Company: IXHL
Filing Date: 2025-04-17
Form Type: PRER14A
Source: 0001213900-25-033013
Chunk: 46

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-17
Form: PRER14A
Chunk 46
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 based solely by reference to our performance or the performance of a subsidiary, division, business segment or business unit, or based          
 upon performance relative to performance of other companies or upon comparisons of any of the indicators of performance relative to performance 
 of other companies.                                                                                                                             |

Vesting.
The Committee may determine the time and conditions under which the Award will vest and may specify partial vesting in one or more vesting
tranches, which may be based solely upon continued employment or service for a specified period of time or may be based upon the achievement
of specific performance goals established by the Committee in its discretion.

For all purposes of the Amended 2023 Plan, “vesting”
of an Award shall mean:

| ● | For an ISO, NSO, or SAR, the time at which the participant has 
 the right to exercise the Award.                               |

<div align='center'>23</div>

| ● | For restricted stock or RSUs, the time at which all conditions                                    
 for vesting, as stated in the applicable award agreement or the Amended 2023 Plan, are satisfied. |

| ● | For performance shares, the time at which the participant has                                                                        
 satisfied the requirements to receive payment on such performance shares, as stated in the applicable award agreement or the Amended 
 2023 Plan.                                                                                                                           |

Vesting need not be uniform among Awards granted
at the same time or to persons similarly situated. Vesting requirements shall be set forth in the applicable award agreement.

Certain transactions; Adjustments.In
the event of (i) any dividend (other than ordinary cash dividends) or other distribution (whether in the form of cash, Shares, other
securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation,
spin-off, split-up, split-off, combination, or other similar corporate transaction or event that affects the Shares, or (ii) unusual
or infrequently occurring events affecting the Company, any affiliate, or the financial statements of the Company or any affiliate, or
changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer
quotation system, accounting principles or law, such that in either case the Committee in its sole discretion may adjust any or all of
(A) the number of shares or other securities of the Company (or number and kind of other securities or other property) that may be
delivered in respect of Awards or with respect to