Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 612

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 4
Chunk 612
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ser, President and the Interim Chief Executive Officer of the Company, provided written notice to the Company’s
Board of his resignation, effectively immediately. 

On April 23, 2024, Ashesh Modi was appointed
to the Board of Directors of the Company. 

On April 23, 2024, Ketankumar
Patel was appointed to the Board of Directors of the Company. 

On September 12, 2024, the Board
appointed Mark Thoenes as interim chief executive officer of the Company, effective immediately. He succeeded Mr. Nirajkumar Patel who
unexpectedly passed away on September 7, 2024.

Family Relationships

There are no family relationships
among any of our directors or executive officers.

Involvement in Certain Legal
Proceedings

During the last ten years, none
of or officers, directors or control persons have been involved in any legal proceedings as described in Item 401(f) of Regulation S-K,
other than as otherwise disclosed in this Report.

Arrangements

Other than with respect to the
Series B Director as described under “Description of Capital Stock-–-Preferred Stock—Series B Preferred Stock—Series
B Director”, there are no arrangements or understandings between an executive officer or director and any other person pursuant
to which he was selected as an executive officer or director.

Directors and Executive Officers Qualifications

Although we have not formally established
any specific minimum qualifications that must be met by each of our officers, we generally evaluate the following qualities: educational
background, diversity of professional experience, including whether the person is a current or was a former chief executive officer or
chief financial officer of a public company or the head of a division of a prominent international organization, knowledge of our business,
integrity, professional reputation, independence, wisdom, and ability to represent the best interests of our stockholders.

The Governance and Nominating Committee
of the Board prepares policies regarding director qualification requirements and the process for identifying and evaluating director candidates
for adoption by our Board. The above-mentioned attributes, along with the leadership skills and other experiences of our officers and
Board members described above, provide us with a diverse range of perspectives and judgment necessary to facilitate our goals of stockholder
value appreciation through organic and acquisition growth.

Director Independence

Under Nasdaq standards, a director
is not “independent” unless the Board affirmatively determines that he or she does not have a direct or indirect material
relationship with us or