Document:

Exhibit
4.5

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION (“SEC”) OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR REASONABLY ACCEPTABLE TO THE COMPANY.

 

COMMON
STOCK PURCHASE WARRANT

 

To
Purchase 100,000 Shares of Common Stock of

 

ENSYSCE
BIOSCIENCES, INC.

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) CERTIFIES that, pursuant to the terms of that certain Warrant
Issuance Agreement (the “Issuance Agreement”) and for value received, PAUL VEZOLLES (the “Holder”),
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, to subscribe
for and purchase from ENSYSCE BIOSCIENCES, INC., a corporation incorporated in the State of Delaware (the “Company”),
up to 100,000 shares (the “Warrant Shares”) of Common Stock, par value $0.000025 per share, of the Company
(the “Common Stock”). The purchase price of one share of Common Stock (the “Exercise Price”) under
this Warrant shall be $0.20. The Exercise Price and the number of Warrant Shares for which the Warrant is exercisable shall be
subject to adjustment as provided herein.

 

1.
Title to Warrant. Prior to the Termination Date and subject to compliance with applicable laws and Section 7 of this Warrant,
this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Company by the Holder
in person or by duly authorized attorney, upon surrender of this Warrant together with the Assignment Form annexed hereto properly
endorsed. The transferee shall sign an investment letter in form and substance reasonably satisfactory to the Company.

 

2.
Authorization of Shares. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase
rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other
than taxes in respect of any transfer occurring contemporaneously with such issue).

 

3.
Term. This Warrant shall be exercisable on or before 5:00 P.M. Pacific Time on August 9, 2029 (the “Termination Date”).

 

    	 

    	 

    

 

4.
Exercise of Warrant.

 

(a)
Exercise of the purchase rights represented by this Warrant may be made at any time or times on or before the Termination Date
by delivery to the Company of (i) a duly executed copy of the Notice of Exercise Form annexed hereto; (ii) this Warrant; and (iii)
payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United
States bank. Certificates for shares purchased hereunder shall be delivered to the Holder within five business days from the delivery
to the Company of items (i)-(iii) above.

 

(b)
If this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant
Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

5.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share that Holder would otherwise be entitled to purchase upon such exercise, the Company
shall pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price.

 

6.
Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for
any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses
shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other
than the name of the Holder, thiS Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse
it for any transfer tax incidental thereto.

 

7.
Closing of Books. The Company will not close its stockholder books or records in any manner that prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

8.
Transfer. Division and Combination.

 

(a)
Subject to compliance with any applicable securities laws and the conditions set forth in Section 1, this Warrant and all rights hereunder
are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and
funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment,
the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not
so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the
purchase of Warrant Shares without having a new Warrant issued.

 

    	2

    	 

    

 

(b)
This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its
agent or attorney. Subject to compliance with Section 8(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined
in accordance with such notice.

 

(c)
The Company shall prepare, issue and deliver at its own expense (other than transfer taxes) the new Warrant or Warrants under
this Section 8.

 

(d)
The Company agrees to maintain, at its aforesaid office, books for the registration and the registration of transfer of the Warrants.
The Holder may change its address as shown on the registration by written notice to the Company requesting such change.

 

(e)
If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant
shall not be registered pursuant to an effective registration statement under the Securities Act and under applicable state securities
or blue sky laws, the Company may require, as a condition of allowing such transfer (i) that the Holder or transferee of this
Warrant, as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance and
scope customary for opinions of counsel in comparable transactions and reasonably acceptable to the Company) to the effect that
such transfer may be made without registration under the Securities Act and under applicable state securities or blue sky laws,
(ii) that the holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to
the Company and (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under
the Securities Act. Notwithstanding anything herein to the contrary, the Holder shall have the absolute and unconditional right
to assign this Warrant, in part or in whole, to is officer, directors and employees.

 

9.
Limitation of Liability. No provision hereof, in the absence of affirmative action by Holder to purchase shares of Common
Stock, and no enumeration herein of the rights or privileges of Holder hereof, shall give rise to any liability of such Holder
for the purchase price of any Common Stock or as a stockholder of Company, whether such liability is asserted by Company or by
creditors of Company.

