V-Ray for Rhino 3.40.02 includes upgrades to the license server, user interface, light sources, and many more improvements. Your V-Ray for Rhino experience will be easier and smoother. 

This update is free for V-Ray 3.x for Rhino customers.

Highlights include: 

• License Server updated to version 4.4.
• Match Viewport mode added to Render Output/Aspect Ratio drop-down menu. This matches the rendered image to the viewport’s aspect ratio.
• Geometry Type icons added to the Asset Editors Geometry list. The icons identify the geometry type even if a custom name has been used.
• Light Type icons added to the Asset Editors Light list. These icons identify the light source type, and enable or disable the light.
• Side-by-side stereo output layout implemented.
• Directionality parameter added to the Light Rectangle light source. This allows you to narrow the light and focus its direction.
• Object as Clipper allows you to clip with a custom geometry (nurbs or mesh).