# EDGAR Filing Document

**Accession Number:** 0001762239
**File Stem:** 0001731122-26-000540
**Filing Date:** 2026-4
**Character Count:** 36117
**Document Hash:** fb530e340ed722c0d7351cc754eafe6d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001731122-26-000540.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001731122-26-000540

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260407

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260407

**DATE AS OF CHANGE**: 20260407

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kaival Brands Innovations Group, Inc.
- **CENTRAL INDEX KEY:** 0001762239
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-NONSTORE RETAILERS [5960]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 833492907
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40641
- **FILM NUMBER:** 26845073

**BUSINESS ADDRESS:**
- **STREET 1:** 4460 OLD DIXIE HIGHWAY
- **CITY:** GRANT-VALKARIA
- **STATE:** FL
- **ZIP:** 32949
- **BUSINESS PHONE:** (833) 452-4825

**MAIL ADDRESS:**
- **STREET 1:** 4460 OLD DIXIE HIGHWAY
- **CITY:** GRANT-VALKARIA
- **STATE:** FL
- **ZIP:** 32949

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Quick Start Holdings, Inc.
- **DATE OF NAME CHANGE:** 20181218

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): April 7, 2026 (March 31, 2026)**

**Kaival Brands Innovations Group, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-56016** | **83-3492907** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**1317 Edgewater Dr, #730**

**Orlando, Florida 32804**

(Address of principal executive office, including zip code)

**Telephone: (833) 452-4825**

(Registrant's telephone number, including area code)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | KAVL | OTCQB Market |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On March 31, 2026, the Board of Directors (the "Board") of Kaival Brands Innovations Group, Inc. (the "Company") approved employment agreements with the Company's Chief Executive Officer and Chief Financial Officer (who also serve as directors) in the forms attached as Exhibits 10.1 and 10.2. These agreements include equity grants that are milestone-driven to support the Company's recovery plan objectives. The approval was made pursuant to DGCL §144, with the sole disinterested director conducting an independent review and providing a fairness opinion concluding the arrangements are fair and reasonable to the Company and its stockholders, based on factors including cash preservation, equity alignment with recovery milestones, dilution controls, and market comparables. The Fairness Opinion Memorandum attached as Exhibit 99.1 was adopted.

The Board also approved an amendment to the 2020 Plan to increase the maximum aggregate shares available under the Plan to 100,000,000 shares. A copy of the amendment is attached as Exhibit 10.3.

The Eric Mosser Employment Agreement, Eric Morris Employment Agreement, and the amendments to the Amendment to 2020 Stock and Incentive Compensation Plan are being filed as exhibits to this Current Report on Form 8-K and are incorporated herein by reference. The foregoing descriptions do not purport to be complete and are qualified in their entirety by reference to the full text of each agreement, which are filed herewith as Exhibits 10.1 through 10.3.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Employment Agreement – Eric Mosser](e7540_ex10-1.htm) |
| 10.2 | [Employment Agreement – Eric Morris](e7540_ex10-2.htm) |
| 10.3 | [Amendment to 2020 Stock and Incentive Compensation Plan](e7540_ex10-3.htm) |
| 99.1 | [Fairness Opinion Memorandum](e7540_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Kaival Brands Innovations Group, Inc.** | **Kaival Brands Innovations Group, Inc.** |
| Dated: April 7, 2026 | By: | /s/ Eric Mosser |
|  |  | Eric Mosser |
|  |  | Chief Executive Officer |

---

## Exhibit 10.1

**EXHIBIT 10.1**

**EMPLOYMENT AGREEMENT**

This Employment Agreement (this "Agreement") is entered into as of March 31, 2026 (the "Eﬀective Date"), by and between Kaival Brands Innovations Group, Inc., a Delaware corporation (the "Company"), and Eric Mosser ("Executive").

**RECITALS** The Company wishes to employ Executive as Chief Executive Oﬃcer, and Executive wishes to accept employment, on the terms below. The Board has approved this Agreement and the related equity grants.

