Company: KAVL
Filing Date: 2025-10-07
Form Type: DEF 14A
Source: 0001731122-25-001359
Chunk: 24

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-10-07
Form: DEF 14A
Chunk 24
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and circumstances our Board deemed relevant in determining their independence, including the director’s beneficial ownership of
our common stock and the relationships of our non-employee directors with certain of our significant stockholders.

Meetings of the Board and Board Committees

Our Board has an Audit Committee, a Compensation Committee
and Governance and Nominating Committee. The entire Board met 24 times, including telephonic meetings, during fiscal 2024.
All directors attended at least 75% of our Board meetings held during the time each director served on our Board.

Audit Committee. The Audit Committee
currently consists of David Worner (Chair), Ashesh Modi and Ketankumar Patel. The Audit Committee met 4 times during fiscal 2024. The
meetings included discussions with management and with our independent registered public accounting firm to discuss our interim and annual
financial statements, and the effectiveness of our financial and accounting functions and organization. The Audit Committee acts pursuant
to a written charter adopted by our Board. Changes to this charter from time to time will be posted on our website at such address.

The purpose of the Audit Committee is to represent
and assist the Board in its general oversight of our accounting and financial reporting processes, audits of our financial statements,
and our internal control and audit functions. Management is responsible for (i) the preparation, presentation, and integrity of our financial
statements; (ii) accounting and financial reporting principles; and (iii) our internal controls and procedures designed to promote compliance
with accounting standards and applicable laws and regulations. Our independent registered public accounting firm is responsible for performing
an independent audit of our consolidated financial statements in accordance with generally accepted auditing standards.

Our Board has determined that the Audit Committee
is comprised entirely of independent members as defined under applicable SEC rules and the Nasdaq Rules. Our Board has determined that
David Worner, the Chair of the Audit Committee, is an “audit committee financial expert” as defined under SEC rules.

Compensation Committee. The Compensation
Committee currently consists of Ketankumar Patel (Chair), David Worner and Ashesh Modi. The Compensation Committee did not meet during
fiscal 2024. The Compensation Committee acts pursuant to a written charter adopted by our Board. Changes to this charter from time to
time will be posted on our website at such address.

The purpose of the Compensation Committee is to discharge
the responsibilities of the Board relating to compensation of our executives, to produce an annual report on executive compensation for
inclusion in our annual proxy statement, and