Document:

Exhibit 10.4

 

	

    	
NON-QUALIFIED STOCK OPTION AWARD AGREEMENT
    
	
 
    	
 
    

 

1.         The Grant. Vista Outdoor Inc., a Delaware corporation (the “Company”), hereby grants to you, on the terms and conditions set forth in this Non-Qualified Stock Option Award Agreement (this “Agreement”) and in the Vista Outdoor Inc. 2014 Stock Incentive Plan (the “Plan”), an option (the “Option”) (a) as of the date (the “Grant Date”), (b) for the purchase of the number of shares of common stock of the Company (the “Shares”), (c) at an exercise price per Share and (d) with the expiration date (the “Expiration Date”), which the Company or its agent provided to you separately in writing through an electronic notice and on-line grant acceptance web page (the “Electronic Notice and On-Line Grant Acceptance”). For the avoidance of doubt, the restrictive covenants (the “Restrictive Covenants”) set forth in Appendix B are incorporated by reference to this Agreement.  All capitalized terms used in this Agreement (including those defined in Appendix A hereto), to the extent not defined, shall have the meaning set forth in the Plan.

 

2.         Vesting Period.  The Option shall vest and become exercisable to the extent of [  ] of the Shares on each of the [ ],  [ ] and [ ] anniversaries of [the Grant Date] (each such anniversary, a “Vesting Date”) or, if earlier, upon (a) a Change in Control, as provided in Paragraph 5 below, (b) your death, Disability (as defined in Appendix A to this Agreement), or termination by the Company without Cause (as defined in Appendix A to this Agreement), as provided in Paragraph 6 below, or (c) as otherwise provided in an individual employment agreement between you and the Company (an “Employment Agreement”) or determined by the Compensation Committee of the Board (the “Committee”) in its sole discretion.  

 

3.         Exercise of Option.  The Option may be exercised only by you (or by your appropriate representatives in the event of your death), in whole or in part from time to time with respect solely to the vested portion of the Option as provided in Paragraph 2 above, during the period commencing on the applicable Vesting Date and ending on the earlier of (i) the Expiration Date and (ii) the expiration of the applicable period following the date of your termination of employment with the Company or one of its Affiliates, as provided in Paragraph 7 below. Once the Option has become exercisable, you may exercise it to the extent set forth in the preceding sentence at any time thereafter, subject to the provisions of this Agreement.  

 

4.         Manner of Exercise. The Option shall be exercised by the delivery of written notice of exercise (the “Notice”) to the Company or its agent. The Notice shall be in electronic form or such other form as the Company may prescribe and shall specify the number of Shares as to which you are exercising the Option, and shall be accompanied by payment of the purchase price of the Shares either in cash (certified or cashier’s check payable to the Company or by wire transfer to the Company) or by the delivery of Shares (including by having the Company withhold Shares otherwise to be delivered upon the exercise of the Option with a Fair Market Value equal to such purchase price), or both, at your election.  The Notice shall also be accompanied by such other information and documents as the Company, in its discretion, may request.

 

5.         Change in Control. Upon a Change in Control (as defined in Appendix A to this Agreement) prior to the end of the applicable Vesting Date, any outstanding Option shall remain outstanding and, if unvested, shall continue to vest in accordance with its terms, without regard to the occurrence of such Change in Control; provided, however, that if  the continuing or surviving company following such Change in Control does not assume or substitute each outstanding Option for a substantially equivalent award (including, without limitation, with respect to vesting schedule, exercise price and intrinsic value as of the Change in Control), as determined by the Committee, any outstanding unvested Option shall become exercisable immediately prior to such Change in Control. If, during the two-year period following a Change in Control, your employment is terminated by the Company without Cause or you terminate your employment for Good Reason, then, subject to Paragraph 19, the unvested portion of any outstanding Option will automatically vest and become exercisable on the 60th day following such termination. Notwithstanding the foregoing, if you are or become a participant in the Company’s Income Security Plan or any successor or substitute plan (the “ISP”) or if you are a party to an Employment Agreement, the terms of vesting of the Option in the event of a Change in Control shall be governed by the provisions of the ISP or your Employment Agreement, as applicable.

 

6.         Forfeiture. In the event of your termination of employment, other than by reason of death, Disability or a termination by the Company without Cause, prior to the applicable Vesting Date, your rights to any outstanding unvested portion of the Option shall be immediately and irrevocably forfeited. In the event of your termination of employment by reason of death, Disability or a termination by the Company without Cause, in each case, prior to the applicable Vesting Date, any outstanding unvested portion of the Option that would have vested and become exercisable had you remained employed for 12 months following such termination of employment shall vest and such portion of the Option shall become exercisable on the 60th day following such termination of employment, subject, solely in the event of a termination without Cause, to Paragraph 19. Your rights to any portion of the Option that does not vest pursuant to the preceding sentence shall be immediately and irrevocably forfeited as of the date of such termination of employment.  In the event of your termination of employment by the Company for Cause, your rights to any outstanding unexercised portion of the Option (whether vested or unvested) shall be immediately and irrevocably forfeited as of the date of such termination of employment.  

 

7.         Termination of Employment.  Subject to the provisions of Paragraph 2 above, the Option may be exercised as provided in the Plan and this Agreement to the following extent for the following period:

 

(a) For 90 days after your termination of employment, if your termination of employment is a result of your death or Disability or a termination by the Company without Cause, to the extent exercisable as described in Paragraph 6 above;

 

(b) For 90 days after your termination of employment, if your termination of employment is a result of your voluntary resignation, to

 

 

the extent exercisable on the date of such termination of employment; or 

 

(c) For 90 days after the date on which the Option vests pursuant to Paragraph 5, if your termination of employment is a result of a termination by the Company without Cause or by you for Good Reason during the two-year period following a Change in Control.

 

The Option may not be exercised following your termination of employment for Cause. In no event, may you exercise the Option to any extent after the Expiration Date.

 

8.         Recoupment. The Committee reserves the right to recoup the Option, the value of the Option, or any Shares acquired upon the exercise of the Option from you in the event that (a) there is a material restatement of the Company’s financial results or (b) you violate any of the Restrictive Covenants.  If the Committee determines a recoupment is appropriate in the exercise of its discretion, considering all the facts and circumstances, you shall forfeit and pay back, as applicable, such portion, or all, of the Option, the value of the Option and any Shares acquired upon the exercise of the Option as determined by the Committee in its sole discretion. 

 

9.         Holding Requirement.  If you are an executive officer of the Company, you are generally subject to the Vista Outdoor Inc. Stock Holding Policy for Officers, and you will be required to retain at least 50% of the net number of Shares issued upon the exercise of this Option until you cease to be an executive officer of the Company. See the Vista Outdoor Inc. Stock Holding Policy for Officers for additional information.

 

10.  No Rights as a Shareholder.  Upon grant of this Option, you shall not have any rights of a stockholder with respect to the Option (including the right to vote the Shares underlying this Option and the right to receive any cash dividends and other distributions thereon) unless and until Shares are actually issued and delivered to you or your legal representative upon the exercise of the Option. 

 

11.  Income Taxes. You are liable for any federal, state and local income or other taxes applicable upon the grant or exercise of the Option or the disposition of the Shares. Upon exercise of the Option, you shall promptly pay to the Company the minimum statutory withholding taxes required to be withheld or collected by the Company in connection with the exercise of the Option. At your election, you may pay all or a portion of the minimum statutory withholding taxes by (a) having the Company withhold Shares otherwise to be delivered upon the exercise of the Option with a Fair Market Value equal to the amount of such taxes, (b) delivering to the Company Shares other than Shares issuable upon the exercise of the Option with a Fair Market Value equal to the amount of such taxes or (c) paying cash. For federal income tax purposes, the Option shall not be eligible for treatment as a qualified or incentive stock option.

 

12.  Acknowledgment. The Option shall not be effective until you agree to the terms and conditions of this Agreement (including, for the avoidance of doubt, the Restrictive Covenants) and the Plan, and acknowledge receipt of a copy of the summary prospectus relating to the Plan, by accepting the Option in writing or electronically as specified by the Company or its agent in the Electronic Notice and On-Line Award Acceptance.

 

13.  Successors and Assigns of the Company.  The terms and conditions of this Agreement shall be binding upon and shall inure to the benefit of the Company and its successors and assigns.

 

14.  Committee Discretion. Subject to the terms of the Plan and this Agreement, the Committee shall have full and plenary discretion with respect to any actions to be taken or determinations to be made in connection with this Agreement, and its determinations shall be final, binding and conclusive.

 

15.  Dispute Resolution. 

 

(a) Jurisdiction and Venue. You and the Company irrevocably submit to the exclusive jurisdiction of (i) the United States District Court for the District of Utah and (ii) the courts of the State of Utah for the purposes of any suit, action or other proceeding arising out of this Agreement or the Plan. You and the Company agree to commence any such action, suit or proceeding either in the United States District Court for the District of Utah or, if such suit, action or other proceeding may not be brought in such court for jurisdictional reasons, in the courts of the State of Utah. You and the Company further agree that service of any process, summons, notice or document by U.S. registered mail to the other party’s address set forth below shall be effective service of process for any action, suit or proceeding in Utah with respect to any matters to which you have submitted to jurisdiction in this Paragraph 15(a). You and the Company irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the Plan in (i) the United States District Court for the District of Utah or (ii) the courts of the State of Utah, and hereby and thereby further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

 

(b) Waiver of Jury Trial. You and the Company hereby waive, to the fullest extent permitted by applicable law, any right either of you may have to a trial by jury in respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement or the Plan.

 

(c) Confidentiality. You hereby agree to keep confidential the existence of, and any information concerning, a dispute described in Paragraph 15, except that you may disclose information concerning such dispute to the court that is considering such dispute or to your legal counsel (provided that such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute).

 

16.  Notice. All notices, requests, demands and other communications required or permitted to be given under the terms of this Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three business days after they have been mailed by U.S. registered mail, return receipt requested, postage prepaid, addressed to the other party as set forth below:

 

If to the Company:

 

Vista Outdoor Inc.

Attention: General Counsel
 938 University Park Boulevard, Suite 200
 Clearfield, UT, 84015

 

 

If to you:

At the address specified in the Company’s records

 

17.  The Plan/Conflicts. This Award is made pursuant to the Plan, all the terms of which are hereby incorporated in this Agreement. In the event of any conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan shall govern. Except as explicitly set forth in this Agreement, in the event of any conflict between the terms of this Agreement and the terms of any Employment Agreement, this Agreement will govern. Except as explicitly set forth in this Agreement, in the event of any conflict between the terms of this Agreement and the terms of the ISP, this Agreement will govern.

 

18.  Section 409A. 

 

(a) It is intended that all the compensation and benefits payable pursuant to this Agreement are exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).  In the event that any compensation and benefits payable pursuant to this Agreement are determined not to be exempt from Section 409A, it is intended that the provisions of this Agreement comply with Section 409A, and all provisions of this Agreement will be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A.

 

(b) Neither you nor any of your creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A) payable under this Agreement to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A, any deferred compensation (within the meaning of Section 409A) payable to you or for your benefit under this Agreement may not be reduced by, or offset against, any amount owing by you to the Company or any of its Affiliates.

 

(c) If, at the time of your separation from service (within the meaning of Section 409A), (i) you shall be a specified employee (within the meaning of Section 409A and using the identification methodology selected by the Company from time to time) and (ii) the Company shall make a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then the Company shall not pay such amount on the otherwise scheduled payment date but shall instead pay it, without interest, on the first business day after such six-month period.

 

19.  Release.  In the event that your employment is terminated by the Company without Cause or by you for Good Reason, the Option shall be treated as provided in Paragraph 5 or 6, as applicable, only if you sign a customary release of claims in favor of the Company, its Affiliates and their respective officers and directors that is acceptable to the Company and such release becomes effective and irrevocable no later than 55 calendar days following your termination of employment.  In the event that you do not sign such release or you revoke such release before it becomes effective, you shall forfeit all rights to any unvested portion of the Option. 

 

	
 
    	
VISTA OUTDOOR INC.
    
	
 
    	
 
    
	
 
    	
Mark   W. DeYoung
    
	
 
    	
Chairman   and Chief Executive Officer
    

 

 

Vista Outdoor Inc. 2014 Stock Incentive Plan

 

Appendix A to Award Agreement

 

“Affiliate” means (i) any entity that directly or indirectly through one or more intermediaries, is controlled by, controls or is under common control with, the Company and (ii) any entity in which the Company has a significant equity interest, in each case as determined by the Committee.

