How is binding energy (ΔGᵦ) derived in the context of enzyme-substrate complexes?

It is derived from the release of free energy when non-covalent interactions form in the enzyme-substrate complex.

It is derived from the energy required to break covalent bonds in the substrate.

It is derived from the energy absorbed during the formation of the enzyme-substrate complex.

It is derived from the energy difference between the substrate and the product.