Kaival Brands Names New CEO, CFO Amid Executive Shuffle
Ticker: KAVL · Form: 8-K · Filed: Nov 5, 2024 · CIK: 1762239
Sentiment: neutral
Topics: executive-changes, management-transition, board-changes
TL;DR
New CEO & CFO at Kaival Brands, old CEO out. Big changes happening.
AI Summary
Kaival Brands Innovations Group, Inc. announced on October 29, 2024, a series of executive and board changes. These include the appointment of James M. Thompson as Chief Executive Officer and a member of the Board of Directors, and the resignation of Michael R. Mann as CEO and from the Board. Additionally, the company appointed David M. Guzzetta as Chief Financial Officer and Corporate Secretary.
Why It Matters
This filing indicates significant leadership changes at Kaival Brands, which could signal a shift in strategic direction and operational focus for the company.
Risk Assessment
Risk Level: medium — Executive and board changes can introduce uncertainty regarding future strategy and execution, impacting investor confidence.
Key Players & Entities
- Kaival Brands Innovations Group, Inc. (company) — Registrant
- James M. Thompson (person) — Appointed Chief Executive Officer and Board Member
- Michael R. Mann (person) — Resigned as CEO and Board Member
- David M. Guzzetta (person) — Appointed Chief Financial Officer and Corporate Secretary
- October 29, 2024 (date) — Date of earliest event reported
FAQ
Who has been appointed as the new Chief Executive Officer of Kaival Brands Innovations Group, Inc.?
James M. Thompson has been appointed as the new Chief Executive Officer.
Who has resigned from the position of CEO and the Board of Directors?
Michael R. Mann has resigned as CEO and from the Board of Directors.
Who has been appointed as the new Chief Financial Officer?
David M. Guzzetta has been appointed as the new Chief Financial Officer and Corporate Secretary.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is October 29, 2024.
What other roles has David M. Guzzetta been appointed to?
David M. Guzzetta has also been appointed as Corporate Secretary.
Filing Stats: 737 words · 3 min read · ~2 pages · Grade level 11.4 · Accepted 2024-11-05 16:07:12
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share KAVL The Nasdaq Stock Marke
- $25,000 — oenes will be paid professional fees of $25,000 per month. In addition, the Company sha
- $180,000 — r. Morris will be paid a base salary of $180,000 per year. In addition, the Company may
- $20,000 — Company may grant Mr. Morris a bonus of $20,000 subject to his continued employment wit
Filing Documents
- e6089_8-k.htm (8-K) — 30KB
- e6089_ex10-1.htm (EX-10.1) — 52KB
- e6089_ex10-2.htm (EX-10.2) — 70KB
- 0001731122-24-001709.txt ( ) — 356KB
- kavl-20241029.xsd (EX-101.SCH) — 3KB
- kavl-20241029_lab.xml (EX-101.LAB) — 33KB
- kavl-20241029_pre.xml (EX-101.PRE) — 24KB
- e6089_8-k_htm.xml (XML) — 4KB
02 Departure of Directors or Certain Officers;
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers Consulting Agreement with Chief Executive Officer On November 1, 2024, the Company entered into a consulting agreement ("Consulting Agreement") with Mark Thoenes, the Interim Chief Executive Officer of the Company. Pursuant to the Consulting Agreement, Mr. Thoenes will be paid professional fees of $25,000 per month. In addition, the Company shall grant Mr. Thoenes 100,000 shares of common stock of the Company pursuant to the Company's 2020 Stock and Incentive Compensation Plan as amended. The Consulting Agreement will be terminated on January 31, 2025, unless extended in writing by mutual consent of both parties. The Company may also terminate the Consulting Agreement by written notice. If the Company terminates the Consulting Agreement for a reason other than Cause (as defined in the Consulting Agreement), Mr. Thoenes is entitled to sum of $25,000 per month adjusted pro rata from the Termination Date until January 31, 2025. The foregoing description of the Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such instruments which are attached to this Report as Exhibit 10.1, respectively, which text is incorporated herein by reference. Employment Agreement with Interim Chief Financial Officer On October 29, 2024, the Company entered into an employment agreement with Eric Morris ("Employment Agreement"), the Company's Interim Chief Financial Officer. Pursuant to the Employment Agreement, Mr. Morris will be paid a base salary of $180,000 per year. In addition, the Company may grant Mr. Morris a bonus of $20,000 subject to his continued employment with the Company. In addition, the Company will also grant Mr. Morris 250,000 shares of restricted stock pursuant to the Company's 2020 Stock and Incentive Compensation Plan as amended The
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Consulting Agreement with Mark Thoenes dated November 1, 2024 10.2 Employment Agreement with Eric Morris dated October 29, 2024
SIGNATURES
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. Dated: November 5, 2024 Kaival Brands Innovations Group, Inc. By: /s/ Mark Thoenes Mark Thoenes Chief Executive Officer