Document:

EX-10.1

 Exhibit 10.1 

COHERUS BIOSCIENCES, INC. 

STOCK PURCHASE AGREEMENT 

This Stock Purchase Agreement (“Agreement”) is made as of November 30, 2017 (the “Effective Date”), by
and between Coherus BioSciences, Inc., a Delaware corporation (the “Company”) and KBI Biopharma, Inc., a Delaware corporation (the “Investor”). 

WHEREAS, the Company is a party to that certain Master Services Agreement, dated as of July 30, 2014 (the “MSA”), by and
between the Company and the Investor. 
 WHEREAS, the Company is also a party to that certain agreement entitled “Proposal for
Commercial cGMP Manufacturing of CHS-1701 Drug Substance,” dated as of December 15, 2015, as amended (the “Proposal Agreement”), by and between the Company and the Investor. 

WHEREAS, pursuant to the revised Section 7.2, “Client Delays,” as set forth in Section 13.1 (Invoicing) of the Proposal
Agreement, and the manufacturing schedule as agreed to by the parties on April 21, 2017, the Company is subject to a $4,125,000 fee for the postponement of the start of the 2017 manufacturing campaign from July 2017 to August 2017 (the
“2017 Campaign Delay”). 
 WHEREAS, pursuant to Section 13.1 of the Proposal Agreement, the Company will be subject to
a $2,685,000 campaign reservation fee for the manufacture of 12 batches of CHS-1701 in relation to the start of the second 2018 manufacturing campaign, which is otherwise due on or about the date hereof (the
“2018 Campaign Reservation”). 
 WHEREAS, the Company and Investor both agree that the Company owes (i) $4,125,000 in
connection with the 2017 Campaign Delay (the “Delay Fee”) and (ii) $2,685,000 in connection with the 2018 Campaign Reservation (the “Reservation Fee”, together with the Delay Fee, the “KBI Fees”).

 WHEREAS, the Investor desires to purchase, and the Company has agreed to issue and sell, shares of the Company’s common stock, par
value $0.0001 per share (the “Common Stock”) in an amount equal to six million eight hundred and ten thousand dollars ($6,810,000.00) in exchange for the satisfaction of the Company’s payment of the KBI Fees. 

WHEREAS, in connection with the satisfaction of the KBI Fees, the Company has agreed to provide to the Investor the right to receive
contingent cash royalty payments upon the achievement of certain conditions as described in the Contingent Value Rights Agreement (defined below). 

WHEREAS, as further inducement for the parties to enter into this Agreement, the Investor has offered and the Company has agreed to the
Investor Covenant (defined below) related to the deferral of certain price increases as described in the Change Order Amendment (defined below). 

 AGREEMENT 

In consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the Company and the Investor hereby agree as follows: 
 SECTION 1. AUTHORIZATION OF SALE OF SECURITIES. 

The Company has authorized the sale and issuance of shares of its Common Stock, in an amount equal to six million eight hundred and ten
thousand dollars ($6,810,000.00) to the Investor on the terms and subject to the conditions set forth in this Agreement as consideration for the satisfaction of the KBI Fees that are due or will be due, as the case may be. The shares of Common Stock
sold to the Investor hereunder at the Closing (defined in SECTION 3) shall be referred to as the “Shares.” 
 SECTION 2.
AGREEMENT TO SELL AND PURCHASE THE SHARES. 
 2.1 Consideration and Purchase.  

(a) At the Closing, the Company will issue, sell and deliver to the Investor, and the Investor will purchase from the Company, that number of
shares of Common Stock equal to (a) six million eight hundred and ten thousand dollars ($6,810,000.00) (the “Purchase Price”), divided by (b) the volume weighted average price (“VWAP”) for the Common
Stock, as of 4:00 p.m., New York City time, based on the ten consecutive trading days ending on (and including) November 30, 2017 as reported on Bloomberg (the “Issuance Price”), rounded to the nearest whole share (such shares,
the “Shares”). 
 (b) In addition, the Company has agreed to provide to the Investor the right to receive contingent cash
royalty payments upon the achievement of certain conditions as described in the Contingent Value Rights Agreement. 
 (c) The Investor has
agreed to defer until the initiation of the 2018 manufacturing campaign an increase in the batch price of fifty thousand dollars ($50,000.00) per batch as described in the Change Order Amendment (the “Investor Covenant”). 

2.2 Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

(a) “Business Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general
transaction of business. 
 (b) “Change Order Amendment” means the Amendment One to Change Order Number CO-3081 substantially in the form attached hereto as Exhibit C. 
 (c) “Contingent Value
Rights Agreement” means the Contingent Value Rights Agreement substantially in the form attached hereto as Exhibit A. 

  
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 (d) “Knowledge of the Company” shall mean, with respect to the Company, the
knowledge of any of Dennis M. Lanfear and Jean Viret, Ph.D. Such individuals will be deemed to have “knowledge” of a particular fact or other matter if (i) such individual has or at any time had actual knowledge of such fact or other
matter or (ii) a prudent individual would be expected to discover or otherwise become aware of such fact or other matter in the course of conducting a reasonably diligent review concerning the existence thereof. 

(e) “Governmental Entity” means any nation, federal, state, county municipal, local or foreign government, or other political
subdivision thereof or any other governmental, administrative, judicial, arbitral, legislative, executive, regulatory or self-regulatory authority, instrumentality, agency, commission or body and any entity exercising executive, legislative,
judicial, regulatory, taxing or administrative functions of or pertaining to government. 
 (f) “Law” means any federal,
state, local or foreign law (including common law), statute, code, ordinance, rule, regulation, order, judgment, writ, stipulation, award, injunction, decree, arbitration award or finding or any other legally enforceable requirement. 

(g) “Material Adverse Effect” means any change, event, development, condition, occurrence or effect that (a) is, or
would reasonably be expected to be, materially adverse to the business, financial condition, assets, liabilities or results of operations of the Company and its subsidiaries, taken as a whole, or (b) materially impairs the ability of the
Company to comply, or prevents the Company from complying, with its material obligations with respect to the Closing or would reasonably be expected to do so; provided, however, that none of the following will be deemed in themselves,
either alone or in combination, to constitute, and that none of the following will be taken into account in determining whether there has been or will be, a Material Adverse Effect under subclause (a) of this definition: 

 

	 	i.	any change generally affecting the economy, financial markets or political, economic or regulatory conditions in the United States or any other geographic region in which the Company conducts business, to the extent the
Company and its subsidiaries are not disproportionately affected thereby; 

  

	 	ii.	general financial, credit or capital market conditions, including interest rates or exchange rates, or any changes therein, to the extent the Company and its subsidiaries are not disproportionately affected thereby;

  

	 	iii.	any change that generally affects industries in which the Company and its subsidiaries conduct business, to the extent the Company and its subsidiaries are not disproportionately affected thereby; 

 

	 	iv.	acts of war (whether or not declared), the commencement, continuation or escalation of a war, acts of armed hostility or terrorism, to the extent the Company and its subsidiaries are not disproportionately affected
thereby; 

  

	 	v.	changes in Laws after the date hereof, to the extent the Company and its subsidiaries are not disproportionately affected thereby; 

  
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	 	vi.	changes in GAAP after the date of this Agreement, to the extent the Company and its subsidiaries are not disproportionately affected thereby; 

 

	 	vii.	in and of itself, any failure by the Company to meet any published or internally prepared estimates of revenues, earnings or other economic performance for any period ending on or after the date of this Agreement (it
being understood that the facts and circumstances giving rise to such failure may be deemed to constitute, and may be taken into account in determining whether there has been, a Material Adverse Effect to the extent that such facts and circumstances
are not otherwise described in clauses (i)-(vi) or (viii) of the definition); or 

  

	 	viii.	in and of itself, a decline in the price of the Common Stock on the Trading Market or any other market in which such securities are quoted for purchase and sale (it being understood that the facts and circumstances
giving rise to such decline may be deemed to constitute, and may be taken into account in determining whether there has been, a Material Adverse Effect to the extent that such facts and circumstances are not otherwise described in clauses (i)-(vi)
of the definition). 

 (h) “Person” means an individual, corporation, partnership, limited liability company,
trust, business trust, association, joint stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 

(i) “Registration Rights Agreement” means the Registration Rights Agreement in the form attached hereto as Exhibit B.

 (j) “Short Sales” means, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the
Securities Exchange Act of 1934, whether or not against the box, and forward sale contracts, options, puts, calls, short sales, “put equivalent positions” (as defined in Rule 16a-1(h) under the
Exchange Act) and similar arrangements, and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. 

(k) “Trading Market” means The NASDAQ Global Market. 

(l) “Transaction Agreements” means this Agreement, the Registration Rights Agreement, the Contingent Value Rights Agreement
and the Change Order Amendment. 
 SECTION 3. CLOSING, CLOSING CONDITIONS AND CLOSING DELIVERIES. 

3.1 Closing. The closing of the purchase and sale of the Shares pursuant to this Agreement (the “Closing”) shall occur
at 5:00 p.m., Pacific time, on December 1, 2017, subject to the satisfaction or waiver of all of conditions set forth in Section 3.2 and the delivery of all of the closing deliveries set forth on
Section 3.3 (such date the “Closing Date”), at the offices of Latham & Watkins LLP, 140 Scott Drive, Menlo Park, California 94025, or at such other time and place as may be agreed to by the Company
and the Investor. At or prior to the Closing, each of the Company and the Investor shall execute any related agreements or other documents required to be executed as of the Closing hereunder, each dated the Closing Date. 

  
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 3.2 Closing Conditions. 