 

10.
No Rights as Shareholder until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights
as a shareholder of the Company prior to the exercise hereof. Upon the surrender of this Warrant and the payment of the aggregate
Exercise Price, the Warrant Shares so purchased shall be and be deemed to be issued to such Holder as the record owner of such
shares as of the close of business on the later of the date of such surrender or payment.

 

    	3

    	 

    

 

11.
Piggyback Registration Rights.

 

(a)
The Company covenants and agrees with any holder of the Warrants or Warrant Shares (the “Registrable Securities”)
that if, at any time within the period commencing on the date hereof and ending on the Termination Date, it proposes to file
a registration statement with respect to any class of equity or equity-related security (other than in connection with an offering
to the Company’s employees or in connection with an acquisition, merger or similar transaction) under the Securities Act
in a primary registration on behalf of the Company and/or in a secondary registration on behalf of holders of such securities
and the registration form to be used may be used for registration of the Registrable Securities, the Company will give prompt
written notice (which, in the case of a registration statement pursuant to the exercise of demand registration rights shall be
within ten (10) business days after the Company’s receipt of notice of such exercise and, in any event, shall be at least
30 days prior to such filing) to the holders of Registrable Securities at the addresses appearing on the records of the Company
of its intention to file a registration statement and will offer to include in such registration statement all, but not less than
20% of the Registrable Securities, subject to paragraphs (i) and (ii) of this Section 11(a), such number of Registrable Securities
with respect to which the Company has received written requests for inclusion therein within ten (10) days after the giving of
notice by the Company. All registrations requested pursuant to this Section 11(a) are referred to herein as “Piggyback
Registrations”. All Piggyback Registrations pursuant to this Section 11 will be made solely at the Company’s expense.
This Section is not applicable to a registration statement filed by the Company on Forms S-4 or S-8 or any successor forms.

 

(i)
Priority on Primary Registrations. If a Piggyback Registration includes an underwritten primary registration on behalf
of the Company and the underwriter(s) for such offering determines in good faith and advises the Company in writing that in its/their
opinion the number of Registrable Securities requested to be included in such registration exceeds the number that can be sold
in such offering without materially adversely affecting the distribution of such securities by the Company, the Company will include
in such registration (A) first, the securities that the Company proposes to sell and (B) second, the Registrable Securities requested
to be included in such registration, apportioned pro rata among the holders of the Registrable Securities and holders of other
securities requesting registration.

 

(ii)
Priority on Secondary Registrations. If a Piggyback Registration consists only of an underwritten secondary registration
on behalf of holders of securities of the Company, and the underwriter(s) for such offering advises the Company in writing that
in its/their opinion the number of Registrable Securities requested to be included in such registration exceeds the number which
can be sold in such offering without materially adversely affecting the distribution of such securities, the Company will include
in such registration (A) first, the securities requested to be included therein by the holders requesting such registration, and
(B) second, the Registrable Securities requested to be included in such registration and securities of holder of other securities
requested to be included in such registration statement, pro rata among all such holders on the basis of the number of shares
requested to be included by each such holder, provided, however, the Company will use its best efforts to include not less than
20% of the Registrable Securities.

 

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Notwithstanding
the foregoing, if any such underwriter shall determine in good faith and advise the Company in writing that the distribution of
the Registrable Securities requested to be included in the registration concurrently with the securities being registered by the
Company would materially adversely affect the distribution of such securities by the Company, then the holders of such Registrable
Securities shall delay their offering and sale for such period ending on the earliest of (1) 90 days following the effective date
of the Company’s registration statement, (2) the day upon which the underwriting syndicate, if any, for such offering shall
have been disbanded or, (3) such date as the Company, managing underwriter and holders of Registrable Securities shall
otherwise agree. In the event of such delay, the Company shall file such supplements, post-effective amendments and take any such
other steps as may be necessary to permit such holders to make their proposed offering and sale for a period of 120 days immediately
following the end of any such period of delay. If any party disapproves the terms of any such underwriting, it may elect to withdraw
therefrom by written notice to the Company, the underwriter, and the holder. Notwithstanding the foregoing, the Company shall
not be required to file a registration statement to include shares pursuant to this Section 11 if independent counsel, reasonably
satisfactory to the Company, renders an opinion to the Company that the Registrable Securities proposed to be disposed of may
be transferred pursuant to the provisions of Rule 144 under the Securities Act or otherwise without registration under the Securities
Act.

