Document:

Exhibit
10.36(b)

 

EXCHANGE
AGREEMENT

 

Exchange
Agreement (the “Exchange Agreement”) dated this __ day of June, 2021 by and between Leisure Acquisition Corp. (the “Company”)
and [ ] (the “Warrantholder”)

 

WHEREAS,
the Warrantholder is the holder of Private Placement Warrants (as defined in the Warrant Agreement dated as of December 1, 2017 between
the Company and Continental Stock Transfer and Trust Company (the “Warrant Agreement’)) and/or other private warrants issued
or which will be issued by the Company at or prior to the consummation of the business combination by Ensysce Biosciences, Inc. which
have the same terms and conditions as the Private Placement Warrants issued pursuant to the Warrant Agreement (collectively, the “Old
Private Warrants”);

 

WHEREAS,
the Warrantholder desires to exchange all of its Old Private Warrants for newly issued Warrants in the form of the warrant certificate
(the “Warrant Certificate”) attached hereto as Exhibit A (the “New Private Warrants”) which shall have the same
terms and conditions as the Private Placement Warrants issued pursuant to the Warrant Agreement, except that the holder may not transfer,
assign or sell (a “Transfer”) the New Private Warrant, except for a Transfer to a “Permitted Transferee” (as
defined in the Warrant Agreement), to the extent permitted by the proviso to Section 2.6 of the Warrant Agreement.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree
as follows:

 

1.       Subject
to the terms and conditions of this Agreement, simultaneously herewith, the Company shall issue to Warrantholder, and Warrantholder agrees
to accept from the Company, New Private Warrants in exchange for, on a one-for-one basis, all of the Old Private Warrants held by the
Warrantholder, in each case as set forth on such Warrantholder’s signature page to this Agreement. Warrantholder hereby agrees
that, upon receipt by Warrantholder of its New Private Warrants in accordance with this Agreement, the Old Private Warrants previously
held by Warrantholder shall be deemed cancelled in connection therewith.

 

2.       The
Warrantholder hereby agrees to be bound by the transfer restrictions contained in Section 2 of the Warrant Agreement, as modified by
the terms of the Warrant Certificate. The Warrantholder agrees that, in accordance with the Warrant Agreement, as a condition to any
Transfer to a Permitted Transferee, the Permitted Transferee is required to agree to be bound by the transfer restrictions in the Warrant
Agreement, as modified by the Warrant Certificate.

 

3.       The
New Private Warrants shall be subject to the terms and conditions of the Warrant Agreement as if issued thereunder and governed thereby,
other than as expressly modified pursuant to the Warrant Certificate in the manner contemplated herein.

 

4.       The
validity, interpretation, and performance of this Exchange Agreement and of the New Private Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction.

 

    	 

    	 

    

 

5.       This
Exchange Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and shall become effective
when one or more counterparts have been signed by each party and delivered to each other party.

 

6.       This
Exchange Agreement shall be binding upon and inure to the benefit of the Company and the Warrantholder and their respective successors
and assigns.

 

7.       
Notwithstanding anything herein to the contrary, the Warrantholder hereby irrevocably waives any and all right, title, interest, causes
of action and claims of any kind or nature whatsoever (each, a “Claim”) in or to, and any and all right to seek payment of
any amounts due to it out of, the trust account established for the benefit of the public stockholders of the Company and into which
substantially all of the proceeds of the Company’s initial public offering were deposited (the “Trust Account”), and
hereby irrevocably waives any Claim it presently has or may have in the future as a result of, or arising out of, this Exchange Agreement
which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account,
and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies
or other assets in the Trust Account for any reason whatsoever.

 

8.       Warrantholder
agrees that any conversion warrants issued pursuant to the promissory notes issued pursuant to the Expense Advancement Agreement will
be in the form of the New Private Warrants.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Exchange Agreement to be duly executed as of the date first above written.

 

	 	LEISURE
    ACQUISITION CORP.
	 	 	 
