Document:

Exhibit 10.2

 

 

 

23 July 2019

 

Mr Sudhanshu Agarwal 26 Linlithgow Road

Toorak VIC 3142

 

Email: sud@cannvalate.com.au

 

Dear Sud,

 

Impression Healthcare Limited - Appointment as Chief Medical Officer

 

This letter of appointment confirms the basis
of your appointment as Chief Medical Officer of Impression Healthcare Limited ACN 096 635 246 (Company).

 

This letter contains the terms and conditions
of your appointment and confirms the Company's policies and procedures.

 

DETAILS OF YOUR APPOINTMENT

 

		1.	Term of appointment

 

		1.1	Your appointment as a Chief Medical Officer will commence on the 23rd July 2019 and continue for a minimum of 12 months in duration
(initial Period). If at any time you wish to interpose a corporate entity, you may nominate a corporate entity which employs you
as principal consultant.

 

		1.2	At any time during your tenure your performance as Chief Medical Officer may be reviewed in accordance with the processes agreed by
the Board from time to time. A recommendation as to your re-appointment may be made in notices of meeting or other material provided to
shareholders. You agree to participate in such reviews.

 

		1.3	You may resign at any time on 90 days' notice.

 

		1.4	Either party may terminate this agreement immediately if the other commits a material breach of this agreement, which is not cured
for 14 days after notice is provided from the non-defaulting party.

 

		1.5	Either party may terminate immediately if the other party becomes insolvent.

 

		1.6	On termination, resignation, retirement or removal from office as Chief Medical Officer in accordance with this agreement, you shall
not be entitled to any damages for, or make any claim against the Company or its officers in relation to, loss of office and, unless expressly
agreed by the Board to the contrary, no fee will be payable to you in respect of your retirement or any unexpired portion of the term
of your appointment.

 

		1.7	This letter refers only to your appointment as Chief Medical Officer.

 

		2.	Time commitment

 

		3.	Your anticipated time commitment is approximately 40 hours per month.

 

     

     

    

 

		4.	You will be expected to perform the milestone activities as set out in Schedule 1 to this letter
and as amended from time to time (and are accepted by you) and any other duties reasonably contemplated by your office.

 

		4.1	As you will appreciate, your time commitment will be affected by the issues confronting the Company from time to time. You are expected
to meet any extra time commitments from time to time within reason as required.

 

		4.2	By accepting your appointment, you will be taken to have confirmed that you will be able to devote sufficient time to appropriately
perform your duties and responsibilities as Chief Medical Officer of the Company. You should seek the Board's consent before you take
on any added or other commitments that are likely to affect your anticipated ability to devote the required time to the performance of
your duties and obligations as Chief Medical Officer of the Company.

 

		5.	Remuneration

 

		5.1	Your Annual Chief Medical Officer's Fee is $90,000 per annum ($7,500 per month). You agree to invoice the Company on a monthly basis
for the Annual Chief Medical Officer's Fee.

 

		5.2	In addition to the Annual Chief Medical Officer's Fee, you are also entitled to:

 

		5.2.1	Performance rights over shares in the Company conditional on the achievement of certain milestone activities (Milestone Performance
Rights) as set out in Schedule 1 to this letter;

 

		5.2.2	Performance rights over shares in the company conditional on the performance of the Company (Value Based Performance Rights) as
set out in Schedule 2; and

 

		5.2.3	200,000,000 options to acquire new fully paid shares of the Company on the terms set out in Schedule 3 (CMO Options).

 

		5.3	The issue of the shares and options to you is also conditional on the approval of the Company's shareholders. The Company will have
the Milestone Performance Rights, Value Based Performance Rights and CMO Options put to its shareholders for approval under ASX Listing
Rule 10.11 at the Company's AGM to be held no later than 30 November 2019.. Where equity securities are to be issued later than 3 months
from the date of the meeting, a waiver from ASX LR 10.3.3 will be sought.

 

		5.4	You may receive or be entitled to a retirement allowance or other equity or incentive based remuneration at the discretion of the
Board (subject, if required, to the approval of the shareholders).

 

		5.5	If there is any dispute as to your entitlement to Milestone Performance Rights, Value Based Performance Rights and CMO Options, a
suitable expert being an accounting partner from a mid-tier accounting firm (Grant Thornton, Pitcher Partners, RSM, BOO or William Buck)
is to be appointed within seven days of the formal notice of dispute being provided by you. The expert will determine the dispute including
who should pay for their costs.

 

		5.6	The amount of Milestone Performance Shares, Value Based Performance Rights or CMO Options or the nature of the benefit may be changed
by the shareholders or by the Board by mutual written agreement with you, at any time prior to being approved by shareholders at the Company's
AGM.

 

		5.7	If you are required to perform services for the Company that, in the opinion of the directors, are outside the scope of the ordinary
duties of a Chief Medical Officer, the Company may pay you for those services in addition to, or instead of, your remuneration under paragraph
5.1.

 

		5.8	Subject at all times to the policies of the Company, you will be entitled to be paid travelling, hotel and other expenses properly
incurred by you in attending and returning from any Board meetings, any committee meetings, general meetings or otherwise in connection
with the Company's business. Where required by the policies of the Company, you should obtain the approval of the Board before you incur
any expense.

 

    2 

     

    

 

		6.	Other interests

 

		6.1	You confirm that you have:

 

		6.1.1	provided to the Company all of the relevant information about you which the Company reasonably needs to know in order to make an informed
decision to appoint you to the position of Chief Medical Officer;

 

		6.1.2	provided the Company with details of your present directorships or offices with other companies or organisations, business and other
interests;

 

		6.1.3	declared any actual or potential conflicts of interest; and

 

		6.1.4	declared that these other existing commitments and/or interests will not affect your ability to perform or discharge your responsibilities
as a Chief Medical Officer of the Company.

