Company: KAVL
Filing Date: 2025-08-04
Form Type: S-3/A
Source: 0001731122-25-001067
Chunk: 52

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-08-04
Form: S-3/A
Chunk 52
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 Restrictive Covenants or Events of Default

Unless otherwise provided in the applicable prospectus
supplement, the following provisions will apply to any units we issue pursuant to this prospectus. The unit agreements will not restrict
our ability to merge or consolidate with, or sell our assets to, another corporation or other entity or to engage in any other transactions.
If at any time we merge or consolidate with, or sell our assets substantially as an entirety to, another corporation or other entity,
the successor entity will succeed to and assume our obligations under the unit agreements. We will then be relieved of any further obligation
under these agreements.

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The unit agreements will not include any restrictions
on our ability to put liens on our assets, including our interests in our subsidiaries, nor will they restrict our ability to sell our
assets. The unit agreements also will not provide for any events of default or remedies upon the occurrence of any events of default.

Governing Law

Unless otherwise provided in the applicable prospectus
supplement, the following provisions will apply to any units we issue pursuant to this prospectus. The unit agreements and the units will
be governed by Delaware or New York law as decided by the Company at the time of issuance.

Form, Exchange, and Transfer

Unless otherwise provided in the applicable prospectus
supplement, the following provisions will apply to any units we issue pursuant to this prospectus. We will issue each unit in global-that
is, book-entry-form only. Units in book-entry form will be represented by a global security registered in the name of a depositary, which
will be the holder of all the units represented by the global security. Those who own beneficial interests in a unit will do so through
participants in the depositary’s system, and the rights of these indirect owners will be governed solely by the applicable procedures
of the depositary and its participants.

In addition, we will issue each unit in registered
form, unless we say otherwise in the applicable prospectus supplement. Bearer securities would be subject to special provisions, as we
describe below under “Securities Issued in Bearer Form.”

Each unit and all securities comprising the unit will
be issued in the same form.

If we issue any units in registered, non-global form,
the following will apply to them.

The units will be issued in the denominations stated
in the applicable prospectus supplement. Holders may exchange their units for units of smaller denominations or combined into fewer