(a) Mutual Closing Condition. The respective obligations of each party for the Closing is subject to there shall have been no Law
enacted, entered, promulgated, enforced or deemed applicable by any Governmental Entity of competent jurisdiction that is in effect and makes illegal or otherwise prohibits or materially delays the consummation of the Closing, unless otherwise
waived by both parties. 
 (b) Conditions to Investor’s Obligations. Investor’s obligation to purchase the Shares at the
Closing is subject to the fulfillment, on or before the Closing, of each of the following conditions, unless waived: 
  

	 	i.	The Company’s representations and warranties in SECTION 4 shall be true and correct in all material respects at the date of the Closing, with the same force and effect as if they had been made on and as of
said date. 

  

	 	ii.	The Company shall have performed and complied with all agreements and conditions herein required to be performed or complied with by the Company on or before the Closing, or any breach or failure to do so has been
cured. 

 (c) Conditions to the Company’s Obligations. The Company’s obligation to issue and sell the Shares
at the Closing is subject to the fulfillment, on or before the Closing, of each of the following conditions, unless waived: 
  

	 	i.	The Investor’s representations and warranties in SECTION 5 shall be true and correct in all material respects at the date of the Closing, with the same force and effect as if they had been made on and as of
said date. 

  

	 	ii.	The Investor shall have performed and complied with all agreements and conditions herein required to be performed or complied with by such Investor on or before the Closing, or any breach or failure to do so has been
cured. 

 3.3 Closing Deliveries. 

(a) Issuance of the Shares at the Closing. At the Closing, the Company shall issue or cause the Company’s transfer agent to issue
to the Investor the Shares in global form through a restricted book-entry account maintained by the Company’s transfer agent registered in the name of KBI Biopharma, Inc., representing the number of Shares purchased by the Investor at the
Closing (including providing a copy of the irrevocable instructions delivered by the Company to the Company’s transfer agent instructing the transfer agent to issue the Shares to the Investor by crediting the Shares to an account of the
Investor on the transfer agent’s restricted book-entry system on the date of the Closing and confirmation from the transfer agent that such Shares were so issued on the date thereof). 

  
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 (b) Consideration for Issuance of Shares at the Closing. The Investor agrees and
acknowledges that upon the Investor’s receipt of the Shares and the satisfaction of the conditions and obligations set forth in this Agreement and as consideration for the issuance of the Shares at Closing (i) the KBI Fees shall be
satisfied, discharged and cancelled in their entirety; (ii) no amounts shall be due or payable under the MSA or Proposal Agreement in connection with the 2017 Campaign Delay and the 2018 Campaign Reservation; and (iii) the Investor
Covenant shall be in full force and effect and binding upon the Investor. 
 (c) Contingent Value Rights Agreement. At the Closing,
each of the Company and the Investor shall execute and deliver to the other party the Contingent Value Rights Agreement in the form attached hereto as Exhibit A. 

(d) Registration Rights Agreement. At the Closing, each of the Company and the Investor shall execute and deliver to the other party
the Registration Rights Agreement in the form attached hereto as Exhibit B. 
 (e) Change Order. At the Closing, each of the
Company and the Investor shall execute and deliver to the other party the Change Order Amendment in the form attached hereto as Exhibit C. 

SECTION 4. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 

Except as set forth on the Schedule of Exceptions delivered to the Investor concurrently with the execution of this Agreement (the
“Schedule of Exceptions”), or, with respect to the representations and warranties by the Company other than those set forth in Section 4.1, Section 4.2, Section 4.3, the first two sentences of Section 4.4,
Section 4.5, Section 4.7, the first sentence of Section 4.8, Section 4.8(ii) and Section 4.13 only, as disclosed in the SEC Documents and publicly available prior to the date of this Agreement and only as and to the extent
disclosed therein (but excluding any risk factor disclosures contained under the heading “Risk Factors,” any disclosure of risks included in any “forward-looking statements” disclaimer or any other statements that are similarly
forward-looking), the Company hereby represents, warrants and covenants to the Investor as follows: 
 4.1 Organization and Standing.
The Company and each of its subsidiaries has been duly incorporated or organized and is validly existing and in good standing under the laws of its state or other jurisdiction of incorporation or organization, has full corporate or other power and
authority necessary to own or lease its properties and conduct its business as presently conducted, and is duly qualified as a foreign corporation and in good standing in all jurisdictions in which the character of the property owned or leased or
the nature of the business transacted by it makes qualification necessary, except where the failure to be so qualified would not have a material adverse effect on the business, properties, financial condition or results or operations of the Company
and its subsidiaries, taken as a whole (a “Company Material Adverse Effect”). 

  
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 4.2 Corporate Power; Authorization. The Company has all requisite corporate power, and the
Company and its board of directors have taken all requisite corporate action, to authorize, execute and deliver the Transaction Agreements, to consummate the transactions contemplated herein and therein, including to sell, issue and deliver the
Shares to the Investor, and to carry out and perform all of the Company’s obligations hereunder and thereunder. This Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) as limited by equitable principles
generally, including any specific performance. 
 4.3 Issuance and Delivery of the Shares. The Shares have been duly authorized and,
when issued and when consideration for the issuance of the Shares is duly recognized, each in compliance with the provisions of this Agreement, will be validly issued, fully paid and nonassessable. The issuance and delivery of the Shares is not
subject to preemptive, co-sale, right of first refusal or any other similar rights of the stockholders of the Company or any other Person or any liens or encumbrances. Assuming the accuracy of the
representations made by the Investor in Section 5, the offer and issuance by the Company of the Shares is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). 

4.4 SEC Documents; Financial Statements. The Company has filed in a timely manner all documents that the Company was required to file
with the Securities and Exchange Commission (the “Commission”) under Sections 13, 14(a) and 15(d) the Securities Exchange Act of 1934, as amended (the “Exchange Act”), since becoming subject to the requirements of
the Exchange Act (the foregoing documents (together with any documents filed by the Company under the Exchange Act, whether or not required) being collectively referred to herein as the “SEC Documents”). As of their respective
filing dates (or, if amended prior to the date of this Agreement, when amended), all SEC Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder.
None of the SEC Documents as of their respective filing dates contained any untrue statement of material fact or omitted to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the
circumstances under which they were made, not misleading. The financial statements of the Company and its subsidiaries, on a consolidated basis, set forth in the SEC Documents (the “Financial Statements”) comply as to form in all
material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto. The Financial Statements have been prepared in accordance with United States generally accepted accounting
principles consistently applied and fairly present the financial position of the Company and its subsidiaries at the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited
statements, to normal, recurring adjustments). 
 4.5 Capitalization. All of the Company’s outstanding shares of capital stock
have been duly authorized and validly issued and are fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and were not issued in violation of or subject to any preemptive right or other rights to
subscribe for or purchase securities. The authorized capital stock of the Company consists of 300,000,000 shares of Common Stock and 5,000,000 shares of undesignated Preferred Stock. As of October 31, 2017, there are no shares of Preferred
Stock issued and outstanding and there are 57,945,430 shares of Common Stock issued and outstanding, of which no shares are owned by the Company. There are no other shares of any other class or series of capital stock of the Company issued or
outstanding. The Company has no 

  
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capital stock reserved for issuance, except that, as of October 31, 2017, there are 3,705,787, 7,196,595, 0 and 648,500 shares of Common Stock reserved for issuance pursuant to options and
restricted stock units outstanding on such date pursuant to the Company’s 2010 Stock Incentive Plan (as amended to date, the “2010 Plan”), the Company’s 2014 Equity Incentive Plan (as amended to date, the
“2014 Plan”), the Company’s 2014 Employee Stock Purchase Plan (as amended to date, the “ESPP”) and the Company’s 2016 Employment Commencement Incentive Plan (as amended to date, the “Inducement
Plan”), respectively. As of October 31, 2017, there are no shares of Common Stock available for future issuance under the 2010 Plan, 489,147 shares of Common Stock available for future issuance under the 2014 Plan, 1,500,715 shares of
Common Stock available for future issuance under the ESPP, and 345,000 shares of Common Stock available for future issuance under the Inducement Plan. As of October 31, 2017, there are 4,473,871 shares of Common Stock issuable upon conversion
of the Company’s $100.0 million aggregate principal amount of senior convertible notes (the “Convertible Notes”). With the exception of the Convertible Notes, there are no bonds, debentures, notes or other indebtedness
having general voting rights (or convertible into securities having such rights) (“Voting Debt”) of the Company issued and outstanding. Except as stated above, there are no existing options, warrants, calls, subscriptions or other
rights, agreements, arrangements or commitments of any character, relating to the issued or unissued capital stock of the Company, obligating the Company to issue, transfer, sell, redeem, purchase, repurchase or otherwise acquire or cause to be
issued, transferred, sold, redeemed, purchased, repurchased or otherwise acquired any capital stock or Voting Debt of, or other equity interest in, the Company or securities or rights convertible into or exchangeable for such shares or equity
interests or obligations of the Company to grant, extend or enter into any such option, warrant, call, subscription or other right, agreement, arrangement or commitment. Neither the execution of this Agreement nor the issuance of Common Stock
or other securities pursuant to any provision of this Agreement will give rise to any preemptive rights or rights of first refusal on behalf of any Person or result in the triggering of any anti-dilution or other similar rights. Except as disclosed
in the SEC Documents, there are no agreements or arrangements under which the Company or any of its subsidiaries is obligated to register the sale of any of their securities under the Securities Act. The Company has made available upon request of
the Investor, a true, correct and complete copy of the Certificate of Incorporation and Bylaws (each as defined in Section 4.8) and the Company shall not amend or otherwise modify the Certificate of Incorporation or Bylaws prior to the Closing.

 4.6 Litigation. There are no legal or governmental actions, suits or other proceedings pending or, to the Knowledge of the
Company, threatened against the Company or any of its subsidiaries before or by any court, regulatory body or administrative agency or any other governmental agency or body, domestic or foreign, which actions, suits or proceedings, individually or
in the aggregate, could reasonably be expected to (a) challenge this Agreement or prohibit or delay the transactions contemplated herein or (b) have a Company Material Adverse Effect. Neither the Company nor any of its subsidiaries is a
party to or subject to the provisions of any injunction, judgment, decree or order of any court, regulatory body, administrative agency or other governmental agency or body that might have a Company Material Adverse Effect. 

