# EDGAR Filing Document

**Accession Number:** 0000015847
**File Stem:** 0001171520-25-000369
**Filing Date:** 2025-12
**Character Count:** 8597
**Document Hash:** af6e36e8e6395913ea5c155647c1f89d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171520-25-000369.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001171520-25-000369

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251222

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Zeff Capital, LP
- **CENTRAL INDEX KEY:** 0001559603

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1109

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-01678
- **FILM NUMBER:** 251609603

**BUSINESS ADDRESS:**
- **STREET 1:** 400 S. MCCADDEN PL.
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90020
- **BUSINESS PHONE:** 415-847-6808

**MAIL ADDRESS:**
- **STREET 1:** 400 S. MCCADDEN PL.
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90020
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BUTLER NATIONAL CORP
- **CENTRAL INDEX KEY:** 0000015847
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 410834293
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**BUSINESS ADDRESS:**
- **STREET 1:** ONE AERO PLAZA
- **CITY:** NEW CENTURY
- **STATE:** KS
- **ZIP:** 66031
- **BUSINESS PHONE:** 9137809595

**MAIL ADDRESS:**
- **STREET 1:** ONE AERO PLAZA
- **CITY:** NEW CENTURY
- **STATE:** KS
- **ZIP:** 66031

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONAL CONNECTOR CORP
- **DATE OF NAME CHANGE:** 19701009

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Zeff Capital, LP<br><sub>(Last) (First) (Middle)</sub><br>C/O ZEFF HOLDING COMPANY, LLC<br>405 LEXINGTON AVE, 8TH FL<br><sub>(Street)</sub><br>NEW YORK, NY 10174<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-22 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>BUTLER NATIONAL CORP [ BUKS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-12-22 |  | S |  | 33500 | D | 3.10<sup>(1)</sup> | 7466500 | D<sup>(2)(3)</sup> |  |
| Common Stock | 2025-12-23 |  | S |  | 400 | D | 3.06<sup>(4)</sup> | 7466100 | D<sup>(2)(3)</sup> |  |
| Common Stock | 2025-12-29 |  | S |  | 72788 | D | 3.12<sup>(5)</sup> | 7393312 | D<sup>(2)(3)</sup> |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) This transaction was executed in multiple trades at prices ranging from $3.10 to $3.16. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

(2) In addition to Zeff Capital LP, a Delaware limited partnership ("Zeff Capital"), this Form 4 is being filed jointly by Zeff Holding Company, LLC, a Delaware limited liability company ("Zeff Holding"), and Daniel Zeff, a citizen of the United States of America, each of whom has the same business address as Zeff Capital

(3) (Continued from footnote 2) Zeff Holding, as the general partner of Zeff Capital, may be deemed to have the power to direct the voting and disposition of the shares of Common Stock beneficially owned by Zeff Capital, and may be deemed to be the indirect beneficial owner of such shares. Zeff Holding disclaims beneficial ownership of such shares for all other purposes, except to the extent of its pecuniary interest therein. Mr. Zeff, as the manager of Zeff Holding, may be deemed to have the power to direct the voting and disposition of the shares of Common Stock beneficially owned by Zeff Capital, and may be deemed to be the indirect beneficial owner of such shares. Mr. Zeff disclaims beneficial ownership of such shares for all other purposes, except to the extent of his pecuniary interest therein.

(4) This transaction was executed in multiple trades at prices ranging from $3.06 to $3.07. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

(5) This transaction was executed in multiple trades at prices ranging from $3.09 to $3.18. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

**Signature:** Zeff Capital LP, By: /s/ Daniel Zeff, Daniel Zeff Manager  
**Date:** 2025-12-29

**Signature:** Zeff Holding Company LLC, By: /s/ Daniel Zeff, Daniel Zeff, Manager  
**Date:** 2025-12-29

**Signature:** /s/ Daniel Zeff  
**Date:** 2025-12-29

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**