Document:

Exhibit 10.7

 

EXECUTION VERSION

 

 

 

January
16, 2022

3i, LP

140 Broadway FL 38

New York, NY 10005

 

Anson Investments Master Fund LP

c/o Anson Advisors Inc. 155 University Ave., Suite
207

Toronto, ON Canada M5H3B7

 

Anson East Master Fund LP

c/o Anson Advisors Inc. 155 University Ave., Suite
207

Toronto, ON Canada M5H3B7

 

Re:    Second Amendment of the Senior Secured Convertible
Notes

 

Dear Sirs:

 

Reference is made to (a) that certain
Securities Purchase Agreement (as modified from time to time, the “Purchase Agreement”), dated as of September 24,
2021, between the Company and the purchasers identified therein, which are the same as the three addressees listed above (collectively,
the “Investors”) and (b) the Senior Secured Convertible Promissory Notes (as modified from time to time, the “Senior
Secured Convertible Notes”), and (c) and the other transaction documents, as modified from time to time, referred to collectively,
as the “Transaction Documents”). Capitalized terms used but not defined herein shall have the meanings given to them
in the Purchase Agreement, or if not defined therein, in the Notes, or if not defined therein, in the applicable Transaction Document,
in each case as of the date hereof.

 

    	 

     

     

This second letter agreement (this
“Second Letter Agreement”) confirms our recent discussions about, among other matters, certain modifications to the
Senior Secured Convertible Notes.

 

	 	(1)	The Fixed Conversion Price as identified on the facing page of the Senior Secured Convertible Notes and in Section 4(b) of the Senior Secured Convertible Notes shall be $3.80 for the Trading Days of January 18, 2022 through and inclusive of February 11, 2022. Any conversion which occurs shall be voluntary at the election of the Holder, which shall evidence its election as to the note being converted in writing on a conversion notice. Thereafter the Fixed Conversion Price shall revert to the original Fixed Conversion Price of $5.87, subject to any future adjustments as provided in the Senior Secured Convertible Notes. To be free from doubt, the Exercise Price set for in the Warrants shall not be modified pursuant to this Second Letter Agreement.

 

The Company hereby agrees, for itself
and its Subsidiaries, that the Guarantors continue to guaranty, pursuant to the Guaranty, as primary obligor and not as surety, the full
and punctual payment when due of the obligations owing under the Notes and the other Transaction Documents as modified hereby (as limited
by the original terms of the Guaranty) and that the terms hereof shall not affect in any way their obligations and liabilities, as expressly
modified hereby, under the Transaction Documents. The Company, for itself and its Subsidiaries, hereby reaffirms (a) all such obligations
and liabilities and agrees that such obligations and liabilities shall remain in full force and effect and (b) the security interests
granted under the Transaction Documents and agrees that such security interests shall continue to secure such obligations and liabilities.

 

This Second Letter Agreement is
a Transaction Document and is limited as written. As of the date first written above, each reference in the Purchase Agreement or any
other applicable Transaction Document to “this Agreement,” “hereunder,” “hereof,”
“herein,” or words of like import, and each reference in the other Transaction Documents to such Purchase Agreement
or other Transaction Documents (including, without limitation, by means of words like “thereunder,” “thereof”
and words of like import), shall refer to the Purchase Agreement as modified thereby, and this Second Letter Agreement and the Purchase
Agreement shall be read together and construed as a single agreement. The execution, delivery and effectiveness of this Second Letter
Agreement shall not, except as expressly provided herein, (A) waive or modify any right, power or remedy under, or any other provision
of, any Transaction Document or (B) commit or otherwise obligate any Purchaser to enter into or consider entering into any other amendment,
waiver or modification of any Transaction Document.

