<SEC-DOCUMENT>0000897069-21-000538.txt : 20211015
<SEC-HEADER>0000897069-21-000538.hdr.sgml : 20211015
<ACCEPTANCE-DATETIME>20211015111347
ACCESSION NUMBER:		0000897069-21-000538
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211015
DATE AS OF CHANGE:		20211015

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INSIGNIA SYSTEMS INC/MN
		CENTRAL INDEX KEY:			0000875355
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		IRS NUMBER:				411656308
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-43578
		FILM NUMBER:		211325251

	BUSINESS ADDRESS:	
		STREET 1:		212 THIRD AVE N
		STREET 2:		STE 356
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55401
		BUSINESS PHONE:		7633926200

	MAIL ADDRESS:	
		STREET 1:		212 THIRD AVE N
		STREET 2:		STE 356
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55401

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIR T INC
		CENTRAL INDEX KEY:			0000353184
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR COURIER SERVICES [4513]
		IRS NUMBER:				521206400
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		5930 BALSOM RIDGE ROAD
		CITY:			DENVER
		STATE:			NC
		ZIP:			28037
		BUSINESS PHONE:		7043772109

	MAIL ADDRESS:	
		STREET 1:		P O BOX 488
		CITY:			DENVER
		STATE:			NC
		ZIP:			28037

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR TRANSPORTATION HOLDING CO INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLANTA EXPRESS AIRLINE CORP
		DATE OF NAME CHANGE:	19840321
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>cmw342.htm
<TEXT>
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              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page <font id="DSPFPageNumber">1</font> of 16 Pages</div>
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    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">SCHEDULE 13D/A</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Under the Securities Exchange Act of 1934</div>
    <div style="text-align: center; font-weight: bold;">(Amendment No. 16)</div>
    <div><br>
    </div>
    <div><br>
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    <div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">INSIGNIA SYSTEMS, INC.</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
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    <div style="text-align: center;">(Name of Issuer)</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center;">Common Stock, par value of $0.01 per share</div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
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    <div style="text-align: center;">(Title of Class of Securities)</div>
    <div><br>
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    <div>
      <div style="text-align: center;">45765Y105</div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
    <div style="text-align: center;">(CUSIP Number)</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center;">Air T, Inc.</div>
      <div style="text-align: center;">5930 Balsom Ridge Rd.</div>
      <div style="text-align: center;">Denver, North Carolina 28037</div>
      <div style="text-align: center;">Telephone: (828) 464-8741</div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
    <div style="text-align: center;">(Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications)</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;">
      <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    <div style="text-align: center;">- with copy to-</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">Peter D. Fetzer<br>
              Foley &amp; Lardner LLP<br>
              777 East Wisconsin Avenue</div>
            <div style="text-align: center;">Suite 3800<br>
              Milwaukee, WI&#160;&#160;53202-5306</div>
            <div style="text-align: center;">(414) 297-5596</div>
          </td>
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    <div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center;">October 11, 2021</div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
    <div style="text-align: center;">(Date of Event which Requires Filing of this Statement)</div>
    <div><br>
    </div>
    <div>If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this
      schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. &#9744;</div>
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            <td style="width: 45.22%; vertical-align: top;">
              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page <font id="DSPFPageNumber">2</font> of 16 Pages</div>
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          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>Air T, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a)&#160; &#9744;<font style="font-size: 10pt;"></font><br>
              (b)&#160; &#9746;<font style="font-size: 10pt; font-family: 'Wingdings 2', serif;"></font></div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>WC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160; &#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Minnesota</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>486,819</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>486,819</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>486,819<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160; &#9746;
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>27.6%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>CO</div>
          </td>
        </tr>

    </table>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">Reflects the
          seven-for-one reverse stock split that the Company implemented effective December 31, 2020.</sup></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <table cellspacing="0" cellpadding="0" id="zc3c2cc3d0615440599eac020b5dfe71e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.22%; vertical-align: top;">
              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page <font id="DSPFPageNumber">3</font> of 16 Pages</div>
            </td>
          </tr>

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    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z66f245cf6fd24ab4a6fea7c7c135e1bc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>Groveland Capital LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a)&#160; &#9744;<br>
              (b)&#160; &#9746;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>WC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160; &#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Delaware</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>60,284</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>60,284</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>60,284<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160; &#9746;
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>3.4%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>OO</div>
          </td>
        </tr>

    </table>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">Reflects the
          seven-for-one reverse stock split that the Company implemented effective December 31, 2020.</sup></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc3c2cc3d0615440599eac020b5dfe71e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.22%; vertical-align: top;">
              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page 4 of 16 Pages</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z4d6d436b7fef4c368c475a378b371ae5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>AO Partners I, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a)&#160; &#9744;<br>
              (b)&#160; &#9746;<font style="font-size: 10pt; font-family: 'Wingdings 2', serif;"></font></div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>WC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160; &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Delaware</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>139,444</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>139,444</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>139,444<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160; &#9746;
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>7.9%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>PN</div>
          </td>
        </tr>

    </table>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">Reflects the
          seven-for-one reverse stock split that the Company implemented effective December 31, 2020.</sup></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc3c2cc3d0615440599eac020b5dfe71e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.22%; vertical-align: top;">
              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page 5 of 16 Pages</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8516735ff0cf4a458f04d27b53270f4e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>AO Partners, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a)&#160; &#9744;<br>
              (b)&#160; &#9746;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>WC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160; &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Delaware</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>139,444</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>139,444</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>139,444<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160; &#9746;
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>7.9%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>OO</div>
          </td>
        </tr>

    </table>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">Reflects the
          seven-for-one reverse stock split that the Company implemented effective December 31, 2020.</sup></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc3c2cc3d0615440599eac020b5dfe71e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.22%; vertical-align: top;">
              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page 6<font id="DSPFPageNumber"></font> of 16 Pages</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z0e97563afef646ce9d6b0d262875a5ac" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>Glenhurst Co.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a)&#160; &#9744;<font style="font-size: 10pt;"></font><br>
              (b)&#160; &#9746;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>WC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160; &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Minnesota</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>11,428</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>11,428</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>11,428<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160; &#9746;
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>Less than 1%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>OO</div>
          </td>
        </tr>

