otherwise acquire or retire any shares of their capital stock, and there are no securities of ViewRay that
contain any redemption or similar provisions; 

  

	 	c.	ViewRay is not a party to any agreement or arrangement obligating them to register the sale of its securities under the Securities Act of 1933 as amended (the “33 Act”); 

 

	 	d.	There are no securities or instruments containing anti-dilution or similar provsions that will be triggered by the issuance of the UFRF Shares; and 

 

	 	12.1.2	ViewRay does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement. 

 

	 	1)	Except as have been obtained or effected as of the date of this letter, ViewRay is not required to obtain any consent, authorization or order of, or make any filing or registration with any court or governmental agency,
or any regulatory or self-regulatory agency, in order for it to execute, deliver or perform any of its obligations under or contemplated by the Agreements in accordance with the terms thereof. 

 
 [***] 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. 

	
	/s/ Russell Donda
	
	 Russell S. Donda
 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. 

 ARTICLES OF AMENDMENT TO ARTICLES OF 

INCORPORATION OF VIEWRAY INCORPORATED. 

VIEWRAY INCORPORATED, a Florida corporation (the “Corporation”), hereby certifies as follows: 

1. The Articles of Incorporation of the Corporation are hereby amended by deleting the present form of Article IV in its entirety and by
substituting, in lieu thereof, the following: 
 ARTICLE IV 

STOCK 
 IV.
Stock. The aggregate number of shares of stock authorized to be issued by this corporation shall be 10,000,000 shares of common stock, no par value. Each share of issued and outstanding common stock shall entitle the holder thereof to fully
participate in all shareholder meetings, to cast one vote on each matter with respect to which shareholders have the right to vote, and to share ratably in all dividends and other distributions declared and paid with respect to the common stock, as
well as in the net assets of the corporation upon liquidation or dissolution. 
 2. The foregoing amendment shall become effective as of the
date of filing with the Florida Department of State, Division of Corporations. 
 3. The amendment recited in Section 1 above has been
duly adopted in accordance with the provisions of §607.1006, Florida Statutes. The amendment was approved by all shareholders. 
 IN
WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be prepared under the signature of its President this 28th day of October, 2004. 
  

	
	VIEWRAY INCORPORATED
	
	 /s/ Russell Donda

	RUSSELL S. Donda, President

  
 [***] 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. 

 Electronic Articles of Incorporation 

For 
 VIEWRAY INCORPORATED 

The undersigned incorporator, for the purpose of forming a Florida profit corporation, hereby adopts the following Articles of Incorporation: 

Article I 
 The name of the corporation
is: 
 VIEWRAY INCORPORATED 

Article II 
 The principal place of
business address: 
 2011 SW 102ND TERRACE 

GAINESVILLE, FL. 32607 
 The mailing address of
the corporation is: 
 2011 SW 102ND TERRACE 

GAINESVILLE, FL. 32607 

Article III 
 The purpose for which this
corporation is organized is: 
 ANY AND ALL LAWFUL BUSINESS. 

Article IV 
 The number of shares the
corporation is authorized to issue is: 
 1,000,000 

Article V 
 The name and Florida street
address of the registered agent is: 
 JAMES F DEMPSEY PH.D. 

2011 SW 102ND TERRACE 

GAINESVILLE, FL. 32607 
  

[***] 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. 

 I certify that I am familiar with and accept the responsibilities of registered agent. 

Registered Agent Signature: JAMES F. DEMPSEY 

Article VI 
 The name and address of the
incorporator is: 
 JAMES F. DEMPSEY 

2011 SW 102ND TERRACE 

GAINESVILLE, FL 32607 
 Incorporator Signature:
JAMES F. DEMPSEY 
 Article VII 
 The
initial officer(s) and/or director(s) of the corporation is/are: 
 Title: P 

JAMES F DEMPSEY PH.D. 
 2011 SW
102ND TERRACE 
 GAINESVILLE, FL. 32607 

Article VIII 
 The effective date for this
corporation shall be: 
 03/05/2004 
  

[***] 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. 

