Document:

EX-10.23

 Exhibit 10.23 

THIS WARRANT, AND THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT, OR ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT
AGREEMENT 
 To Purchase Shares of Preferred Stock of 

ViewRay Incorporated 
 Dated as of
December 16, 2013 (the “Effective Date”) 
 WHEREAS, ViewRay Incorporated, a Delaware corporation, has entered into a Loan and
Security Agreement of even date herewith (the “Loan Agreement”) with Hercules Technology III, L.P., a Delaware limited partnership (the “Warrantholder”), the several banks and other financial institutions or
entities from time to time parties thereto (collectively, referred to as “Lender”), and Hercules Technology Growth Capital, Inc., a Maryland corporation, as agent for the Lender; and 

WHEREAS, the Company (as defined below) desires to grant to Warrantholder, in consideration for, among other things, the financial accommodations provided for
in the Loan Agreement, the right to purchase shares of Preferred Stock (as defined below) pursuant to this Warrant Agreement (the “Agreement”); 

NOW, THEREFORE, in consideration of the Warrantholder executing and delivering the Loan Agreement and providing the financial accommodations contemplated
therein, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows: 

SECTION 1. GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK. 

For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the conditions hereinafter
set forth, to subscribe for and purchase, from the Company up to 312,500 shares of the Preferred Stock (defined below). The Exercise Price of such shares is subject to adjustment as provided in Section 8. As used herein, the following terms
shall have the following meanings: 
 “Act” means the Securities Act of 1933, as amended. 

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

  
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 “Company” means ViewRay, Incorporated, a Delaware corporation, and any successor
or surviving entity that assumes the obligations of the Company under this Agreement pursuant to Section 8(a). 

“Charter” means the Company’s Articles of Incorporation, Certificate of Incorporation or other constitutional document,
as may be amended from time to time. 
 “Common Stock” means the Company’s common stock, $0.01 par value per share.

 “Eligible Assignee” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Equity Round” means any non-public offering of equity securities by the Company, after the Effective Date but prior to the
consummation of an Initial Public Offering in a transaction or series of related transactions principally for equity financing purposes in which the cash is received by the Company and/or debt of the Company is cancelled or converted in exchange for
equity securities of the Company at an effective price per share that is lower than $2.40 per share as determined in good faith by the board of directors of the Company based on relevant facts, economics and circumstances at the time of the Next
Round, after taking into consideration the rights, preferences and privileges of such equity securities, including without limitation, liquidation preferences, any options and/or warrants issued in connection with such offering, pay to play
provisions, original issue prices, liquidation multiples, conversion rate, and anti-dilution protection available to such new securities (for the avoidance of doubt, the parties hereby acknowledge and agree that the seniority of such securities
alone, shall not be deemed to cause such securities to have an effective price per share that is lower than $2.40 per share). 

“Exercise Price” means (a) if Preferred Stock means Series C Preferred Stock, $2.40 per share, or (b) if
Preferred Stock means Next Round Stock, the lowest price per share of Next Round Stock paid by investors in the Next Round, in either case subject to adjustment pursuant to Section 8. 

“Initial Public Offering” means the initial underwritten public offering of the Company’s Common Stock pursuant to a
registration statement under the Act, which public offering has been declared effective by the Securities and Exchange Commission (“SEC”). 

“Merger Event” means any sale, lease or other transfer of all or substantially all assets of the Company or any merger or
consolidation involving the Company in which the Company is not the surviving entity, or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for shares of preferred stock, other securities or
property of another entity. 
 “Next Round” means the first subsequent Equity Round following the date of this Agreement in
which the Company issues and sells shares of its preferred stock for aggregate gross cash proceeds of at least $5,000,000. 

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

“Preferred Stock” means, at the election of the Warrantholder, (A) the Series C Preferred Stock of the Company or
(B) upon the closing of the Next Round, the class and series of the preferred stock of the Company issued in Next Round (such stock, the “Next Round Stock”), and, to the extent provided in Sections 8(a) and (b), any other
stock into or for which such Preferred Stock may be converted or exchanged; provided that upon and after the occurrence of an event which results in the automatic or voluntary conversion, redemption or retirement of all (but not less than all) of
the outstanding shares of such Preferred Stock, including, without limitation, the consummation of an Initial Public Offering of the Common Stock in which such a conversion occurs, then from and after the date upon which such outstanding shares are
so converted, redeemed or retired, “Preferred Stock” shall mean the Common Stock. 
 “Purchase Price” means, with
respect to any exercise of this Agreement, an amount equal to the Exercise Price as of the relevant time multiplied by the number of shares of Preferred Stock requested to be exercised under this Agreement pursuant to such exercise. 

SECTION 2. TERM OF THE AGREEMENT. 

Except as otherwise provided for herein, the term of this Agreement and the right to purchase Preferred Stock as granted herein (the
“Warrant”) shall commence on the Effective Date and shall be exercisable for a period ending upon the later to occur of (i) ten (10) years from the Effective Date; or (ii) five (5) years after the Initial Public
Offering. 
 SECTION 3. EXERCISE OF THE PURCHASE RIGHTS. 

(a) Exercise. The purchase rights set forth in this Agreement are exercisable by the Warrantholder, in whole or in part, at any time, or
from time to time, prior to the expiration of the term set forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of
Exercise”), duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than three (3) days thereafter, the
Company shall issue to the Warrantholder a certificate for the number of shares of Preferred Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of
Exercise”) indicating the number of shares which remain subject to future purchases, if any. 
 The Purchase Price may be paid at the
Warrantholder’s election either (i) by cash or check, or (ii) by surrender of all or a portion of the Warrant for shares of Preferred Stock to be exercised under this Agreement and, if applicable, an amended Agreement representing the
remaining number of shares purchasable hereunder, as determined below (“Net Issuance”). If the Warrantholder elects the Net Issuance method, the Company will issue Preferred Stock in accordance with the following formula: 

  
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		  		  		  	X = Y(A - B)
             A
	  	
		  		  		  	  	
		  	Where:	  	X =	  	the number of shares of Preferred Stock to be issued to the Warrantholder.	  	
					
		  		  	Y =	  	the number of shares of Preferred Stock requested to be exercised under
this Agreement.	  	
					
		  		  	A =	  	the fair market value of one (1) share of Preferred Stock at the time of
issuance of such shares of Preferred Stock.	  	
					
		  		  	B =	  	the Exercise Price.	  	

 For purposes of the above calculation, current fair market value of Preferred Stock shall mean with respect to each share of
Preferred Stock: 
 (i) if the exercise is in connection with an Initial Public Offering, and if the Company’s
Registration Statement relating to such Initial Public Offering has been declared effective by the SEC, then the fair market value per share shall be the product of (x) the initial “Price to Public” of the Common Stock specified in
the final prospectus with respect to the offering and (y) the number of shares of Common Stock into which each share of Preferred Stock is convertible at the time of such exercise; 

(ii) if the exercise is after, and not in connection with an Initial Public Offering, and: 

(A) if the Common Stock is traded on a securities exchange, the fair market value shall be deemed to be the product of
(x) the average of the closing prices over a five (5) day period ending three days before the day the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each share
of Preferred Stock is convertible at the time of such exercise; or 
 (B) if the Common Stock is traded over-the-counter,
the fair market value shall be deemed to be the product of (x) the average of the closing bid and asked prices quoted on the NASDAQ system (or similar system) over the five (5) day period ending three days before the day the current fair
market value of the securities is being determined and (y) the number of shares of Common Stock into which each share of Preferred Stock is convertible at the time of such exercise; 

(iii) if at any time the Common Stock is not listed on any securities exchange or quoted in the NASDAQ National Market or the
over-the-counter market, the current fair market value of Preferred Stock shall be the product of (x) the highest price per share which the Company could obtain from a willing buyer (not a current employee or director) for shares of Common
Stock sold by the Company, from authorized but unissued shares, as determined in good faith by 

  
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 its Board of Directors and (y) the number of shares of Common Stock into which each share of
Preferred Stock is convertible at the time of such exercise, unless the Company shall become subject to a Merger Event, in which case the fair market value of Preferred Stock shall be deemed to be the per share value received by the holders of the
Company’s Preferred Stock on a common equivalent basis pursuant to such Merger Event. 
 Upon partial exercise by either cash or Net Issuance, the
Company shall promptly issue an amended Agreement representing the remaining number of shares purchasable hereunder. All other terms and conditions of such amended Agreement shall be identical to those contained herein, including, but not limited to
the Effective Date hereof. 
 (b) Exercise Prior to Expiration. To the extent this Agreement is not previously exercised as to all
Preferred Stock subject hereto, and if the fair market value of one share of the Preferred Stock is greater than the Exercise Price then in effect, this Agreement shall be deemed automatically exercised pursuant to Section 3(a) (even if not
surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair market value of one share of the Preferred Stock upon such expiration shall be determined pursuant to Section 3(a). To the extent this Agreement
or any portion thereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of shares of Preferred Stock, if any, the Warrantholder is to receive by reason of
such automatic exercise. 
 SECTION 4. RESERVATION OF SHARES. 

During the term of this Agreement, the Company will at all times have authorized and reserved a sufficient number of shares of its Preferred Stock to provide
for the exercise of the rights to purchase Preferred Stock as provided for herein, and shall have authorized and reserved a sufficient number of shares of its Common Stock to provide for the conversion of the shares of Preferred Stock issuable
hereunder. 
 SECTION 5. NO FRACTIONAL SHARES OR SCRIP. 

No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Agreement, but in lieu of such fractional shares the
Company shall make a cash payment therefor upon the basis of the then fair market value of one share of Preferred Stock. 

SECTION 6. NO RIGHTS AS STOCKHOLDER. 

This Agreement does not entitle the Warrantholder to any voting rights or other rights as a shareholder/stockholder of the Company prior to the exercise of
this Agreement. 
 SECTION 7. WARRANTHOLDER REGISTRY. 

The Company shall maintain a registry showing the name and address of the registered holder of this Agreement. Warrantholder’s initial address, for
purposes of such registry, is set forth below Warrantholder’s signature on this Agreement. Warrantholder may change such address by giving written notice of such changed address to the Company. 

  
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 SECTION 8. ADJUSTMENT RIGHTS. 

The Exercise Price and the number of shares of Preferred Stock purchasable hereunder are subject to adjustment, as follows: 

(a) Merger Event. If at any time there shall be Merger Event, then, as a part of such Merger Event, lawful provision shall be made so
that the Warrantholder shall thereafter be entitled to receive, upon exercise of this Agreement, the number of shares of preferred stock or other securities or property (collectively, “Reference Property”) that the Warrantholder
would have received in connection with such Merger Event if Warrantholder had exercised this Agreement immediately prior to the Merger Event. In any such case, appropriate adjustment (as determined in good faith by the Company’s Board of
Directors) shall be made in the application of the provisions of this Agreement with respect to the rights and interests of the Warrantholder after the Merger Event to the end that the provisions of this Agreement (including adjustments of the
Exercise Price and adjustments to ensure that the provisions of this Section 8 shall thereafter be applicable, as nearly as possible, to the purchase rights under this Agreement in relation to any Reference Property thereafter acquirable upon
exercise of such purchase rights) shall continue to be applicable in their entirety, and to the greatest extent possible. Without limiting the foregoing, in connection with any Merger Event, upon the closing thereof, the successor or surviving
entity shall assume the obligations of this Agreement; provided that the foregoing assumption requirement shall not apply if the consideration to be paid for or in respect of the outstanding shares of Preferred Stock in such Merger Event consists
solely of cash and/or readily marketable securities. In connection with a Merger Event and upon Warrantholder’s written election to the Company, the Company shall cause this Warrant Agreement to be exchanged for the consideration that
Warrantholder would have received if Warrantholder had chosen to exercise its right to have shares issued pursuant to the Net Issuance provisions of this Warrant Agreement without actually exercising such right, acquiring such shares and exchanging
such shares for such consideration. The provisions of this Section 8(a) shall similarly apply to successive Merger Even. 
 (b)
Reclassification of Shares. Except for Merger Events subject to Section 8(a), and subject to Section 8(f), if the Company at any time shall, by combination, reclassification, exchange or subdivision of securities or otherwise,
change any of the securities as to which purchase rights under this Agreement exist into the same or a different number of securities of any other class or classes, this Agreement shall thereafter represent the right to acquire such number and kind
of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under this Agreement immediately prior to such combination, reclassification, exchange, subdivision or
other change. The provisions of this Section 8(b) shall similarly apply to successive combination, reclassification, exchange, subdivision or other change. 

(c) Subdivision or Combination of Shares. If the Company at any time shall combine or subdivide its Preferred Stock, (i) in the
case of a subdivision, the Exercise Price shall be proportionately decreased and the number of shares of Preferred Stock issuable hereunder shall be proportionately increased, or (ii) in the case of a combination, the Exercise Price shall be
proportionately increased and the number of shares of Preferred Stock issuable hereunder shall be proportionately decreased. 

  
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 (d) Stock Dividends. If the Company at any time while this Agreement is outstanding and
unexpired shall: 
 (i) pay a dividend with respect to the Preferred Stock payable in Preferred Stock, then the Exercise
Price shall be adjusted, from and after the date of determination of stockholders entitled to receive such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination
by a fraction (A) the numerator of which shall be the total number of shares of Preferred Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of
Preferred Stock outstanding immediately after such dividend or distribution; or 
 (ii) make any other distribution with
respect to Preferred Stock, except any distribution specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the Company such that the Warrantholder shall receive upon exercise or
conversion of this Warrant a proportionate share of any such distribution as though it were the holder of the Preferred Stock as of the record date fixed for the determination of the stockholders of the Company entitled to receive such distribution.