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Employment and Term** The Company employs Executive as Chief Executive Oﬃcer for an initial three-year term beginning on the Eﬀective Date. The
Agreement automatically renews for successive one-year periods unless either party gives 60 days' written notice of non-renewal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Position and Duties** Executive shall serve as Chief Executive Oﬃcer of the Company and shall have such duties and responsibilities as are customary
for a chief executive oﬃcer of a public company of similar size and stage of development, including oversight of the Company's
recovery plan, SEC reporting obligations, disclosure controls, and strategic initiatives. Notwithstanding the foregoing, Executive may
engage in non-conﬂicting outside activities (including board service or consulting) provided that such activities do not interfere
with the performance of his duties to the Company and are approved in advance by the Board (which approval shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Compensation** (a) **Base Salary**. The Company shall pay Executive $15,000 per month, subject to standard withholdings and annual Board review.

(b) **Initial Equity Grants**. On the Eﬀective Date the Company shall grant under the 2020 Plan (as amended): (i) 3,000,000 restricted shares of common stock at Fair Market Value; 600,000 shares vest immediately and the remaining 2,400,000 shares vest in equal quarterly installments of 200,000 shares at the end of each ﬁscal quarter over the next 12 quarters, subject to continued service; and (ii) options to purchase 3,000,000 shares at 100% of Fair Market Value; 600,000 options vest immediately and the remaining 2,400,000 options vest in equal quarterly installments of 200,000 options at the end of each ﬁscal quarter over the next 12 quarters, subject to continued service.

(c) Annual Performance Equity Grant. Beginning on the Eﬀective Date and each anniversary thereafter during the Term, the Board may, in its sole discretion and based on Executive's performance against Board-established metrics (such as ﬁnancial targets, operational milestones, or strategic goals), grant Executive non-qualiﬁed stock options equal to up to 3% of the Company's then-outstanding shares of Common Stock (calculated on a fully-diluted basis immediately prior to the grant, rounded up to the nearest whole share) under the Plan. Each such grant, if awarded, shall vest 25% immediately on the grant date and 25% at the end of each of the following three ﬁscal quarters, subject to Executive's continued service.

The forms of the Restricted Stock Award Agreement and both Non-Qualiﬁed Stock Option Agreements are attached as Exhibits C and D hereto and are incorporated by reference.

(d) **Change in Control Acceleration**. All unvested equity awards (including the Initial Equity Grants and any outstanding Annual Performance Equity Grants) shall immediately vest in full upon the consummation of a Change in Control. A "Change in Control" means the consummation of any of the following (in one transaction or a series of related transactions): (i) any merger, consolidation, reorganization, asset contribution, business combination, or similar transaction involving the Company or any of its subsidiaries (whether or not the Company is the surviving entity); (ii) the sale, lease, transfer, or other disposition of all or substantially all of the assets of the Company or its subsidiaries; (iii) any acquisition by any person or group of beneﬁcial ownership of securities representing more than ﬁfty percent (50%) of the voting power of the Company; or (iv) any other transaction that results in a change in control of the Company or any subsidiary, as determined by the Board in good faith.

(e) **Asset-Sale Continuity Protection**. Notwithstanding anything to the contrary, if a Change in Control consists solely of a sale, lease, transfer, or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company or any subsidiary and does not result in a change in control of Kaival Brands Innovations Group, Inc. itself (i.e., the current oﬃcers and directors of the Company remain in place following the transaction), and if Executive is still employed by the Company (or its successor) immediately following the closing of such transaction, then: (i) this Agreement shall automatically renew for a fresh three-year term commencing on the last day of the calendar month in which the Change in Control transaction closed; and (ii) the on the same day Company shall issue (A) 6,000,000 new non-qualiﬁed stock options at Fair Market Value (1,500,000 vest immediately and the remaining 4,500,000 vest in equal quarterly installments of 375,000 options at the end of each ﬁscal quarter over the ensuing twelve (12) quarters, subject to continued service) and (B) a new 3% Annual Performance Equity Grant as the initial grant for the renewed term. The Board (or the board of the successor entity) shall promptly conﬁrm in writing that the conditions of this subsection have been satisﬁed.

(f) **Anti-Dilution Adjustments**. All equity grants shall receive standard anti-dilution adjustments under the 2020 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Beneﬁts** Executive
shall participate in all Company beneﬁt plans available to senior executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Termination** (a) If
the Company terminates Executive without Cause or Executive terminates for Good Reason, all unvested equity shall immediately vest 100%.
(b) In all other terminations, Executive receives only accrued Base Salary and any already-vested equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Restrictive Covenants** Executive shall comply with
the conﬁdentiality, non- competition, non-solicitation, and IP assignment provisions in Exhibit A (12-month
post- termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Indemniﬁcation** The Company shall indemnify Executive to the fullest extent permitted by Delaware law and maintain D&O insurance covering Executive
on the same basis as other senior oﬃcers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Miscellaneous** This
Agreement is governed by Delaware law, constitutes the entire agreement, may be amended only in writing, and may be executed in counterparts.
Invalid provisions shall be severed.

