Document:

Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

THIS SUBSCRIPTION AGREEMENT
(this “Agreement”) is by and between the undersigned Subscriber identified on the signature page attached hereto
(the “Subscriber”) and RMR Industrials, Inc., a Nevada corporation, located at 9301 Wilshire Boulevard, Suite
312 Beverly Hills, CA 90210 (the “Company”).

 

In connection with
a private placement offering (the “Offering”) of up to _________ shares of the Company’s Class B Common
Stock, par value $0.001 per share (the “Shares”) and warrants to purchase up to _________ Shares in substantially
the form attached hereto as Exhibit B (the “Warrants”), the Company desires to sell, and the Subscriber
desires to purchase the number of Shares set forth on the signature page attached hereto.

 

NOW THEREFORE, in consideration
of the foregoing recitals, the mutual promises and covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1.Subscription and Purchase.

 

Section 1.1.Subscription.
Subject to the conditions set forth in Section 2 hereof, the Subscriber hereby subscribes for and agrees to purchase that
number of Shares indicated on the signature page hereto on the terms and conditions described herein.

 

Section 1.2.Purchase
of Shares. The Subscriber understands and acknowledges that the purchase price to be remitted to the Company in exchange for
each Share is $10.00 per Share, for an aggregate purchase price as set forth on the signature page hereof (the “Aggregate
Purchase Price”). The Subscriber’s delivery of this Agreement shall be accompanied by the completed Confidential
Subscriber Questionnaire attached hereto as Schedule A and by payment for the Shares subscribed for hereunder, payable in
United States Dollars, by check or by wire transfer and delivered contemporaneously with delivery of this Agreement. The Subscriber
and the Company understand and agree that, subject to Section 2 and applicable laws, by the Subscriber’s execution
and delivery this Agreement, and by the Company’s receipt thereof together with the completed Confidential Subscriber Questionnaire
and payment for the Shares subscribed for hereunder, the Subscriber and the Company are entering into a binding agreement.

 

Section 1.3.Delivery
of Certificates. The Subscriber hereby authorizes and directs the Company to deliver any certificates or other written instruments
representing the Securities to be issued to such Subscriber pursuant to this Agreement to the address indicated on the signature
page hereof. Certificates representing the Shares purchased by Subscriber shall be delivered promptly upon the Company’s
receipt of this Agreement and the Confidential Subscriber Questionnaire.

 

Section 1.4.Initial
Warrants. For each Share purchased by the Subscriber, the Company agrees to issue a Warrant exercisable to purchase one Share
(the “Warrant Stock” and collectively with the Shares and the Warrants, referred to herein as the “Securities”)
at an exercise price of $10.00 per share, exercisable over a two (2) year period and in accordance with the terms set forth in
the Warrants.

 

Section 1.5.Subsequent
Warrants. In the event the Company’s Common Stock is not quoted on or listed for trading on either The New York Stock
Exchange, The Nasdaq Global Market, The NASDAQ Capital Market, The Nasdaq
Global Select Market or the NYSE MKT, by November 1, 2016, the Company agrees to issue a subsequent Warrant exercisable to purchase
one Share at an exercise price of $10.00 per share, exercisable over a two (2) year period and in accordance with the terms set
forth in the Warrants.

 

Section 2.Representations and Warranties
of the Subscriber. The Subscriber hereby represents and warrants to the Company as follows:

 

Section 2.1.Power
and Authority. The Subscriber has full power and authority to enter into this Agreement, the execution and delivery of which
has been duly authorized, if applicable, and this Agreement constitutes a valid and legally binding obligation of the Subscriber.
The Subscriber is either an individual or an entity duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization with full right, corporate or partnership power and authority to enter into and to consummate
the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder.

 

     

     

    

 

Section 2.2.Exempt
Sale. The Subscriber acknowledges that the sale of the Securities is intended to be exempt from registration under the Securities
Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(a)(2) of the Securities Act and the provisions
of Regulation D promulgated thereunder (“Regulation D”).

 

Section 2.3.Acquisition
for Own Account. The Subscriber is acquiring the Securities solely for the Subscriber’s own beneficial account, for investment
purposes, and not with a view towards, or resale in connection with, any distribution of the Securities (this representation and
warranty shall in no way limit Subscriber’s right to sell the Securities in compliance with applicable federal and state
securities laws).

 

Section 2.4.Financial
Condition. The Subscriber’s financial condition is such that the Subscriber is able to bear the risk of holding the Securities
for an indefinite period of time, the Subscriber has adequate means to provide for the Subscriber’s current financial needs
and contingencies, the Subscriber has no need for liquidity in this investment and the Subscriber is able to risk the loss of the
Subscriber’s entire investment in the Securities. The Subscriber’s overall commitment to investments that are not readily
marketable such as an investment in the Securities is not disproportionate to the Subscriber’s net worth and the Subscriber’s
investment in the Securities will not cause such overall commitments to become excessive.

 

Section 2.5.Sophistication.
The Subscriber and the Subscriber’s attorney, accountant, purchaser representative and/or tax advisor, if any (collectively,
the “Advisors”) have such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of a prospective investment in the Securities. The Subscriber, either alone or together with its Advisors,
has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits
and risks of the purchase of the Securities, and has so evaluated the merits and risks of such investment. The Subscriber has not
authorized any Person to act as its “purchaser representative” (as that term is defined in Regulation D) in connection
with purchase of the Securities.

 

Section 2.6.Review
of Information. The Subscriber acknowledges that it has had access to the documents filed by the Company with the Securities
and Exchange Commission under the Securities Exchange Act of 1934, as amended, and has carefully reviewed the same. The Subscriber
has been furnished by the Company during the course of this transaction with all information regarding the Company and the Securities
which the Subscriber has requested or desires to know; and the Subscriber and its Advisors, if any, have been afforded the opportunity
to ask questions of and receive answers from duly authorized officers or other representatives of the Company concerning the purchase
of the Securities, the business, financial condition, results of operation and prospects of the Company, and any additional information
which the Subscriber has requested, and all such questions have been answered to the full satisfaction of the Subscriber and its
Advisors, if any.

 

Section 2.7.Evaluation
of Risks. The Subscriber has carefully considered the potential risks relating to the Company and a purchase of the Securities,
including but not limited to a thorough review of the “Risk Factors” section of the Company’s public filings
with the Securities Exchange Commission, and fully understands that the Securities are a speculative investment that involve a
high degree of risk of loss of the Subscriber’s entire investment.

 

Section 2.8.No
Oral Representations. The Subscriber confirms that no oral or written representations or warranties have been made to the Subscriber
by the Company or any of its officers, employees, agents, sub-agents, affiliates or advisors, other than any representations of
the Company contained herein, and in subscribing for the Securities, the Subscriber is not relying upon any representations other
than those contained herein.

 

    	 	2	 

     

    

 

Section 2.9.No
Reliance. The Subscriber is not relying on the Company or any of its employees, agents, sub-agents or advisors with respect
to the legal, tax, economic and related considerations involved in this investment. The Subscriber has relied on the advice of,
or has consulted with, only the Subscriber’s Advisors. Each Advisor, if any, is capable of evaluating the merits and risks
of an investment in the Securities.