 

(b)
In connection with the registration of Registrable Securities hereunder, the Company agrees to (i) bear the expenses of any registration;
provided, however, that in no event shall the Company be obligated to pay (A) any fees and disbursements of special counsel for
holders of Registrable Securities, (B) any underwriters’ discount or commission in respect of such Registrable Securities,
and (C) any stock transfer taxes attributable to the sale of the Registrable Securities; (ii) use its best efforts to register
or qualify the Registrable Securities for offer or sale under state securities or Blue Sky laws of such jurisdictions in which
such holders shall reasonably request, provided, however, that no qualification shall be required in any jurisdiction where, as
a result thereof, the Company would be subject to service of general process or to taxation as a foreign corporation doing business
in such jurisdiction to which it is not then subject; and (iii) enter into a cross-indemnity agreement, in customary form, with
each underwriter, if any, and each holder of securities included in such registration statement.

 

(c)
The Company’s obligations under this Section 11 shall be conditioned upon a timely receipt by the Company in writing of:
(i) information as to the terms of such public offering furnished by or on behalf of each holder of Registrable Securities intending
to make a public offering of his, her or its Registrable Securities, and (ii) such other information as the Company may reasonably
require from such holders, or any underwriter for any of them, for inclusion in such registration statement

 

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12.
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

13.
Saturdays, Sundays Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be
exercised on the next succeeding day not a Saturday, Sunday or legal holiday.

 

14.
Stock Splits. The number and kind of securities purchasable upon the exercise of this Warrant and the Exercise Price shall
be subject to adjustment from time to time upon the happening of any of the following. In case the Company shall (i) pay a dividend
in shares of Common Stock or make a distribution in shares of Common Stock to holders of its outstanding Common Stock, (ii) subdivide
its outstanding shares of Common Stock into a greater number of shares, (iii) combine its outstanding shares of Common Stock into
a smaller number of shares of Common Stock, or (iv) issue any shares of its capital stock in a reclassification of the Common
Stock, then the number of Warrant Shares purchasable upon exercise of this Warrant immediately prior thereto shall be adjusted
so that the Holder shall be entitled to receive the kind and number of Warrant Shares or other securities of the Company which
it would have owned or have been entitled to receive had such Warrant been exercised in advance thereof. Upon each such
adjustment of the kind and number of Warrant Shares or other securities of the Company which are purchasable hereunder, the Holder
shall thereafter be entitled to purchase the number of Warrant Shares or other securities resulting from such adjustment at an
Exercise Price per Warrant Share or other security obtained by multiplying the Exercise Price in effect immediately prior to such
adjustment by the number of Warrant Shares purchasable pursuant hereto immediately prior to such adjustment and dividing by the
number of Warrant Shares or other securities of the Company resulting from such adjustment. An adjustment made pursuant to this
paragraph shall become effective immediately after the effective date of such event retroactive to the record date, if any, for
such event.

 

    	6

    	 

    

 

15.
Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets. In case the Company shall reorganize
its capital, reclassify its capital stock, consolidate or merge with or into another corporation (where the Company is not the
surviving corporation or where there is a change in or distribution with respect to the Common Stock of the Company), or sell,
transfer or otherwise dispose of its property, assets or business to another corporation and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor or acquiring corporation,
or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription
or purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation (“Other Property”),
are to be received by or distributed to the holders of Common Stock of the Company, then the Holder shall have the right thereafter
to receive upon exercise of this Warrant, the number of shares of Common Stock of the successor or acquiring corporation or of
the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization, reclassification,
merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization, reclassification, merger, consolidation or disposition of
assets, the successor or acquiring corporation (if other than the Company) shall expressly assume the due and punctual observance
and performance of each and every covenant and condition of this Warrant to be performed and observed by the Company and all the
obligations and liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined in good faith
by resolution of the Board of Directors of the Company) in order to provide for adjustments of Warrant Shares for which this Warrant
is exercisable which shall be as nearly equivalent as practicable to the adjustments provided for in this Section 15. For purposes
of this Section 15, “common stock of the successor or acquiring corporation” shall include stock of such corporation
of any class which is not preferred as to dividends or assets over any other class of stock of such corporation and which is not
subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible
into or exchangeable for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified
event and any warrants or other rights to subscribe for or purchase any such stock. The foregoing provisions of this Section 15
shall similarly apply to successive reorganizations, reclassifications, mergers, consolidations or disposition of assets.