 

“Cause” means the occurrence of any of the following:

 

(a)         you wilfully and continually fail to substantially perform your duties of employment (other than because of a mental or physical impairment) for a period of at least 30 days after being given notice of such failure;

 

(b)         you (i) engage in any act of dishonesty, wrongdoing or moral turpitude (whether or not a felony) or (ii) violate the Company’s code of conduct or a Company policy, which violation has an adverse effect upon the Company;

 

(c)          you breach your duty of loyalty; or

 

(d)         you breach any of the Restrictive Covenants contained in Appendix B to this Agreement. 

 

For purposes of this definition, no act or failure to act on the part of the Participant shall be considered “wilful” unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your action or omission was in the best interests of the Company.

 

“Change Event” means

 

(a)         the acquisition by any “person” (as used in Section 13(d) of the Exchange Act) (a “Person”), corporation or other entity or “group” (as used in Section 13(d) of the Exchange Act) (a “Group”) (other than (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or an Affiliate or (iii) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the voting power of the securities eligible to vote for the election of the Board (“Company Voting Securities”)) of “beneficial ownership” (as used in Rule 13d-3 under the Exchange Act (or a successor rule thereto)), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of the Company Voting Securities; provided, however, that for purposes of this subparagraph (a), the following acquisitions shall not constitute a Change Event:  (w) any acquisition directly from the Company, (x) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or an Affiliate (y) any acquisition by an underwriter temporarily holding such Company Voting Securities pursuant to an offering of such securities or any acquisition by a pledgee of Company Voting Securities holding such securities as collateral or temporarily holding such securities upon foreclosure of the underlying obligation or (z) any acquisition pursuant to a Reorganization (as defined below) or Sale (as defined below) that does not constitute a Change in Control; or

 

(b)         the public announcement by any Person of an intention to acquire the Company through a tender offer, exchange offer or other unsolicited proposal.

 

“Change in Control” means any of the following:

 

(a)         during any period of 24 consecutive calendar months, individuals who were directors of the Company on the first day of such period (the “Incumbent Directors”) cease for any reason to constitute a majority of the Board; provided, however, that any individual becoming a director subsequent to the first day of such period whose election, or nomination for election, by the Company’s stockholders was approved by a vote of at least a majority of the Incumbent Directors shall be considered as though such individual were an Incumbent Director, but excluding, for purposes of this proviso, any such individual whose initial assumption of office occurs as a result of an actual or threatened proxy contest with respect to election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person, in each case other than the Board;

 

(b)         the consummation of (i) a merger, consolidation, statutory share exchange or similar form of corporate transaction involving (x) the Company or (y) any of its subsidiaries, but in the case of this clause (y) only if Company Voting Securities are issued or issuable (each of the events referred to in this clause (i) being hereinafter referred to as a “Reorganization”) or (ii) the sale or other disposition of all or substantially all the assets of the Company to an entity that is not an Affiliate (a “Sale”), in each case, if such Reorganization or Sale requires the approval of the Company’s stockholders under the law of the Company’s jurisdiction of organization (whether such approval is required for such Reorganization or Sale or for the issuance of securities of the Company in such Reorganization or Sale), unless, immediately following such Reorganization or Sale, (A) all or substantially all the Persons who were the beneficial owners of the Company Voting Securities outstanding immediately prior to the consummation of such Reorganization or Sale continue to beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the corporation or other entity resulting from such Reorganization or Sale (including a corporation or other entity that, as a result of such transaction, owns the Company or all or substantially all the Company’s assets either directly or through one or more subsidiaries) (the “Continuing Company”) in substantially the same proportions as their ownership, immediately prior to the consummation of such Reorganization or Sale, of

 

 

the outstanding Company Voting Securities (excluding, for such purposes, any outstanding voting securities of the Continuing Company that such beneficial owners hold immediately following the consummation of the Reorganization or Sale as a result of their ownership prior to such consummation of voting securities of any corporation or other entity involved in or forming part of such Reorganization or Sale other than the Company), (B) no Person (excluding any employee benefit plan (or related trust) sponsored or maintained by the Continuing Company or any entity controlled by the Continuing Company) beneficially owns, directly or indirectly, 50% or more of the combined voting power of the then outstanding voting securities of the Continuing Company and (C) at least 50% of the members of the board of directors of the Continuing Company were Incumbent Directors at the time of the execution of the definitive agreement providing for such Reorganization or Sale or, in the absence of such an agreement, at the time at which approval of the Board was obtained for such Reorganization or Sale;

 

(c)          the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company unless such liquidation or dissolution is part of a transaction or series of transactions described in paragraph (b) above that does not otherwise constitute a Change in Control;

 

(d)         any Person, corporation or other entity or Group (other than (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or an Affiliate or (iii) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the voting power of the Company Voting Securities) becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company Voting Securities; provided, however, that for purposes of this subparagraph (d), the following acquisitions shall not constitute a Change in Control:  (w) any acquisition directly from the Company, (x) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or an Affiliate (y) any acquisition by an underwriter temporarily holding such Company Voting Securities pursuant to an offering of such securities or any acquisition by a pledgee of Company Voting Securities holding such securities as collateral or temporarily holding such securities upon foreclosure of the underlying obligation or (z) any acquisition pursuant to a Reorganization or Sale that does not constitute a Change in Control for purposes of subparagraph (b) above; or 

 

(e)          any other circumstances that the Board determines to be a Change in Control for purposes of this Plan after giving due consideration to the nature of the circumstances then presented and the purposes of this Plan.  Any such determination made by the Board will be irrevocable except by a vote of a majority of the members of the Board who voted in favor of making such determination.

 

“Disability” means that you have been determined to have a total and permanent disability either by

 

(a)         being eligible for disability for Social Security purposes, or

 

(b)         being totally and permanently disabled under the Company’s long-term disability plan.

 

“Good Reason” means, without your express written consent, the occurrence of any one or more of the following:

 

(a)         a material reduction of your authorities, duties or responsibilities as in effect immediately prior to the Change in Control;

 

(b)         a material reduction in your annual base salary in effect immediately prior to the Change in Control other than a general reduction in base salary that affects all similarly situated employees in substantially the same proportions;

 

(c)          the failure of the Company to continue in effect, or the failure to continue your participation on substantially the same basis in, any annual incentive plan, long-term cash incentive plan or equity compensation plan in which you participate immediately prior to the Change in Control, which results in a material reduction in your total compensation; or

 

(d)         a relocation of your principal place of employment by more than 50 miles from your principal job location immediately prior to the Change in Control.

 

Good Reason shall not exist until and unless you have provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within 90 days of the initial existence of such grounds and the Company has had 30 days from the date on which such notice is provided to cure such circumstances, if curable (the “Cure Period”).  If you do not terminate your employment for Good Reason within a reasonable period of time, not to exceed three months after the end of the Cure Period, then you will be deemed to have waived your right to terminate for Good Reason with respect to such grounds.

 

A-2

 

Vista Outdoor Inc. 2014 Stock Incentive Plan

 

Appendix B to Award Agreement

Restrictive Covenants

 

The contractual and legal obligations set forth in this Appendix B are expressly made an integral part of the Non-Qualified Stock Option Award Agreement (the “Agreement”), to which this Appendix B is attached. All capitalized terms used in this Appendix B, to the extent not defined, shall have the meaning set forth in the Agreement or Appendix A to the Agreement.

 

(a)         Non-Competition/Non-Solicitation.  You hereby agree that while you are employed by the Company and during the 12-month period following any termination of your employment, regardless of how or why such employment ends, you shall not, directly or indirectly, (i) employ, solicit or retain, induce or encourage any other person or entity to employ or retain, any person who is, or who at any time in the 12-month period prior to such time had been, employed or retained by the Company or any of its subsidiaries or Affiliates, or solicit, induce or encourage any such person to leave employment with the Company or its Affiliates, (ii) solicit any person or entity that is, or that at any time in the 12-month period prior to such time had been, a customer or client or prospective customer or client of the Company or its Affiliates or encourage any such person or entity to cease being a customer or client of the Company or its Affiliates.  You hereby agree that while you are employed by the Company and during (x) the 12-month period following any termination of your employment, if you are, or report directly to, the Company’s Chief Executive Officer on the Grant Date, or (y) the six-month period following any termination of your employment, for all other Award recipients, in each case, regardless of how or why such employment ends, you shall not, directly or indirectly, provide services, whether as principal, agent, director, officer, employee, consultant, advisor, shareholder, partner, member or otherwise, alone or in association with any other person, corporation, partnership, limited liability company, sole proprietorship or unincorporated business or any non-U.S. business entity (whether or not for profit) (any such entity, a “Business”), to any Competing Business (as defined below) in any geographic area in the world in which the Company or any of its Affiliates is engaged in business. For purposes of this Appendix B, the term “Competing Business” shall mean any Business engaged in the Business Area. For purposes of this Appendix B, the term “Business Area” shall mean developing, manufacturing, sourcing or supplying firearms, tactical gear, sporting accessories, shooting accessories, recreational accessories, outdoor products or small-caliber ammunition, but in each case, only with respect to products that are the same as or similar to products developed, manufactured, sourced or supplied while you are employed by the Company or any of its subsidiaries or Affiliates or any other Contemplated Business, whether directly to or to wholesale customers for resale to, the local or federal law enforcement, U.S. Government (including the U.S. Department of Defense), foreign government or consumer markets. For purposes of this Appendix B, the term “Contemplated Business” shall mean any Business with which the Company or any of its subsidiaries or Affiliates engaged in substantive discussions or entered into any contract, agreement, agreement in principle, arrangement or other similar document (including, for the avoidance of doubt, any nondisclosure or confidentiality agreement), in each case, while you are employed by the Company and with respect to a merger, joint venture, acquisition or other similar extraordinary corporate transaction between the Company or any of its subsidiaries or Affiliates on the one hand and such Business or any of its subsidiaries or Affiliates on the other hand; provided that any such merger, joint venture, acquisition or other similar extraordinary corporate transaction is consummated no later than six months following the termination of your employment. Notwithstanding the foregoing, the restrictions of this Appendix B(a) shall not apply to the placement of general advertisements or the use of general search firm services with respect to a particular geographic area, but which are not targeted, directly or indirectly, towards employees of the Company or any of its subsidiaries. Nothing in this Appendix B shall be construed as denying you the right to own securities of any corporation listed on a national securities exchange in an amount up to 5% of the outstanding number of such securities. 

 

(b)         Confidential Information.

 

(i)  You shall use you best efforts and diligence both during and after any employment with the Company, regardless of how, when or why such employment ends, to protect the confidential, trade secret and/or proprietary character of all Confidential Information and Trade Secret Information (as defined below). You shall not, directly or indirectly, use (for your benefit or for the benefit of any other person) or disclose any Confidential Information or Trade Secret Information, for so long as it shall remain proprietary or protectable, except as may be necessary for the performance of your duties for the Company. For purposes of this Appendix B, “Confidential Information” shall mean all confidential information of the Company and its Affiliates, regardless of the form or medium in which it is or was created, stored, reflected or preserved, information that is either developed by you (alone or with others) or to which you shall have had access during any employment with the Company. Confidential Information includes, but is not limited to, Trade Secret Information, and also includes information that is learned or acquired by the Company from others with whom the Company or its Affiliates has a business relationship in which, and as a result of which, such information is revealed to the Company or its Affiliates. For purposes of this Appendix B, “Trade Secret Information” shall mean all information, regardless of the form or medium in which it is or was created, stored, reflected or preserved, that is not commonly known by or generally available to the public and that: (A) derives or creates economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use and (B) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. The Company’s Trade Secret Information may include, but is not limited to, all confidential information relating to or reflecting the Company’s research and development plans and activities; compilations of data; product plans; sales, marketing and business plans and strategies; pricing, price lists, pricing methodologies and profit margins; current and planned incentive, recognition and rewards programs and services; personnel; inventions, concepts, ideas, designs and formulae; current, past and

 

 

prospective customer lists; current, past and anticipated customer needs, preferences and requirements; market studies; computer software and programs (including object code and source code); and computer and database technologies, systems, structures and architectures. You understand that Confidential Information and/or Trade Secret Information may or may not be labeled as such, and you shall treat all information that appears to be Confidential Information and/or Trade Secret Information as confidential unless otherwise informed or authorized by the Company. Nothing in this Appendix B shall be construed to mean that the Company owns any intellectual property or ideas that were conceived by you before you commenced employment with the Company and which you have previously disclosed to the Company.  Nothing in this Appendix B(b)(i) shall prevent you from complying with a valid legal requirement (whether by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information or Trade Secret Information subject to Appendix B(b)(ii), or from exercising any legally protected whistleblower rights (including under Rule 21F under the Exchange Act).