 

		6.2	You agree that you will:

 

		6.2.1	not accept any seek any other appointments or offers of employment that may conflict with your position as Chief Medical Officer of
the Company unless and until you have informed the Board (where practicable) of your intention to accept that office and paid due regard
to any objections or issues raised by the Board in relation to that appointment; and

 

		6.2.2	fully and frankly tell the Board in a timely manner about anything that:

 

		(a)	affects you which, if known, may have an adverse impact on the Company's reputation or public profile;

 

		(b)	may lead to an actual or potential conflict of interest or duty; and

 

		(c)	may lead to a reasonable perception of an actual or potential conflict of interest or duty.

 

		6.3	You agree to tell the Company about any interest you may have in the securities of the Company or a related body corporate or interests
in any contract relating to those securities.

 

		7.	Share trading

 

The Company has in place a share trading policy detailing
when you can and cannot deal in the Company's securities and other securities. You must familiarise yourself with, and comply with

 

    3 

     

    

 

		8.	Defined terms and interpretation

 

		8.1	In Part B of this letter:

 

Annual Chief Medical Officer's Fee is given meaning
in section 5.1 of this letter.

 

Business Day means Monday to Friday inclusive, except
New Year's Day, Good Friday, Easter Monday, Christmas Day, Boxing Day and any other day that ASX declares is not a business day.

 

Corporate Action means a transaction implemented by
the Company, including a bonus issue, rights issue, reconstruction of capital (including consolidation, subdivision, reduction or return),
scheme of arrangement or dividend reinvestment plan.

 

CMO Options means the entitlement to options to acquire
shares in the Company conditional upon the performance of the company in accordance with Schedule 3 of this Letter, and conditional
upon the approval of shareholders of the Company.

 

Milestone Performance Rights means the entitlement
to shares in the Company conditional upon the achievement of milestones calculated in accordance with Schedule 1 of this letter,
and conditional upon the approval of shareholders.

 

Value Based Performance Rights means the entitlement
of shares in the Company conditional upon the performance of the Company calculated in accordance with Schedule 2 of this letter,
and conditional upon the approval of shareholders of the Company.

 

		8.2	Your appointment is governed by the laws of Victoria.

 

Please confirm your acknowledgment that you have
read and understood the contents of this letter and that you agree to act as a Chief Medical Officer of the Company on the terms set out
above by signing and returning to me the enclosed copy of this letter.

 

Yours sincerely

Impression Healthcare Limited

 

Troy Valentine

Chairman

 

YOUR ACCEPTANCE

 

I accept and agree to be bound by the terms of this letter.

 

	 	Date	 	 
	 	 	 	 
	 	 	 	 
	 	Signed	 	 
	 	 	 	 
	 	Name (print)	Sudhanshu Agarwal	 

 

    4 

     

    

 

SCHEDULE 1 – MILESTONE PERFORMANCE RIGHTS

 

	Item
    and Milestone Date	 	Milestone
    Activity	 	Approximate
    Commitment (Hrs)	 	Milestone
    Performance Rights
	
    #1 

    30 August 2019

     
	 	Rebrand Company and create four sub-brands for Four Products with clinical feel

                                                                          
	 	4	 	 
	 	Set up medical board, negotiate commercial terms with the board of the Company

                                                                          
	 	8	 	 
	 	Clinical literature appraisal for each of the research areas related to the Four Products

                                                                          
	 	9	 	 
	 	Create presentation for each of the Four Product trial areas

                                                                          
	 	16	 	 
	 	Total for August 2019 Milestone

                                                                          
	 	36	 	1,000,000 Company shares
	
    #2 

    30 September 2019

     
	 	Clinical interviews with each Four Product champion

                                                                          
	 	8	 	 
	 	Investment Roadshow

                                                                          
	 	20	 	 
	 	Medical briefing papers (clinician facing document for each trial)

                                                                          
	 	6	 	 
	 	Total for September 2019 Milestone

                                                                          
	 	34	 	1,000,000 Company shares
	
    #3 

    31 October 2019

     
	 	Commercialisation Strategy for each Four products

                                                                          
	 	25	 	 
	 	Formulation Strategy for Four products

                                                                          
	 	25	 	 
	 	Total for October 2019 Milestone

                                                                          
	 	36	 	1,000,000 Company shares
	
    #4

    30 November 2019
	 	Branding and packaging for Four Products

                                                                          
	 	12	 	 
	 	Research on defendable IP for Four Products

                                                                          
	 	40	 	 
	 	Total for November 2019 Milestone

                                                   
	 	36	 	1,000,000 Company shares
	
    #5 

    31 December 2019

     
	 	
    Medical patent lodgement

    

     
	 	40 (10 hours x Four Products)	 	 
	 	Total for August 2019 Milestone

                                                   
	 	40	 	1,000,000 Company shares
	
    #6 

    31 January 2020

     
	 	Presentation to Institutional Investors with medical sector analysts

                                                                          
	 	20	 	 
	 	Draft new presentation update on the Four Product Trials

                                                                          
	 	16	 	 
	 	Attendance at medical board dinner and catch-up

                                                                          
	 	4	 	 
	 	Total for January 2020 Milestone	 	40	 	1,000,000 Company shares

 

*Note 1: reference to Four Products means products originating from
four clinical trials being conducted by the Company and Cannvalate Pty Ltd, consisting of four separate phase 1 trials for Sleep Apnoea
, Concussion, Gum Disease and TMJ Disorder.

 

** Note 2: Milestone Activities within a Milestone Item must be satisfied
by the relevant Milestone Date in order for Milestone Performance Rights to be issued. Once the Board of the Company is satisfied that
the relevant Milestone Activity has been achieved, the Milestone Performance Rights must be issued within five (5) business days.

 

Note 3: Other terms of the Milestone Performance Rights as set out
in Schedule 4.

