Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 435

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 2
Chunk 435
---
 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 met 6
times during fiscal 2024. The Compensation Committee acts pursuant to a written charter adopted by our Board.

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 to oversee and advise the Board on the adoption of policies that
govern our compensation programs, including stock and benefit plans.

The Compensation Committee is responsible
for determining executive compensation, including approving recommendations regarding equity awards for all of our executive officers,
setting base salary amounts, and fixing compensation levels. This includes reviewing and making recommendations to our Board regarding
corporate goals and objectives relevant to Chief Executive Officer compensation, evaluating, at least annually, the Chief Executive Officer’s
performance in light of these goals and objectives, and reviewing and making recommendations to our Board regarding the Chief Executive
Officer’s compensation level based on such an evaluation.

50

The Compensation Committee also
annually reviews director compensation to ensure non-employee directors are adequately compensated for the time expended in fulfilling
their duties to us, as well as the skill-level required by us of members of our Board. After the Compensation Committee completes their
annual review, they make recommendations to our Board regarding director compensation. The Compensation Committee is authorized to engage
compensation consultants, if they deem necessary, to assist with the Compensation Committee’s responsibilities related to our executive
compensation program and the director compensation program.

Governance
and Nominating Committee. The
Governance and Nominating Committee currently consists of Ashesh Modi (Chair), David Worner and Ketankumar Patel. The Governance and Nominating
Committee did not meet as such during fiscal 2024. The Governance and Nominating Committee acts pursuant to a written charter adopted
by our Board. 

The purpose of the Governance and
Nominating Committee is to determine the slate of director nominees for election to our Board, to identify and recommend candidates to
fill Board vacancies occurring between annual stockholder meetings, to review our policies and programs that relate to matters of corporate
responsibility, including public issues of significance to our company and our stockholders, and any other related matters required by
the federal securities laws.

The Governance and Nominating