Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 346

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 1B
Chunk 346
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, and other expertise required to be a director and to develop, and recommend to our Board
for its approval, criteria to be considered in selecting nominees for director. The Nominating Committee and our Board believe that at
this time, it is unnecessary to adopt criteria for the selection of directors. Instead, the Nominating Committee and our Board believe
that the desirable background of a new individual member of our Board may change over time and that a thoughtful, thorough selection process
is more important than adopting criteria for directors.

The Governance and Nominating Committee
will also identify, recruit, and screen candidates for our Board, consistent with criteria approved by our Board. The Nominating Committee
and our Board are fully open to utilizing whatever methodology is efficient in identifying new, qualified directors when needed, including
industry contacts of our directors or professional search firms. The Governance and Nominating Committee also considers any director candidates
recommended by our stockholders pursuant to the procedures described in this Proxy Statement and any nominations of director candidates
validly made by stockholders in accordance with applicable laws, rules, and regulations, and the provisions of our charter documents.

There were no fees paid or due
to third parties in fiscal 2024 to identify or evaluate, or to assist in evaluating or identifying, potential director nominees.

51

Code of Ethics

On March 17, 2021, our Board adopted
a Code of Ethics and Business Conduct, that applies to all directors, senior officers, and employees of the Company (the “Code of
Ethics”). The Code of Ethics was adopted to enhance and clarify our personnel’s understanding of our standards of ethical
business practices, promote awareness of ethical issues that may be encountered in carrying out an employee’s or director’s
responsibilities, and sets forth how to address ethical issues that may arise. A copy of the Code of Ethics is available on our corporate
website at https://ir.kaivalbrands.com/governance/governance-documents/default.aspx.

Delinquent Section 16(a) Reports 

Section 16(a) of the Securities Exchange Act of 1934,
as amended, requires our directors, executive officers and persons who own more than 10% of our outstanding shares of common stock (“Ten
Percent Holders”) to file with the SEC reports of their share ownership and changes in their share ownership of our common stock.
Directors, executive officers and Ten Percent Holders are also required to furnish us with copies of all ownership reports they file with