Butler National Corp Reports Director and Officer Changes
Ticker: BUKS · Form: 8-K · Filed: Jan 8, 2025 · CIK: 15847
Sentiment: neutral
Topics: management-change, officer-appointment, director-election, compensation
Related Tickers: BUTA
TL;DR
Butler National Corp (BUTA) filed an 8-K detailing director/officer changes and compensation arrangements.
AI Summary
Butler National Corporation announced on January 7, 2025, changes in its board of directors and officer appointments. The filing also includes information regarding compensatory arrangements for certain officers. Specific details on the individuals involved and the nature of the compensatory arrangements were not provided in this excerpt.
Why It Matters
Changes in a company's leadership and executive compensation can signal shifts in strategy or operational focus, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in directorship and officer roles, especially without immediate detailed explanations, can introduce uncertainty about the company's future direction and governance.
Key Players & Entities
- BUTLER NATIONAL CORPORATION (company) — Registrant
- January 7, 2025 (date) — Date of earliest event reported
- One Aero Plaza, New Century, Kansas 66031 (location) — Principal executive offices address
FAQ
What specific changes were made to the board of directors and officer positions?
The filing indicates changes in directors and officers, but the specific details of these changes are not elaborated upon in the provided text.
What are the details of the compensatory arrangements for certain officers?
The filing mentions compensatory arrangements for certain officers, but the specific terms, amounts, and beneficiaries are not detailed in this excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on January 7, 2025.
What is Butler National Corporation's principal executive office address?
Butler National Corporation's principal executive office is located at One Aero Plaza, New Century, Kansas 66031.
What is the SIC code for Butler National Corporation?
The Standard Industrial Classification (SIC) code for Butler National Corporation is 7990, which falls under SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION.
Filing Stats: 1,170 words · 5 min read · ~4 pages · Grade level 11.9 · Accepted 2025-01-08 16:07:54
Key Financial Figures
- $595,000 — nded April 30, 2025, will decrease from $595,000 to $580,000. His annual cash bonus targ
- $580,000 — 0, 2025, will decrease from $595,000 to $580,000. His annual cash bonus target for 2025
- $215,000 — is annual cash bonus target for 2025 is $215,000 and will be subject to performance goal
- $610,000 — nded April 30, 2025, will decrease from $610,000 to $538,667. His annual cash bonus targ
- $538,667 — 0, 2025, will decrease from $610,000 to $538,667. His annual cash bonus target for 2025
- $169,000 — is annual cash bonus target for 2025 is $169,000 and will be subject to performance goal
- $135,000 — y Plan"). Mr. Reedy's Award is equal to $135,000 and the Award for Mr. Peters is equal t
- $15,000 — nd the Award for Mr. Peters is equal to $15,000. Pursuant to the Equity Plan and the Aw
Filing Documents
- buks20250108_8k.htm (8-K) — 36KB
- ex_763309.htm (EX-10.1) — 39KB
- ex_763310.htm (EX-10.2) — 68KB
- ex_763312.htm (EX-10.3) — 28KB
- ex_763311.htm (EX-10.4) — 45KB
- 0001437749-25-000724.txt ( ) — 380KB
- buks-20250107.xsd (EX-101.SCH) — 3KB
- buks-20250107_def.xml (EX-101.DEF) — 10KB
- buks-20250107_lab.xml (EX-101.LAB) — 14KB
- buks-20250107_pre.xml (EX-101.PRE) — 10KB
- buks20250108_8k_htm.xml (XML) — 2KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers Annual Cash Bonus Plan On January 7, 2025, the Compensation Committee (the "Committee") of the Board of Directors of Butler National Corporation (the "Company") approved and adopted the 2025 Annual Cash Bonus Plan (the "Plan"). The purpose of the Plan is to enable the Company to attract and retain employees, including named executive officers, by providing a competitive cash bonus program that rewards outstanding performance. Pursuant to the Plan, salaried employees of the Company and any entity controlled by the Company, will be eligible to receive compensation based on attainment of certain performance goals (the "Performance Goals"). The Committee will determine the individuals that may participate in the Plan, select the period for which performance is calculated, and establish the Performance Goals for each participant. The foregoing summary of the Plan is qualified in its entirety by reference to the Plan's terms. The Plan is filed as Exhibit 10.1 hereto and the full text of the Plan is incorporated into this 8-K by reference. Changes in Salary and Bonus On January 7, 2025, the Committee approved and adopted changes to the annual base salary and annual cash bonus for each of Christopher J. Reedy ("Mr. Reedy") and Joe A. Peters ("Mr. Peters"). Mr. Reedy's annual base salary for the Company's fiscal year ended April 30, 2025, will decrease from $595,000 to $580,000. His annual cash bonus target for 2025 is $215,000 and will be subject to performance goals based on: (1) revenue, (2) operating income, and (3) other non-financial components. Mr. Peters' annual base salary for the Company's fiscal year ended April 30, 2025, will decrease from $610,000 to $538,667. His annual cash bonus target for 2025 is $169,000 and will be subject to performance goals based on: (1) revenue, (2) operating income, an
Financial Statements and Exhibits
Financial Statements and Exhibits Exhibit No. Description 10.1 Butler National Corporation 2025 Annual Cash Bonus Plan. 10.2 Form of Restricted Stock Agreement under the Butler National Corporation 2016 Equity Incentive Plan. 10.3 Form of Severance Agreement. 10.4 Form of Change in Control Agreement. 104 Cover Page Interactive Date File (embedded within the Inline XBRL document) SIGNATURE 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. BUTLER NATIONAL CORPORATION Date: January 8, 2025 /s/Christopher J. Reedy Christopher J. Reedy Chief Executive Officer