 BYLAWS 

OF 
 VIEWRAY
INCORPORATED 
 ARTICLE I 

Share Certificates and Transfer 

Section l. Certificates: 

Certificates representing the shares of capital stock of this Corporation shall be printed or engraved in such form and contain such recitals,
signatures and seals as required by law, or to the extent not in conflict therewith, as may be determined by the Board of Directors. Every Shareholder shall be entitled to receive a certificate representing the number of shares owned once such
shares are fully paid. 
 Section 2. Transfer: 

Upon surrender to the secretary or transfer agent of the Corporation of a certificate representing a share or shares of its stock, duly
endorsed or accompanied by evidence of succession, assignment or authority to transfer reasonably satisfactory to the Secretary or transfer agent, as well as all necessary Florida stock transfer tax stamps or the funds therefore and evidence of
compliance with any conditions or restrictions set forth or referred to on the certificate, the Corporation shall be required to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction on its
books. 
 Section 3. Issuance of Substitute Certificates: 

A new certificate may be issued in lieu of any certificate previously issued which has been defaced or mutilated, upon surrender or
cancellation of a part of the old certificate sufficient, in the opinion of the Treasurer, to protect the Corporation against loss or liability. A new certificate may also be issued in lieu of any certificate then not in the possession of the holder
of record if such holder shall by written affirmation, under oath, state the circumstances of its absence, and shall, if required by the Board, provide the Corporation with an indemnity bond in form and with one or more sureties satisfactory to the
Board, in at least double the value of the shares represented by the absent certificate and satisfy any other reasonable requirements which it may impose. 
  

[***] 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. 

 ARTICLE II 

Corporate Records and Seal; Authority to Act 

Section 1. Records: 

The Corporation shall maintain at its principal place of business accurate and complete records of its operations and properties, including a
record of its Shareholders and minutes of the proceedings of its Shareholders, Board of Directors and Board committees. Unless modified by Shareholder resolution adopted not later than four months following the close of each of the
Corporation’s operational years, the Corporation shall prepare within a reasonable time following the close of each such year and maintain at its principal place of business, as well as at its registered office, financial records which shall
include a statement of financial position as of the end of each such year and a statement of profit earned or loss incurred therein. 

Section 2. Inspection: 

All records required by the Florida Business Corporation Act to be maintained by the Corporation shall be open for inspection by the
individuals and in the manner specified in such Act as the same may be in effect from time to time. 
 Section 3. Closing
Shareholder Record Book: 
 The Board may close the Shareholder record book for a period of not more than 30 nor less than ten days
preceding any Shareholder meeting or the day fixed for the payment of a dividend, and upon its failure to do so the Shareholder record date for either purpose shall be 14 days preceding the event. 

Section 4. Seal: 

The Corporation shall own a corporate seal which shall be circular in form and have inscribed thereon its name and the date and state of its
incorporation. 
 Section 5. Contracts: 

The Board of Directors may by resolution authorize any officer or agent to enter into any contract or execute and deliver any instrument in the
name of or on behalf of the Corporation, and such authority may be general or confined to specific instances; but absent the grant of such authority no individual, other than the President, shall have power to bind the Corporation under any
contract, pledge its credit or render it liable for any purpose or in any amount. 
  

[***] 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. 

 Section 6. Checks and Drafts: 

All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Corporation
shall be signed or endorsed by such person or persons and in such manner as shall be determined by resolution of the Board of Directors. 

ARTICLE III 

Shareholder Meetings and Voting Rights 

Section 1. Annual Meeting: 

The annual meeting of the Shareholders of the Corporation shall be held on the first Tuesday of the fourth month following the close of the
Corporation’s operational year. If that day is a legal holiday, the annual meeting will be held on the first day thereafter that is not a legal holiday. At the annual meeting the Shareholders, by vote of the holders of a majority of the shares
represented, shall elect a Board of Directors, consider reports of the affairs of the Corporation and transact such other business as is properly brought before the meeting. 

