Document:

Document

Exhibit 10.4

Investors Title
Investors Title Insurance Company

AMENDED AND RESTATED DEATH BENEFIT PLAN AGREEMENT

THIS AMENDED AND RESTATED DEATH BENEFIT PLAN AGREEMENT, effective January 1, 2021 (the "Agreement"), is by and between Investors Title Insurance Company, a North Carolina corporation (the "Company"), and J. Allen Fine, an individual residing in the State of North Carolina (the "Executive"),

WITNESSETH THAT:

WHEREAS, the Executive is employed by the Company under the terms of an Employment Agreement dated November 17, 2003, as amended from time to time (the "Employment Agreement"), and

WHEREAS, the Company recognizes the valuable services heretofore performed for it by the Executive and wishes to encourage his continued employment; and

WHEREAS, the Executive wishes to be assured that his irrevocably designated beneficiary will be entitled to a certain benefit for some definite period of time from and after the Executive's death; and

WHEREAS, the parties hereto previously entered into that certain Death Benefit Plan Agreement, dated as of January 1, 2009 (the "Existing Death Benefit Plan Agreement"), which sets forth the terms and conditions upon which the Company will pay such death benefit; and

WHEREAS, the parties deem it appropriate to amend and restate the Existing Death Benefit Plan Agreement; and

WHEREAS, the parties hereto intend that this Agreement be considered an unfunded arrangement, maintained primarily to provide deferred compensation benefits for the Executive, a member of a select group of management or highly compensated employees of the Company, for purposes of the Employee Retirement Income Security Act of 1974, as amended;

NOW, THEREFORE, in consideration of the premises and of the mutual promises herein contained, the parties hereto agree as follows:

1.DEATH BENEFIT.

a.In the event of the death of the Executive while employed by the Company, the Company shall thereafter pay to the Executive's designated beneficiary within sixty (60) days of the death of the Executive a lump sum amount equal to:

(i)an amount equal to three (3) times the sum of the Executive's (i) current Base Salary, but in no event less than the amount provided in the current Employment Agreement, plus (ii) average Bonus Compensation for the past three (3) years as defined in the Employment Agreement.

b.The    Executive   hereby    irrevocably    designates   James   A.   Fine,    Jr. and W. Morris Fine equally as his beneficiaries hereunder.

2.BENEFIT CONTINGENT ON CONTINUED EMPLOYMENT.

a.In the event that the employment of the Executive by the Company is terminated due to Retirement, Disability, Termination without Cause or Termination by Executive for Good Reason, the Employment Agreement shall govern.

b.In the event that the employment of the Executive by the Company is terminated due to any reason other than his death or a reason listed in Section 2(a), this Agreement shall terminate and the Company shall have no obligation to provide the Executive or his designated beneficiaries with any benefits hereunder.

c.Nothing contained herein shall be construed to be a contract of employment for any term of years, nor as conferring upon the Executive the right to continue to be employed by the Company, in any capacity. It is expressly understood by the parties hereto that this Agreement relates exclusively to a death benefit for the Executive's services, and is not intended to alter in any way the rights and responsibilities under the Employment Agreement, as such may be amended from time to time.

3.NO TRUST CREATED.   Nothing contained in this Agreement, and no action taken pursuant to its provisions by either party hereto shall create, or be construed to create, a trust of any kind, or a fiduciary relationship between the Company and the Executive, his designated beneficiaries or any other person.

4.BENEFITS    PAYABLE    ONLY    FROM    GENERAL    CORPORATE    ASSETS; UNSECURED GENERAL CREDITOR STATUS OF EXECUTIVE.

a.The payments to the Executive's designated beneficiaries hereunder shall be made from assets which shall continue, for all purposes, to be a part of the general, unrestricted assets of the Company; no such person shall have nor acquire any interest in any such assets by virtue of the provisions of this Agreement. The Company's obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the Company under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Company; no such person shall have nor require any legal or equitable right, interest or claim in or to any property or assets of the Company.

b.In the event that, in its discretion, the Company purchases an insurance policy or policies insuring the life of the Executive (or any other property) to allow the Company to recover, in whole, or in part, the cost of providing the benefits hereunder, neither the Executive nor any of his designated beneficiaries shall have or acquire any right whatsoever therein or in the proceeds therefrom. The Company shall be the sole owner and beneficiary of any such policy or policies, and, as such, shall possess and may exercise all incidents of ownership therein. No such policy, policies or other property shall  be held in any trust for the Executive or any other person nor as collateral security for any obligation of the Company hereunder.