 (e) Antidilution Rights. Additional antidilution rights applicable to the Preferred Stock purchasable hereunder are as set forth in
the Charter and shall be applicable with respect to the Preferred Stock issuable hereunder. The Company shall promptly provide the Warrantholder with any restatement, amendment, modification or waiver of the Charter; provided, that no such
amendment, modification or waiver shall impair or reduce the antidilution rights applicable to the Preferred Stock as of the date hereof unless such amendment, modification or waiver affects the rights of Warrantholder with respect to the Preferred
Stock in the same manner as it affects all other holders of Preferred Stock. 
 (f) Notice of Adjustments. If: (i) the Company
shall declare any dividend or distribution upon its stock, whether in stock, cash, property or other securities; (ii) there shall be any Merger Event; (iii) there shall be an Initial Public Offering; (iv) the Company shall sell,
lease, license or otherwise transfer all or substantially all of its assets; or (v) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall send to the
Warrantholder: (A) at least twenty (20) days’ prior written notice of the date on which the books of the Company shall close or a record shall be taken for such dividend, distribution, or for determining rights to vote in respect of
such Merger Event, dissolution, liquidation or winding up; (B) in the case of any such Merger Event, sale, lease, license or other transfer of all or substantially all assets, dissolution, liquidation or winding up, at least fifteen
(15) days’ prior written notice of the date when the same shall take place (and specifying the date on which the holders of Preferred Stock shall be entitled to exchange their Preferred Stock for securities or other property deliverable
upon such Merger Event, dissolution, liquidation or winding up); and (C) in the case of an Initial Public Offering, the Company shall give the Warrantholder at least fifteen (15) days’ written notice prior to the effective date
thereof. 

  
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 Each such written notice shall set forth, in reasonable detail, (i) the event requiring the notice, and
(ii) if any adjustment is required to be made, (A) the amount of such adjustment, (B) the method by which such adjustment was calculated, (C) the adjusted Exercise Price (if the Exercise Price has been adjusted), and (D) the
number of shares subject to purchase hereunder after giving effect to such adjustment, and shall be given in accordance with Section 12(g) below. 

(g) Timely Notice. Failure to timely provide such notice required by subsection (f) above shall entitle Warrantholder to retain the
benefit of the applicable notice period notwithstanding anything to the contrary contained in any insufficient notice received by Warrantholder. For purposes of this subsection (g), and notwithstanding anything to the contrary in
Section 12(g), the notice period shall begin on the date Warrantholder actually receives a written notice containing all the information required to be provided in such subsection (g). 

SECTION 9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 

(a) Reservation of Preferred Stock. The Preferred Stock issuable upon exercise of the Warrantholder’s rights has been or, in the
case of Preferred Stock issuable in the Next Round, will be duly and validly reserved and, when issued in accordance with the provisions of this Agreement, will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens,
charges or encumbrances of any nature whatsoever; provided, that the Preferred Stock issuable pursuant to this Agreement may be subject to restrictions on transfer under state and/or federal securities laws. The Company has made available to
the Warrantholder true, correct and complete copies of its Charter and current bylaws. The issuance of certificates for shares of Preferred Stock upon exercise of this Agreement shall be made without charge to the Warrantholder for any issuance tax
in respect thereof, or other cost incurred by the Company in connection with such exercise and the related issuance of shares of Preferred Stock; provided, that the Company shall not be required to pay any tax which may be payable in respect
of any transfer and the issuance and delivery of any certificate in a name other than that of the Warrantholder. 
 (b) Due Authority.
The execution and delivery by the Company of this Agreement and the performance of all obligations of the Company hereunder, including the issuance to Warrantholder of the right to acquire the shares of Preferred Stock and the Common Stock into
which it may be converted, have been duly authorized by all necessary corporate action on the part of the Company. This Agreement: (1) does not violate the Company’s Charter or current bylaws; (2) does not contravene any law or
governmental rule, regulation or order applicable to it; and (3) does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which it is a party or by which it is
bound. This Agreement constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms. 
 (c)
Consents and Approvals. No consent or approval of, giving of notice to, registration with, or taking of any other action in respect of any state, federal or other governmental authority or agency is required with respect to the execution,
delivery and performance by the Company of its obligations under this Agreement, except for the filing of notices pursuant to Regulation D under the Act and any filing required by applicable state securities law, which filings will be effective
by the time required thereby. 

  
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 (d) Issued Securities. All issued and outstanding shares of Common Stock, Preferred Stock
or any other securities of the Company have been duly authorized and validly issued and are fully paid and nonassessable. All outstanding shares of Common Stock, Preferred Stock and any other securities were issued in full compliance with all
federal and state securities laws. In addition, as of the date immediately preceding the date of this Agreement: 
 (i) The
authorized capital of the Company consists of (A) 81,000,000 shares of Common Stock, of which 2,141,690 shares are issued and outstanding, and (B) 67,460,997 shares of Preferred Stock, of which 61,013,326 shares are issued and outstanding
and as of the date hereof, are convertible into shares of Common Stock on a 1:1 basis; 
 (ii) The Company has reserved
11,510,000 shares of Common Stock for issuance under its Stock Option Plan(s), under which 7,445,374 options are outstanding. The Company has no outstanding loans to any employee, officer or director of the Company, and the Company agrees not to
enter into any such loan or otherwise guarantee the payment of any loan made to an employee, officer or director by a third party; and 

(iii) In accordance with the Company’s Charter and except as set forth in the Investor Rights Agreement (defined below),
no stockholder of the Company has preemptive rights to purchase new issuances of the Company’s capital stock. 
 (e) Registration
Rights. The Company agrees that the shares of Common Stock issued and issuable upon conversion of the shares of Preferred Stock issued upon exercise of this Warrant, and, at all times (if any) when the Preferred Stock shall be Common Stock, the
shares of Preferred Stock issued upon exercise of this Warrant, shall have the “Piggyback,” and S-3 registration rights pursuant to and as set forth in the Company’s investor rights agreement or
similar agreement (as may be amended from time to time, the “Investor Rights Agreement”) on a pari passu basis with the holders of outstanding shares of Preferred Stock of the same series who are parties thereto. The provisions set
forth in the Company’s Investor Rights Agreement or similar agreement relating to such registration rights in effect as of the Effective Date may not be amended, modified or waived without the prior written consent of the Warrantholder unless
such amendment, modification or waiver affects the rights associated with the shares of Preferred Stock issued upon exercise hereof in the same manner as such amendment, modification, or waiver affects the rights associated with all outstanding
shares of Preferred Stock of the same series whose holders are parties thereto. 
 (f) Other Commitments to Register Securities.
Except as set forth in the Investor Rights Agreement, the Company is not, pursuant to the terms of any other agreement currently in existence, under any obligation to register under the Act any of its presently outstanding securities or any of its
securities which may hereafter be issued. 

  
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 (g) Exempt Transaction. Subject to the accuracy of the Warrantholder’s
representations in Section 10, the issuance of the Preferred Stock upon exercise of this Agreement, and the issuance of the Common Stock upon conversion of the Preferred Stock, will each constitute a transaction exempt from (i) the
registration requirements of Section 5 of the Act, in reliance upon Section 4(2) thereof; and (ii) the qualification requirements of the applicable state securities laws. 

(h) Compliance with Rule 144. If the Warrantholder proposes to sell Preferred Stock issuable upon the exercise of this Agreement,
or the Common Stock into which it is convertible, in compliance with Rule 144 promulgated by the SEC, then, upon Warrantholder’s written request to the Company, the Company shall promptly furnish to the Warrantholder a written statement
confirming the Company’s compliance with the filing requirements of the SEC as set forth in such Rule, as such Rule may be amended from time to time. 

(i) Information Rights. During the term of this Warrant, Warrantholder shall be entitled to the information rights contained in
Section 7.1 of the Loan Agreement, and Section 7.1 of the Loan Agreement is hereby incorporated into this Agreement by this reference as though fully set forth herein, provided, however, that the Company shall (i) not be required to
deliver a Compliance Certificate once all Indebtedness (as defined in the Loan Agreement) owed by the Company to Warrantholder has been repaid; and (ii) be free to make any change in its accounting policies and reporting practices in accordance
with GAAP. 
 SECTION 10. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER. 

This Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder: 

(a) Investment Purpose. The right to acquire Preferred Stock is being acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Warrantholder has no present intention of selling or engaging in any public distribution of such rights or the Preferred Stock except pursuant to an effective registration statement or an exemption from the
registration requirements of the Act. 
 (b) Private Issue. The Warrantholder understands (i) that the Preferred Stock issuable
upon exercise of this Agreement is not registered under the Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Agreement will be exempt from the registration and qualifications requirements
thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 10. 

(c) Financial Risk. The Warrantholder has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of its investment, and has the ability to bear the economic risks of its investment. 

  
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 (d) Risk of No Registration. The Warrantholder understands that if the Company does not
register with the SEC pursuant to Section 12 of the Securities Exchange Act of 1934 (the “1934 Act”), or file reports pursuant to Section 15(d) of the 1934 Act, or if a registration statement covering the securities under
the Act is not in effect when it desires to sell (i) the rights to purchase Preferred Stock pursuant to this Agreement or (ii) the Preferred Stock issuable upon exercise of the right to purchase, it may be required to hold such securities
for an indefinite period. The Warrantholder also understands that any sale of (A) its rights hereunder to purchase Preferred Stock or (B) Preferred Stock issued or issuable hereunder which might be made by it in reliance upon Rule 144
under the Act may be made only in accordance with the terms and conditions of that Rule. 
 (e) Accredited Investor. Warrantholder is
an “accredited investor” within the meaning of the Securities and Exchange Rule 501 of Regulation D, as presently in effect. 

SECTION 11. TRANSFERS. 
 Subject to
compliance with applicable federal and state securities laws, this Agreement and all rights hereunder are transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes) upon surrender of this Agreement properly
endorsed; provided, that so long as no Event of Default has occurred and is continuing, Warrantholder can only assign any interest hereunder to a Person who is an Affiliate of Warrantholder or an Eligible Assignee upon thirty (30) days prior
notice to the Company. Any proposed transfer of this Agreement or any rights hereunder is prohibited unless transferred in accordance with the terms hereof. Each permitted taker and holder of this Agreement, by taking or holding the same in
accordance with the terms hereof, consents and agrees that this Agreement, when endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Agreement shall have been so endorsed and its transfer recorded on the
Company’s books, shall be treated by the Company and all other persons dealing with this Agreement as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Agreement. The transfer of
this Agreement shall be recorded on the books of the Company upon receipt by the Company of a notice of transfer in the form attached hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to
the Company of all transfer taxes and other governmental charges imposed on such transfer. Until the Company receives such Transfer Notice, the Company may treat the registered owner hereof as the owner for all purposes. Any proposed transfer not in
accordance with the terms hereof shall be null and void ab inititio. 
 SECTION 12. MISCELLANEOUS. 

(a) Effective Date. The provisions of this Agreement shall be construed and shall be given effect in all respects as if it had been
executed and delivered by the Company on the date hereof. This Agreement shall be binding upon any successors or assigns of the Company. 

(b) Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either by
suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where Warrantholder will not have an adequate remedy at law and
where damages will not be readily ascertainable. The Company expressly agrees that it shall not oppose an application by the Warrantholder or any other person entitled to the benefit of this Agreement requiring specific performance of any or all
provisions hereof or enjoining the Company from continuing to commit any such breach of this Agreement. 

  
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 (c) No Impairment of Rights. The Company will not, by amendment of its Charter or through
any other means, avoid or seek to avoid the observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate in order to protect the rights of the Warrantholder against impairment. 
 (d) Additional Documents. The Company, upon
execution of this Agreement, shall provide the Warrantholder with an officer’s certificate stating that on and as of the Effective Date, the representations, warranties and covenants set forth in Sections 9(a) through 9(f) shall be true,
correct and complete in all material respects. The Company shall also supply the Warrantholder with documentation reasonably necessary to evaluate whether to exercise (in cash or a net issuance basis) this Warrant, including without limitation,
(i) any merger/purchase/asset sale agreement and related documents and estimated payout allocations to each of the respective shareholders, warrant and option holders in connection with a Merger Event, (ii) the most recent capitalization
tables, 409A valuations (if any), and board determination of share value (including any waterfall or per share allocations provided to the stockholders), and (iii) most recent Charter. 

(e) Attorney’s Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating hereto,
the prevailing party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Agreement. For the purposes of this Section 12(e), attorneys’ fees shall include without limitation fees
incurred in connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding; (iv) garnishment, levy, and debtor and
third party examinations; and (v) post judgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment. 

(f) Severability. In the event any one or more of the provisions of this Agreement shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the
intention of the parties underlying the invalid, illegal or unenforceable provision. 
 (g) Notices. Except as otherwise provided
herein, any notice, demand, request, consent, approval, declaration, service of process or other communication that is required, contemplated, or permitted under this Agreement or with respect to the subject matter hereof shall be in writing, and
shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery if transmission or delivery occurs on a business day at or before 5:00 pm in the
time zone of the recipient, or, if transmission or delivery occurs on a non-business day or after such time, the first business day thereafter, or the first business day after deposit with an overnight express service or overnight mail delivery
service; or (ii) the third calendar day after deposit in the United States mails, with proper first class postage prepaid, and shall be addressed to the party to be notified as follows: 

  
 12 

 If to Warrantholder: 

HERCULES TECHNOLOGY III, L.P. 

Legal Department 
 Attention:
Chief Legal Officer and Manuel Henriquez 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Facsimile: 650-473-9194 
 Telephone: 650-289-3060 

With a copy to: 
 Cooley LLP 

Attention: Maricel Mojares-Moore 

101 California Street, 5th Floor 

San Francisco, CA 94111 

Facsimile: 415-693-2222 

Telephone: 415 693-2134 

(i) If to the Company: 
 ViewRay Incorporated 

Attention: Chief Executive Officer 

2 Thermo Fischer Way 

Oakwood Village, OH 44146 

Facsimile: 
 Telephone: 

or to such other address as each party may designate for itself by like notice. 

(h) Entire Agreement; Amendments. This Agreement constitute the entire agreement and understanding of the parties hereto in respect of
the subject matter hereof, and supersede and replace in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof (including
Lender’s proposal letter dated October 3, 2013). None of the terms of this Agreement may be amended except by an instrument executed by each of the parties hereto. 

(i) Headings. The various headings in this Agreement are inserted for convenience only and shall not affect the meaning or
interpretation of this Agreement or any provisions hereof. 
 (j) No Strict Construction. The parties hereto have participated jointly
in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall
arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

  
 13 

 (k) No Waiver. No omission or delay by Warrantholder at any time to enforce any right or
remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by the Company at any time designated, shall be a waiver of any such right or remedy to which Warrantholder is entitled, nor shall it in any way
affect the right of Warrantholder to enforce such provisions thereafter. 
 (l) Survival. All agreements, representations and
warranties contained in this Agreement or in any document delivered pursuant hereto shall be for the benefit of Warrantholder and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement.

 (m) Governing Law. This Agreement have been negotiated and delivered to Warrantholder in the State of California, and shall have
been accepted by Warrantholder in the State of California. Delivery of Preferred Stock to Warrantholder by the Company under this Agreement is due in the State of California. This Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 

(n) Consent to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Agreement may be brought in any
state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to personal jurisdiction in Santa Clara County,
State of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and
(d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance
with the requirements for notice set forth in Section 12(g), and shall be deemed effective and received as set forth in Section 12(g). Nothing herein shall affect the right to serve process in any other manner permitted by law or shall
limit the right of either party to bring proceedings in the courts of any other jurisdiction. 
 (o) Mutual Waiver of Jury Trial.
Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration
rules), the parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM,
COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such Claims,
including Claims that involve Persons other than the Company and the Warrantholder; Claims that arise out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract,
specific performance, or any equitable or legal relief of any kind, arising out of this Agreement. 

  
 14 

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

(q) Prejudgment Relief. In the event Claims are to be resolved by arbitration, either party may seek from a court of competent
jurisdiction identified in Section 12(n), any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to
resolution by judicial reference. 
 (r) Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may
be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument. 

[Remainder of Page Intentionally Left Blank] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by its officers thereunto duly
authorized as of the Effective Date. 
  

							
	COMPANY:	 	 VIEWRAY INCORPORATED, a Delaware

corporation
	 	
				
		 	 By:
	 	 /s/ D. David Chandler
	 	
		 	 Name:
	 	David Chandler	 	
		 	 Title:
	 	CFO	 	
			
	WARRANTHOLDER:	 	 HERCULES TECHNOLOGY III, L.P.,

a Delaware limited partnership
	 	
				
		 	 By:
	 	 Hercules Technology SBIC Management,
 LLC, its
General Partner
	 	
		 	 By:
	 	 Hercules Technology Growth Capital, Inc.,
 its
Manager
	 	
				
		 	 By:
	 	 /s/ Ben Bang
	 	
		 	 Name:
	 	Ben Bang	 	
		 	 Title:
	 	SENIOR COUNSEL	 	

  
 [Signature Page to
Warrant Agreement] 

 EXHIBIT I 

NOTICE OF EXERCISE 
  

	To:	[             ] 

  

	(1)	The undersigned Warrantholder hereby elects to purchase [            ] shares of the
Series [            ] Preferred Stock of ViewRay Incorporated, pursuant to the terms of the Agreement dated the
[            ] day of [November             , 2013] (the “Agreement”) between ViewRay Incorporated and the
Warrantholder, and [CASH PAYMENT: tenders herewith payment of the Purchase Price in full, together with all applicable transfer taxes, if any.] [NET ISSUANCE: elects pursuant to Section 3(a) of the Agreement to effect a Net Issuance.]

  

	(2)	Please issue a certificate or certificates representing said shares of Series [            ] Preferred Stock in the name of the undersigned or in such
other name as is specified below. 

  

							
		 	  

		 	(Name)	 		 	
		 	  

		 	(Address)	 		 	
		
	WARRANTHOLDER:	 	 HERCULES TECHNOLOGY III, L.P.,

a Delaware limited partnership

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

		 	Name:	 		 	
		 	Title:	 		 	

 EXHIBIT III 

TRANSFER NOTICE 
 (To transfer or assign the
foregoing Agreement execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing
Agreement and all rights evidenced thereby are hereby transferred and assigned to the following Warrantholder’s Affiliate: 
  

			
	  

		
	(Please Print)	  	
		
	whose address is	  	  

	  

	
	and whose is a Warrantholder’s Affiliate by virtue of the following relationship:
	  

	  

  

			
	Dated:	 	  

	Holder’s Signature:	 	  

	Holder’s Address:	 	  

	  

 Signature Guaranteed:
                                         
                                         
                           

NOTE: The signature to this Transfer Notice must correspond with the name as it appears on the face of the Agreement, without alteration or enlargement or any
change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Agreement.EX-10.24(a)

 Exhibit 10.24(a) 

VIEWRAY INCORPORATED 

2008 STOCK INCENTIVE PLAN 

 

	1	PURPOSE 

 The purpose of this Plan is
to promote the interests of the Company by providing the opportunity to purchase or receive Shares or to receive compensation that is based upon appreciation in the value of Shares to Eligible Recipients in order to attract and retain Eligible
Recipients and providing Eligible Recipients an incentive to work to increase the value of Shares and a stake in the future of the Company that corresponds to the stake of each of the Company’s stockholders. The Plan provides for the grant of
Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock Awards, Restricted Stock Units and Stock Appreciation Rights to aid the Company in obtaining these goals. 

 

	2	DEFINITIONS 

 Each term set forth in this Section shall have the meaning
set forth opposite such term for purposes of this Plan and any Stock Incentive Agreements under this Plan (unless noted otherwise), and for purposes of such definitions, the singular shall include the plural and the plural shall include the
singular, and reference to one gender shall include the other gender. Note that some definitions may not be used in this Plan, and may be inserted here solely for possible use in Stock Incentive Agreements issued under this Plan. 

2.1 Amendment Date means, with respect to any amendment to this Plan pursuant to Section 12 referenced in
Section 9.1, the earlier of (1) date on which this Plan is so amended by the Board, or (2) the date on which such amendment is approved by the stockholders. 

2.2 Board means the Board of Directors of the Company. 

2.3 Change of Control means any of the following: 

(a) merger, consolidation or reorganization or other similar transaction or series of related transactions which results
in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by being converted into voting securities of the surviving or acquiring entity) less than 51% of
the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger, consolidation or reorganization (but excluding any merger effected solely for the purpose of
reincorporating in another state); 
 (b) sale, lease, conveyance or other disposition of all or substantially all of
the assets of the Company; or 
 (c) a sale of shares of capital stock of the Company, in a single transaction or
series of related transactions to which the Company is a party, representing at least 50% of the voting power of the voting securities of the Company (but excluding a Qualified IPO (as defined in the Company’s Certificate of Incorporation, as
amended from time to time) or any transaction or series of transactions entered into principally for bona fide 

 
equity financing purposes in which the Company issues new securities primarily for cash, the cancellation or conversion of indebtedness of the Company, or the combination thereof for the purpose
of financing the operations and business of the Company). 
 2.4 Code means the Internal Revenue Code of 1986, as
amended. 
 2.5 Committee means any committee appointed by the Board to administer the Plan, as specified in
Section 5 hereof. Any such committee shall be comprised entirely of Directors. 
 2.6 Company means ViewRay
Incorporated, a Delaware corporation, and any successor to such organization. 
 2.7 Common Stock means the common
stock of the Company. 
 2.8 Contact means, with respect to a Participant, any interaction between such Participant and
a Customer which (i) takes place in an effort to establish, maintain, and/or further a business relationship on behalf of the Company and (ii) occurs during the last year of a Participant’s employment with, or performance of services
for, the Company. 
 2.9 Controlled Group means the Company and any other entity the employees of which would be
required to be aggregated with the employees of the Company pursuant to Code §§414(b), (c), (m) or (o). 
 2.10
Customer means any person or entity to whom the Company has sold its products or services, or has solicited to sell its products or services. 

2.11 Director means a member of the Board. 

2.12 Effective Date means the “Effective Date” as set forth in Section 4 of this Plan. 

2.13 Eligible Recipient means an Employee and/or a Key Person. 

2.14 Employee means a common law employee of the Company, a Subsidiary or a Parent. 

2.15 Exchange Act means the Securities Exchange Act of 1934, as amended. 

2.16 Exercise Price means the price that shall be paid to purchase one (1) Share upon the exercise of an Option
granted under this Plan. 
 2.17 Fair Market Value of each Share on any date means the price determined below as of the
close of business on such date (provided, however, if for any reason, the Fair Market Value per share cannot be ascertained or is unavailable for such date, the Fair Market Value per share shall be determined as of the nearest preceding date
on which such Fair Market Value can be ascertained): 
 (a) If the Share is listed or traded on any established stock
exchange or a national market system, including without limitation the National Market of the National 

  
 ViewRay Incorporated
2008 Stock Incentive Plan 

  
 2 

 
Association of Securities Dealers Incorporated Automated Quotation (“NASDAQ”) System, its Fair Market Value shall be the closing sale price for the Share (or the mean of the closing bid
and ask prices, if no sales were reported), on such exchange or system on the date of such determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; or 

(b) If the Share is not listed or traded on any established stock exchange or a national market system, its Fair Market
Value shall be the average of the closing dealer “bid” and “ask” prices of a Share as reflected on the NASDAQ interdealer quotation system of the National Association of Securities Dealers Incorporated on the date of such
determination; or. 
 (c) In the absence of an established public trading market for the Share, the Fair Market Value
of a Share shall be determined in good faith by the Board. 
 2.18 FLSA Exclusion means the provisions of
Section 7(e) of the Fair Labor Standards Act of 1938 (the “FLSA”) that exempt certain stock-based compensation from inclusion in overtime determinations under the FLSA. 

2.19 Incumbent Directors means the individuals who, at the Effective Date, constitute the Board, and any person becoming
a director after the Effective Date and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the
Company in which such person is named as a nominee for director, without written objection to such nomination); provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or
threatened election contest (as described in Rule 14a-11 under the 1934 Act (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any
“person” (as such term is defined in Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) and 14(d)(2) of the 1934 Act) other than the Board (“Proxy Contest”), including by reason of any agreement intended to
avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; and provided further, that, subject to the provisions of this Section, no person shall be deemed to be an Incumbent Director until such time as he
or she takes office as a director of the Company. 
 2.20 Initial Public Offering means the closing of the
Company’s initial public offering of any class or series of the Company’s equity securities pursuant to an effective registration statement filed by the Company under the 1933 Act. 

2.21 Insider means an individual who is, on the relevant date, an officer, director or ten percent (10%) beneficial
owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, all as defined under Section 16 of the Exchange Act. 

2.22 ISO means an option granted under this Plan to purchase Shares that is intended by the Company to satisfy the
requirements of Code §422 as an incentive stock option. 

  
 ViewRay Incorporated
2008 Stock Incentive Plan 

  
 3 

 2.23 Key Person means (a) a member of the Board
who is not an Employee, or (b) a consultant or advisor; provided, however, that such consultant or advisor must be an individual who is providing or will be providing bona fide services to the Company, a Subsidiary or a Parent, with such
services (i) not being in connection with the offer or sale of securities in a capital-raising transaction, and (ii) not directly or indirectly promoting or maintaining a market for securities of the Company, a Subsidiary or a Parent,
within the meaning of 17 CFR §230.701(c)(1). 
 2.24 NQSO means an option granted under this
Plan to purchase Shares that is not intended by the Company to satisfy the requirements of Code §422. 
 2.25
Option means an ISO or a NQSO. 
 2.26 Outside Director means a Director who is not an
Employee and who qualifies as (a) a “non-employee director” under Rule 16b-3(b)(3) under the 1934 Act, as amended from time to time, and (b) an “outside director” under Code §162(m) and the regulations
promulgated thereunder. 
 2.27 Parent means any corporation (other than the corporation
employing a Participant) in an unbroken chain of corporations ending with the corporation employing a Participant if, at the time of the granting of the Stock Incentive, each of the corporations other than the corporation employing the Participant
owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. However, for purposes of interpreting any Stock Incentive Agreement issued under this
Plan as of a date of determination, Parent shall mean any corporation (other than the corporation employing a Participant) in an unbroken chain of corporations ending with the corporation employing a Participant if, at the time of the granting of
the Stock Incentive and thereafter through such date of determination, each of the corporations other than the corporation employing the Participant owns stock possessing fifty percent (50%) or more of the total combined voting power of all
classes of stock in one of the other corporation in such chain. 
 2.28 Participant means an individual
who receives a Stock Incentive hereunder. 
 2.29 Performance-Based Exception means the performance-based
exception from the tax deductibility limitations of Code §162(m). 
 2.30 Plan means the
ViewRay Incorporated 2008 Stock Incentive Plan, as may be amended from time to time. 
 2.31 Restricted Stock
Award means an award of Shares granted to a Participant under this Plan whereby the Participant has immediate rights of ownership in the Shares underlying the award, but such Shares are subject to restrictions in accordance with the terms
and provisions of this Plan and the Stock Incentive Agreement pertaining to the award and may be subject to forfeiture by the individual until the earlier of (a) the time such restrictions lapse or are satisfied, or (b) the time such
shares are forfeited, pursuant to the terms and provisions of the Stock Incentive Agreement pertaining to the award. 

  
 ViewRay Incorporated
2008 Stock Incentive Plan 

  
 4 

 2.32 Restricted Stock Unit means a contractual right granted
to a Participant under this Plan to receive a Share that is subject to restrictions of this Plan and the applicable Stock Incentive Agreement. 

2.33 SAR Exercise Price means the amount per Share specified in a Stock Incentive Agreement with respect to
a Stock Appreciation Right, the excess of the Fair Market Value of a Share over and above such amount, the holder of such Stock Appreciation Right may be able to receive upon the exercise or payment of such Stock Appreciation Right.

