Company: IXHL
Filing Date: 2025-05-16
Form Type: DEFA14A
Source: 0001213900-25-044454
Chunk: 6

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-16
Form: DEFA14A
Chunk 6
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2153, Australia

Attention: Joel Latham

Re: Letter Agreement

Ladies and Gentlemen:

Reference is made to (i) that
certain Registration Rights Agreement (the “Registration Rights Agreement”), dated as of March 7, 2025, by and between
Incannex Healthcare, Inc. (the “Company”) and the undersigned (the “Investor”), (ii) that certain
Securities Purchase Agreement, dated as of March 7, 2025 (the “Purchase Agreement”), by and between the Company and
the Investor, entered into in connection with the Company’s private placement pursuant to the Purchase Agreement and other securities
purchase agreements with certain institutional investors (collectively, with the Purchase Agreement, the “Purchase Agreements”)
pursuant to which the Company sold Common Stock, Pre-Funded Warrants and Series A Warrants for gross proceeds of approximately $12.5 million
(the “Private Placement”), (iii) the Series A Warrant issued pursuant to the Purchase Agreement by the Company to the
Investor on March 10, 2025 (the “Series A Warrant”), and (iv) that certain at-the-market sales agreement, dated as
of April 7, 2025, by and between the Company and A.G.P./Alliance Global Partners, with respect to the offer and sale of Common Stock from
time to time (the “ATM Facility”). Capitalized terms used but not defined in this letter shall have the meanings ascribed
to them in the Purchase Agreement.

Pursuant to Section 6(b) of
the Registration Rights Agreement, the Company may not include any securities of the Company in any Registration Statements other than
the Registrable Securities (as defined in the Registration Rights Agreement) (the “Registration Rights Provision”)
and is prohibited from filing a Registration Statement (as defined in the Registration Rights Agreement), subject to certain limited exceptions.
Pursuant to Section 4.9 of the Purchase Agreement, the Company agreed to reserve and keep available at all times, free of preemptive rights,
a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to Purchase Agreement and
Warrant Shares pursuant to any exercise of the Warrants (the “SPA Reserve Provision”). The Company is subject to the
restrictions set forth in Sections 4.12(a) and (b) of the Purchase Agreement (the “Subsequent Equity Sale Restrictions”),
subject to certain exceptions set forth