 

(ii) You agree that both during and after any employment with the Company, regardless of how, when or why such employment ends, if you are legally required (whether by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information or Trade Secret Information, you shall (if legally permitted) promptly notify the Company of such request or requirement so that the Company may seek to avoid or minimize the required disclosure and/or to obtain an appropriate protective order or other appropriate relief to ensure that any information so disclosed is maintained in confidence to the maximum extent possible by the agency or other person receiving the disclosure, or, in the discretion of the Company, to waive compliance with the provisions of this Appendix B(b). Thereafter, you shall use reasonable efforts, in cooperation with the Company or otherwise, to avoid or minimize the required disclosure and/or to obtain such protective order or other relief. If, in the absence of a protective order or the receipt of a waiver hereunder, you are compelled to disclose the Confidential Information or Trade Secret Information or else stand liable for contempt or suffer other sanction, censure or penalty, you shall disclose only so much of the Confidential Information or Trade Secret Information to the party compelling disclosure as you believe in good faith, on the basis of advice of counsel, is required by law, and you shall give the Company prior notice of the Confidential Information or Trade Secret Information you believe you are required to disclose. The Company shall reimburse any reasonable legal fees and related expenses you incur in order to comply with this Appendix B(b)(ii).

 

(c)          Non-Disparagement.  During and after any employment with the Company, regardless of how, when or why such employment ends, you shall not make, either directly or indirectly, any oral or written negative, disparaging or adverse statements or representations of or concerning the Company or its subsidiaries or Affiliates, any of their clients, customers or businesses, or any of their current or former officers, directors, employees or shareholders; provided, however, that nothing herein shall prohibit (A) critical communications between you and the Company while you are employed by the Company and in connection with your employment, (B) you from disclosing truthful information if legally required (whether by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) or (C) you from acting in good faith to enforce your rights under the Agreement.

 

(d)         Return of Company Property.  All documents, data, recordings, or other property, including, without limitation, smartphones, computers and other business equipment, whether tangible or intangible, including all information stored in electronic form, obtained or prepared by or for you and utilized by you in the course of your employment with the Company shall remain the exclusive property of the Company and you shall return all copies of such property upon any termination of you employment and as otherwise requested by the Company during your employment with the Company.

 

(e)          Invention Assignment. The Company shall own all right, title, and interest (including patent rights, copyrights, trade secret rights, mask work rights, database rights and all other intellectual property rights) relating to any Inventions (as defined below) made or conceived or reduced to practice, in whole or in part, by you (alone or jointly with others) at any time during the term of employment by Company or its Affiliates.  You shall promptly disclose to the Company all Inventions that you makes individually or jointly with others, while you are employed with the Company or its Affiliates and for a period of six (6) months following termination of employment.  To the extent permissible by applicable law, you hereby assign and agree to assign all of your interest in such Inventions to the Company and irrevocably designate and appoint the Company and each of its duly authorized officers and agents as your agent and attorney-in-fact to act for and on your behalf and stead to execute and file any document and to do all other lawfully permitted acts to further the prosecution, issuance, and enforcement of patents, copyrights and other proprietary rights with the same force and effect as if executed and delivered by you.  You will assist the Company, its Affiliates and their respective nominees at any time and in every proper way to obtain for its and/or their own benefit, patents and copyrights for all such Inventions anywhere in the world and to enforce its and/or their rights in legal proceedings, all at your sole cost and expense. The obligations of this Appendix B(e) shall be in effect whether or not you receive or are considered for the award of any additional compensation for any Inventions.  The term “Invention” includes, but is not limited to, any idea, invention, software, hardware, product, technique, modification, process, development, discovery, design, know-how, data, formula, improvement, computer program (and related documentation), mask work, other work of authorship, or similar items, whether or not reduced to writing or stored electronically or otherwise, whether patentable or unpatentable, and whether or not protectable by patent, trademark, copyright or other intellectual property law.

 

B-2

 

(f)           Reasonableness. You acknowledge that during the course of your employment, you will have significant exposure and access to the Company’s Confidential Information and Trade Secret Information. In addition, you acknowledge that information regarding the Company’s business and financial relations with its vendors and customers is Confidential Information and is proprietary to the Company and that any interference with such relations based directly or indirectly on the use of such information would cause immeasurable and irreparable damage to the Company. Furthermore, you acknowledge that information regarding the Company’s employment relationships and service arrangements with its directors, officers and employees is Confidential Information, that the Company depends upon the unique talents, knowledge and expertise of its directors, officers and employees for its continued performance and that interference with such employment relationships or service arrangements would cause immeasurable and irreparable damage to the Company. Therefore, you acknowledge that the limitations and obligations contained in this Appendix B are, individually and in the aggregate, reasonable and properly required by the Company. You agree that you shall not challenge or contest the reasonableness, validity or enforceability of any such limitations and obligations.

 

(g)          Injunctive Relief. You acknowledge that a violation on your part of any of the covenants contained in this Appendix B hereof would cause immeasurable and irreparable damage to the Company in an amount that would be material but not readily ascertainable, and that any remedy at law would be inadequate. Accordingly, you agree that the Company (in addition to any other rights it may have under the Agreement) shall be entitled (without the necessity of showing economic loss or other actual damage) to injunctive relief in any court of competent jurisdiction for any actual or threatened violation of any such covenant in addition to any other remedies it may have. You agree that in the event that any arbitrator or court of competent jurisdiction shall finally hold that any provision of this Appendix B hereof is void or constitutes an unreasonable restriction against you, the provisions of such this Appendix B shall not be rendered void but shall be deemed to be modified to the minimum extent necessary to remain in force and effect for the greatest period and to such extent as such arbitrator or court may determine constitutes a reasonable restriction under the circumstances.

 

B-3Exhibit 10.8(a)

 Exhibit 10.8(a) 

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

between 
 Viewray, Inc.,

 with its registered seat in Beachwood, OH, USA 

- hereinafter referred to as “VIEWRAY” - 

and 
 SIEMENS
Aktiengesellschaft, Healthcare Sector  
 with its registered seat in Berlin and Munich, 

Federal Republic of Germany 
 -
hereinafter referred to as “SIEMENS” – 
 - VIEWRAY and SIEMENS hereinafter referred to individually 

as “PARTY” or collectively as “PARTIES” - 

 Preamble 

VIEWRAY has experience and know-how about the combination of Magnetic Resonance Imaging (“MRI”) and Gamma Ray Radiotherapy (“RT”) to
provide real-time beam-on imaging and targeting of tumors. In addition to that, a combination of MRI systems with RT devices promises the acquiring healthcare facility appreciable cost savings by reducing staff time requirements and
streamlining the workflow process via task simplification. In order to achieve a fast time to market for MR guided Gamma Ray Radiotherapy (“MRgRT”), VIEWRAY has an interest to find an experienced partner in the field of MRI. 

SIEMENS has over 25 years of experience, know-how and comprehensive intellectual property in MRI systems, solutions and services. Today, SIEMENS is the
market leader in the MRI industry due to its long-standing technology and innovation leadership. To further expand this leadership position, SIEMENS is interested to enter the field [***]. 

The PARTIES intend to combine their know-how and experience for the purpose of forming a long-term business relationship for the supply of Magnetic Resonance
Imaging (“MRI”) subsystems (“COMPONENTS”) for MRgRT systems to provide real-time beam-on imaging and targeting of tumors. 
 The
business relationship shall be divided into the following three phases: 
 PHASE 1: Validation of the real-time MR imaging
requirements of a future the MRgRT system. 
 PHASE 2: Validation of the integration and interaction on of the RT system
with the MRI system. 
 PHASE 3: Supply of COMPONENTS by SIEMENS for the VIEWRAY MRgRT system in serial production in accordance
with the OEM-Sales Agreement as per Appendix 2. 
 The terms and conditions of the three PHASES in this business relationship are described in
the following articles. 
 Article 1—Definitions 
  

	1.1	The term “INFORMATION” means any methods, processes, know-how, proprietary information, trade secrets, technology, designs, digital codes, software, inventions, innovations and improvements relating to MRgRT
or MRI whether or not protected or protectable by IPR, owned or controlled by either PARTY prior to the date of this Agreement, or which becomes owned or controlled by either PARTY during the term of this Agreement outside of the PROJECT.

  

	1.2	The term “IPR” means all patents, patent applications and copyrights, as well as other forms of statutory protection rights. 

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

	1.3	The term “PROJECT” means the research and development program to be conducted by the PARTIES, as more fully described in Article 2, 3 and 4 hereinafter. 

 

	1.4	The term “DOCUMENTATION” shall mean written INFORMATION. 

  

	1.5	The term “BACKGROUND PATENTS” shall mean copyrights, utility models, patent applications and patents covering INFORMATION. 

 

	1.6	The term “WORK” means collectively any and all work, services, contributions, investigations etc. performed and rendered during and for the purpose of the PROJECT. The WORK is detailed in Article 2, 3 and
4 hereinafter. 

  

	1.7	The term “RESULTS” means any and all methods, processes, know-how, proprietary information, trade secrets, technology, designs, digital codes, software, inventions, innovations and improvements made by either
PARTY in connection with the PROJECT, whether or not protected or protectable by IPR. 

  

	1.8	The term “FIELD” means the development, production, use, marketing, sale and support of a system with MR guided Gamma Ray Radiotherapy (MRgRT) functionality 

 

	1.9	The term “AFFILIATES” shall mean companies of which SIEMENS or VIEWRAY, as applicable, owns or controls, directly or indirectly at least 50 % of the stock or voting rights. 

 

	1.10	The term “CHANGE OF CONTROL” means with respect to VIEWRAY, in an event or series of related events: (a) a sale of all or substantially all of VIEWRAY’s assets, voting stock or securities or business
relating to this Agreement; (b) a merger, reorganization or consolidation involving VIEWRAY in which the stockholders of VIEWRAY immediately prior to such transaction cease to own collectively a majority of the voting equity securities of the
successor entity; or (c) a Person or group of Persons acting in concert acquire fifty percent (50%) or more of the voting equity securities of VIEWRAY. For purposes of clarity, the term “CHANGE OF CONTROL” is not intended to
include (i) an underwritten public offering of VIEWRAY’s common stock pursuant to a Registration Statement on Form S-1 under the Securities Act of 1933, as amended, or (ii) any sale of shares of capital stock of VIEWRAY, in a single
transaction or series of related transactions principally for bona fide equity financing purposes in which VIEWRAY issues new securities to venture capital investors primarily for cash or the cancellation or conversion of indebtedness of VIEWRAY or
a combination thereof for the purpose of financing the operations and business of VIEWRAY. 

 Article 2 – PHASE 1 of Business
Relationship 
  

	2.1	For the purpose of the validation of the MR imaging requirements for a future MRgRT system, SIEMENS will convert a mobile [***] MRI system to work at 0.35 Tesla. The MRI system specifications are as described in the
[***] data sheet attached as Appendix 0. The MRI system will include a [***] and [***]. The system will not include [***] and [***]. Any changes to the specifications of the mobile [***] MRI system due to the operation at 0.35T that are
not documented in Appendix 0 need to be mutually agreed on by the PARTIES in good faith. 

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

	2.2	After conversion, the MRI system will be delivered to VIEWRAY’s premises. The MRI system will be locally installed, including MRI system start-up and tune-up (together with VIEWRAY). 

 

	2.3	SIEMENS will provide on-site support for the MRI system hardware by a SIEMENS System Engineer. 

  

	2.4	SIEMENS will provide on-site support for MRI sequence and application optimization together with VIEWRAY in order to achieve real-time requirements by a SIEMENS Application Specialist. 

 

	2.5	The associated costs for the supply of the mobile MRI system and the engineering support during PHASE 1 will be described in Appendix 1. For the rest each PARTY shall bear the costs incurred by such
PARTY for its efforts under or in connection with the work performed under PHASE 1. 

  

	2.6	PHASE 1 will be completed after successful demonstration of MRI imaging requirements for a future MRgRT system. The completion of PHASE 1 will be documented in a joint review meeting by both PARTIES, based
upon a review if the validation tests fulfilled all the specifications as described in Appendix 0 as well as the mutually agreed changes to the specification of the mobile [***] MRI system due to the to the operation at 0.35T. After
acceptance of the completion of PHASE 1, PHASE 2 of the Agreement shall commence. 

  

	2.7	If the validation test results of the development work during PHASE 1 show that specifications as described in Appendix 0 as well as the mutually agreed changes to the specifications of the mobile [***]
MRI system due to the to the operation at 0.35T adopted in accordance with Article 2.1 are not fulfilled or partially not fulfilled, both PARTIES will use Commercially Reasonable Efforts to agree on a remediation plan as soon as reasonably
possible, but not exceeding 45 days following such events and use Commercially Reasonable Efforts to implement such plan to cure such deficiencies. If there is no agreement on such a remediation plan within that time period, then either PARTY
shall be entitled to terminate this Agreement. If the parties are not successful in curing deficiencies pursuant to the plan adopted pursuant to this Article 2.7 then they shall repeat the above process once more and if they are unable to cure
the deficiencies on such second attempt then either PARTY may terminate this Agreement. 