 

16.
Notice of Adjustment. Whenever the number of Warrant Shares or number or kind of securities or other property purchasable
upon the exercise of this Warrant or the Exercise Price is adjusted, as herein provided, the Company shall give notice thereof
to the Holder, which notice shall state the number of Warrant Shares (and other securities or property) purchasable upon the exercise
of this Warrant and the Exercise Price of such Warrant Shares (and other securities or property) after such adjustment, setting
forth a brief statement of the facts requiring such adjustment and setting forth the computation by which such adjustment was
made.

 

17.
Authorized Shares. The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized
and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of
any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates
for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable
action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable
law or regulation, or of any requirements of the trading market upon which the Common Stock may be listed.

 

18.
Miscellaneous.

 

(a)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the substantive laws of the State of California without giving effect to any choice or conflict
of law provision or rule. Any legal action or proceeding with respect to this Warrant may be brought in the courts of the State
of California and the United States of America located in the City of San Diego, California, U.S.A. and, by execution and/or acceptance
of this Warrant, the parties hereto accept the jurisdiction of the aforesaid courts and irrevocably waive any objection, including,
without limitation, any objection to the venue or based on the grounds of forum non conveniens, which it may now or hereafter
have to the bringing of any such action or proceeding in such respective jurisdictions.

 

    	7

    	 

    

 

(b)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
will have restrictions upon resale imposed by state and federal securities laws.

 

(c)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding all
rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision
of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be
sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of
appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights,
powers or remedies hereunder.

 

(d)
Notices. All notices, demands and requests of any kind to be delivered to any party in connection with this Warrant shall
be in writing and shall be deemed to have been duly given if personally delivered or if sent by internationally-recognized overnight
courier or by registered or certified mail, return receipt requested and postage prepaid, addressed as follows:

 

	 	if
    to the Company, to:	Ensysce
                                         Biosciences, Inc.

        3210
        Merryfield Row

        San
        Diego, CA 92121

        Attn:
        President

	 	 	 
	 	if
    to the Holder, to:	the
    address of the Holder(s) appearing in the Company’s records from time to time

 

or
to such other address as the party to whom notice is to be given may have furnished to the other parties to this Warrant in writing
in accordance with the provisions of this Section 18(d). Any such notice or communication shall be deemed to have been received
(i) in the case of personal delivery, on the date of such delivery, (ii) in the case of internationally-recognized overnight courier,
on the next business day after the date when sent, and (iii) in the case of mailing, on the third business day following that
on which the piece of mail containing such communication is posted.

 

(e)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive the defense in any action for specific performance that a remedy at law would be adequate.

 

    	8

    	 

    

 

(f)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be
enforceable by any such Holder or holder of Warrant Shares.

 

(g)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company and the Holder.

 

(h)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provisions or the remaining provisions of this Warrant.

 

(i)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant

 

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IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized.

 

Dated:
Aug 13, 2019

 

	 	 	ENSYSCE BIOSCIENCES, INC.
	 	 	 	 
	 	 	By:
    	/s/
    Lynn Kirkpatrick
	 	 	Name:	Dr.
    Lynn Kirkpatrick
	 	 	Title:	President

 

    	10

    	 

    

 

NOTICE
OF EXERCISE

 

	To:	Ensysce Biosciences, Inc.

