No Obligation to Exercise Option. The granting of an Option shall impose no obligation on the Participant to exercise such Option.

No Obligation to Exercise Option. The grant and acceptance of this option imposes no obligation on the Participant to exercise it.

No Obligation. This Agreement shall not give effect to any performance or payment obligations of either Party. No such obligations shall be effective until defined in a duly executed Work Order pursuant to this Agreement.

No Obligation. Nothing contained herein shall be construed as an obligation on the part of [[Organization C:Organization]] to extend or continue to extend credit or other financial accommodations to [[Organization B:Organization]]. Without limiting the generality of the foregoing, nothing contained herein shall obligate [[Organization C:Organization]] to purchase any Participation Interests pursuant to the Warehouse Agreement, unless [[Organization C:Organization]] elects, in its sole and absolute discretion, to purchase any such Participation Interests pursuant to the terms and conditions of the Warehouse Agreement.

Exercise Price; No Option Repricing. The Committee shall establish the exercise price of Options. The exercise price of an Option shall be not less than 100% of the Fair Market Value of such shares on the Date of Grant, provided that if the Participant is a 10% Shareholder, the exercise price of an Incentive Stock Option shall not be less than 110% of the Fair Market Value of such shares on the Date of Grant. Notwithstanding any provision of the Plan to the contrary, neither the Committee nor the Board shall have the right or authority to amend or modify the exercise price of any outstanding Option, or to cancel an outstanding Option, at a time when the exercise price of the Option is greater than the Fair Market Value of a share of Company Stock in exchange for cash,

Exercise of Option. This Option may be exercised in whole or in part at any time or times prior to its expiration; provided that the first exercise of this Option shall not occur before the fourth anniversary of the date on which the Option was granted. Notwithstanding the foregoing, if the Participant’s employment with the Corporation or a Subsidiary Company is terminated by reason of the Participant’s Retirement or death before the fourth anniversary of the date on which the Option was granted, the Participant (or, in the case of death, the Participant’s Beneficiary) may first exercise this Option on the later of the first anniversary of the date on which this Option was granted or the effective date of the Participant’s Retirement or death. Notice of the exercise of all or any part of this Option shall be given in the manner prescribed by the Secretary of the Corporation. Such notice shall be irrevocable, shall specify the number of shares to be purchased and the purchase price to be paid therefore, and must be accompanied by the payment of the purchase price as provided in paragraph 3(c) herein. Upon the exercise of such Option, the Common Stock purchased will be distributed.

Exercise of Option. An Option to Extend shall be exercised by ​, if at all, only in the manner set forth in this [Section 2.2]. ​ shall deliver notice (the “Exercise Notice”) to ​ not more than fifteen (15) months nor less than nine (9) months prior to the expiration of the Lease Term or the applicable Option Term, as applicable, stating that ​ is exercising its Option to Extend, which election shall be irrevocable regardless of the fact that the

Exercise of Option. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Grant and with the provisions of Sections 10 and 11 of the Plan as follows:

Exercise of Option. Effective as of today, the undersigned (“Optionee”) hereby elects to exercise Optionee’s option to purchase ​ shares of the Common Stock (the “Shares”) of Assembly Biosciences, Inc. (the “Company”) under and pursuant to the Company’s 2019 Inducement Award Plan (as amended from time to time, the “Plan”) and the Notice of Stock Option Grant dated ​, 20​ with its attached Stock Option Agreement (the “Option Agreement”). The purchase price for the Shares shall be ​ as required by this Option Agreement. Optionee herewith delivers to the Company the full Exercise Price for the Shares.

The Option shall not be exercisable as of the Grant Date set forth in the Grant Notice. After the Grant Date, to the extent not previously exercised, and subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Option shall be exercisable only to the extent it becomes vested, as described in the Grant Notice, these Standard Terms and Conditions and/or the terms of the Plan, to purchase up to that number of shares of Common Stock as set forth in the Grant Notice, provided that (except as may be provided otherwise in [Section 4] below) the Participant remains employed with the Company and does not experience a termination of employment.