    </table>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">Reflects the
          seven-for-one reverse stock split that the Company implemented effective December 31, 2020.</sup></div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc3c2cc3d0615440599eac020b5dfe71e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.22%; vertical-align: top;">
              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page <font id="DSPFPageNumber">7</font> of 16 Pages</div>
            </td>
          </tr>

      </table>
    </div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z3d4d6944a77e469b936e34bbfab08469" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>Nicholas J. Swenson</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a)&#160; &#9744;<br>
              (b)&#160; &#9746;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>PF</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160; &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>United States</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>13,166 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>199,728 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>13,166 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>199,728<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (2)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>212,894<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160; &#9746;
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>12.1%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>IN</div>
          </td>
        </tr>

    </table>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">Reflects the
          seven-for-one reverse stock split that the Company implemented effective December 31, 2020.</sup></div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">Comprised of
          1,738 shares held in his name, and the 11,428 shares held by Glenhurst Co.</sup></div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">Comprised of
          the 60,284 shares held by Groveland Capital LLC, and the 139,444 shares held by AO Partner I, L.P.</sup></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;"><br>
      <table cellspacing="0" cellpadding="0" id="zc3c2cc3d0615440599eac020b5dfe71e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.22%; vertical-align: top;">
              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page <font id="DSPFPageNumber">8</font> of 16 Pages</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: center; font-weight: bold;"><u> <br>
      </u></div>
    <div style="text-align: center; font-weight: bold;"><u>Amended and Restated Schedule 13D</u></div>
    <div><br>
    </div>
    <div>Item 1.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font><u>Security and Issuer</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">This Amended and Restated Schedule 13D (this &#8220;<u>Amended Schedule 13D</u>&#8221; or &#8220;<u>Statement</u>&#8221;) relates to shares of the Common Stock, par value $0.01 per share (the &#8220;<u>Common Stock</u>&#8221;), of Insignia Systems, Inc., a Minnesota corporation (the &#8220;<u>Issuer</u>&#8221;). The address of the principal executive offices of the Issuer is 8799 Brooklyn Blvd., Minneapolis, MN 55445.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Nicholas J. Swenson is the Chief Executive Officer of Air
        T, Inc., a Delaware corporation (&#8220;<u>Air T</u>&#8221;). Mr. Swenson also serves as a
        director of Air T. By virtue of Mr. Swenson serving on the Board of Directors of Air T and as the Chief Executive Officer of Air T, and by virtue of Mr.&#160;Swenson&#8217;s control of the Swenson Group (as defined below), Air T and the Swenson Group may be
        deemed to constitute a &#8220;group&#8221; for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;). However, Air T and the Swenson Group expressly disclaim membership in a group, as Mr. Swenson does not possess voting or dispositive power over the shares of Common Stock
        held by Air T.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">With regard to Groveland Capital LLC (&#8220;<u>Groveland Capital</u>&#8221;), AO Partners I, L.P. (&#8220;<u>AO Partners Fund</u>&#8221;), AO Partners, LLC (&#8220;<u>AO Partners</u>&#8221;), Glenhurst Co. (&#8220;<u>Glenhurst</u>&#8221;)
      and Nicholas J. Swenson (collectively, the &#8220;<u>Swenson Group</u>&#8221;), this Schedule 13D relates to Common Stock of the Issuer held by the Swenson Group. Mr.&#160;Swenson is the Managing Member of Groveland Capital and may direct Groveland Capital
        as to the vote and disposition of the shares of Common Stock it holds. Mr. Swenson is the Managing Member of AO Partners, the General Partner of AO Partners Fund, and has the power to direct the affairs of AO Partners Fund, including the
      voting and disposition of shares of Common Stock held in the name of AO Partners Fund. Mr. Swenson is the sole owner of Glenhurst, and he has the power to direct the affairs of Glenhurst, including the voting and disposition of shares of Common Stock
      held in the name of Glenhurst.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">The securities reported herein as being beneficially owned by Air T do not include any securities held by any member of the
        Swenson Group. The securities reported herein as being beneficially owned by the Swenson Group do not include any securities held by Air T.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z3af36f9053f944c8b52e0adee8ceab32" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">Item 2.</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>Identity and Background</u>.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>This Amended Schedule 13D is being filed jointly by Air T and the Swenson Group.</div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;">The parties identified in the list below constitute the &#8220;<u>Swenson
          Group</u>&#8221;:</div>
    <div><br>
    </div>
    <div style="text-indent: -36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: Symbol, serif;">&#160;</font><font style="font-family: Times New Roman">&#9679;<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font></font>Groveland Capital LLC, a Delaware limited liability company.</div>
    <div style="text-indent: -36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: Symbol, serif;">&#160;<font style="font-family: Times New Roman">&#9679;</font></font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>AO Partners I, L.P., a Delaware limited partnership.</div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: Symbol, serif;">&#160;<font style="font-family: Times New Roman">&#9679;</font></font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>AO Partners, LLC, a Delaware limited liability company and General Partner of AO Partners Fund.</div>
    <div style="text-indent: -36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: Symbol, serif;">&#160;<font style="font-family: Times New Roman">&#9679;<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font></font></font>Glenhurst Co., a Minnesota corporation.</div>
    <div style="text-indent: -36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: Symbol, serif;"><font style="font-family: Times New Roman">&#160;&#9679;<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160; </font></font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font></font>Nicholas J. Swenson as the Managing Member of Groveland Capital and AO Partners; as the sole owner of Glenhurst; and as an individual beneficially owning shares of Common Stock in
      his own name.</div>
    <div style="text-indent: -36pt; margin-left: 72pt; margin-bottom: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div style="text-align: justify; text-indent: 72pt;"><br>
      <table cellspacing="0" cellpadding="0" id="zc3c2cc3d0615440599eac020b5dfe71e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.22%; vertical-align: top;">
              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page <font id="DSPFPageNumber">9</font> of 16 Pages</div>
            </td>
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      </table>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
    <div style="text-align: justify; text-indent: 72pt;">Each of the persons identified herein is referred to as a &#8220;Reporting Person&#8221; and, collectively, as the &#8220;Reporting Persons.&#8221; Each
        of the Reporting Persons is a party to that certain Joint Filing Agreement attached hereto.&#160; The Reporting Persons are filing this Amended Schedule 13D jointly, as they may be considered a &#8220;group&#8221; under Section 13(d)(3) of the Exchange Act.&#160;
