[Form 4] BUTLER NATIONAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Joseph Patrick Daly, a director and reported >10% owner of Butler National Corp (BUKS), reported a purchase on 09/26/2025 of 7,431 shares of Butler National common stock at $1.80 per share. After the transaction he reports beneficial ownership of 4,485,692 shares held directly and an additional 4,350,000 shares held indirectly through EssigPR, Inc. The filing is a Form 4 required under Section 16 and shows no derivative transactions or amendments.

Positive

• Insider purchase of 7,431 shares at $1.80, indicating continued personal investment in the company

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchased a small block of shares; overall ownership remains concentrated.

The Form 4 shows a purchase of 7,431 shares at $1.80, increasing the reporting person’s direct stake to 4,485,692 shares while maintaining a large indirect position of 4,350,000 shares via EssigPR, Inc. The transaction is a straightforward open-market purchase with no derivatives disclosed. For most investors this is a routine insider buy that confirms continued ownership but is unlikely to be material by itself given the large existing holdings reported.

Corporate Governance Expert

TL;DR: Governance profile unchanged; director remains a >10% owner with both direct and indirect holdings.

The filing documents that Joseph Patrick Daly is both a director and a greater-than-10% owner, retaining substantial direct and indirect shareholdings. The recorded purchase does not indicate any change in control or new arrangements and no derivative instruments are reported. From a governance perspective, this Form 4 signals continuity of insider ownership rather than a structural change.

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

1. Name and Address of Reporting Person^*

Daly Joseph Patrick

(Last) (First) (Middle)

497 CIRCLE FREEWAY

(Street)

CINCINNATI OH 45246

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

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2025

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
Common Stock	09/26/2025		P		7,431	A	$1.8	4,485,692	D
Common Stock								4,350,000	I	EssigPR, Inc.

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:

	Joseph Patrick Daly	09/26/2025
	** 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 Joseph Patrick Daly report on Form 4 for BUKS?

He reported a purchase of 7,431 shares of Butler National (BUKS) common stock on 09/26/2025 at $1.80 per share.

How many BUKS shares does the reporting person own after the transaction?

He reports 4,485,692 shares held directly following the transaction and 4,350,000 shares held indirectly through EssigPR, Inc.

Does the Form 4 report any derivative transactions for BUKS?

No. The filing’s Table II contains no derivative security transactions; only a non-derivative purchase is reported.

What is the reporting person’s relationship to Butler National (BUKS)?

The Form 4 lists Joseph Patrick Daly as a Director and a reported 10% owner of Butler National.

When was the transaction executed according to the Form 4?

The transaction date is listed as 09/26/2025.