**IN WITNESS WHEREOF**, the parties have executed this Agreement as of the Eﬀective Date.

---

| | |
|:---|:---|
| **Kaival Brands Innovations Group, Inc.** | **Kaival Brands Innovations Group, Inc.** |
| By: | /s/ Mark Thoenes |
|  | Mark Thoenes, Chairman |
| Date: | March 31, 2026 |
| **Executive** | **Executive** |
| By: | /s/ Eric Mosser |
|  | Eric Mosser |
| Date: | March 31, 2026 |

---

**Exhibit A – Restrictive Covenants**

**RESTRICTIVE COVENANTS**

**1.** **Conﬁdentiality.** During the term of employment and at all times thereafter, Executive shall keep conﬁdential and shall not use or disclose to any third party any Conﬁdential Information of the Company or its subsidiaries, except as required in the performance of Executive's duties or as required by law. "Conﬁdential Information" means all non-public information relating to the Company's business, products, technology, customers, suppliers, strategies, ﬁnancial data, trade secrets, and any other proprietary information.

**2.** **Intellectual Property Assignment.** All inventions, discoveries, improvements, works of authorship, and other intellectual property conceived, developed, or made by Executive during the term of employment shall be the sole and exclusive property of the Company. Executive hereby assigns all right, title, and interest in such intellectual property to the Company and agrees to execute any documents necessary to perfect the Company's ownership.

**3.** **Remedies.** Executive acknowledges that any breach of this Exhibit A could cause irreparable harm to the Company for which monetary damages would be inadequate. The Company shall be entitled to injunctive relief, in addition to any other remedies available at law or in equity, without the necessity of posting a bond.

**4.** **Survival.** The obligations under this Exhibit A shall survive the termination of Executive's employment for any reason.

**Exhibit B – Good Reason Deﬁnition DEFINITION OF GOOD REASON**

"Good Reason" means the occurrence of any of the following without Executive's prior written consent: (i) a material diminution in Executive's authority, duties, or responsibilities; (ii) a material reduction in Executive's base salary; (iii) a requirement that Executive relocate more than ﬁfty (50) miles from the Company's principal executive oﬃces; or (iv) any material breach by the Company of this Agreement.

To constitute Good Reason, Executive must provide written notice to the Company of the existence of the condition within ninety (90) days of its initial existence, and the Company shall have thirty (30) days to cure. If the condition is not cured within the cure period, Executive must terminate employment within thirty (30) days after the end of the cure period.

**Exhibit C – Restricted Stock Award Agreement (attached).**

**Exhibit D – Non-Qualiﬁed Stock Option Agreements** (both attached).

**RSA Award Agreement (Exhibit C)**

**RESTRICTED STOCK AWARD AGREEMENT** Under the Amended and Restated 2020 Stock and Incentive Compensation Plan

**Grant Date:** March 31, 2026

**Grantee:** Eric Mosser

**Number of Shares:** 3,000,000

Kaival Brands Innovations Group, Inc. (the "Company") hereby grants to the Grantee named above a Restricted Stock Award of 3,000,000 shares of common stock under the Company's Amended and Restated 2020 Stock and Incentive Compensation Plan (the "Plan").

**Vesting Schedule:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 600,000 shares vest immediately on the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The remaining 2,400,000 shares
vest in equal quarterly installments of 200,000 shares at the end of each ﬁscal quarter over the next 12 quarters, subject to the
Grantee's continued service.

All other terms are governed by the Plan and the Employment Agreement dated March 31 , 2026 between the Company and the Grantee.