 

All communications and notices hereunder
shall be given as provided in the Transaction Documents. This Second Letter Agreement (a) shall be governed by and construed in accordance
with the law of the State of New York, (b) is for the exclusive benefit of the parties hereto and the other Purchasers and beneficiaries
of the Purchaser Agreement and, together with the other Transaction Documents, constitutes the entire agreement of such parties, superseding
all prior agreements among them, with respect to the subject matter hereof, (c) may be modified, waived or assigned only in writing and
only to the extent such modification, waiver or assignment would be permitted under the Transaction Documents (and any attempt to assign
this Second Letter Agreement without such writing shall be null and void), (d) is a negotiated document, entered into freely among the
parties upon advice of their own counsel, and it should not be construed against any of its drafters and (e) shall survive the satisfaction
or discharge of the amounts owing under the Transaction Documents. The fact that any term or provision of this Second Letter Agreement
is held invalid, illegal or unenforceable as to any person in any situation in any jurisdiction shall not affect the validity, enforceability
or legality of the remaining terms or provisions hereof or the validity, enforceability or legality of such offending term or provision
in any other situation or jurisdiction or as applied to any person.

 

    	 

     

     

This Second Letter Agreement is
expressly conditioned on the following conditions precedent:

 

	 	(1)	The Company shall file before 8:30AM New York time on January 18, 2022, a current report on Form 8-K with the Securities and Exchange Commission disclosing the material terms of this Second Letter Agreement contemplated hereby, including such Second Letter Agreement as an exhibit thereto;
	 	 	 
	 	(2)	The Company shall file with The Nasdaq Stock Market LLC such notice or application or shall have determined that no such filing is necessary;
	 	 	 
	 	(3)	The Company shall have confirmed with each signatory to those certain voting agreements entered into in accordance with Section 4.11(b) of the Purchase Agreement reaffirming that such voting agreement is in force notwithstanding the provisions of this Second Letter Agreement or shall amend and restate each voting agreement to approve this Second Letter Agreement and shall supply written proof to the Investors, which may be in the form of a forwarded email from each signatory;
	 	 	 
	 	(4)	The Company’s Board of Directors shall have approved this Second Letter Agreement and all undertakings thereto in all respects and shall provide written evidence of the same to the Investors by January 18, 2022;
	 	 	 
	 	(5)	The Company shall file prior to 9:30 AM New York time on January 18, 2022, a prospectus supplement to that certain registration statement on Form S-1 (File No. 333-260478) providing for the terms of this Second Letter Agreement and/or such other Post-Effective Amendment as may be required, which filing shall have been accepted and effective as may be required or applicable;
	 	 	 
	 	(6)	The Company shall have verified and confirmed with its transfer agent that there are no impediments to the issuance of shares as a result of this Second Letter Agreement: and
	 	 	 
	 	(7)	The Company shall ensure that appropriate disclosure of this Second Letter Agreement is made to its stockholders in relation to that special meeting of stockholders to be held on January 26, 2022.

 

Kindly confirm your agreement with
the above by signing in the space indicated below and by PDFing a partially executed copy of this letter to the undersigned, and which
may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same
agreement.

 

	 	Very truly yours,
	 	 
	 	ENSYSCE BIOSCIENCES, INC.
	 	 	 
	 	By: 	/s/ Lynn Kirkpatrick
	 	 	Dr. Lynn Kirkpatrick
	 	 	Chief Executive Officer

 

	AGREED AND ACCEPTED:	 
	 	 
	3i, LP	 
	 	 	 
	By:	/s/ Maier Tarlow	 
	Name: 	Maier Tarlow	 
	Title: 	Manager, On Behalf Of The GP	 

 

[Signatures follow on next page]

 

    	 

     

     

	Anson Investments Master Fund LP	 
	 	 	 
	By:	/s/ Amin Nathoo	 
	Name:	Amin Nathoo	 
	Title:	Director, Anson Advisors Inc.	 
	 	 	 
