Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 1023

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 9B
Chunk 1023
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 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 independent members as defined under applicable SEC rules and the Nasdaq Rules. Our Board has
determined that Mr. 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 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