 

    5 

     

    

 

SCHEDULE 2 - VALUE BASED PERFORMANCE RIGHTS

 

	Performance Milestone	 	Number of Value Based Performance Rights
	A fully diluted market capitalisation of $60M*	 	1,600,000 shares
	A fully diluted market capitalisation of $125M*	 	7,263,280 shares
	A fully diluted market capitalisation of $150M*	 	9,403,048 shares
	A fully diluted market capitalisation of $200M*	 	12,037,265 shares

 

*The Performance Milestone is satisfied upon the fully diluted market
capitalisation being at or above the specified milestone value at the close for any five trading days.

 

Note 1: Fully Diluted Market Capitalisation is defined as all
fully paid ordinary and in-the-money option securities multiplied by the ASX closing price of the Company shares minus the aggregated
exercise value of option securities.

 

Note 2: Other terms of the Value Based Performance Rights as set out
in Schedule 4.

 

    6 

     

    

 

SCHEDULE 3 - CMO OPTIONS

 

Terms of CMO Options

 

		1.	The CMO Options comprise of 200,000,000 Options to acquire new fully paid ordinary shares of the Company. Each Option has an Exercise
Price of $0.20 and an Expiry Date of 30 September 2021. Each Option also has a vesting condition (refer to paragraph 2 below).

 

		2.	The CMO Options vest upon the shares of the Company having a closing price of $0.20 per share or more for any five (5) trading days,
at any time from the date of grant of the CMO Options until the Expiry Date.

 

		3.	If, prior to the exercise of CMO Options, there is a reorganisation of capital of the Company then your rights as a holder of the
CMO Options (including the number of CMO Options, the number of Company shares to which you are entitled upon the exercise of your CMO
Options, or the Exercise Price) are amended in accordance with the ASX Listing Rules or as would be required by the ASX Listing Rules
applying to a reorganisation of capital at the time of the reorganisation.

 

		4.	Any additional terms of the CMO Options will be mutually agreed in writing.

 

    7 

     

    

 

Schedule 4 -Terms of Performance Rights

 

These rights are rights to which Subdivision 83A-C of the Income Tax
Assessment Act (Cth) 1997 applies (subject to the conditions in that Act).

 

The following is a summary of the key terms and conditions of the Performance
Ri ghts:

 

		(a)	(Performance Rights): each Performance Right is a right to a fully paid ordinary share (Share) in the capital of the
Company.

 

		(b)	(General Meetings): each Performance Right does not confer upon the holder (Holder) the right to receive notices of
general meetings and financial reports and accounts of the Company that are circulated to holders of fully paid ordinary shares in the
capital of the Company (Members).

 

		(c)	(Dividend and Voting Rights): a Performance Right does not confer upon the Holder an entitlement to vote or receive dividends.

 

		(d)	(No rights to return of capital): a Performance Right does not entitle the Holder to a return of capital, whether in a winding
up, upon a reduction of capital or otherwise.

 

		(e)	(Share ranking): all Shares issued upon exercise of the Performance Rights will upon issue rank pari passu in all respects
with all other Shares.

 

		(f)	(Listing of Shares on ASX): At the time of exercise of the Performance Rights and issue of Shares, the Company will apply for
quotation of all Shares issued pursuant to the exercise of Performance Rights on ASX within the period required by ASX.

 

		(g)	(Transfer of Performance Rights) : a Performance Right is not transferable (including encumbering the Performance Ri ghts).
Unless the relevant dealing is effected by force of law on death or legal incapacity to the Holder's legal personal representative or
the Board otherwise determines, a Holder may not dispose of a Performance Right that has been granted to them. The Company may require
that a Performance Right be forfeited if a disposal occurs or is purported to occur other than in accordance with these terms.

 

		(h)	(Participation in new issues): there are no participation rights or entitlements inherent in the Performance Rights and holders
will not be entitled to participate in new issues of capital offered to Members during the currency of the Performance Rights.

 

		(i)	(Adjustment for reconstruction): if, at any time, the issued capital of the Company is reorganised (including consolidation,
subdivision, reduction or return), all rights of a holder of a Performance Right (including the exercise conditions) are to be changed
in a manner consistent with the Corporations Act 2001 (Cth) and the ASX Listing Rules at the time of the reorganisation.

 

		(j)	(Exercise of Performance Rights) : subject to paragraph (I), each Performance Right confers upon the Holder the right to be
issued one Share at a nil exercise price upon the receipt of a written notice from the relevant Holder requesting that the Performance
Right is exercised following the later of (i) any ASX imposed escrow period on the relevant Holder and (ii) achievement of the milestones
as set out in the relevant Schedule (Milestones).

 

    8 

     

    

 

		(k)	(Deferral of Exercise if resulting in a prohibited acquisition of Shares): if the exercise of a Performance Right would result
in any person being in contravention of section 606(1) of the Corporations Act 2001 (Cth) (Prohibition), the exercise of those
Performance Rights shall be deferred until such time or times when the exercise would not result in a contravention of the Prohibit ion.
In assessing whether the exercise of a Performance Right would result in any person being in contravention of the Prohibition:

 

		(i)	Holders may give written notice to the Company if they consider that the exercise of a Performance Right may result in contravention
of the Prohibition. The absence of such written notice from the Holder will entitle the Company to assume that the exercise of a Performance
Right will not result in any person being in contravention of the Prohibition.

 

		(ii)	the Company may (but is not obliged to) by written notice to a Holder request that a Holder provides the written notice referred to
in paragraph (k)(i) within 7 days if the Company considers that the exercise of a Performance Right may result in the contravention of
the Prohibition. The absence of such written notice from the Holder will entitle the Company to assume that the exercise of a Performance
Right will not result in any person being in contravention of the Prohibition.

 

		(l)	(Lapse if Milestone not achieved): if the relevant Milestone is not achieved by the required date, then each Performance Right
in that class will automatically lapse on non-satisfaction of the Milestone.