	Anson East Master Fund LP	 
	 	 	 
	By:	/s/ Amin Nathoo	 
	Name:	Amin Nathoo	 
	Title:	Director, Anson Advisors Inc.ex_325426.htm

Exhibit 10.1

 

IGC Board of Directors Agreement Form

 

This Board of Directors Agreement (this “Agreement”), dated as of January ___, 2022 is between India Globalization Capital, Inc., a corporation organized under the laws of Maryland, (“IGC or the “Company”) and                                          , an individual, with a principal address at                                         (“Director”).

 

BACKGROUND

 

IGC desires to have the benefit of Director’s knowledge and experience, and Director desires to provide services to IGC as provided in this Agreement. Additionally, as of the date hereof, Company and Director shall enter into a separate Indemnification Agreement to the benefit of Director (the “Indemnification Agreement”).

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the promises set forth in this Agreement, IGC and Director hereby agree as follows:

 

1. Term. This Agreement shall continue for a period of ___ year(s) from the Effective Date and shall continue thereafter for as long as Director is elected as a member of the Board of Directors of Company (the “Board”) or as otherwise terminated pursuant to this Agreement.

 

2. Position and Responsibilities.

 

(a) Position. Company hereby retains Director to serve as a member of the Board as well as any committees of the Board, as elected by the Board from time to time. Director shall perform such duties and responsibilities as are normally related to such position in accordance with Company’s bylaws, as amended, and applicable law (the “Services”), and Director hereby agrees to use his best efforts to provide the Services. Director shall not allow any other person or entity to perform any of the Services for or instead of Director. Director shall comply with the statutes, rules, regulations and orders of any governmental or quasi-governmental authority, which are applicable to the performance of the Services, and Company’s rules, regulations, and practices as they may from time-to-time be adopted or modified.

 

(b) Other Activities. Director may be employed by another company, may serve on other boards of directors or advisory boards, and may engage in any other business activity (whether or not pursued for pecuniary advantage), as long as such outside activities do not violate Director’s obligations under this Agreement or Director’s fiduciary obligations to the shareholders. The ownership of less than a 10% interest in an entity, by itself, shall not constitute a violation of this duty. Except as disclosed in writing by Director to Company, Director represents that, to the best of his knowledge, Director has no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement, and Director agrees to use his best efforts to avoid or minimize any such conflict and agrees not to enter into any agreement or obligation that could create such a conflict, without the approval of a majority of the Board of Directors. If, at any time, Director is required to make any disclosure or take any action that may conflict with any of the provisions of this Agreement, Director will promptly notify the Chief Executive Officer or the Board of Directors of such obligation, prior to making such disclosure or taking such action.

 

(c) No Conflict. Director is not currently engaging in any activity that creates an actual conflict of interest with Company, regardless of whether such activity is prohibited by Company’s conflict of interest guidelines or this Agreement, and Director agrees to notify the Board before engaging in any activity that creates a potential conflict of interest with Company. In the event Director engages in any activity that creates an actual conflict of interest with Company without the prior written consent of the Board, a majority of the disinterested members of the Board may vote to terminate this Agreement, remove Director from the Board and immediately cease any compensation under Section 3(a) and 3(b) below to Director; provided, however, Director shall continue to be entitled to expense reimbursement for any expenses incurred prior to the termination of this Agreement and in accordance with Section 3(c) below.

 

3. Compensation and Benefits.

 

(a) Director’s Equity Grant. The initial grant shall be a grant of Restricted Stock Unit (RSU) or Options of a certain amount of shares, governed by a separate RSU/Option agreement.

 

(b) Expenses. The Company shall reimburse Director for all reasonable business expenses incurred in the performance of his duties hereunder in accordance with Company’s expense reimbursement guidelines. Such reimbursement shall include the cost of coach airfare and one night of hotel stay for any board meeting wherein the Company specifically requests that Director shall attend such meeting in person.

 

 

 

 

(c) Records. Director shall have access to books and records of Company, as necessary to enable Director to fulfill his obligations as a Director of Company as required by Maryland law. Director shall give Company reasonable notice for any inspection of books and records that Director requests.