 2.34 Share means a share of the Common Stock of the Company. 

2.35 Stock Appreciation Right means a right granted to a Participant pursuant to the terms and provisions
of this Plan whereby the individual, without payment to the Company (except for any applicable withholding or other taxes), receives cash, Shares, a combination thereof, or such other consideration as the Board may determine, in an amount equal to
the excess of the Fair Market Value per Share on the date on which the Stock Appreciation Right is exercised over the SAR Exercise Price noted in the Stock Appreciation Right for each Share subject to the Stock Appreciation Right. 

2.36 Stock Incentive means an ISO, a NQSO, a Restricted Stock Award, a Restricted Stock Unit, or a Stock
Appreciation Right. 
 2.37 Stock Incentive Agreement means an agreement between the
Company, a Parent or a Subsidiary, and a Participant evidencing an award of a Stock Incentive. 
 2.38
Subsidiary means any corporation (other than the corporation employing such Participant) in an unbroken chain of corporations beginning with the corporation employing such Participant if, at the time of the granting of the Stock
Incentive, each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such
chain. However, for purposes of interpreting any Stock Incentive Agreement issued under this Plan as of a date of determination, Subsidiary shall mean any corporation (other than the corporation employing such Participant) in an unbroken chain of
corporations beginning with the corporation employing such Participant if, at the time of the granting of the Stock Incentive and thereafter through such date of determination, each of the corporations other than the last corporation in the unbroken
chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

2.39 Ten Percent Stockholder means a person who owns (after taking into account the attribution rules of
Code §424(d)) more than ten percent (10%) of the total combined voting power of all classes of shares of stock of either the Company, a Subsidiary or a Parent. For purposes of the preceding sentence, shares of stock owned (directly or
indirectly) by or for a person’s brothers and sisters (whether by the whole or half blood), spouse, ancestors and lineal descendants will be considered to be owned, by the person, and if a domestic or foreign corporation , partnership, estate
or trust owns (directly or indirectly) shares of stock, those shares are considered to be owned proportionately by or for the stockholders, partners, or beneficiaries of the corporation, partnership, estate or trust. The extent to which stock held
by a person as a  

  
 ViewRay Incorporated
2008 Stock Incentive Plan 

  
 5 

 
trustee of a voting trust is considered owned by such person is determined under all of the facts and circumstances. Stock that a person may purchase under outstanding options is not treated as
stock owned by such person. In interpreting the foregoing, the provisions of Treas. Reg. §1.422-2(f)(2) shall govern. 
  

	3	SHARES SUBJECT TO STOCK INCENTIVES 

3.1 Maximum Aggregate Shares Issuable Pursuant to Stock Incentives. The total number of Shares that may be
issued pursuant to Stock Incentives under this Plan shall not exceed the sum of One Million Six Hundred Fifty Thousand (1,650,000), as adjusted pursuant to Section 10. Such Shares shall be reserved, to the extent that the Company deems
appropriate, from authorized but unissued Shares, from Shares which have been reacquired by the Company, from Shares paid to the Company pursuant to the exercise of Stock Incentives issued under the Plan, or from Shares withheld by the Company for
payment of taxes. 
 3.2 Determination of Maximum Aggregate Shares Issuable. Any Shares
subject to a Stock Incentive that remain un-issued after the cancellation, expiration, lapse or exchange of such Stock Incentive thereafter shall again become available for use under this Plan. Only the net
number of Shares that are issued pursuant to the exercise of an Option shall be counted as issued in applying the provisions of Section 3.1 above in the case of an Option which is exercised through a “cashless” or “net
share” exercise as described in Section 7.2(e). 
 3.3 Maximum Aggregate Shares Issuable
ISO Limitation. The total maximum number of Shares that may be issued pursuant to the exercise of ISO’s under this Plan shall at all times be exactly the same as the total maximum number of Shares that may be issued pursuant to Stock
Incentives under this Plan pursuant to the preceding Sections of this Section 3. 
 3.4
Code §162(m) Participant Limitation. Notwithstanding anything herein to the contrary, no Participant may be granted Stock Incentives covering an aggregate number of Shares in excess of One Million Five Hundred Thousand
(1,500,000) in any calendar year, and any Shares subject to a Stock Incentive which again become available for use under this Plan after the cancellation, expiration or exchange of such Stock Incentive thereafter shall continue to be counted in
applying this calendar year Participant limitation. 
  

	4	EFFECTIVE DATE 

 The Effective Date of this Plan
shall be the date it is adopted by the Board, or such delayed effective date as the Board may specify, as noted in resolutions effectuating such adoption. This Plan shall be subject to the approval of the stockholders of the Company within twelve
(12) months after the date on which this Plan is adopted by the Board, disregarding any contingencies or delayed effective date relative to such adoption. In the event that stockholder approval of this Plan is not obtained, or in the event that
this Plan is not subjected to the approval of the stockholders, then any Stock Incentives granted under this Plan shall nonetheless be deemed granted pursuant to the authority of the Board; provided, however, any such Option granted which was
intended to be an ISO shall instead be a NQSO. Should this Plan be rejected by the stockholders after being submitted to the stockholders for their approval, the Plan shall immediately terminate at that time, and no further grants shall be made
under this Plan thereafter.  

  
 ViewRay Incorporated
2008 Stock Incentive Plan 

  
 6 

 
Notwithstanding the foregoing, no ISO shall be exercisable prior to the date that stockholder approval of this Plan is obtained unless the Optionee recipient of such ISO agrees that the ISO shall
instead be treated as a NQSO for all purposes, and any exercise of an ISO option by an Optionee prior to the date that stockholder approval of this Plan is obtained shall automatically be deemed to be such an agreement by the exercising Optionee.

  

	5	ADMINISTRATION 

 5.1 General
Administration. This Plan shall be administered by the Board. The Board, acting in its absolute discretion, shall exercise all such powers and take all such action as it deems necessary or desirable to carry out the purposes of this Plan.
The Board shall have the power to interpret this Plan and, subject to the terms and provisions of this Plan, to take such other action in the administration and operation of the Plan as it deems equitable under the circumstances. The Board’s
actions shall be binding on the Company, on each affected Eligible Recipient, and on each other person directly or indirectly affected by such actions. 

5.2 Authority of the Board. Except as limited by law, or by the Certificate of Incorporation or Bylaws of
the Company, and subject to the provisions herein, the Board shall have full power to select Eligible Recipients who shall participate in the Plan, to determine the sizes and types of Stock Incentives in a manner consistent with the Plan, to
determine the terms and conditions of Stock Incentives in a manner consistent with the Plan, to construe and interpret the Plan and any agreement or instrument entered into under the Plan, to establish, amend or waive rules and regulations for the
Plan’s administration, and to amend the terms and conditions of any outstanding Stock Incentives as allowed under the Plan and such Stock Incentives. Further, the Board may make all other determinations that may be necessary or advisable for
the administration of the Plan. 
 5.3 Delegation of Authority. The Board may delegate its
authority under the Plan, in whole or in part, to a Committee appointed by the Board consisting of not less than one (1) Director or to one or more other persons to whom the powers of the Board hereunder may be delegated in accordance with
applicable law. The members of the Committee and any other persons to whom authority has been delegated shall be appointed from time to time by, and shall serve at the discretion of, the Board. The Committee or other delegate (if appointed) shall
act according to the policies and procedures set forth in the Plan and to those policies and procedures established by the Board, and the Committee or other delegate shall have such powers and responsibilities as are set forth by the Board.
Reference to the Board in this Plan shall specifically include reference to the Committee or other delegate where the Board has delegated its authority to the Committee or other delegate, and any action by the Committee or other delegate pursuant to
a delegation of authority by the Board shall be deemed an action by the Board under the Plan. Notwithstanding the above, the Board may assume the powers and responsibilities granted to the Committee or other delegate at any time, in whole or in
part. With respect to Committee appointments and composition, only a Committee (or a subcommittee thereof) comprised solely of two (2) or more Outside Directors may grant Stock Incentives that will meet the Performance-Based Exception, and only
a Committee comprised solely of Outside Directors may grant Stock Incentives to Insiders that will be exempt from Section 16(b) of the Exchange Act. 

  
 ViewRay Incorporated
2008 Stock Incentive Plan 

  
 7 

 5.4 Decisions Binding. All determinations and decisions made
by the Board (or its delegate) pursuant to the provisions of this Plan and all related orders and resolutions of the Board shall be final, conclusive and binding on all persons, including the Company, its stockholders, Directors, Eligible
Recipients, Participants, and their estates and beneficiaries. 
 5.5 Indemnification for
Decisions. No member of the Board or the Committee (or a sub-committee thereof) shall be liable in connection with or by reason of any act or omission performed or omitted to be performed on behalf of the Company in such capacity,
provided, that the Board has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company. Service on the Committee (or a sub-committee thereof)
shall constitute service as a director of the Company so that the members of the Committee (or a sub-committee thereof) shall be entitled to indemnification and reimbursement as directors of the Company pursuant to its articles of incorporation,
bylaws and applicable law. In addition, the members of the Board, Committee (or a sub-committee thereof) shall be indemnified by the Company against the following losses or liabilities reasonably incurred in connection with or by reason of any act
or omission performed or omitted to be performed on behalf of the Company in such capacity, provided, that the Board has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of the
Company: (a) the reasonable expenses, including attorneys’ fees actually and necessarily incurred in connection with the defense of any action, suit or proceeding, to which they or any of them may be a party by reason of any action taken
or failure to act under or in connection with the Plan, any Stock Incentive granted hereunder, and (b) against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the
Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such individual is liable for gross negligence or
misconduct in the performance of his duties, provided that within 60 days after institution of any such action, suit or proceeding a Committee member or delegatee shall in writing offer the Company the
opportunity, at its own expense, to handle and defend the same. The Company shall not indemnify or hold harmless the member of the Board or the Committee (or a subcommittee thereof) if: (a) in the case of a director (other than an independent
director of the Company), the loss or liability was the result of negligence or misconduct by the director, or (b) in the case that the director is an independent director of the Company, the loss or liability was the result of gross negligence
or willful misconduct by the director. Any indemnification of expenses or agreement to hold harmless may be paid only out of the net assets of the Company, and no portion may be recoverable from Stockholders. 

 

	6	ELIGIBILITY 

 Eligible Recipients selected by the Board
shall be eligible for the grant of Stock Incentives under this Plan, but no Eligible Recipient shall have the right to be granted a Stock Incentive under this Plan merely as a result of his or her status as an Eligible Recipient. Only Employees
shall be eligible to receive a grant of ISO’s. 

  
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	7	TERMS OF STOCK INCENTIVES 

7.1 Terms & Conditions of All Stock Incentives. 

(a) Grants of Stock Incentives. The Board, in its absolute discretion, shall grant Stock Incentives under this
Plan from time to time and, to the extent allowed by Sections 7.2(j) and 7.3(g) herein, shall have the right to grant new Stock Incentives in exchange for outstanding Stock Incentives, including, but not limited to, exchanges of Stock Options
for the purpose of achieving a lower Exercise Price. Stock Incentives shall be granted to Eligible Recipients selected by the Board, and the Board shall be under no obligation whatsoever to grant any Stock Incentives, or to grant Stock Incentives to
all Eligible Recipients, or to grant all Stock Incentives subject to the same terms and conditions. 
 (b) Shares
Subject to Stock Incentives. The number of Shares as to which a Stock Incentive shall be granted shall be determined by the Board in its sole discretion, subject to the provisions of Section 3 as to the total number of Shares available for
grants under the Plan. 
 (c) Stock Incentive Agreements. Each Stock Incentive shall be evidenced by a Stock
Incentive Agreement executed by the Company, a Parent or a Subsidiary, and the Participant, which shall be in such form and contain such terms and conditions as the Board in its discretion may, subject, to the provisions of the Plan, from time to
time determine. 
 (d) Date of Grant. The date a Stock Incentive is granted shall be the date on which the
Board (1) has approved the terms and conditions of the Stock Incentive Agreement, (2) has determined the recipient of the Stock Incentive and the number of Shares covered by the Stock Incentive, (3) has taken all such other action
necessary to direct the grant of the Stock Incentive, and (4) if applicable, any conditions imposed on such grant by the Board have been fulfilled. 

7.2 Terms & Conditions of Options. 

(a) Necessity of Stock Incentive Agreements. Each grant of an Option shall be evidenced by a Stock Incentive
Agreement that shall specify whether the Option is an ISO or NQSO, and incorporate such other terms and conditions as the Board, acting in its absolute discretion, deems consistent with the terms of this Plan, including (without limitation) a
restriction on the number of Shares subject to the Option that first become exercisable during any calendar year. The Board and/or the Company shall have complete discretion to modify the terms and provisions of an Option in accordance with
Section 12 of this Plan even though such modification may change the Option from an ISO to a NQSO. 
 (b)
Determining Optionees. In determining Eligible Recipient(s) to whom an Option shall be granted and the number of Shares to be covered by such Option, the Board may take into account the recommendations of the Chief Executive Officer of
the Company and its other officers, the duties of the Eligible Recipient, the present and potential contributions of the Eligible Recipient to the success of the Company, and other factors deemed relevant by the Board, in its sole discretion, in
connection with accomplishing the purpose of this Plan. An Eligible Recipient who has been granted an 

  
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Option to purchase Shares, whether under this Plan or otherwise, may be granted one or more additional Options. If the Board grants an ISO and a NQSO to an Eligible Recipient on the same date,
the right of the Eligible Recipient to exercise one such Option shall not be conditioned on his or her failure to exercise the other such Option. 

