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

Role: Chief Executive Officer, Director
Signature: /s/ Lynn Kirkpatrick
Stock symbol: ENSC
Transactions as of: Jun 30, 2021
Transactions value $: $0
Form type: 4
Date filed: 7/2/2021, 06:11 PM
Next filing: Feb 24, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ENSC	Common Stock	Award		+285K			285K	Jun 30, 2021	Direct	F1

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

Type	Sym	Class	Transaction	Shares	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ENSC	Stock Option	Award	+100K	100K	Jun 30, 2021	Common Stock	100K	$3.21	Direct	F2
transaction	ENSC	Stock Option	Award	+9.99K	9.99K	Jun 30, 2021	Common Stock	9.99K	$3.21	Direct	F2
transaction	ENSC	Stock Option	Award	+263K	263K	Jun 30, 2021	Common Stock	263K	$3.19	Direct	F2
transaction	ENSC	Stock Option	Award	+461K	461K	Jun 30, 2021	Common Stock	461K	$1.83	Direct	F2
transaction	ENSC	Stock Option	Award	+818K	818K	Jun 30, 2021	Common Stock	818K	$1.68	Direct	F2
transaction	ENSC	Stock Option	Award	+659K	659K	Jun 30, 2021	Common Stock	659K	$2.59	Direct	F2
transaction	ENSC	Stock Option	Award	+6.59K	6.59K	Jun 30, 2021	Common Stock	6.59K	$2.59	Direct	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, at the effective time of the Merger (the "Effective Time"), each share of Ensysce common stock was automatically converted into the right to receive a pro rata portion of 17,334,518 shares of the Issuer's common stock.
F2	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.

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, at the effective time of the Merger (the "Effective Time"), each share of Ensysce common stock was automatically converted into the right to receive a pro rata portion of 17,334,518 shares of the Issuer's common stock.

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.