Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 995

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 9A
Chunk 995
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 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 any of our subsidiaries. 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), Ket