  

	2.8	VIEWRAY may, at any time prior to the commencement of PHASE 2, purchase COMPONENTS from SIEMENS under terms equivalent to those specified in Annex 2 of the SUPPLY AGREEMENT attached as Appendix 2
hereto. 

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

 Article 3 – PHASE 2 of Business Relationship 

 

	3.1	For the purpose of validating the integration and interaction of the RT system with the MRI system, VIEWRAY will test their RT system components together with the SIEMENS MRI system to identify any potential
artifacts caused by the integration. If VIEWRAY identifies such artifacts and proposes any changes to the specifications of the mobile [***] MRI system due to the combined use with the RT system components, such proposed changes need to be mutually
agreed on by the PARTIES at the beginning of PHASE 2; such agreement not to be unreasonably withheld. For purposes of establishing such specifications, VIEWRAY shall provide SIEMENS with draft specifications for PHASE 2 not later than
15 Business Days following the PHASE 1 completion date and SIEMENS shall notify VIEWRAY within 10 Business Days thereafter whether it accepts such specifications or proposes changes thereto. The PARTIES shall agree on such
specifications within 30 Business Days following the PHASE 1 completion date or shall meet to mutually resolve such specifications and shall resolve such specifications to their mutual satisfaction not later than the beginning of
PHASE 2. Thereafter, any changes to the specifications of the MRgRT System, including the modified [***] MRI system portion of such MRgRT System, need to be mutually agreed on by the PARTIES. 

 

	3.2	VIEWRAY may at any time purchase COMPONENTS from SIEMENS in order to facilitate validation work in PHASE 2. 

  

	3.3	SIEMENS will continue to provide on-site support for the MRI system hardware by a SIEMENS System Engineer in PHASE 2. Necessary modifications to the MRI system as agreed by the PARTIES pursuant to Section 3.1
will be done by the SIEMENS System Engineer on site. 

  

	3.4	SIEMENS will continue to provide on-site support for MRI sequence and application optimization together with VIEWRAY in order to achieve real-time requirements by a SIEMENS Application Specialist, if necessary in
PHASE 2. 

  

	3.5	The associated costs for the supply of the mobile MRI system and the engineering support during PHASE 2 will be described in Appendix 1. For the rest each PARTY shall bear the costs incurred by such
PARTY for its efforts under or in connection with the work performed under PHASE 2. 

  

	3.6	PHASE 2 will be completed after successful demonstration of the integration of the RT system with the MRI system. The completion of PHASE 2 will be documented in a joint review meeting by both PARTIES, based
upon a review if the validation tests fulfilled all the specifications as described in Article 2.1 as well as the mutually agreed changes to the specifications of the mobile [***] MRI system due to the combined use with the RT system
components. 

  

	3.7	 If the validation test results of the development work during PHASE 2 show that specifications as described in Article 3.1 as well as the
mutually agreed changes to the specifications of the mobile [***] MRI system due to the combined use with the RT system components are not fulfilled or partially not fulfilled, both PARTIES will use Commercially Reasonable Efforts to agree upon
a remediation plan as soon as reasonably possible, but not exceeding 45 days following such events and use Commercially Reasonable Efforts to implement such plan to cure such deficiencies. If there is no agreement on such a remediation plan
within that time period, then either PARTY shall 

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

	 	
be entitled to terminate this Agreement. If the parties are not successful in curing deficiencies pursuant to the plan adopted pursuant to this Article 3.7 then they shall repeat the above
process once more and if they are unable to cure the deficiencies on such second attempt then either PARTY may terminate this Agreement. 

  

	3.8	At any point after completion of PHASE 1, but not later than at completion of PHASE 2, VIEWRAY may terminate the rental agreement of the mobile MRI system. After termination of the rental agreement, the MRI
system will be converted back to a standard mobile [***] MRI system. 

 Article 4 – PHASE 3 of Business Relationship 

 

	4.1	After successful completion of PHASE 2, SIEMENS shall supply COMPONENTS to VIEWRAY in accordance with the stipulations of the Supply Agreement attached as Appendix 2 hereto (the “SUPPLY
AGREEMENT”) and in case of any inconsistency between any provision of Articles 1 to 13 and the provisions of the SUPPLY AGREEMENT, the SUPPLY AGREEMENT shall prevail. The date of the documented review meeting (see Article 3.6) shall
be treated as the effective date for the SUPPLY AGREEMENT (“EFFECTIVE DATE II”), which shall take effect automatically and without signature upon the PARTIES determination that PHASE 2 has been successfully completed in
accordance with Article 3.6. 

  

	4.2	SIEMENS will support the product development work for the MRgRT system by providing a SIEMENS System Engineer, to be located at VIEWRAY’s premises during the initial term of the SUPPLY AGREEMENT up to a maximum of
three years. A possible continuation of such support for modifications of the MRgRT system needs to be mutually agreed after that time period (i.e., after the initial 3-year term of the SUPPLY AGREEMENT). The costs for the SIEMENS System Engineer,
including relocation expenses, shall be reimbursed by VIEWRAY and are based on the rates as described in Appendix 1. 

  

	4.3	VIEWRAY will use standard COMPONENTS from SIEMENS wherever possible. SIEMENS will modify COMPONENTS to allow full function of the integrated MRgRT system if necessary or useful, technically feasible and commercially
reasonable. Changes in the measurement and control system of the COMPONENTS are exempt from this Article 4.3. Change requests made during PHASE 3, shall be made pursuant to Section 8.3 of the SUPPLY AGREEMENT. 

 

	4.4	SIEMENS will provide VIEWRAY access to all available regulatory documentation to assist in FDA submissions by VIEWRAY. SIEMENS will notify VIEWRAY without undue delay in case SIEMENS COMPONENTS are involved in any
product recall actions that might affect the FDA approval of the VIEWRAY MRgRT system. 

  

	4.5	SIEMENS will provide VIEWRAY with all necessary service documentation available at SIEMENS, such documentation to be provided pursuant to the Quality Agreement contemplated by the SUPPLY AGREEMENT. 

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

	4.6	Service topics, including, but not limited to 

  

	 	•	 	Service contracts 

  

	 	•	 	Spare parts supply and logistics 

  

	 	•	 	First, second and third level service support 

  

	 	•	 	Software and computer hardware upgrades for the installed base 

 are regulated in the SUPPLY
AGREEMENT Section 7. 
 Article 5—Exclusivity of Business Relationship 

For the duration of PHASE 1 and PHASE 2, the PARTIES will cooperate in regard to the PROJECT and within the FIELD on an exclusive basis. 

Article 6—Secrecy 
  

	6.1	Each PARTY agrees that all INFORMATION and RESULTS which it receives from the other PARTY and which are designated as confidential by such PARTY will be deemed to be confidential and will be maintained by the receiving
PARTY in confidence, provided, however, that such PARTY may disclose such information to its officers, and those of its employees and others under its control for the purposes of this Agreement, all of whom will be advised of this Agreement and such
PARTY’s obligations there under. 

  

	6.2	Such PARTY additionally agrees to take all reasonable precautions to safeguard the confidential nature of the foregoing information, provided, however, that such PARTY’s normal procedures for protecting its own
confidential information shall be deemed reasonable precautions, and provided that if such precautions are taken, such PARTY will not be liable for any disclosure which is inadvertent or unauthorized or is required by any judicial order or decree or
by any governmental law or regulation. Neither shall such PARTY be liable for disclosure and/or any use of such information insofar as such information 

  

	 	•	 	is in, or becomes part of, the public domain other than through a breach of this Agreement by such PARTY; 

  

	 	•	 	is already known to such PARTY at or before the time it receives the same from the other PARTY or is disclosed to such PARTY by a third PARTY as a matter of right; 

 

	 	•	 	is independently developed by such PARTY without the benefit of such information received from the other PARTY; 

  

	 	•	 	is disclosed and/or used by such PARTY with the prior written consent of the other PARTY. 

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

 Notwithstanding the above, each PARTY has the right to disclose the other PARTY’s INFORMATION and RESULTS
which it received under this Agreement to its licensees insofar as it has the right to sublicense same as set forth in this Agreement, provided, such PARTY requires such licensee to undertake in writing secrecy obligations which are at least as
stringent as the ones set forth in this Article 6; 
  

	6.3	The obligations of Article 6 shall survive five years after termination of this Agreement. 

 Article
7—Warranties and Limitation of Liabilities 
  

	7.1	Provided it complies with the provisions of Article 1, 2 and 3 above, no PARTY shall be liable towards the other PARTY in the case that the WORK cannot be successfully completed. 

 

	7.2	The sole obligation of each PARTY with respect to its INFORMATION and RESULTS shall be to forward same to the other PARTY as provided in this Agreement and, to correct errors that might have occurred in this INFORMATION
and RESULTS without undue delay after such errors become known to the PARTY which forwarded the relevant INFORMATION or RESULTS. 

The warranties set forth in this Article 7.2 apply to all INFORMATION and RESULTS licensed or knowingly disclosed hereunder and are in
lieu of all warranties expressed or implied including without limitation the warranties that INFORMATION and RESULTS can be used without infringing statutory and other rights of third PARTIES. 

 

	7.3	Any liability of a PARTY with respect to death or injury to any person is subject to and governed by the provisions of the applicable law. Neither PARTY is, however, obliged to compensate for death or personal injury or
loss of or damage to property of the other PARTY to the extent such death, injury, loss or damage is covered by insurance(s) of the affected PARTY and such affected PARTY shall not be entitled to recover same from the first PARTY. 

 

	7.4	Neither PARTY shall be liable for any indirect or consequential damages of the other PARTY, including loss of profit or interest, under any legal cause whatsoever and on account of whatsoever reason, except where such
liability is mandatory by applicable law. 

  

	7.5	Nothing in this Agreement shall obligate either PARTY to apply for, take out, maintain or acquire any statutory protection, in any country. 

 

	7.6	All rights granted in INFORMATION, RESULTS and under BACKGROUND PATENTS are granted insofar only as the PARTY granting same has the right to grant without payment to third PARTIES. 

 

	7.7	The provisions of Sections 7.1 through 7.6 shall survive any termination of this Agreement. 

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

 Article 8—Intellectual Properties 

 

	8.1	Inventions—including, but not being limited to, inventions eligible for statutory protection (patent applications, patents, etc.)—made during the term and under the cooperation of this Agreement
(“INVENTIONS”) by employees of one PARTY shall become neither the property of the other PARTY nor the common property of both PARTES, and the one PARTY, therefore and insofar as it otherwise has the right to do so, shall be free to use
such INVENTIONS as it sees fit and to file for statutory protection and to use, maintain and permit to lapse such application for statutory protection and any statutory rights issued thereon. 

 

	8.2	INVENTIONS made by employees of both PARTIES (“JOINT INVENTIONS”) shall, at the time they are made, become the joint property of both PARTIES. 

 

	8.2.1	JOINT INVENTIONS, including any and all statutory protection issuing thereon (as per Section 8.2.2, below, or otherwise), if any, may be used by each PARTY as such PARTY sees fit. Each PARTY, therefore, for example
and without limitation, has the transferable right to grant non-exclusive, further transferable licenses under such JOINT INVENTIONS. 

  

	8.2.2	For JOINT INVENTIONS which are eligible for statutory protection the PARTIES will agree upon the details for filing for such protection. 

In case only one (1) PARTY is interested in filing for statutory protection for JOINT INVENTIONS, then the other PARTY shall execute and
forward to the one PARTY all documents requested by the one PARTY and reasonably believed to be necessary and/or desirable for such procedure. Statutory rights filed for JOINT INVENTIONS by one PARTY at its own expense shall, from the date of
filing, become the sole property of that one PARTY, and, therefore, for example and without limitation, can be used, maintained and permitted to lapse by this PARTY as it sees fit. The other PARTY’S rights to use such statutory rights are as
laid down in Section 8.2.1, above. 
  

	8.2.3	Each PARTY ensures that it will be in a position to immediately acquire the share of inventions of its employees insofar as JOINT INVENTIONS are concerned. 

 

	8.2.4	Neither PARTY is obligated to take action against third PARTIES infringing upon statutory rights filed or issued for JOINT INVENTIONS or to defend such rights against third PARTIES. 

 

	8.3	(a) Under its INFORMATION, BACKGROUND PATENTS and RESULTS each PARTY hereby grants to the other PARTY the non-exclusive, non-transferable, royalty free right and license, including the right to sublicense to
SIEMENS AFFILIATES, to use same during the term of this Agreement solely for the purpose of carrying out the WORK assigned to such PARTY. This right includes the right to have such INFORMATION, BACKGROUND PATENTS and RESULTS used by a subcontractor.

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

 (b) Under its INFORMATION, BACKGROUND PATENTS and RESULTS each PARTY hereby grants to the other
PARTY the non-exclusive, non-transferable, royalty free right and license, to use same within the FIELD for the manufacture, use and sale of the VIEWRAY MRgRT system and its parts and modifications and enhancement thereof and to grant sublicenses as
part of a grant of a license under its own technology. 
  