4.7 Governmental Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or
filing with, any federal, state, or local governmental authority or the Trading Market on the part of the Company is required in connection with the consummation of the transactions contemplated by this Agreement except for

  
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the filing of a Form D with the Commission under the Securities Act and compliance with the securities and blue sky laws in the states and other jurisdictions in which shares of Common Stock are
offered and/or sold, which compliance will be effected by the Company in accordance with such laws.  

4.8 No Default or Consents. Neither the Company nor any of its subsidiaries is in material violation or default under its
organizational documents. Neither the execution, delivery or performance of this Agreement by the Company nor the consummation of any of the transactions contemplated hereby (including the issuance, sale and delivery by the Company of the Shares)
will: (i) give rise to a right to terminate or accelerate the due date of any payment due under, or conflict with or result in the breach of any term or provision of, or constitute a default (or an event which with notice or lapse of time or
both would constitute a default) under, or require any consent or waiver under, or result in the execution or imposition of any lien, charge or encumbrance upon any properties or assets of the Company or any of its subsidiaries pursuant to the terms
of, any indenture, mortgage, deed of trust or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company, any of its subsidiaries or any of their respective properties or businesses is bound, or
any franchise, license, permit, judgment, decree, order, statute, rule or regulation (including federal and state securities laws and regulations) and the rules and regulations, assuming the correctness of the representations and warranties made by
the Investor herein, of any self-regulatory organization to which the Company, any of its subsidiaries or their respective securities are subject) applicable to the Company or any of its subsidiaries, or (ii) violate or conflict with any
provision of the Company’s Certificate of Incorporation, as amended and as in effect on the date hereof (the “Certificate of Incorporation”) or the Company’s Bylaws, as amended and as in effect on the date hereof (the
“Bylaws”), except in the case of clause (i) as would not cause, either individually or in the aggregate, a Company Material Adverse Effect, and except for such consents or waivers which have already been obtained and are in
full force and effect.
 4.9 No Material Adverse Change. Since September 30, 2017, except as specifically disclosed in the SEC
Reports, there have been no events, occurrences or developments that have had or would reasonably be expected to have, either individually or in the aggregate, a Company Material Adverse Effect. Except for the transactions contemplated by this
Agreement, no event, liability or development has occurred or exists with respect to the Company, its subsidiaries or their respective businesses, properties, operations or financial conditions that would be required to be disclosed by the Company
under applicable securities laws at the Effective Date that has not been publicly disclosed at least one Trading Market trading day prior to the Effective Date. 

4.10 No Integrated Offering. None of the Company or any of its affiliates, or any Person acting on their behalf has, directly or
indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration of any of the Shares under the Securities Act or cause this offering of the Shares to be integrated
with prior offerings by the Company for purposes of the Securities Act or any applicable stockholder approval provisions, including under the rules and regulations of the Trading Market. 

4.11 Sarbanes-Oxley Act. To the Knowledge of the Company, the Company is in material compliance with the requirements of the
Sarbanes-Oxley Act of 2002 that are effective and applicable to the Company as of the date hereof, and the rules and regulations promulgated by the Commission thereunder that are effective and applicable to the Company as of the date hereof. 

  
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 4.12 Patents and Trademarks. To the Knowledge of the Company, the Company or one of its
subsidiaries has, or has rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, licenses, trade secrets, know-how and other similar rights
that are necessary or material for use in connection with their business as described in the SEC Documents (collectively, the “Intellectual Property Rights”). Neither the Company nor any of its subsidiaries has received a
written notice that the Intellectual Property Rights used by the Company or any of its subsidiaries violates or infringes upon the rights of any Person. To the Knowledge of the Company, all such Intellectual Property Rights are enforceable and
there is no existing infringement by another Person of any of the Intellectual Property Rights. 
 4.13 Listing and Maintenance
Requirements. The Company has not, in the two years preceding the date hereof, received notice from the Trading Market to the effect that the Company is not in compliance with the listing or maintenance requirements thereof. The Company is
in compliance with the listing and maintenance requirements for continued listing of the Common Stock. The Company has no reason to believe that it will not for the foreseeable future continue to be in compliance with the listing and maintenance
requirements for the continued listing of the Common Stock on the Trading Market. The issuance and sale of the Shares under this Agreement does not contravene the rules and regulations of the Trading Market and no approval of the stockholders of the
Company thereunder is required for the Company to issue and deliver to the Investor the Shares. 
 4.14 Disclosure. The Company
understands and confirms that the Investor will rely on the representations, warranties and covenants set forth in this Section 4 in effecting the transactions contemplated by this Agreement.

4.15 Contracts. 
 (a)
Each indenture, contract, lease, mortgage, deed of trust, note agreement, loan or other agreement or instrument of a character that is required to be described or summarized in the SEC Documents or to be filed as an exhibit to the SEC Documents
under the Exchange Act and the rules and regulations promulgated thereunder (collectively, the “Material Contracts”) is so described, summarized or filed. 

(b) The Material Contracts to which the Company or any of its subsidiaries is a party have been duly and validly authorized, executed and
delivered by the Company and constitute the legal, valid and binding agreements of the Company or its subsidiaries, as applicable, enforceable by and against the Company or its subsidiaries, as applicable, in accordance with their respective terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to enforcement of creditors’ rights generally, and general equitable principles relating to the availability of
remedies, except as rights to indemnity or contribution may be limited by federal or state securities laws. 

  
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 4.16 Properties and Assets. The Company or one of its subsidiaries has good and marketable
title to all the properties and assets described as owned by it in the latest Financial Statements set forth in the SEC Documents, free and clear of all liens, mortgages, pledges or encumbrances of any kind except (a) those, if any, reflected
in such Financial Statements or (b) those that are not material in amount and do not adversely affect the use made and proposed to be made of such property by the Company and its subsidiaries. The Company and each of its subsidiaries holds its
leased properties under valid and binding leases. The Company and each of its subsidiaries owns or leases all such properties as are necessary to its operations as now conducted. 

4.17 Compliance. Neither the Company nor any of its subsidiaries has been advised, nor does the Company or any of its subsidiaries have
any reason to believe, that it is not conducting its business in compliance with all applicable laws, rules and regulations of the jurisdictions in which it is conducting business, including all applicable local, state and federal environmental laws
and regulations, and all applicable rules and regulations of the Food and Drug Administration (the “FDA”), and all applicable laws, statutes, ordinances, rule or regulations (including the Federal Food, Drug And Cosmetic Act of
1938, as amended, and similar foreign laws and regulations) enforced by the FDA or equivalent foreign authorities, except where failure to be so in compliance would not have a Company Material Adverse Effect. 

4.18 Taxes. The Company and each of its subsidiaries has filed on a timely basis (giving effect to extensions) all required federal,
state and foreign income and franchise tax returns and has timely paid or accrued all taxes shown as due thereon, including interest and penalties, and to the Knowledge of the Company there is no tax deficiency that has been or might be asserted or
threatened against it or any of its subsidiaries that could have a Company Material Adverse Effect. All tax liabilities accrued through the date hereof have been adequately provided for on the books of the Company and its subsidiaries. 

4.19 Investment Company. Neither the Company nor any of its subsidiaries is an “investment company” or an “affiliated
person” of, or “promoter” or “principal underwriter” for an investment company, within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission promulgated thereunder.

 4.20 Insurance. The Company maintains insurance underwritten by insurers of recognized financial responsibility, of the types and
in the amounts that the Company reasonably believes is adequate for businesses, including directors’ and officers’ liability insurance and insurance covering all real and personal property owned or leased by the Company or any of its
subsidiaries against theft, damage, destruction, acts of vandalism and all other risks customarily insured against, with such deductibles as are customary for companies in the same or similar business, all of which insurance is in full force and
effect. 
 4.21 Price of Common Stock. The Company has not taken, and will not take, directly or indirectly, any action designed to
cause or result in, or that has constituted or that might reasonably be expected to constitute, the stabilization or manipulation of the price of the shares of the Common Stock to facilitate the sale or resale of the Shares. 

  
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 4.22 Governmental Permits, Etc. The Company and each of its subsidiaries has all
franchises, licenses, permits, certificates and other authorizations from such federal, state or local government or governmental agency, department or body that are currently necessary for the operation of the business of the Company or such
subsidiary, as applicable, as currently conducted, except where the failure to possess currently such franchises, licenses, permits, certificates and other authorizations is not reasonably expected to have a Company Material Adverse Effect. Neither
the Company nor any of its subsidiaries has received any written notice regarding any revocation or material modification of any such franchise, license, permit, certificate or other authorization. 

4.23 Internal Control over Financial Reporting. The Company maintains internal control over financial reporting (as such term is
defined in paragraph (f) of Rule 13a-15 under the Exchange Act) as required by Rule 13a-15 under the Exchange Act. To the Knowledge of the Company, since the end of
the Company’s most recent audited fiscal year, there has been no material weakness in the design or operation of the Company’s internal control over financial reporting (whether or not remediated) which are reasonably likely to adversely
affect the Company’s ability to record, process, summarize and report financial information. 
 4.24 Foreign Corrupt Practices.
None of the Company, its subsidiaries or, to the Knowledge of the Company, any director, officer, agent, employee or other Person acting on behalf of the Company or any of its subsidiaries has, in the course of its actions for, or on behalf of, the
Company or any of its subsidiaries (a) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (b) made any direct or indirect unlawful payment to any foreign
or domestic government official or employee from corporate funds; (c) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (d) made any unlawful bribe, rebate, payoff, influence
payment, kickback or other unlawful payment to any foreign or domestic government official or employee. 
 4.25 Employee Relations.
The Company believes that its relations with its employees are good. No executive officer of the Company (as defined in Rule 501(f) promulgated under the Securities Act) has notified the Company that such officer intends to leave the Company or
otherwise terminate such officer’s employment with the Company. To the Knowledge of the Company, no executive officer of the Company is, or is now expected to be, in violation of any material term of any employment contract, confidentiality,
disclosure or proprietary information agreement, non-competition agreement, or any other agreement or any restrictive covenant involving or otherwise affecting such executive officer’s relationship with
the Company, and the continued employment of each such executive officer does not subject the Company to any material liability with respect to any of the foregoing matters. 