 

Section 2.10.Accredited
Investor. The Subscriber has accurately completed the Confidential Subscriber Questionnaire attached hereto and is an “accredited
investor” as that term is defined in Rule 501 of Regulation D.

 

Section 2.11.Restrictions
on Transfer. The Subscriber will not sell or otherwise transfer any Securities without registration under the Securities Act
or an exemption therefrom, and fully understands and agrees that the Subscriber must bear the economic risk of Subscriber’s
purchase because, among other reasons, the Securities have not been registered under the Securities Act or under the securities
laws of any state and, therefore, cannot be resold, pledged, assigned or otherwise disposed of unless they are subsequently registered
under the Securities Act and under the applicable securities laws of such states, or an exemption from such registration is available.
In particular, the Subscriber is aware that the Securities are “restricted securities,” as such term is defined in
Rule 144 promulgated under the Securities Act (as such rule may be amended or superseded by a similar rule or regulation having
substantially the same effect, “Rule 144”), and they may not be sold pursuant to Rule 144 unless all of the
conditions of Rule 144 are met. The Subscriber also understands that the Company is under no obligation to register the Securities
on behalf of the Subscriber or to assist the Subscriber in complying with any exemption from registration under the Securities
Act or applicable state securities laws. The Subscriber understands that any sales or transfers of the Securities are further restricted
by state securities laws and the provisions of this Agreement.

 

Section 2.12.Restrictive
Legends. The Subscriber understands and agrees that the certificates for the Securities shall bear substantially the following
legend until (i) such Securities shall have been registered under the Securities Act and effectively disposed of in accordance
with a registration statement that has been declared effective or (ii) in the opinion of counsel reasonably acceptable to the Company,
such Securities may be sold without registration under the Securities Act, as well as any applicable “blue sky” or
state securities laws:

 

THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE
TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS, OR (2) HOLDER CAN ESTABLISH TO THE REASONABLE SATISFACTION OF THE COMPANY (WHICH MAY INCLUDE RECEIPT OF AN OPINION OF COUNSEL
FROM THE HOLDER OF SUCH SECURITIES) THAT AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THAT SUCH SECURITIES MAY BE OFFERED, SOLD,
PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE
STATE SECURITIES LAWS.

 

Section 2.13.Address.
The Subscriber hereby represents that the address of the Subscriber furnished at the end of this Agreement is the undersigned’s
principal residence, if the Subscriber is an individual, or its principal business address if it is a corporation or other entity.

 

Section 2.14.Prohibited
Party to Transaction. Neither Subscriber nor any Person who owns an interest in Subscriber (a “Purchaser Party”)
is now, or shall be at any time prior to or at the date of closing of the sale of the Securities hereunder, a Person with whom
a United States citizen, entity organized under the laws of the United States or its territories or entity having its principal
place of business within the United States or any of its territories, or a United States Financial Institution as defined in 31
U.S.C. Section 5312, as amended, is prohibited from transacting business of the type contemplated by this Agreement, whether such
prohibition arises under United States law, regulation, or executive orders and lists published by the Office of Foreign Assets
Control, Department of the Treasury (“OFAC”).

 

    	 	3	 

     

    

 

Section 2.15.Payment
of Purchase Price. Subscriber has taken, and shall continue to take until the closing of the sale, such measures as are required
by law to assure that the funds used to pay to the purchase price for the Securities are derived: (i) from transactions that do
not violate United States law nor, to the extent such funds originate outside the United States, do not violate the laws of the
jurisdiction in which they originated; and (ii) from permissible sources under United States law and to the extent such funds originate
outside the United States, under the laws of the jurisdiction in which they originated.

 

Section 2.16.Money
Laundering. To the best of Subscriber’s knowledge, neither Subscriber nor any Purchaser Party, nor any Person providing
funds to Subscriber: (i) is under investigation by any governmental authority for, or has been charged with, or convicted of, money
laundering, drug trafficking, terrorist related activities, any crimes which in the United States would be predicate crimes to
money laundering, or any violation of any Anti-Money Laundering Laws (as defined below); (ii) has been assessed civil or criminal
penalties under any Anti-Money Laundering Laws; or (iii) has had any of its funds seized or forfeited in any action under any Anti-Money
Laundering Laws. For purposes of this Section 2.16, the term “Anti-Money Laundering Laws” shall mean
laws, regulations and sanctions, state and federal, criminal and civil, that: (i) limit the use of and/or seek the forfeiture of
proceeds from illegal transactions; (ii) limit commercial transactions with designated countries or individuals believed to be
terrorists, narcotics dealers or otherwise engaged in activities contrary to the interests of the United States; (iii) require
identification and documentation of the parties with whom a Financial Institution conducts business; or (iv) are designed to disrupt
the flow of funds to terrorist organizations. Such laws, regulations and sanctions shall be deemed to include the USA PATRIOT Act
of 2001, Pub. L. No. 107-56 (the “Patriot Act”), the Bank Secrecy Act, 31 U.S.C. Section 5311 et. seq. (the
“Bank Secrecy Act”), the Trading with the Enemy Act, 50 U.S.C. Appendix, the International Emergency Economic
Powers Act, 50 U.S.C. Section 1701 et. seq., and the sanction regulations promulgated pursuant thereto by the OFAC, as well as
laws relating to prevention and detection of money laundering in 18 U.S.C. Sections 1956 and 1957.

 

Section 2.18.Short
Covering. Subscriber will not use any of the Securities acquired pursuant to this Agreement to cover any short position in
the Common Stock of the Company if doing so would be in violation of applicable securities laws.

 

Survival. The
foregoing representations and warranties of the Subscriber shall survive the closing of the purchase and sale of the Securities.

 

Section 3.Representations and Warranties
of the Company. The Company hereby represents and warrants to the Subscriber as follows:

 

Section 3.1.Organization
and Qualification. The Company is an entity duly incorporated, validly existing and in good standing under the laws of the
State if Nevada, with the requisite power and authority to own and all requisite licenses, permits and franchises to own, operate,
use or lease its properties and assets, to carry on its business as currently conducted and to enter into and perform its obligations
under this Agreement.

 

Section 3.2.Authorization;
Enforcement. The Company has the corporate power and authority to execute and deliver this Agreement and to perform its obligations
hereunder. This Agreement has been duly authorized, executed and delivered by the Company and is valid, binding and enforceable
against the Company in accordance with its terms. Upon the execution and delivery of this Agreement by an authorized representative
of the Company, this Agreement will become the valid and binding obligation of the Company, enforceable in accordance with its
terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
enforcement of creditors' rights generally.

 

Section 3.3.Issuance
of Securities. The Shares to be issued to the Subscriber pursuant to this Agreement, when issued and delivered in accordance
with the terms of this Agreement will be duly authorized and validly issued and will be fully paid and non-assessable, free and
clear of all liens, charges, security interests, encumbrances, rights of first refusal, preemptive rights or other restrictions
imposed by the Company other than restrictions on transfer described in this Agreement.

 

    	 	4	 

     

    

 

Section 3.4.No
Conflicts. The execution and delivery and the performance of this Agreement by the Company does not and will not (i) conflict
with the Company’s articles of incorporation or bylaws, as amended to date, (ii) conflict with or result in a breach of any
terms or provisions of, or constitute a default under, any material contract, agreement or instrument to which the Company is a
party or by which the Company is bound, (iii) result in the creation of any liens upon any of the properties or assets of the Company,
or (iv) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations),
or by which any property or asset of the Company is bound or affected; except in the case of each of clauses (ii), (iii) or (iv),
such as would not reasonably be expected to adversely affect the Company or its operations in a material manner.