 

		(m)	(Expiry): the Performance Rights (not yet exercised) will automatically lapse on the fifth anniversary of the date of this
Agreement.

 

		(n)	(Exercise procedure): the Company will issue the Holder with a new holding statement for any Share issued upon exercise of
a Performance Right within 10 business days following exercise.

 

		(o)	(Tranches): Performance Rights issued to a Holder may be exercised in tranches at the request of the Holder subject to paragraph
(j).

 

		(p)	(Continued service): a Holder must be a Director, consultant or employee of the Company or a subsidiary thereof. A Holder's
entitlement to any Performance Rights in relation to Milestones that have not been met, ceases upon the date the Holder ceases to be a
employee of the Company. For the avoidance of doubt, for any Milestone met prior to the date of cessation of service, the Holder remains
entitled to exercise the relevant Performance Rights and be issued Shares, regardless of whether the Holder remains a Director , consultant
or employee of the Company or a subsidiary thereof at the time of exercise.

 

		(q)	(Control Events): Performance Rights issued to a Holder will be immediately exercised and Shares issued to the Holder on the
occurrence of any of the following events:

 

		(i)	a Takeover Bid is made to acquire all or some of the ordinary shares in the capital of the Company and the directors of the Company
recommend to shareholders that the Takeover Bid be accepted;

 

		(ii)	a court approves a Scheme of Arrangement which would result in a person having a Relevant Interest in more than 50% of the ordinary
shares in the capital of the Company; or

 

		(iii)	the Company announces to the ASX an intention to sell all or substantially all of its business undertakings or assets.

 

		(r)	(Definitions):

 

		(i)	Relevant Interest has the meaning given to it in the Corporations Act 2001 (Cth).

 

		(ii)	Scheme of Arrangement has the meaning given to it in the Corporations Act 2001 (Cth).

 

		(iii)	Takeover Bid has the meaning given to it in the Corporations Act 2001 (Cth).

 

 

9Exhibit 10.3

 

 

 

Services Agreement

 

This Agreement is made between lncannex Healthcare Limited ACN
096 635 246 of Level 39, Rialto South Tower, 525 Collins Street, Melbourne, Victoria 3000 (IHL or us) and Madhukar (Madhu)
Bhalla of 4 Delgado Parade, lluka, WA 6028 (you).

 

 

Recitals/ Background matters

 

		A.	IHL requires performance of the Services.

 

		B.	You, and your personnel, are experienced in the provision of the Services.

 

		C.	IHL agrees to engage you to provide the Services, for your and IHL’s mutual benefit, on the terms of this Agreement.

 

 

You and IHL agree as follows:

 

		1.	Definitions

 

		1.1	The terms defined in clause 15, and their definitions, apply throughout this Agreement.

 

		2.	Services

 

		2.1	These standing terms commence on the Commencement Date and continue until termination of this Agreement in accordance with clause
12.

 

		2.2	From time to time IHL may issue you a Purchase Order, on the standing terms and conditions of this Agreement and otherwise on such
terms as IHL sees fit, identifying at least the particular Services it requires you to provide, the fee and the timeframe for delivery
of the Services described in the Purchase Order in question.

 

		2.3	If you accept any Purchase Order, you agree that you and your personnel will provide the Services described in that Purchase Order,
on the standing terms and conditions of this Agreement and any additional terms and conditions set out in the Purchase Order.

 

		2.4	In the event of any inconsistency between this Agreement and the terms and conditions set out in the Purchase Order, this Agreement
prevails to the extent of the inconsistency.

 

		2.5	You acknowledge that:

 

		(a)	you are solely responsible for determining how you and your personnel provide any Services, based on your experience and expertise;

 

		(b)	IHL’s need for Services, and the nature and extent of the Services required, will vary from time to time;

 

		(c)	IHL does not guarantee that it will require any particular level of Services or that you will receive any particular amounts over
the life of this Agreement; and

 

		(d)	IHL relies entirely on your expertise in providing the Services.

 

    

     

    

 

		2.6	In entering into this Agreement you acknowledge, warrant and represent that:

 

		(a)	you, and your personnel, do not owe any obligation to any person or entity that does or might:

 

		(i)	prevent you from providing the Services from the Commencement Date; or

 

		(ii)	interfere with the performance of any of your obligations under this Agreement;

 

		(b)	you and your personnel have all skills, experience, competence, expertise and, as necessary, all qualifications and licences required
or helpful to provide all aspects of the Services, and without limiting clause 3.1, you will (and will ensure that your personnel) provide
all Services to the standard, and in any way reasonable, necessary or helpful, to fulfil all corporate duties that IHC’s company secretary
owes it;

 

		(c)	IHL has not made, and you have not relied on, any representation or statement to you, to the effect that you are an independent contractor,
and have instead made your own assessment of whether you are a contractor and, based on that assessment, you have concluded that you operate
your own business supplying the Services;

 

		(d)	you will carry out all Services in an efficient manner to the highest professional standard for the benefit of your business and for
the benefit of our business, promptly and with all due care, skill, competence and diligence, in a manner consistent with any duty you
bear as an officeholder under any legislation;

 

		(e)	the fee has been set to compensate you, at a commercial rate, for the Services; and

 

		(f)	you have taken such advice as you see fit about your business affairs and this Agreement.

 

		3.	Your business is your business

 

		3.1	You operate your own business and as an independent contractor and we rely heavily on your expertise and knowledge and your decisions
about how you provide the Services. We do not tell you or your personnel what to do or how to do what you do or control how you provide
the Services or how you complete any Purchase Order, and in return, we do not underwrite your business.

 

		3.2	You rely on your own professional advice and make your own decisions about your business, what structures are best for you and any
tax deductions available lo you. We do not give you advice.