4.26 ERISA. The Company and each of its subsidiaries is in compliance in all material respects with all presently applicable provisions
of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (herein called “ERISA”); no “reportable event” (as defined in ERISA) has occurred with
respect to any “pension plan” (as defined in ERISA) for which the Company or any of its subsidiaries would have any material liability; neither the Company nor any of its subsidiaries has incurred or expects to incur material liability
under (a) Title IV of ERISA with respect to termination of, or 

  
 12 

 
withdrawal from, any “pension plan” or (b) Sections 412 or 4971 of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder
(the “Code”); and each “Pension Plan” for which the Company or any of its subsidiaries would have liability that is intended to be qualified under Section 401(a) of the Code is so qualified in all material
respects and to the Knowledge of the Company, nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification. 

4.27 No “Bad Actor” Disqualification. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of
the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Knowledge of the Company, any Company Covered Person (as defined below), except for a Disqualification Event to which Rule 506(d)(2)(ii-iv) or (d)(3) is applicable. “Company Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any
person listed in the first paragraph of Rule 506(d)(1). 
 SECTION 5. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR. 

5.1 The Investor represents and warrants to and covenants with the Company that: 

(a) The Investor, taking into account the personnel and resources it can practically bring to bear on the purchase of the Shares contemplated
hereby, is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with respect to investments in securities presenting an investment decision like that involved in the purchase of the Shares, including
investments in securities issued by the Company, and has requested, received, reviewed and considered all information the Investor knows about and deems relevant (including the SEC Documents) in making an informed decision to purchase the Shares.

 (b) The Investor is acquiring the Shares pursuant to this Agreement for its own account for investment only and with no present intention
of distributing any of such Shares or any arrangement or understanding with any other Persons regarding the distribution of such Shares, except in compliance with Section 5.1(c). 

(c) The Investor will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy,
purchase or otherwise acquire or take a pledge of) any of the securities purchased hereunder except in compliance with the Securities Act, applicable blue sky laws, and the rules and regulations promulgated thereunder. 

(d) The Investor is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act or
a Qualified Institutional Buyer within the meaning of Rule 144A promulgated under the Securities Act. 
 (e) The Investor has all requisite
corporate power, and has taken all requisite corporate action, to authorize, execute and deliver this Agreement and each of the other agreements and instruments contemplated herein to which the Investor is a party, to consummate the transactions
contemplated herein and therein and to carry out and perform all of the Investor’s obligations hereunder and thereunder. Upon the execution and delivery of this Agreement, this Agreement shall constitute a valid and binding obligation of the
Investor, 

  
 13 

 
enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of
creditors’ rights generally and (ii) as limited by equitable principles generally, including any specific performance. 
 (f) The
Investor is not a broker or dealer registered pursuant to Section 15 of the Exchange Act (a “registered broker dealer”) and is not affiliated with a registered broker dealer. The Investor is not party to any agreement for
distribution of any of the Shares. 
 5.2 The Investor has not, either directly or indirectly through an affiliate, agent or representative
of the Company, engaged in any transaction in the securities of the Company other than with respect to the transactions contemplated herein, since the time that the Investor was first contacted by the Company or any other Person regarding the
transactions contemplated hereby until the date hereof, except as set forth in filings made with the Commission pursuant to the Exchange Act. 

5.3 The Investor understands that nothing in this Agreement or any other materials presented to the Investor in connection with the purchase
and sale of the Shares constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the Shares.

 5.4 Legends. Investor understands that, until such time as the Shares have been registered for resale under the Securities Act,
sold pursuant to the Registration Statement or the Shares may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold, any certificates representing the Shares,
whether maintained in a book entry system or otherwise, may bear one or more legends in substantially the following form and substance: 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST
OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO A TRANSACTION WHICH IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS, AND, IN THE CASE OF A TRANSACTION EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, THE HOLDER WILL NOTIFY ANY SUBSEQUENT PURCHASER
OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE FROM IT OF SUCH RESALE RESTRICTIONS.” 

  
 14 

 In addition, any stock certificates, whether maintained in a book entry system or otherwise,
representing the Shares may contain: 
 (a) any legend required by the blue sky laws of any state to the extent such laws are applicable to
the sale of such Shares hereunder; and 
 (b) a legend regarding affiliate status of the Investor set forth in Exhibit D hereto, in
the form included therein. 
 5.5 Restricted Securities. The Investor understands that the Shares are characterized as
“restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such Shares may be resold
without registration under the Securities Act only in certain limited circumstances. In this connection, the Investor represents that it is familiar with Commission Rule 144, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act. 
 SECTION 6. BROKER’S FEE. 

Each of the Company and the Investor hereby represents that there are no brokers or finders retained by, or otherwise acting on behalf of, it
or any of its affiliates and entitled to compensation in connection with the sale of the Shares, and shall indemnify the other party hereto for any such compensation that the other party hereto actually pays to any such broker or finder. 

SECTION 7. COVENANTS. 
 7.1 Form D;
Blue Sky Filings. The Company agrees to file a Form D with respect to the Shares as required under Regulation D of the Securities Act. The Company will take such action as the Company shall reasonably determine is necessary in order to obtain an
exemption from, or to qualify the Shares for, sale to the Investor at the Closing respectively pursuant to this Agreement under applicable securities of “Blue Sky” laws of the states of the United States, and shall provide evidence of such
actions promptly upon the written request of the Investor. 
 7.2 NASDAQ. The Company will notify the Trading Market of the proposed
listing of the Shares contemplated hereby. As soon as reasonably practicable following the Closing, the Company will take all actions necessary to ensure to the Shares are listed on the Trading Market. 

7.3 Lock-up. Investor agrees to abide by the terms of the
Lock-up set forth in Exhibit E for a period of six (6) months beginning on the Closing Date (the “Lock-up Period”). 

7.4 Short Sales. Investor agrees that it will not, for a period of twelve (12) months beginning on the Closing Date, directly or
indirectly, effect or agree to effect any Short Sales with respect to the Common Stock, borrow or pre-borrow any shares of Common Stock, or grant any other right (including, without limitation, any put or call
option) with respect to the Common Stock or with respect to any security that includes, relates to or derives any significant part of its value from the Common Stock or otherwise seek to hedge its position in the Common Stock. 

  
 15 

 7.5 Transfer Taxes. 

On the date of the Closing, all stock transfer or other taxes (other than income taxes) that are required to be paid in connection with the
issuance, sale and delivery of the Shares to the Investor hereunder will be fully paid or provided for by the Company and all laws imposing such taxes will have been fully complied with and the Investor and its affiliates shall have no obligation
therefor. 
 SECTION 8. NOTICES. 
 All
notices, requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed facsimile or electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express
courier, postage prepaid, and shall be deemed given when so sent in the case of facsimile or electronic mail transmission, or when so received in the case of mail or courier, and addressed as follows: 

 

	 	(a)	if to the Company, to: 

 Coherus BioSciences, Inc. 

333 Twin Dolphin Drive, Suite 600 

Redwood City, CA, USA 94065 

Attn:    ############# ##### 

Email: ############## 
 with a
copy to (which shall not constitute notice): 
 Latham & Watkins LLP 

140 Scott Drive 
 Menlo Park,
California 94025 
 Attn: Alan C. Mendelson, Esq. 

Fax: (650) 463-2600 

Email: alan.mendelson@lw.com 

or to such other Person at such other place as the Company shall designate to the Investor in writing; and 

 

	 	(b)	if to the Investor, to: 

 KBI Biopharma, Inc. 

###### ####### 
 Attention:
####### ####### 
 1101 Hamlin Road 

Durham, North Carolina 27704 

Email:######################### 

or to such other Person at such other place as the Investor shall designate to the Company in writing. 

  
 16 

 SECTION 9. MISCELLANEOUS.  

9.1 Waivers and Amendments. Neither this Agreement nor any provision hereof may be changed, waived, discharged, terminated, modified or
amended except upon the written consent of the Company and the Investor, in the case of any change, discharge, termination, modification, or of the party hereto against whom the waiver is to be effective, in the case of a waiver. 

9.2 Headings; Interpretation. The headings of the various sections of this Agreement have been inserted for convenience of reference
only and shall not be deemed to be part of this Agreement. The terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this Agreement as a whole and not to any particular provision of this Agreement.
Except when used together with the word “either” or otherwise for the purpose of identifying mutually exclusive alternatives, the term “or” has the inclusive meaning represented by the phrase “and/or.” All references in
this Agreement to “dollars” or “$” shall mean United States dollars. Except where the context otherwise requires, wherever used the singular shall include the plural, the plural the singular, the use of any gender shall be
applicable to all genders. The term “including” or “includes” means “including without limitation” or “includes without limitation.” 

