Company: IXHL
Filing Date: 2025-04-17
Form Type: PRER14A
Source: 0001213900-25-033013
Chunk: 43

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-17
Form: PRER14A
Chunk 43
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 of $0.216 per share and exercise pursuant to the zero exercise price provisions in the Series A Warrants), the holders of Pre-Funded
Warrants exercise all of the Pre-funded Warrants for an aggregate of 1,887,045 shares of our common stock and the Company issues no other
new shares of common stock, the Evergreen Increase on September 30, 2025 would increase the number of shares reserved under the Amended
2023 Plan by 81,819,509 shares of our Common Stock, which would represent 20% of the shares of common stock then outstanding and 319%
of the 27,546,753 shares of common stock outstanding as of April 14, 2025.

Summary of Material Features of the Amended 2023 Plan.

The following is a brief summary of the Amended
2023 Plan. This summary is qualified in its entirety by reference to the text of the Amended 2023 Plan, a copy of which is attached as
Appendix B to this Proxy Statement, and the 2023 Plan, a copy of which is filed as Exhibit 10.5 to our Annual Report on Form 10-K filed
with the SEC on September 30, 2024.

Purpose.The purpose of the Amended
2023 Plan is to provide a means through which we and our affiliates may attract and retain key personnel and to provide a means
whereby our and our affiliates’ directors, employees, and consultants (and prospective directors, employees, and consultants)
can acquire and maintain an equity interest in the Company, or be paid incentive compensation, which may, but need not, be measured
by reference to the value of our shares of common stock, thereby strengthening their commitment to the success of the Company and
its affiliates and aligning their interests with those of our stockholders.

Eligibility and administration.Employees,
consultants, and directors of the Company and its affiliates, as well as prospective employees, consultants, and directors who have accepted
offers of employment or consultancy from the Company or its affiliates are eligible to receive one or more types of Awards (as defined
below) under the Amended 2023 Plan.

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The Amended 2023 Plan is administered by a committee
of two directors (the “Committee”). Currently, Mr. Widdows and Mr. Clark are members of the Committee. The Committee
has complete authority to determine which employees, consultants, and/or