	8.4	INFORMATION and RESULTS, which one PARTY receives from the other under this Agreement may be used by the receiving PARTY outside the FIELD as such PARTY seems fit, provided, however, that no rights are granted in this
Article 8.4 under any present or future statutory rights, including without limitation BACKGROUND PATENTS, with the exception of JOINT INVENTIONS as set forth in Article 8.2. 

 

	8.5	The stipulations of Articles 8.1 through 8.4 shall survive any termination of this Agreement. 

 Article
9—CHANGE OF CONTROL 
  

	9.1	If VIEWRAY obligates itself with respect to a CHANGE OF CONTROL with a third party that is an “INDIRECT COMPETITOR” of SIEMENS, the PARTIES will discuss in good faith within thirty (30) days after such
CHANGE OF CONTROL is publicly announced, how such CHANGE OF CONTROL would impact the relationship contemplated by this Agreement, including whether VIEWRAY or such INDIRECT COMPETITOR will terminate this Agreement after the closing of such CHANGE OF
CONTROL transaction. SIEMENS shall be entitled to terminate this Agreement within a period of thirty (30) days following the receipt of such a notification and discussion if it is not reasonably assured that such CHANGE OF CONTROL will not
adversely affect the prospects for commercial success of the transactions contemplated by this Agreement. With respect to a CHANGE OF CONTROL involving a “DIRECT COMPETITOR”, SIEMENS shall be entitled to terminate this Agreement within a
period of thirty (30) days following the receipt of such a notification at its own discretion. For purposes of this Agreement, “DIRECT COMPETITOR” means an entity that has an MRI product line. As of the Effective Date I, DIRECT
COMPETITORS may include each of GE Healthcare, Hitachi Medical Systems Corporation, Toshiba Medical Systems Corporation and Philips Healthcare or their respective affiliates. For purposes of this Agreement, “INDIRECT COMPETITOR” means an
entity that is not a DIRECT COMPETITOR but which has a product line that competes with another product line of SIEMENS. 

  

	9.2	In case of termination of this Agreement by VIEWRAY following a CHANGE OF CONTROL involving a DIRECT COMPETITOR or INDIRECT COMPETITOR prior to the commencement of PHASE 3, VIEWRAY shall reimburse SIEMENS for lost
revenue pursuant to this Agreement. This includes the complete payment of all outstanding purchase orders of COMPONENTS and equipment rental as well as engineering and application support services provided pursuant to this Agreement from the date
such CHANGE OF CONTROL transaction is publicly announced. 

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

	9.3	In case of termination of this Agreement by SIEMENS in accordance with Article 9.1, SIEMENS will not have a right of any compensation for lost revenue pursuant to Article 9.2. 

Article 10—Term and Termination 
  

	10.1	This Agreement shall become effective on the date it is signed by both PARTIES (EFFECTIVE DATE I). This Agreement may be terminated at any time within PHASE 1 and PHASE 2 by the one PARTY by giving of not less
than four weeks’ prior written notice to the other PARTY 

 — if the other PARTY hereto is declared bankrupt or
otherwise cannot fulfill its financial obligations; or 
 — if the other PARTY hereto substantially defaults in the performance of this
Agreement and does not remedy the default within four (4) weeks after receipt of a relevant request of the one PARTY; or 
 — if
the other PARTY extends its activities to cover the development and/or manufacture of COMPONENTS or parts within the FIELD and should such extension not be governed by the cooperation of the PARTIES hereunder. 

 

	10.2	These rules refer solely to a termination during Phase 1 and Phase 2. Termination of the SUPPLY AGREEMENT is governed in Section 13 therein. 

Article 11—Arbitration 
  

	11.1	Any differences or disputes arising from this Agreement or from agreements regarding its performance shall be settled by an amicable effort on the part of both PARTIES to the Agreement. An attempt to arrive at a
settlement shall be deemed to have failed as soon as one of the PARTIES to the Agreement so notifies the other PARTY in writing. 

  

	11.2	If an attempt at settlement has failed, the disputes shall be finally settled under the Rules of Conciliation and Arbitration of the International Chamber of Commerce in Paris (Rules) by three arbitrators appointed in
accordance with the Rules. 

  

	11.3	The place of arbitration shall be Zurich, Switzerland. The procedural law of this place shall apply where the Rules are silent. 

  

	11.4	The arbitral award shall be substantiated in writing. The arbitral tribunal shall decide on the matter of costs of the arbitration. 

  

	11.5	Any claim, controversy or dispute between the PARTIES arising in whole or in part under or in connection with this Agreement or the subject matter hereof will, before such submission to arbitration, first be escalated
to the MRI Business Unit Chief Executive Officer of SIEMENS and the Chief Executive Officer of VIEWRAY for resolution. They will use reasonable efforts to attempt to resolve the dispute through good faith negotiations by telephone or in person as
may be agreed and if they fail to resolve the dispute within thirty (30) days after either party notifies the other of the dispute, and do not mutually agree to extend the time for negotiation, then the dispute will be submitted to arbitration
in accordance with the procedure set forth in Articles 11.1-11.4. 

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

 Article 12—Substantive Law 
  

	12.1	All disputes shall be settled in accordance with the provisions of this Agreement and all other agreements regarding its performance, otherwise in accordance with the substantive law in force in Switzerland, without
reference to other laws. 

  

	12.2	Nothing contained herein shall be construed and the PARTIES hereby waive any and all rights they may have to claim or assert, that SIEMENS is subject to the jurisdiction of the courts of the USA. 

Article 13—Miscellaneous 
  

	13.1	This Agreement may not be released, discharged, abandoned, changed or modified in any manner, except by an instrument in writing signed on behalf of each of the PARTIES hereto by their duly authorized representatives.

  

	13.2	The failure of any PARTY hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement
or any part thereof or the right of any PARTY thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to be a waiver of any other or subsequent breach. 

 

	13.3	All notices or other communications required or permitted hereunder with regard to the interpretation, validity etc. of the Agreement shall be in writing and shall be given by certified mail addressed, if to VIEWRAY:

 ViewRay Incorporated 

2000 Auburn Drive 

Beachwood, OH 44122 
 USA 

Attn: Chief Executive Officer 

and, if to SIEMENS: 
 Siemens
Aktiengesellschaft 
 Legal 

Werner-von-Siemens-Str. 50 

91052 Erlangen 
 Germany 

or to such other address that the PARTIES might identify to each other for this purpose and with reference to this Agreement. 

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

	13.4	No PARTY hereto shall issue any press release or public announcement or otherwise divulge the existence of this Agreement or the transactions contemplated hereby without the prior approval of the other PARTY hereto.

  

	13.5	This Agreement shall be binding upon and inure to the benefit of the PARTIES hereto. Neither PARTY may assign this Agreement, in whole or in part, except with the prior written consent of the other PARTY, which shall
not be unreasonably withheld; provided, that either PARTY may assign this Agreement without the consent of the other PARTY to an Affiliate or in connection with any merger, acquisition, or sale a majority of such PARTY’s voting stock or
a sale of substantially all such PARTY’s assets; provided, further, that (a) in each instance the assignee expressly assumes all obligations imposed on the assigning PARTY by this Agreement in writing and the other PARTY is
notified in advance of such assignment; and (b) VIEWRAY shall also be subject to the restriction set forth in Article 9. Any purported assignment in violation of this Article 13.5 shall be null and void. 

 

	13.6	Titles and headings to Articles herein are inserted for the convenience or reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

 

	13.7	This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement. 

  

	13.8	This Agreement (including the Appendices) constitutes the entire agreement between the PARTIES with respect to its subject matter and supersedes all prior agreements, understandings, commitments, negotiations and
discussions with respect thereto, whether oral or written. 

  

	13.9	During the term of this Agreement and for a period of 12 months thereafter, neither PARTY will not solicit for employment (whether as an employee, contractor, consultant, or in any other manner) any person who is
or has been within the previous 12 months a technical or scientific employee of the other PARTY; provided, however, that this Article 13.9 will not prevent either PARTY from employing a person who contacts such PARTY on his or her own
initiative (without any actions by such PARTY to encourage such contact) or responds to general solicitations of employment not specifically directed toward the other PARTY’S employees. 

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

 IN WITNESS WHEREOF the PARTIES have executed these presents on the dates specified below. 

 

									
	VIEWRAY Incorporated				SIEMENS Aktiengesellschaft, Healthcare Sector
					
	Place, Date:				Place, Date				
					
	Cleveland, OH, USA 17 June 08				Erlangen, May 29 2008				
					
	/s/ Ayers				/s/ Mãrzendorfer				/s/ Kleinschmidt
					
	Name:				Name:				Name:
					
	Ayers				Mãrzendorfer				Kleinschmidt
	(Print)				(Print)				(Print)
					
	Title:				Title:				Title:
					
	CEO				CEO Magnetic Resonance				CFO Magnetic Resonance

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

 Appendix 0 

to the Collaboration and Supply Agreement between VIEWRAY and SIEMENS 

Data Sheet of [***] 
 The officially released data sheet
by SIEMENS at the time of signature of this Agreement is identified by the following SIEMENS document number. 
 [***] 

Status: 03/2008 
 A copy of the document will be provided to
VIEWRAY in an electronic format. 
 The [***], as modified in [***] will [***] the following [***]: 

 

	1)	The [***] on the [***] it to the [***] at a [***] that allows for [***] less than [***] based on [***] 

  

	2)	The [***] with a [***] and a [***] covering a [***] (corresponding to a [***]) within [***] having [***] that [***] may be [***] (i.e. . a [***]). 

 

	3)	The [***] covering a [***] with a [***] (corresponding to a [***] at a [***] (i.e. . a [***]). 

  

	4)	The [***] of all [***] must be [***] (i.e., the [***] must be able to [***] to within [***]). 

  

	5)	The [***] of all [***] must be [***] than [***] (i.e., the [***] must be [***] with this [***] with the [***]). 

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

 Appendix 1 

to the Collaboration and Supply Agreement between VIEWRAY and SIEMENS: 

Reimbursement of SIEMENS Costs during PHASE 1 AND 2 

VIEWRAY will reimburse SIEMENS for the supply of COMPONENTS and the development support during PHASE 1 and 2 as described below. 

 

	 	•	 	[***] 

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

 Appendix 2 

to the Collaboration and Supply Agreement between VIEWRAY and SIEMENS: 

SUPPLY AGREEMENT 
 by and
between 
 ViewRay, Incorporated 

a corporation duly organized and existing under the laws of OH, 

and having its registered seat 

in Beachwood, OH, 
 USA 

- hereinafter referred to as “BUYER” - 

and 
 Siemens
Aktiengesellschaft, Healthcare Sector 
 a corporation organized under the laws of 

the Federal Republic of Germany 

Berlin and Munich 
 - hereinafter
referred to as “SELLER” - 
 - BUYER and SELLER hereinafter referred to individually 

as “PARTY” or collectively as “PARTIES” - 

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

 Preamble 

WHEREAS BUYER shall procure from SELLER products in the course of a long term cooperation; and 

WHEREAS, for their mutual benefit, the PARTIES seek to secure the supply, to improve the planning, to ensure delivery on time, to minimize the
respective stocks and to reduce the expenditures for the transaction of business. 
 NOW THEREFORE in consideration of the above, the PARTIES
agree to the following terms and conditions: 
  

	1.	Subject of the Agreement 

 Subject of this SUPPLY AGREEMENT is the
procurement of the COMPONENTS as described in Annex 1 hereto. 
  

	2.	Demand Planning and Purchase Orders 

  

	2.1	BUYER shall place purchase orders with SELLER covering his demand for three (3) months (hereinafter referred to as “SUPPLY PERIOD”). Such purchase orders shall be issued at least eight (8) weeks
before the beginning of the respective SUPPLY PERIOD. 

  

	2.2	Together with his purchase orders BUYER shall furnish to SELLER a forecast indicating his demand for the period of nine (9) months following the SUPPLY PERIOD. 

SELLER shall consider the forecasts when planning his production capacities. If SELLER does not object in writing within ten (10) Business
Days after receipt of the forecast, it will be deemed accepted by SELLER, and BUYER may assume that SELLER will accept purchase orders within this scope. 
  

	2.3	 BUYER shall forward his purchase orders in writing to SELLER’s relevant local subsidiary. SELLER shall acknowledge the purchase orders within ten
(10) Business Days after receipt thereof, as far as they do not exceed the forecast accepted by SELLER. 

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

 
SELLER shall make reasonable efforts to meet BUYER’s demand exceeding the forecast. In case SELLER can accept a purchase order of BUYER exceeding the forecast only with modifications (for
example concerning delivery date or quantity), the PARTIES will agree without delay on a mutually acceptable solution. 
  

