Document:

Exhibit
10.31(b)

 

ENSYSCE
BIOSCIENCES, INC.

 

AMENDED
AND RESTATED 2021 OMNIBUS INCENTIVE PLAN

 

STOCK
OPTION GRANT NOTICE AND

AWARD
AGREEMENT

 

Ensysce
Biosciences, Inc., a Delaware corporation (the “Company”), pursuant to its 2021 Amended and Restated Omnibus Incentive
Plan (the “Plan”), hereby grants to the individual listed below (“Participant”) an option to purchase
the number of shares of Common Stock (the “Shares”) set forth below (the “Option”). The Option
described in this Stock Option Grant Notice (the “Grant Notice”) is subject to the terms and conditions set forth
in the Award Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of which is incorporated
herein by reference. Unless otherwise defined herein, capitalized terms used in this Grant Notice and the Agreement will have the meanings
defined in the Plan.

 

	Participant:	 	David
    J. Kovacs
	 	 	 
	Grant
    Date:	 	February
    14, 2022
	 	 	 
	Exercise
    Price Per Share:	 	$6.28
	 	 	 
	Total
    Number of Shares Subject to Option:	 	500,000
	 	 	 
	Expiration
    Date:	 	February
    14, 2032
	 	 	 
	Type
    of Option:	 	☐
    Incentive Stock Option (to the extent permitted by 422(d) of the Code) 
	 	 	 
	 	 	☒
    Non-Qualified Stock Option
	 	 	 
	Vesting
    Schedule:	 	Immediately
    vested
	 	 	 
	Termination:	 	This
    Option does not terminate and need not be exercised upon Participant ceasing to be engaged as a consultant to the Company
    but shall remain exercisable through the Expiration Date.

 

[Signature
Page to Follow]

 

    	 

    	 

    

 

By
signing below, Participant agrees to be bound by the terms and conditions of the Plan, the Agreement and this Grant Notice. This document
may be executed, including by electronic means, in multiple counterparts, each of which will be deemed an original, and all of which
together will be deemed a single instrument.

 

	ENSYSCE BIOSCIENCES, INC.	 	PARTICIPANT
	 	 	 	 	 
	

    

    /s/
    David Humphrey
	 	/s/
    David J. Kovacs
	Name:
    	David
    Humphrey	 	Name:	David
    J. Kovacs
	Title:	Chief
    Financial Officer	 	 	 

 

    	2

    	 

    

 

EXHIBIT
A

TO
STOCK OPTION GRANT NOTICE

 

AWARD
AGREEMENT

 

1.
Award of Option. Effective as of the Grant Date set forth in the Grant Notice, the Company has granted to Participant the Option
to purchase part or all of the aggregate number of Shares set forth in the Grant Notice, subject to the terms and conditions set forth
in the Grant Notice, the Plan and this Agreement.

 

2.
Term of Option. The Option may not be exercised later than the Expiration Date set forth in the Grant Notice, subject to earlier
termination in accordance with the Plan and this Agreement.

 

3.
Option Exercise Price. The exercise price per Share of the Option (the “Exercise Price”) is set forth in the
Grant Notice.

 

4.
Vesting and Exercise of Option. Subject to the continued service of Participant with the Company through the relevant vesting
dates, the Option shall become vested and exercisable in such amounts and at such times as set forth in the Grant Notice. In addition:

 

a.
Effect of Termination of Service on the Option. Unless otherwise provided in the Grant Notice, this Agreement or any written employment
agreement between Participant and the Company that expressly addresses treatment of stock option grants under the Plan, the termination
or survival of the Option upon the Termination of Participant will be determined in accordance with Section

6.4
of the Plan.

 

b.
Service with Affiliates. Solely for purposes of this Agreement, service with the Company will be deemed to include service with
an Affiliate of the Company (for only so long as such entity remains an Affiliate of the Company).

 

c.
Method of Exercise. Participant may exercise the Option only to the extent it is vested. To exercise the Option, Participant must
give written notice of exercise to the Company specifying the number of shares of Common Stock to be purchased, accompanied by payment
in full of the aggregate Exercise Price in accordance with Section 6.3(d) of the Plan. Such notice must specify the date (not to exceed
more than ninety (90) days after the date of such notice) on which the shares will be purchased and be accompanied by any further documents
or instruments the Company deems necessary or desirable to carry out the purposes or intent of this Agreement.