 

Section 3.5.Proceedings.
There is not pending, or, to the knowledge of the Company, threatened, any material action, suit, litigation, arbitration or other
proceeding that involves the Company, its business or any of its assets, or that challenges, or that may have the effect of preventing,
delaying, making illegal or otherwise interfering with, any of the transactions contemplated by this Agreement.

 

Section 3.6.Licenses;
Permits. The Company is not in violation of or in default under any governmental licenses, franchises, permits, approvals or
other authorizations necessary for the ownership, lease, operation or use of its assets or for the conduct of its business as now
conducted.

 

Section 3.7.Compliance
with Laws. The Company and its business and assets have been and are currently owned, used and operated in substantial compliance
in all material respects with all applicable federal, state and local statutes, ordinances, codes, regulations, and other laws.

 

Section 3.8.Taxes.
Each federal, state and local tax required to have been paid, or claimed by any governmental authority to be payable, by the Company
relating to its operations, assets, employees and properties has been duly paid in full on a timely basis. Each federal, state
and local tax required to have been withheld or collected by the Company with respect to its operations, assets, employees and
properties has been duly withheld and collected, and (to the extent required) each such tax has been paid to the appropriate governmental
agency or other party, and no such taxes are owing.

 

Section 3.9.Survival.
The foregoing representations and warranties of the Company shall survive the closing of the purchase and sale of the Securities.

 

Section 4.Indemnification. Each
party to this Agreement acknowledges that the such party understands the meaning and legal consequences of the representations
and warranties and certifications contained in Section 2 and Section 3 above, as applicable, and that the other party is relying
on such representations and warranties in consummating the transactions contemplated by this Agreement. Each party hereby agrees
to indemnify and hold harmless the other party and its directors, officers, members, managers, representatives and agents from
and against any and all loss, damage and liability due to or arising out of a breach of any representation, warranty or covenant
of such party contained in this Agreement.

 

Section 5.Expenses. Each of
the Subscriber and the Company shall be responsible for their respective fees and expenses incurred in connection with the consummation
of the transactions contemplated by this Agreement.

 

Section 6.Miscellaneous. 

 

Section 6.1.Execution;
Counterparts, Binding Effect; Assignment; Integration. This Agreement may be executed in one or more counterparts, which together
shall constitute one and the same agreement. Facsimile and electronically imaged signatures shall have the same force and effect
as originals. This Agreement shall be binding upon and inure to the benefit of the heirs, executors, successors and permitted
assigns of the parties. The Company may not assign this Agreement without the written consent of Subscriber (other than by merger).
Subscriber may assign any or all of its rights under this Agreement to an assignee or transferee of its Securities, provided such
assignee or transferee agrees in writing to be bound to the provisions of this Agreement that apply to “Subscriber”
with respect to such Securities. This Agreement contains the entire understanding of the parties with respect to the subject matter
hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters.

 

    	 	5	 

     

    

 

Section 6.2.Modifications.
No provision of this Agreement may be amended or waived except in a writing signed by both parties (in the case of an amendment)
or signed by the party against whom enforcement of any such waived provision is sought (in the case of a waiver).

 

Section 6.3.Severability.
If any term, provision or covenant of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void
or unenforceable, the remainder of this Agreement shall remain in full force and effect and the parties shall use their commercially
reasonable best efforts to find and employ an alternative means to achieve substantially the same result as that contemplated by
such term, provision or covenant.

 

Section 6.4.Governing
Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without reference
to the conflicts of law provisions thereof.

 

Section 6.5Attorneys
Fees. In the event of any controversy, claim, dispute or suit between the parties affecting or relating to the subject matter
or performance of this Agreement or any portion thereof, the prevailing party shall be entitled to recovery from the non-prevailing
party of all of its reasonable expenses, including reasonable attorneys’ fees and accountants’ fees and costs.

 

Section 6.6.WAIVER
OF JURY TRIAL: THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY DISPUTE OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE.

 

    	 	6	 

     

    

 

SIGNATURE PAGE TO RMR INDUSTRIALS, INC.
SUBSCRIPTION AGREEMENT

 

The undersigned Subscriber
hereby certifies that he, she or it has received and relied solely upon this Subscription Agreement, including the exhibits hereto,
and (ii) agrees to all the terms and makes all the representations set forth in this Subscription Agreement.

 

	Total Subscription Amount: 	$_______________	 
	# of Shares (@$10.00 per Share): 	________________	 

 

	 	 	 
	Name of Subscriber (Print) 	 	Name of Joint Subscriber (if any) (Print) 
	 	 	 
	 	 	 
	Signature of Subscriber (or authorized representative) 	 	Signature of Joint
Subscriber (if any) 

 

	 	 
	Capacity of Signatory (authorized representative for entities)	 

 

	 	 	 
	Social Security or Taxpayer Identification Number 	 	Country of Residence (if a non-U.S. Subscriber)

  

Subscriber Contact Information: 

 

	 	 	 	 	 
	Street Address 	 	Telephone 	 	Fax

  

	 	 	 	 	 
	City 	State	Zip Code	 	Email

 

	Name in which Securities should be issued if different than Name of Subscriber above:
	 	 

 

Instructions for Delivery of Securities:

 

	 ̈
    Deliver to the address above	 	 ̈
    Deliver to an alternate address:
	 	 	 
	 	 	 

 

The Subscriber certifies under penalty
of perjury that (1) the Social Security Number or Taxpayer ID and address provided above is correct, (2) the Subscriber is not
subject to backup withholding (unless otherwise noted above) either because he has not been notified that he is subject to backup
withholding or because the Internal Revenue Service has notified him that he is no longer subject to backup withholding and (3)
the Subscriber (unless a non-U.S. Subscriber) is not a nonresident alien, foreign partnership, foreign trust or foreign estate.

 

THE SUBSCRIPTION FOR
SHARES OF RMR INDUSTRIALS, INC. BY THE ABOVE NAMED SUBSCRIBER(S) IS ACCEPTED THIS ________ DAY OF ______________________, 2016.

 

	 	RMR INDUSTRIALS, INC.
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 

 

     

     

    

 

EXHIBIT A - CONFIDENTIAL SUBSCRIBER
QUESTIONNAIRE

 

This Confidential Subscriber Questionnaire
is provided to a prospective Subscriber who has expressed interest in purchasing securities of RMR Industrials, Inc. (the “Company”).
The purpose of this Questionnaire is to determine whether Subscribers are accredited investors and can invest in the Company’s
securities. This material does not constitute an offer to sell nor is it a solicitation of an offer to buy securities, which offer
may be made only pursuant to the terms and conditions of the Subscription Agreement to which this Questionnaire is an exhibit.

 

Answers to this Questionnaire will be kept
confidential, provided they may be disclosed to (i) such parties as required to provide assurance that the sale of Securities will
not result or has not resulted in violations of securities laws which are being relied upon by the Company in connection with the
offer and sale thereof, and (ii) governmental authorities as may be required by law pursuant to subpoena, investigation or enforcement
action from or by such authority.

