[Form 4] BUTLER NATIONAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Insider purchase reported: Director Michael Anthony Loh purchased 7,575 shares of Butler National Corp (BUKS) on 09/23/2025 at a price of $1.65 per share. After the transaction he beneficially owned 119,814 shares. The filing is a Form 4 disclosing a non-derivative acquisition by a company director and is signed by the reporting person.

Positive

• Director purchase disclosed: Michael A. Loh acquired 7,575 common shares on 09/23/2025 at $1.65 per share
• Increased beneficial ownership: Reporting person beneficially owns 119,814 shares following the transaction
• Timely, properly signed Form 4: Filing includes manual signature dated 09/23/2025

Negative

• None.

Insights

Financial Analyst

TL;DR: Director purchased shares, a routine insider buy that signals limited additional ownership.

The reported acquisition of 7,575 common shares at $1.65 increases the director's stake to 119,814 shares. The size of the purchase is disclosed but no financial context (total outstanding shares or percentage ownership) is provided in the filing, so materiality relative to market capitalization cannot be assessed from this form alone. This is a straightforward Section 16 disclosure of a non-derivative purchase.

Corporate Governance Expert

TL;DR: Clean, timely Form 4 filing showing a director acquisition; no governance issues disclosed.

The filing shows the director checked the director box, executed a purchase on 09/23/2025, and manually signed the Form 4. There are no amendments, derivative transactions, or indications of 10b5-1 plan usage in the filing. From a governance perspective the filing meets reporting requirements and raises no disclosure red flags.

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^*

Loh Michael Anthony

(Last) (First) (Middle)

2655 HUNTSFORD PLACE

(Street)

HIGHLANDS RANCH CO 80126

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2025

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

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

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

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
Butler National Common Stock	09/23/2025		A		7,575	A	$1.65	119,814	D

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:

Remarks:

	/s/ Michael A. Loh	09/23/2025
	** 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.

FAQ

What did Michael A. Loh report on Form 4 for BUKS?

He reported a non-derivative acquisition of 7,575 Butler National Corp shares on 09/23/2025 at $1.65 per share and now beneficially owns 119,814 shares.

Does the Form 4 indicate any derivative transactions or dispositions for BUKS?

No. Table II for derivative securities shows no transactions and the filing reports only a non-derivative acquisition.

Is there evidence this transaction was part of a 10b5-1 plan?

The filing does not indicate a 10b5-1 plan or check the related box, so no affirmative defense under Rule 10b5-1 is reported.

When was the Form 4 signed and filed for this transaction?

The Form 4 is signed by /s/ Michael A. Loh with the signature date 09/23/2025.

Does the Form 4 disclose the reporting person’s relationship to the issuer?

Yes. The filing indicates the reporting person is a Director of Butler National Corp.