Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 790

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 7
Chunk 790
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ations
regarding director independence, our Board considered the relationships that each non-employee director has with us and all other facts
and circumstances our Board deemed relevant in determining their independence, including the director’s beneficial ownership of
our Common Stock and the relationships of our non-employee directors with certain of our significant stockholders.

Meetings of the Board and Board Committees

Our Board has an Audit Committee,
a Compensation Committee and Governance and Nominating Committee. The entire Board met 16 times, including telephonic meetings, during
fiscal 2024. All directors attended at least 75% of our Board meetings held during the time each director served on our Board.

Audit Committee. The
Audit Committee currently consists of David Worner (Chair), Ketankumar Patel and Ashesh Modi. The Audit Committee met 4 times during fiscal
2024. The meetings included discussions with management and with our independent registered public accounting firm to discuss our interim
and annual financial statements, and the effectiveness of our financial and accounting functions and organization. The Audit Committee
acts pursuant to a written charter adopted by our Board.

The purpose of the Audit Committee
is to represent and assist the Board in its general oversight of our accounting and financial reporting processes, audits of our financial
statements, and our internal control and audit functions. Management is responsible for (a) the preparation, presentation, and integrity
of our financial statements; (b) accounting and financial reporting principles; and (c) our internal controls and procedures designed
to promote compliance with accounting standards and applicable laws and regulations. Our independent registered public accounting firm
is responsible for performing an independent audit of our consolidated financial statements in accordance with generally accepted auditing
standards.

Our Board has determined that the
Audit Committee is comprised entirely of independent members as defined under applicable SEC rules and the Nasdaq Rules. Our Board has
determined that Mr. Worner, the Chair of the Audit Committee, is an “audit committee financial expert” as defined under SEC
rules.

Compensation Committee. The
Compensation Committee currently consists of Ketankumar Patel (Chair), David Worner and Ashesh Modi. The Compensation Committee met 6
times during fiscal 2024. The Compensation Committee acts pursuant to a written charter adopted by our Board.

The purpose of the Compensation
Committee is to discharge the responsibilities of the Board relating to compensation of our executives, to produce an annual report on
executive compensation for inclusion in our annual proxy statement, and to oversee and advise