 

If securities are to be purchased by more
than one individual or entity, a separate Questionnaire should be completed for each.

 

	Name of Subscriber:   	                 

 

The undersigned qualifies as an “accredited
investor” pursuant to the following definition (please check one or more of the following which apply to Subscriber; if none
apply, do not check any items):

 

		 ̈	The undersigned is an individual who is a director or executive officer of the Company.
An “executive officer” is the president, a vice president in charge of a principal business unit, division or function
(such as sales, administration or finance), any other officer who performs a policy making function or any other person who performs
similar policy making functions for the Company.

 

		 ̈	The undersigned is an individual that (1) had individual income of more than $200,000 in each
of the two most recent fiscal years and reasonably expects to have individual income in excess of $200,000 in the current year,
or (2) had joint income together with the undersigned’s spouse in excess of $300,000 in each of the two most recent fiscal
years and reasonably expects to have joint income in excess of $300,000 in the current year. “Income” means adjusted
gross income, as reported for federal income tax purposes, less any income attributable to a spouse or to property owned by a spouse,
increased by the following amounts (but not including any amounts attributable to a spouse or to property owned by a spouse): (i)
the amount of any tax-exempt interest income under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”),
received; (ii) the amount of losses claimed as a limited partner in a limited partnership as reported on Schedule E of Form 1040;
(iii) any deduction claimed for depletion under Section 611 et seq. of the Code; (iv) amounts contributed to an Individual Retirement
Account (as defined in the Code) or Keogh retirement plan; (v) alimony paid;(vi) any elective contributions to a cash or deferred
arrangement under Section 401(k) of the Code; and (vii) for applicable taxable years, any amount by which income from long-term
capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Code.

 

		 ̈	The undersigned is an individual with individual net worth, or combined net worth together with
the undersigned’s spouse, in excess of $1,000,000. “Net worth” means the excess of an investor’s total
assets at fair market value, including cash, stock, securities, personal property and real estate (other than an investor’s
primary residence), over total liabilities (other than a mortgage or other debt secured by an investor’s primary residence,
unless such mortgage or other debt exceeds the fair market value of the residence, in which case such excess should also be deducted
from an investor’s net worth). In addition, any mortgage or indebtedness secured by an investor’s primary residence
that is incurred within sixty (60) days before the time of the investor’s purchase of securities must also be deducted from
an investor’s net worth unless it was the result of the acquisition of the primary residence.

 

     

     

    

 

		 ̈	The undersigned is a Trust with total assets in excess of $5,000,000, was not formed for
the specific purpose of acquiring securities of the Company, and the purchase of the securities is directed by a person with such
knowledge and experience in financial and business matters that he is capable of evaluating the risks and merits of the prospective
investment in such securities.

 

		 ̈	The undersigned is a corporation, partnership, limited liability company or limited liability
partnership that has total assets in excess of $5,000,000 and was not formed for the specific purpose of acquiring securities
of the Company.

 

		 ̈	The undersigned is an entity in which all of its equity owners are “accredited investors”.
If this box is checked each equity owner must complete and submit a Confidential Subscriber Questionnaire.

 

The Subscriber by signing below represents
that the information provided in this Questionnaire is true and complete in all material respects.

 

	 	 
	Name of Subscriber (Print)	 
	 	 
	 	 
	Signature of Subscriber (or authorized representative)	 
	 	 
	 	 
	Capacity of Signatory (authorized representative for entities)	 
	 	 
	 	 	 
	Date	 

 

    	 	9	 

     

    

 

EXHIBIT B –
WARRANT TO PURCHASE CLASS B COMMON STOCK

 

THE SECURITIES EVIDENCED BY THIS WARRANT CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD, TRANSFERRED, OR ASSIGNED, UNLESS THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT COVERING SUCH SECURITIES, OR THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER
THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION UNDER THE SECURITIES ACT.

 

	Warrant Stock: ___________	 	Date: ____________ (the “Date”)

  

WARRANT

TO PURCHASE CLASS B COMMON STOCK

OF

RMR INDUSTRIALS, INC. 

 

THIS WARRANT is being
issued in connection with a private placement offering of up to 80,000 shares of RMR Industrials, Inc., a Nevada corporation (the
“Company”) Class B Common Stock, par value $0.001 per share and the corresponding subscription agreement between
the Company and _______ (the “Holder”).

 

1.     
Issuance of Warrant. FOR VALUE RECEIVED, on and after the date of issuance of this Warrant, and subject to
the terms and conditions herein set forth, the Holder is entitled to purchase from RMR Industrials, Inc., a Nevada corporation
(the “Company”), at any time during the Exercise Period (as defined below), at a price per share equal to the
Warrant Price (as defined below and subject to adjustment as described below), the Warrant Stock (as defined below and subject
to adjustment as described below) upon exercise of this warrant (this “Warrant”) pursuant to Section 6 hereof.
This Warrant is being issued pursuant to the terms of the Subscription Agreement, dated as of even date herewith by and between
the Company and the Holder (the “Agreement”). Capitalized terms not otherwise defined herein shall have the
meanings given to them in the Agreement.

 

2.     
Definitions. As used in this Warrant, the following terms have the definitions ascribed to them below:

 

(a)   
 “Common Stock” means the Class B Common Stock, $0.001 par value, of the Company.

 

(b)  
 “Exercise Period” means the period commencing on the Date and ending at 5:00 p.m. Pacific Standard Time
on the Termination Date (as defined below); provided, however, the Exercise Period shall end and this Warrant shall
no longer be exercisable and shall become null and void (except the right to receive the securities and property to which the Holder
is entitled by virtue of exercising or converting this Warrant in connection with any Termination Event) upon consummation of any
of the following (each, a “Termination Event”): (i) the lease of all or substantially all of the assets of the
Company or the exclusive license of all or substantially all of the Company’s intellectual property to a third party, (ii)
the acquisition of the Company by another entity by means of any transaction or series of related transactions (including without
limitation, any reorganization, merger or consolidation, but excluding any merger or conversion effected exclusively for the purpose
of changing the domicile of the Company), (iii) the sale, conveyance or disposal of all or substantially all of the assets of the
Company, unless the Company’s shareholders of record as constituted immediately prior to such acquisition or sale will, immediately
after such acquisition or sale (by virtue of securities issued as consideration for the Company’s acquisition or sale or
otherwise) hold at least fifty percent (50%) of the voting power of the surviving or acquiring entity, or (iv) upon redemption
by the Company under Section 7 of this Warrant. Notwithstanding anything to the contrary herein, this Warrant shall continue in
full force and effect until the Termination Date unless (y) no less than thirty (30) days prior to any Termination Event, the Company
shall have given the Holder notice of such Termination Event, which notice shall include a reasonably detailed description of the
terms of such Termination Event, and (z) the Company shall have given the Holder a reasonable opportunity to exercise or convert
this Warrant.

 

     

     

    

 

(c)   
 “Termination Date” means two (2) years from the Date.

 

(d)  
“Warrant Price” means a price per Warrant Stock equal to $10.00, subject to adjustment hereunder.

 

(e)   
“Warrant Stock” means the shares of Common Stock purchasable upon exercise of this Warrant.