9.3 Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 

9.4 Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Shares for a period
of one (1) year after the date hereof; provided, however, that notwithstanding the foregoing in this Section 9.4, the representations and warranties contained in Section 4.1,
Section 4.2, Section 4.3, the first two sentences of Section 4.4, Section 4.5, Section 4.7, the first sentence of
Section 4.8, Section 4.8(ii), Section 3, Section 5.1(e) and SECTION 6 shall survive until the expiration of the applicable statute of
limitations. The agreements and covenants contained herein shall survive for the applicable statute of limitations. 
 9.5 Governing Law;
Jurisdiction. This Agreement shall be governed by and interpreted in accordance with the substantive laws of the State of California, U.S.A., without regard to its or any other jurisdiction’s choice of law rules. Any disputes hereunder
shall be brought in the state or federal courts located in the State of California, U.S.A., and the parties hereto irrevocably accept the exclusive jurisdiction of such courts solely and specifically for the purpose of adjudicating such disputes,
and in no event shall any party hereto be deemed to have consented to such jurisdiction for any other purpose. Each party hereto further agrees that such courts provide a convenient forum for any such action, and waives any objections or challenges
to venue with respect to such courts. 
 9.6 Counterparts. This Agreement may be executed in counterparts, each of which shall
constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and delivered to the other party. Signatures to this
Agreement transmitted by facsimile, by email in “portable document format” (“.pdf”), or by any other electronic means intended to preserve the original graphic and pictorial appearance of this Agreement shall have the same effect
as physical delivery of the paper document bearing original signature. 

  
 17 

 9.7 Successors and Assigns. Except as otherwise expressly provided herein, the provisions
hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of the Investor. The Investor may assign its rights under this Agreement to any affiliate of the Investor to whom the Investor assigns or transfers any Shares, provided such affiliate-transferee agrees in writing to be bound, with respect to
the transferred Shares, by the provisions hereof that apply to the “Investor.” 
 9.8 No Third-Party Beneficiaries.
Notwithstanding anything contained in this Agreement to the contrary, nothing in this Agreement, express or implied, is intended to confer on any Person other than the parties hereto any rights, remedies, obligations or liabilities under or by
reason of this Agreement, and no Person that is not a party hereto shall have any standing as a third-party beneficiary with respect to this Agreement or the transactions contemplated hereby. 

9.9 Entire Agreement. This Agreement, and the other documents and instruments delivered pursuant hereto or thereto, including the
exhibits hereto or thereto, the Schedule of Exceptions, the Registration Rights Agreement, the Contingent Value Rights Agreement and the Change Order Amendment, constitute the full and entire understanding and agreement between the parties hereto
with regard to the subjects hereof and thereof. 
 9.10 Payment of Fees and Expenses. Except as otherwise provided herein or in the
other documents or instruments contemplated hereby, including in the Registration Rights Agreement, each of the Company and the Investor shall bear its own expenses and legal fees incurred on its behalf with respect to this Agreement and the
transactions contemplated hereby. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled. 
 9.11 Further Actions. Each party hereto agrees to execute,
acknowledge, and deliver such further instruments, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement, the Registration Rights Agreement, the Contingent Value Rights
Agreement and the Change Order Amendment. 
 9.12 Public Announcement. No press release or, except to the extent required
under applicable law (in which case the disclosing party shall use reasonable efforts to give the other party hereto an opportunity to review such disclosure in advance of its public release to the extent permitted under applicable law), other
public announcement shall be made, directly or indirectly, by either party hereto concerning the execution of this Agreement, the terms and conditions hereof or the consummation of the transactions contemplated hereby, in each case without the prior
written consent of the other party hereto, which consent shall not be unreasonably withheld, conditioned or delayed. 

  
 18 

 [signature pages follow] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized representatives as of the day and year first above written. 
  

			
	COMPANY:
	
	COHERUS BIOSCIENCES, INC.
		
	By:	 	/s/ Dennis M. Lanfear
	Name:	 	Dennis M. Lanfear
	Title:	 	Chief Executive Officer

 [Signature Page – Stock Purchase Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized representatives as of the day and year first above written. 
  

			
	INVESTOR:
	
	KBI BIOPHARMA, INC.
		
	By:	 	/s/ Tim Kelly
	Name:	 	Tim Kelly
	Title:	 	President & CEO

 [Signature Page – Stock Purchase Agreement] 

 EXHIBIT A 

Form of Contingent Value Rights Agreement 

[see attached] 

 EXHIBIT B 

Form of Registration Rights Agreement 

[see attached] 

 EXHIBIT C 

Form of Change Order Amendment 

[see attached] 

 EXHIBIT D 

Form of Affiliate Legend 
 “THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE HELD BY AN AFFILIATE OF THE ISSUER AS DEFINED IN RULE 144 PROMULGATED UNDER THE SECURITIES ACT OF 1933 AND MAY ONLY BE SOLD OR OTHERWISE TRANSFERRED IN COMPLIANCE WITH THE REQUIREMENTS OF RULE 144 OR PURSUANT TO A
REGISTRATION STATEMENT UNDER SAID ACT OR AN EXEMPTION FROM SUCH REGISTRATION.” 

 EXHIBIT E 

Lock-up Terms 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Stock Purchase Agreement (the
“Agreement”) made as of November 30, 2017 by and among Coherus BioSciences, Inc., a Delaware corporation (the “Company”) and KBI Biopharma, Inc., a Delaware corporation (the “Investor”).

 During the Lock-up Period, the Investor shall not, without the prior written consent of the
Company, subject to the exceptions set forth below, (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any shares of common stock, par value $0.0001, of the Company (the “Common Stock”) or any securities convertible into or exercisable or exchangeable for Common Stock (including without
limitation, Common Stock or such other securities which may be deemed to be beneficially owned by the Investor in accordance with the rules and regulations of the Securities and Exchange Commission and securities which may be issued upon exercise of
a stock option or warrant) (collectively, the “Lock-up Shares”), or publicly disclose the intention to make any offer, sale, pledge or disposition, (2) enter into any swap or other
agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock or such other securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common
Stock or such other securities, in cash or otherwise or (3) make any demand for or exercise any right with respect to the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable for Common
Stock. 
 In furtherance of the foregoing, the Company, and any duly appointed transfer agent for the registration or transfer of the
securities described herein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of these Lock-up Terms. 

All authority herein conferred or agreed to be conferred and any obligations of the Investor shall be binding upon the successors, assigns,
heirs or personal representatives of the Investor.EX-10.1

 Exhibit 10.1 
  

 
 December 4, 2017 

Mr. Michael Beardall 
 c/o Vitamin Shoppe Industries Inc.

 300 Harmon Meadow Blvd. 
 Secaucus, NJ 07028 

Dear Mike: 
 Vitamin Shoppe Industries Inc. (the
“Company”) acknowledges your intent to resign as President, Nutri-Force Nutrition and as an officer and/or employee of the Company and all of its parents, subsidiaries and affiliates. This letter agreement (the
“Agreement”) confirms the terms the Company is offering you in exchange for your remaining as an employee of the Company through no later than March 30, 2018. 

1. Target Retention Date. 
 (a) The
employment relationship between you and the Company and its subsidiaries and affiliates, as applicable, will end on March 30, 2018, or on any earlier date that the Company may choose in its sole discretion, with or without notice (the
“Target Retention Date”). During the period through the Target Retention Date, you shall continue to report to the Chief Executive Officer, you shall continue to lead Nutri-Force Nutrition, you shall assist with the transition of
your responsibilities to another individual or individuals as instructed by the Company, and you shall perform such other duties and responsibilities as assigned to you from time to time. In addition, you shall continue to perform your duties in a
satisfactory manner and be in compliance with the policies and procedures of the Company. You shall continue to have authority to act on the Company’s behalf or otherwise bind the Company in the ordinary course of business; provided, however,
that you shall not have any authority to act on the Company’s behalf or otherwise bind the Company (and you shall not give any third person the appearance that you have any such authority) in matters of extraordinary importance or financial
significance to the Company and/or Nutri-Force Nutrition. A smooth transition is a material inducement for the Company to enter into this Agreement. 

(b) You will be paid your regular wages through and including the Target Retention Date. You shall no longer be eligible to participate in the
Company’s benefit programs after the Target Retention Date, except as set forth below in Section 2 of this Agreement. Information regarding the Company’s 401(k) Plan will be sent to you separately by the plan administrator following
the Target Retention Date. 
 (c) You will remain eligible to receive an annual cash bonus pursuant to the 2017 Management Incentive Plan,
if any. 

 2. Separation Benefits. In return for your execution of, and your compliance with, this Agreement,
including your remaining employed and in good standing with the Company through the Target Retention Date, as well as your execution (and non-revocation) of a release as set forth below in Section 5 and a
second Release in substantially the same form set forth in Annex A hereto (the “Second Release”), which Second Release shall be provided on or promptly following the Target Retention Date, and subject to the terms and
conditions set forth in this Agreement and the Release: 
 (a) You shall be eligible to earn a
one-time performance payment in a gross amount of up to $100,000 (“Performance Payment”) upon the satisfaction certain performance criteria that will be set forth in a separate writing to be
executed by both you and the Company. 
 (b) You shall receive a lump sum payment equal to the value of any accrued but unused Paid Time Off
as of the Target Retention Date, payable within 30 days of the effective date of the Second Release. 
 (c) From the date of this Agreement
through the Target Retention Date, you will be permitted five (5) additional days of paid time off per each calendar month in order to attend to personal matters. Your use of such additional paid time off shall not reduce the amount of accrued
unused Paid Time Off for which you will be entitled to receive a lump sum payment pursuant to subsection (c) hereof. 
 If you do not
execute the Second Release within the time periods provided therein, or if you revoke such Second Release, no payment or benefits will be due under this Agreement. If the Company terminates your employment without cause prior to March 30, 2018,
you will be entitled to the benefits contained in this Agreement to the same extent as if you had remained employed through March 30, 2018 provided that you remained in compliance with the terms of this Agreement at all times and you timely
execute (and do not revoke) the Second Release, payable within 30 days of the effective date of the Second Release. If you resign prior to March 30, 2018 or the Company terminates your employment at any time for cause, no payment or benefits
will be due under this Agreement. The terms “without cause” and “for cause” have the meaning ascribed to them in Vitamin Shoppe, Inc.’s Executive Severance Policy (which definitions are incorporated herein). 