Section 2 Special Meetings: 

Special Shareholder meetings shall be held upon the direction of the President or Board of Directors or upon the written request of the holders
of not less than ten percent of all shares entitled to vote. 
 Section 3. Place of Meeting: 

All Shareholder meetings shall be held at the principal office of the Corporation unless an alternate location shall be selected by the Board
and communicated to the Shareholders by written notice. The holders of a majority of shares of the Corporation’s outstanding voting stock shall have the right to reject such alternative location by filing written notice to that effect with the
Secretary not less than two days prior to the called date of the meeting. 
 Section 4. Notice: 

Written notice stating the place, day and hour of each Shareholder meeting and, in the case of a special meeting, the nature of the business to
be transacted shall be delivered to each Shareholder of record entitled to vote not less than ten days prior to the date of such meeting and otherwise in the manner specified in the Florida Business Corporation Act. When a meeting is adjourned for
30 days or more, notice of the adjourned meeting shall be given as in the case of the original meeting; otherwise no notice of the adjournment or of the business to be transacted at the adjourned meeting need be given other than by way of an
announcement made at the meeting at which such adjournment is taken. 
  
 [***] 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. 

 Section 5. Voting List: 

Unless the Corporation has fewer than six Shareholders, as of the date fixed in accordance with the provisions of Article II, Section 3,
the officer or agent having charge of the Shareholder record books shall prepare a list of the Shareholders entitled to vote at each Shareholder meeting or any adjournment thereof, including the address of and the number and class and series, if
any, of shares held by each. For a period of ten days prior to the meeting, such list shall be kept at the Corporation’s principal place of business where any Shareholder shall be entitled to inspect it during usual business hours. The list
shall also be made available and subject to inspection by any Shareholder at any time during the subject meeting. 
 Section 6.
Substance of Meeting: 
 Any question may be considered and acted upon at an annual meeting, but no question not stated in the call
for a special meeting shall be acted upon thereat unless the provisions of Article III, Section 9. or Article VI, Section 3. are complied with. 

Section 7. Shareholders’ Quorum and Voting Rights: 

The holders of a majority of the shares entitled to vote, present in person or represented by proxy, shall constitute a quorum at all meetings
of the Shareholders, unless otherwise provided by law, but a lesser interest may adjourn any meeting from time to time until the requisite amount of voting shares shall be present. 

Each outstanding share of the Corporation’s capital stock shall entitle the holder of record to one vote. An affirmative vote of a
majority of the shares represented at each meeting shall decide any question brought before it, unless the question is one upon which, by express provision of law, the Corporation’s Articles of Incorporation or these Bylaws, a larger or
different vote is required, in which case such express provision shall govern and control the decision of such question. 
 Section 8.
Proxies: 
 Every Shareholder entitled to vote, or to express consent to or dissent from a proposed corporate action, may do so either
in person or by written proxy duly executed and filed with the Secretary of the Corporation. If a proxy is executed, its use shall be controlled by the provisions of the Florida Business Corporation Act. 

Section 9. Action By Shareholders Without a Meeting: 

Any action required or allowed to be taken at a meeting of Shareholders may be taken without a meeting, prior notice or vote, if a written
consent, setting forth the action taken, shall be signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote
thereon were present and voted, and the written consent specified in the Florida Business Corporation Act shall be obtained and furnished to all non-consenting Shareholders. 
  

[***] 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. 

 ARTICLE IV 

Board of Directors 

Section l. Power and Responsibility: 

Subject to the limitations imposed by the Articles of Incorporation, these Bylaws or the Florida Business Corporation Act, all corporate powers
and responsibilities shall be exercised by or under the authority of, and the business and affairs of the Corporation shall be controlled by, the Board of Directors. 

