Ann: Incannex to Issue Loyalty Options to Shareholders, page-10

For every 15 shares you hold of March 23, you get 1 option.

You exercise the 1 option by 22 April by paying 35c. So you get 1 share per each option exercises which will already be in the money assuming the price is above 35c (hence rewarding SH as of 23/3/22).

In addition to the one share, for 2 options exercised by 23 March 2022, you get another option which will expire by 28 April 2023 with a strike price of $1 which can be converted to a share of IHL.

That’s how I understand it.