 

3.     
Adjustments and Notices. The Warrant Price and the number of shares of Warrant Stock shall be subject to adjustment
from time to time in accordance with this Section 3.

 

(a)   
Adjustments to Warrant Stock. When any adjustment is required to be made to the Warrant Price, the number of shares
of Warrant Stock purchasable upon the exercise of this Warrant shall be changed to the number determined by dividing (i) an
amount equal to the number of shares issuable upon the exercise of this Warrant immediately prior to such adjustment, multiplied
by the Warrant Price in effect immediately prior to such adjustment, by (ii) the Warrant Price in effect immediately after
such adjustment.

 

(b)  
Reclassification, Exchange, Substitution, In-Kind Distribution. Upon any reclassifications, exchange, substitution
or other event that results in a change of the number and/or class of the securities issuable upon exercise of this Warrant or
upon the payment of a dividend in securities or property other than shares of Common Stock, the Holder shall be entitled to receive,
upon exercise of this Warrant, the number and kind of securities and property that Holder would have received if this Warrant had
been exercised or converted immediately before the record date for such reclassification, exchange, substitution, or other event
or immediately prior to the record date for such dividend. The Company or its successor shall promptly issue to Holder a new warrant
for such new securities or other property. The new warrant shall provide for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Warrant. The provisions of this Section 3(b) shall similarly apply to
successive reclassifications, exchanges, substitutions, or other events and successive dividends.

 

(c)   
Certificate of Adjustment. In each case of an adjustment or readjustment of the Warrant Price, the Company, at its
own expense, shall compute such adjustment or readjustment in accordance with the provisions hereof and prepare a certificate executed
by the Company’s Chief Financial Officer showing such adjustment or readjustment, and shall mail such certificate, by first
class mail, postage prepaid, to the Holder.

 

(d)  
No Impairment. The Company shall not, by amendment of its Articles of Incorporation or through a reorganization,
transfer of assets, consolidation, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all
times in good faith assist in carrying out all of the provisions of this Section 3 and in taking all such action as may be necessary
or appropriate to protect the Holder’s rights under this Section 3 against impairment.

 

    	 	2	 

     

    

 

(e)   
Fractional Shares. No fractional shares shall be issuable upon exercise or conversion of the Warrant and the number
of shares to be issued shall be rounded to the nearest whole share. If a fractional share interest arises upon any exercise or
conversion of the Warrant, the Company shall eliminate such fractional share interest by paying the Holder an amount computed by
multiplying the fractional interest by the fair market value of a full share.

 

4.     
Reservation of Stock. On and after the Date, the Company shall reserve from its authorized and unissued Common Stock
a sufficient number of shares to provide for the issuance of Warrant Stock upon the exercise or conversion of this Warrant. Issuance
of this Warrant shall constitute full authority to the Company’s officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for shares of Warrant Stock issuable upon the exercise or conversion
of this Warrant.

 

5.     
Exercise of Warrant.

 

(a)   
This Warrant may be exercised as a whole or part by the Holder, at any time after the date hereof prior to the termination
of this Warrant, by the surrender of this Warrant, together with the Notice of Exercise and Investment Representation Statement
in the forms attached hereto as Attachments 1 and 2, respectively, duly completed and delivered to the principal office
of the Company, specifying the portion of the Warrant to be exercised and accompanied by payment in full of the Warrant Price in
cash or by check with respect to the shares of Warrant Stock being purchased. This Warrant shall be deemed to have been exercised
immediately prior to the close of business on the date of its surrender for exercise as provided above, and the person entitled
to receive the shares of Warrant Stock issuable upon such exercise shall be treated for all purposes as the holder of such shares
of record as of the close of business on such date. As promptly as practicable after such date, the Company shall issue and deliver
to the person or persons entitled to receive the same a certificate or certificates for the number of full shares of Warrant Stock
issuable upon such exercise. If this Warrant shall be exercised for less than the total number of shares of Warrant Stock then
issuable upon exercise, promptly after surrender of this Warrant upon such exercise, the Company will execute and deliver a new
warrant, dated the date hereof, evidencing the right of the Holder to the balance of this Warrant Stock purchasable hereunder upon
the same terms and conditions set forth herein.

 

(b)  
Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not be exercisable by the Holder
hereof to the extent (but only to the extent) necessary to ensure that, following such exercise, the total number of shares of
Common Stock then beneficially owned by Holder and its affiliates and any other persons whose beneficial ownership of Common Stock
would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not exceed 4.999% of the total
number of issued and outstanding shares of Company Common Stock. For such purposes, beneficial ownership shall be determined in
accordance with Section 13(d) of the Exchange Act and the rules and regulations thereunder. Notwithstanding the foregoing, Holder
may waive such limitation on exercise contained in this Section 5(b) or increase or decrease such limitation percentage to any
other percentage as specified in a written notice to the Company no less than sixty (60) days from the effective date of such increase
or decrease.

 

(c)   
If at any time after the six (6) month anniversary of the Date, there is no effective Registration Statement registering,
or no current prospectus available for, the resale of the Warrant Stock by the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Stock equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

    	 	3	 

     

    

 

(A) = the
volume weighted average price (“VWAP”) on the business day immediately preceding the date on which Holder elects
to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;

 

(B) = the Warrant Price of this
Warrant, as adjusted hereunder; and

 

(X) =
the number of Warrant Stock that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if
such exercise were by means of a cash exercise rather than a cashless exercise.

 

Notwithstanding anything herein
to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this
Section 5(c).

 

6.     
Transfer of Warrant. Notwithstanding anything to the contrary herein, subject to applicable securities laws, this
Warrant may be transferred or assigned in whole or in part by the Holder, and the Company shall permit such transfer or assignment
to an affiliate of the Holder.

 

7.     
Redemption

 

(a)   
Warrants may be redeemed, at the option of the Company, upon the notice referred to in Section 7(b) at the prevailing market
price or $17.00, whichever is greater, per Warrant (the “Redemption Price”), provided, that the Common Stock
is quoted on or listed for trading on either The New York Stock Exchange, The Nasdaq
Global Market, The NASDAQ Capital Market, The Nasdaq Global Select Market or the
NYSE MKT.

 

(b)  
In the event the Company shall elect to redeem the Warrant, the Company shall fix a date for the redemption. Notice of redemption
shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the date fixed for
redemption to the Holder at their last addresses as they shall appear on the registration books. Any notice mailed in the manner
herein provided shall be conclusively presumed to have been duly given on the date sent whether or not the Holder received such
notice.

 

(c)   
The Warrant may be exercised for cash in accordance with Section 5 of this Warrant at any time after notice of redemption
shall have been given by the Company and prior to the time and date fixed for redemption. On and after the redemption date, the
record holder of the Warrant shall have no further rights except to receive the Redemption Price upon surrender of the Warrant.

 

(d)  
The Company understands that the redemption rights provided for by this Section 7 apply only to outstanding Warrants. To
the extent a person holds rights to purchase Warrant, such purchase rights shall not be extinguished by redemption. However, once
such purchase rights are exercised, the Company may redeem the Warrant issued upon such exercise provided that the criteria for
redemption is met, including the opportunity of the holders to exercise prior to redemption pursuant to Section 7.