	 	By	 
	 	Name:	George
    Peng
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	[  ]	 
	 	 	 
	Number
    of Old Private Warrants: [  ]	By	 
	Number
    of New Private Warrants: [  ]	Name:	
	 	Title:	

 

    	 

    	 

    

 

EXHIBIT
A

 

[Form
of Warrant Certificate]

 

[FACE]

 

Warrants

 

THIS
WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE EXPIRATION DATE (AS DEFINED BELOW)

LEISURE ACQUISITION CORP.

 

Incorporated
Under the Laws of the State of Delaware

 

Warrant
Certificate

 

This
Warrant Certificate certifies that [ ], or assigns, is the holder of [ ] warrant(s) evidenced hereby (the “Warrants”
and each, a “Warrant”) to purchase shares of common stock, par value $0.0001 per share (the “Common
Stock”), of Leisure Acquisition Corp., a Delaware corporation (the “Company”), on the terms set
forth herein. Each Warrant entitles the holder, upon exercise during the period set forth below, to receive from the Company that number
of fully paid and non-assessable shares of Common Stock as set forth below, at the exercise price (the “Exercise Price”)
determined as set forth below, payable in lawful money (or through “cashless exercise” as provided for in the
Warrant Agreement (as defined below)) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise
Price at the office or agency of the Company or of a warrant agent selected by the Company (the Company acting as warrant agent or such
warrant agent being referred to as the “Warrant Agent”).

 

The
Warrants shall have the same terms and conditions as the Private Placement Warrants issued pursuant to the Warrant Agreement dated as
of December 1, 2017 between the Company and Continental Stock Transfer and Trust Company (the “Warrant Agreement”), except
that the holder may not transfer, assign or sell (a “Transfer”) the Warrants, except for a Transfer to a “Permitted
Transferee” (as defined in the Warrant Agreement), to the extent permitted by the proviso to Section 2.6 of the Warrant
Agreement. Accordingly, subject to the exception in the prior sentence, while the Warrants are not issued under the Warrant Agreement
and the holder is not a Registered Holder under the Warrant Agreement, the terms and conditions of the Warrant Agreement applicable to
the Private Placement Warrants shall apply to the Warrants as if issued thereunder and governed thereby. Defined terms used in this Warrant
Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

For
avoidance of doubt, the foregoing transfer restrictions are applicable to transfers of the Warrants, but upon exercise of the Warrants,
the foregoing transfer restrictions are not applicable to the shares of Common Stock received by the holder(s) of the Warrants upon such
exercise.

 

Each
Warrant is initially exercisable for one fully paid and non-assessable share of Common Stock. The number of shares of Common Stock issuable
upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The
initial Exercise Price per share of Common Stock for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement.

 

Subject
to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent
not exercised by the end of such period, the Warrants shall become void. The “Exercise Period” shall be the period commencing
on the date that is thirty (30) days after the first date on which the Company completes a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”),
and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years after the date on which
the Company completes its Business Combination, or (y) the liquidation of the Company, or if the Company fails to consummate a Business
Combination (the “Expiration Date”).

 

Reference
is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall
for all purposes have the same effect as though fully set forth at this place.

 

This
Warrant Certificate shall not be valid unless signed by the Company.

 

This
Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York, without regard
to conflicts of laws principles thereof.

 

	Date:	 	 	 
	 	 	 	 
	 	 	 	LEISURE
    ACQUISITION CORP.
	 	 	 	 	                         
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

The
holder hereby accepts the Warrants and agrees to be bound by the transfer restrictions contained in Section 2 of the Warrant Agreement,
as modified by the terms of this Warrant Certificate. The holder agrees that, in accordance with the Warrant Agreement, as a condition
to any Transfer to a Permitted Transferee, the Permitted Transferee is required to agree to be bound by the transfer restrictions in
the Warrant Agreement, as modified by this Warrant Certificate.

 

	 	By:	
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

[Form
of Warrant Certificate]

 

[Reverse]

 

The
Warrants evidenced by this Warrant Certificate shall have the same terms and conditions as the Private Placement Warrants issued pursuant
to the Warrant Agreement as if issued thereunder and governed thereby, except as otherwise set forth in this Warrant Certificate, and
the Warrant Agreement is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities
of the Company, the Warrant Agent and the holder of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof
upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given
to them in the Warrant Agreement.

 

Warrants
may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this
Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon
properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless
exercise” as provided for in the Warrant Agreement) at the office of the Warrant Agent. In the event that upon any exercise
of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there
shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding
anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a
registration statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii)
a prospectus thereunder relating to the shares of Common Stock is current, except through “cashless exercise”
as provided for in the Warrant Agreement. For avoidance of doubt, the provisions of Section 7.4.1 of the Warrant Agreement (other than
those provisions that expressly apply only to the Public Warrants and not any other Warrants) shall apply to the Warrants evidenced hereby.

 

The
Warrant Agreement provides that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of
the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder
thereof would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to
the nearest whole number of shares of Common Stock to be issued to the holder of the Warrant.

 

Warrant
Certificates, when surrendered at the office of the Warrant Agent by the holder thereof in person or by legal representative or attorney
duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without
payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like
number of Warrants.

 

Upon
due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate
or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s)
in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any
tax or other governmental charge imposed in connection therewith.

 

The
Company and the Warrant Agent may deem and treat the holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the
holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company.

 

Election
to Purchase

 

(To
Be Executed Upon Exercise of Warrant)

 

    	 

    	 

    

 

The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive shares of Common
Stock and herewith tenders payment for such shares of Common Stock to the order of Leisure Acquisition Corp. (the
“Company”) in the amount of $ in accordance with the terms hereof. The undersigned requests that a
certificate for such shares of Common Stock be registered in the name of
                , whose address is
                       
and that such shares of Common Stock be delivered to                        , whose address is                          . If said number of shares of Common Stock is less than all
of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the
remaining balance of such shares of Common Stock be registered in the name of                   , whose address is                           , and that such Warrant Certificate
be delivered to                             , whose address is                              .

 

In
the event that the Warrant has been called for redemption by the Company pursuant to the terms of Section 6 of the Warrant Agreement
and the Company has required cashless exercise pursuant to the terms of Section 6.3 of the Warrant Agreement, the number of shares
of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant
Agreement.

 

In
the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement,
the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of
the Warrant Agreement.

 

In
the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number
of shares of Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant
Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement,
to receive shares of Common Stock. If said number of shares is less than all of the shares of Common Stock purchasable hereunder (after
giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of
such shares be registered in the name of , whose address is , and that such Warrant Certificate be delivered to , whose address is .

 

	Date:
    __________, 20__	 	(Signature)
	 	 	 
	 	 	(Address)
	 	 	 
	 	 	 
	 	 	(Tax
    Identification Number)

 

	Signature
    Guaranteed:	 	 
	 	 	 
	 	 	 

 

THE
SIGNATURE(S) SHOULD 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 (OR ANY SUCCESSOR RULE)).

 

    	 

    	 

    

 

EXHIBIT
B

 

LEGEND

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, THE SECURITIES REPRESENTED BY THIS
CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES
IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.Exhibit 10.37

 

THIS
NOTE HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAS
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY APPLICABLE STATE SECURITIES
LAWS. NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY BE SOLD OR OTHERWISE TRANSFERRED OR PLEDGED EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION OR EXCLUSION FROM THE
REGISTRATION REQUIREMENTS THEREUNDER AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

	NOTE
    SUMMARY
	 
	Maturity
    Date:	January
    28, 2023
	 	 
	Interest
    Rate:	10%
	 	 
	Interest
    Payable:	At
    maturity
	 	 
	Conversion
    Events:	● 	Automatic
    conversion on earlier of: (i) IPO; or (ii) Private Sale by Maker of at least $10 million of a single class of equity securities within
    a 12 month period (each a “Qualified Financing”)
	 	 	 
	 	●	Optional
    conversion, at election of Investor, at Maturity Date
	 	 	 
	Conversion
    Price:	●	Principal
    and interest convert into equity securities sold in a Qualified Financing at a conversion price equal to 80% of the price of securities
    sold in such Qualified Financing
	 	 	 
	 	●	On
    optional conversion, principal and interest convert into equity securities of the Maker at a price equal to the quotient of $200
    million divided by the aggregate number of outstanding shares of Maker’s common stock as of the Maturity Date (assuming full
    conversion of all convertible and exercisable securities then outstanding, other than the Notes)
	 	 	 
	Sale
    of Company Option:	In
    event of sale of the Maker, at Investor’s option: (i) the principal and all accrued interest owing on the note is converted,
    immediately prior to the sale, into common stock a price equal to the quotient of $200 million divided by the aggregate number of
    outstanding shares of Maker’s common stock as of immediately prior to the sale of Maker (assuming full conversion of all convertible
    and exercisable securities than outstanding, other than the Notes); or (ii) the Note is repayable in full at 125% of the principal
    owing on the Note plus all accrued and unpaid interest

 

    	1

     

    

 

	No.
    ENS-A-01	$50,000
    

 

ENSYSCE
BIOSCIENCES, INC.

 

10.0%
CONVERTIBLE PROMISSORY NOTE

 

Section
1. General.

 

FOR
VALUE RECEIVED, Ensysce Biosciences, Inc., a Delaware corporation (the “Maker”), hereby promises to
pay to the order of Feliciano Global Enterprises Inc. Hector Feliciano (managing partner), or its registered assigns (the “Investor”),
the principal sum of fifty thousand dollars ($50,000) together with interest thereon at a rate equal to 10% per annum, simple interest
computed on the basis of the actual number of days elapsed and a year of 365 days. Unless earlier repaid or converted in accordance with
the terms hereof, all unpaid principal together with any then unpaid and accrued interest shall be due and payable on January 28, 2023
(the “Maturity Date”); or (ii) when such amounts become due and payable as a result of, and following,
an Event of Default in accordance with Section 3. All payments required to be made hereunder, if any, shall be made in such coin or currency
of the United States of America as at the time of payment shall be legal tender therein for the payment of public and private debts.

 

Section
2. Prepayment.

 

Maker
may not prepay this Note prior to the Maturity Date without the consent of the Investor.

 

Section
3. Conversion.

 

(a)
Automatic Conversion. In the event that a Qualified Financing occurs on or before the earlier of (i) the Maturity Date; (ii) the
date of repayment in full of this Note; or (iii) a Company Sale, then the outstanding principal balance of, and all accrued and unpaid
interest on, this Note shall automatically convert in whole into shares of the class of securities sold by Maker in the Qualified Financing
at a conversion price equal to 80% of the price of securities sold in such Qualified Financing.

 

For
purposes hereof: (v) a “Qualified Financing” shall mean an IPO or Private Sale; (w) an “IPO”
shall mean an underwritten public offering of Maker common stock at a fixed price immediately after which Maker’s common stock
is listed on a U.S. national securities exchange; (x) a “Private Sale” shall mean the sale, in a transaction
exempt from registration under the Securities Act of 1933, by Maker of a single class of equity securities consisting of either common
stock or a series of preferred stock that is convertible into common stock, in which Maker receives, in a single closing or multiple
closings occurring within a twelve month period, at least $10 million in gross proceeds; (y) for purposes of determining the “gross
price per share at which such class of securities were sold” in a Private Sale” the weighted average price per share shall
be used if the subject securities are sold at other than a single fixed price per share; and (z) all securities issued by Maker pursuant
to (I) stock option or other employee benefit arrangements, or (II) the conversion or exercise of securities outstanding prior to the
making of this Note, shall be excluded in determining whether a Private Sale has occurred and shall similarly be excluded in calculation
of price per share in connection with any Private Sale.

 

(b)
Optional Conversion. In the event that a Qualified Financing is not consummated prior to the Maturity Date, then, at the election
of the Investor made at least five days prior to the Maturity Date, effective upon the Maturity Date, the outstanding principal balance
and any unpaid accrued interest under this Note shall be converted into shares of common stock of Maker at a conversion price equal to
the quotient of $200 million divided by the aggregate number of outstanding shares of Maker’s common stock as of the Maturity Date
(assuming full conversion of all convertible and exercisable securities then outstanding, other than the Notes).