        However, neither the fact of this filing nor anything contained herein shall be deemed to be an admission by the Reporting Persons that such a group exists.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a) &#8211; (c)&#160; This statement is filed by Mr. Swenson, with respect to the shares of Common Stock beneficially owned by him, as follows:&#160;
      (i) shares of Common Stock held in the name of AO Partners Fund in Mr. Swenson&#8217;s capacity as Managing Member of AO Partners; (ii) shares of Common Stock held in the name of Groveland Capital in Mr. Swenson&#8217;s capacity as the Managing Member of
      Groveland Capital; (iii) shares of Common Stock held in the name of Glenhurst in Mr. Swenson&#8217;s capacity as the sole owner of Glenhurst; and (iv) in Mr. Swenson&#8217;s capacity as an individual beneficially owning shares of Common Stock in his own name.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">The principal business address of each of AO Partners Fund, AO Partners, Groveland Capital, Glenhurst and Mr.&#160;Swenson is 3033 Excelsior
      Blvd., Suite 560, Minneapolis, MN 55416.&#160; Each of AO Partners Fund, AO Partners, Groveland Capital and Glenhurst are engaged in various interests, including investments.&#160; The principal occupation of Mr. Swenson is serving as the President, Chief
      Executive Officer and Chairman of the board of directors of Air T. Mr. Swenson is also a private investor and the founder and managing member of Groveland, and the managing member of AO Partners, which is the general partner of AO Partners Fund.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">The principal business address of Air T is 5930 Balsom Ridge Road, Denver, North&#160;Carolina 28037. The principal business of Air T is
      serving as a diversified holding company providing overnight air cargo, aviation ground equipment, ground support services, printing equipment and maintenance, commercial jet engines and parts, and leasing services.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Information regarding the identity and background of each executive officer and director of Air T is set forth on <u>Schedule A</u> to this Amended Schedule 13D. Each of the individuals identified on <u>Schedule
          A</u> to this Statement is a U.S. citizen.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(d)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>None of the Reporting Persons, any of their partners, managers, officers or other controlling persons or, to the Reporting Persons&#8217; knowledge, any individuals identified on <u>Schedule A</u> to this Statement has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(e)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>None of the Reporting Persons, any of their partners, managers, officers or other controlling persons or, to the Reporting Persons&#8217; knowledge, any individuals identified on <u>Schedule A</u> to this Statement has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction
        and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to
        such laws.</div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;">(f)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Mr. Swenson is a citizen of the United States of America.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z3c307cfc3b534318b243c55dc6627864" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">Item 3.</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>Source and Amount of Funds or Other Consideration.</u></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">The total cost for purchasing the Common Stock reported as owned by the Reporting Persons, excluding brokerage commissions, was
      approximately $7,371,211 in the aggregate. The source of these funds was working capital or personal funds, as applicable.</div>
    <div style="text-align: justify; text-indent: 72pt;"> <br>
    </div>
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      <table cellspacing="0" cellpadding="0" id="zc3c2cc3d0615440599eac020b5dfe71e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.22%; vertical-align: top;">
              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page <font id="DSPFPageNumber">1</font>0 of 16 Pages</div>
            </td>
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    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z9e3b64bef65d4fdca16acde8ffcef268" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">Item 4.</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>Purpose of Transaction</u>.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">The Reporting Persons purchased the Common Stock for investment purposes. The Reporting Persons may in the future acquire additional
      shares of Common Stock of the Company or dispose of some or all of the shares of Common Stock of the Company held by them in open-market transactions or privately negotiated transactions, on such terms and at such times as the Reporting Persons may
      deem advisable, subject to applicable law. The Reporting Persons may engage in short selling or hedging or similar transactions with respect to the shares of Common Stock, on such terms and at such times as the Reporting Persons may deem advisable,
      subject to applicable law.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">On October 11, 2021, the Company entered into a cooperation agreement (the &#8220;<u>Agreement</u>&#8221;) with the Reporting Persons.&#160; Pursuant to the Agreement, the Company agreed to increase the size of its board of directors (the &#8220;<u>Board</u>&#8221;) from four to five, effective October 11, 2021, and to elect Mr. Swenson to the Board to fill the resulting vacancy, effective as of the same date.&#160; Subject to the Reporting Persons continuing to beneficially own at
      least 10% of the Common Stock, during the Standstill Period (defined below) the Reporting Persons (i) have the right to name a replacement if Mr. Swenson ceases to serve as a member of the Board (together with Mr. Swenson, the &#8220;Air T Nominee&#8221;) and
      (ii) must approve any person identified by the Board or its Governance, Compensation and Nominating Committee to fill the first vacancy created by the departure of any other current director.&#160; The Company has also agreed to include the Air T Nominee
      with its director nominees for election at the Company&#8217;s annual meeting of shareholders to be held in 2022 (the &#8220;<u>Annual Meeting</u>&#8221;).&#160; The Reporting Persons have agreed to, among other things, ensure all shares beneficially owned are present and voted at the Annual Meeting in favor of the Company&#8217;s director nominees and
      to abide by customary standstill provisions through the conclusion of the Annual Meeting (the &#8220;<u>Standstill Period</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">To the extent the actions described herein may be deemed to constitute a &#8220;control purpose&#8221; with respect to the Securities Exchange Act
      of 1934, as amended, and the regulations thereunder, the Reporting Persons have such a purpose. Except as noted in this Amended Schedule 13D, none of the Reporting Persons currently has any plans or proposals, which relate to, or would result in, any
      of the matters referred to in paragraphs (a) through (j), inclusive of Item (4) of Schedule 13D. Such individuals may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z041ac6da2078440c82085633e12b69b7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">Item 5.</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>Interests in Securities of the Issuer</u>.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Reporting Persons beneficially own in the aggregate 699,713 shares of Common Stock, which represents approximately 39.6% of the Company&#8217;s outstanding shares of Common
        Stock.&#160; The following list sets forth the aggregate number and percentage (based on 1,765,319 shares of Common Stock outstanding on August 19, 2021, as reported in the Issuer&#8217;s Quarterly Report on Form 10-Q, for the quarter ended June 30, 2021,
        filed on August 23, 2021) of outstanding shares of Common Stock owned beneficially by each Reporting Person named in Item&#160;2.</div>
    <div><br>
    </div>
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      <table cellspacing="0" cellpadding="0" id="zc3c2cc3d0615440599eac020b5dfe71e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.22%; vertical-align: top;">
              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page <font id="DSPFPageNumber">11</font> of 16 Pages</div>
            </td>