 

8.     
Termination. This Warrant shall terminate at 5:00 p.m. Pacific Standard Time on the Termination Date, subject to
earlier termination as set forth in Section 2(c) hereof.

 

9.     
Miscellaneous. This Warrant shall be governed by the laws of the State of Nevada, as such laws are applied to contracts
to be entered into and performed entirely in Nevada. In the event of any dispute among the Holder and the Company arising out of
the terms of this Warrant, the parties hereby consent to the exclusive jurisdiction of the federal and state courts located in
the State of Nevada for resolution of such dispute, and agree not to contest such exclusive jurisdiction or seek to transfer any
action relating to such dispute to any other jurisdiction. The headings in this Warrant are for purposes of convenience and reference
only, and shall not be deemed to constitute a part hereof. Neither this Warrant nor any term hereof may be changed or waived orally,
but only by an instrument in writing signed by the Company and the Holder of this Warrant.

 

    	 	4	 

     

    

 

	 	RMR Industrials, Inc.
	 	 	 
	 	By: 	 
	 	Name: Gregory M. Dangler
	 	Title: President

 

    	 	5	 

     

    

 

ATTACHMENT 1

 

NOTICE OF EXERCISE

 

		To:	RMR INDUSTRIALS,
Inc.

 

(1)  
The undersigned hereby elects to purchase ________ Warrant Stock of the Company pursuant to
the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together
with all applicable transfer taxes, if any.

 

(2)  
Payment shall take the form of (check applicable box):

 

[ ] in lawful
money of the United States; or

 

[ ] [if permitted
the cancellation of such number of Warrant Stock as is necessary, in accordance with the formula set forth in Section 5(c), to
exercise this Warrant with respect to the maximum number of Warrant Stock purchasable pursuant to the cashless exercise procedure
set forth in Section 5(c).

 

(3)  
Please issue said Warrant Stock in the name of the undersigned or in such other name as is
specified below:

 

_______________________________

 

 

The Warrant Stock shall be delivered to the following DWAC Account
Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:   	 

 

	Signature of Authorized Signatory of Investing Entity:   	 

 

	Name of Authorized Signatory:   	 

 

	Title of Authorized Signatory:   	 

 

	Date:   	 

  

     

     

    

 

ATTACHMENT 2

 

INVESTMENT REPRESENTATION STATEMENT

 

Shares of Common Stock of RMR Industrials,
Inc., a Nevada corporation (the “Company”)

 

In connection with
the purchase of the above-listed securities, the undersigned hereby represents to the Company as follows:

 

(a)               
The securities to be received upon the exercise of the Warrant (the “Securities”) will be acquired for
investment for its own account, not as a nominee or agent, and not with a view to the sale or distribution, within the meaning
of the Securities Act of 1933, as amended (the “Securities Act”) of any part thereof, and the undersigned has
no present intention of selling, granting participation in or otherwise distributing the same, other than to its affiliates, but
subject, nevertheless, to any requirement of law that the disposition of its property shall at all times be within its control.
By executing this statement, the undersigned further represents that it does not, other than in connection with transfers to its
affiliates, have any contract, undertaking, agreement or arrangement with any person to sell, transfer, or grant participations
to such person or to any third person, with respect to any Securities issuable upon exercise of the Warrant.

 

(b)              
The undersigned understands that the Securities issuable upon exercise of the Warrant at the time of issuance may not be
registered under the Securities Act and applicable state securities laws, on the ground that the issuance of such securities is
exempt pursuant to Section 4(2) of the Securities Act and state law exemptions relating to offers and sales not by means of a public
offering, and that the Company’s reliance on such exemptions is predicated on the undersigned’s representations set
forth herein.

 

(c)               
The undersigned agrees that in no event will it make a disposition of any Securities acquired upon the exercise of the Warrant
unless and until the undersigned provides, at the Company’s request, an opinion of counsel reasonably satisfactory to the
Company that such transfer does not require registration under the Securities Act and the securities laws applicable with respect
to any other applicable jurisdiction. Notwithstanding the foregoing, no opinion of counsel shall be necessary and such transfer
or assignment by the undersigned shall be permitted (a) if such transfer or assignment is to an affiliate of the undersigned or
(b) if the Company becomes the subject of foreign ownership, control or influence and such transfer or assignment is to a charitable
organization.

 

(d)              
The undersigned acknowledges that an investment in the Company is highly speculative and represents that it is able to fend
for itself in the transactions contemplated by this statement, has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of its investments, and has the ability to bear the economic risks (including
the risk of a total loss) of its investment. The undersigned represents that it has had the opportunity to ask questions of the
Company concerning the Company’s business and assets and to obtain any additional information which it considered necessary
to verify the accuracy of or to amplify the Company’s disclosures, and has had all questions which have been asked by it
satisfactorily answered by the Company

 

(e)               
The undersigned acknowledges that the Securities issuable upon exercise or conversion of the Warrant must be held indefinitely
unless subsequently registered under the Securities Act or an exemption from such registration is available. The undersigned is
aware of the provisions of Rule 144 promulgated under the Securities Act which permit limited resale of shares purchased in a private
placement subject to the satisfaction of certain conditions, including, among other things, the existence of a public market for
the shares, the availability of certain current public information about the Company, the resale occurring not less than six months
after a party has purchased and paid for the security to be sold from the Company or any affiliate of the Company, the sale being
through a “broker’s transaction” or in transactions directly with a “market maker” (as provided by
Rule 144(f)) and the number of shares being sold during any three month period not exceeding specified limitations.

 

     

     

    

 

Dated:________________________

 

	 	 
	 	(Typed or Printed Name)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Title) 

 

    	 	-8-vray-ex102_312.htm

 

Exhibit 10.2

ViewRay Incorporated

Two Thermo Fisher Way

Village of Oakwood, Ohio 44146

May 31, 2016

Mr. Ajay Bansal

[Address Redacted]

Dear Ajay:

We are pleased to extend you this offer to serve as Chief Financial Officer of ViewRay, Inc. (the “Company”), reporting to the Chief Executive Officer.  This offer will expire if not accepted by June 1, 2016 at 5:00p.m., Eastern Standard Time.  This offer may be accepted by countersigning where indicated at the end of this letter.  Your employment with the Company shall be effective as of June 6, 2016 or such other date as may be mutually agreed between you and the Company (the “Start Date”).

 

1.Duties and Extent of Service

As Chief Financial Officer of the Company, you will have responsibility for performing those duties as are customary for, and are consistent with, such position, as well as those duties as the Company’s Chief Executive Officer may from time to time designate.  You will be based in the Company’s Mountain View, California office.  You agree to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted from time to time by the Company.  Except for vacations and absences due to temporary illness, you will be expected to devote your full time and effort to the business and affairs of the Company and will not, during your employment by the Company, without the prior written approval of the board of directors of the Company (the “Board”), be employed by or otherwise engaged in any other business activity requiring any of your time.

 

2.Compensation; Sign-on Bonus

In consideration of your employment with the Company, the Company will pay you a base salary, payable in periodic installments in accordance with the Company’s standard payroll practices, which annualizes to $330,000.  

