Date Option Granted. The date on which an Option will be deemed to have been granted under this Plan will be the date on which the Board of Directors authorizes the grant of such Option or such other date as may be specified by the Board of Directors at the time of such authorization.

Option Expiration Date. The parties hereby agree to extend the expiration date of the Option Agreement to November 30, 2028.

Rights Granted. Subject to the terms and conditions of each License and the terms and conditions of this Agreement, Redi2 grants to Company a non-exclusive, non-transferable (except as provided in [Section 2.6]) license to access and use the Programs.

License to [[MedImmune:Organization]]. Subject to the terms and conditions of this Agreement, including without limitation Section 2.2 hereof, Seres hereby grants to [[MedImmune:Organization]], and [[MedImmune:Organization]] accepts, a non–exclusive, royalty-free license, with the right to grant sublicenses as provided in 2.1.2, under the Seres Patents, the Seres Know-How, and Seres Arising Inventions and Information, solely to perform the activities assigned to [[MedImmune:Organization]] under the Research Plan.

No termination, amendment or modification of the Plan will adversely affect in any material way any Award already granted, without the written consent of the Participant who holds the Award.

The exercise period for an Incentive Stock Option must be no longer than ten (10) years from the date that the Incentive Stock Option is granted, or in the case of an Incentive Stock Option granted to an Over 10% Owner, the exercise period may be no longer than five (5) years after the date that the Incentive Stock Option is granted.

The term of each Option granted to a Non-Employee Director shall be ten (10) years from the date the Option is granted.

Option Term. The term of each Option shall be fixed by the Committee, but no Option shall be exercisable more than ten years after the date such Option is granted and in the case of an Incentive Option granted to an Optionee who, at the time such Incentive Option is granted, owns (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or of any Subsidiary, no such Incentive Option shall be exercisable more than five years after the date such Incentive Option is granted.

Limitations on Incentive Stock Options Granted to Ten Percent Stockholders. A Ten Percent Stockholder may not be granted an Incentive Stock Option unless # the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant of such Option and # the Option is not exercisable after the expiration of five years from the date of grant of such Option.

The per share exercise price of each Option granted to a Non-Employee Director shall equal the Fair Market Value of a share of common stock on the date the Option is granted.