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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) January 13, 2025

 

 

 

 

 

 

Registrant’s telephone number, including area code (913) 780-9595

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company         ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

On January 13, 2025, Butler National Corporation’s Board of Directors (“Board”) created the position of Executive Chairman to lead the Board and named current director, Jeffrey D. Yowell, to the position. Consequently, Mr. Reedy no longer serves as the Board’s chairman.

 

Mr. Yowell is neither an employee, independent contractor, or executive officer of the corporation; however, the Executive Chairman will work with and support the corporation’s Chief Executive Officer in day-to-day and strategic responsibilities. In conjunction with Mr. Yowell’s additional responsibilities, the Butler National Corporation will compensate Mr. Yowell an additional $160,000 per year in addition to compensation paid to all directors (currently an annual amount equal to $90,000).

 

The Board has also determined that Mr. Yowell will no longer qualify as an independent director and has elected Joseph P. Daly as Lead Independent Director.

 

 

 

 

 

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.