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      </table>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z0bbd90a3fd0d40ee8eff9faaa5dca557" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 32.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Name</div>
          </td>
          <td style="width: 33.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Shares of Common Stock Beneficially Owned</div>
          </td>
          <td style="width: 33.51%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Percentage of Shares of Common Stock Beneficially Owned</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Air-T<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 33.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">486,819</div>
          </td>
          <td style="width: 33.51%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">27.6%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Groveland Capital <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 33.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">60,284</div>
          </td>
          <td style="width: 33.51%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">3.4%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>AO Partners Fund</div>
          </td>
          <td style="width: 33.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">139,444</div>
          </td>
          <td style="width: 33.51%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">7.9%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>AO Partners <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td style="width: 33.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">139,444</div>
          </td>
          <td style="width: 33.51%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">7.9%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Glenhurst Co. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
          </td>
          <td style="width: 33.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">11,428</div>
          </td>
          <td style="width: 33.51%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">0.6%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Nicholas J. Swenson <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
          </td>
          <td style="width: 33.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">212,894</div>
          </td>
          <td style="width: 33.51%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">12.1%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zdaa79daef68748f597c702ce8a8832a2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Air T has sole voting and dispositive power with regard to the shares of Common Stock that it holds. Mr. Swenson serves on the Board of Directors of Air T and is the
              Chief Executive Officer of Air T.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zdb1ee4c94ed14381a7601829599dc8ad" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Groveland Capital is an investment adviser and has voting and dispositive power with regard to the shares of Common Stock. Because Mr. Swenson is the Managing Member of
              Groveland Capital, he has the power to direct the affairs of Groveland Capital. Therefore, Groveland Capital may be deemed to share with Mr.&#160;Swenson voting and dispositive power with regard to the shares of Common Stock held by Groveland
              Capital.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z6c3f63318c91412186bc585756b4c147" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>AO Partners is the General Partner of AO Partners Fund and, as General Partner, has voting and dispositive power with regard to the shares of Common Stock held by AO
              Partners Fund. Because Mr. Swenson is the Managing Member of AO Partners, he has the power to direct the affairs of AO Partners. Therefore, AO&#160;Partners may be deemed to share with Mr. Swenson voting and dispositive power with regard to the
              shares of Common Stock held by AO Partners Fund.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z0d9592d7b4ba4c6ea582d790f33ad96b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Because Mr. Swenson is the sole owner of Glenhurst, he has the power to direct the affairs of Glenhurst, including the voting and disposition of shares of Common Stock
              held in the name of Glenhurst.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z0713fec40b53479891339fedc19b7f3e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Because Mr. Swenson is the Managing Member of AO Partners, the General Partner of AO Partners Fund, he has the power to direct the affairs of AO Partners Fund,
              including the voting and disposition of shares of Common Stock held in the name of AO Partners Fund. Because Mr. Swenson is the Managing Member of Groveland Capital, he has the power to direct the affairs of Groveland Capital, including the
              voting and disposition of shares of Common Stock held in the name of Groveland Capital. Because Mr. Swenson is the sole owner of Glenhurst, he has the power to direct the affairs of Glenhurst, including the voting and disposition of shares of
              Common Stock held in the name of Glenhurst.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Air T has the sole power to direct the voting and disposition of the shares of Common Stock beneficially owned by Air T. The voting and dispositive power of the Swenson Group
        and its members is described on their cover pages hereto and in Item 5(a), all of which are incorporated into this response by reference.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Since the last filed amended Schedule 13D, no Reporting Person has effected transactions in
        the Common Stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(d)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 28.8pt">&#160;</font>No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Common
        Stock beneficially owned by any Reporting Person.</div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;">(e)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 28.8pt">&#160;</font>Not applicable.</div>
    <div style="text-indent: 72pt;"> <br>
      </div>
    <div style="text-indent: 72pt;"> <br>
      </div>
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          <tr>
            <td style="width: 45.22%; vertical-align: top;">
              <div style="margin-right: 3.6pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt;">Page <font id="DSPFPageNumber">12</font> of 16 Pages</div>
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    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze61440d32ef340f69fc214b5a5fac5b2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">Item 6.</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</u></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Information set forth in Item 4 is incorporated herein by reference.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Pursuant to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the Reporting Persons
      have entered into an agreement with respect to the joint filing of this Amendment Schedule 13D.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">With respect to AO Partners Fund, AO Partners is entitled to (1) an allocation of a portion of profits, if any, and
      (2) a management fee based upon a percentage of total capital.&#160; Mr. Swenson is indemnified by AO Partners Fund, AO Partners, Groveland Capital and and Glenhurst for liabilities he may incur in connection with his duties for the Swenson Group.&#160;&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Other than the foregoing agreements and arrangements, there are no contracts, arrangements, understandings or
      relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer.</div>
    <div>Item 7.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font><u>Material to be Filed as Exhibits</u>.</div>
    <div><u><br>
      </u></div>
    <table cellspacing="0" cellpadding="0" id="zbef1bcd3dcb149bbbe56687ea6879463" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;"><u>Exhibit No.</u></div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div><u>Description</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">&#160;</td>
          <td style="width: 76.74%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">99.1</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div style="text-align: justify;">Joint Filing Agreement &#8211; Previously Filed.</div>
            <div style="text-align: justify;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">99.2</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div style="text-align: justify;">Cooperation Agreement dated as of October 11, 2021</div>
          </td>
        </tr>

