Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 1059

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 9C
Chunk 1059
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 to awards that have been canceled,
expired, settled in cash, or not issued or forfeited for any reason (in whole or in part) will not reduce the aggregate number of shares
that may be subject to or delivered under awards granted under the Incentive Plan and be available for future awards granted under the
Incentive Plan.

Eligibility. We may grant
awards under the Incentive Plan to employees, officers, directors, and consultants.

Types of Awards. The Incentive
Plan provides for options not qualifying as “incentive” stock options, as defined in Section 422 of the Internal Revenue Code
of 1986, 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