 

		3.3	Nothing in this Agreement prevents you working for any other business during the No Dealing Period, so long as your other activities
do not:

 

		(a)	interfere with the provision or quality of the Services or your performance of any duty you bear as an officeholder under any legislation;

 

		(b)	conflict with our interests or the interests of any Client; or

 

		(c)	breach clause 13.

 

    - 2 -

     

    

 

		3.4	Before you take up any other opportunity during the No Dealing Period you will inform us of the opportunity and you acknowledge that
this disclosure is essential to help us ensure we are aware of, and can manage, any conflict and avoid any unexpected surprises.

 

		4.	You are not our employee

 

		4.1	You acknowledge and agree that:

 

		(a)	you are not our employee and your personnel are not our employees, and nothing in this Agreement makes you or any personnel our employee;

 

		(b)	nothing in clause 2.6(b) or clause 2.6(d), or any act you perform or any Services you (or your personnel) provide, suggests or creates
any relationship of employment between you and IHL;

 

		(c)	instead, this Agreement creates the relationship of principal and independent contractor and does not constitute: (i) a joint venture;
(ii) a partnership between you and IHL; or (iii) a relationship of agency between you and IHL; and

 

		(d)	you must not, on our behalf: (i) make any agreement, representation or commitment; or (ii) hold out to any person that you have any
authority to make any agreement, representation or commitment on our behalf.

 

		4.2	Instead, as an independent contractor you are solely responsible for compliance with any and all industrial awards and any and all
laws and responsible for and indemnify us against:

 

		(a)	all typical benefits of employment, in respect of you and all of your personnel; and

 

		(b)	all findings of employment or that you, or your personnel (or any of them), are our employee and all consequential or related claims,
including: (i) all claims for any typical employment benefits; and (ii) to the fullest extent permissible, any penalty.

 

		5.	Fees

 

		5.1	We will pay you the fee for providing the Services, subject to this clause. The Purchase Order for the Services in question will set
out the fee.

 

		5.2	Except to the extent that the fee specified in it has already been paid, we will pay a Valid Invoice within 45 days from the date
on which you give us a Valid Invoice (in any manner we notify to you from time to time).

 

		5.3	We are not obliged to pay you any part of the fee unless and until you have issued a Valid Invoice that nominates the Purchase Order,
or for any additional costs and expenses in relation to the Services unless the additional costs and expenses are Approved Expenses.

 

    - 3 -

     

    

 

		5.4	You agree to give us, promptly, any additional information or documentary evidence we ask for, to help us assess whether you have
submitted a Valid Invoice (or an invoice purporting to be a Valid Invoice).

 

		5.5	Unless provided elsewhere in this Agreement, we are not required to pay interest on the amount of any invoice, and you agree that
this clause overrides all other arrangements that may appear or be referred to in any other terms or conditions.

 

		6.	GST

 

		6.1	This Agreement deems any amount payable to you as contemplated by a Purchase Order or this Agreement, lo be expressed on a GST-exclusive
basis unless it is expressly slated otherwise in this Agreement or a Valid Invoice. To achieve this, if:

 

		(a)	an amount payable to you and specified in, or calculated in accordance with, this Agreement is not taken to be expressed on a GST
exclusive basis; and

 

		(b)	the amount is consideration for a supply which is a taxable supply under A New Tax System (Goods and Services Tax) Act 1999 (Cth),

 

then, despite anything else in this Agreement , the amount
payable to you is 110% of the amount.

 

		6.2	You warrant that if you are required to registered for GST under A New Tax System (Goods and Services Tax) Act 1999 (Cth) at
any time you provide any Services, you will register and remain registered for GST throughout the Term.

 

		7.	Impact of certain deeming laws

 

		7.1	This clause applies if you have chosen not to trade through your own company. While we respect your election, it does mean that Stale
and Federal deeming laws may require us to deduct and remit amounts in respect of Charges, as if you were an employee and you acknowledge
that this is an external requirement imposed on us by law, and does not indicate or create employment.

 

		7.2	To ensure that we comply with all deeming laws relating to Charges, we will:

 

		(a)	withhold and remit, from any fee payable to you in respect of any Services:

 

		(i)	the required income tax, if any (such as PAYG witholding), and you agree to provide to us your tax file number so we can comply with
the applicable deeming laws that bind us; and

 

		(ii)	superannuation contributions on your behalf to a complying superannuation fund of your choice or, if you do not nominate such a fund,
our default fund; and

 

		(b)	maintain statutory workers’ compensation cover on your behalf.

 

		7.3	Without limiting clause 7.2, you authorise and direct us to make all such deductions and remittances and acknowledge and agree that
our compliance with those laws does not create an employment relationship between you and us and is instead only a reflection of our compliance
with the law.

 

    - 4 -

     

    

 

		7.4	You acknowledge and agree that you will:

 

		(a)	maintain, at all times, public liability insurance to a value of at least AUD10million;

 

		(b)	comply with all taxation obligations, including (as applicable) GST and PAYG obligations; and

 

		(c)	within 48 hours of request, give us evidence that you comply with these obligations, including a copy of all policies of insurance,
receipts for premiums paid, and certificates of currency.

 

		8.	Confidentiality

 

		8.1	You are a service provider to our business, and you recognise that we rely on you heavily to protect our business interests, including
our business relationships with Affected Persons and our confidential information and IP. To help you provide the Services we give you
access to confidential information about us and our Clients. That information would be a significant advantage to a competitor, and you
acknowledge our need to protect it and our relationship with Affected Persons.

 

		8.2	For so long as it remains confidential (during and after this Agreement is in effect), you must not use or disclose any confidential
information. and will use all best endeavours to prevent the publication, use or disclosure, by anyone (including anyone else) of any
confidential information, except:

 

		(a)	for our benefit;

 

		(b)	as necessary to provide any Services;

 

		(c)	as required by law, so long as you notify IHL immediately upon becoming aware that you will be required to disclose any confidential
information;

 

		(d)	to professional advisers to obtain advice for our benefit; or

 

		(e)	to enforce this Agreement.

