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Posted 27 June, 2022

Kaival Brands Innovations Group, Inc. appointed Mr. Patel as new CEO

Nasdaq:KAVL appointed new Chief Executive Officer Mr. Patel in a 8-K filed on 27 June, 2022.


  In connection with Mr. Patel's resignation as the Company's Chief Executive Officer and Treasurer, the Board of Directors (the "Board") appointed Mr. Patel to serve as the Company's Chief Science and Regulatory Officer, a newly created position, effective immediately.  

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Overview of Kaival Brands Innovations Group, Inc.
Leisure/Arts/Hospitality • Recreational Services
Kaival Brands Innovations Group, Inc. engages in the sale, marketing, and distribution of electronic nicotine delivery system products. Its brands include BIDI Stick, Bidi Vapor, and BIDI Cares. The company was founded by Paul Moody and Nirajkumar Patel in 1998 and is headquartered in Grant-Valkaria, FL.
Market Cap
$6.12M
View Company Details
Kaival Brands Innovations Group, Inc. by TradingView
Relevant filing section
ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS 


Management Changes 


On June 24, 2022, Nirajkumar Patel notified Kaival Brands Innovations Group, Inc. (the "Company"), that he intends to resign as the Company's Chief Executive Officer and Treasurer effective immediately. Mr. Patel's resignation is not due to any disagreement with the Company. In connection with Mr. Patel's resignation as the Company's Chief Executive Officer and Treasurer, the Board of Directors (the "Board") appointed Mr. Patel to serve as the Company's Chief Science and Regulatory Officer, a newly created position, effective immediately. Mr. Patel will also continue to serve as a director.


On June 24, 2022, the Board appointed Eric Mosser, the Company's current Chief Operating Officer, as President, effective immediately. In connection with Mr. Mosser's appointment as President, the Board also appointed Mr. Mosser to serve as the Company's principal executive officer for purposes of its filings with the Securities and Exchange Commission. Mr. Mosser also will continue to serve as Chief Operating Officer, Secretary, and a director. Mr. Mosser's biographical information and business experience is set forth in the Company's Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on May 4, 2022. There was no arrangement or understanding between Mr. Mosser and any other person pursuant to which Mr. Mosser was selected for this position. Mr. Mosser is not a party to any transaction with any related person required to be disclosed pursuant to Item 404(a) of Regulation S-K. In connection with Mr. Mosser's appointment as President, the Compensation Committee (the "Committee") approved certain changes to Mr. Mosser's cash and equity compensation as set forth below.


Officer Compensation Changes


On June 24, 2022, the Committee approved an increase in Mr. Mosser's base salary to $300,000 in connection with his appointment as President. In addition, on June 24, 2022, the Committee approved the grant of a non-qualified stock option exercisable for up to 250,000 shares of the Company's common stock to Mr. Mosser, with one-half of the shares vesting on the one-year anniversary of the grant date and the remaining one-half of the shares vesting on the second-year anniversary of the grant date. The exercise price is $1.72 per share and the stock option has a ten-year term.


In addition, on June 24, 2022, the Committee approved the grant of a non-qualified stock option exercisable for up to 250,000 shares of the Company's common stock to Mr. Patel, with one-half of the shares vesting on the one-year anniversary of the grant date and the remaining one-half of the shares vesting on the second-year anniversary of the grant date. The exercise price is $1.72 per share and the stock option has a ten-year term.