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              <div style="text-align: left; margin-right: 3.6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
            </td>
            <td style="width: 54.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Page <font id="DSPFPageNumber">13</font> of 16 Pages</div>
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    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in
      this statement is true, complete and correct.</div>
    <div style="margin-bottom: 6pt;"> <br>
      </div>
    <div style="margin-bottom: 6pt;">Date:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font>October 14, 2021</div>
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            <div>&#160;</div>
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            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">Chief Executive Officer</div>
            <div>&#160;</div>
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            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">Managing Member</div>
            <div>&#160;</div>
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          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.24%; vertical-align: top;">
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            <div>AO PARTNERS I, L.P.</div>
            <div>&#160;</div>
            <div>By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; AO PARTNERS, LLC</div>
            <div style="text-indent: 36pt;">General Partner</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">Managing Member</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
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            <div>&#160;</div>
            <div>AO PARTNERS, LLC</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">Nicholas J. Swenson</div>
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            <div>&#160;</div>
          </td>
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              <div style="text-align: left; margin-right: 3.6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
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              <div style="text-align: right; margin-right: 3.6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Page <font id="DSPFPageNumber">14</font> of 16 Pages</div>
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            <div>&#160;</div>
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            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">Nicholas J. Swenson</div>
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            <div>&#160;</div>
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            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div><u>/s/ Nicholas J. Swenson</u></div>
            <div>Nicholas J. Swenson</div>
            <div>&#160;</div>
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              <div style="text-align: left; margin-right: 3.6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">CUSIP NO.<font style="font-weight: bold;">&#160;</font>45765Y105</div>
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              <div style="text-align: right; margin-right: 3.6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Page <font id="DSPFPageNumber">15</font> of 16 Pages</div>
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    <div style="text-align: center; margin-right: 7.5pt; margin-left: 7.5pt; font-weight: bold;"><u> <br>
      </u></div>
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    <div><br>
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          </td>
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          <td style="width: 22%; vertical-align: bottom;">&#160;</td>
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            <div>5930 Balsom Ridge Road<br>
              Denver, NC 28037</div>
            <div><font style="font-size: 12pt;"><br>
              </font><font style="font-size: 12pt;"><br>
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            <div>5000 West 36th Street, Suite 130<br>
              Minneapolis, MN 55416</div>
          </td>
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            <div>President and Chief Executive Officer</div>
            <div>Air T, Inc.</div>
            <div>5930 Balsom Ridge Road<br>
              Denver, NC 28037</div>
            <div>&#160;</div>
            <div>Managing Member<br>
              Groveland Capital LLC</div>
            <div>5000 West 36th Street, Suite 130<br>
              Minneapolis, MN 55416</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 22%; vertical-align: top;">
            <div>Brian Ochocki</div>
          </td>
          <td style="width: 30%; vertical-align: top;">
            <div>5930 Balsom Ridge Road<br>
              Denver, NC 28037</div>
          </td>
          <td style="width: 48%; vertical-align: top;">
            <div>Chief Financial Officer, Principal Accounting Officer and Treasurer</div>
            <div>Air T, Inc.</div>
            <div>5930 Balsom Ridge Road<br>
              Denver, NC 28037</div>
          </td>
        </tr>