5.NON-ASSIGNABILITY OF BENEFITS.   Neither the Executive nor his designated beneficiaries under this Agreement shall have any power or right to transfer, assign, anticipate, hypothecate or otherwise encumber any part or all of the amounts payable hereunder. Such amounts shall not be subject to seizure by any creditor of any such beneficiary, by a proceeding at law or in equity, nor transferable by operation of law in the event of the bankruptcy, insolvency or death of the Executive, his designated beneficiaries, or any other beneficiary hereunder. Any such attempted assignment or transfer shall be void and shall terminate this Agreement; the Company shall thereupon have no further liability hereunder.

6.ADMINISTRATION, DETERMINATION OF BENEFITS, AND CLAIMS PROCEDURE.

a.The Plan shall be administered by the Company's Board of Directors, which shall have the authority, duty and power to interpret and construe the provisions of the Plan as the Board deems appropriate including the authority to determine eligibility for benefits under the Plan. The Board shall have the duty and responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. The interpretations, determinations, regulations and calculations of the Board shall be final and binding on all persons and parties concerned. Any benefits payable under this Plan will be paid only if the Plan Administrator decides in its discretion that the applicant is entitled to them.

b.Expenses of administration shall be paid by the Company. The Board shall be entitled to rely on all tables, valuations, certificates, opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person employed or retained by the Company with respect to the Plan.

c.Notwithstanding any provision herein to the contrary, neither the Company nor any individual acting as an employee or agent of the Company shall be liable to the Executive the Executive's designated beneficiaries, the Executive's estate or any other person for any claim, loss, liability or expense incurred in connection with the Plan, unless attributable to  fraud or willful misconduct on the part of the Company or any such employee or agent of the Company.

d.All claims for benefits shall be handled through the following procedure:

(i)Claim.

A person who believes that he is being denied a benefit to which he is entitled under the Plan (hereinafter referred to as a "Claimant") may file a written request for such benefit with the Company, setting forth his claim. The request must be addressed to the President of the Company at its then principal place of business.

(ii)Claim Decision.

Upon receipt of a claim, the Company shall advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such period. The Company may, however, extend the reply period for an additional ninety (90) days for reasonable cause.

If the claim is denied in whole or in part, the Company shall adopt a written opinion, using language calculated to be understood by the Claimant, setting forth:

(A)The specific reason or reasons for such denial;

(B)The specific reference to pertinent provisions of this Agreement on which such denial is based;

(C)A description of any additional material or information necessary for the Claimant to perfect his claim and an explanation why such material or such information is necessary;

(D)Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; and

(E)The time limits for requesting a review under Section 6(e)(iii) and for review under Section 6(e)(iv).

(iii)Request for Review.

Within sixty (60) days after the receipt by the Claimant of the written opinion described above, the Claimant may request in writing that the Assistant Secretary of the Company review the determination of the Company. Such request must be addressed to the Assistant Secretary of the Company, at its then principal place of business. The Claimant or his duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Company. If the Claimant does not request  a review of the Company's  determination by the Assistant Secretary of the Company within such sixty (60) day period, he shall be barred and estopped from challenging the Company's determination.

(iv)Review of Decision.

Within sixty (60) days after the Assistant Secretary's receipt of a request for review, he will review the Company's determination. After considering all materials presented by the Claimant, the Assistant Secretary will render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the pertinent provisions of this Agreement on which the decision is based. If special circumstances require that the sixty (60) day time period be extended, the Assistant Secretary will so notify the Claimant and will render the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review.

7.AMENDMENT AND TERMINATION.   Item l.b. of this Agreement may not be amended, altered, modified, or terminated.

8.CHANGE OF CONTROL.   Following a Change of Control (as that term is defined in the Employment Agreement), the Plan shall be continued by the surviving entity, and the Executive's rights under this Agreement shall not be impaired without the consent of the Executive.

