Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 524

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 3
Chunk 524
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 The Compensation Committee is authorized to engage
compensation consultants, if they deem necessary, to assist with the Compensation Committee’s responsibilities related to our executive
compensation program and the director compensation program.

Governance
and Nominating Committee. The
Governance and Nominating Committee currently consists of Ashesh Modi (Chair), David Worner and Ketankumar Patel. The Governance and Nominating
Committee did not meet as such during fiscal 2024. The Governance and Nominating Committee acts pursuant to a written charter adopted
by our Board. 

The purpose of the Governance and
Nominating Committee is to determine the slate of director nominees for election to our Board, to identify and recommend candidates to
fill Board vacancies occurring between annual stockholder meetings, to review our policies and programs that relate to matters of corporate
responsibility, including public issues of significance to our company and our stockholders, and any other related matters required by
the federal securities laws.

The Governance and Nominating Committee
determines the qualifications, qualities, skills, 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