---

| | |
|:---|:---|
| **Kaival Brands Innovations Group, Inc.** | **Kaival Brands Innovations Group, Inc.** |
| By: | /s/ Eric Morris |
| Name: | Eric Morris |
| Title: | Chief Financial Oﬃcer/Director |
| Date: | March 31, 2026 |
| **Grantee** | **Grantee** |
| By: | /s/ Eric Mosser |
| Name: | Eric Mosser |
| Date: | March 31, 2026 |

---

**Initial NQSO Award Agreement (3M Grant – Exhibit D)**

**NON-QUALIFIED STOCK OPTION AGREEMENT** Under the Amended and Restated 2020 Stock and Incentive Compensation Plan

**Grant Date:** March 31, 2026

**Grantee:** Eric Mosser

**Number of Options:** 3,000,000

**Exercise Price:** 100% of Fair Market Value on Grant Date (<u>$0.0152</u>)

Kaival Brands Innovations Group, Inc. (the "Company") hereby grants to the Grantee named above non-qualiﬁed stock options to purchase 3,000,000 shares of common stock under the Company's Amended and Restated 2020 Stock and Incentive Compensation Plan (the "Plan").

**Vesting Schedule:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 600,000 options vest immediately on the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The remaining 2,400,000 options
vest in equal quarterly installments of 200,000 options at the end of each ﬁscal quarter over the next 12 quarters, subject to the
Grantee's continued service.

All other terms are governed by the Plan and the Employment Agreement dated March 31 , 2026 between the Company and the Grantee.

---

| | |
|:---|:---|
| **Kaival Brands Innovations Group, Inc.** | **Kaival Brands Innovations Group, Inc.** |
| By: | /s/ Eric Morris |
| Name: | Eric Morris |
| Title: | Chief Financial Oﬃcer/Director |
| Date: | March 31, 2026 |
| **Grantee** | **Grantee** |
| By: | /s/ Eric Mosser |
| Name: | Eric Mosser |
| Date: | March 31, 2026 |

---

**3% Annual Performance Equity Grant NQSO Award Agreement (Annual Template)**

**NON-QUALIFIED STOCK OPTION AGREEMENT** Under the Amended and Restated 2020 Stock and Incentive Compensation Plan

**Grant Date:** March 31, 2026

**Grantee:** Eric Mosser

**Number of Options:** 586,060

**Exercise Price:** 100% of Fair Market Value on Grant Date (<u>$0.0152</u>)

Kaival Brands Innovations Group, Inc. (the "Company") hereby grants to the Grantee named above non-qualiﬁed stock options under the Company's Amended and Restated 2020 Stock and Incentive Compensation Plan (the "Plan") pursuant to Section 3(c) of the Employment Agreement dated March 31, 2026.

**Vesting Schedule:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 25% of the options vest immediately on the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The remaining 75% of the options
vest in equal quarterly installments of 25% at the end of each of the following three ﬁscal quarters, subject to the Grantee's
continued service.

All other terms are governed by the Plan and the Employment Agreement dated March 31, 2026 between the Company and the Grantee.

---

| | |
|:---|:---|
| **Kaival Brands Innovations Group, Inc.** | **Kaival Brands Innovations Group, Inc.** |
| By: | /s/ Eric Morris |
| Name: | Eric Morris |
| Title: | Chief Financial Oﬃcer/Director |
| Date: | March 31, 2026 |
| **Grantee** | **Grantee** |
| By: | /s/ Eric Mosser |
| Name: | Eric Mosser |
| Date: | March 31, 2026 |

---

## Exhibit 10.2

**EXHIBIT 10.2**

**EMPLOYMENT AGREEMENT**

This Employment Agreement (this "Agreement") is entered into as of March 31, 2026 (the "Eﬀective Date"), by and between Kaival Brands Innovations Group, Inc., a Delaware corporation (the "Company"), and Eric Morris ("Executive").

**RECITALS** The Company wishes to employ Executive as Chief Financial Oﬃcer, and Executive wishes to accept employment, on the terms below. The Board has approved this Agreement and the related equity grants.

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Employment and Term** The
Company employs Executive as Chief Financial Oﬃcer for an initial three-year term beginning on the Eﬀective Date. The Agreement
automatically renews for successive one-year periods unless either party gives 60 days' written notice of non-renewal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Position and Duties** Executive
shall serve as Chief Financial Oﬃcer of the Company and shall have such duties and responsibilities as are customary for a chief
executive oﬃcer of a public company of similar size and stage of development, including oversight of the Company's recovery
plan, SEC reporting obligations, disclosure controls, and strategic initiatives. Notwithstanding the foregoing, Executive may engage in
non-conﬂicting outside activities (including board service or consulting) provided that such activities do not interfere with the
performance of his duties to the Company and are approved in advance by the Board (which approval shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Compensation** (a) **Base Salary**. The Company shall pay Executive $15,000 per month, subject to standard withholdings and annual Board review.