9.INUREMENT.   This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and the Executive, his successors, heirs, executors, administrators and beneficiaries.

10.NOTICES.   Any notice, consent or demand required or permitted to be given under the provisions of this Agreement shall be in writing, and shall be signed by the party giving or making the same. If such notice, consent or demand is mailed to a party hereto, it shall be sent by United States certified mail, postage prepaid, addressed to such party's last known address as shown on the records of the Company. The date of such mailing shall be deemed the date of notice, consent or demand.

11.GOVERNING LAW.   This Agreement, and the rights of the parties hereunder, shall be governed by and construed in accordance with the laws of the State of North Carolina.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, in duplicate, as of the day and year first above written.

															
				Investors Title Insurance Company
					
				By:	/s/  W. Morris Fine
					President
					
	ATTEST:				
	/s/  L. Dawn Martin			
	Assistant Secretary			
					
					/s/  J. Allen Fine
					ExecutiveExhibit
10.16

 

FINAL
FORM

 

[       ],
2021

 

Leisure
Acquisition Corp.

250
West 57th Street

Suite
415

New
York, New York 10107

 

Re:
Lock-Up Agreement for Company Stockholders

 

Ladies
and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Agreement and Plan
of Merger (the “Merger Agreement”) entered into by and among Leisure Acquisition Corp., a Delaware corporation
(the “Company”), EB Merger Sub, Inc., a Delaware corporation (“Merger Sub”)
and Ensysce Biosciences, Inc., a Delaware corporation (“Ensysce”), pursuant to which, among other things,
Merger Sub will be merged with and into Ensysce on the date hereof (the “Merger”), with Ensysce surviving
the Merger as a wholly owned subsidiary of the Company.

 

In
order to induce the Company to proceed with the Merger and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned (the “Securityholder”) hereby agrees with the Company
as follows:

 

1.
Subject to the exceptions set forth herein, the Securityholder agrees not to, without the prior written consent of the board of
directors of the Company (which consent may not be granted unless such consent is simultaneously granted by the board of directors
of the Company to all stockholders of the Company as of immediately prior to the Merger Effective Time (as defined in the Merger
Agreement) subject to similar Transfer restrictions as those set forth in this Letter Agreement), Transfer any shares of the Company’s
common stock, par value $.0001 per share (the “Common Stock”), held by it immediately after the effective
time of the Merger, any shares of Common Stock issuable upon the exercise of options to purchase shares of Common Stock held by
it immediately after the effective time of the Merger, or any securities convertible into or exercisable or exchangeable for Common
Stock held by it immediately after the effective time of the Merger (the “Lock-up Securities”), in each
case, until the earlier of (A) one year after the closing date of the Merger (the “Closing Date”) or
(B) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction that results in
all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
property (the “Lock-up Period”). Notwithstanding the foregoing, if the last sale price of the Company’s
Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stocks dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing Date, the
Lock-up Securities will be released from the restrictions in this paragraph. For purposes of this Letter Agreement, “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security,
(b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise,
or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

    	 

    	 

    

 

2.
Notwithstanding the provisions set forth in paragraph 1 of this Letter Agreement, Transfers of the Lock-up Securities are permitted:

 

	 	(i)	in
    the case of an entity, (A) to another entity that is an affiliate (as defined in Rule 405 promulgated under the Securities
    Act of 1933, as amended) of the undersigned, or to any investment fund or other entity controlling, controlled by, managing
    or managed by or under common control with the undersigned or affiliates of the undersigned or who shares a common investment
    advisor with the undersigned or (B) as part of a distribution to members, partners or shareholders of the undersigned;

 

	 	(ii)	in
    the case of an individual, Transfers by gift to members of the individual’s immediate family (as defined below) or to
    a trust, the beneficiary of which is a member of one of the individual’s immediate family, an affiliate of such person
    or to a charitable organization;

 

	 	(iii)	in
    the case of an individual, Transfers by virtue of laws of descent and distribution upon death of the individual;

 

	 	(iv)	in
    the case of an individual, Transfers by operation of law or pursuant to a court order, such as a qualified domestic relations
    order, divorce decree or separation agreement;

 