	2.4	If subsequently to the acknowledgement of any purchase order BUYER requires an earlier or later delivery date as agreed, the PARTIES shall use best efforts to find a mutually acceptable solution. 

 

	2.5	The terms and conditions of this SUPPLY AGREEMENT shall apply to any purchase order of BUYER regarding the COMPONENTS even if they do not refer to it expressly. Any separate general terms and conditions of BUYER or
SELLER shall not apply. 

  

	2.6	“Business Day” means any day other than a Saturday or Sunday that is not a national holiday in the United States or Germany. 

 

	3.	Delivery 

  

	3.1	The COMPONENTS are delivered “EXW” according to Incoterms 2000. 

  

	3.2	If the delivery date is defined 

  

	 	(a)	by day, SELLER shall not deliver more than three (3) days earlier or later as the agreed delivery day; 

  

	 	(b)	by week, SELLER shall deliver within the agreed delivery week. 

  

	3.3	In case SELLER realizes that he cannot adhere to the agreed delivery date, he shall without delay inform BUYER and indicate the prospective duration of the delay. The PARTIES shall immediately endeavor to find
reasonable remedial measures. 

  

	3.4	If SELLER is in delay with deliveries for which he is responsible and if BUYER substantiates that he has suffered damages due to the delay, he may claim per full week of delay liquidated damages of 0.5% of the price of
the delayed COMPONENTS up to a maximum amount of 5% of such price. Any further claims for damages due to the delay shall be excluded. 

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

 Further, BUYER may cancel the relevant separate purchase contract without incurring any
liability, provided the COMPONENTS have not been delivered within a reasonable grace period set by BUYER. 
  

	4.	Prices 

  

	4.1	The prices of the COMPONENTS are specified in Annex 2 hereto and are valid for the agreed upon time period. 

  

	4.2	The prices are based on the clause of the Incoterms 2000 as defined in Section 3.1 and include packaging. The respectively valid VAT shall be added to the price. 

 

	5.	Invoices and Terms of Payment 

  

	5.1	SELLER shall issue for every delivery an invoice meeting the requirements of the tax laws. The invoice shall show the price per ordered COMPONENTS, the order number and the COMPONENTS part number. 

 

	5.2	Payments shall be effected in EURO within 30 days from the invoice date. 

  

	6.	Risk, Title 

  

	6.1	Risk of loss or damages shall pass onto BUYER according to the clause of the Incoterms 2000 as defined in Section 3.1. 

  

	6.2	SELLER retains title to the COMPONENTS until all payments due to SELLER have been finally effected by BUYER. 

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

	7.	Warranty, Services, Spare Parts 

  

	7.1	SELLER assumes liability for defects of the COMPONENTS including the lack of assured characteristics as follows: 

SELLER shall at its sole discretion either repair or replace the faulty COMPONENTS. In case these corrective actions fail within a reasonable
period of time, BUYER is entitled to request price reduction or to cancel the relevant purchase contract and request SELLER to take back the COMPONENTS delivered (under such purchase contract) and to reimburse the purchase price. 

Details will be described in the Quality Assurance Agreement as per Annex 4 to the SUPPLY AGREEMENT. 

 

	7.2	The warranty period for COMPONENTS shall be 15 months starting on the date the risk of loss or damage has passed onto BUYER according to Section 6.1 or 12 months from the date of installation at customer
site, whichever is the earlier. 

  

	7.3	SELLER will be able to supply spare parts for the COMPONENTS for the period of 8 (eight) years after the last delivery of COMPONENTS. 

 

	7.4	SELLER’s liability for any further damages resulting from the defect(s) of the COMPONENTS shall be limited pursuant to the stipulations of Section 12. 

 

	7.5	The SELLER shall, at SELLER’s then current pricing, provide the BUYER with information (e.g. service training courses, service documentation, etc.) and aids (e.g. tools, software, etc) to enable the BUYER to
perform the service function. Details on the aforesaid are to be found in Annex 3 hereto. 

  

	7.6	The BUYER is only entitled to use the information and aids within its own service organization and only to perform services on COMPONENTS that were purchased by the BUYER under this SUPPLY AGREEMENT and delivered to
end-users. The transfer of information and/or aids to third PARTIES will be subject to prior written approval by the SELLER. 

  

	7.7	The SELLER shall provide the BUYER with spare parts for the COMPONENTS at SELLER’s then current prices during the term of this Agreement and for a period of eight (8) years after delivery of the last PRODUCT
pursuant to this agreement. Details of the processing of spare parts and returned goods are to be found in Annex 3 hereto. The provisions governing the COMPONENTS shall also apply to spare parts unless agreed otherwise in this agreement.

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

	8.	Technical Changes 

  

	8.1	SELLER is entitled to technically change the COMPONENTS without notice to BUYER; provided that the COMPONENTS continue to conform to the applicable specifications for the then-current COMPONENTS. Notwithstanding the
foregoing, SELLER shall notify BUYER about the changes in writing at least three (3) months before start of production of the changed COMPONENTS. If SELLER makes technical changes to the COMPONENTS that will cause them to not conform to the
applicable specifications for the then-current COMPONENTS then SELLER shall follow the procedure in Section 8.2. 

  

	8.2	 If SELLER intends to discontinue the production of then-current COMPONENTS in favor of new COMPONENTS or to make technical changes to the then-current
COMPONENTS that SELLER reasonably expects to affect form, size, assembly, function or interfaces of the COMPONENTS so that such new or changed COMPONENTS fail to conform to the applicable specifications for the then-current COMPONENTS, SELLER shall
as early as reasonably practicable, taking into consideration the regulatory requirements of introducing changes to the then-current COMPONENTS and the MRgRT System notify BUYER and give BUYER access to specifications for the “new”
COMPONENTS as well as access (at SELLER’S facility—or at BUYER’s request and expense at Buyer’s Beachwood, Ohio facility) to a preproduction prototype of the new COMPONENTS prior to commercial release of the new COMPONENTS to
permit BUYER to test the COMPONENTS and provide input to SELLER on its impact on the MRgRT System. BUYER will notify SELLER not later than 3 months following the date it is notified of such technical changes by SELLER whether BUYER will adopt the
new COMPONENTS for use in the MRgRT System. If BUYER adopts the new COMPONENTS for use in the MRgRT System, Annex 1 and, to the extent applicable, Annex 2 will be amended to reflect the new COMPONENTS. If BUYER has not yet adopted the new
COMPONENTS for use in the MRgRT System and 

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

 
SELLER decides to discontinue production of the then-current COMPONENTS, BUYER may, in order to cover its remaining demand, place purchase orders in accordance with Sections 2.1 and 2.4 for
the unchanged then-current COMPONENTS within 3 months after being notified about the technical changes by SELLER. 
  

	8.3	BUYER may request that SELLER incorporate changes to the COMPONENTS going forward by delivering a written change order to SELLER (a “Post-Development Change Order”). Any such Post-Development Change Order will
include a description of the proposed change sufficient to permit SELLER to evaluate its feasibility and cost. SELLER will use reasonable efforts to provide within 15 Business Days of receipt of a Post-Development Change Order a detailed
response to the Post-Development Change Order including a specification of: (a) new material costs; (b) new labor cost itemized by activity to be performed; (c) the proposed implementation date; and (d) the impact on the delivery
schedule and pricing of the COMPONENTS. SELLER will not unreasonably withhold or delay agreement to a Post-Development Change Order. Until a Post-Development Change Order has been agreed to in writing, such Post-Development Change Order will not
become effective, and the PARTIES will continue to perform their obligations under the then-effective specifications. 

  

	9.	Discontinuance of Production 

 Should SELLER plan to discontinue the production of
COMPONENTS, of which BUYER has procured from SELLER any substantial amount within the preceding 12 months, SELLER shall inform BUYER in writing at least 6 months prior to the date production of such COMPONENTS shall discontinue. BUYER may, in
order to cover its remaining demand, place orders in accordance with Section 2.4 until 3 months before the discontinuance date specified in SELLER’s notice, which date shall be at least 6 months following the date of such notice
to BUYER. 

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

	10.	Industrial and Intellectual Property Rights 

  

	10.1	If a third PARTY raises justified claims against BUYER for infringement of intellectual property rights or copy rights (all together hereafter referred to as “Protective Rights”) by COMPONENTS supplied by
SELLER, SELLER shall at its cost acquire for BUYER a right to use the COMPONENTS. In case this is not possible at economically reasonable conditions, SELLER’s liability shall be limited as follows: 

 

	 	(a)	SELLER shall defend and indemnify and hold harmless BUYER against any legal costs and damages of BUYER caused by Protective Right infringement by the COMPONENTS as such up to the amount of an appropriate license fee,
which the owner of the Protective Rights could claim directly from SELLER for the use of the infringing COMPONENTS. 

  

	 	(b)	For future deliveries SELLER shall, if economically reasonable, at its option and in compliance with the specifications defined in Annex 1 modify the COMPONENTS to become non-infringing or deliver an equivalent non
infringing COMPONENTS. 

 Claims shall be deemed justified only if they are acknowledged as such by SELLER or finally
adjudicated as such by a court of competent jurisdiction. 
  

	10.2	The obligations of SELLER mentioned in Section 10.1 above apply under the precondition that BUYER informs SELLER without delay in writing of any claims for infringement of Protective Rights, does not accept on his
own any such claims and conducts any disputes, including settlements out of court, only in agreement with SELLER. 

  

	10.3	Any liability of SELLER pursuant to Section 10.1 shall be excluded, if the infringement of Protective Rights is not caused by the COMPONENTS itself, for example if such infringement results from the application of
the COMPONENTS (including any application-specific circuitry implemented in the COMPONENTS), unless SELLER did offer the COMPONENTS especially for such infringing application. 

 

	10.4	Any liability of SELLER shall also be excluded, if the infringement of Protective Rights results from specific instructions given by BUYER or the fact that the COMPONENTS has been changed by BUYER or is being used in
conjunction with products not delivered by SELLER, which convert an otherwise non-infringing COMPONENTS to an infringing COMPONENTS. 

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

	11.	Confidential Information 

  

	11.1	The PARTIES shall use all information, which they receive in connection with this SUPPLY AGREEMENT and which has been marked as confidential, only for the purposes of this SUPPLY AGREEMENT and they shall keep this
information confidential to third PARTIES with the same degree of care as they use with respect to their own confidential information. This obligation shall survive the expiration or termination of this SUPPLY AGREEMENT for a period of 3 years.

  

	11.2	This obligation shall not apply to information, which is or becomes public knowledge or which is provably independently developed or lawfully received from a third PARTY. 

 

	12.	Liability 

  

	12.1	SELLER assumes liability for any personal injury for which it is found responsible without limitation. If found responsible for property damages of BUYER, SELLER shall indemnify BUYER for expenses incurred for
restoration of the damaged property up to a maximum amount of EURO 500.000 per damage event and EURO 1.500.000 in the aggregate. 

  

	12.2	Apart from warranties and liabilities expressly stipulated in this SUPPLY AGREEMENT, SELLER disclaims all liability regardless of the cause in law, in particular the liability for indirect or consequential damages
arising from interrupted operation, loss of profits, loss of information and data, unless in cases of gross negligence, intent, lack of assured characteristics or in any cases where liability is mandatory at law. 

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

	13.	Term, CHANGE OF CONTROL and Exclusivity 

  

	13.1	(a) This SUPPLY AGREEMENT shall be effective from the EFFECTIVE DATE II and shall run for an initial period of five (5) years unless sooner terminated in accordance with Section 13.1(b). Thereafter,
unless terminated by either PARTY effective at the end of each calendar year upon six (6) months prior written notice, this SUPPLY AGREEMENT will be automatically extended by twelve (12) months. 

 

	 	(b)	Either PARTY may, without prejudice to any other rights it may have, terminate this SUPPLY AGREEMENT by providing written notice to the other PARTY if the other PARTY breaches any of its representations, warranties or
obligations under this SUPPLY AGREEMENT and fails to cure such breach within 60 days after receiving written notice thereof from the non-breaching PARTY. 

  

	 	(c)	For a period of six months after expiration or termination of this SUPPLY AGREEMENT for any reason, SELLER will provide reasonable assistance (at Buyer’s expense) to wind-down the supply of COMPONENTS for
BUYER’s MRgRT System. This cooperation will include. (i) the continued manufacture and orderly supply of COMPONENTS after the termination or expiration date, provided that in the event that the termination was effected by SELLER as a
result of BUYER’s material breach of this SUPPLY AGREEMENT, BUYER will promptly pay all sums due SELLER under this SUPPLY AGREEMENT (other than those that are disputed in good faith by BUYER) as of the date of termination; (ii) continued
support of COMPONENTS in accordance with the terms of this SUPPLY AGREEMENT after the termination or expiration date, provided that in the event that the termination was effected by SELLER as a result of Buyer’s material breach of this SUPPLY
AGREEMENT BUYER will promptly pay all sums due SELLER under this SUPPLY AGREEMENT (other than those that are disputed in good faith by BUYER) as of the date of termination; and (iii) the right to make a last time buy of COMPONENTS, provided
that in the event that the termination was effected by SELLER as a result of Buyer’s material breach of this SUPPLY AGREEMENT BUYER will promptly pay all sums due SELLER under this SUPPLY AGREEMENT (other than those that are disputed in good
faith by BUYER) as of the date of termination. 

