Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 531

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 3
Chunk 531
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 fiscal year ended October 31, 2024. Mr. Patel passed
away on September 7, 2024.

(2)

Mr.
Brooks resigned from the Board on February 22, 2024.

(3)

Mr.
Chuang resigned from the Board on February 26, 2024.

(4)

Mr. Cassidy resigned from the Board
on January 25, 2024.

(5)
Mr. Hopkins resigned from the Board
on February 22, 2024

(6)
Mr. Modi was appointed to the Board
on April 23, 2024.

(7)
Mr. Patel was appointed to the
Board on April 23, 2024.

Item 12. Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters. 

Securities Authorized for Issuance Under Equity Compensation Plans

As of October 31, 2024, there
were no outstanding equity awards issued under our Incentive Plan.

Stock Option Plans

On May 28, 2020, our Board adopted
the Incentive Plan. The following is a summary of the principal features of the Incentive Plan. The summary of the Incentive Plan does
not purport to be complete and is qualified in its entirety by reference to the full text of the Incentive Plan.

55

Background. The purpose
of the Incentive Plan is to enhance stockholder value by linking the compensation of our employees, officers, directors, and consultants
to increases in the price of our Common Stock and the achievement of other performance objectives and to encourage ownership in the Company
by key personnel whose long-term employment is considered essential to our continued progress and success. The Incentive Plan is also
intended to assist us in recruiting new employees and to motivate, retain, and encourage such employees and directors to act in stockholders’
interest and share in our success. The various types of incentive awards that may be provided under the Incentive Plan are intended to
enable us to respond to changes in compensation practices, tax laws, accounting regulations, and the size and diversity of its business.
We will not offer incentive stock options under the Incentive Plan. All our employees, officers, directors, and consultants will be eligible
to be granted awards under the Incentive Plan.

The Incentive Plan will be administered
by our Board. All awards made under the Incentive Plan will be subject to the recommendations and