    </table>
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          <td style="width: 22%; vertical-align: top;">&#160;</td>
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            <div>See above.</div>
          </td>
          <td style="width: 48%; vertical-align: top;">
            <div>See above.</div>
          </td>
        </tr>
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            <div>Raymond E. Cabillot</div>
          </td>
          <td style="width: 30%; vertical-align: top;">
            <div>5930 Balsom Ridge Road<br>
              Denver, NC 28037</div>
          </td>
          <td style="width: 48%; vertical-align: top;">
            <div>Chief Executive Officer<br>
              Farnam Street Capital, Inc.<br>
              5850 Opus Parkway<br>
              Pondview Plaza, Suite 240<br>
              Minnetonka, MN 55343<br>
              <br>
              Farnam Street Capital, Inc. is the general partner of Farnam Street Partners L.P., a private investment partnership.</div>
          </td>
        </tr>
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          <td style="width: 22%; vertical-align: top;">&#160;</td>
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          </td>
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            <div>5930 Balsom Ridge Road<br>
              Denver, NC 28037</div>
          </td>
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            <div>Executive Vice President<br>
              Vantage Financial, LLC<br>
              444 Second Street<br>
              Excelsior, MN 55331</div>
            <div>Vantage Financial, LLC is an equipment leasing and finance company.</div>
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              <div style="text-align: right; margin-right: 3.6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Page <font id="DSPFPageNumber">16</font> of 16 Pages</div>
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            <div>5930 Balsom Ridge Road<br>
              Denver, NC 28037</div>
          </td>
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            <div>Chief Investment Officer, Portfolio Manager and<br>
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              Blue Clay Capital Management, LLC</div>
            <div>5000 West 36th Street, Suite 115<br>
              Minneapolis, MN 55416</div>
            <div>Blue Clay Capital Management, LLC is an investment management firm.</div>
          </td>
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            <div>5930 Balsom Ridge Road<br>
              Denver, NC 28037</div>
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            <div>Chief Executive Officer<br>
              The Jump Group, LLC<br>
              808 Main Street</div>
            <div>Grandview, MO 64030</div>
            <div>The Jump Group, LLC is a joint venture technology company with welcometoseven.com, a full-service branding agency of which Mr. McClung is a founder,
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            <div>5930 Balsom Ridge Road<br>
              Denver, NC 28037</div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>2
<FILENAME>cmw342a.htm
<TEXT>
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  <head>
    <title></title>
    <!-- Licensed to: Foley & Lardner LLP
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         Copyright 1995 - 2021 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="margin: 0px 0px 12pt; font-weight: bold; text-align: right;"> Exhibit 99.2<br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">COOPERATION AGREEMENT</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This Cooperation Agreement, dated as of October 11, 2021 (this &#8220;<u>Agreement</u>&#8221;), is entered into by and among Insignia Systems, Inc., a Minnesota corporation (the &#8220;<u>Company</u>&#8221;), Nicholas
      J. Swenson, an individual resident of Minnesota (&#8220;<u>Swenson</u>&#8221;), Air T, Inc., a Delaware corporation (&#8220;<u>Air T</u>&#8221;); Groveland Capital LLC, a Delaware limited liability company (&#8220;<u>Groveland</u>&#8221;); AO Partners I, L.P., a Delaware
      limited partnership (&#8220;<u>AOPI</u>&#8221;); AO Partners, LLC, a Delaware limited liability company (&#8220;<u>AOP</u>&#8221;), and Glenhurst Co., a Minnesota corporation (&#8220;<u>Glenhurst</u>&#8221;). Swenson, Air T, Groveland, AOPI, AOP, and Glenhurst are collectively
      referred to herein as the &#8220;<u>Shareholder Group</u>&#8221; and each individually as a &#8220;<u>Member</u>&#8221;
      of the Shareholder Group.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, the Shareholder Group, in the aggregate, is currently the beneficial owner of 698,262 shares (the &#8220;<u>Shares</u>&#8221;) of the common stock, par value $0.01, of the Company (&#8220;<u>Common Stock</u>&#8221;),
      which represents approximately 39.6% of the issued and outstanding Common Stock as of the date hereof;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, the Board of Directors of the Company (the &#8220;<u>Board</u>&#8221;) has considered the qualifications of Nicholas J. Swenson (the &#8220;<u>Air T Nominee</u>&#8221;) and conducted such review as it has
      deemed appropriate, including materials provided by the Shareholder Group and the Air T Nominee; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, the Board has determined that it is in the best interests of the Company and its shareholders to appoint
      the Air T Nominee to the Board, upon the terms set forth in this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">NOW, THEREFORE</font>,
      in consideration of the foregoing premises and the respective representations, warranties, covenants, agreements and conditions hereinafter set forth, and, intending to be legally bound hereby, the parties hereby agree as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">1.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Representations and Warranties of the Company</u>. The Company
        represents and warrants as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Company has the corporate power and authority to execute, deliver and carry out the terms and provisions of this Agreement
        and to consummate the transactions contemplated hereby.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>This Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding
        obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or
        similar laws affecting the rights of creditors and subject to general equity principles.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The execution, delivery and performance of this Agreement by the Company does not and will not (i)&#160;violate or conflict with any
        law, rule, regulation, order, judgment or decree applicable to it, or (ii)&#160;result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could become a default) under or pursuant to, or result
        in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party or by
        which it is bound.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">2.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Representations and Warranties of the Shareholder Group</u>.
        Each Member of the Shareholder Group, severally, and not jointly, represents and warrants with respect to himself or itself as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
      </div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Such party, if an individual, has the legal capacity to execute, deliver and carry out the terms and provisions of this Agreement
        and to consummate the transactions contemplated hereby. Such party, if an entity, has the corporate power and authority or the limited liability company power and authority, as applicable, to execute, deliver and carry out the terms and provisions
        of this Agreement and to consummate the transactions contemplated hereby.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>This Agreement has been duly and validly authorized, executed, and delivered by such Member of the Shareholder Group and
        constitutes a valid and binding obligation and agreement of such party, and is enforceable against such party in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization,
        moratorium, fraudulent conveyance or similar laws affecting the rights of creditors and subject to general equity principles.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The execution, delivery and performance of this Agreement by each Member of the Shareholder Group does not and will not
        (i)&#160;violate or conflict with any law, rule, regulation, order, judgment or decree applicable to him or it, or (ii)&#160;result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could become a
        default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or
        arrangement to which he or it is a party or by which he or it is bound.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Shareholder Group is the &#8220;<u>beneficial owner</u>&#8221;