 

d.
Partial Exercise. The Option may be exercised in whole or in part, provided, however, that the minimum number of Shares with respect
to which the Option may be exercised is one hundred (100). If less than one hundred (100) Shares remain outstanding under the Option
at any time, the Option may only be exercised in whole. Any exercise may apply only with a whole number of Shares.

 

e.
Conditions of Exercise. The Option may not be exercised, and any purported exercise will be void, if the issuance of Shares upon
such exercise would constitute a violation of any law, regulation, or exchange listing requirement. The Committee may from time to time
modify the terms of the Option or impose additional conditions on the exercise of the Option as it deems necessary or appropriate to
facilitate compliance with any law, regulation or exchange listing requirement.

 

f.
Rights as Stockholder. The Option will not confer upon Participant any of the rights or privileges of a stockholder in the Company
unless and until Participant is issued Shares following Participant’s exercise of the Option.

 

    	1

    	 

    

 

5.
Non-Transferability of Option. Participant may not anticipate, alienate, attach, sell, assign, pledge, encumber, charge or otherwise
transfer the Option other than by will or by the laws of descent and distribution. The Option shall be exercisable, during Participant’s
lifetime, only by Participant.

 

6.
Adjustments. The Exercise Price, as well as the number and kind of shares subject to the Option, are subject to adjustment in
accordance with Section 4.2 of the Plan.

 

7.
No Continuation of Service. Neither the Plan nor this Agreement will confer upon Participant any right to continue in the employment
or service of the Company or any of its Affiliates, or limit in any respect the right of the Company or its Affiliates to discharge Participant
at any time, for any reason.

 

8.
Withholding.

 

a.
Regardless of any action the Company takes with respect to any or all income tax, payroll tax or other tax-related withholding (“Tax-Related
Items”), Participant acknowledges that the ultimate liability for all Tax-Related Items owed by Participant is and remains
Participant’s responsibility and that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-
Related Items in connection with any aspect of the Option, including the grant, vesting or exercise of the Option or the subsequent sale
of Shares acquired upon exercise; and (ii) does not commit to structure the terms of the grant or any aspect of the Option to reduce
or eliminate Participant’s liability for Tax-Related Items.

 

b.
Prior to exercise of the Option, Participant shall pay or make adequate arrangements satisfactory to the Company to satisfy all withholding
obligations of the Company. In this regard, Participant authorizes the Company to withhold all applicable Tax-Related Items legally payable
by Participant from Participant’s wages or other cash compensation paid to Participant by the Company or from proceeds of the sale
of the Shares. Alternatively, or in addition, to the extent permissible under applicable law, the Company may (i) sell or arrange for
the sale of Shares that Participant acquires to meet the withholding obligation for Tax-Related Items, and/or (ii) withhold Shares otherwise
issuable upon exercise of the Option, provided that the Company only withholds the amount of Shares necessary to satisfy the withholding
amount (not to exceed maximum statutory rates). Finally, Participant shall pay to the Company any amount of Tax-Related Items that the
Company may be required to withhold as a result of Participant’s participation in the Plan that cannot be satisfied by the means
previously described. The Company may refuse to issue and deliver Shares upon exercise of the Option if Participant fails to comply with
Participant’s obligations in connection with the Tax-Related Items as described in this Section 8.

 

9.
The Plan. A prospectus describing the Plan has been furnished to Participant. The Plan itself is available upon request, and its
terms and provisions are incorporated herein by reference. Pursuant to the Plan, the Committee is authorized to construe and interpret
the terms and provisions of the Plan and to adopt rules and regulations not inconsistent with the Plan as it deems necessary to carry
the Plan into effect. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee
with respect to questions arising under the Plan, the Grant Notice or this Agreement.

 

10.
Company Policies. Participant agrees, in consideration for the grant of the Option, to be subject to any policies by the Company
and its Affiliates regarding compensation recapture (i.e., clawbacks), securities trading, and hedging or pledging of securities that
may be in effect from time to time, or as may otherwise be required by applicable law, regulation or exchange listing standard.

 

    	2

    	 

    

 

11.
Entire Agreement. The Grant Notice and this Agreement, together with the Plan, represent the entire agreement between the parties
with respect to the subject matter hereof and supersede any prior agreement, written or otherwise, relating to the subject matter hereof.

 

12.
Amendment. This Agreement may only be amended by a writing signed by each of the parties hereto; provided that the Company may
amend this Agreement without Participant’s consent, if the amendment does not impair Participant’s rights hereunder or as
otherwise permitted in Section 4.e above.

 

13.
Governing Law. This Agreement will be construed in accordance with the laws and judicial decisions of the State of Delaware, without
regard to the application of the principles of conflicts of laws.

