Butler National: Zeff Capital sells 34,800 shares

The reported prices for the October 13 and October 15 sales are weighted averages across trades within disclosed price ranges.

Rhea-AI Filing Summary

Butler National Corp (BUKS) 10% owner Zeff Capital, LP reported three Common Stock sales: 10,303 shares on October 13, 2026, at a weighted average of $4.68 per share; 5,000 shares on October 14 at $4.80; and 34,800 shares on October 15 at a weighted average of $4.72.

The October 13 and October 15 weighted-average prices reflect trades ranging from $4.65 to $4.75 and $4.65 to $4.81 per share, respectively. Zeff Capital’s general partner, Zeff Holding Company, LLC, and its manager, Daniel Zeff, may be deemed to direct voting and disposition of the shares; both disclaim beneficial ownership except to the extent of their pecuniary interest.

Insider Trade Summary

Net Seller: 50,103 shares

Net Sell 3 txns

Insider Zeff Capital, LP

Role 10% Owner

Sold 50,103 shs ($236K)

Type	Security	Shares	Price	Value
Sale	Common Stock F4, F1, F2	34,800	$4.72	$164K
Sale	Common Stock F1, F2	5,000	$4.80	$24K
Sale	Common Stock F3, F1, F2	10,303	$4.68	$48K

Holdings After Transaction: Common Stock — 7,291,234 shares (Direct)

Footnotes (4)

1. F1. In addition to Zeff Capital LP, a Delaware limited partnership ("Zeff Capital"), this Form 4 is being filed jointly by Zeff Holding Company, LLC, a Delaware limited liability company ("Zeff Holding"), and Daniel Zeff, a citizen of the United States of America, each of whom has the same business address as Zeff Capital.
2. F2. (Continued from footnote 1) Zeff Holding, as the general partner of Zeff Capital, may be deemed to have the power to direct the voting and disposition of the shares of Common Stock beneficially owned by Zeff Capital, and may be deemed to be the indirect beneficial owner of such shares. Zeff Holding disclaims beneficial ownership of such shares for all other purposes, except to the extent of its pecuniary interest therein. Mr. Zeff, as the manager of Zeff Holding, may be deemed to have the power to direct the voting and disposition of the shares of Common Stock beneficially owned by Zeff Capital, and may be deemed to be the indirect beneficial owner of such shares. Mr. Zeff disclaims beneficial ownership of such shares for all other purposes, except to the extent of his pecuniary interest therein.
3. F3. This transaction was executed in multiple trades at prices ranging from $4.65 to $4.75 per share. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.
4. F4. This transaction was executed in multiple trades at prices ranging from $4.65 to $4.81 per share. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

Key Figures

Shares sold: 10,303 shares Weighted average sale price: $4.68 per share Shares sold: 5,000 shares +3 more

6 metrics

Shares sold 10,303 shares October 13, 2026

Weighted average sale price $4.68 per share October 13, 2026

Shares sold 5,000 shares October 14, 2026

Sale price $4.80 per share October 14, 2026

Shares sold 34,800 shares October 15, 2026

Weighted average sale price $4.72 per share October 15, 2026

Key Terms

weighted average sale price, beneficial ownership, pecuniary interest

3 terms

weighted average sale price financial

"reflects the weighted average sale price"

beneficial ownership regulatory

"disclaims beneficial ownership"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest regulatory

"except to the extent of his pecuniary interest therein"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BUKS shares did Zeff Capital sell?

Zeff Capital, LP reported sales of 10,303 shares on October 13, 2026, 5,000 shares on October 14, and 34,800 shares on October 15. The reported prices were $4.68, $4.80, and $4.72 per share, respectively. No Rule 10b5-1 plan is reported.

What prices did Zeff Capital receive for its BUKS share sales?

The October 13 sale was reported at a weighted average of $4.68 per share, with trades ranging from $4.65 to $4.75. The October 15 sale was reported at a weighted average of $4.72 per share, with trades ranging from $4.65 to $4.81. The October 14 sale was reported at $4.80 per share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/15/2026 - 06:52 PM EDT Accepted by SEC EDGAR 10/15/2026 - 06:52 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Zeff Capital, LP

(Last) (First) (Middle)

C/O ZEFF HOLDING COMPANY, LLC

405 LEXINGTON AVE, 8TH FL

(Street)

NEW YORK NEW YORK 10174

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BUTLER NATIONAL CORP [ BUKS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/13/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/13/2026		S		10,303	D	$4.68(3)	7,331,034	D(1)(2)
Common Stock	10/14/2026		S		5,000	D	$4.8	7,326,034	D(1)(2)
Common Stock	10/15/2026		S		34,800	D	$4.72(4)	7,291,234	D(1)(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. In addition to Zeff Capital LP, a Delaware limited partnership ("Zeff Capital"), this Form 4 is being filed jointly by Zeff Holding Company, LLC, a Delaware limited liability company ("Zeff Holding"), and Daniel Zeff, a citizen of the United States of America, each of whom has the same business address as Zeff Capital.

2. (Continued from footnote 1) Zeff Holding, as the general partner of Zeff Capital, may be deemed to have the power to direct the voting and disposition of the shares of Common Stock beneficially owned by Zeff Capital, and may be deemed to be the indirect beneficial owner of such shares. Zeff Holding disclaims beneficial ownership of such shares for all other purposes, except to the extent of its pecuniary interest therein. Mr. Zeff, as the manager of Zeff Holding, may be deemed to have the power to direct the voting and disposition of the shares of Common Stock beneficially owned by Zeff Capital, and may be deemed to be the indirect beneficial owner of such shares. Mr. Zeff disclaims beneficial ownership of such shares for all other purposes, except to the extent of his pecuniary interest therein.

3. This transaction was executed in multiple trades at prices ranging from $4.65 to $4.75 per share. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

4. This transaction was executed in multiple trades at prices ranging from $4.65 to $4.81 per share. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

	Zeff Capital LP, By: /s/ Daniel Zeff, Manager	10/15/2026
	Zeff Holding Company LLC, By: /s/ Daniel Zeff, Manager	10/15/2026
	/s/ Daniel Zeff	10/15/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)