3. Equity. All awards of shares of Restricted Stock that have been granted to you shall continue to vest through June 30, 2018. As of
June 30, 2018, any remaining unvested shares of Restricted Stock shall be cancelled. All other unvested equity awards that have been granted to you (e.g., Performance Stock Units and Nonqualified Stock Options) shall be cancelled as of
March 30, 2018, or any earlier date of the separation of your employment. In the event you resign prior to March 30, 2018 or the Company terminates your employment at any time for cause, all unvested equity awards shall be cancelled as of
the separation date. All other terms and conditions of the Company’s equity based incentive plans shall remain in full force and effect. 

You hereby acknowledge and agree that the Company shall not make any new grants of equity to you after the date of this Agreement even if the
Company makes new grants of equity to other employees or executives. 

  
 2 

 4. No Other Compensation or Benefits. Except as otherwise specifically provided herein, you will not be
entitled to any compensation or benefits or to participate in any past, present or future employee benefit programs or arrangements of the Company, Vitamin Shoppe, Inc. or any of their respective subsidiaries or affiliates on or after the Target
Retention Date, except as set forth in this Agreement. 
 In addition, without limiting the generality of the foregoing, you hereby
acknowledge and agree that you are not eligible for and shall not be entitled to any compensation or benefits pursuant to the Vitamin Shoppe Inc.’s Executive Severance Policy or the FDC Vitamins, LLC Executive Severance Policy, including any
compensation or benefits otherwise owing to you in the event of a Change in Control, as defined therein. 
 5. Release. 

(a) In consideration of the Company’s obligations in this Agreement, you and your Representatives hereby release and forever discharge
the Company, its owners, affiliates, subsidiaries, divisions, insurers, attorneys, successors and assigns, and the current and former employees, officers, directors and agents thereof (collectively the “Released Parties”) from any and all
claims and rights which you may have against them, and you hereby specifically release, waive and forever hold them harmless from and against any and all such claims, liability, causes of action, compensation, benefits, damages, attorney fees, costs
or expenses, of whatever nature or kind and whether known or unknown, fixed or contingent, and by reason of any matter, cause, charge, claim, right or action whatsoever, which have arisen at any time up to and including the day you execute this
Agreement, including, but not limited to, those arising during or in any manner out of your employment with the Company or the termination of such employment or anything else that may have happened up to and including the day you execute this
Agreement. The rights, claims, causes of action, and liabilities that you are releasing and waiving include, but are not limited to, those that concern, relate to, or might arise out of the following: salary, overtime, bonuses, equity and severance
arrangements, benefit plans; commissions; breach of express or implied contract or promise; harassment, intentional injury or intentional tort, fraud, misrepresentation, battery, assault, defamation, breach of fiduciary duty, tort or public policy
claims, whistleblower claims, negligence (including negligent hiring, retention and/or supervision), wrongful or retaliatory discharge, infliction of emotional injury, or any other facts or claims; retirement or any other benefits; the Equal Pay Act
(29 U.S.C. §206(d), et seq.); the Age Discrimination in Employment Act (ADEA) (29 U.S.C. §621, et seq.); Title VII of the Civil Rights Act of 1964 (42 U.S.C. §2000e, et seq.); ERISA (the Employee Retirement Income Security Act of 1974
(29 U.S.C. §1001, et seq.) other than any vested ERISA benefit; COBRA (the Consolidated Omnibus Budget Reconciliation Act of 1986, 29 U.S.C. §21161, et seq.); the federal WARN Act; the American with Disabilities Act (42 U.S.C. §12101,
et seq.); the National Labor Relations Act and the Labor Management Relations Act, 29 U.S.C. §141 et seq.; the Family and Medical Leave Act (29 U.S.C. §2601, et seq.); the United States Constitution; the Civil Rights Act of 1991; the Civil
Rights Acts of 1866 or 1871 (42 U.S.C. §§1981,1983,1985, et seq.); retaliation under any federal, state, or local law; any claims for costs or attorney fees; the fair employment practices (FEP) laws and employment-related laws of any
federal, state, or local jurisdiction (including the New Jersey Law Against Discrimination, New Jersey Family Leave Act, New Jersey Paid Family Leave Law, New Jersey Conscientious Employee Protection Act,

  
 3 

 
New Jersey Equal Pay Act, New Jersey Civil Rights Act), the Florida Civil Rights Act of 1992, the Florida Wage Payment Law—Florida Statute Section 448.08, the Florida Whistle Blower
– Fla. Stat. §448.101 et seq., Florida Statutory Provision Regarding Retaliation/Discrimination for Filing a Workers Compensation Claim – Fla. Stat. §440.205, the Florida Wage Discrimination Law – Fla. Stat. §448.07,
the Florida Equal Pay Law – Fla. Stat. §725.07 and Fla. Stat. Ann. §448.07, the Florida AIDS Act – Fla. Stat. §110.1125, §381.00 and §760.50, the Florida Discrimination on the Basis of Sickle Cell Trait Law –
Fla. Stat. §448.075 et seq., Florida OSHA – Fla. Stat. Ann. §442.018(2), and any other federal, state, city, county or other common law, law, or ordinance, including but not limited to those where you work and/or reside. You are not
releasing any rights or claims that arise following the effective date of this Agreement. 
 (b) Notwithstanding the foregoing, the release
set forth in Section 5(a) of this Agreement, will not apply to (i) the obligations of the Company under the Agreement, (ii) your vested benefits under the Company’s 401(k) Plan, (iii) the Company’s obligations under its
equity based incentive plans, and any related equity agreement or vested benefit(s) to which you are legally entitled, or (iv) your rights as a stockholder of Vitamin Shoppe, Inc., (v) your right to continue healthcare insurance under COBRA;
(vi) your right to receive benefits for occupational illness or injury under the Workers’ Compensation Law; (vii) your right to receive unemployment benefits; and (viii) any other claims that, under controlling law, may not be
released by private settlement. You further agree that the payments and benefits described in this Agreement will be in full satisfaction of any and all claims for payments or benefits, whether express or implied, that you may have against the
Company arising out of your employment relationship, your service as an employee, officer or director of the Company, Vitamin Shoppe, Inc. or any of their respective subsidiaries or affiliates and your separation therefrom. You hereby acknowledge
and confirm that you are providing the release set forth in this Agreement only in exchange for consideration in addition to anything of value to which you are already entitled. 

(c) You expressly understand and acknowledge that it is possible that unknown losses or claims exist or that present losses may have been
underestimated in amount or severity, and that you explicitly took that into account in determining the amount of consideration to be paid for the giving of this Agreement, and a portion of said consideration and the mutual covenants contained
herein, having been agreed between the parties with the knowledge of the possibility of such unknown claims, were given in exchange for a full satisfaction and discharge of all such claims. 

(d) Nothing in this Agreement will affect the Company and Vitamin Shoppe, Inc.’s obligation to indemnify, defend and hold you harmless to
the fullest extent allowable by applicable law and their respective charter and by-laws with respect to your acts or omissions in your capacity as an officer or director of the Company, Vitamin Shoppe, Inc.
and their respective subsidiaries and affiliates. 
 (e) Period for Review and Acceptance. You will have twenty-one (21) days from the day you receive this Agreement to consider its terms (the “Review Period”). In order to receive the benefits and payments provided for in the Agreement, you must
execute this Agreement and return the executed Agreement to the Company, addressed to the Company, Attention: General Counsel, at 300 Harmon Meadow Blvd., Secaucus, New Jersey 07028 so that it is received any time on or before the expiration of the twenty-one (21) day period. After executing this 

  
 4 

 
Agreement, you will have seven (7) days (the “Revocation Period”) to revoke it by indicating your desire to do so in writing addressed to and received by the General Counsel
at the address set forth above no later than the seventh (7th) day following the day you executed the Release. In the event you do not accept the Release prior to the expiration of the 21-day Review Period, or
in the event you revoke the Agreement during the Revocation Period, the obligations of the Company to make the payments and provide the benefits set forth in the Agreement will automatically be deemed null and void. 

6. Return of Company Property. No later than the Target Retention Date, you hereby covenant and agree that you will deliver to the Company all Company
property and equipment in your possession or control, including, but not limited to, any and all records, manuals, customer lists, notebooks, computers, computer programs and files, Company credit cards, papers, electronically stored information and
documents kept or made by you in connection with your employment and you will not retain any copies thereof. You also represent that you have left intact all electronic Company documents or files, including those that you developed or helped
develop. You are required to return all such property whether or not you sign this Agreement. 
 7. Cooperation. From and after the Target Retention
Date, you will (i) cooperate in all reasonable respects with the Company and its affiliates and their respective directors, officers, attorneys and experts in connection with the conduct of any dispute, action, proceeding, investigation or
litigation involving the Company or any of its affiliates, including, without limitation, any such dispute, action, proceeding, investigation or litigation in which you are called to testify and (ii) promptly make best efforts to respond within
a reasonable timeframe to all requests by the Company and its affiliates relating to information concerning the Company which may be in your possession. The Company will, as a condition to your obligations under this Section 7, reimburse you
for any reasonable out of pocket expenses and costs incurred as a result of such cooperation (including all reasonable, out-of-pocket attorney fees), provided that such
expenses have been approved in writing in advance by an executive officer of the Company. 
 8. Special Rules Regarding Restrictive Covenants. 