Section 2. Number: 

The number of directors which shall constitute the entire Board of Directors shall be not less than one nor more than seven. Within these
limits the actual number constituting the entire Board shall be that fixed from time to time by a vote of the Shareholders, and until such time as the Shareholders determine otherwise, the number of directors shall be three. No reduction in the
number of Directors shall have the effect of removing any director prior to the expiration of his term of office. 
 Section 3.
Election and Term: 
 At the first annual Shareholder meeting and at each annual meeting thereafter the Shareholders shall elect
directors to hold office until the next succeeding annual meeting. Each director shall hold office for the term for which he is elected and until his successor shall have been elected and qualified or until his earlier resignation, removal from
office or death. 
 Section 4. Vacancy: 

Any vacancy occurring in the Board of Directors, including any vacancy created by reason of an increase in the number of directors, may be
filled by the affirmative vote of a majority of all remaining directors, even if less than a quorum, and a director so chosen shall hold office only until the next election of directors by the Shareholders. The Shareholders may at any time elect a
director to fill any vacancy not filled by the directors, and may elect additional directors at a meeting at which an amendment of the Bylaws is voted authorizing an increase in the number of directors. 

 
 [***] 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. 

 Section 5. Removal: 

At a meeting of Shareholders called expressly for that purpose, any director or the entire Board may be removed, with or without cause, by a
vote of the holders of a majority of the shares then entitled to vote at an election of directors. 
 Section 6. Presumption of
Assent: 
 A director of the Corporation who is present at a meeting of its Board of Directors at which action on any corporate matter is
taken shall be presumed to have assented to the action taken unless he votes against such action or abstains from voting in respect thereto because of an asserted conflict of interest. 

Section 7. Quorum and Voting: 

A majority of the number of directors fixed in the manner prescribed in Article IV, Section 2 of these Bylaws shall constitute a quorum
for the transaction of business. The action of a majority of the directors present at any meeting at which there is a quorum, when legally assembled, shall be a valid corporate action. 

Section 8. Director Conflicts of Interest: 

The legal effectiveness or enforceability of any contract or other transaction authorized by the Corporation’s Board, any committee
thereof or its Shareholders which may present a conflict of interest as contemplated by the Florida Business Corporation Act shall be determined by the provisions thereof. Directors whose relationship with another person or entity is the source of
such potential conflict of interest may be counted in determining the presence of a quorum at a meeting of the Board of Directors or a committee thereof which authorizes, approves or ratifies such contract or transaction. 

Section 9. Executive and Other Committees: 

(a) By resolution adopted by a majority of the entire Board of Directors, there may be designated from among its members an
executive committee and other committees each of which, to the extent provided in such resolution, shall have and may exercise all the authority of the Board of Directors, except with respect to those matters which by law are precluded from being
delegated to a committee. 
 (b) Each committee (including the members thereof) shall serve at the pleasure of the Board and
shall keep minutes and report the same to the Board. The Board may designate one or more directors as alternate members of any committee. In the absence or upon the disqualification of a member of a committee, if no alternate member has been
designated by the Board, the members present at any meeting and not disqualified from voting, whether or not they constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of the absent or
disqualified member. 
 (c) A majority of all members of a committee shall constitute a quorum for the transaction of business, and the vote
of a majority of all the members of a committee present at a meeting at which a quorum is present shall be the act of the committee. Each committee shall adopt whatever other rules of procedure it determines appropriate for the conduct of its
activities. 
  
 [***] 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. 

 Section 10. Place of Meeting: 

Meetings of the Board of Directors may be held at any location specified in the call of the meeting or as agreed to by the directors. 