As additional consideration for the your agreement to accept employment with the Company, and contingent upon: (i) the execution and delivery of the Employee Confidentiality, Inventions and Non-Interference Agreement by you, and (ii) commencing your employment as Chief Financial Officer under this letter agreement on the Start Date, the Company will pay to you a signing bonus in an amount equal to $75,000 (the “Signing Bonus”). The Signing Bonus will be paid 1/3 on the six month anniversary  of the Start Date, 1/3 on the 9 month anniversary of the Start Date, and 1/3 on the 12 month anniversary of the Start Date, subject to your continued service through the applicable payment date. You will forfeit any remaining unpaid amount of your Signing Bonus if you voluntarily terminate your employment with the Company prior the applicable payment date(s).

You will be eligible for an annual bonus of up to 45% of your annual base salary which will be based upon the achievement of certain milestones recommended by the Compensation Committee of the Board (the “Compensation Committee”) and approved by the Board; provided, that, any bonus for 2016 will be prorated, based on the number of days that you are employed by the Company during 2016; and, provided, further, that such bonus shall not reflect the achievement by the Company of any milestones prior to the Start Date.  

In your initial year of employment, you will accrue paid vacation at the rate of twenty days per full year of employment, provided, that once you accrue twenty days of paid vacation, you will cease accruing additional paid vacation until your paid vacation balance is reduced below twenty days.  The number of days of vacation which can be accrued per full year of employment shall be subject to the Company’s vacation and benefits policies. You will be entitled to participate in such other employee benefit plans and fringe benefits as may be offered or made available by the Company from time to time to 

 

 

its employees.  The Board reserves the right from time to time to change the Company’s employee benefit plans and fringe benefits.  Your participation in such employee benefit plans and fringe benefits, and the amount and nature of the benefits to which you shall be entitled thereunder or in connection therewith, shall be subject to the terms and conditions of such employee benefit plans and fringe benefits.

3.Stock Options

(a)       As soon as reasonably practicable after your Start Date and subject to the separate approvals of the Board and Compensation Committee, you will be granted an option (the “Option”) to purchase up to 550,000 shares (the “Option Shares”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”), which Option shall be evidenced by an option agreement between you and the Company (the “Option Agreement”).  The Option will be subject to the terms of the Company’s 2015 Stock Incentive Plan, as amended, and the Option Agreement.  The Option will be exercisable at a price per share equal to the closing trading price per share of the Company’s Common Stock on the date of grant. The Option will be subject to the following vesting schedule: 137,500 Option Shares shall vest and become exercisable on the one-year anniversary of the Start Date, with 1/36th of the remaining Option Shares vesting and becoming exercisable monthly thereafter on the monthly anniversary of the Start Date such that the Option is fully vested and exercisable as of the fourth anniversary of the Start Date, in each case, subject to your continued service to the Company through the applicable vesting date. 

(b)       The Option Agreement shall provide that, in the event that (i) a Change of Control (defined below) occurs during your employment hereunder and (ii) your employment with the Company is terminated by the Company (or its successor) without Cause or you resign for Good Reason (as defined below) at any time during the twelve-month period following such Change of Control, then (x) without further action by the Company (or its successor) or the Company’s Board, all unvested Option Shares shall accelerate and become vested and exercisable as of the date of such termination, and (y) you shall be entitled to receive the Severance subject to, and in accordance with Section 11 of this letter agreement.  As used herein, “Change of Control” means (i) a sale of all or substantially all of the assets of the Company and its subsidiaries taken as a whole or (ii) a merger, consolidation or other similar business combination involving the Company, if, upon completion of such transaction the beneficial owners of voting equity securities of the Company immediately prior to the transaction beneficially own less than fifty percent of the successor entity’s voting equity securities; provided, that “Change of Control” shall not include a transaction where the consideration received or retained by the holders of the then outstanding capital stock of the Company does not consist primarily of (i) cash or cash equivalent consideration, (ii) securities which are registered under the Securities Act of 1933, as amended (the “Securities Act”), or any successor statute and/or (iii) securities for which the Company or any other issuer thereof has agreed, including pursuant to a demand, to file a registration statement within ninety days of completion of the transaction for resale to the public pursuant to the Securities Act.

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

 

 

4.Reimbursement 

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

 

5.Immigration Status; Background Checks

For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States.  Such documentation must be provided to us within three business days of your date of hire, or our employment relationship with you may be terminated.

The Company reserves the right to conduct background investigations and/or reference checks on all of its potential employees.  Your job offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, if any.

6.Nondisclosure and Developments

Regardless of the reason your employment with the Company terminates, you will continue to comply with the Employee Confidentiality, Inventions and Non-Interference Agreement, dated as of the date hereof, between you and the Company (the “Employee Confidentiality Inventions and Non-Interference Agreement”).

7.No Conflicting Obligation

You hereby represent and warrant that the execution and delivery of this letter agreement, the performance by you of any or all of the terms of this letter agreement and the performance by you of your duties as an employee of the Company do not and will not breach or contravene (i) any agreement or contract (including, without limitation, any employment or consulting agreement, any agreement not to compete or any confidentiality or nondisclosure agreement) to which you are or may become a party, or (ii) any obligation you may otherwise have under applicable law to any former employer or to any person to whom you have provided, provide or will provide consulting services. 

 

8.Non-Disparagement

During your employment with the Company and thereafter, you agree that you will not knowingly disparage, criticize, or otherwise make any derogatory statements regarding the Company or its past, present or future directors, officers, employees or products.

9.No Cooperation

During your employment with the Company and thereafter, you agree that you will not act in any manner that might damage the business of the Company.  You agree that you will not counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges or complaints by any third party against the Company and/or any officer, director, employee, agent, representative, stockholder or attorney of the Company, unless under a subpoena or other court order to do so.

 

 

10.At-Will 

You acknowledge that the employment relationship between the Company and you is at-will, meaning that the employment relationship may be terminated, at any time, by the Company or you for any reason or for no reason, with or without notice.  However, you agree to make reasonable efforts to provide the Company at least thirty (30) days’ written notice prior to termination of the employment relationship.

11.Severance

	
(a)
	
If your employment with the Company is terminated for any or no reason, then the Company will pay you all accrued but unpaid wages and paid vacation, based on your then current base salary, and any other amounts required by applicable law through the termination date.  

	
(b)
	
If your employment with the Company is terminated by the Company without Cause (as defined below) or you resign for Good Reason (defined below), then, subject to your delivery to the Company of a release of claims against the Company and its affiliates in a form acceptable to the Company that becomes effective and irrevocable within sixty (60) days following your termination of employment, the Company shall pay you equal monthly installments of the Severance Amount (defined below), in accordance with the Company’s standard payroll practices, with the first such installment to be paid on the payroll date following the date the release is effective and irrevocable (“Severance”).  The “Severance Amount” means an amount, in cash, equal to (i) six months of your annualized base salary plus (ii) one-half of the amount of the annual bonus that you received from the Company in the year preceding the termination date, if any.  No Severance will be paid or provided unless the release of claims becomes effective and irrevocable within sixty (60) days following your termination of employment.  The receipt of any Severance will also be subject to you not violating the provisions set forth above under the headings Non-Disparagement and No Cooperation.  In the event that you breach any of those provisions, all continuing payments to which you may otherwise be entitled will immediately cease.