(a) Confidentiality. You acknowledge and agree that in the course of your employment with the Company, you have acquired certain
confidential company information which you knew or understood was confidential or proprietary to the Company and which, as used in this Agreement, means: information belonging to or possessed by the Company which is not available in the public
domain or not released by some third-party through no fault of yours, including, without limitation (i) information received from the customers, suppliers, vendors, employees or agents of the Company under confidential conditions;
(ii) customer and prospect lists, and details of agreements and communications with customers and prospects; (iii) sales plans and projections, product pricing information, acquisition, expansion, marketing, financial and other business
information and existing and future products and business plans of the Company; (iv) the Company’s confidential accounting, tax, or financial information, results, procedures and methods; (v) information relating to existing claims,
charges and litigations; (vi) sales proposals, demonstrations systems, sales material; and (vii) employee information (including, but not limited to, personnel, payroll, compensation and benefit data and plans), including all such
information recorded in manuals, memoranda, projections, reports, minutes, 

  
 5 

 
plans, drawings, sketches, designs, formula books, data, specifications, software programs and records, whether or not legended or otherwise identified by the Company as confidential information,
as well as such information that is the subject of meetings and discussions and not recorded. You understand that such confidential company information has been disclosed to you for the Company’s use only. You understand and agree that you
(i) will not disclose or communicate confidential information to any person or persons; and (ii) will not make use of confidential information on your own behalf, or on behalf of any other person or persons. You will give immediate notice
to the Company if you are ordered by a court or otherwise compelled by law to reveal any confidential information to any third party. 
 You
acknowledge and agree that this confidentiality obligation is of utmost importance to the Company and that its breach is a material breach of this Agreement. 

18 U.S.C. § 1833(b) states: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret
law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or
investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Accordingly, you have the right to disclose in confidence trade secrets
to Federal, State, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. You also have the right to disclose trade secrets in a document filed in a lawsuit or other
proceeding, but only if the filing is made under seal and protected from public disclosure. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly
allowed by 18 U.S.C. § 1833(b). 
 Nothing in this Agreement prohibits you from reporting possible violations of United States federal
law or regulation to any governmental agency or entity, including but not limited to, the United States Department of Justice, the United States Securities and Exchange Commission, the United States Congress, and any Inspector General of any United
States federal agency, or making other disclosures that are protected under the whistleblower provisions of United States federal, state or local law or regulation; provided, that you will use your reasonable best efforts to: (i) disclose only
information that is reasonably related to such possible violations or that is requested by such agency or entity, and (ii) request that such agency or entity treat such information as confidential. You do not need prior authorization from the
Company to make any such reports or disclosures and are not required to notify the Company that you have made such reports or disclosures. This Agreement does not limit your right to receive an award for information provided to any governmental
agency or entity. 
 (b) Non-Disparagement. You agree not to defame or maliciously disparage
the Company, its management, stockholders, subsidiaries, parent, and/or other affiliates in any manner whatsoever. 
 (c) Non-Competition. During the period of your employment and for one year thereafter, you shall not, without the Company’s prior written consent, directly or indirectly, own, manage, operate, join, control or
participate in the ownership, management, operation or control of, or be connected as a director, officer, employee, partner, consultant or otherwise with, any profit or non-profit business or organization in
the United States that, directly or 

  
 6 

 
indirectly, markets, distributes or sells (through wholesale, retail or direct marketing channels including, but not limited to, mail order and internet distribution) vitamins, minerals,
nutritional supplements, herbal products, sports nutrition products, bodybuilding formulas or homeopathic remedies (the “Competitive Products”) if, except with respect to the companies listed below, the sale/distribution of the
Competitive Products represent one third (1/3) or more of such business or organization’s gross sales in the proceeding twelve (12) months from the Target Retention Date (the “Competitive Business”); provided, however,
that you may work for a business or organization (other than the companies listed below) that sells Competitive Products that is less than one third (1/3) of such gross sales only if you are not directly involved in that part of the business or
organization that deals with, or has knowledge of, the Competitive Products. Notwithstanding, and without limiting, the foregoing, the following companies constitute a Competitive Business: GNC, Whole Foods, Vitacost, Walgreens, CVS, Nature’s
Bounty, Bodybuilding.com, Swanson, Sprout’s Sunflower Markets and Vitamin Cottage. Notwithstanding the foregoing, you may be a passive owner (which shall not prohibit the exercise of any rights as a shareholder) of not more than 5% of the
outstanding stock of any class of any public corporation that engages in a Competitive Business. For the avoidance of doubt, nothing in this subsection, nor in any other agreement between you and the Company, shall be interpreted to prevent you from
investing in or becoming a shareholder or employee of a company that manufacturers Competitive Products. This Section 8(c) supersedes any other non-competition restrictive covenant provision contained in
any other agreement between you and the Company. 
 (d) Non-Solicitation. During the period
of your employment and for one year thereafter, you shall not directly or indirectly (i) cause any person or entity to, either for you or for any other person, business, partnership, association, firm, company or corporation, hire from the
Company or attempt to hire, divert or take away from the Company, any of the officers or employees of the Company who were employed by the Company during the eighteen (18) months prior to the Target Retention Date; or (ii) cause any other
person or entity to, either for you or for any other person, business, partnership, association, firm, company or corporation, attempt to divert or take away from the Company or its subsidiaries any of the business or vendors of the Company. 

(e) Remedies. You and the Company acknowledge that the restrictions imposed by this Section 8 are reasonably necessary to protect
the legitimate business interests of the Company, and that the Company would not be willing to offer the benefits pursuant to this Agreement in the absence of such agreement. You agree that any breach of this Section 8 by you would cause
irreparable damage to the Company and that in the event of such breach the Company shall have, in addition to any and all remedies of law, the right to an injunction, specific performance or other equitable relief to prevent the violation of any
obligations hereunder, without the necessity of posting a bond, plus if the Company prevails with respect to any dispute between the Company and you as to the interpretation, terms, validity or enforceability of this Section 8, the recovery of
any and all costs and expenses incurred by the Company, including reasonable attorneys’ fees in connection with the enforcement of this Section 8. You further acknowledge and agree that any period of time during which you are violation of
the covenants set forth in this Section 8 shall be added to the applicable restricted period. Resort to such equitable relief shall not be construed to be a waiver of any other rights or remedies that the Company may have for damages or
otherwise. 

  
 7 

 9. Forfeiture and Repayment. You may be required to repay to the Company the any compensation or benefits
pursuant to this Agreement: (i) if during the course of employment you engage in conduct, or it is discovered that you have engaged in conduct, that is (x) materially adverse to the interest of the Company, which include failures to comply
with the Company’s written rules or regulations and material violations of any agreement with the Company, (y) fraud, or (z) conduct contributing to any financial restatements or irregularities occurring during or after employment;
(ii) if during the course of employment, you compete with, or engages in the solicitation and/or diversion of customers, vendors or employees of, the Company or it is discovered that you have engaged in such conduct; (iii) if following the
Target Retention Date, you violate any post-termination obligations or duties owed to, or any agreement with, the Company, which includes this Agreement, any employment agreement and other agreements restricting post-employment conduct; (iv) if
following the Target Retention Date, the Company discovers facts that would have supported a termination for Cause had such facts been known to the Company before the termination of employment; and (v) if compensation that is promised or paid
to you is required to be forfeited and/or repaid to the Company pursuant to applicable regulatory requirements as in effect from time to time and/or such forfeiture or repayment affects amounts or benefits payable under this Agreement. 

10. Waiver of Rights. No delay or omission by the Company in exercising any right under this Agreement (including Annex A) will operate as a waiver of
that or any other right. A waiver or consent given by the Company on any one occasion will be effective only in that instance and will not be construed as a bar or waiver of any right on any other occasion. 

11. Arbitration. You agree that any dispute, controversy or claim arising out of or in connection with this Agreement or relating to your employment or
the termination of your employment (“Dispute”) that cannot be resolved by you and the Company will be submitted to and resolved by arbitration, in accordance with The Vitamin Shoppe Dispute Resolution Program. If enforcement of the
arbitration award is required or the Dispute is not covered by the Dispute Resolution Program, the parties hereby: (i) agree and consent to the personal jurisdiction of the courts of the New Jersey located in Hudson County and/or the Federal
courts of the United States of America located in Newark, New Jersey for resolution of any such Dispute and (ii) agree that those courts, and only those courts, shall have exclusive jurisdiction to determine any Dispute, including any appeal.

 12. Entire Agreement/Severability. This Agreement (including Annex A) constitutes the sole and complete understanding and agreement between the
parties with respect to the matters set forth herein, and there are no other agreements or understandings, whether written or oral and whether made contemporaneously or otherwise. You agree and acknowledge that this Agreement shall not in any way
affect, modify, or nullify any agreement(s) that you may have entered into with the Company that obligate you to take or refrain from taking any action subsequent to your last day of employment, including without limitation, the agreement to protect
the Company’s confidential information, and that any such obligations contained in those agreement(s) remain in full force and effect. No term, condition, covenant, representation or acknowledgment contained in this Agreement may be amended
unless in writing signed by both parties. If any section of this Agreement is determined to be void, voidable or unenforceable, it will have no effect on the remainder of the Agreement which will remain in full force and effect. 

  
 8 

 13. Voluntary Assent. By your signature on this Agreement, you affirm and acknowledge that: 

(a) you have read this Agreement, and understand all of its terms; 

(b) you have voluntarily entered into this Agreement and that you have not relied upon any representation or statement, written or oral, not
set forth in this Agreement; 
 (c) the only consideration for signing this Agreement is as set forth herein and that the consideration
received for executing this Agreement is greater than that to which you may otherwise be entitled; and 
 (d) you have been given the
opportunity and you have been advised by the Company to have this Agreement reviewed by your attorney and/or tax advisor. 
 14. No Admission.
Nothing contained in this Agreement, or the fact of its submission to you, will constitute or be construed as an admission of liability or wrongdoing by either party. 

15. Counterparts. The Agreement may be executed in two (2) signature counterparts, each of which will constitute an original, but all of which
taken together will constitute but one and the same instrument. 
 16. Taxes; Section 409A. 