 

(1)
The undersigned hereby elects to purchase ____ Warrant Shams of Ensysce Biosciences, Inc. pursuant to the terms of the attached
Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable
transfer taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

	 	[  ]	cashier’s
    check (enclosed herewith); or
	 	 	 
	 	[  ] 	wire
    transfer.

 

(3)
Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name
as is specified below:

 

The
Warrant Shares shall be delivered to the following:

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the
Securities Act of 1933, as amended.

 

	 	[PURCHASER]
	 	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Dated:	 

 

    	11

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to ___________ whose address is __________________________________

 

Dated: ____________________________________________

 

	 	Holder’s
    Signature:	 
	 	 	 
	 	Holder’s
    Address:	 
	 	 	 
	 	 	 

 

Signature
Guaranteed: ___________________________________________

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

 

    	12Exhibit
4.6

 

INVESTOR
RIGHTS AGREEMENT

 

This
Investor Rights Agreement (this “Agreement”) is dated as of the date indicated on the signature
pages, by and among Ensysce Biosciences, Inc., a Delaware corporation (“Ensysce”), and each person
identified on the signature pages hereto (each, including its successors and assigns, an “Investor”
and collectively, the “Investors”).

 

RECITALS

 

A.
Ensysce and the Investors entered into Securities Purchase Agreements (the “SPA”) to issue and
sell up to $2,000,000 of convertible promissory notes (the “Convertible Notes”).

 

B.
As a condition of closing the transactions described in the SPA, Ensysce agreed to enter into this Agreement granting certain
investment rights to the Investors.

 

NOW,
THEREFORE, IN CONSIDERATION of the premises and the mutual promises, representations, warranties, covenants, conditions and agreements
contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
Ensysce and the Investors hereby agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms shall have the meanings indicated in this Section 1.1:

 

“Applicable
Participating Right Financing” means the offer and sale, during the Participation Right Period, of New Securities
by Ensysce or, after a Reverse Merger, the Company.

 

“Company”
means (A) prior to a Going Public Transaction, Ensysce and (B) on and following a Going Public Transaction, the Public Company.

 

“Going
Public Transaction” means (A) an initial public offering (the “IPO”) of common
stock by Ensysce, or (B) a merger, acquisition, reorganization or similar transaction (a “Reverse Merger”)
that results in the holders of Ensysce common stock holding Listed Shares of the Public Company.

 

“Investors”
has the meaning set forth in the introductory paragraph hereof and includes all Successor Investors.

 

“Listed
Shares” means shares of equity securities of the Public Company that are traded on a recognized U.S. securities
trading market or exchange.

 

    	 

    	 

    

 

“New
Securities” means any debt securities or capital stock (including common stock and/or preferred stock) of the
Company whether now authorized or not, and rights, convertible securities, options or warrants to purchase such capital stock,
and securities of any type whatsoever that are, or may become, exercisable or convertible into capital stock; provided that the
term “New Securities” does not include (i) the Convertible Notes and securities issuable on conversion of the Convertible
Notes; (ii) securities issued or issuable to officers, employees, directors, consultants and service providers of the Company
(or any subsidiary) pursuant to stock grants, options plans, purchase plans, agreements or other employee stock incentive programs
or arrangements approved by the board of directors of the Company; (iii) securities issued pursuant to the conversion or exercise
of warrants or any outstanding convertible or exercisable securities as of the date of this Agreement; (iv) securities issued
pursuant to a bona fide, firmly underwritten public offering pursuant to a registration statement filed under the Securities Act;
(v) securities issued or issuable pursuant to the acquisition of another entity by merger, purchase of substantially all of the
assets or other reorganization or to a joint venture agreement; provided that such issuances are approved by the board of directors
of the Company; and (vi) securities issued for goods or services, including but not limited to securities issued to banks, equipment
lessors or other financial institutions pursuant to a commercial leasing or debt financing transaction, securities issued for
research, licenses, manufacturing, marketing or similar services or arrangements or for other goods and services; provided that
such issuances are approved by the board of directors of the Company.

 

“Participation
Right Period” means the period (a) beginning on closing of the sale of the Convertible Notes and (b) ending
on the earlier of (i) twelve months from closing of the sale of the Convertible Notes, or (ii) completion of a Public Company
Initial Financing.