Section 11. Time, Notice and Call Meetings: 

(a) Annual Meeting: Promptly following the adjournment of each annual Shareholder meeting, the Board of Directors elected thereat shall
without notice, convene an annual meeting and organize by the election of a Chairman who shall preside over its further conduct. 
 (b)
Regular Meeting: Regular meetings of the Board may be held during each annual period in accordance with such schedule as may be agreed to by the Board at its annual meeting. No notice need be given of such regular meetings. 

(c) Special Meetings: Special meetings of the Board shall be held from time to time upon call issued by the Chairman of the Board, any
two directors, or the President or Vice-President of the Corporation. Written notice of the time and place of each special meeting shall be delivered personally to all directors or sent to each by telegram or letter, charges prepaid, addressed to
him at his address shown on the records of the Corporation or as otherwise actually known by the Secretary. If notice is mailed or telegraphed, it shall constitute sufficient notice if it is delivered to the above address not less than 24 hours
prior to the time of the holding of the meeting. 
 (d) Adjournment: A majority of the directors present, whether or not a quorum
exists, may adjourn any meeting of the Board to another time and place. Notice of the time and place of holding such adjourned meeting need not be given if they are fixed at the meeting adjourned and while a quorum is present; otherwise notice shall
be given to all directors in the manner directed in subsection (c) above. 
 Section 12. Action Without a Meeting:

 Any action required or permitted to be taken by the Board or a committee thereof may be taken without a meeting if all members shall
individually or collectively consent in writing to 
  
 [***] 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. 

 
such action. Such written consent shall be filed in the minutes of the proceedings of the Board or committee and shall have the same effect as a unanimous vote in favor of the action consented
to. 
 ARTICLE V 

Officers 
 Section l.
Composition and Term: 
 The- officers of the Corporation shall consist of a President, Vice-President, Secretary, Treasurer and such
other officers with such titles, duties and powers as may be prescribed by the Board of Directors. All officers shall be elected by and serve at the pleasure of the Board. 

Section 2. Election: 

At their annual meeting the Directors shall elect officers of the Corporation, any of whom may but need not be members of the Board. Any two or
more of such offices may be held by the same individual 
 Section 3. Resignation or Removal: 

Any officer may resign by giving written notice to the Board of Directors, the President or the Secretary. Such resignation shall take effect
upon receipt of the notice, or at any later time specified therein (subject to the Board’s right of removal), and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. 

Any officer may be removed, with or without cause, by action of a majority of the entire Board taken at any regular or special meeting of the
Board, or by another officer upon whom such power of removal is expressly conferred by the Board. 
 Section 4. Vacancy: 

A vacancy in any office shall be filled by action of the Board, and its appointee shall hold office for the unexpired term or until his
successor is elected and qualified. 
 Section 5 President: 

The President shall be the principal executive officer of the Corporation and, subject to the control of the Board, shall generally supervise
and control all of the business and affairs of the Corporation. He shall preside at all meetings of the Shareholders and, unless a Chairman of the Board of Directors has been elected and is present, shall preside at meetings of the Board of
Directors. He shall be an ex-officio member of all committees appointed by the Board, and shall have the general powers and duties customarily performed and exercised by the chief executive officer of any Corporation for profit organized under the
laws of Florida, as well as such additional powers or duties as may be prescribed by these Bylaws or the Board. 
  

[***] 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. 

 Section 6. Vice-President: 

In the absence of the President or in the event of his death, inability or refusal to act, the Vice-President shall be vested with the powers
and duties of the President. Any Vice-President may sign, with the Secretary, share certificates issued by the Corporation; and shall perform such other duties as from time to time may be assigned to him by the Board of Directors or President. 

