SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 29, 2019
Duos Technologies Group, Inc.
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction
6622 Southpoint Drive S., Suite 310
Jacksonville, Florida 32216
(Address of Principal Executive Office) (Zip Code)
(Registrants telephone number, including area code)
(Former Name or Address, if Changed Since Last Report)
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 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Mr. Kenneth Ehrman
On January 29, 2019, the Board of Directors (the “Board) of Duos Technologies Group, Inc., a Florida corporation (the Company), appointed Mr. Kenneth Ehrman as a member of the Board and will serve as Chairman of its Compensation Committee and Nominating Committee. Below is a description of Mr. Ehrmans professional work experience.
Kenneth Ehrman, Age 49 Director and Chairman of the Compensation Committee and Nominating Committee
Mr. Kenneth Ehrman currently serves as an independent consultant to several high-technology companies in supply chain/logistics and transportation. Mr. Ehrman advises technology companies focused on solutions for these industries and joins the Company with a strong background in technology. As an innovator in intelligent machine-to-machine (M2M) wireless technology and industrial applications of the Internet of Things (IoT), Mr. Ehrman has been awarded more than 20 patents in wireless communications, mobile data, asset tracking, power management, cargo and impact sensing, and connected car technology. Mr. Ehrman previously served as Chief Executive Officer of I.D. Systems, Inc. (IDS), a company he founded in 1993 as a Stanford University engineering student, pioneering the commercial use of radio frequency identification (RFID) technology for industrial asset management. Under Mr. Ehrmans leadership, IDS began trading on the NASDAQ in 1999 and was named one of North Americas fastest growing technology companies by Deloitte in 2005, 2006, and 2012. During his tenure at IDS, Mr. Ehrman received multiple awards, including Deloitte Entrepreneur of the Year and Ground Support Worldwide Engineer/Innovator Leader. He also served on the Board of Financial Services, Inc. from 2012-2016 before it was successfully sold to a large financial software company.
The Board believes that Mr. Ehrmans management experience, engineering expertise and long history and familiarity with industries the Company currently operates in, makes him ideally qualified to help lead the Company towards continued growth.
Mr. Ehrman does not have a family relationship with any of the current officers or directors of the Company.
Related Party Transactions
There are no related party transactions with regard to Mr. Ehrman reportable under Item 404(a) of Regulation S-K.
In 2019, as an independent director of the Board, Mr. Ehrman is entitled to receive $15,000 per annum in compensation for his services. Additionally, in 2019 as Chairman of the Compensation Committee, Mr. Ehrman is entitled to receive an additional $5,000 per annum in compensation for his services.
On January 31, 2019, the Company issued a press release announcing the appointment of Mr. Ehrman as a member of the Board and Chairman of the Compensation Committee and Nominating Committee. A copy of the press release is filed to as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
* filed herewith
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: January 31, 2019
/s/ Adrian Goldfarb
Chief Financial Officer