 

“Pro
Rata Share” means, with respect to any Investor, the ratio of (a) the principal amount of Convertible Notes
purchased by such Investor pursuant to the SPA to (b) the total principal amount of all Convertible Notes purchased by all Investors
pursuant to the SPAs; provided that, for purposes of the Overallotment Right, the total principal amount of all Convertible Notes,
under (b) above, shall be limited to Convertible Notes held by Fully Exercising Investors.

 

“Public
Company” means (A) in the case of an IPO, Ensysce; and (B) in the case of a Reverse Merger, the party to the
Reverse Merger whose shares are issued in the Reverse Merger and which shares comprise Listed Shares.

 

“Public
Company Initial Financing” means the offer and sale by the Company, after a Going Public Transaction, in a single
transaction or multiple related transactions on identical terms, for cash, of at least $20,000,000 of New Securities.

 

“ROFR
Period” means the period beginning immediately after closing of a Going Public Transaction and ending on the
ROFR Termination Date.

 

“ROFR
Termination Date” means the earlier of (i) the failure of the Investors to exercise in full the ROFR with respect
to any ROFR Eligible Financing; provided that such failure shall not constitute a ROFR Termination Date if the Company fails to
sell the balance of the New Securities offered in said Proposed Financing to third-party purchasers in the manner described in
Section 3.2(b), or (ii) one year following the closing of a Going Public Transaction.

 

    	2

    	 

    

 

“ROFR
Eligible Financing” means the offer and sale, during the ROFR Period, of New Securities by the Company.

 

“Successor
Investor” means any direct transferee from an Investor of Convertible Notes.

 

1.2
Other Definitions. Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the SPA.

 

ARTICLE
II.

PARTICIPATION RIGHT

 

2.1
Grant. Ensysce hereby grants to each Investor the right to purchase (the “Participation Right”)
up to its Pro Rata Share of New Securities which Ensysce or the Company may, from time to time, propose to sell and issue in any
Applicable Participating Right Financing commenced during the Participation Right Period.

 

2.2
Exercise of Participation Right. If, and each time during the Participation Rights Period, Ensysce or the Company proposes
to undertake an Applicable Participation Right Financing, Ensysce or the Company, as appropriate, shall give each Investor written
notice of its intention, describing the type of New Securities and their price and general terms upon which Ensysce or the Company
proposes to issue the same. Each Investor shall have ten (10) calendar days after any such notice is mailed or delivered to agree
to purchase, and purchase, up to such Investor’s Pro Rata Share of such New Securities for the price and on the terms specified
in the notice by giving written notice to Ensysce or the Company, as appropriate, in substantially the form attached hereto as
Exhibit A, and stating the quantity of New Securities to be purchased.

 

ARTICLE
III.

RIGHT OF FIRST REFUSAL

 

3.1
Grant. Ensysce hereby grants to each Investor the right of first refusal (the “ROFR”)
to purchase its Pro Rata Share of New Securities which the Company may, from time to time, propose to sell and issue in a ROFR
Eligible Financing.

 

3.2
Exercise of ROFR. (a) If, and each time during the ROFR Period, the Company proposes to undertake a ROFR Eligible Financing,
it shall give each Investor written notice of its intention, describing the type of New Securities and their price and general
terms upon which the Company proposes to issue the same. Each Investor shall have twenty (20) calendar days after any such notice
is mailed or delivered to agree to purchase, and purchase, such Investor’s Pro Rata Share of such New Securities for the
price and on the terms specified in the notice by giving written notice to the Company, in substantially the form attached hereto
as Exhibit A, and stating the quantity of New Securities to be purchased. In the event that some, but not all, Investors
elect to fully exercise the ROFR, at the expiration of such twenty (20) day period, the Company shall promptly notify each Investor
that elected to fully exercise the ROFR (each, a “Fully Exercising Investor”) of any other Investor’s
failure to fully exercise the ROFR. During the ten (10) calendar period commencing after the Company has given such notice, each
Fully Exercising Investor may, by giving notice to the Company, elect to purchase (the “Overallotment Right”),
in addition to the number of shares specified above, up to their Pro Rata Share of the New Securities for which Investors were
entitled to subscribe pursuant to the ROFR but that were not subscribed.