(b) **Initial Equity Grants**. On the Eﬀective Date the Company shall grant under the 2020 Plan (as amended): (i) 3,000,000 restricted shares of common stock at Fair Market Value; 600,000 shares vest immediately and the remaining 2,400,000 shares vest in equal quarterly installments of 200,000 shares at the end of each ﬁscal quarter over the next 12 quarters, subject to continued service; and (ii) options to purchase 3,000,000 shares at 100% of Fair Market Value; 600,000 options vest immediately and the remaining 2,400,000 options vest in equal quarterly installments of 200,000 options at the end of each ﬁscal quarter over the next 12 quarters, subject to continued service.

The forms of the Restricted Stock Award Agreement and Non-Qualiﬁed Stock Option Agreement are attached as Exhibits C and D hereto and are incorporated by reference.

(c) **Change in Control Acceleration**. All unvested equity awards shall immediately vest in full upon the consummation of a Change in Control. A "Change in Control" means the consummation of any of the following (in one transaction or a series of related transactions): (i) any merger, consolidation, reorganization, asset contribution, business combination, or similar transaction involving the Company or any of its subsidiaries (whether or not the Company is the surviving entity); (ii) the sale, lease, transfer, or other disposition of all or substantially all of the assets of the Company or its subsidiaries; (iii) any acquisition by any person or group of beneﬁcial ownership of securities representing more than ﬁfty percent (50%) of the voting power of the Company; or (iv) any other transaction that results in a change in control of the Company or any subsidiary, as determined by the Board in good faith.

(d) **Asset-Sale Continuity Protection**. Notwithstanding anything to the contrary, if a Change in Control consists solely of a sale, lease, transfer, or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company or any subsidiary and does not result in a change in control of Kaival Brands Innovations Group, Inc. itself (i.e., the current oﬃcers and directors of the Company remain in place following the transaction), and if Executive is still employed by the Company (or its successor) immediately following the closing of such transaction, then: (i) this Agreement shall automatically renew for a fresh three-year term commencing on the last day of the calendar month in which the Change in Control transaction closed; and (ii) and the Company shall issue 6,000,000 new non-qualiﬁed stock options at Fair Market Value (1,500,000 vest immediately and the remaining 4,500,000 vest in equal quarterly installments of 375,000 options at the end of each ﬁscal quarter over the ensuing twelve (12) quarters, subject to continued service). The Board (or the board of the successor entity) shall promptly conﬁrm in writing that the conditions of this subsection have been satisﬁed.

(e) **Anti-Dilution Adjustments**. All equity grants shall receive standard anti-dilution adjustments under the 2020 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Beneﬁts** Executive
shall participate in all Company beneﬁt plans available to senior executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Termination** (a) If
the Company terminates Executive without Cause or Executive terminates for Good Reason, all unvested equity shall immediately vest 100%.
(b) In all other terminations, Executive receives only accrued Base Salary and any already-vested equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Restrictive Covenants** Executive shall comply with
the conﬁdentiality, non- competition, non-solicitation, and IP assignment provisions in Exhibit A (12-month
post- termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Indemniﬁcation** The Company shall indemnify Executive to the fullest extent permitted by Delaware law and maintain D&O insurance covering Executive
on the same basis as other senior oﬃcers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Miscellaneous** This
Agreement is governed by Delaware law, constitutes the entire agreement, may be amended only in writing, and may be executed in counterparts.
Invalid provisions shall be severed.

**IN WITNESS WHEREOF**, the parties have executed this Agreement as of the Eﬀective Date.

---

| | |
|:---|:---|
| **Kaival Brands Innovations Group, Inc.** | **Kaival Brands Innovations Group, Inc.** |
| By: | /s/ Mark Thoenes |
|  | Mark Thoenes, Chairman |
| Date: | March 31, 2026 |
| **Executive** | **Executive** |
| By: | /s/ Eric Morris |
|  | Eric Morris |
| Date: | March 31, 2026 |

---

**Exhibit A – Restrictive Covenants**

**RESTRICTIVE COVENANTS**

**1.** **Conﬁdentiality.** During the term of employment and at all times thereafter, Executive shall keep conﬁdential and shall not use or disclose to any third party any Conﬁdential Information of the Company or its subsidiaries, except as required in the performance of Executive's duties or as required by law. "Conﬁdential Information" means all non-public information relating to the Company's business, products, technology, customers, suppliers, strategies, ﬁnancial data, trade secrets, and any other proprietary information.