(c) Exercise Price. Subject to adjustment in accordance with Section 10 and the other provisions of this
Section, the Exercise Price shall be as set forth in the applicable Stock Incentive Agreement. With respect to each grant of an ISO to a Participant who is not a Ten Percent Stockholder, the Exercise Price shall not be less than the Fair Market
Value of a Share on the date the ISO is granted. With respect to each grant of an ISO to a Participant who is a Ten Percent Stockholder, the Exercise Price shall not be less than one hundred ten percent (110%) of the Fair Market Value of a
Share on the date the ISO is granted. If an Option is a NQSO, the Exercise Price of a Share shall be no less than (1) the minimum price required by applicable state law, or (2) the minimum price required by the Company’s governing
instrument, or (3) $0.01, whichever price is greater. Any Option intended to meet the Performance-Based Exception must be granted with an Exercise Price equivalent to or greater than the Fair Market Value of a Share determined as of the date of
such grant. Any Option intended to meet the FLSA Exclusion must be granted with an Exercise Price equivalent to or greater than eighty-five percent (85%) of the Fair Market Value of a Share on the date granted determined as of the date of such
grant. Any Option that is intended to avoid taxation under Code §409A as a “nonqualified deferred compensation plan” must be granted with an Exercise Price equivalent to or greater than the Fair Market Value of a Share determined
as of the date of such grant, consistent with Treas. Reg. §1.409A-1(b)(5)(iv), and any other applicable guidance or regulations issued by the Internal Revenue Service. Notwithstanding the foregoing, the Exercise Price of an Option granted
in substitution of an existing option pursuant to Treas. Reg. §1.424-1(a) or Treas. Reg. §1.409A-1(b)(5)(v)(D) may be established under the requirements of those provisions without regard
to the foregoing (see subsection (h) below). 
 (d) Option Term. Each Option granted under this Plan shall
be exercisable in whole or in part at such time or times as set forth in the related Stock Incentive Agreement, but no Stock Incentive Agreement shall: 

(1) make an Option exercisable before the date such Option is granted; or 

(2) make an Option exercisable after the earlier of: 

(i) the date such Option is exercised in full, or 

(ii) the date that is the tenth (10th) anniversary of the date such Option is granted, if such Option is a NQSO
or an ISO granted to a non-Ten Percent Stockholder, or the date that is the fifth (5th) anniversary of the date such Option is granted, if such Option is an ISO granted to a Ten Percent Stockholder. 

  
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 A Stock Incentive Agreement may provide for the exercise of an Option after the employment of an
Employee has terminated for any reason whatsoever, including death or disability. The Employee’s rights, if any, upon termination of employment will be set forth in the applicable Stock Incentive Agreement. The exercise period of an Option
shall be tolled during any period that the Option cannot be exercised because such an exercise would violate an applicable Federal, state, local or foreign law, or would jeopardize the ability of the Company to continue as a going concern;
provided, however, the period during which the Option may otherwise be exercised shall be extended only thirty (30) days after the exercise of the Option first would no longer violate such applicable Federal, state, local or foreign laws
or first would no longer jeopardize the ability of the Company to continue as a going concern. 
 (e) Payment.
Options shall be exercised by the delivery of a written notice of exercise to the Company, setting forth the number of Shares with respect to which the Option is to be exercised accompanied by full payment for the Shares. Payment for shares of Stock
purchased pursuant to exercise of an Option shall be made in cash or, unless the Stock Incentive Agreement provides otherwise, by delivery to the Company of a number of Shares having an aggregate Fair Market Value equal to the amount to be tendered
(including a “cashless” or “net share” exercise), or a combination thereof. In addition, unless the Stock Incentive Agreement provides otherwise, the Option may be exercised through a brokerage transaction following registration
of the Company’s equity securities under Section 12 of the Exchange Act as permitted under the provisions of Regulation T applicable to cashless exercises promulgated by the Federal Reserve Board, unless prohibited by Section 402
of the Sarbanes-Oxley Act of 2002. However, notwithstanding the foregoing, with respect to any Option recipient who is an Insider, a tender of shares or a cashless exercise must (1) have met the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) be a subsequent transaction the terms of which were provided for in a transaction initially meeting the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act. Unless the Stock Incentive Agreement provides otherwise, the foregoing exercise payment methods shall be subsequent transactions approved by the original grant of
an Option. Except as provided in subparagraph (f) below, payment shall be made at the time that the Option or any part thereof is exercised, and no Shares shall be issued or delivered upon exercise of an Option until full payment has been made
by the Participant. The holder of an Option, as such, shall have none of the rights of a stockholder. Notwithstanding the above and unless prohibited by the Sarbanes-Oxley Act of 2002, in the sole discretion of the Board, an Option may be exercised
as to a portion or all (as determined by the Board) of the number of Shares specified in the Stock Incentive Agreement by delivery to the Company of a promissory note, such promissory note to be executed by the Participant and that shall include,
with such other terms and conditions as the Board shall determine, provisions in a form approved by the Board under which: (i) the balance of the aggregate purchase price shall be payable in equal installments over such period and shall bear
interest at such rate (that shall not be less than the prime bank loan rate as determined by the Board, that shall be established at the time of exercise, and that must be a market rate based on the rate environment at the date of exercise, taking
into account the provisions of Code §7872) as the Board shall approve, and (ii) the 

  
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Participant shall be personally liable for payment of the unpaid principal balance and all accrued but unpaid interest. Other methods of payment may also be used if approved by the Board in its
sole and absolute discretion and provided for under the Stock Incentive Agreement. 
 (f) Conditions to Exercise of
an Option. Each Option granted under the Plan shall vest and shall be exercisable at such time or times, or upon the occurrence of such event or events, and in such amounts, as the Board shall specify in the Stock Incentive Agreement; provided,
however, that subsequent to the grant of an Option, the Board, at any time before complete termination of such Option, may accelerate the time or times at which such Option may vest or be exercised in whole or in part. Notwithstanding the foregoing,
an Option intended to meet the FLSA Exclusion shall not be exercisable for at least six (6) months following the date it is granted, except by reason of death, disability, retirement, a change in corporate ownership or other circumstances
permitted under regulations promulgated under the FLSA Exclusion. Furthermore, if the recipient of an Option receives a hardship distribution from a Code §401(k) plan of the Company, or any Parent or Subsidiary, the Option may not be
exercised during the six (6) month period following the hardship distribution, unless the Company determines that such exercise would not jeopardize the tax-qualification of the Code §401(k) plan. The Board may impose such
restrictions on any Shares acquired pursuant to the exercise of an Option as it may deem advisable, including, without limitation, vesting or performance-based restrictions, voting restrictions, investment intent restrictions, restrictions on
transfer, “first refusal” rights of the Company to purchase Shares acquired pursuant to the exercise of an Option prior to their sale to any other person, “drag along” rights requiring the sale of shares to a third party
purchaser in certain circumstances, “lock up” type restrictions in the case of an Initial Public Offering of the Company’s stock, rights of the Company to re-purchase Shares acquired pursuant to
the exercise of an Option, restrictions or limitations or other provisions that would be applied to stockholders under any applicable agreement among the stockholders, and restrictions under applicable federal securities laws, under the requirements
of any stock exchange or market upon which such Shares are then listed and/or traded, and/or under any blue sky or state securities laws applicable to such Shares. The Board shall also require, as a condition for the acquisition of any Shares by an
Optionee pursuant to the exercise of an Option, that the Optionee execute an agreement by which the Optionee agrees to be bound by, and subject to, any agreement(s) among the Company’s stockholders then in effect. 

(g) Transferability of Options. An Option shall not be transferable or assignable except by will or by the laws
of descent and distribution and shall be exercisable, during the Participant’s lifetime, only by the Participant; provided, however, that in the event the Participant is incapacitated and unable to exercise his or her Option, if such Option is
a NQSO, such Option may be exercised by such Participant’s legal guardian, legal representative, or other representative whom the Board deems appropriate based on applicable facts and circumstances. The determination of incapacity of a
Participant and the determination of the appropriate representative of the Participant who shall be able to exercise the Option if the Participant is incapacitated shall be determined by the Board in its sole and absolute discretion. Notwithstanding
the foregoing, except as 

  
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otherwise provided in the Stock Incentive Agreement, a NQSO may also be transferred by a Participant as a bona fide gift or through a domestic relations order to any “family member” (as
that term is defined in 17 CFR §230.701(c)(3)) of the Participant, and in each case the transferee shall be subject to all provisions of the Plan, the Stock Incentive Agreement and other agreements with the Participant in connection with
the exercise of the Option. In the event of such a gift or transfer by domestic relations order, the Participant shall promptly notify the Board of such transfer and deliver to the Board such written documentation as the Board may in its discretion
request, including, without limitation, the written acknowledgment of the donee that the donee is subject to the provisions of the Plan, the Stock Incentive Agreement and other agreements with the Participant. Notwithstanding the foregoing, a Stock
Incentive Agreement may provide for more limited transferability than is described above. 
 (h) Special Provisions
for Certain Substitute Options. Notwithstanding anything to the contrary in this Section, any Option in substitution for a stock option previously issued by another entity, which substitution occurs in connection with a transaction to which
Code §424(a) is applicable, may provide for an exercise price computed in accordance with Code §424(a) and the regulations thereunder and may contain such other terms and conditions as the Board may prescribe to cause such
substitute Option to contain as nearly as possible the same terms and conditions (including the applicable vesting and termination provisions) as those contained in the previously issued stock option being replaced thereby. 

(i) ISO Tax Treatment Requirements. With respect to any Option that purports to be an ISO, to the extent that the
aggregate Fair Market Value (determined as of the date of grant of such Option) of stock with respect to which such Option is exercisable for the first time by any individual during any calendar year exceeds one hundred thousand dollars
($100,000.00), such Option shall not be treated as an ISO in accordance with Code §422(d). The rule of the preceding sentence is applied in the order in which Options are granted. Also, with respect to any Option that purports to be an
ISO, such Option shall not be treated as an ISO if the Participant disposes of shares acquired thereunder within two (2) years from the date of the granting of the Option or within one (1) year of the exercise of the Option, or if the
Participant has not met the requirements of Code §422(a)(2). 
 (j) Potential Repricing of Stock
Options. With respect to any one or more Options granted pursuant to, and under, this Plan, the Board may determine that the repricing of all or any portion of such existing outstanding Options is appropriate without the need for any additional
approval of the Stockholders of the Company. For this purpose, “repricing” of Options shall include, but not be limited to, any of the following actions (or any similar action): (1) lowering the Exercise Price of an existing Option;
(2) any action which would be treated as a “repricing” under generally accepted accounting principles; or (3) canceling of an existing Option at a time when its Exercise Price exceeds the Fair Market Value of the underlying stock
subject to such Option, in exchange for another Option, a Restricted Stock Award, or other equity in the Company. 

  
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 7.3 Terms and Conditions of Stock Appreciation Rights. 

(a) Grants of Stock Appreciation Rights. A Stock Appreciation Right may be granted in connection with all or any
portion of a previously or contemporaneously granted Option or not in connection with an Option. A Stock Appreciation Right shall entitle the Participant to receive upon exercise or payment the excess of the Fair Market Value of a specified number
of Shares at the time of exercise, over a SAR Exercise Price that shall be not less than the Exercise Price for that number of Shares in the case of a Stock Appreciation Right granted in connection with a previously or contemporaneously granted
Option, or in the case of any other Stock Appreciation Right, not less than eighty-five (85%) of the Fair Market Value of that number of Shares at the time the Stock Appreciation Right was granted. Any Stock Appreciation Right that is intended
to avoid taxation under Code §409A as a “nonqualified deferred compensation plan” must be granted with a SAR Exercise Price equivalent to or greater than the Fair Market Value of a Share determined as of the date of such grant,
consistent with Treas. Reg. §1.409A-1(b)(5)(iv), and any other applicable guidance or regulations issued by the Internal Revenue Service. The exercise of a Stock Appreciation Right shall result in a pro rata surrender of the related Option
to the extent the Stock Appreciation Right has been exercised. 
 (b) Payment. Upon exercise or payment of a
Stock Appreciation Right, the Company shall pay to the Participant the appreciation in cash or Shares (at the aggregate Fair Market Value on the date of payment or exercise) as provided in the Stock Incentive Agreement or, in the absence of such
provision, as the Board may determine. To the extent that a Stock Appreciation Right is paid in cash, it shall nonetheless be deemed paid in Shares for purposes of Section 3 hereof. 

(c) Conditions to Exercise. Each Stock Appreciation Right granted under the Plan shall be exercisable at such
time or times, or upon the occurrence of such event or events, and in such amounts, as the Board shall specify in the Stock Incentive Agreement; provided, however, that subsequent to the grant of a Stock Appreciation Right, the Board, at any time
before complete termination of such Stock Appreciation Right, may accelerate the time or times at which such Stock Appreciation Right may be exercised in whole or in part. Furthermore, if the recipient of a Stock Appreciation Right receives a
hardship distribution from a Code §401(k) plan of the Company, or any Parent or Subsidiary, the Stock Appreciation Right may not be exercised during the six (6) month period following the hardship distribution, unless the Company
determines that such exercise would not jeopardize the tax-qualification of the Code §401(k) plan. The exercise period of a Stock Appreciation Right shall be tolled during any period that the Stock Appreciation Right cannot be exercised
because such an exercise would violate an applicable Federal, state, local or foreign law, or would jeopardize the ability of the Company to continue as a going concern; provided, however, the period during which the Stock Appreciation Right may
otherwise be exercised shall be extended only thirty (30) days after the exercise of the Stock Appreciation Right first would no longer violate such applicable Federal, state, local or foreign laws or first would no longer jeopardize the
ability of the Company to continue as a going concern. 

  
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 (d) Restrictions on Shares Awarded. Shares awarded pursuant to
Stock Appreciation Rights shall be subject to such restrictions as determined by the Board for periods determined by the Board. The Board may impose such restrictions on any Shares acquired pursuant to a Stock Appreciation Right as it may deem
advisable, including, without limitation, vesting or performance-based restrictions, voting restrictions, investment intent restrictions, restrictions on transfer, rights of the Company to re-purchase Shares
acquired pursuant to the Stock Appreciation Rights, “first refusal” rights of the Company to purchase Shares acquired pursuant to the Stock Appreciation Rights prior to their sale to any other person, “drag along” rights
requiring the sale of Shares to a third party purchaser in certain circumstances, “lock up” type restrictions in connection with public offerings of the Company’s Shares, restrictions or limitations or other provisions that would be
applied to Share holders under any applicable agreement among the Share holders, and restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded,
and/or under any blue sky or state securities laws applicable to such Shares. The Board shall also require, as a condition for the acquisition of any Shares by a Stock Appreciation Rights recipient pursuant to the exercise of a Stock Appreciation
Right, that the Stock Appreciation Right recipient execute an agreement by which the Stock Appreciation Right recipient agrees to be bound by, and subject to, any agreement(s) among the Company’s stockholders then in effect. 