 

    	3

    	 

    

 

(b)
In the event the Investors fail to exercise fully the ROFR within said period described in Section 3.1(a) (the “Election
Period”), the Company shall have ninety (90) days thereafter to sell or enter into an agreement (pursuant to
which the sale of New Securities covered thereby shall be closed, if at all, within thirty (30) days from the date of said agreement)
to sell that portion of the New Securities with respect to which the Investors’ ROFR option set forth in Section 3.1 was
not exercised, at a price and upon terms no more favorable to the purchasers thereof than specified in the Company’s notice
to Investors delivered pursuant to Section 3.2. In the event the Company has not sold within such ninety (90) day period following
the Election Period, or such thirty (30) day period following the date of said agreement, the Company shall not thereafter issue
or sell any New Securities in a ROFR Eligible Financing without first again offering such securities to the Investors in the manner
provided in Section 3.1.

 

ARTICLE
IV.

MISCELLANEOUS

 

4.1
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 the date of transmission, if such notice or communication
is delivered via facsimile or email (provided the sender receives a machine-generated confirmation of successful transmission)
at the facsimile number or email address specified in this Section prior to 5:00 p.m. (New York City time) on a Business Day,
the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile or email at the
facsimile number or email address specified in this Section on a day that is not a Business Day or later than 5:00 p.m. (New York
City time) on any Business Day, (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 Ensysce or the Company:	Ensysce
    Biosciences, Inc.
	 	6019
    Folsom Dr.
	 	La
    Jolla, California 92037
	 	Attn:
    Dr. Lynn Kirkpatrick
	 	Email:
    lkirkpatrick@ensysce.com
	 	 
	If
    to an Investor:	To
    the Investor’s 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.

 

4.2
Amendments; Waivers; No Additional Consideration. No provision of this Agreement may be waived or amended except in a written
instrument signed, in the case of an amendment, by Ensysce or the Company, as appropriate, and each of the Investors or, in the
case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to
any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver
of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission
of either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

    	4

    	 

    

 

4.3
Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be
deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. This
Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring
or disfavoring any party by virtue of the authorship of any provisions of this Agreement.

 

4.4
Successors and Assigns. The provisions of this Agreement shall inure to the benefit of and be binding upon the parties
and their successors and permitted assigns, it being specifically agreed, that, upon closing of a Reverse Merger, all rights and
obligations of Ensysce hereunder shall be specifically assigned to and assumed by the Company. This Agreement, or any rights or
obligations hereunder, may not be assigned by Ensysce or the Company, as appropriate, without the prior written consent of the
Investors. Any Investor may assign its rights hereunder in whole or in part to any person to whom such Investor assigns or transfers
any Convertible Notes in compliance with the SPA and applicable law, provided such transferee shall agree in writing to
be bound by the terms and conditions of this Agreement that apply to the “Investors”. Ensysce covenants and agrees
to include in the merger agreement with respect any Reverse Merger, a requirement that, effective on closing of the Reverse Merger,
all obligations of Ensysce contained herein shall be assumed and carried out by the Company.

 

4.5
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

4.6
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall
be governed by and construed and enforced in accordance with the internal laws of the State of California, without regard to the
principles of conflicts of law thereof. Each party agrees that all Actions concerning the interpretations, enforcement and defense
of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective Affiliates, employees
or agents) shall be commenced exclusively in the California Courts. Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the California Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Action, any claim that
it is not personally subject to the jurisdiction of any such California Court, or that such Action has been commenced in an improper
or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any such Action by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY. If either party shall commence an Action to enforce any provisions of this Agreement,
then the prevailing party in such Action shall be reimbursed by the other party for its reasonable attorney’s fees and other
reasonable costs and expenses incurred with the investigation preparation and prosecution of such Action.

 

    	5

    	 

    

 

4.7
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission, or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as
if such facsimile or e-mail signature page were an original thereof.