        of 698,262 shares of Common Stock (as defined herein). No Member of the Shareholder Group owns any Synthetic Equity Interests (as defined below) or any Short Interests (as defined below) in the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For purposes of this Agreement, (a)&#160;the term &#8220;<u>Short Interests</u>&#8221; means any agreement, arrangement, understanding or relationship, including any repurchase or similar so-called &#8220;stock borrowing&#8221; agreement or arrangement, engaged in, directly or indirectly, by such person,
      the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) of shares of any class or series of the Company&#8217;s equity securities by, manage the risk of share price changes for, or increase or decrease
      the voting power of, such person with respect to the shares of any class or series of the Company&#8217;s equity securities, or which provides, directly or indirectly, the opportunity to profit from any decrease in the price or value of the shares of any
      class or series of the Company&#8217;s equity securities; and (b)&#160;the term &#8220;<u>Synthetic Equity Interests</u>&#8221; means any derivative, swap or other transaction or series of
      transactions engaged in, directly or indirectly, by such person, the purpose or effect of which is to give such person economic risk similar to ownership of equity securities of any class or series of the Company, including due to the fact that the
      value of such derivative, swap or other transactions are determined by reference to the price, value or volatility of any shares of any class or series of the Company&#8217;s equity securities, or which derivative, swap or other transactions provide,
      directly or indirectly, the opportunity to profit from any increase in the price or value of shares of any class or series of the Company&#8217;s equity securities, without regard to whether (i)&#160;the derivative, swap or other transactions convey any voting
      rights in such equity securities to such person; (ii)&#160;the derivative, swap or other transactions are required to be, or are capable of being, settled through delivery of such equity securities; or (iii)&#160;such person may have entered into other
      transactions that hedge or mitigate the economic effect of such derivative, swap or other transactions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">3.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Definitions</u>. For purposes of this Agreement:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The terms &#8220;<u>Affiliate</u>&#8221; and &#8220;<u>Associate</u>&#8221; have the respective meanings set forth in Rule 12b-2 promulgated by the SEC under the Securities Exchange Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;); the terms &#8220;<u>beneficial owner</u>&#8221; and &#8220;<u>beneficial ownership</u>&#8221; shall have the respective meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act; and the terms &#8220;<u>person</u>&#8221; or &#8220;<u>persons</u>&#8221; shall mean any individual, corporation (including
        not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization or other entity of any kind or nature.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"> <br>
      </div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The &#8220;<u>Standstill Period</u>&#8221;
        means the period beginning on the date of this Agreement and <font style="font-style: italic;">ending on the earlier of (i) the day immediately following the date final voting results&#160;
          are publicly announced for the annual meeting of shareholders of the Company to be held in 2022 (the &#8220;</font><font style="font-style: italic;"><u>Covered Meeting</u></font><font style="font-style: italic;">&#8221;) and (ii) fifteen (15) days following the Air T Nominee&#8217;s involuntary removal from the Board.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">4.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Appointment of Directors; Related Matters</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Company hereby agrees that, effective as of the date hereof, the Company shall (i) increase the size of the Board to five (5)
        members, and (ii) appoint Nicholas J. Swenson to the Board.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Subject to this Agreement remaining in full force and effect and the Shareholder Group continuing to beneficially own in the
        aggregate at least 10% of the then-outstanding Common Stock (the &#8220;<u>Minimum Ownership Threshold</u>&#8221;), the Company hereby agrees to include the Air T Nominee in
        its slate of nominees for election as directors of the Company at the Covered Meeting. With respect to the Covered Meeting, the Company will solicit proxies for the Air T
          Nominee in substantially the same manner as it has in prior years with respect to the Board&#8217;s nominees, will recommend to shareholders that they vote in favor of each of the Air T Nominee, and will cause all proxies received by the Company in
          favor of the Air T Nominee to be voted in favor of their election to the Board. During the Standstill Period, the Company&#8217;s Board will take no action to remove any of the Air T Nominee from the Board pursuant to Section 302A.223,
        Subdivision 2, of the Minnesota Statutes.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>As a condition to the Company&#8217;s appointment of the Air T Nominee to the Board and his or her subsequent nomination for election
        as a director of the Company at the Covered Meeting, the Air T Nominee will (i) provide to the Company such information as is required to be or is customarily disclosed for directors, candidates for directors and their affiliates and
        representatives, in proxy statements or other filings under applicable law or stock exchange rules or listing standards or is otherwise necessary for inclusion of such Air T Nominee in the Board&#8217;s slate of nominees, to the extent that the Company
        solicits the same information from all of its directors in accordance with past practices, (ii)&#160;consent to serve as a director of the Company if elected, and (iii)&#160;agree to be bound by all policies, codes and guidelines applicable to all directors
        of the Company, including the Code of Business Conduct and Ethics, and to preserve the confidentiality of the Company&#8217;s business and information, including discussions or matters considered in meetings of the Board or Board committees, to the same
        extent that the Company requires all of its directors to make any such agreement in accordance with past practices.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>If, during the Standstill Period, the Air T Nominee no longer serves as a director of the Company, and so long as the Shareholder
        Group meets the Minimum Ownership Threshold, the Shareholder Group shall be entitled to name a substitute nominee, who, provided such substitute nominee (i)&#160;meets the conditions set forth in <u>Section&#160;4(c),</u> (ii) meets the director-independence standards of the Nasdaq Stock Market (&#8220;<u>Nasdaq</u>&#8221;), (iii) is not a
        former member of the Board, and (iv)&#160;is reasonably acceptable to the Board following review of the substitute nominee&#8217;s qualifications for director, shall be nominated, in the case of the annual meeting, or appointed, in the case of a mid-term
        vacancy, by the Board. Any such substitute nominee, following appointment, shall be deemed an Air T Nominee for all purposes hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"> <br>
      </div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Notwithstanding the foregoing, the Air T Nominee shall tender his or her resignation from the Board and any committee of the
        Board on which he or she then sits (it being understood that it shall be in the Board&#8217;s sole discretion whether to accept or reject such resignation) if at any time during the Standstill Period the Shareholder Group ceases collectively to
        beneficially own, in the aggregate, at least the Minimum Ownership Threshold. Following the occurrence of the foregoing, the Company shall have no further obligations under this <u>Section&#160;4</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>At all times while the Air T Nominee is serving as a member of the Board no Member of the Shareholder Group shall pay any
        compensation (within the meaning of Nasdaq Rule 5250(b)(3)) to such Air T Nominee for his or her service as a member of the Board.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>If a Second Director no longer serves as a director of the Company, and so long as the Shareholder Group meets the Minimum
        Ownership Threshold, the Board (whether directly or through its Governance, Compensation and Nominating Committee or another equivalent committee) will promptly identify a substitute nominee, who, upon approval by the Shareholder Group (which
        approval will not be unreasonably delayed or withheld), shall be nominated, in the case of the annual meeting, or appointed, in the case of a mid-term vacancy, by the Board. Any such substitute nominee, following appointment, shall be deemed an Air
        T Nominee for all purposes hereunder. For purposes of this Section 4(g), &#8220;<u>Second Director</u>&#8221; means the first individual, if any, who ceases service as a
