Mark L. Thoenes - 24 Aug 2022 Form 4 Insider Report for Kaival Brands Innovations Group, Inc. (KAVL)

Role: Interim CFO, Director
Signature: /s/ Eric Mosser as attorney-in-fact
Issuer symbol: KAVL
Transactions as of: 24 Aug 2022
Net transactions value: $0
Form type: 4
Filing time: 21 Mar 2023, 20:50:08 UTC
Previous filing: 01 Mar 2022
Next filing: 10 Jan 2025
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	KAVL	Stock Option	Award		+50,000	+50%		150,000	24 Aug 2022	Common Stock	50,000	$1.32	Direct	F1
transaction	KAVL	Stock Option	Award		+50,000	+33%		200,000	03 Mar 2023	Common Stock	50,000	$0.6100	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This non-qualified stock option was granted pursuant to an amendment to a consulting agreement (as amended, the "Consulting Agreement") by and between the reporting person and Kaival Brands Innovations Group, Inc. (the "Company"), and vested on the date of the grant.
F2	This non-qualified stock option was granted pursuant to an amendment to the Consulting Agreement. This option shall vest upon the earlier of: (a) June 30, 2023; (b) one (1) day after the Company files its Form 10-Q for the third quarter of 2023; (c) if the reporting person is terminated by the Company for any reason (other than a material breach by the reporting person) that remains uncured for five (5) business days after the Company notifies the reporting person of such breach; or (d) if the Company undergoes a change of control, as defined in the Consulting Agreement.

Content

This non-qualified stock option was granted pursuant to an amendment to a consulting agreement (as amended, the "Consulting Agreement") by and between the reporting person and Kaival Brands Innovations Group, Inc. (the "Company"), and vested on the date of the grant.

This non-qualified stock option was granted pursuant to an amendment to the Consulting Agreement. This option shall vest upon the earlier of: (a) June 30, 2023; (b) one (1) day after the Company files its Form 10-Q for the third quarter of 2023; (c) if the reporting person is terminated by the Company for any reason (other than a material breach by the reporting person) that remains uncured for five (5) business days after the Company notifies the reporting person of such breach; or (d) if the Company undergoes a change of control, as defined in the Consulting Agreement.