 

		8.3	Upon the termination of this Agreement for any reason, you will deliver to us or our authorised representative, without any further
demand:

 

		(a)	all documents and records, including all copies of documents, records however they are stored in your possession, custody or control
containing or relating in any way to Confidential Information; and

 

		(b)	all other property of IHL, any Related Body Corporate or any Affected Person.

 

		9.	Inventions, IP and IP Rights

 

		9.1	By entering into this Agreement, you irrevocably grant IHL a licence to use all IP Rights in all Works in perpetuity, without any
cost to IHL other than the fee. Except as set out in this clause, we have no interest in any of your IP Rights.

 

		10.	Work Health and Safety

 

		10.1	As an independent contractor, you recognise that you are primarily responsible for your own WHS and the WHS of all of your personnel,
because you alone control how your personnel perform any Services, and that, as a result, we rely on you to identify, assess and manage
all risks involved in providing all or any Services.

 

    - 5 -

     

    

 

		11.	Indemnity

 

		11.1	Subject to applicable laws and without limiting clauses 3, 4 or 8, you are solely liable for, and indemnify us against all claims
made against us in relation to:

 

		(a)	how you conduct your business or how you perform the Services;

 

		(b)	any act, omission or default by you in the provision (or non-performance) of any Services;

 

		(c)	your dealings with any person or entity you work with in the course of providing the Services;

 

		(d)	any use (or misuse) of any confidential information;

 

		(e)	any interference with contract;

 

		(f)	any breach of your obligations under this Agreement;

 

		(g)	all loss, damage or injury to persons or property caused by you; and

 

		(h)	all claims, actions, damage or loss that we incur or are liable for as a result of any Charge, including all claims of underpayment
or non-payment of any Charge.

 

		11.2	You acknowledge and agree that this clause survives the termination of this Agreement for any reason.

 

		12.	Terminating this Agreement

 

		12.1	Either you or IHL may terminate this Agreement and our relationship with you, immediately at any time, for any reason, by giving the
other party one (1) month’s written notice. You acknowledge and agree that:

 

		(a)	you are not entitled to any compensation or damages from us if we terminate this Agreement and our relationship with you for any reason
at any time; and

 

		(b)	the length of the notice period in this clause reflects the courteous approach our respective businesses adopt to working together,
and does not create or indicate employment.

 

		12.2	If this Agreement is terminated for any reason at any time:

 

		(a)	you must stop providing the Services immediately (or otherwise as agreed at the time);

 

		(b)	subject to clause 11, we will pay you all amounts due under this Agreement;

 

		(c)	you must return to us, immediately: (i) all of our property, including all records, files, correspondence, notes, papers, documents
and confidential information in your possession: (ii) all copies of all such property or any part of it; and (iii) an undertaking, in
terms acceptable to us, that all such property has been returned; and

 

		(d)	the termination does not affect the operation of any of your continuing obligation/s under this Agreement.

 

    - 6 -

     

    

 

		13.	Protecting our relationships with Affected Persons

 

		13.1	Without limiting clause 3.3, during the No Dealing Period you must not, directly or indirectly (including as an employee or through
any other business):

 

		(a)	canvass or solicit the custom of any Affected Person:

 

		(b)	accept any approach from, or approach, solicit, encourage or induce any Affected Person to:

 

		(i)	acquire, from anyone other than us, any Similar Services; or

 

		(ii)	engage or allow you to perform any Similar Services except through us;

 

		(c)	perform any Similar Services for any Affected Person;

 

		(d)	interfere with our relationship with any Affected Person or entice or assist any Affected Person to limit, reduce or cease their involvement
with us or our business, including by engaging you directly (without us); or

 

		(e)	attempt to do any act referred to in this clause or counsel, procure, encourage, assist or allow any person to do any act referred
to in this clause.

 

		13.2	You acknowledge and agree that:

 

		(a)	we have invested significantly to develop confidential information and relationships with Affected Persons, and have a critical business
need to protect those relationships and all confidential information:

 

		(b)	by virtue of providing the Services, you will acquire a detailed knowledge of confidential information and projects, products and
customers and have the opportunity to build relationships with Affected Persons;

 

		(c)	the nature of IHL’s business and the Services make IHL particularly susceptible to irreparable harm, damage or loss from unauthorised
use or disclosure of any Confidential Information;

 

		(d)	any use of any confidential information for someone else’s benefit could significantly and irreparably harm us or our business and
the restrictions in this clause are fundamental to our decision to engage you and give you the opportunity to provide the Services, so
each restriction in this Agreement on your ability to deal with Affected’ Persons and confidential information is: (i) reasonable, separate,
distinct and severable; (ii) reasonably necessary to protect our connection with Affected Persons; and (iii) to be given its maximum effect,
which is not greater than is reasonably necessary for the protection of our legitimate interests, given the nature of our business;

 

		(e)	the Restraints of Trade Act 1976 (NSW) and the laws of New South Wales govern all restrictions, including, in particular, the
No Dealing Period, and otherwise, the laws of the State or Territory in which you perform the Services govern this Agreement, and you
submit unconditionally to the non-exclusive jurisdiction of those courts;

 

    - 7 -

     

    

 

		(f)	if any restriction is held to be void or ineffective for any reason but would be treated as valid and effective if part of the wording
were deleted, the restriction will apply with such deletions or modifications as are necessary to make it valid and effective;

 

		(g)	the unenforceability of any restriction does not affect the enforceability of any other restriction and the overlapping nature of
any, or any particular, restrictions does not undermine or affect their validity or enforceability;

 

		(h)	damages may not be an adequate remedy for any breach of the restrictions contained in this Agreement

 

		(i)	and the remedies of injunction, specific performance and other equitable relief may be appropriate, particularly if you breach or
threaten to breach, or we believe that you are likely to breach, any of your obligations under this clause; and

 

		(j)	the fee we pay you for Services rendered is adequate consideration for all restrictions.