**2.** **Intellectual Property Assignment.** All inventions, discoveries, improvements, works of authorship, and other intellectual property conceived, developed, or made by Executive during the term of employment shall be the sole and exclusive property of the Company. Executive hereby assigns all right, title, and interest in such intellectual property to the Company and agrees to execute any documents necessary to perfect the Company's ownership.

**3.** **Remedies.** Executive acknowledges that any breach of this Exhibit A could cause irreparable harm to the Company for which monetary damages would be inadequate. The Company shall be entitled to injunctive relief, in addition to any other remedies available at law or in equity, without the necessity of posting a bond.

**4.** **Survival.** The obligations under this Exhibit A shall survive the termination of Executive's employment for any reason.

**Exhibit B – Good Reason Deﬁnition <br>DEFINITION OF GOOD REASON**

"Good Reason" means the occurrence of any of the following without Executive's prior written consent: (i) a material diminution in Executive's authority, duties, or responsibilities; (ii) a material reduction in Executive's base salary; (iii) a requirement that Executive relocate more than ﬁfty (50) miles from the Company's principal executive oﬃces; or (iv) any material breach by the Company of this Agreement.

To constitute Good Reason, Executive must provide written notice to the Company of the existence of the condition within ninety (90) days of its initial existence, and the Company shall have thirty (30) days to cure. If the condition is not cured within the cure period, Executive must terminate employment within thirty (30) days after the end of the cure period.

**Exhibit C – Restricted Stock Award Agreement** (attached).

**Exhibit D – Non-Qualiﬁed Stock Option Agreement** (attached).

**RSA Award Agreement (Exhibit C)**

**RESTRICTED STOCK AWARD AGREEMENT** Under the Amended and Restated 2020 Stock and Incentive Compensation Plan

**Grant Date:** March 31, 2026

**Grantee:** Eric Morris

**Number of Shares:** 3,000,000

Kaival Brands Innovations Group, Inc. (the "Company") hereby grants to the Grantee named above a Restricted Stock Award of 3,000,000 shares of common stock under the Company's Amended and Restated 2020 Stock and Incentive Compensation Plan (the "Plan").

**Vesting Schedule:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 600,000 shares vest immediately on the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The remaining 2,400,000 shares
vest in equal quarterly installments of 200,000 shares at the end of each ﬁscal quarter over the next 12 quarters, subject to the
Grantee's continued service.

All other terms are governed by the Plan and the Employment Agreement dated March 31, 2026 between the Company and the Grantee.

---

| | |
|:---|:---|
| **Kaival Brands Innovations Group, Inc.** | **Kaival Brands Innovations Group, Inc.** |
| By: | /s/ Eric Mosser |
| Name: | Eric Mosser |
| Title: | Chief Executive Oﬃcer/Director |
| Date: | March 31, 2026 |
| **Grantee** | **Grantee** |
| By: | /s/ Eric Morris |
| Name: | Eric Morris |
| Date: | March 31, 2026 |

---

**Initial NQSO Award Agreement (3M Grant – Exhibit D)**

**NON-QUALIFIED STOCK OPTION AGREEMENT** Under the Amended and Restated 2020 Stock and Incentive Compensation Plan

**Grant Date:** March 31, 2026

**Grantee:** Eric Morris

**Number of Options:** 3,000,000

**Exercise Price:** 100% of Fair Market Value on Grant Date (<u>$0.0152</u>)

Kaival Brands Innovations Group, Inc. (the "Company") hereby grants to the Grantee named above non-qualiﬁed stock options to purchase 3,000,000 shares of common stock under the Company's Amended and Restated 2020 Stock and Incentive Compensation Plan (the "Plan").

**Vesting Schedule:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 600,000 options vest immediately on the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The remaining 2,400,000 options
vest in equal quarterly installments of 200,000 options at the end of each ﬁscal quarter over the next 12 quarters, subject to the
Grantee's continued service.

