Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 789

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 7
Chunk 789
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 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 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 determin