 

		14.	Personnel

 

		14.1	You warrant that before you allow any person to be involved in providing any Services, you will give IHL a copy of the Deed, executed
by that person. You acknowledge that this clause 14 and the Deed are fundamental to us and that we would not have entered into this Agreement
without the warranties and acknowledgments they contain.

 

		15.	Defined Terms

 

		15.1	The following terms, and their definitions, apply throughout this Agreement.

 

Affected Person means any person or other entity you
dealt with on our behalf during the last 12 months of your involvement with us, including each Client, employee, supplier and independent
contractor of IHL and IHL’s related and associated entities, and Affected Persons has a corresponding meaning.

 

Approved Expenses means any expense we have approved,
in writing, before it was incurred.

 

Client means each and any person:

 

		(a)	IHL provides any services, for payment or other reward; and

 

		(b)	you provide or have provided any Services pursuant to this Agreement, and Clients has a corresponding meaning;

 

    - 8 -

     

    

 

Charges means amounts that we are required to remit,
in respect of:

 

		(a)	tax, pursuant to Federal income tax laws;

 

		(b)	superannuation, pursuant to Federal superannuation laws;

 

		(c)	workers’ compensation, pursuant to State laws; and

 

and Charge has a corresponding meaning.

 

Commencement Date means 28th June, 2021.

 

confidential Information:

 

		(a)	means all information of a confidential nature (whether that information is provided verbally or by way of a document or other material
in human or machine readable form) or which is generally not known outside of IHL and which relates to IHL or its business;

 

		(b)	includes all information and all copies of information contained in or relating to:

 

		(i)	any Affected Person/sand all lists of contact details or preferences or our relationship with them, including fees and services provided;

 

		(ii)	the identity, details or affairs of any former, current or potential Clients, including all lists of the contact details of any of
them;

 

		(iii)	financial matters, such as actual, projected or anticipated financial performance, margins or profit;

 

		(iv)	all information disclosed to a Client or a related entity by any third party (including a client of a Client) under any agreement
that requires the client or related entity to keep that information confidential;

 

		(v)	details of any IP; and

 

		(vi)	all information designated as confidential, all information you know or ought to know is confidential, and all improvements, adaptations
or derivative works relating to any such information, made by or on behalf of you, solely or jointly with any other person; and

 

		(c)	does not include information that is in the public domain, except due to breach of your obligations under this Agreement.·

 

    - 9 -

     

    

 

Deed means the deed set out in the Schedule to this
Agreement.

 

fee means $5,000 (plus GST) each month, to be stated
in, or calculated in accordance with, the Purchase Order for the Services in question.

 

IP means intellectual property and includes any computer
program, software, hardware, discovery, invention or secret process or improvement in procedure made, developed or discovered by you arising
from or in the course of providing any services to us or any Client.

 

IP Rights means all existing and future intellectual
property rights throughout the world, including:

 

		(a)	all rights comprised in any copyright, trademarks, patents, designs, or similar rights, whether at common law or conferred by statute;

 

		(b)	all patents, copyright, registered designs, trademarks (whether or not registered or registerable) made, conceived, invented, procured
or suggested by you or to which you contribute or in the course of, or at the same time as, providing any Services, and all rights in
circuit layouts and the right to have confidential information kept confidential; and

 

		(c)	any application or right to apply for registration of any of those rights,

 

throughout the world for the full period of the rights and
all extensions.

 

No Dealing Period means for so long as you provide
and Services and thereafter, in the following order of priority, subject to the Restraints of Trade Act 1976 (NSW), for:

 

	 	
    (a)
	12
    months;
	(b)11 months;	(c)10 months;	(d)9 months;	(e)8 months;
	 	(f)	7 months;	(g)6 months;	(h)5 months;	(i)4 months;	(j)3 months.

 

Purchase Order means a purchase order that IHL issues
to you, on such terms as it sees fit, identifying the particular Services It requires you to provide.

 

Services means:

 

		(a)	specialist company secretary services and corporate services, provided to a professional standard and in any way helpful, reasonable
or necessary to fulfil all corporate duties that its company secretary owes to IHC; and

 

		(b)	any other particular services identified in any Purchase Order provided to you.

 

Similar Services means any services that are the same
as, or similar to, any Services you provided during the last 12 months, or the performance of which would require you to use, or be aided
by the use of, any confidential information.

 

typical benefits of employment means all incidents
of employment and all incidents of deemed employment under the deeming provisions of laws concerning superannuation, workers’ compensation,
tax and payroll tax, including (as applicable) all:

 

		(a)	wages, salary, allowances (including annual leave loading), penalty rates, overtime, commissions and bonuses:

 

		(b)	leave, including annual leave, personal/carer’s (including sick) leave, parental leave, long service leave and public holidays;

 

		(c)	benefits under any award or other industrial Instrument;

 

		(d)	except as required by the deeming laws referred to in this Agreement, compulsory superannuation contributions, workers’ compensation
and workers’ compensation benefits; and

 

		(e)	all other statutory entitlements provided, or required to be provided, to any employee.

 

    - 10 -

     

    

 

Valid Invoice means an invoice which:

 

		(a)	is a tax invoice under A New Tax System (Goods and Services Tax) Act 1999 (Cth);

 

		(b)	identifies the Purchase Order and the Services for which you make your claim for payment;

 

		(c)	identifies all personnel who provided the Services in question, and contains a statement by an authorised person from your organisation,
confirming that you have satisfied all typical benefits of employment, in respect of each of those personnel, in respect of all Services
they have provided; and

 

		(d)	separately identifies all Approved Expenses included.