 

    	2

     

    

 

(c)
Conversion Mechanics

 

(i)
Upon the closing of a Qualified Financing or, in the event of an optional conversion pursuant to Section 3(b) of this Note, on the Maturity
Date, (A) this Note, and all accrued interest thereon, shall be immediately and automatically converted into shares of Maker equity securities
as described in Section 3(a) or 3(b), as the context requires; (B) Maker shall promptly notify the Investor in writing, as the context
requires, of the occurrence of the Qualified Financing, the conversion of the Note, the calculation of the conversion price and the number
and nature of the securities received upon conversion; and (C) the Investor shall have no further rights under this Note other than the
right to receive the securities issuable upon conversion.

 

(ii)
No fractional shares of securities shall be issued upon conversion of this Note. Fractional shares otherwise issuable on conversion shall
be rounded up or down to the nearest whole number of shares based on normal rounding conventions. Upon conversion of this Note, the Investor
shall surrender this Note, duly endorsed, at the principal office of Maker. At its expense, Maker shall, as soon as practicable following
conversion pursuant to Section 3 issue and deliver to the Investor a certificate or certificates for the number of shares of securities
to which the Investor shall be entitled upon such conversion (bearing such legends as are required by applicable state and federal securities
laws in the opinion of counsel to Maker).

 

(iii)
Maker shall at all times reserve and keep available, out of its authorized but unissued shares of capital stock, solely for the purpose
of effecting the conversion of this Note, such number of its shares of its capital stock as shall from time to time be sufficient to
effect the conversion of this Note.

 

	 	EXAMPLE:	In
    the event that (1) Maker carries out an IPO of its common stock at $10 per share after which the common stock is listed on the New
    York Stock Exchange (or Maker raises at least $10 million in a Private Sale within a 12-month period), and (2) the Investor holds
    a Note in the principal amount of $200,000 and having $20,000 of accrued interest; then, immediately upon closing of the IPO (or
    upon receipt of $10 million from the Private Sale), the entire $220,000 owing under the Note will automatically convert into shares
    of common stock at a conversion price of $8.00 per share resulting in the issuance to the Investor of 27,500 shares of Maker common
    stock.

 

Section
4. Company Sale

 

(a)
Investor Option. In the event that a Company Sale occurs on or before the earlier of (i) the Maturity Date; (ii) the date of repayment
in full of this Note; or (iii) conversion of this Note pursuant to Section 3, then the Investor shall have the option, at its sole election,
to either:

 

(i)
Call (the “Call Option”) the Note for repayment at a price equal to the sum of (A) 125% of the principal
amount of the Note then owing, plus (B) all accrued and unpaid interest owing with respect to the Note (in aggregate, the “Call
Price”); or

 

    	3

     

    

 

(ii)
Convert (the “Company Sale Conversion Option”) the entire principal amount owing on the Note, together
with all accrued and unpaid interest on the Note, into common stock of Maker at a conversion price (the “Company Sale
Conversion Price”) equal to the quotient of $200 million divided by the aggregate number of outstanding shares of Maker’s
common stock as of immediately prior to the closing of the Company Sale (assuming full conversion of all convertible and exercisable
securities then outstanding, other than the Notes).

 

For
purposes hereof, a “Company Sale” shall mean (x) a sale by Maker of all or substantially all of its
assets; or (y) any merger or consolidation of Maker with or into any other entity (excluding any merger, consolidation or reorganization
in which the stockholders of Maker immediately prior to such transaction continue to hold at least a majority of the voting power of
the surviving entity in substantially the same proportion immediately after the transaction); or (z) any transaction or series of related
transactions to which Maker is a party in which in excess of 50% of Maker’s voting power is transferred; provided, however, that
a Company Sale shall not include any transaction or series of transactions principally for bona fide equity financing purposes in which
cash is received by Maker or indebtedness of Maker is cancelled or converted.

