Company: IXHL
Filing Date: 2025-05-16
Form Type: DEFA14A
Source: 0001213900-25-044454
Chunk: 8

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-16
Form: DEFA14A
Chunk 8
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 Payment”). In consideration of the Warrant Cancellation Payment, the
original number of Warrant Shares (as defined in the Series A Warrant) as set forth on the first page of the original Series A Warrant,
prior to any adjustments as set forth therein, shall be deemed to be reduced by a number of shares (the “Cancelled Warrant Shares”)
equal to the quotient obtained by dividing the Warrant Cancellation Payment by $2.14, rounded down to the nearest whole share (the “Warrant Cancellation”). The Warrant Cancellation shall have the same effect as cancellation of the original Series A Warrant and issuance
of a new Series A Warrant evidencing the right to purchase the remaining number of Warrant Shares.

On the earlier of (i) the
date the Company raises $12,499,828 in Net Proceeds from the Permitted ATM Sales or (ii) the date immediately preceding the date that
the Stockholder Approval is expected to be obtained, the Company shall provide a notice setting forth the amount of Net Proceeds, the
amount of the Warrant Cancellation Payment and the number of Cancelled Warrant Shares (the “Permitted ATM Sale Notice”)
to the Investor at the email address set forth in the Investor’s signature page to the Purchase Agreement. The Warrant Cancellation
shall be immediately effective upon the delivery of the Permitted ATM Sale Notice, and the Investor may not exercise the Series A Warrant
with respect to any of the Cancelled Warrant Shares. Within three Business Days after the date the Stockholder Approval is obtained, the
Company shall pay the Warrant Cancellation Payment to the Investor pursuant to the wire instructions set forth on .

In connection with the foregoing,
the Investor represents and warrants to the Company that the Investor (a) is the sole owner of, and has good and lawful title to, the
Series A Warrant free of any lien or encumbrance, except for restrictive legends relating to compliance with the Securities Act and (b)
has all requisite authority to enter into this agreement and perform its obligations hereunder, including without limitation with respect
to any Warrant Cancellation. The Investor further acknowledges and agrees that the Series A Warrant may not be sold, transferred, pledged
or assigned unless, in addition to the other procedures set forth in the Series A Warrant, the recipient of the Series A Warrant agrees
in writing to be subject all of the terms and conditions of this letter agreement as if it were an