Duos Technologies Group, Inc 8-K, filed Dec 21, 2020

UNITED STATESSECURITIES 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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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:

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.