 

14.
Headings. The headings in this Agreement are for convenience only. They form no part of the Agreement and will not affect its
interpretation.

 

15.
Incentive Stock Options.

 

a.
If the Option is designated as an Incentive Stock Option, Participant acknowledges that nonetheless a portion of the Option may not qualify
(or may cease to qualify) as an “incentive stock option” under the Code due to limitations set forth in Section 422(d) of
the Code or otherwise. To the extent the Option does not qualify for treatment as an “incentive stock option” under the Code,
it will be treated as a Non-Qualified Stock Option. The Company does not guarantee any particular tax treatment for the Option or the
Shares subject to the Option.

 

b.
If the Option is designed as an Incentive Stock Option, Participant shall give prompt written notice to the Company of any disposition
or other transfer of any Shares acquired under the Option, if such disposition or transfer is made (i) within two years from the Grant
Date, or (ii) within one year after the transfer of such Shares to Participant. Such notice shall specify the date of such disposition
or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by Participant
in such disposition or other transfer.

 

16.
Electronic Delivery of Documents. Participant authorizes the Company to deliver electronically any prospectuses or other documentation
related to the Option and any other compensation or benefit plan or arrangement in effect from time to time (including, without limitation,
reports, proxy statements or other documents that are required to be delivered to participants in such arrangements pursuant to federal
or state laws, rules or regulations). For this purpose, electronic delivery will include, without limitation, delivery by means of e-mail
or e-mail notification that such documentation is available on the Company’s Intranet site. Upon written request, the Company will
provide to Participant a paper copy of any document also delivered to Participant electronically. The authorization described in this
paragraph may be revoked by Participant at any time by written notice to the Company.

 

17.
Further Assurances. Participant agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform
all additional documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may
be, to implement the provisions and purposes of this Agreement and the Plan.

 

18.
Restrictive Covenants. To the extent allowed by and consistent with applicable law and any applicable limitations period, if it
is determined at any time that Participant has materially breached any employment-related covenants, the Company will be entitled to
cause any unvested portion of the Option to be immediately cancelled without any payment of consideration by the Company.

 

    	3Exhibit
10.32b

 

ENSYSCE
BIOSCIENCES, INC.

 

AMENDED
AND RESTATED 2021 OMNIBUS INCENTIVE PLAN

 

STOCK OPTION GRANT NOTICE AND

AWARD
AGREEMENT

 

Ensysce
Biosciences, Inc., a Delaware corporation (the “Company”), pursuant to its 2021 Amended and Restated Omnibus Incentive
Plan (the “Plan”), hereby grants to the individual listed below (“Participant”) an option to purchase
the number of shares of Common Stock (the “Shares”) set forth below (the “Option”). The Option
described in this Stock Option Grant Notice (the “Grant Notice”) is subject to the terms and conditions set forth
in the Award Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of which is incorporated
herein by reference. Unless otherwise defined herein, capitalized terms used in this Grant Notice and the Agreement will have the meanings
defined in the Plan.

 

	Participant:	David
    Tanzer
	 	 
	Grant
    Date:	February
    14, 2022
	 	 
	Exercise
    Price Per Share:	$6.28
	 	 
	Total
    Number of Shares Subject to Option:	500,000
	 	 
	Expiration
    Date:	February
    14, 2032
	 	 
	Type
    of Option:	☐
                                                         Incentive Stock Option (to the extent permitted by 422(d) of the Code)

                                                          

    ☒
    Non-Qualified Stock Option

	 	 
	Vesting
    Schedule:	Immediately
    vested
	 	 
	Termination:	This
                                                         Option does not terminate and need not be exercised upon Participant ceasing to be engaged as a consultant to the Company but shall
                                                         remain exercisable through the Expiration Date.

 

[Signature
Page to Follow]

 

    	 

     

    

 

By
signing below, Participant agrees to be bound by the terms and conditions of the Plan, the Agreement and this Grant Notice. This document
may be executed, including by electronic means, in multiple counterparts, each of which will be deemed an original, and all of which
together will be deemed a single instrument.