All other terms are governed by the Plan and the Employment Agreement dated March 31, 2026 between the Company and the Grantee.

---

| | |
|:---|:---|
| **Kaival Brands Innovations Group, Inc.** | **Kaival Brands Innovations Group, Inc.** |
| By: | /s/ Eric Mosser |
| Name: | Eric Mosser |
| Title: | Chief Executive Oﬃcer/Director |
| Date: | March 31, 2026 |
| **Grantee** | **Grantee** |
| By: | /s/ Eric Morris |
| Name: | Eric Morris |
| Date: | March 31, 2026 |

---

## Exhibit 10.3

**EXHIBIT 10.3**

**Exhibit A – Plan Amendment**

**AMENDMENT TO THE AMENDED AND RESTATED 2020 STOCK AND INCENTIVE COMPENSATION PLAN**

This Amendment (the "Amendment") to the Amended and Restated 2020 Stock and Incentive Compensation Plan (the "Plan") of Kaival Brands Innovations Group, Inc. (the "Company") is eﬀective as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Increase
 in Share Reserve. The maximum aggregate number of shares of Common Stock that may be subject
 to or delivered under awards granted pursuant to the Plan is hereby increased from 4,761,905
 to 100,000,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No
 Other Changes. Except as expressly amended herein, all terms and conditions of the Plan shall
 remain in full force and eﬀect.

IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized oﬃcer as of the date ﬁrst above written.

---

| | |
|:---|:---|
| **Kaival Brands Innovations Group, Inc.** | **Kaival Brands Innovations Group, Inc.** |
| By: | /s/ Eric Mosser |
| Name: | Eric Mosser |
| Title: | Chief Executive O cer |
| Date: | March 31, 2026 |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**FAIRNESS OPINION MEMORANDUM**

**To:** The Board of Directors **Kaival Brands Innovations Group, Inc.**

**From:** Mark Thoenes

Sole Disinterested Director

**Re:** Fairness Opinion on Proposed Compensation Arrangements for Eric Mosser (CEO) and Eric Morris (CFO)

Dear Members of the Board:

Pursuant to DGCL §144, and in my role as the director unaﬃliated with the proposed transactions, I have evaluated the proposed employment arrangements for Eric Mosser (CEO) and Eric Morris (CFO), together with the related equity grants under the Company's Amended and Restated 2020 Stock and Incentive Compensation Plan and the amendment to increase the Plan reserve to 100,000,000 shares (collectively, the "Proposed Arrangements"), as set forth in the draft Employment Agreements and Unanimous Written Consent presented to the Board.

This evaluation was conducted with a view toward ensuring impartiality and alignment with the Company's interests, drawing on objective criteria and governance standards to assess the terms.

In forming my opinion, I considered the following key factors:

&nbsp;&nbsp;&nbsp;&nbsp;● The Company's current cash-conservative position and post-Nasdaq delisting recovery strategy, emphasizing minimal cash commitments to preserve resources for operational needs;

&nbsp;&nbsp;&nbsp;&nbsp;● The heavily equity-oriented structure designed to align executive interests with long-term stockholder value creation, including vesting mechanisms tied to continued service over the recovery horizon;

&nbsp;&nbsp;&nbsp;&nbsp;● Retention and incentive features linked to performance and potential Change in Control events, ensuring stability through pivotal milestones;

&nbsp;&nbsp;&nbsp;&nbsp;● Market comparisons with similarly situated OTC/recovery-stage companies, conﬁrming that the overall design is competitive yet restrained;

&nbsp;&nbsp;&nbsp;&nbsp;● The tax, accounting, and governance implications, including favorable deferral options and spread expense recognition to minimize near-term ﬁnancial impact; and

&nbsp;&nbsp;&nbsp;&nbsp;● The overarching beneﬁt to the Company in securing committed leadership for ongoing operations and long-term objectives, balanced against dilution controls and stockholder protections.

Based on this careful consideration, I conclude that the Proposed Arrangements are fair and reasonable to the Company and its stockholders from a ﬁnancial point of view.

This opinion is provided solely for purposes of DGCL §144 and may be attached to the Unanimous Written Consent.

---

| |
|:---|
| Sincerely, |
| /s/ Mark Thoenes |
| Mark Thoenes |
| Sole DisinterestedDirector |
| Date: March 12, 2026 |

---