secwatch.observer — SEC 8-K summary
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Issuer:     BUTLER NATIONAL CORP (BUKS)
CIK:        0000015847
Form:       8-K
Filed at:   2023-07-26T23:59:59+00:00
Accession:  0001437749-23-020646
Event type: leadership
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Butler National directors resign; company to redeem ~8% of outstanding stock at $0.739/share
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- Clark D. Stewart (former CEO) and Craig D. Stewart (former President of Aerospace) resign from board, effective July 28, 2023.
- Each receives a lump-sum severance: Clark $2,667,711; Craig $1,838,972.
- Company redeems 5,889,669 shares total (7.9% of outstanding) at $0.739/share; shares placed in treasury.
- Stock repurchase program increased from $4M to $9M, with ~$2.6M remaining after redemption.
- Board reduced from seven to five directors; no disagreement cited for resignations.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/15847/000143774923020646/0001437749-23-020646-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/15847/000143774923020646/buks20230721_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-020646

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer