Andrew Benton - Jun 30, 2021 Form 4 Insider Report for Ensysce Biosciences, Inc. (ENSC)

Role: Director
Signature: /s/ Andrew Benton
Stock symbol: ENSC
Transactions as of: Jun 30, 2021
Transactions value $: $0
Form type: 4
Date filed: 7/2/2021, 06:10 PM
Next filing: Feb 4, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ENSC	Stock Option	Award		+65.9K			65.9K	Jun 30, 2021	Common Stock	65.9K	$3.35	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On June 30, 2021, pursuant to that certain Agreement and Plan of Merger dated January 31, 2021 (the "Merger Agreement") among Ensysce Biosciences, Inc. (f/k/a Leisure Acquisition Corp.) (the "Issuer"), EB Merger Sub, Inc., a Delaware corporation and wholly-owned, direct subsidiary of the Issuer ("Merger Sub"), and Ensysce Biosciences, Inc., a Delaware corporation ("Ensysce"), Merger Sub merged with and into Ensysce (the "Merger"), with Ensysce surviving as a wholly owned subsidiary of the Issuer. Pursuant to the Merger Agreement, each option and warrant of Ensysce that was outstanding and unexercised immediately prior to the Effective Time was assumed by the Issuer (each, a "Derivative Security") and represents the right to acquire an adjusted number of shares of Common Stock at an adjusted exercise price, in each case, pursuant to the terms of the Merger Agreement.
F2	The option vests over three years with 1/3 of the total number of shares subject to the option vesting on the first anniversary of the date of grant and 1/36th of the total number of shares subject to the option vesting monthly thereafter, until fully vested on 01/24/2023.

Content

On June 30, 2021, pursuant to that certain Agreement and Plan of Merger dated January 31, 2021 (the "Merger Agreement") among Ensysce Biosciences, Inc. (f/k/a Leisure Acquisition Corp.) (the "Issuer"), EB Merger Sub, Inc., a Delaware corporation and wholly-owned, direct subsidiary of the Issuer ("Merger Sub"), and Ensysce Biosciences, Inc., a Delaware corporation ("Ensysce"), Merger Sub merged with and into Ensysce (the "Merger"), with Ensysce surviving as a wholly owned subsidiary of the Issuer. Pursuant to the Merger Agreement, each option and warrant of Ensysce that was outstanding and unexercised immediately prior to the Effective Time was assumed by the Issuer (each, a "Derivative Security") and represents the right to acquire an adjusted number of shares of Common Stock at an adjusted exercise price, in each case, pursuant to the terms of the Merger Agreement.

The option vests over three years with 1/3 of the total number of shares subject to the option vesting on the first anniversary of the date of grant and 1/36th of the total number of shares subject to the option vesting monthly thereafter, until fully vested on 01/24/2023.