(a) All payments described in this Agreement will be subject to deduction for all required income and payroll taxes. 

(b) It is intended that the payments provided for in this Agreement comply with, or be exempt from, the terms of Section 409A
(“Section 409A”) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. The termination of your employment is intended to be a “separation of service” for purposes
of Section 409A. In the event, however, that any such payments are determined to be subject to Section 409A, then the Company may make such adjustments as are reasonably required to comply with such section. If you are a “specified
employee” within the meaning of Section 409A, then no payment or benefit that is payable on account of your “separation from service”, as that term is defined for purposes of Section 409A, shall be made before the date that
is six months after your “separation from service” (or, if earlier, the date of your death) if and to the extent that such payment constitutes deferred compensation under Section 409A. Any payment or benefit delayed by reason of the
prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule. 

In addition, any expense reimbursement under this Agreement will be made on or before the last day of the taxable year following the taxable
year in which such expense was incurred by you, and no such reimbursement or the amount of expenses eligible for reimbursement in any taxable year will in any way affect the expenses eligible for reimbursement in any other taxable year. 

  
 9 

 Notwithstanding any of the preceding, the Company makes no representations regarding the tax
treatment of any payments hereunder, and you will be responsible for any and all applicable taxes. 
  

							
	Acknowledged and accepted by:	 		 	VITAMINSHOPPE INDUSTRIES INC.
				
	/s/ Michael Beardall	 		 	By:	 	/s/ Teresa Orth
	Michael Beardall	 		 	Name:	 	Teresa Orth
		 		 	Title:	 	Senior Vice President – Human Resources

  
 10 

 ANNEX A 

Release 
 Pursuant to the
Agreement between you and the Company dated December __, 2017, the following is the Release referenced therein, (capitalized terms used herein without definition have the meanings specified in the Agreement). 

1. Release. 
 (a) In consideration of the
Company’s obligations in this Agreement, you and your Representatives hereby release and forever discharge the Company, its owners, affiliates, subsidiaries, divisions, insurers, attorneys, successors and assigns, and the current and former
employees, officers, directors and agents thereof (collectively the “Released Parties”) from any and all claims and rights which you may have against them, and you hereby specifically release, waive and forever hold them harmless from and
against any and all such claims, liability, causes of action, compensation, benefits, damages, attorney fees, costs or expenses, of whatever nature or kind and whether known or unknown, fixed or contingent, and by reason of any matter, cause,
charge, claim, right or action whatsoever, which have arisen at any time up to and including the day you execute this Agreement, including, but not limited to, those arising during or in any manner out of your employment with the Company or the
termination of such employment or anything else that may have happened up to and including the day you execute this Agreement. The rights, claims, causes of action, and liabilities that you are releasing and waiving include, but are not limited to,
those that concern, relate to, or might arise out of the following: salary, overtime, bonuses, equity and severance arrangements, benefit plans; commissions; breach of express or implied contract or promise; harassment, intentional injury or
intentional tort, fraud, misrepresentation, battery, assault, defamation, breach of fiduciary duty, tort or public policy claims, whistleblower claims, negligence (including negligent hiring, retention and/or supervision), wrongful or retaliatory
discharge, infliction of emotional injury, or any other facts or claims; retirement or any other benefits; the Equal Pay Act (29 U.S.C. §206(d), et seq.); the Age Discrimination in Employment Act (ADEA) (29 U.S.C. §621, et seq.); Title VII
of the Civil Rights Act of 1964 (42 U.S.C. §2000e, et seq.); ERISA (the Employee Retirement Income Security Act of 1974 (29 U.S.C. §1001, et seq.) other than any vested ERISA benefit; COBRA (the Consolidated Omnibus Budget Reconciliation
Act of 1986, 29 U.S.C. §21161, et seq.); the federal WARN Act; the American with Disabilities Act (42 U.S.C. §12101, et seq.); the National Labor Relations Act and the Labor Management Relations Act, 29 U.S.C. §141 et seq.; the Family
and Medical Leave Act (29 U.S.C. §2601, et seq.); the United States Constitution; the Civil Rights Act of 1991; the Civil Rights Acts of 1866 or 1871 (42 U.S.C. §§1981,1983,1985, et seq.); retaliation under any federal, state, or
local law; any claims for costs or attorney fees; the fair employment practices (FEP) laws and employment-related laws of any federal, state, or local jurisdiction (including the New Jersey Law Against Discrimination, New Jersey Family Leave Act,
New Jersey Paid Family Leave Law, New Jersey Conscientious Employee Protection Act, New Jersey Equal Pay Act, New Jersey Civil Rights Act), the Florida Civil Rights Act of 1992, the Florida Wage Payment Law—Florida Statute Section 448.08,
the Florida Whistle Blower – Fla. Stat. §448.101 et seq., Florida Statutory Provision Regarding Retaliation/Discrimination for Filing a Workers Compensation Claim – Fla. Stat. §440.205, the Florida Wage Discrimination Law –
Fla. Stat. §448.07, the Florida Equal Pay Law – Fla. Stat. §725.07 and Fla. Stat. Ann. §448.07, the Florida AIDS Act – Fla. Stat. §110.1125, §381.00 and §760.50, the Florida

  
 11 

 
Discrimination on the Basis of Sickle Cell Trait Law – Fla. Stat. §448.075 et seq., Florida OSHA – Fla. Stat. Ann. §442.018(2), and any other federal, state, city, county or
other common law, law, or ordinance, including but not limited to those where you work and/or reside. You are not releasing any rights or claims that arise following the Effective Date (as defined in Section 2 below) of this Release. 

(b) Notwithstanding the foregoing, the release set forth in Section 1(a) of this Release, will not apply to (i) the obligations of
the Company under the Agreement, (ii) your vested benefits under the Company’s 401(k) Plan, (iii) the Company’s obligations under the Equity Plan, and any related equity agreement or vested benefit(s) to which you are legally
entitled, or (iv) your rights as a stockholder of Vitamin Shoppe, Inc., (v) your right to continue healthcare insurance under COBRA; (vi) your right to receive benefits for occupational illness or injury under the Workers’
Compensation Law; (vii) your right to receive unemployment benefits; and (viii) any other claims that, under controlling law, may not be released by private settlement. You further agree that the payments and benefits described in the
Agreement will be in full satisfaction of any and all claims for payments or benefits, whether express or implied, that you may have against the Company arising out of your employment relationship, your service as an employee, officer or director of
the Company, Vitamin Shoppe, Inc. or any of their respective subsidiaries or affiliates and your separation therefrom. You hereby acknowledge and confirm that you are providing the release set forth in this Release only in exchange for consideration
in addition to anything of value to which you are already entitled. 
 (c) You expressly understand and acknowledge that it is possible that
unknown losses or claims exist or that present losses may have been underestimated in amount or severity, and that you explicitly took that into account in determining the amount of consideration to be paid for the giving of this Release, and a
portion of said consideration and the mutual covenants contained herein, having been agreed between the parties with the knowledge of the possibility of such unknown claims, were given in exchange for a full satisfaction and discharge of all such
claims. 
 (d) Nothing in this Release will affect the Company and Vitamin Shoppe, Inc.’s obligation to indemnify, defend and hold you
harmless to the fullest extent allowable by applicable law and their respective charter and by-laws with respect to your acts or omissions in your capacity as an officer or director of the Company, Vitamin
Shoppe, Inc. and their respective subsidiaries and affiliates. 
 2. Period for Review and Acceptance. You will have
twenty-one (21) days from the day you receive this Release to consider the terms of this Release (the “Review Period”). In order to receive the benefits and payments provided for in the
Agreement, you must execute this Release, have your signature notarized and return the executed Release to the Company, addressed to the Company, Attention: General Counsel, at 300 Harmon Meadow Blvd., Secaucus, New Jersey 07028 so that it is
received any time on or before the expiration of the twenty-one (21) day period. After executing the Release, you will have seven (7) days (the “Revocation Period”) to revoke it by
indicating your desire to do so in writing addressed to and received by the General Counsel at the address set forth above no later than the seventh (7th) day following the day you executed the Release. In the event you do not accept the Release
prior to the expiration of the 21-day Review Period, or in the event you revoke the Release during the Revocation Period, the obligations of the Company to make the payments and provide the benefits set forth
in the 

  
 12 

 
Agreement will automatically be deemed null and void. No payments or benefits will be paid or provided under the Agreement, until you have signed the Release (and previously, the Agreement), and
not revoked the Release during the Revocation Period. The “Effective Date” of this Release shall be the day following the expiration of the Revocation Period, so long as you have not revoked this Release during the Revocation
Period. 
 3. Voluntary Assent. By your signature on this Release, you affirm and acknowledge that: 

(a) you have read the Agreement and the Release, and understand all of their terms; 

(b) you have voluntarily entered into this Release and that you have not relied upon any representation or statement, written or oral, not set
forth in the Agreement or this Release; 
 (c) the only consideration for signing this Release is as set forth in the Agreement and that the
consideration received for executing this Release is greater than that to which you may otherwise be entitled; 
 (d) you have been given the
opportunity and you have been advised by the Company to have this Release reviewed by your attorney and/or tax advisor; and 
 (e) you have
been given up to twenty-one (21) days to consider this Release and that you understand that you have seven (7) days after executing it to revoke it in writing, and that, to be effective, such written
revocation must be received by the Company within the seven (7) day Revocation Period. 
 4. Counterparts. This Release may be executed in two
(2) signature counterparts, each of which will constitute an original, but all of which taken together will constitute but one and the same instrument. 

 

	
	Acknowledged and accepted by:
	
	   

	Michael Beardall

 
			
	
	VITAMIN SHOPPE INDUSTRIES INC.
		
	By:	 	 
		 	Name:
		 	Title:

  
 13

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