5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 7, 2008, James “Lou” Peeler and Ronald W. Pickett resigned from the Board of Directors of Telkonet, Inc. due to personal health concerns. As a result of these resignations, the number of directors serving on the Board of Directors was decreased from seven to five. The remaining directors also elected Anthony J. Paoni to serve as Mr. Peeler’s replacement on the Audit Committee.
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