 

(d) Insurance. The Company shall at all times during the term of this Agreement maintain industry standard directors' and officers' liability insurance from a reputable insurance company which shall cover all members of the Board.

 

4. Termination.

 

(a) Right to Terminate. At any time, Director may be removed as a director (i) as provided in Company’s Certificate of Incorporation, as amended, bylaws, as amended, and applicable law or (ii) immediately for Cause. At any time, Director may resign as a director as provided in Company’s Certificate of Incorporation, as amended, bylaws, as amended, and applicable law. Notwithstanding anything to the contrary contained in or arising from this Agreement or any statements, policies, or practices of Company, neither Director nor Company shall be required to provide any advance notice or any reason or cause for termination of Director, except as provided in Company’s Certificate of Incorporation, as amended, bylaws, as amended, and applicable law. For purposes of this Agreement, Cause means: (A) any action which might be reasonably considered to be immoral, deceptive, scandalous, or obscene, (B) any action which could reasonably injure, tarnish, damage or otherwise negatively affect the reputation of the Company, (C) commission at any time of any act or omission that results in a conviction or plea of no contest for any felony or crime involving moral turpitude, (D) commission at any time of any act of fraud, embezzlement, willful misappropriation of material Employer property, or willful and material misconduct, or (E) any violation of Director’s a duty of loyalty, or a material violation of this Agreement.

 

(b) Effect of Termination as Director. Upon a termination of Director’s status as a Director, this Agreement shall terminate. Company shall pay to Director all compensation and benefits to which Director is entitled up through the date of termination.

 

5. Termination Obligations.

 

(a) Director agrees that all property, including, without limitation, all equipment, tangible proprietary information, documents, records, notes, contracts, and computer-generated materials provided to or prepared by Director incident to his services belong to Company and shall be promptly returned at the request of Company.

 

(b) Upon termination of this Agreement, Director agrees that following any termination of this Agreement, he shall cooperate with Company in the winding up or transferring to other directors of any pending work and shall also cooperate with Company (to the extent allowed by law, and at Company’s expense) in the defense of any action brought by any third party against Company that relates to the Services.

 

(c) The Company and Director agree that their obligations under this Section, as well as Sections 4(b), 5(a), 5(b), 6, 7, 8, 9, 13 and 14 shall survive the termination of this Agreement.

 

6. Nondisclosure Obligations. Director shall maintain in confidence and shall not, directly or indirectly, disclose or use, either during or after the term of this Agreement, any Proprietary Information (as defined below), confidential information, or trade secrets belonging to Company, whether or not it is in written or permanent form, except to the extent necessary to perform the Services, as required by a lawful government order or subpoena, or as authorized in writing by Company. These nondisclosure obligations also apply to Proprietary Information belonging to customers and suppliers of Company, and other third parties, learned by Director as a result of performing the Services. “Proprietary Information” means all information pertaining in any manner to the business of Company, unless (i) the information is or becomes publicly known through lawful means; (ii) the information was part of Director’s general knowledge prior to his relationship with Company; or (iii) the information is disclosed to Director without restriction by a third party who rightfully possesses the information and did not learn of it from Company.

 

7. Non-Disparagement. Director agrees he shall not knowingly disparage Company, its subsidiaries or its officers, directors, employees or agents in any manner that could be harmful to it or them or its or their business, business reputation or personal reputation. Company agrees it shall instruct its officers, directors, employees and agents not to knowingly disparage Director in any manner that could be harmful to his business or personal reputation. This paragraph will not be violated by statements from either party that are truthful, complete and made in good faith in required response to a legal right, legal process or governmental inquiry. Nothing in this Agreement is intended to limit in any way Director’s right or ability to file a claim with the Securities and Exchange Commission (the “SEC”) or comparable state or local agencies.  These agencies have the authority to carry out their statutory duties by investigating a claim, issuing a determination, filing a lawsuit in Federal or state court in their own name, or taking any other action authorized under these statutes.  Director retains the right to participate in such any action.  Director retains the right to communicate with the SEC and comparable state or local agencies and such communication can be initiated by Director or in response to the government and is not limited by any non-disparagement obligation under this Agreement.