	
(c)
	
As used herein, “Cause” means (i) your willful failure to perform your material duties as Chief Financial Officer, other than a failure resulting from your complete or partial incapacity due to long-term physical or mental illness or impairment, (ii) your willful act that constitutes gross misconduct and that is injurious to the Company, (iii) your willful breach of a provision of this letter agreement, (iv) your material and willful violation of a federal or state law or regulation applicable to the business of the Company, or (v) your conviction or plea of guilty or no contest to a felony.

	
(d)
	
As used herein, “Good Reason” means the occurrence of one or more of the following conditions, without your consent and without remedy by the Company as described herein: (i) a material reduction in your compensation, including but not limited to your level of base salary and annual bonus opportunity, other than reductions approved by the Board that are applicable to all employees of the Company, (ii) a material, non-voluntary, reduction of your authority, duties, or responsibilities or a material, adverse change in your reporting structure or (iii) a material reduction in the kind or level of your benefits to which you were entitled immediately prior to such reduction, other than reductions approved by the Board that are applicable to all employees of the Company.  Notwithstanding the forgoing, in no event will you have Good Reason to resign unless (i) you provide written notice to the Company of the event or condition giving rise to Good Reason within ninety (90) days of its initial occurrence, (ii) the Company fails to remedy the event or condition giving rise to Good Reason within thirty (30) days after receiving your written notice and (iii) your resignation is effective within thirty (30) days after the expiration of the Company’s period to remedy under subclause (ii). 

12.Code Section 280G

	
(a)
	
In the event it shall be determined that any payment or distribution to you or for your benefit which is in the nature of compensation and is contingent on a change in the ownership or effective control of the Company or the ownership of a substantial portion of the assets of the Company (within the meaning of Section 280G(b)(2) of the Code), whether paid or payable pursuant to this letter agreement or otherwise (a “Payment”), would constitute a “parachute payment” under Section 280G(b)(2) of the Code and would be subject to the excise tax imposed by Section 4999 of the Code (together with any interest or penalties imposed with respect to such excise tax, the 

 

 

		
“Excise Tax”), then the Payments shall be reduced to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code but only if, by reason of such reduction, the net after-tax benefit received by you shall exceed the net after-tax benefit received by you if no such reduction was made. The specific Payments that shall be reduced and the order of such reduction shall be determined so as to achieve the most favorable economic benefit to you, and to the extent economically equivalent, the Payments shall be reduced pro rata, all as determined by the Company in its sole discretion. For purposes of this section, “net after-tax benefit” shall mean (i) the Payments which you receive or are then entitled to receive from the Company that would constitute “parachute payments” within the meaning of Section 280G of the Code, less (ii) the amount of all federal, state and local income taxes payable with respect to the Payments calculated at the maximum marginal income tax rate for each year in which the Payments shall be paid to you (based on the rate in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing), less (iii) the amount of Excise Taxes imposed with respect to the Payments. 

	
(b)
	
All determinations required to be made under this Section 12 shall be made by such nationally recognized accounting firm as may be selected by the Audit Committee of the Board as constituted immediately prior to the change in control transaction (the “Accounting Firm”), provided, that the Accounting Firm’s determination shall be made based upon “substantial authority” within the meaning of Section 6662 of the Code.  The Accounting Firm shall provide its determination, together with detailed supporting calculations and documentation, to you and the Company within 15 business days following the date of termination of your employment, if applicable, or such other time as requested by you (provided, that you reasonably believe that any of the Payments may be subject to the Excise Tax) or the Company.  All reasonable fees and expenses of the Accounting Firm in reaching such a determination shall be borne solely by the Company.

13.Section 409A of the Code.  

To the extent that any payments or benefits under this letter agreement are deemed to be subject to Section 409A of the Code, this letter agreement will be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder in order to (a) preserve the intended tax treatment of the benefits provided with respect to such payments and (b) comply with the requirements of Section 409A of the Code.

14.Governing Law; Arbitration

This letter agreement shall be governed by and construed in accordance with the substantive laws of California (without reference to principles of conflicts or choice of law that would cause the application of the internal laws of any other jurisdiction).

In consideration of the Company employing you and the wages and benefits provided under this letter agreement, you and the Company each agree that all claims arising out of or relating to your employment, including its termination, shall be resolved by arbitration.

The dispute will be arbitrated in accordance with the rules of the American Arbitration Association.  The Company agrees to pay the fees and expenses relating to arbitration, except those related to your legal fees and costs.  However, if either party prevails on a statutory claim which affords the prevailing party attorneys’ fees and costs, the arbitrator may award reasonable fees and costs to the prevailing party, under the standards for an award of fees and costs provided by law.  You and the Company agree to file any demand for arbitration within the time limit established by the applicable statute of limitations for the asserted claims or within one year of the conduct that forms the basis of the claim if no statutory limitation is applicable.  Failure to demand arbitration within the prescribed time period shall result in waiver of said claims.

 

 

These provisions regarding arbitration will cover all matters directly or indirectly related to your recruitment, employment or termination of employment by the Company, including, but not limited to claims involving laws against any form of discrimination whether brought under federal or state law, and claims involving present and former employees, officers and directors of the Company, but excluding workers’ compensation and unemployment insurance claims.  EACH PARTY TO THIS LETTER AGREEMENT UNDERSTANDS AND AGREES THAT IT IS WAIVING ITS RIGHTS TO BRING SUCH CLAIMS TO COURT, INCLUDING THE RIGHT TO A JURY TRIAL.

15.Entire Agreement; Amendment; Severability

This letter agreement (together with the Employee Confidentiality, Inventions and Non-Interference Agreement and the equity awards agreements, including the Option Agreement and, if applicable, the Additional Option agreement) sets forth the sole and entire agreement and understanding between the Company and you with respect to the specific matters contemplated and addressed hereby and thereby.  No prior agreement, whether written or oral, shall be construed to change or affect the operation of this letter agreement in accordance with its terms, and any provision of any such prior agreement which conflicts with or contradicts any provision of this letter agreement is hereby revoked and superseded.  Any prior agreement, if any, you may have with the Company regarding your employment, whether written or oral, is hereby, and without any further action on your part or the Company’s, terminated, revoked and superseded by this letter agreement.  This letter agreement may be amended or terminated only by a written instrument executed both by you and the Company.  In the event that any provision of this letter agreement shall, in whole or in part, be determined to be invalid, unenforceable or void for any reason, such determination shall affect only the portion of such provision determined to be invalid and unenforceable or void and shall not affect in any way the remainder of such provision or any other provision of this letter agreement.

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We are excited to have you on board.  Please acknowledge your acceptance of this offer and the terms of this letter agreement by signing below and returning a copy to me no later than June 1, 2016 at 5p.m. (Eastern Standard Time), to indicate your acceptance of this offer of employment.  This offer expires June 1, 2016 at 5p.m. (Eastern Standard Time).

Sincerely,

VIEWRAY INCORPORATED

By: _/s/ Chris A. Raanes___________

Name: Chris A. Raanes

Title: Chief Executive Officer & President

I hereby acknowledge that I have had a full and adequate opportunity to read, understand and discuss the terms and conditions contained in this letter agreement prior to signing hereunder.

/s/ Ajay Bansal_________________

Ajay Bansal

Date:  May 31, 2016

Please Complete the Following:

Home Address:  [Redacted]

Home Telephone:

Home Fax, if any:

Home Email, if any: 

  [Redacted]

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