Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 712

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 5
Chunk 712
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6, as amended, stock appreciation rights, shares of restricted stock, and other stock-based awards.

Award Limitation. Non-employee
directors may not be granted awards in excess of the 200,000 shares of our Common Stock in any calendar year.

Term and Amendments. Unless
terminated by our Board, the Incentive Plan will continue to remain effective until no further awards may be granted, and all awards granted
under the Incentive Plan are no longer outstanding. Our Board may at any time, and from time to time, amend the Incentive Plan; provided
that no amendment will be made that would impair the rights of a holder under any agreement entered into pursuant to the Incentive Plan
without the holder’s consent.

Security Ownership of Certain Beneficial Owners
and Management

Common Stock

The following table lists the
beneficial ownership of the Kaival Common Stock as of February 6, 2025, by (i) each named executive officer, (ii) each director, and (iii)
all of Kaival’s current directors and executive officers as a group. Percentage outstanding is based on shares of Kaival Common
Stock outstanding as of February 6, 2025.

56

Beneficial ownership is determined
in accordance with the rules of the SEC and, thus, represents voting or investment power with respect to the 11,542,302 shares of Kaival
Common Stock outstanding as of February 6, 2025. In computing the number and percentage of shares beneficially owned by a person, shares
that may be acquired by such person within 60 days of February 6, 2025are counted as outstanding, while these shares are not counted as
outstanding for computing the percentage ownership of any other person. Except as otherwise indicated, the persons listed below have sole
voting and investment power with respect to all shares of our common stock owned by them, except to the extent such power may be shared
with a spouse. Unless otherwise noted, the address of each person below is c/o Kaival Brands Innovations Group, Inc., 4460 Old Dixie Highway,
Grant-Valkaria, Florida 32949. Name and Address(1)

    Number of 

    Shares of Kaival 

    Common Stock 

    Beneficially 
    Percentage of
  
    Name and Address(1) 
    Owned(2) 
    Class(2)
  
    Eric Morris(3) 
     778,401