(e) Transferability of Stock Appreciation Rights. No Stock Appreciation Right granted under the Plan may be sold,
transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Stock Incentive Agreement, all Stock Appreciation
Rights granted to a Participant under the Plan shall be exercisable, during the Participants lifetime, only by the Participant, except that in the event the Participant is incapacitated and unable to exercise his or her Stock Appreciation Right,
such Stock Appreciation Right may be exercised by such Participant’s legal guardian, legal representative, or other representative whom. the Board deems appropriate based on applicable facts and circumstances. The determination of incapacity of
a Participant and the determination of the appropriate representative of the Participant shall be determined by the Board in its sole and absolute discretion. Notwithstanding the foregoing, except as otherwise provided in the Stock Incentive
Agreement, (A) a Stock Appreciation Right which is granted in connection with the grant of a NQSO may be transferred, but only with the NQSQ, and (B) a Stock Appreciation Right which is not granted in connection with the grant of a NQSO,
may be transferred by the Participant as a bona fide gift or through a domestic relations order to any “family member” (as that term is defined in 17 CFR §230.701(c)(3)) of the Participant, and in each case the transferee shall
be subject to all provisions of the Plan, the Stock Incentive Agreement and other agreements with the Participant in connection with the exercise of the Stock Appreciation Right. In the event of such a gift or transfer by domestic relations order,
the Participant shall promptly notify the Board of such transfer and deliver to the Board such written documentation as the Board may in its discretion request, including, without limitation, the written acknowledgment of the donee that the donee is
subject to the provisions of the Plan, the Stock Incentive Agreement and other agreements with the 

  
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Participant in connection with the exercise of the Stock Appreciation Right. Notwithstanding the foregoing, a Stock Incentive Agreement may provide for more limited transferability than is
described above. 
 (f) Special Provisions for Tandem SAR’s. A Stock Appreciation Right granted in
connection with an Option may only be exercised to the extent that the related Option has not been exercised. A Stock Appreciation Right granted in connection with an ISO (1) will expire no later than the expiration of the underlying ISO,
(2) may be for no more than the difference between the exercise price of the underlying ISO and the Fair Market Value of the Shares subject to the underlying ISO at the time the Stock Appreciation Right is exercised, (3) may be
transferable only When, and under the same conditions as, the underlying ISO is transferable, and (4) may be exercised only (i) when the underlying ISO could be exercised and (ii) when the Fair Market Value of the Shares subject to
the ISO exceeds the exercise price of the ISO. 
 (g) Potential Repricing of SARs. With respect to any one or
more Stock Appreciation Rights granted pursuant to, and under, this Plan, the Board may determine that the repricing of all or any portion of such existing outstanding Stock Appreciation Rights is appropriate without the need for any additional
approval of the Stockholders of the Company. For this purpose, “repricing” of Stock Appreciation Rights shall include, but not be limited to, any of the following actions (or any similar action): (1) lowering the. Exercise Price of an
existing Stock Appreciation Right; (2) any action which would be treated as a “repricing” under generally accepted accounting principles; or (3) canceling of an existing Stock Appreciation Right at a time when its Exercise Price
exceeds the Fair Market Value of the underlying stock subject to such Stock Appreciation Right, in exchange for another Stock Appreciation Right, a Restricted Stock Award, or other equity in the Company. 

7.4 Terms & Conditions of Restricted Stock Awards. 

(a) Grants of Restricted Stock Awards. Shares awarded pursuant to Restricted Stock Awards shall be subject to
such restrictions (if any) as determined by the Board for periods determined by the Board. Restricted Stock Awards issued under the Plan may have restrictions which lapse based upon the service of a Participant, or based upon the attainment (as
determined by the Board) of performance goals established pursuant to the business criteria listed in Section 13, or based upon any other criteria that the Board may determine appropriate. Any Restricted Stock Award with restrictions that lapse
based on the attainment of performance goals must be granted by a Committee, must have its performance goals determined by such a Committee based upon one or more of the business criteria listed in Section 13, and must have the attainment of
such performance goals certified in writing by such a Committee in order to meet the Performance-Based Exception. Shares awarded pursuant to a Restricted Stock Award may be forfeited to the extent that a Participant fails to satisfy the applicable
conditions or restrictions during the period of restriction. The Company may retain the certificates representing Shares subject to a Restricted Stock Award in the Company’s possession until such time as all conditions and/or restrictions
applicable to such Shares have been satisfied. The. Board may require a cash payment from the Participant in exchange for the grant of a Restricted 

  
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Stock Award or may grant a Restricted Stock Award without the requirement of a cash payment; provided, however, if the recipient of a Restricted Stock Award receives a hardship
distribution from a Code §401(k) plan of the Company, or any Parent or Subsidiary, the recipient may not pay any amount for such Restricted Stock Award during the six (6) month period following the hardship distribution, unless the
Company determines that such payment would not jeopardize the tax-qualification of the Code §401(k) plan. 
 (b)
Acceleration of Award. The Board shall have the power to permit, in its discretion, an acceleration of the expiration of the applicable restrictions or the applicable period of such restrictions with respect to any part or all of the
Shares awarded to a Participant. 
 (c) Necessity of Stock Incentive Agreement. Each grant of a Restricted
Stock Award shall be evidenced by a Stock Incentive Agreement that shall specify the terms, conditions and restrictions regarding the Shares awarded to a Participant, and shall incorporate such other terms and conditions as the Board, acting in its
absolute discretion, deems consistent with the terms of this Plan. The Board shall have complete discretion to modify the terms and provisions of Restricted Stock Awards in accordance with Section 12 of this Plan. 

(d) Restrictions on Shares Awarded. Shares awarded pursuant to Restricted Stock Awards shall be subject to such
restrictions as determined by the Board for periods determined by the Board. The Board may impose such restrictions on any Shares acquired pursuant to a Restricted Stock Award as it may deem advisable, including, without limitation, vesting or
performance-based restrictions, voting restrictions, investment intent restrictions, restrictions on transfer, rights of the Company to re-purchase Shares acquired pursuant to the Restricted Stock Award,
“first refusal” rights of the Company to purchase Shares acquired pursuant to the Restricted Stock Award prior to their sale to any other person, “drag along” rights requiring the sale of Shares to a third party purchaser in
certain circumstances, “lock up” type restrictions in connection with’ public offerings of the Company’s stock, restrictions or limitations or other provisions that would be applied to stockholders under any applicable agreement
among the stockholders, and restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, and/or under any blue sky or state securities laws
applicable to such Shares. The Board shall also require, as a condition for the acquisition of any Shares by a Restricted. Stock Award recipient, that the Restricted Stock Award recipient execute an agreement by which the Restricted Stock Award
recipient agrees to be bound by, and subject to, any agreement(s) among the Company’s stockholders then in effect. 

(e) Transferability of Restricted Stock Awards. A Restricted Stock Award may not be transferred by the holder
Participant, except (A) upon the death of the holder Participant, a Restricted Stock Award may be transferred by will or by the laws of descent and distribution, (B) a Restricted Stock Award may, unless the applicable Stock Incentive
Agreement provides otherwise, be transferred at any time provided that the transferee is bound by all terms and provisions of the underlying Restricted Stock Award, 

  
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and (C) a Restricted Stock Award may be transferred at any time following the lapse of all restrictions on transferability of the Restricted Stock Award. Notwithstanding the foregoing, a
Stock Incentive Agreement may provide for more limited transferability than is described above. 
 (f) Voting,
Dividend & Other Rights. Unless the applicable Stock Incentive Agreement expressly provides otherwise, holders of Restricted Stock Awards shall, with respect to the Shares subject to such Stock Incentive Agreement, be entitled
(1) to vote such Shares, and (2) to receive any dividends declared upon such Shares, during any period of restriction imposed by the Stock Incentive Agreement, but shall not be entitled (1) to vote such Shares, or (2) to receive
any dividends declared upon such Shares, on or after the date on which Shares are forfeited pursuant to such Stock Incentive Agreement. 

7.5 Terms & Conditions of Restricted Stock Units. 

(a) Grants of Restricted Stock Units. A Restricted Stock Unit shall entitle the Participant to receive one Share
at such future time and upon such terms as specified by the Board in the Stock Incentive Agreement evidencing such award. Restricted Stock Units issued under the Plan may have restrictions which lapse based upon the service of a Participant, or
based upon other criteria that the Board may determine appropriate. The Board may require a cash payment from the Participant in exchange for the grant of Restricted Stock Units or may grant Restricted Stock Units without the requirement of a cash
payment; provided, however, if the recipient of a Restricted Stock Unit receives a hardship distribution from a Code §401(k) plan of the Company, or any Parent or Subsidiary, no payment for the Restricted Stock Unit may be made by the
recipient during the six (6) month period following the hardship distribution, unless the Company determines that such payment would not jeopardize the tax-qualification of the Code §401(k) plan. 

(b) Vesting of Restricted Stock Units. The Board may establish a vesting schedule applicable to a Restricted
Stock Unit and may specify the times, vesting and performance goal requirements that may be applicable to a Restricted Stock Unit. Until the end of the period(s) of time specified in any such vesting schedule and/or the satisfaction of any such
performance criteria, the Restricted Stock Units subject to such Stock Incentive Agreement shall remain subject to forfeiture. 

(c) Acceleration of Award. The Board shall have the power to permit, in its sole discretion, an acceleration of
the applicable restrictions or the applicable period of such restrictions with respect to any part or all of the Restricted Stock Units awarded to a Participant. 

(d) Necessity of Stock Incentive Agreement. Each grant of Restricted Stock Unit(s) shall be evidenced by a Stock
Incentive Agreement that shall specify the terms, conditions and restrictions regarding the Participant’s right to receive Share(s) in the future, and shall incorporate such other terms and conditions as the Board, acting in its sole
discretion, deems consistent with the terms of this Plan. The Board shall have sole discretion to modify the terms and provisions of Restricted Stock Unit(s) in accordance with Section 12 of this Plan. 

  
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2008 Stock Incentive Plan 

  
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 (e) Transferability of Restricted Stock Units. Except as otherwise
provided in a Participant’s Restricted Stock Unit Award, no Restricted Stock Unit granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the holder Participant, except upon the death of the
holder Participant by will or by the laws of ‘descent and distribution. Notwithstanding the foregoing, a Stock Incentive-Agreement may provide for more limited transferability than is described above. 

(f) Voting, Dividend & Other Rights. Unless the applicable Stock Incentive Agreement provides otherwise,
holders of Restricted Stock Units shall not be entitled to vote or to receive dividends until they become owners of the Shares pursuant to their Restricted Stock Units. 

(g) Code §409A Requirements. A Restricted Stock Unit must meet certain restrictions contained in
Code §409A if it is to avoid taxation under Code §409A as a “nonqualified deferred compensation plan? Grants of Restricted Stock Units under this Plan should be made with consideration of the impact of Code §409A
with respect to such grant upon both the Company and the recipient of the Restricted Stock Unit. 
 (h) No ERISA
Employee Benefit Plan Created. Except to the extent that the Board expressly determines otherwise in resolutions, a Restricted Stock Unit must contain terms and provisions designed to ensure that the Restricted Stock Unit will not be considered
an “employee benefit plan” as defined in ERISA §3(3). 
 (i) Restrictions on Shares Awarded.
Shares awarded pursuant to Restricted Stock Units shall be subject to such restrictions as determined by the Board for periods determined by the Board. The Board may impose such restrictions on any Shares acquired pursuant to a Restricted Stock Unit
as it may deem advisable, including, without limitation, vesting or performance-based restrictions, voting restrictions, investment intent restrictions, restrictions on transfer, rights of the Company to
re-purchase Shares acquired pursuant to the Restricted Stock Units, “first refusal” rights of the Company to purchase Shares acquired pursuant to the Restricted Stock Units prior to their sale to any
other person, “drag along” rights requiring the sale of Shares to a third party purchaser in certain circumstances, “lock up” type restrictions in connection with public offerings of the Company’s Shares, restrictions or
limitations or other provisions that would be applied to Share holders under any applicable agreement among the Share holders, and restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon
which such Shares are then listed and/or traded, and/or under any blue sky or state securities laws applicable to such Shares. The Board shall also require, as a condition for the acquisition of any Shares by a Restricted Stock Unit recipient
pursuant to the exercise of a Restricted Stock Unit, that the Restricted Stock Unit recipient execute an agreement by which the Restricted Stock Unit recipient agrees to be bound by, and subject to, any agreement(s) among the Company’s
stockholders then in effect. 

  
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	8	SECURITIES REGULATION 

 Each Stock Incentive
Agreement may provide that, upon the receipt of Shares as a result of the exercise of a Stock Incentive or otherwise, the Participant shall, if so requested by the Company, hold such Shares for investment and not with a view of resale or
distribution to the public and, if so requested by the Company, shall deliver to the Company a written statement satisfactory to the Company to. that effect. Each Stock Incentive Agreement may also provide that, if so requested by the Company, the
Participant shall make a written representation to the Company that he or she will not sell or offer to sell any of such Shares unless a registration statement shall be in effect with respect to such Shares under the Securities Act of 1933, as
amended (“1933 Act”), and any applicable state securities law or, unless he or she shall have furnished to the Company an opinion, in form and substance satisfactory to the Company, of legal counsel acceptable to the Company, that such
registration is not required. Certificates representing the Shares transferred upon the exercise of a Stock Incentive granted under this Plan may at the discretion of the Company bear a legend to the effect that such Shares have not been registered
under the 1933 Act or any applicable state securities law and that such Shares may not be sold or offered for sale in the absence of an effective registration statement as to such Shares under the 1933 Act and any applicable state securities law or
an opinion, in form and substance satisfactory to the Company, of legal counsel acceptable to the Company, that such registration is not required. 
  

