Lorne A. Weil - Jun 30, 2021 Form 4 Insider Report for Ensysce Biosciences, Inc. (ENSC)

Role: 10%+ Owner
Signature: /s/ A. Lorne Weil
Stock symbol: ENSC
Transactions as of: Jun 30, 2021
Transactions value $: $2,118,005
Form type: 4
Date filed: 7/1/2021, 07:56 PM
Previous filing: Jun 23, 2021
Next filing: Nov 26, 2021

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	Warrants	Award	$730K	+730K		$1.00	730K	Jun 30, 2021	Common Stock	730K	$11.50	Direct	F1
transaction	ENSC	Warrants	Award	$1M	+1M		$1.00	1M	Jun 30, 2021	Common Stock	1M	$11.50	Hydra LAC LLC	F1, F2
transaction	ENSC	Warrants	Award	$388K	+388K		$1.00	388K	Jun 30, 2021	Common Stock	388K	$11.50	Hydra Management LLC	F2, F3
transaction	ENSC	Warrants	Disposed to Issuer	$0	-250K	-64.45%	$0.00	138K	Jun 30, 2021	Common Stock	250K	$11.50	Hydra Management LLC	F2, F4

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

Explanation of Responses:

Id	Content
F1	Reflects warrants of Ensysce Biosciences, Inc., formerly known as Leisure Acquisition Corp. (the "Issuer"), which were acquired from the Issuer at a price of $1.00 per warrant (730,110 warrants by Mr. Weil at a cost of $730,110 and 1,000,000 warrants by Hydra LAC LLC (an entity affiliated with Mr. Weil) at a cost of $1,000,000) in a private placement that closed simultaneously with the closing of the Issuer's initial public offering which were later exchanged for warrants having the same terms, except that they are non-transferable other than to permitted transferees. Pursuant to the terms of the issuance, such warrants were not eligible to become exercisable unless the Issuer consummated its initial business combination which occurred on June 30, 2021. Mr. Weil served as the Issuer's Executive Chairman until the closing of the business combination.
F2	Mr. Weil is the managing member of Hydra LAC LLC and the sole member of Hydra Management LLC and disclaims beneficial ownership with respect to the securities except to the extent of his pecuniary interest therein.
F3	Reflects warrants acquired at a price of $1.00 per warrant upon the conversion of promissory notes of the Issuer held by Hydra Management LLC reflecting amounts loaned to the Issuer pursuant to the Issuer's expense advancement agreement, which were convertible into warrants at the holder's option. The warrants are on the same terms as the warrants described in note (1) above.
F4	Reflects warrants surrendered to the Issuer in connection with the Issuer's business combination pursuant to a warrant surrender agreement, for no consideration.