Note 6 - Stock Options and Incentive Plans

12 Months Ended

Apr. 30, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

6. STOCK OPTIONS AND INCENTIVE PLANS

In

November 2016,

the shareholders approved and adopted the Butler National Corporation

2016

Equity Incentive Plan. The maximum number of shares of common stock that

may

be issued under the Plan is

12.5

million.

On

April 12, 2019,

the Company granted

2.5

million restricted shares to employees. These shares have voting rights at date of grant and become fully vested and non-forfeitable on

April 11, 2024.

The restricted shares were valued at

$0.38

per share, for a total of

$950.

On

March 17, 2020,

the Company granted

5.0

million restricted shares to employees. These shares have voting rights at date of grant and become fully vested and non-forfeitable on

March 16, 2025.

The restricted shares were valued at

$0.41

per share, for a total of

$2.0

million. The deferred compensation related to these grants will be expensed on the financial statements over the

five

year vesting period.

No

other equity awards have been made under the plan.

For the year ended 

April 30, 2020

and

2019

, the Company expensed

$224

and

$0,

respectively.