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

	 	(d)	On termination or expiration of this SUPPLY AGREEMENT for any reason BUYER will have the right to continue to sell all unsold COMPONENTS that are in its possession or that are subject to an open BUYER bid and purchase
order as of the effective date of such termination or expiration. 

  

	 	(e)	After the termination or expiration of this SUPPLY AGREEMENT, at Buyer’s request, SELLER will continue to provide support services to BUYER for installed COMPONENTS under the terms and conditions set forth in this
SUPPLY AGREEMENT at SELLER’S then-standard rates during the remaining term of Buyer’s purchase agreements with its end users. BUYER will continue to support such end users in the same manner that BUYER provides similar support for other
elements of the MRgRT System. 

  

	13.2	For the duration of this SUPPLY AGREEMENT, but not exceeding seven (7) years-from EFFECTIVE DATE II (as defined in Article 4.1 of the Development and Supply Agreement dated May __, 2008 between the PARTIES),
SELLER shall be the exclusive supplier of COMPONENTS and BUYER shall not source any 3rd PARTY spectrometer for the MRgRT System. 

  

	13.3	 If BUYER obligates itself with respect to a CHANGE OF CONTROL with a third party that is an “INDIRECT COMPETITOR” of SELLER during the term
of this SUPPLY AGREEMENT, the PARTIES will discuss in good faith within thirty (30) days after such CHANGE OF CONTROL is publicly announced, how such CHANGE OF CONTROL would impact the relationship contemplated by this SUPPLY AGREEMENT,
including whether BUYER or such INDIRECT COMPETITOR will terminate this Agreement after the closing of such CHANGE OF CONTROL transaction. SELLER shall be entitled to terminate this SUPPLY AGREEMENT within a period of thirty (30) days following
the receipt of such a notification and discussion if it is not reasonably assured that such CHANGE OF CONTROL will not adversely affect the prospects for commercial success of the transactions contemplated by this SUPPLY AGREEMENT. With respect to a
CHANGE OF CONTROL involving a “DIRECT COMPETITOR”, SELLER shall be entitled to terminate this SUPPLY AGREEMENT within a period of thirty (30) days 

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

 
following the receipt of such a notification at its own discretion. For purposes of this SUPPLY AGREEMENT, “DIRECT COMPETITOR” means an entity that has an MRI product line. As of the
Effective Date I, DIRECT COMPETITORS may include each of GE Healthcare, Hitachi Medical Systems Corporation, Toshiba Medical Systems Corporation and Philips Healthcare or their respective affiliates. For purposes of this SUPPLY AGREEMENT,
“INDIRECT COMPETITOR” means an entity that is not a DIRECT COMPETITOR but which has a product line that competes with another product line of SIEMENS. 
  

	13.4	BUYER may terminate this SUPPLY AGREEMENT within thirty (30) days following the date a CHANGE OF CONTROL involving a DIRECT COMPETITOR or INDIRECT COMPETITOR is publicly announced, In case of termination of this
SUPPLY AGREEMENT by BUYER following a CHANGE OF CONTROL involving a DIRECT COMPETITOR or INDIRECT COMPETITOR, BUYER shall reimburse SELLER for lost revenue. This includes the complete payment of all outstanding purchase orders of COMPONENTS and
equipment rental as well as engineering and application support services. Any remaining forecast revenue value arising from this SUPPLY AGREEMENT will be reimbursed by BUYER at a value of thirty (30) percent of the agreed purchasing price of
the COMPONENTS for the forecast period of twelve (12) months from the date such CHANGE OF CONTROL is publicly announced. 

  

	13.5	In case of termination of this SUPPLY AGREEMENT by SELLER in accordance with Section 13.3, SELLER will not have a right of any compensation for lost revenue pursuant to Section 13.4. 

 

	13.6	 “CHANGE OF CONTROL” means with respect to BUYER, in an event or series of related events: (a) a sale of all or substantially all of
BUYER’s assets, voting stock or securities or business relating to this SUPPLY AGREEMENT; (b) a merger, reorganization or consolidation involving BUYER in which the stockholders of BUYER immediately prior to such transaction cease to own
collectively a majority of the voting equity securities of the successor entity; or (c) a Person or group of Persons acting in concert acquire fifty percent (50%) or more of the voting equity securities of BUYER.

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

 
For purposes of clarity, the term “CHANGE OF CONTROL” is not intended to include (i) an underwritten public offering of BUYER’s common stock pursuant to a Registration
Statement on Form S-1 under the Securities Act of 1933, as amended, or (ii) any sale of shares of capital stock of BUYER, in a single transaction or series of related transactions principally for bona fide equity financing purposes in
which BUYER issues new securities to venture capital investors primarily for cash or the cancellation or conversion of indebtedness of BUYER or a combination thereof for the purpose of financing the operations and business of BUYER. 

 

	13.7	The provisions in Sections 7, 10, 14, 15 shall survive the expiration or termination of this agreement. Any licenses granted by SELLER to BUYER under this SUPPLY AGREEMENT or the AGREEMENT will survive any
expiration or termination of this SUPPLY AGREEMENT for any reason for as long as and to the extent that they are reasonably necessary to continue servicing and supporting existing accounts. 

 

	14.	Arbitration 

  

	14.1	All disputes arising out of or in connection with this SUPPLY AGREEMENT or individual purchase contracts signed hereunder, including any question regarding their existence, validity or termination, shall be finally
settled under the Rules of Arbitration of the International Chamber of Commerce, Paris (“Rules”) by three arbitrators in accordance with the said Rules. 

 

	14.2	Each PARTY shall nominate one arbitrator for confirmation by the competent authority under the applicable Rules (“Appointing Authority”). Both arbitrators shall agree on the third arbitrator within
30 days. Should the two arbitrators fail within the above time-limit to reach agreement on the third arbitrator, he shall be appointed by the Appointing Authority. 

 

	14.3	The seat of arbitration shall be Zurich. The procedural law of this place shall apply where the Rules are silent. 

  

	14.4	The language to be used in the arbitration proceeding shall be English. 

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

	14.5	Any claim, controversy or dispute between the PARTIES arising in whole or in part under or in connection with this SUPPLY AGREEMENT or the subject matter hereof will, before such submission to arbitration, first be
escalated to the MRI Business Unit Chief Executive Officer of SELLER and the Chief Executive Officer of BUYER for resolution. They will use reasonable efforts to attempt to resolve the dispute through good faith negotiations by telephone or in
person as may be agreed and if they fail to resolve the dispute within thirty (30) days after either party notifies the other of the dispute, and do not mutually agree to extend the time for negotiation, then the dispute will be submitted to
arbitration in accordance with the procedure set forth in Sections 14.1-14.4. 

  

	15.	Applicable Law 

 This SUPPLY AGREEMENT and individual purchase contracts signed between
the PARTIES hereunder shall be governed by and construed in accordance with the law in force in Switzerland without reference to its conflicts of law provisions. The application of the United Nations Convention on Contracts for the International
Sale of Goods of April 11, 1980 shall be excluded. 
  

	16.	Miscellaneous 

  

	16.1	Alterations and amendments to this SUPPLY AGREEMENT shall only be valid if made in writing and signed by an authorized representative of each PARTY. 

 

	16.2	The effectiveness of this SUPPLY AGREEMENT shall not be impaired if any provision of this SUPPLY AGREEMENT should be completely or partially invalid or unenforceable. In this case, the PARTIES shall agree on a
provision, that meets the economical intention of the invalid or unenforceable provision. 

  

	16.3	The failure of any PARTY hereto to enforce at any time any of the provisions of this SUPPLY AGREEMENT shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this
SUPPLY AGREEMENT or any part thereof or the right of any PARTY thereafter to enforce each and every such provision. No waiver of any breach of this SUPPLY AGREEMENT shall be held to be a waiver of any other or subsequent breach. 

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

	16.4	All notices or other communications required or permitted hereunder with regard to the interpretation, validity etc. of the SUPPLY AGREEMENT shall be in writing and shall be given by certified mail addressed, if to
BUYER: 

 ViewRay Incorporated 

2000 Auburn Drive 

Beachwood, OH 44122 
 USA 

Attn: Chief Executive Officer 

and, if to SELLER: 
 Siemens
Aktiengesellschaft 
 Legal 

Werner-von-Siemens-Str. 50 

91052 Erlangen 
 Germany 

or to such other address that the PARTIES might identify to each other for this purpose and with reference to this SUPPLY AGREEMENT. 

 

	16.5	No PARTY hereto shall issue any press release or public announcement or otherwise divulge the existence of this SUPPLY AGREEMENT or the transactions contemplated hereby without the prior approval of the other PARTY
hereto. 

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

	16.6	This SUPPLY AGREEMENT shall be binding upon and inure to the benefit of the PARTIES hereto. Neither PARTY may assign this SUPPLY AGREEMENT, in whole or in part, except with the prior written consent of the other PARTY,
which shall not be unreasonably withheld; provided, that either PARTY may assign this SUPPLY AGREEMENT without the consent of the other PARTY to an Affiliate or in connection with any merger, acquisition, or sale a majority of such
PARTY’s voting stock or a sale of substantially all such PARTY’s assets; provided, further, that (a) in each instance the assignee expressly assumes all obligations imposed on the assigning PARTY by this SUPPLY AGREEMENT
in writing and the other PARTY is notified in advance of such assignment; and (b) BUYER shall also be subject to the restriction set forth in Sections 13.3-13.6. Any purported assignment in violation of this Section 16.6 shall be null
and void. 

  

	16.7	Titles and headings to Sections herein are inserted for the convenience or reference only and are not intended to be a part of or to affect the meaning or interpretation of this SUPPLY AGREEMENT. 

 

	16.8	This SUPPLY AGREEMENT may be executed in one or more counterparts, all of which shall be considered one and the same agreement. 

  

	16.9	This SUPPLY AGREEMENT constitutes the entire agreement between the PARTIES with respect to its subject matter and supersedes all prior agreements, understandings, commitments, negotiations and discussions with respect
thereto, whether oral or written. This SUPPLY AGREEMENT is an Appendix to the Development and Supply Agreement dated May     , 2008 between the PARTIES and in the event of any conflict between the terms of this SUPPLY
AGREEMENT and the terms of the Development and Supply Agreement, such conflict will be resolved in accordance with Article 4.1 of the Development and Supply Agreement. 

 

	16.10	 If either PARTY’s performance under this SUPPLY AGREEMENT is prevented, restricted or interfered with by reason of acts of God, wars, revolution,
civil commotion, acts of public enemy, labor strikes (other than employees of the affected PARTY), terrorism, embargo or acts of government in its sovereign capacity (Force Majeure”), the

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

 
“affected PARTY” will, after giving prompt notice to the other PARTY, be excused from such performance on a day-to-day basis during the continuance of such prevention, restriction, or
interference (and the other PARTY will likewise be excused from performance of its obligations on a day-to-day basis during the same period), provided, however, that the affected PARTY will use its best efforts to avoid or remove the causes of
nonperformance and both PARTIES will proceed immediately with the performance of their obligations under this SUPPLY AGREEMENT whenever the causes are removed or cease. If Force Majeure conditions continue for more than 90 consecutive days or an
aggregate 120 days in any 12-month period, then the disadvantaged PARTY (but not the affected PARTY) may terminate this SUPPLY AGREEMENT. 

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

			
	 Annex 1:
		Specification of COMPONENTS (Section 1)
		
	 Annex 2:
		Price List (Section 4)
		
	 Annex 3:
		Service Requirements
		
	 Annex 4:
		Quality Assurance Agreement

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

 Annex 1 
 to
the SUPPLY AGREEMENT between BUYER and SELLER 
 Specification of COMPONENTS 

SIEMENS commits to supply the following COMPONENTS to BUYER, based upon the SELLER [***]: 

 

	 	a.	[***] 

 The following items are not included in the COMPONENTS: [***]. 

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

 Annex 2 
 to
the SUPPLY AGREEMENT between BUYER and SIEMENS 
 Price List 
  

	1.	Prices for PRODUCTS 

  

	1.1	The price shall be EXW (Incoterms 2000), including packaging. The prices are valid until September 30, 2010. Prior to the end of that period Supplier shall inform Purchaser giving at least three (3) months
notice about price changes becoming effective after such period. 

