Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 864

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 7A
Chunk 864
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 In addition, the director must meet the bright-line tests for independence set forth
by the Nasdaq rules. Our Board has undertaken a review of its composition, the composition of its committees and the independence of our
directors and considered whether any director has a material relationship with us that could compromise his ability to exercise independent
judgment in carrying out his responsibilities. Based on these standards, the Board has determined that Messrs. Worner, Patel, and Modi
are “independent” directors within the meaning of listing rules of the Nasdaq Stock Market.

49

All the members of the Audit, Compensation
and Governance and Nominating Committees were also independent during our fiscal year ended October 31, 2024. In making determinations
regarding director independence, our Board considered the relationships that each non-employee director has with us and all other facts
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 16 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), Ketankumar Patel and Ashesh Modi. 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.

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 (a) the preparation, presentation, and integrity
of our financial statements; (b) accounting and financial reporting principles; and (c) 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