Section 7. Secretary: 

The Secretary shall keep, or cause to be kept, a book of minutes at the principal office or such other place as the Board of Directors and
Shareholders may designate, a current Shareholder record book, showing the names of all Shareholders and their addresses; and a record of all meetings conducted by the Shareholders, Directors or Director Committees, which latter record shall include
the time and place of holding, whether regular or special, and, if special, how authorized, the notice thereof given, the names of those present at directors’ meetings, the number of shares present or represented at Shareholders’ meetings,
and the proceedings thereof. 
 The Secretary shall keep, or cause to be kept, at the principal office or at the office of the
Corporation’s transfer agent, a Shareholder record, or a duplicate Shareholder record, showing the names of the Shareholders and their addresses, the number and classes of shares held by each, the number and date of certificates issued for the
same, and the number and date of cancellation of every certificate surrendered for cancellation. 
 The Secretary shall give, or cause to be
given, notice of all the meetings of the Shareholders and of the Board of Directors required by the Bylaws or by law to be given, and he shall keep the seal of the Corporation and affix said seal to all documents requiring a seal, and shall have
such other powers and perform such other duties as may be prescribed by the Board of Directors or the Bylaws. 
 Section 8.
Treasurer: 
 The Treasurer shall have custody of all corporate funds, securities, valuable papers and financial records; shall keep
full and accurate accounts of receipts and disbursements and render accounts thereof at the annual meetings of Shareholders and at such other times as requested by the Board or President; and shall perform such other duties as may be prescribed by
the Board or President. 
  
 [***] 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. 

 Section 9. Assistant: 

Any Assistant Secretary or Assistant Treasurer, respectively, may exercise any of the powers of Secretary or Treasurer, respectively, as
provided in these Bylaws or as directed by the Board of Directors, and shall perform such other duties as may be prescribed by the Board or President. 

ARTICLE VI 

Miscellaneous 

Section 1. Parliamentary Procedure: 

When not in conflict with these Bylaws, Roberts Rules of Parliamentary Procedure shall establish the rules at all Shareholder and director
meetings. 
 Section 2. Fiscal Year: 

The fiscal year of the Corporation shall be fixed, and shall be subject to change, by the Board 

Section 3. Consent to Meeting: 

The transactions approved at any meeting of Shareholders or the Board of Directors, however called and noticed, shall be as valid as though
acted upon at a meeting duly held after regular call and notice, if a quorum is present (either in person or by proxy in the case of a Shareholder meeting) and if, either before or after the meeting, each of the Shareholders entitled to vote or
directors, as the case may be, not present (or represented by proxy in the case of a Shareholder meeting) signs a written·waiver of notice, or a consent to the holding of such meeting, or an approval of the minutes thereof. All such waivers,
consents or approvals shall be filed with the corporate records or made a part of the minutes of the meeting. Personal representatives, trustees and other fiduciaries entitled to vote shares may sign such waivers, consents or approvals. 

Section 4. Amendment and Repeal of Bylaws: 

(a) By Shareholders: New Bylaws may be adopted or these Bylaws may be repealed or amended at the annual or any other meeting of
Shareholders called for that purpose, by a vote of Shareholders entitled to exercise a majority of the voting power of the Corporation, or by the written assent of such Shareholders. 

(b) By Board of Directors: Subject to the right of the Shareholders to adopt, amend or repeal Bylaws, as provided in this section,
the Board of Directors may adopt, amend or repeal any of these Bylaws including the Bylaw or amendment thereof changing the authorized number of directors. 

(c) Record of Amendments: Whenever an amendment to or repeal of any existing Bylaw is adopted, or an additional Bylaw provision is
approved, a replacement page containing such new material and noting the date and manner of its adoption shall be inserted in the original Bylaws, in the appropriate place. 
  

[***] 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. 

 [***] 
  

[***] 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. 

 This letter certifies that the Articles of Incorporation, the Bylaws and resolutions of the Board of Directors of
Licensee approving the License Agreements, this Equity Agreement and the transactions contemplated thereby, are all true, complete and correct and that such resolutions remain unamended, accept as shown on the attached Amendment to the Articles of
Incorporation. 
  

	
	 /s/ James Dempsey

	James F. Dempsey, Vice President and Secretary
	
	 12/5/04

	Date

  
 [***] 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.

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