 

(b)
Company Sale Mechanics.

 

(i)
At least 5 business days prior to the anticipated closing of a Company Sale, Maker shall provide to the Investor written notice of such
proposed Company Sale, which notice shall include, (A) a description of the nature of the Company Sale, including but not limited to
a copy of written materials, if any, provided to other security holders of Maker in soliciting their approval of the Company Sale; (B)
a description of the securities or other property to be held by the Investor following the Company Sale in the event that the Investor
elects the Company Sale Conversion Option; and (C) the anticipated closing date (the “Company Sale Date”)
of the Company Sale.

 

(ii)
The Investor shall, at least 1 business day prior to the Company Sale Date, notify Maker as to whether it is electing the Call Option
or the Company Sale Conversion Option. In the event that the Investor fails to notify Maker of its election under Section 4(a), Maker
shall have the right and authority to select either of such options as it, in its sole discretion, shall choose, in which case, it shall
promptly notify the Investor of its election.

 

(iii)
If the Investor elects the Call Option (or if Maker elects the Call Option pursuant to Section 4(b)(ii)), prior to, and as a condition
of, closing of the Company Sale, Maker shall pay to the Investor the Call Price, upon payment of which this Note shall be deemed paid
in full and all rights of the Investor under this Note shall terminate.

 

(iv)
If the Investor elects the Company Sale Conversion Option (or if Maker elects the Company Sale Conversion Option pursuant to Section
4(b)(ii)), (A) immediately prior to, and as a condition of, closing of the Company Sale, the principal amount owing under this Note,
together with all accrued and owing interest on this Note, shall be converted into shares of common stock of Maker at the Company Sale
Conversion Price; (B) upon closing of the Company Sale, the Investor shall (x) be entitled to such rights as may accrue to the holders
of common stock of Maker in the Company Sale; and (y) have no further rights under this Note.

 

(v)
The provisions of Sections 3(c)(ii) and (iii) shall apply to Section 4.

 

(vi)
As a condition of the Investor’s purchase of this Note, Maker shall include in any agreement pertaining to a proposed Company Sale
a requirement that the surviving company of such transaction will assume the conversion obligations under this Note and reserve and keep
available, out of its authorized but unissued shares of capital stock, solely for the purpose of effecting the conversion of this Note,
such number of shares of its capital stock as shall from time to time be sufficient to effect the conversion of this Note.

 

    	4

     

    

 

Section
5. Defaults.

 

(a)
Events of Default. The occurrence of any of the following shall constitute an “Event of Default”
under this Note:

 

(i)
Maker shall fail to pay (i) when due any principal or interest payment hereof on the due date hereunder; or (ii) any other payment required
under the terms of this Note on the date due and such payment shall not have been made within five (5) days of Maker’s receipt
of Investor’s written notice to Maker of such failure to pay; or

 

(ii)
Maker shall fail to observe or perform any other covenant, obligation, condition or agreement contained in this Note (other than those
specified in Section 5(a)) and such failure shall continue for ten (10) days after written notice thereof is delivered to Maker; or

 

(iii)
Maker shall (A) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial
part of its property; (B) be unable, or admit in writing its inability, to pay its debts generally as they mature; (C) make a general
assignment for the benefit of its or any of its creditors; (D) be dissolved or liquidated in full or in part; (E) commence a voluntary
case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession
of its property by any official in an involuntary case or other proceeding commenced against it; or (F) take any action for the purpose
of effecting any of the foregoing; or

 

(iv)
Proceedings for the appointment of a receiver, trustee, liquidator or custodian of Maker or of all or a substantial part of the property
thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to Maker or the
debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief
entered or such proceeding shall not be dismissed or discharged within thirty (30) days of commencement.