 

4.8
Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and
the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so
agreeing, shall incorporate such substitute provision in this Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

[SIGNATURE PAGES FOLLOW]

 

    	6

    	 

    

 

 

IN
WITNESS WHEREOF, the parties hereto have caused this Investor Rights Agreement to be duly executed by their respective authorized
signatories as of the date indicated below.

 

	Date:
    May 11, 2018	 	ENSYSCE
    BIOSCIENCES, INC.
	 	 	 
	 	 	By:	/s/
    Lynn Kirkpatrick
	 	 	 	Dr.
    Lynn Kirkpatrick
	 	 	 	Chief
    Executive Officer

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

[SIGNATURE PAGES FOR INVESTORS FOLLOW]

 

    	7

    	 

    

  

	 	 	NAME
    OF INVESTOR:  	Paul
    Vezolles

 

	Date:
    May 22, 2018	 	 	 
	 	 	 	                      
	 	 	By:	/s/
    Paul Vezolles
	 	 	 	 
	 	 	Name:	Paul
    Vezolles
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	 	Address for Notice:
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	 

 

	 	 	Telephone
    No.: 	 
	 	 	 	 
	 	 	Facsimile
    No.: 	 
	 	 	 	 
	 	 	Email:
    	 
	 	 	 	 
	 	 	Attention:
    	 

 

    	8

    	 

    

  

	 	 	NAME
    OF INVESTOR: 	Bob G. Gower

 

	Date:
    May 8, 2018	 	 	 
	 	 	 	 
	 	 	By:	/s/Bob
    G. Gower
	 	 	 	 
	 	 	Name:	Bob
    G. Gower
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	 	Address for Notice:
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	 

 

	 	 	Telephone
    No.: 	 
	 	 	 	 
	 	 	Facsimile
    No.: 	 
	 	 	 	 
	 	 	Email:
    	 
	 	 	 	 
	 	 	Attention:
    	 

 

    	9

    	 

    

 

EXHIBIT
A

 

NOTICE
AND WAIVER/ELECTION OF

PARTICIPATION RIGHT OR

RIGHT OF FIRST REFUSAL

 

I
do hereby waive or exercise, as indicated below, my participation right or rights of first refusal under the Investors’
Rights Agreement dated as of _________________, 2018 by and between the undersigned and Ensysce Biosciences, Inc. (the “Agreement”):

 

Issuance
and Sale of New Securities pursuant to notice, dated ____________, 20____, given by Ensysce, or the Company, pursuant to Section
2.2 or 3.2 of the Agreement: (please check only one)

 

	 	(
    )	WAIVE
    in full the right of first refusal granted under the Agreement with respect to the issuance of the New Securities.
	 	 	 
	 	(
    )	ELECT
    TO PARTICIPATE in $_____________ [PLEASE PROVIDE AMOUNT] in New Securities proposed to be issued, representing less
    than my pro rata portion of the aggregate of $[__________] in New Securities being offered in the financing.
	 	 	 
	 	(
    )	ELECT
    TO PARTICIPATE in $___________ in New Securities proposed to be issued, representing my full pro rata portion of the aggregate
    of $[_________] in New Securities being offered in the financing.
	 	 	 
	 	(
    )	ELECT
    TO PARTICIPATE in my full pro rata portion of the aggregate of $[   ] in New Securities being made available
    in the financing and, to the extent available, the greater of (x) an additional $_____________ [PLEASE PROVIDE AMOUNT]
    or (y) my pro rata portion of any remaining investment amount available in the event other Investors do not exercise their
    full rights of first refusal with respect to the $[____________] in New Securities being offered in the financing.

 

	Date:
    _________, 20___	 	 
		 	Signature
    of Investor or Authorized Signatory
	 	 	 
	 	 	 
		 	Title,
    if applicable

 

This
is neither a commitment to purchase nor a commitment to issue the New Securities described above. Such issuance can only be made
by way of definitive documentation related to such issuance. Ensysce, or its successor, will supply you with such definitive documentation
upon request or if you indicate that you would like to exercise your first offer rights in whole or in part.

 

    	10

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