 

	ENSYSCE BIOSCIENCES, INC.	 	PARTICIPANT
	 	 	 	 	 
	/s/
    David Humphrey	 	/s/
    David Tanzer
	Name:	David
    Humphrey	 	Name:	David
    Tanzer
	Title:	Chief
    Financial Officer	 	 	 
	 	 	 	 	 
	 	 	 	ACKNOWLEDGED AND AGREED
	 	 	 	 	 
	 	 	 	MERCURY FUNDINGCO, LLC
	 	 	 	 
	 	 	 	/s/
    David Tanzer
	 	 	 	Name:	David
    Tanzer
	 	 	 	Title:	Managing
    Member

 

    	2

     

    

 

EXHIBIT
A

TO
STOCK OPTION GRANT NOTICE AWARD AGREEMENT

1. Award of Option. Effective as of the Grant Date set forth in the Grant Notice, the Company has granted to Participant the Option
to purchase part or all of the aggregate number of Shares set forth in the Grant Notice, subject to the terms and conditions set forth
in the Grant Notice, the Plan and this Agreement.

 

2. Term of Option. The Option may not be exercised later than the Expiration Date set forth in the Grant Notice, subject to earlier
termination in accordance with the Plan and this Agreement.

 

3. Option Exercise Price. The exercise price per Share of the Option (the “Exercise Price”) is set forth in the
Grant Notice.

 

4. Vesting and Exercise of Option. Subject to the continued service of Participant with the Company through the relevant vesting
dates, the Option shall become vested and exercisable in such amounts and at such times as set forth in the Grant Notice. In addition:

 

a. Effect of Termination of Service on the Option. Unless otherwise provided in the Grant Notice, this Agreement or any written employment
agreement between Participant and the Company that expressly addresses treatment of stock option grants under the Plan, the termination
or survival of the Option upon the Termination of Participant will be determined in accordance with Section

6.4
of the Plan.

 

b. Service with Affiliates. Solely for purposes of this Agreement, service with the Company will be deemed to include service with
an Affiliate of the Company (for only so long as such entity remains an Affiliate of the Company).

 

c. Method of Exercise. Participant may exercise the Option only to the extent it is vested. To exercise the Option, Participant must
give written notice of exercise to the Company specifying the number of shares of Common Stock to be purchased, accompanied by payment
in full of the aggregate Exercise Price in accordance with Section 6.3(d) of the Plan. Such notice must specify the date (not to exceed
more than ninety (90) days after the date of such notice) on which the shares will be purchased and be accompanied by any further documents
or instruments the Company deems necessary or desirable to carry out the purposes or intent of this Agreement.

 

d. Partial Exercise. The Option may be exercised in whole or in part, provided, however, that the minimum number of Shares with respect
to which the Option may be exercised is one hundred (100). If less than one hundred (100) Shares remain outstanding under the Option
at any time, the Option may only be exercised in whole. Any exercise may apply only with a whole number of Shares.

 

e. Conditions of Exercise. The Option may not be exercised, and any purported exercise will be void, if the issuance of Shares upon
such exercise would constitute a violation of any law, regulation, or exchange listing requirement. The Committee may from time to time
modify the terms of the Option or impose additional conditions on the exercise of the Option as it deems necessary or appropriate to
facilitate compliance with any law, regulation or exchange listing requirement.

 

f.
Rights as Stockholder. The Option will not confer upon Participant any of the rights or privileges of a stockholder in the Company
unless and until Participant is issued Shares following Participant’s exercise of the Option.

 

    	3

     

    

 

5. Non-Transferability of Option. Participant may not anticipate, alienate, attach, sell, assign, pledge, encumber, charge or otherwise
transfer the Option other than by will or by the laws of descent and distribution. The Option shall be exercisable, during Participant’s
lifetime, only by Participant.

 

6. Adjustments. The Exercise Price, as well as the number and kind of shares subject to the Option, are subject to adjustment in
accordance with Section 4.2 of the Plan.

 

7. No Continuation of Service. Neither the Plan nor this Agreement will confer upon Participant any right to continue in the employment
or service of the Company or any of its Affiliates, or limit in any respect the right of the Company or its Affiliates to discharge Participant
at any time, for any reason.

 

 8. Withholding.

 

a. Regardless of any action the Company takes with respect to any or all income tax, payroll tax or other tax-related withholding (“Tax-Related
Items”), Participant acknowledges that the ultimate liability for all Tax-Related Items owed by Participant is and remains
Participant’s responsibility and that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-
Related Items in connection with any aspect of the Option, including the grant, vesting or exercise of the Option or the subsequent sale
of Shares acquired upon exercise; and (ii) does not commit to structure the terms of the grant or any aspect of the Option to reduce
or eliminate Participant’s liability for Tax-Related Items.

