Note 11 - Stock Options and Incentive Plans

9 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

11. 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 nonforfeitable 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 nine months ended January 31, 2022 and January 31, 2021, the Company expensed $437 and $449, respectively.

	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding, April 30, 2020		7,500,000		$	0.40
Forfeited, April 30, 2021		(50,000	)	$	0.40
Forfeited, January 31, 2022		(50,000	)	$	0.40
Total		7,400,000		$	0.40