	 	(v)	in
    the case of an individual, Transfers to a partnership, limited liability company or other entity of which the undersigned
    and/or the immediate family (as defined below) of the undersigned are the legal and beneficial owner of all of the outstanding
    equity securities or similar interests;

 

	 	(vi)	in
    the case of an entity that is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such
    trust;

 

	 	(vii)	in
    the case of an entity, Transfers by virtue of the laws of the state of the entity’s organization and the entity’s
    organizational documents upon dissolution of the entity;

 

	 	(viii)	transactions
    relating to Common Stock or other securities convertible into or exercisable or exchangeable for Common Stock acquired in
    open market transactions after the effective time of the Merger, provided that no such transaction is required to be,
    or is, publicly announced (whether on Form 4, Form 5 or otherwise, other than a required filing on Schedule 13F, 13G or 13G/A)
    during the Lock-Up Period;

 

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	 	(ix)	the
    exercise of stock options or warrants to purchase shares of Common Stock or the vesting of stock awards of Common Stock and
    any related transfer of shares of Common Stock to the Company in connection therewith (x) deemed to occur upon the “cashless”
    or “net” exercise of such options or warrants or (y) for the purpose of paying the exercise price of such options
    or warrants or for paying taxes due as a result of the exercise of such options or warrants, the vesting of such options,
    warrants or stock awards, or as a result of the vesting of such shares of Common Stock, it being understood that all shares
    of Common Stock received upon such exercise, vesting or transfer will remain subject to the restrictions of this Letter Agreement
    during the Lock-Up Period;

 

	 	(x)	Transfers
    to the Company pursuant to any contractual arrangement in effect at the effective time of the Merger that provides for the
    repurchase by the Company or forfeiture of Common Stock or other securities convertible into or exercisable or exchangeable
    for Common Stock in connection with the termination of the Securityholder’s service to the Company;

 

	 	(xi)	the
    entry, by the Securityholder, at any time after the effective time of the Merger, of any trading plan providing for the sale
    of shares of Common Stock by the Securityholder, which trading plan meets the requirements of Rule 10b5-1(c) under the Exchange
    Act, provided, however, that such plan does not provide for, or permit, the sale of any shares of Common Stock
    during the Lock-Up Period and no public announcement or filing is voluntarily made or required regarding such plan during
    the Lock-Up Period; and

 

	 	(xii)	transactions
    in the event of completion of a liquidation, merger, stock exchange or other similar transaction which results in all of the
    Company’s securityholders having the right to exchange their shares of Common Stock for cash, securities or other property.

 

provided,
however, that in the case of clauses (i) through (vii), these permitted transferees must enter into a written agreement, in
substantially the form of this Letter Agreement (it being understood that any references to “immediate family” in
the agreement executed by such transferee shall expressly refer only to the immediate family of the Securityholder and not to
the immediate family of the transferee), agreeing to be bound by these Transfer restrictions. For purposes of this paragraph,
“immediate family” shall mean a spouse, domestic partner, child (including by adoption), father, mother, brother or
sister of the undersigned, and lineal descendant (including by adoption) of the undersigned or of any of the foregoing persons;
and “affiliate” shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended.

 

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5.
In furtherance of the foregoing, the Company, and any duly appointed transfer agent for the registration or transfer of the securities
described therein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation
or breach of this Letter Agreement.

 

6.
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by the undersigned (i) Securityholder and (ii) the Company.

 

7.
No party hereto may assign either this Letter Agreement or any of its rights, interests or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the Securityholder and each of its respective successors, heirs and assigns and permitted transferees.

 

8.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the Delaware Chancery Court, and irrevocably submit to such jurisdiction and
venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or
that such courts represent an inconvenient forum.

 

9.
This Letter Agreement shall terminate on the expiration of the Lock-up Period.

 

[Remainder
of page intentionally left blank]

 

    	4

    	 

    

  

	 	Very
    truly yours,
	 	 
	 	If
    stockholder is an individual:
	 	 
	 	Signature:	
	 	 	 
	 	Print
    Name:	 
	 	 	 
	 	If
    stockholder is an entity:
	 	 	 
	 	Name of

                                                                              Stockholder: 
	 
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

[Signature
Page to Lock-Up Agreement]

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