 

 

 

 

8. Dispute Resolution. The parties agree that any dispute between Director (and his attorneys, successors, and assigns) and Company (and its affiliates, shareholders, directors, officers, employees, members, agents, successors, attorneys, and assigns) relating to the Services or the termination of those Services shall be attempted to be resolved amicably, and if not possible, then through mediation and later through arbitration.

 

9. Cooperation. During the term of this Agreement and subsequent to termination of this Agreement, Director agrees that, upon written request of Company, and he will make himself reasonably available, taking into account his other business and personal commitments, to cooperate with Company, its subsidiaries and affiliates and any of their officers, directors, shareholders, or employees in connection with any investigation or review by Company or any federal, state or local regulatory, quasi-regulatory or self-governing authority as any such investigation or review relates to events or occurrences that transpired while Director was on the Board and in respect of which Director has knowledge (collectively, “Cooperation”).  Director’s Cooperation shall include but not be limited to being available to meet with officers or employees of Company and/or Company’s counsel at mutually convenient times and locations, executing accurate and truthful documents and taking such other actions as may reasonably be requested by Company and/or Company’s counsel to effectuate the foregoing. 

 

10. Entire Agreement. This Agreement and the Indemnification Agreement are intended to be the final, complete, and exclusive statement of the terms of Director’s relationship solely with respect to his position as a Board with Company. This Agreement entirely supersedes and may not be contradicted by evidence of any prior or contemporaneous statements or agreements pertaining to Director’s relationship with Company, except for the Indemnification Agreement and Option Agreement.

 

11. Amendments; Waivers. This Agreement may not be amended except by a writing signed by Director and by a duly authorized representative of the Company other than Director. Failure to exercise any right under this Agreement shall not constitute a waiver of such right.

 

12. Assignment. Director agrees that Director will not assign any rights or obligations under this Agreement, with the exception of Director’s ability to assign rights with respect to the Securities. Nothing in this Agreement shall prevent the consolidation, merger or sale of Company or a sale of all or substantially all of its assets.

 

13. Severability. If any provision of this Agreement shall be held by a court or arbitrator to be invalid, unenforceable, or void, such provision shall be enforced to fullest extent permitted by law, and the remainder of this Agreement shall remain in full force and effect. In the event that the time period or scope of any provision is declared by a court or arbitrator of competent jurisdiction to exceed the maximum time period or scope that such court or arbitrator deems enforceable, then such court or arbitrator shall reduce the time period or scope to the maximum time period or scope permitted by law.

 

14. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland.

 

15. Interpretation. This Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any party. Captions are used for reference purposes only and should be ignored in the interpretation of the Agreement.

 

16. Binding Agreement. Each party represents and warrants to the other that the person(s) signing this Agreement below has authority to bind the party to this Agreement and that this Agreement will legally bind both Company and Director. This Agreement will be binding upon and benefit the parties and their heirs, administrators, executors, successors and permitted assigns. To the extent that the practices, policies, or procedures of Company, now or in the future, are inconsistent with the terms of this Agreement, the provisions of this Agreement shall control.

 

17. Director Acknowledgment. Director acknowledges Director has had the opportunity to consult legal counsel concerning this Agreement, that Director has read and understands the Agreement, that Director is fully aware of its legal effect, and that Director has entered into it freely based on his own judgment and not on any representations or promises other than those contained in this Agreement.

 

18. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, this Board of Directors Agreement is executed as of the date first referenced above.

 

	 	 	 	 	 	 	 	 	 
	
			INDIA GLOBALIZATION CAPITAL, INC

				 	 	 	
			DIRECTOR:

			
	 	 	 	 	 
	
			By:

				 	
			 

				 	 	 	
			By:

				 	 
	
			Name:

				 	 	 	 	 	
			Name:

				 	 
	
			Title:

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