  

							
	 Item
	  	 Equipment
	  	 Units
per year
	  	 Price
per unit
in EUR

	 [***]
	  	[***]	  	[***]	  	[***]

  

	1.2	The price shall be net, fixed in EUR. Any fiscal charges, taxes, etc., that arise be listed separately. 

  

	1.3	In general, the unit price shall be charged. 

  

	1.4	The contractually agreed annual delivered quantity shall be considered for the unit price for graduated prices based on volume. 

  

	1.5	If the quoted price depends on the volume of the actually delivered quantity, the lower price as compared to the smallest quantity for the fiscal year just ended (October 1 until September 30) shall be
retrospectively determined and settled through an annual invoice. Payment shall be affected within 90 days upon receipt of the invoice, however, not prior to payment of all deliveries within the accounting period. 

 

	2.	Payments shall be considered made, when the amount has been posted on the agreed account of the SUPPLIER. The PRODUCTS shall remain the property of the SUPPLIER until they have been fully paid. 

 

	3.	Invoices shall be paid within 30 calendar days from the date of the invoice. 

  

	4.	The prices for SPARE PARTS are the Siemens customer list price (CLP) minus [***]. 

 Unless the
Contracting Parties agree otherwise, the above regulations for PRODUCTS shall equally apply to SPARE PARTS. 

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

 Annex 3 
 to
the SUPPLY AGREEMENT between BUYER and SELLER 
 SERVICE 

This Annex 3 shall regulate service topics, such as: 
  

	 	•	 	Spare parts supply and logistics 

  

	 	•	 	Service contracts (between the PARTIES and (to the extent applicable) with customers. 

  

	 	•	 	First, second and third level service support (and which PARTY shall be responsible for each level of support. 

  

	 	•	 	Software and computer hardware upgrades for the installed base 

  

	 	•	 	Training of BUYER personnel (to the extent appropriate for the support responsibilities assumed by BUYER). 

  

	 	•	 	Recalls and Field Support for damaged or defective COMPONENTS installed at customer sites. 

 BUYER and SELLER
shall mutually agree upon the contents of this Annex 3 not later than thirty (30) days after commencement of PHASE 3 and in the event the PARTIES are unable to reach agreement on any such matter they shall resolve such disagreement
using the procedure specified in Section 14 of the SUPPLY AGREEMENT. 

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

 Annex 4 
 to
the SUPPLY AGREEMENT between VIEWRAY and SIEMENS 
 Quality Agreement will require a separate signature between both PARTIES, since such Quality Agreement
will be revision controlled. The following Quality Agreement can only be considered as a guide line. 

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

 Quality Assurance Agreement 

by and between 
 ViewRay,
Incorporated 
 a corporation duly organized and existing under the laws of OH, 

and having its registered seat 
 in
Beachwood, OH, 
 USA 
 –
hereinafter referred to as “BUYER” – 
 and 

Siemens Aktiengesellschaft, Healthcare Sector 

a corporation organized under the laws of 

the Federal Republic of Germany 

Berlin and Munich 
 –
hereinafter referred to as “SELLER” – 
 - BUYER and SELLER hereinafter referred to individually 

as “PARTY” or collectively as “PARTIES” - 

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

 Quality Assurance Agreement 

Between VIEWRAY and SIEMENS 

 Contents 
  

							
	Contents	  	 	43	  
	History	  	 	43	  
	[***]-QUALITY ASSURANCE AGREEMENT	  	 	44	  
	Annex 1	  	 	46	  
	         1
	  	Scope	  	 	46	  
		
	Annex 2	  	 	47	  
	         2.1
	  	Requirements Placed on the SELLER’s Quality Management System	  	 	47	  
	         2.2
	  	Obligation to Keep Records and Archiving	  	 	47	  
	         2.3
	  	Verifying the QM system	  	 	48	  
	         2.4
	  	Additional QM System requirements	  	 	48	  
	         2.4.1
	  	Quality Management for New Products	  	 	48	  
	         2.4.2
	  	Quality Management in the Case of Repairs of Used Products	  	 	50	  
	         2.4.3
	  	Storage, Packaging and Transport	  	 	50	  
	         2.4.4
	  	Product Risk Analysis	  	 	51	  
		
	Annex 3	  	 	52	  
	         3.1
	  	Corrective and Preventative Measures	  	 	52	  
	         3.2
	  	Complaints	  	 	52	  
		
	Annex 4	  	 	53	  
	         4.1
	  	Incoming Inspection by the BUYER	  	 	53	  
	         4.2
	  	Quality Assurance Representative	  	 	53	  
	         4.3
	  	Exchange of Quality-relevant information via E-mail	  	 	54	  

 History 
  

									
	 Version
	  	Created	  	 Author, Dept.
	  	 Changes
	  	 Valid from

	 1.0
	  	16.05.08	  	[***]	  	n.a.	  	01.06.08

  

  

											
	Initials:	  	  
	  	  
	  	Initials:	  	  
	  	  

		  	(Date)	  	(Purchaser)	  		  	(Date)	  	(Purchaser)
						
	Version:	  	            <  >	  		  	Valid from:	  	            <Date>	  	

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

			
	 [***]
		•

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

 Quality Assurance Agreement 

Between VIEWRAY and SIEMENS 

 Annex 1 
  

	1.	Scope 

 This Quality Assurance Agreement applies to the following COMPONENTS delivered by the SELLER
to the BUYER: 
  

	 	a.	[***] 

 This Quality assurance Agreement also applies to spare parts for the aforementioned COMPONENTS, which
are delivered by the SELLER to the BUYER’s Customer Services. These spare parts may also be sub-components of the delivered products and, depending on the BUYER’s order, may consist of new or repaired goods. 

  

											
	Initials:		  
		  
		Initials:		  
		  

			(Date)		(Purchaser)				(Date)		(Purchaser)
						
	Version:		            <_>				Valid from:		            <Date>		

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

 Quality Assurance Agreement 

Between VIEWRAY and SIEMENS 

 Annex 2 
  

	2.	DO NOT DELETE 

  

	2.1	Requirements Placed on the SELLER’s Quality Management System 

 The SELLER maintains a quality
management system (hereinafter referred to as the “QM System”) that meets the following requirements: 
  

			
	 Standard:
	  	 Certifying office:

	 [***]
	  	[***]

 The SELLER shall inform the BUYER without undue delay of [***]. 

 

	2.2	Obligation to Keep Records and Archiving 

 The SELLER shall prepare documentation that describes both the
[***] and the [***]. Changes of products and processes] as part of the [***] are described in the [***] and are also [***] of [***]. 
 [***] are to be
[***] for at least [***] of the [***]. 
 The SELLER shall [***] of the [***]. Such documentation [***], in relation to the [***] as well as the [***] for
each [***], including the [***] in the [***]. 
 All [***] are to be [***] for at least [***] of the [***]. 

[***] are to be [***] in a [***] and, if required, are to be [***] to the [***] within a maximum period of [***]. 

Following [***] of the [***], the SELLER shall [***] to the BUYER. 

The provisions about [***] of this Quality Assurance Agreement. 

  

											
	Initials:	  	  
	  	  
	  	Initials:	  	  
	  	  

		  	(Date)	  	(Purchaser)	  		  	(Date)	  	(Purchaser)
						
	Version:	  	            <_>	  		  	Valid from:	  	            <Date>	  	

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

 Quality Assurance Agreement 

Between VIEWRAY and SIEMENS 

	2.3	Verifying the QM system 

 The right of the BUYER described in Section III,
sub-section 1, of the [***] Quality Assurance Agreement, namely to verify the adherence to the agreed quality assurance measures contains the right to [***] and to [***] by the Seller. The checks may be carried out by way of [***] (e.g. [***]
involving the [***]) and via [***]. 
 The [***] my also be done by the [***] for the BUYER according to the [***] or authorized organization or by
third PARTIES commissioned by the BUYER. 
  

	2.4	Additional QM System requirements 

  

	2.4.1	Quality Management for New Products 

 New products may only contain components drawn from used products
if the expressly approved by BUYER. 
 The SELLER undertakes to [***]. If [***] is agreed upon for products or components of such products, such as [***],
the SELLER shall provide [***] as part of the [***]. To [***] SELLER shall [***] that relate to [***] or get the respective [***] from its [***]. 
 The
SELLER is responsible for the [***] and the [***] including the [***] of the [***]. 
 The SELLER ensures that the [***] in accordance with the [***]. This
means, among other things, the [***] are used [***] and that a [***] ensures that these [***]. 
 To provide proof that the [***], the SELLER ensures that
the [***] as well as [***]. The tests must be carried out in accordance with [***] in accordance with the [***] at time of testing. The SELLER shall [***] in accordance with [***], e.g. by way of a [***]. 

The SELLER shall ensure that [***] that do not [***]. 
  

	 	•	 	In the case products [***], the SELLER may [***] to the [***]. The following details are to be included in [***] 

The respective products are to be [labeled] so that they can [***]. Products that contain [***] by the BUYER. 

[***] is to be provided in relation to the [***] 

  

											
	Initials:		  
		  
		Initials:		  
		  

			(Date)		(Purchaser)				(Date)		(Purchaser)
						
	Version:		            <_>				Valid from:		            <Date>		

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

 Quality Assurance Agreement 

Between VIEWRAY and SIEMENS 

	2.4.2	Quality Management in the Case of Repairs of Used Products 

 In the case of repairs of used products
([***]), to the extent applicable the [***]. 
 Repaired products must [***]. They must be [***]. 

 

	2.4.3	Storage, Packaging and Transport 

 Following the [***] shall ensure that [***] is given for [***] in
particular against [***]. 
 To the extent the PARTIES do not have any [***], the products shall be [***]. The SELLER shall [***], that there is [***] and
that the [***]. 
 As far as possible, the [***] by way of [***], the reduction of the [***] and use of [***] as well as the [***] are to be [***]. 

With regard to [***] are to be used that can [***] by way of a [***] and which are [***] with regard to [***]. The possibilities with regard to [***] the use
of [***] are to be utilized insofar as such course of action is [***]. 
  

	2.4.4	Product Risk Analysis 

 The [***], which enables him to [***]. The compliance with such [***]. 

[***] 

  

											
	Initials:		  
		  
		Initials:		  
		  

			(Date)		(Purchaser)				(Date)		(Purchaser)
						
	Version:		            <_>				Valid from:		            <Date>		

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

 Quality Assurance Agreement 

Between VIEWRAY and SIEMENS 

 Annex 3 
  

	3.	DO NOT DELETE 

  

	3.1	Corrective and Preventative Measures 

 SELLER shall [***] and shall derive the [***] from this. [***] are
products that have [***] and products that have [***]. Every [***]. This means, in particular determining [***]. These [***] are to be coordinated with [***]. 

The data from the [***] 
  

	3.2	Complaints 

 If returned products are [***]), these parts are to be [***] 

In some cases the [***]. These products must be [***]. The [***] are to be made on a case by case basis between the [***]. 

  

											
	Initials:		  
		  
		Initials:		  
		  

			(Date)		(Purchaser)				(Date)		(Purchaser)
						
	Version:		            <  >				Valid from:		            <Date>		

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

 Quality Assurance Agreement 

Between VIEWRAY and SIEMENS 

 Annex 4 

4. DO NOT DELETE 
  

	4.1	Incoming Inspection by the BUYER 

 [***] from Section IV Section 1 of the [***] Quality
Assurance Agreement the BUYER shall [***] whether the [***] thereof correspond to the [***] and whether there is any [***] that is [***] of the [***]. 

[***] that may apply may only be [***]. The SELLER shall be [***] 
  

	4.2	Quality Assurance Representative 

 Quality assurance representative/quality management officer of the
SELLER: 
  

			
	 Name:
		[***]
	 Dept:
		[***]
	 Telephone:
		[***]
	 Fax:
		[***]
	 E-mail:
		[***]

 Quality assurance representative/quality management officer of the BUYER: 

Name: 
 Dept: 

Telephone: 
 Fax: 

E-mail: 

  

											
	Initials:		  
		  
		Initials:		  
		  

			(Date)		(Purchaser)				(Date)		(Purchaser)
						
	Version:		            <_>				Valid from:		            <Date>		

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

 Quality Assurance Agreement 

Between VIEWRAY and SIEMENS 

	4.3	Exchange of Quality-relevant information via E-mail 

 For the exchange of quality-relevant information
between the PARTIES via e-mail an appropriate software for the digital signature and encryption shall be used. After this agreement comes into force, the SELLER and BUYER shall mutually determine the software to be used (with the current encryption
standard PGD or S/MIME) and exchange the necessary public keys. 

  

											
	Initials:		  
		  
		Initials:		  
		  

			(Date)		(Purchaser)				(Date)		(Purchaser)
						
	Version:		            <_>				Valid from:		            <Date>		

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

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