UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


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FORM 8-K


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CURRENT REPORT


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  December 17, 2020


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Duos Technologies Group, Inc.

(Exact name of registrant as specified in its charter)


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Florida

001-39227

65-0493217

(State or Other Jurisdiction

(Commission

(I.R.S. Employer

of Incorporation)

File Number)

Identification No.)


6622 Southpoint Drive S., Suite 310

Jacksonville, Florida 32216

(Address of Principal Executive Office) (Zip Code)


(904) 652-1601

(Registrant’s telephone number, including area code)


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))


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)

 

DUOT

 

The Nasdaq Stock Market LLC


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 checkmark 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 8.01 Other Events.


On December 17, 2020, the Board of Directors (the Board), of Duos Technologies Group, Inc. (the Company), upon the recommendation of the Compensation Committee of the Board, approved an adjustment to how the directors of the Company are compensated for their services, whereby starting  January 1, 2021, each member of the Board shall be entitled to receive: (i) an annual base fee of $40,000, to be paid in cash or stock, with up to sixty percent (60%) in shares of common stock of the Company, or options to purchase shares of Common Stock (the “Equity Compensation”), as elected by the recipient; and (ii) an additional annual fee of $5,000, with such compensation to be paid quarterly for Board members that serve on a committee or an annual fee of $10,000, with such compensation to be paid quarterly for service as a Board committee chair. Notwithstanding the foregoing, Equity Compensation will only be available to the extent that a bona fide stock option plan has been approved by the shareholders.







 


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, hereunto duly authorized.


         

DUOS TECHNOLOGIES GROUP, INC.

 

 

  

 

 

 

Dated: December 21, 2020

By:  

/s/ Adrian Goldfarb

 

 

Adrian Goldfarb

Chief Financial Officer

 

 









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