	9	LIFE OF PLAN 

 No Stock
Incentive shall be granted under this Plan on or after the earlier of: 
 9.1 the tenth (10th) anniversary of the Effective Date of this Plan (or the tenth (10th) anniversary of the Amendment Date of any subsequent amendment to
this Plan if such amendment would require the approval of the stockholders pursuant to Treas. Reg. §1.422-2(b)(2) and such approval was obtained), or 

9.2 the date on which all of the Shares available for issuance under Section 3 of this Plan have (as a result of the exercise of
Options or Stock Appreciation Rights granted under this Plan, lapse of all restrictions under Restricted Stock Awards granted under this Plan, or vesting and payment of all Restricted Stock Units granted under this Plan) been issued or no longer are
available for use under this Plan. 
 After such date, this Plan shall continue in effect with respect to any then-outstanding Stock Incentives until
(1) all then-outstanding Options and Stock Appreciation Rights have been exercised in full or are no longer exercisable, (2) all Restricted Stock Awards have vested or been forfeited, and (3) all Restricted Stock Units have vested and
been paid or been forfeited. 
  

	10	ADJUSTMENT 

 Notwithstanding anything in Section 12 to
the contrary, the number of Shares reserved under Section 3 of this Plan, the limit on the number of Shares that may be granted during a calendar year to any individual under Section 3 of this Plan, the number and type of Shares subject to
Stock Incentives granted under this Plan, and the Exercise Price of any Options and 

  
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the SAR Exercise Price of any Stock Appreciation Rights, may be adjusted by the Board in its sole discretion in an equitable manner to reflect any change in the capitalization of the Company,
including, but not limited to, such changes as stock dividends or stock splits; provided, however, that the Board shall be required to make such adjustments if such change in the capitalization of the Company constitutes an
“equity restructuring” as defined in FAS 123R. Furthermore, the Board shall have the right to, and may in its sole discretion, adjust (in a manner that satisfies the requirements of Code §424(a)) the number of Shares
reserved under Section 3, and the number of Shares subject to Stock Incentives granted under this Plan, and the Exercise Price of any Options and the SAR Exercise Price of any Stock Appreciation Rights in the event of any corporate transaction
described in Code §424(a) that provides for the substitution or assumption of such Stock Incentives; provided, however, that the Board shall be required to make such adjustments if such corporate transaction constitutes an
“equity restructuring” as defined in FAS 123R. If any adjustment under this Section creates a fractional Share or a right to acquire a fractional Share, such fractional Share shall be disregarded, and the number of Shares reserved
under this Plan and the number subject to any Stock Incentives granted under this Plan shall be the next lower number of Shares, rounding all fractions downward. An adjustment made under this Section by the Board shall be conclusive and binding on
all affected persons and, further, shall not constitute an increase in the number of Shares reserved under Section 3. 
  

	11	CHANGE OF CONTROL OF COMPANY 

11.1 General Rule for Options. Except as otherwise provided in a Stock Incentive Agreement, if a Change of
Control occurs, and if the agreements effectuating the Change of Control do not provide for the assumption or substitution of all Options granted under this Plan, with respect to any Option granted under this Plan that is not so assumed or
substituted (a “Non-Assumed Option”), the Committee, in its sole and absolute discretion, may, with respect to any or all of such Non-Assumed Options, take any or all of the following actions to be effective as of the date of the Change of
Control (or as of any other date fixed by the Committee occurring within the thirty (30) day period ending on the date of the Change of Control, but only if such action remains contingent upon the effectuation of the Change of Control) (such
date referred to as the “Action Effective Date”): 
 (a) Accelerate the vesting and/or
exercisability of any such Non-Assumed Option on or before a specified Action Effective Date; and/or 
 (b)
Unilaterally cancel any such Non-Assumed Option which has not vested and/or which has not become exercisable as of a specified Action Effective Date; and/or 

(c) Unilaterally cancel any such Non-Assumed Option as of a specified Action Effective Date in exchange for: 

(1) whole and/or fractional Shares (or for whole Shares and cash in lieu of any fractional Share) that, in the
aggregate, are equal in value to the excess of the Fair Market Value of the Shares that could be purchased subject to such Non-Assumed Option determined as of the Action Effective Date (taking into account vesting and/or exercisability) over the
aggregate Exercise Price for such Shares; and/or 

  
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 (2) cash or other property equal in value to the excess of the Fair Market
Value of any Shares (or fractional Shares) that could be purchased subject to such Non-Assumed Option determined as of the Action Effective Date (taking into account vesting and/or exercisability) over the aggregate Exercise Price for such Shares;
and/or 
 (d) Unilaterally cancel any such Non-Assumed Option after a specified Action Effective Date after providing
the holder of such Option with (1) an opportunity to exercise such Non-Assumed Option to the extent vested and/or exercisable (taking into account vesting and/or exercisability as of the date of the Change of Control) on or before such Action
Effective Date, and (2) reasonable notice of such opportunity to exercise prior to such Action Effective Date; and/or 

(e) Unilaterally require the exercise of, and unilaterally cause the exercise of, any such Non-Assumed Option by a
“cashless” or “net share” exercise (as described in Section 7.2(e) hereof) as of a specified Action Effective Date; and/or 

(f) Unilaterally cancel any such Non-Assumed Option as of a specified Action Effective Date and notify the holder of
such Option of such action, but only if the Fair Market Value of the Shares that could be purchased subject to such Non-Assumed Option determined as of such Action Effective Date (taking into account vesting and/or exercisability) does not exceed
the aggregate Exercise Price for such Shares. 
 With respect to subsection (d) above, notwithstanding any provision of this Plan or any Stock
Incentive Agreement to the contrary, unless prohibited by the. Sarbanes-Oxley Act of 2002, the Committee may, in its sole and absolute discretion, allow the holder of any such Non-Assumed Option to exercise such Non-Assumed Option under the
provisions of subsection (d) above with a promissory note which shall become due and, payable as of, or shortly after, the date of the Change of Control on such terms and conditions as the Committee may determine, consistent with the
requirements of Code §7872. However, notwithstanding the foregoing, to the extent that the recipient of a Non-Assumed Option is an Insider, payment of cash in lieu of whole or fractional Shares or shares of a successor may only be made to
the extent that such payment (1) has met the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) is a subsequent transaction the terms of which were provided
for in a transaction initially meeting the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act. Unless a Stock Incentive Agreement provides otherwise, the payment of cash in
lieu of whole or fractional Shares or in lieu of whole or fractional shares of a successor shall be considered a subsequent transaction approved by the original grant of an Option. 

  
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 11.2 General Rule for SARs. Except as otherwise provided in a
Stock Incentive Agreement, if a Change of Control occurs, and if the agreements effectuating the Change of Control do not provide for the assumption or substitution of all Stock Appreciation Rights granted under this Plan, with respect to any Stock
Appreciation Right granted under this Plan that is not so assumed or substituted (a “Non-Assumed SAR”), the Committee, in its sole and absolute discretion, may, with respect to any or all of such Non-Assumed SARs, take either or both of
the following actions to be effective as of the date of the Change of Control (or as of any other date fixed by the Committee occurring within the thirty (30) day period ending on the date of the Change of Control, but only if such action
remains contingent upon the effectuation of the Change of Control) (such date referred to as the “Action Effective Date”): 

(a) Accelerate the vesting and/or exercisability of such Non-Assumed SAR on or before a specified Action Effective Date;
and/or 
 (b) Unilaterally cancel any such Non-Assumed SAR which has not vested or which has not become exercisable as
of a specified Action Effective Date; and/or 
 (c) Unilaterally cancel such Non-Assumed SAR as of a specified Action
Effective Date in exchange for: 
 (1) whole and/or fractional Shares (or for whole Shares and cash in lieu of any
fractional Share) that, in the aggregate, are equal in value to the excess of the Fair Market Value of the Shares subject to such Non-Assumed SAR determined as of the Action Effective Date (taking into account vesting and/or exercisability) over the
SAR Exercise Price for such Non-Assumed SAR; and/or 
 (2) cash or other property equal in value to the excess of the
Fair Market Value of any Shares (or fractional Shares) subject to such Non-Assumed SAR determined as of the Action Effective Date (taking into account vesting and/or exercisability) over the SAR Exercise Price for such Non-Assumed SAR; and/or 

(d) Unilaterally cancel such Non-Assumed SAR as of a specified Action Effective Date after providing the holder of such
SAR with (1) an opportunity to exercise such Non-Assumed SAR to the extent vested and/or exercisable (taking into account vesting and/or exercisability as of the date of the Change of Control) on or before such Action Effective Date, and
(2) reasonable notice of such opportunity to exercise prior to such Action Effective Date; and/or 
 (e)
Unilaterally require the exercise of, and unilaterally cause the exercise of, any such Non-Assumed SAR as of a specified Action Effective Date; and/or 

(f) Unilaterally cancel such Non-Assumed SAR and notify the holder of such SAR of such action, but only if the Fair
Market Value of the Shares subject to such Non-Assumed SAR determined as of the Action Effective Date (taking into account vesting and/or exercisability) does not exceed the SAR Exercise Price for such Non-Assumed SAR. 

However, notwithstanding the foregoing, to the extent that the recipient of a Non-Assumed SAR is an Insider, payment of cash in lieu of whole or fractional
Shares or shares of a successor may only be made to the extent that such payment (1) has met the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) is a
subsequent transaction the terms of which were provided for in a transaction initially meeting the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act. Unless a Stock
Incentive Agreement provides otherwise, the payment of cash in lieu of whole or fractional Shares or in lieu of whole or fractional shares of a successor shall be considered a subsequent transaction approved by the original grant of a SAR. 

  
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 11.3 General Rule for Restricted Stock Units. Except as
otherwise provided in a Stock Incentive Agreement, if a Change of Control occurs, and if the agreements effectuating the Change of Control do not provide for the assumption or substitution of all Restricted Stock Units granted under this Plan, with
respect to any Restricted Stock Unit granted under this Plan that is not so assumed or substituted (a “Non-Assumed RSU”), the Committee, in its sole and absolute discretion, may, with respect to any or all of such Non-Assumed RSUs, take
either or both of the following actions to be effective as of the date of the Change of Control (or as of any other date fixed by the Committee occurring within the thirty (30) day period ending on the date of the Change of Control, but only if
such action remains contingent upon the effectuation of the Change of Control) (such date referred to as the “Action Effective Date”): 

(a) Accelerate the vesting of such Non-Assumed RSU on or before a specified Action Effective Date; and/or 

(b) Unilaterally cancel any such Non-Assumed RSU which has not vested as of a specified Action Effective Date; and/or

 (c) Unilaterally cancel such Non-Assumed RSU as of a specified Action Effective Date in exchange for: 

(1) whole and/or fractional Shares (or for whole Shares and cash in lieu of any fractional Share) that are equal to the
number of Shares subject to such Non-Assumed RSU determined as of such Action Effective Date (taking into account vesting); and/or 

(2) cash or other property equal in value to the Fair Market Value of the Shares (or fractional Shares) subject to such
Non-Assumed RSU determined as of such Action Effective Date (taking into account vesting); and/or 
 (d) Unilaterally
cancel such Non-Assumed RSU as of a specified Action Effective Date and notify the holder of such RSU of such action, but only if the Fair Market Value of the Shares that were subject to such Non-Assumed RSU determined as of the Action Effective
Date (taking into account vesting) is zero. 
 However, notwithstanding the foregoing, to the extent that the recipient of a Non-Assumed RSU is an Insider,
payment of cash in lieu of whole or fractional Shares or shares of a successor may only be made to the extent that such payment (1) has met the requirements of an exemption under Rule 16b-3
promulgated under the Exchange Act, or (2) is a subsequent transaction the terms of which were provided for in a transaction initially meeting the requirements of an exemption under Rule 16b-3
promulgated under the Exchange Act. Unless a Stock Incentive Agreement provides otherwise, the payment of cash in lieu of whole or fractional Shares or in lieu of whole or fractional shares of a successor shall be considered a subsequent transaction
approved by the original grant of an RSU. 

  
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 11.4 General Rule for Other Stock Incentive Agreements. If a
Change of Control occurs, then, except to the extent otherwise provided in the Stock Incentive Agreement pertaining to a particular Stock Incentive or as otherwise provided in this Plan, each Stock Incentive shall be governed by applicable law and
the documents effectuating the Change of Control. 
  

	12	AMENDMENT OR TERMINATION 

This Plan may be amended by the Board from time to time to the extent that the Board deems necessary or appropriate; provided,
however, no such amendment shall be made absent the approval of the stockholders of the Company (a) to increase the number of Shares reserved under Section 3, except as set forth in Section 10, (b) to extend the maximum
life of the Plan under Section 9 or the maximum exercise period under Section 7, (c) to decrease the minimum Exercise Price under Section 7, or (d) to change the designation of Eligible Recipients eligible for Stock
Incentives under Section 6. Stockholder approval of other material amendments (such as an expansion of the types of awards available under the Plan, an extension of the term of the Plan, a change to the method of determining the Exercise Price
of Options issued under the Plan, or a change to the provisions of Section 7.2(j)) may also be required pursuant to rules promulgated by an established stock exchange or a national market system for the Plan to continue to be able to issue
Stock Incentives which meet the Performance-Based Exception. The Board also may suspend the granting of Stock Incentives under this Plan at any time and may terminate this Plan at any time. The Company shall have the right to modify, amend or cancel
any Stock Incentive after it has been granted if (a) the modification, amendment or cancellation does not diminish the rights or benefits of the Stock Incentive recipient under the Stock Incentive (provided, however, that a modification,
amendment or cancellation that results solely in a change in the tax consequences with respect to a Stock Incentive shall not be deemed as a diminishment of rights or benefits of such Stock Incentive), (b) the Participant consents in writing to
such modification, amendment or cancellation, (c) there is a dissolution or liquidation of the Company, (d) this Plan and/or the Stock Incentive Agreement expressly provides for such modification, amendment or cancellation, or (e) the
Company would otherwise have the right to make such modification; amendment or cancellation by applicable law. (See also Section 4 for a special provision providing for automatic termination of this Plan in certain circumstances.)