 

b. Prior to exercise of the Option, Participant shall pay or make adequate arrangements satisfactory to the Company to satisfy all withholding
obligations of the Company. In this regard, Participant authorizes the Company to withhold all applicable Tax-Related Items legally payable
by Participant from Participant’s wages or other cash compensation paid to Participant by the Company or from proceeds of the sale
of the Shares. Alternatively, or in addition, to the extent permissible under applicable law, the Company may (i) sell or arrange for
the sale of Shares that Participant acquires to meet the withholding obligation for Tax-Related Items, and/or (ii) withhold Shares otherwise
issuable upon exercise of the Option, provided that the Company only withholds the amount of Shares necessary to satisfy the withholding
amount (not to exceed maximum statutory rates). Finally, Participant shall pay to the Company any amount of Tax-Related Items that the
Company may be required to withhold as a result of Participant’s participation in the Plan that cannot be satisfied by the means
previously described. The Company may refuse to issue and deliver Shares upon exercise of the Option if Participant fails to comply with
Participant’s obligations in connection with the Tax-Related Items as described in this Section 8.

 

9. The Plan. A prospectus describing the Plan has been furnished to Participant. The Plan itself is available upon request, and its
terms and provisions are incorporated herein by reference. Pursuant to the Plan, the Committee is authorized to construe and interpret
the terms and provisions of the Plan and to adopt rules and regulations not inconsistent with the Plan as it deems necessary to carry
the Plan into effect. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee
with respect to questions arising under the Plan, the Grant Notice or this Agreement.

 

10. Company Policies. Participant agrees, in consideration for the grant of the Option, to be subject to any policies by the Company
and its Affiliates regarding compensation recapture (i.e., clawbacks), securities trading, and hedging or pledging of securities that
may be in effect from time to time, or as may otherwise be required by applicable law, regulation or exchange listing standard.

 

    	4

     

    

 

11. Entire Agreement. The Grant Notice and this Agreement, together with the Plan, represent the entire agreement between the parties
with respect to the subject matter hereof and supersede any prior agreement, written or otherwise, relating to the subject matter hereof.

 

12. Amendment. This Agreement may only be amended by a writing signed by each of the parties hereto; provided that the Company may
amend this Agreement without Participant’s consent, if the amendment does not impair Participant’s rights hereunder or as
otherwise permitted in Section 4.e above.

 

13. Governing Law. This Agreement will be construed in accordance with the laws and judicial decisions of the State of Delaware, without
regard to the application of the principles of conflicts of laws.

 

14. Headings. The headings in this Agreement are for convenience only. They form no part of the Agreement and will not affect its
interpretation.

 

 15. Incentive Stock Options.

 

a. If the Option is designated as an Incentive Stock Option, Participant acknowledges that nonetheless a portion of the Option may not qualify
(or may cease to qualify) as an “incentive stock option” under the Code due to limitations set forth in Section 422(d) of
the Code or otherwise. To the extent the Option does not qualify for treatment as an “incentive stock option” under the Code,
it will be treated as a Non-Qualified Stock Option. The Company does not guarantee any particular tax treatment for the Option or the
Shares subject to the Option.

 

b. If the Option is designed as an Incentive Stock Option, Participant shall give prompt written notice to the Company of any disposition
or other transfer of any Shares acquired under the Option, if such disposition or transfer is made (i) within two years from the Grant
Date, or (ii) within one year after the transfer of such Shares to Participant. Such notice shall specify the date of such disposition
or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by Participant
in such disposition or other transfer.

 

16. Electronic Delivery of Documents. Participant authorizes the Company to deliver electronically any prospectuses or other documentation
related to the Option and any other compensation or benefit plan or arrangement in effect from time to time (including, without limitation,
reports, proxy statements or other documents that are required to be delivered to participants in such arrangements pursuant to federal
or state laws, rules or regulations). For this purpose, electronic delivery will include, without limitation, delivery by means of e-mail
or e-mail notification that such documentation is available on the Company’s Intranet site. Upon written request, the Company will
provide to Participant a paper copy of any document also delivered to Participant electronically. The authorization described in this
paragraph may be revoked by Participant at any time by written notice to the Company.

 

17. Further Assurances. Participant agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform
all additional documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may
be, to implement the provisions and purposes of this Agreement and the Plan.

 

18. Restrictive Covenants. To the extent allowed by and consistent with applicable law and any applicable limitations period, if it
is determined at any time that Participant has materially breached any employment-related covenants, the Company will be entitled to
cause any unvested portion of the Option to be immediately cancelled without any payment of consideration by the Company.

 

    	5

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