BUTLER NATIONAL CORPORATION (OTCMKTS:BUKS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
On April 13, 2020, the Board of Directors of Butler National Corporation, a Kansas corporation (the “Company”), appointed John M. Edgar as a Class I director of the Company for a term expiring at the 2022 annual meeting of stockholders and appointed Craig D. Stewart as a Class I director of the Company for a term expiring at the 2022 annual meeting of stockholders. The Board of Directors determined that neither Mr. Edgar nor Mr. Stewart qualify as independent directors under applicable NASDAQ definitions and were not appointed to any committee of the Company.
Mr. Edgar will receive the same compensation for his services as other non-employee directors of the Company. That compensation is a quarterly board fee of $5,000, which fee will commence in the Company’s next fiscal first quarter. The Company paid Edgar Law Firm LLC, a provider of legal services owned by Mr. Edgar, $144,435, $63,975 and $14,145 in the fiscal year to date, fiscal 2019 and fiscal 2018, respectively.
Mr. Stewart serves as the Company’s President of Aerospace and has a five year employment contract with the Company, which was filed as Exhibit 10.3 to the Current Report on Form 8-K filed February 4, 2020. Mr. Stewart receives a base salary of $303,904. He is also eligible to participate in the Company’s discretionary annual bonus for long-term employees and the Company’s Management Incentive Bonus Plan. Mr. Craig D. Stewart is the son of Mr. Clark D. Stewart, a director of the Company and the Company’s President and Chief Executive Officer.
Other than the arrangements summarized above, there are no arrangements or understandings between Mr. Edgar or Mr. Stewart and any other person to which they were elected as directors.
About BUTLER NATIONAL CORPORATION (OTCMKTS:BUKS)
Butler National Corporation focuses on Professional Services and Aerospace Products. The Company operates in two segments: Professional Services and Aerospace Products. The Company’s Professional Services segment derives its revenue from professional management services in the gaming industry through Butler National Service Corporation (BNSC) and BHCMC, LLC (BHCMC), and professional architectural, engineering and management support services through BCS Design, Inc. (BCS). The Aerospace Products segment focuses on two product lines: Aircraft Modifications and Avionics. The Aerospace Products segment is engaged in designing system integration, engineering, manufacturing, installing, servicing, and repairing products for classic production aircraft. These products include JET autopilot service and repairs, Avcon Industries, Inc. (Avcon) provisions and system integration for special mission equipment installations, and Butler Avionics equipment sales and installation.