  

	13	PERFORMANCE CRITERIA FOR PERFORMANCE-BASED EXCEPTION 

13.1 Performance Goal Business Criteria. The following performance measure(s) must be used by a Committee
composed of solely two (2) or more Outside Directors to determine the degree of payout and/or vesting with respect to a Stock Incentive granted pursuant to this Plan in order for such Stock Incentive to qualify for the Performance-Based
Exception: 
 (a) Earnings per share; 

(b) Net income (before or after taxes); 

(c) Return measures (including, but not limited to, return on assets, equity or sales); 

  
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 (d) Cash flow return on investments which equals net cash flows divided by
owners equity; 
 (e) Earnings before or after taxes, depreciation and/or amortization; 

(f) Gross revenues; 

(g) Operating income (before or after taxes); 

(h) Total stockholder returns; 

(i) Corporate performance indicators (indices based on the level of certain services provided to customers); 

(j) Achievement of sales targets; 

(k) Completion of acquisitions; 

(l) Cash generation, profit and/or revenue targets; 

(m) Growth measures, including revenue growth, as compared with a peer group or other benchmark; 

(n) Share price (including, but not limited to, growth measures and total stockholder return); and/or 

(o) Pre-tax profits. 
 The
Board may propose for stockholder vote and stockholder approval a change in these general performance measures set forth in this Section at any time. 

13.2 Discretion in Formulation of Performance Goals. Unless an applicable Stock Incentive Agreement
expressly provides otherwise, the Board shall have the discretion to adjust the determinations of the degree of attainment of the pre-established performance goals; provided,
however, that Stock Incentives that are to qualify for the Performance-Based Exception may not be adjusted upward (although the Committee shall retain the discretion to adjust such Stock Incentives downward).

 13.3 Performance Periods. The Board shall have the discretion to determine the period during
which any performance goal must be attained with respect to a Stock Incentive. Such period may be of any length, and must be established prior to the start of such period or within the first ninety (90) days of such period (provided that the
performance criteria is not in any event set after 25% or more of such period has elapsed). 
 13.4
Modifications to Performance Goal Business Criteria. In the event that the applicable tax and/or securities laws change to permit Board discretion to alter the governing performance measures noted above without obtaining
stockholder approval of such changes, the Board shall have sole discretion to make such changes without obtaining stockholder approval.  

  
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In addition, in the event that the Board determines that it is advisable to grant Stock Incentives that shall not qualify for the Performance-Based Exception, the Board may make such grants
without satisfying the requirements of Code §162(m) and without regard to the provisions of this Section 13; otherwise, a Committee composed exclusively of two (2) of more Outside Directors must make such grants. 

 

	14	MISCELLANEOUS 

 14.1 Stockholder
Rights. No Participant shall have any rights as a stockholder of the Company as a result of the grant of a Stock Incentive to him or to her under this Plan or his or her exercise of such Stock Incentive pending the actual delivery of Shares
subject to such Stock Incentive to such Participant. 
 14.2 No Guarantee of Continued
Relationship. The grant of a Stock Incentive to a Participant under this Plan shall not constitute a contract of employment or a contract to perform services and shall not confer on a Participant any rights upon his or her termination of
employment or relationship with the Company in addition to those rights, if any, expressly set forth in the Stock Incentive Agreement that evidences his or her Stock Incentive. 

14.3 Withholding. The Company shall have the power and the right to deduct or withhold, or require a
Participant to remit to the Company as a condition precedent for the fulfillment of any Stock Incentive, an amount sufficient to satisfy Federal, state and local taxes, domestic or foreign, required by law or regulation to be withheld with respect
to any taxable event arising as a result of this Plan and/or any action taken by a Participant with respect to a Stock Incentive. Whenever Shares are to be issued to a Participant upon exercise of an Option or a Stock Appreciation Right, or
satisfaction of conditions under a Restricted Stock Unit, or grant of or substantial vesting of a Restricted Stock Award, the Company shall have the right to require the Participant to remit to the Company, as a condition of exercise of the Option
or Stock Appreciation Right, or as a condition to the fulfillment of the Restricted Stock Unit, or as a condition to the grant or substantial vesting of the Restricted Stock Award, an amount in cash (or, unless the Stock Incentive Agreement provides
otherwise, in Shares) sufficient to satisfy federal; state and local withholding tax requirements at the time of such exercise, satisfaction of conditions, or grant or substantial vesting. However, notwithstanding the foregoing, to the extent that a
Participant is an Insider, satisfaction of withholding requirements by having the Company withhold Shares may only be made to the extent that such withholding of Shares (1) has met the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) is a subsequent transaction the terms of which were provided for in a transaction initially meeting the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act. Unless the Stock Incentive Agreement provides otherwise, the withholding of shares to satisfy federal, state and local withholding tax requirements shall be a
subsequent transaction approved by the original grant of a Stock Incentive. Notwithstanding the foregoing, in no event shall payment of withholding taxes be made by a retention of Shares by the Company unless the Company retains only Shares with a
Fair Market Value equal to the minimum amount of taxes required to be withheld. 
 14.4
Notification of Disqualifying Dispositions of ISO Options. If a Participant sells or otherwise disposes of any of the Shares acquired pursuant to an Option that is an ISO on or

  
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before the later of (1) the date two (2) years after the date of grant of such Option, or (2) the date one (1) year after the exercise of such Option, then the
Participant shall immediately notify the Company in writing of such sale or disposition and shall cooperate with the Company in providing sufficient information to the Company for the Company to properly report such sale or disposition to the
Internal Revenue Service. The Participant acknowledges and agrees that he may be subject to federal, state and/or local tax withholding by the Company on the compensation income recognized by Participant from any such early disposition, and agrees
that he shall include the compensation from such early disposition in his gross income for federal tax purposes. Participant also acknowledges that the Company may condition the exercise of any Option that is an ISO on the Participant’s express
written agreement with these provisions of this Plan. 
 14.5 Transfer. The transfer of an
Employee between or among the Company, a Subsidiary or a Parent shall not be treated as a termination of his or her employment under this Plan. 

14.6 Governing Law. The laws of the State of Delaware shall govern this Plan and any Stock Incentive
Agreement issued hereunder. If Delaware’s conflict of law rules would apply another state’s laws, the laws of the State of Delaware shall still govern. 

  
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 VIEWRAY INCORPORATED 

Amendment No. 1 to the 2008 Stock Incentive Plan 

This Amendment No. 1 (this “Amendment”) to the 2008 Stock Incentive Plan (the “Plan”), of ViewRay
Incorporated (the “Corporation”) is dated June 4, 2010 and is made in accordance with the provisions of Sections 10 of the Plan. Any capitalized terms not defined herein shall have the meaning set forth in the Plan. 

The first sentence of Section 3.1 (Maximum Aggregate Shares Issuable Pursuant to Stock Incentives) of the Plan shall be
amended and replaced in its entirety with the following: 
 “The total number of Shares that may be issued pursuant to Stock
Incentives under this Plan shall not exceed the sum of Three Million Twenty One Thousand Nine Hundred and Six (3,021,906) as adjusted pursuant to Section 10.” 

Except as expressly set forth herein, no other terms or provisions of the Plan are amended or modified, and all such provisions and terms are
hereby ratified and confirmed in all respects. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 VIEWRAY INCORPORATED 

Amendment No. 2 to the 2008 Stock Incentive Plan 

This Amendment No. 2 (this “Amendment”) to the 2008 Stock Incentive Plan, as amended by that certain Amendment
No. 1 to the 2008 Stock Incentive Plan, dated June 17, 2010 (the “Plan”), of ViewRay Incorporated (the “Corporation”) is dated July 14, 2010 and is made in accordance with the provisions of
Sections 10 of the Plan. Any capitalized terms not defined herein shall have the meaning set forth in the Plan. 
 The first
sentence of Section 3.1 (Maximum Aggregate Shares Issuable Pursuant to Stock Incentives) of the Plan shall be amended and replaced in its entirety with the following: 

“The total number of Shares that may be issued pursuant to Stock Incentives under this Plan shall not exceed the sum of Four Million
Seven Hundred Thirteen Thousand, Six Hundred and Sixty (4,713,660) as adjusted pursuant to Section 10.” 
 Except as
expressly set forth herein, no other terms or provisions of the Plan are amended or modified, and all such provisions and terms are hereby ratified and confirmed in all respects. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 VIEWRAY INCORPORATED 

Amendment No. 4 to the 2008 Stock Incentive Plan 

This Amendment No. 4 (this “Amendment”) to the 2008 Stock Incentive Plan, as amended by that certain Amendment
No. 1 to the 2008 Stock Incentive Plan, dated June 17, 2010, as further amended by that certain Amendment No. 2 to the 2008 Stock Incentive Plan, dated July 14, 2010, as further amended by that certain Amendment No. 3 to the
2008 Stock Incentive Plan, dated September 16, 2011 (the “Plan”), of ViewRay Incorporated (the “Corporation”) is dated August 8, 2012, and is made in accordance with the provisions of Section 10 of
the Plan. Any capitalized terms not defined herein shall have the meaning set forth in the Plan. 
 The first sentence of
Section 3.1 (Maximum Aggregate Shares Issuable Pursuant to Stock Incentives) of the Plan shall be amended and replaced in its entirety with the following: 

“The total number of Shares that may be issued pursuant to Stock Incentives under this Plan shall not exceed the sum of Five Million
Seven Hundred Fifty Nine Thousand, Five Hundred and Sixty (5,759,560) as adjusted pursuant to Section 10.” 
 Except as
expressly set forth herein, no other terms or provisions of the Plan are amended or modified, and all such provisions and terms are hereby ratified and confirmed in all respects. The Plan and this Amendment shall be read and construed together as a
single instrument. 
 ****************** 
 This
Amendment was approved at a meeting of the Board of Directors of the Corporation held on August 8, 2012. 
 This Amendment was approved by Written
Consent of the stockholders of the Corporation on February 1, 2013. 
 [END OF DOCUMENT] 

 VIEWRAY INCORPORATED 

Amendment No. 6 to the 2008 Stock Incentive Plan 

This Amendment No. 6 (this “Amendment”) to the 2008 Stock Incentive Plan, as amended by that certain Amendment
No. 1 to the 2008 Stock Incentive Plan, dated June 17, 2010, as further amended by that certain Amendment No. 2 to the 2008 Stock Incentive Plan, dated July 14, 2010, as further amended by that certain Amendment No. 3 to the
2008 Stock Incentive Plan, dated September 16, 2011, as further amended by that certain Amendment No. 4 to the 2008 Stock Incentive Plan, dated August 8, 2012, as further amended by that certain Amendment No. 5 to the 2008 Stock
Incentive Plan, dated February 7, 2013 (the “Plan”), of ViewRay Incorporated (the “Corporation”) is dated May 8, 2013 and is made in accordance with the provisions of Section 10 of the Plan. Any
capitalized terms not defined herein shall have the meaning set forth in the Plan. 
 The first sentence of Section 3.1
(Maximum Aggregate Shares Issuable Pursuant to Stock Incentives) of the Plan shall be amended and replaced in its entirety with the following: 

“The total number of Shares that may be issued pursuant to Stock Incentives under this Plan shall not exceed the sum of Ten Million
Four Hundred Eighty Thousand (10,480,000) as adjusted pursuant to Section 10.” 
 Except as expressly set forth herein,
no other terms or provisions of the Plan are amended or modified, and all such provisions and terms are hereby ratified and confirmed in all respects. The Plan and this Amendment shall be read and construed together as a single instrument. 

****************** 
 This Amendment was approved
by Written Consent of the Board of Directors of the Corporation on May 8, 2013. 
 This Amendment was approved by Written Consent of the stockholders
of the Corporation on May 8, 2013. 
 [END OF DOCUMENT] 

 VIEWRAY INCORPORATED 

Amendment No. 7 to the 2008 Stock Incentive Plan 

This Amendment No. 7 (this “Amendment”) to the 2008 Stock Incentive Plan, as amended by that certain Amendment
No. 1 to the 2008 Stock Incentive Plan, dated June 17, 2010, as further amended by that certain Amendment No. 2 to the 2008 Stock Incentive Plan, dated July 14, 2010, as further amended by that certain Amendment No. 3 to the
2008 Stock Incentive Plan, dated September 16, 2011, as further amended by that certain Amendment No. 4 to the 2008 Stock Incentive Plan, dated August 8, 2012, as further amended by that certain Amendment No. 5 to the 2008 Stock
Incentive Plan, dated February 7, 2013, as further amended by that certain Amendment No. 6 to the 2008 Stock Incentive Plan, dated May 8, 2013 (the “Plan”), of ViewRay Incorporated (the “Corporation”)
is dated November 18, 2013 and is made in accordance with the provisions of Section 10 of the Plan. Any capitalized terms not defined herein shall have the meaning set forth in the Plan. 

The first sentence of Section 3.1 (Maximum Aggregate Shares Issuable Pursuant to Stock Incentives) of the Plan shall be
amended and replaced in its entirety with the following: 
 “The total number of Shares that may be issued pursuant to Stock
Incentives under this Plan shall not exceed the sum of Eleven Million Five Hundred Ten Thousand (11,510,000) as adjusted pursuant to Section 10.” 

Except as expressly set forth herein, no other terms or provisions of the Plan are amended or modified, and all such provisions and terms are
hereby ratified and confirmed in all respects. The Plan and this Amendment shall be read and construed together as a single instrument. 

****************** 
 This Amendment was approved
by Written Consent of the Board of Directors of the Corporation on November 18, 2013. 
 This Amendment was approved by Written Consent of the
stockholders of the Corporation on November 18, 2013. 
 [END OF DOCUMENT]

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