EXHIBIT
4.1


 


NUMBER UNITS


U-[●]


 


SEE REVERSE FOR CERTAIN


DEFINITIONS


 


CUSIP [•]


 


LEISURE ACQUISITION CORP.


 


UNITS CONSISTING OF ONE SHARE OF COMMON
STOCK AND ONE-HALF OF ONE WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK


 


THIS CERTIFIES THAT                                         is
the owner of                     Units.


 


Each Unit (“Unit”) consists of one
(1) share of common stock, par value $0.0001 per share (“Common Stock”), of Leisure Acquisition
Corp., a Delaware corporation (the “Company”), and one-half (1/2) of one warrant (each whole warrant,
a “Warrant”). Each whole Warrant entitles the holder to purchase one (1) share (subject to
adjustment) of Common Stock for $11.50 per share (subject to adjustment). Each Warrant will become exercisable on the later
of (i) thirty (30) days after the Company’s completion of a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or other similar business combination with one or more businesses (each a “Business
Combination”), or (ii) twelve (12) months from the closing of the Company’s initial public offering,
and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on
which the Company completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration
Date”). The Common Stock and Warrants comprising the Units represented by this certificate are not transferable
separately prior to                , 2018, unless Morgan Stanley & Co. LLC elects to allow separate trading earlier, subject to the Company’s
filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting
the Company’s receipt of the gross proceeds of the offering and issuing a press release announcing when separate trading
will begin. The terms of the Warrants are governed by a Warrant Agreement, dated as of                , 2017, between the Company and Continental
Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of
which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement
are on file at the office of the Warrant Agent at One State Street, 30th Floor, New York, New York 10004, and are
available to any Warrant holder on written request and without cost.


 


This certificate is not valid unless countersigned
by the Transfer Agent and Registrar of the Company.


 


This certificate shall be governed by and
construed in accordance with the internal laws of the State of New York.


 


Witness the facsimile signature of its
duly authorized officers.


 


	 	 	 	 	 
	Secretary	 	 	 	Chief Executive Officer


 




     


     


    

 


LEISURE ACQUISITION CORP.


 


The Company will furnish without charge
to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights.


 


The following abbreviations, when used
in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:


 


	TEN COM	—	as tenants in common	UNIF GIFT MIN ACT	—	 	Custodian
	 	 	 	 	 	 	 
	TEN ENT	—	as tenants by the entireties	 	 	(Cust)
	 	 	 	 	 	(Minor)
	 	 	 	 	 	Under Uniform Gifts to Minors
	 	 	 	 	 	 
	JT TEN	—	as joint tenants with right	 	 	 
	 	 	of survivorship and not as	 	 	Act ______
	 	 	tenants in common	 	 	(State)	 


 


Additional abbreviations may also be used
though not in the above list.


 


For value received,              hereby
sell, assign and transfer unto                 


 


PLEASE INSERT SOCIAL SECURITY OR


OTHER


IDENTIFYING NUMBER OF ASSIGNEE


 


	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	 


 


                                        Units
represented by the within Certificate, and do hereby irrevocably constitute and appoint


 


                                                                     Attorney
to transfer the said Units on the books of the within named Corporation with full power of substitution in the premises.


 


Dated                     


 





 



 


	 	 	 
	 	 	Notice:  The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.


 




     


     


    

 


	Signature(s) Guaranteed:	 	 
	 	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).	 	 


 


In each case, as more fully described in the Company’s
final prospectus dated                , 2017, the holder(s)
of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust account established in connection
with the Company’s initial public offering only in the event that the Company redeems the shares of Common Stock sold in
such initial public offering and liquidates because the Company does not consummate an initial business combination by                ,
2019 (subject to extension to               , 2020 if
the Corporation has entered into a letter of intent for a business combination by                ,
2019) or if the holder(s) seek(s) to redeem for cash his, her or its respective shares of Common Stock in connection with a tender
offer (or proxy solicitation, solely in the event the Company seeks stockholder approval of the proposed initial business combination)
setting forth the details of a proposed initial business combination. In no other circumstances shall the holder(s) have any right
or interest of any kind in or to the trust account.