 

Works means:

 

		(a)	all materials, things and information, including all Inventions, software, databases, models, drawings, plans, processes, formulae,
recipes, artwork, designs, logos, reports, proposals and records; and

 

		(b)	all IP Rights (and all IP Rights in any Works) in any item or thing created or developed in the course of, or at the same time as,
providing any Services to us or any Client.

 

		16.	Other matters

 

		16.1	This Agreement and the Deed constitutes the entire agreement between the parties as to its subject matter and continues to apply to
your engagement despite any change to the engagement. It supersedes all previous representations, agreements and/or offers about its subject
matter and may be amended only by written agreement between the parties.

 

		16.2	The law of the State or Territory in which you supply the Services applies to this Agreement. The information contained in this document
remains the property of IHL and may not be copied, distributed or formatted for any other use without our prior consent.

 

		16.3	A provision of or a right created under this Agreement may not be waived except in writing signed by the party or parties to be bound
by the waiver.

 

		16.4	You warrant that you have had the opportunity to seek independent legal or professional advice in relation to the nature, effect and
extent of this Agreement and that you have read, and accept, each of its terms and conditions. You understand that we rely on these warranties
in providing you with the opportunity to provide the Services.

 

		16.5	You agree that if this Agreement imposes on you any obligation and you provide any Services to or for the benefit of any related or
associated entity of IHL:

 

		(a)	you will owe each such obligation to that other entity as if it were a party to this Agreement;

 

		(b)	IHL or that other entity may enforce the obligation. in the case of the other entity, as if it were a party to this Agreement; and

 

		(c)	in addition to entering into this Agreement on its own behalf, IHL enters into this Agreement and holds the benefit of this clause
on behalf of and on trust for that other entity.

 

    - 11 -

     

    

 

Executed as an Agreement

 

	EXECUTED
    on behalf of Incannex Healthcare Limited CAN 096 635 246, by its authorized representative in the presence of:	 	EXECUTED
    by the person named above as “you”, in the presence of: 
	 	 	 
		 		 		 	
	Authorised signatory	 	Witness’
    signature	 	Authorised
    signatory	 	Witness’
    signature
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Print
    name	 	Print
    name	 	Print
    name	 	Print
    name
	Date:	 	Date:	 	Date:	 	Date:

 

    - 12 -

     

    

 

Schedule

 

The person Identified in the signing clause (you) enters into
this DEED for the benefit of lncannex Healthcare Limited ACN 096 635 246 (IHL or us).

 

 

Recitals

 

		A.	IHL engages the Provider to provide the Services and the Provider
engages your services to allow the Provider to provide the Services.

 

		B.	In the course of providing the Services on the Provider’s behalf,
you will have access to IHL’s goodwill, confidential information and relationships, which IHL wishes to protect.

 

		C.	In return for, and as a condition of, the opportunity to provide
the Services, you agree to take on the Obligations, personally, on the terms of this Deed, to protect IHL’s legitimate business interests.

 

 

THIS DEED WITNESSES

 

		1.	Definitions

 

		1.1	Throughout this Deed:

 

		(a)	Agreement means the Agreement between the Provider and IHL, a copy of which is annexed to this Deed;

 

		(b)	Provider means the party to the Agreement that is not IHL.

 

		(c)	Obligations means all obligations the Agreement imposes on the Provider under: (i) clause 8 “Confidentiality”; (ii)
clause 9 “Inventions, IP and IP Rights”; and (iii) clause 13 “Protecting our relationships with Affected Persons”;
and

 

		(d)	all terms defined in the Agreement, and their definitions, apply.

 

		2.	Obligations

 

		2.1	In return for the opportunity to provide Services on behalf of the Provider, and on the basis of the acknowledgments in clause 3,
you:

 

		(a)	take on and will perform all Obligations personally, subject to the terms of this Deed, as if: (i) you were a party to the Agreement;
and (ii) each reference to the Provider were a reference to you; and

 

		(b)	guarantee, unconditionally and irrevocably, the due and punctual performance of all Obligations, and will take all steps reasonable,
necessary or convenient to give effect to this clause.

 

    - 13 -

     

    

 

		3.	Acknowledgments

 

You acknowledge and agree that:

 

		(a)	the Recitals are accurate and correct and this Deed is critical to protecting IHL’s business interests;

 

		(b)	to the extent that consideration is required, the opportunity to provide Services amounts to good and valuable consideration for entering
into this Deed;.

 

		(c)	IHL would not have allowed you to provide any Services without you entering into this Deed;

 

		(d)	you are not an employee of IHL and instead provide your services or perform work through the Provider which is your employer and you
are satisfied that the provision of Services does not create a relationship of employment between IHL and you;

 

		(e)	IHL is not responsible to you for any typical benefits of employment ;

 

		(f)	before entering into this Deed you have had the opportunity to obtain independent advice and have satisfied yourself about all matters
and mak.e the acknowledgments in clause 13.2 of the Agreement;

 

		(g)	neither IHL nor any person associated with its business has: (i) misrepresented, to you or anyone else, the true nature of your relationship
with IHL; or (ii) made any false statement to persuade or influence you to enter into this Deed; and

 

		(h)	the obligations imposed on you by this Deed are reasonable and reasonably necessary to protect IHL’s legitimate business interests,
and go no further than reasonably necessary to do so.

 

		4.	Other matters

 

		4.1	Part or all of any clause of this Deed that is illegal or unenforceable will be severed from this Deed and the remaining provisions
of this Deed will continue in force.

 

		4.2	This Deed is governed by the laws listed in clause 16.2 of the Agreement.

 

EXECUTED AS A DEED

 

Signed sealed and delivered by the person named as ‘you’
in the presence of:

 

	 	 	 
	Your signature	 	Witness signature
	 	      	 
	 	 	 
	Print your name	 	Print witness name
	 	 	 
	 	 	 
	Print your address	 	Print witness address
	 	 	 
	Date:	 	Date:

 

 

 

- 14 -

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