 

(b)
Rights Of Investor Upon Default. Upon the occurrence or existence of any Event of Default (other than an Event of Default referred
to in Sections 5(a)(iii) or (iv) hereof) and at any time thereafter during the continuance of such Event of Default, the Investor may,
by written notice to Maker, declare all outstanding amounts payable by Maker hereunder to be immediately due and payable without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary
notwithstanding. Upon the occurrence or existence of any Event of Default described in Sections 5(a)(iii) or (iv) hereof, immediately
and without notice, all outstanding amounts payable by Maker hereunder shall automatically become immediately due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to
the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default, the Investor
may exercise any other right, power or remedy permitted to it by law, either by suit in equity or by action at law, or both.

 

    	5

     

    

 

Section
6. Ranking.

 

This
Note is one of a series of Convertible Promissory Notes having substantially identical terms to those set forth herein, and bearing the
designation “CS-A-#” (each such Note being a “Note” and, collectively, the “Notes”).
Each of the Notes is an unsecured general obligation of Maker.

 

Section
7. Amendments.

 

This
Note may not be amended without the express written consent of both Maker and Investors holding a majority in outstanding principal amount
of all then outstanding Notes (excluding Notes held by Ensysce).

 

Section
8. Governing Law.

 

This
Note is made and delivered in, and shall be governed by and construed in accordance with the laws of the State of California (without
giving effect to principles of conflicts of laws of the State of California or any other state). Any action to enforce the terms of this
Note shall be exclusively brought in the state and/or federal courts in San Diego County, California.

 

Section
9. Notices.

 

Any
and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of (a) the day of transmission, if such transmission (i) is by means of email; (ii) is completed
on or before 5:00 p.m. (Eastern time); and (iii) is emailed to the address specified in this Section; (b) the next Business Day after
the date of transmission, if such notice (i) is by means of email; (ii) is completed (A) on a day that is not a Business Day; or (B)
later than 5:00 p.m. (Eastern time) on any Business Day; and (iii) is emailed to the addressed specified in this Section; (c) the Business
Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service with next day delivery specified;
or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as follows:

 

	If
    to Maker:	Ensysce
                                            Biosciences, Inc.

    6019
    Folsom Dr.

    La
    Jolla, California 92037

    Attn:
    Dr. Lynn Kirkpatrick

    Email:
    lkirkpatrick@ensysce.com

	 	 
	If
    to an Investor:	To
    the Investors address set forth on the signature page hereof 

 

or
such other address as may be designated in writing hereafter, in the same manner, by such person.

 

Section
10. Successors and Assigns.

 

The
rights and obligations of Maker and the Investor under this Note shall be binding upon and benefit the successors, assigns, heirs, administrators
and transferees of the parties. Except as otherwise provided for herein, notwithstanding the foregoing, neither this Note nor any of
the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in part, by (i) Maker,
without the prior written consent of the Investor; or (ii) by the Investor without the prior written consent of Maker and subject to
compliance with applicable federal and state securities laws, including such reasonable requirements as may be determined by counsel
to Maker.

 

Section
11. No Rights of Stockholders.

 

Except
as otherwise provided herein, this Note shall not entitle the Investor to any of the rights of a stockholder of Maker, including without
limitation, the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of stockholders
or any other proceedings of Maker, unless and to the extent converted into shares of stock in accordance with the terms hereof.

 

Section
12. Entire Agreement.

 

This
Note constitutes the full and entire understanding and agreement between the parties with regard to the subjects hereto and thereof.

 

    	6

     

    

 

IN
WITNESS WHEREOF, Maker has caused this Note to be duly executed by its duly authorized officer as of the date indicated below.

 

	Date:
    January 28, 2021	ENSYSCE
    BIOSCIENCES, INC.
	 	 	 
	 	By:	/s/
    Lynn Kirkpatrick
	 	Name:	Dr.
    Lynn Kirkpatrick
	 	Title:	Chief
    Executive Officer

 

	Note
    No.	 	ENS-A-01	 
	Amount:	 	$50,000	 
	Investor
    Name:	 	Feliciano
    Global Enterprises Inc.	 
	Address:	 	 	 
	 	 	 	 
	Telephone
    No.:	 	 	 
	Email:	 	 	 

 

    	7

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