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): August 13, 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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange on which registered
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. Ned Mavrommatis
On August 13, 2019, the Board of Directors (the “Board) of Duos Technologies Group, Inc., a Florida corporation (the Company), appointed Mr. Ned Mavrommatis as a member of the Board and to serve as Co-Chairman of its Audit Committee. Mr. Mavrommatis will also serve as a member of the Companys Nominating & Corporate Governance Committee and Compensation Committee. Below is a description of Mr. Mavrommatis professional work experience.
Ned Mavrommatis, Age 49 Director and Co-Chairman of the Audit Committee
Mr. Mavrommatis has served as Chief Financial Officer of ID Systems, Inc. (ID Systems) since August 1999, as ID Systems Treasurer since June 2001, and as ID Systems Corporate Secretary since November 2003. Mr. Mavrommatis is also the Managing Director of ID Systems wholly-owned subsidiaries, I.D. Systems GmbH and I.D. Systems (UK) Ltd. Prior to joining ID Systems, Mr. Mavrommatis was a Senior Manager at the accounting firm of Eisner LLP (currently known as EisnerAmper LLP). Mr. Mavrommatis received a Master of Business Administration in finance from New York Universitys Leonard Stern School of Business and a Bachelor of Business Administration in accounting from Bernard M. Baruch College, The City University of New York. Mr. Mavrommatis is also a Certified Public Accountant.
The Board believes that Mr. Mavrommatis management experience, accounting 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. Mavrommatis 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. Mavrommatis reportable under Item 404(a) of Regulation S-K.
In 2019, as an independent director of the Board, Mr. Mavrommatis is entitled to receive $15,000 per annum in compensation for his services. Additionally, in 2019 as Co-Chairman of the Compensation Committee, Mr. Mavrommatis is entitled to receive an additional $5,000 per annum in compensation for his services.
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: August 14, 2019
/s/ Adrian Goldfarb
Chief Financial Officer