        director of the Company during the Standstill Period and who is not already an Air T Nominee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">5.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Covenants</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Each of the Members of the Shareholder Group agrees that, during the Standstill Period, he or it will not, and he or it will
        cause each of such person&#8217;s Affiliates, Associates or agents or other persons acting on his or its behalf not to, and will cause his or its respective Affiliates and Associates not to:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;">(i) submit, or otherwise induce or encourage any other person to submit, any shareholder
      proposal (pursuant to Rule 14a-8 promulgated by the SEC under the Exchange Act or otherwise) or any notice of nomination or other business for consideration, and will not nominate any candidate for election to the Board or publicly oppose the
      directors nominated by the Board;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>form, join in or in any other way participate in a &#8220;partnership, limited partnership, syndicate or other group&#8221; within the
        meaning of Section&#160;13(d)(3) of the Exchange Act with respect to the Common Stock or deposit any shares of Common Stock in a voting trust or similar arrangement or subject any shares of Common Stock to any voting agreement or pooling arrangement,
        other than solely with other Members of the Shareholder Group or one or more Affiliates or Associates of a Member of the Shareholder Group with respect to the Common Stock currently owned as set forth in <u>Section&#160;2(e)</u> of this Agreement or to the extent such a group may be deemed to result with the Company or any of its Affiliates or Associates as a result of this Agreement;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>solicit proxies or written consents of shareholders, or otherwise conduct any nonbinding referendum with respect to Common Stock,
        or make, or in any way participate in, any &#8220;solicitation&#8221; of any &#8220;proxy&#8221; within the meaning of Rule 14a-1 promulgated by the SEC under the Exchange Act (but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv)) to vote, or advise,
        encourage or influence any person with respect to voting, any shares of Common Stock with respect to any matter, or become a &#8220;participant&#8221; in any contested &#8220;solicitation&#8221; for the election of directors with respect to the Company (as such terms are
        defined or used under the Exchange Act), other than a &#8220;solicitation&#8221; or acting as a &#8220;participant&#8221; in support of all of the nominees of the Board at any Annual Meeting of Shareholders of the Company;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"> <br>
      </div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;">(iv)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>other than as permitted under Section 302A.671, Subdivision 3, of the Minnesota Statutes (the &#8220;<u>Minnesota Voting Statute</u>&#8221;) in order to grant voting rights to shares of Common Stock beneficially owned by the Shareholder Group and its Affiliates, Common Stock, call, seek to call, or
        to request the call of, any meeting of the shareholders of the Company, including by written consent, or seek to make, or make, a shareholder proposal at any meeting of the shareholders of the Company or make a request for a list of the Company&#8217;s
        shareholders (or otherwise induce or encourage any other person to initiate such proposal or request), except with respect to a special meeting of shareholders in connection with or related to a tender offer effectuated in accordance with <u>Section&#160;6</u> for purposes of allowing shareholders to vote upon the approval of voting rights under the Minnesota Voting Statute with respect to any shares acquired
        pursuant to such tender offer;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;">(v)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>except pursuant to <u>Section 6</u>, effect
        or seek to effect (including, without limitation, by entering into any discussions, negotiations, agreements or understandings with any third person), offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any
        way assist or facilitate any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in (i)&#160;any acquisition of any material assets or businesses, of the Company or any of its subsidiaries, (ii)&#160;any
        tender offer or exchange offer, merger, acquisition or other business combination involving the Company or any of its subsidiaries, or (iii)&#160;any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with
        respect to the Company or any of its subsidiaries (each, an &#8220;<u>Extraordinary Transaction</u>&#8221;);</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;">(vi)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>publicly disclose, or cause or facilitate the public disclosure (including without limitation the filing of any document or
        report with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or securities analyst) of any intent, purpose, plan or proposal to obtain any waiver, or consent under, or any amendment of, any of the
        provisions of this <u>Section&#160;5</u>, or otherwise seek (in any manner that would require public disclosure by any of the Members of the Shareholder Group or their
        Affiliates or Associates) to obtain any waiver, consent under, or any amendment of, any provision of this Agreement;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;">(vii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>(A)&#160;make any public disclosure, announcement or statement regarding any intent, purpose, plan or proposal with respect to the
        Board, the Company, its management, policies or affairs or any of its securities or assets or this Agreement that is inconsistent with the provisions of this Agreement; (B)&#160;make, or issue or cause to be made or issued, or in any way encourage any
        other person to make or issue or cause to be made or issued, any such public disclosure, announcement or statement in support of any solicitation described in paragraph <u>(iii)</u>
        of this <u>Section&#160;5(a)</u> (other than solicitations by the Company), or (C)&#160;take any action that could require the Company to make any public disclosure relating
        to such intent, purpose, plan, proposal or condition, or any other matter set forth in this Agreement;</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;">(viii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>except pursuant to <u>Section 6</u>,
        acquire, offer or propose to acquire, or agree to acquire, on the market or through a private transaction, directly or indirectly, whether by purchase, tender or exchange offer, through the acquisition of control of another person, by joining a
        partnership, limited partnership, syndicate or other group (including any group of persons that would be treated as a single &#8220;person&#8221; under Section&#160;13(d) of the Exchange Act), through swap or hedging transactions or otherwise, any securities of the
        Company or any rights decoupled from the underlying securities of the Company, provided that nothing in this Agreement shall prohibit the Shareholder Group and its Affiliates from acquiring shares of Common Stock up to an aggregate ownership of
        45.0% of the outstanding shares of the Common Stock; or</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;">(ix)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font> enter into any written agreement with any person (other than professional advisers to one or more Members of the Shareholder
        Group) with respect to any of the foregoing; finance, assist, encourage or seek to persuade any person to take any action or make any public statement with respect to any of the foregoing; or otherwise take or cause any action or make any public
        statement inconsistent with any of the foregoing.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Each Member of the Shareholder Group shall cause all shares of Common Stock beneficially owned by them and their Affiliates and
        Associates to be (i) present for quorum purposes at each Covered Meeting held during the Standstill Period, and at any adjournments or postponements thereof, and (ii) voted at all such meetings, (x)&#160;in favor of all directors nominated by the Board
        for election consistent with <u>Section 4(b)</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Members of the Shareholder Group who filed the Schedule 13D shall promptly file an amendment to the Schedule 13D reporting
        the entry into this agreement, amending applicable items to conform to its obligations hereunder and appending or incorporating by reference this Agreement as an exhibit thereto. Such Members of the Shareholder Group shall provide to the Company a
        reasonable opportunity to review and comment on such amendment in advance of filing, and shall consider in good faith the reasonable comments of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>During the Standstill Period, the Board will not increase the size of the Board to more than five (5) directors without the prior
        written consent of the Shareholder Group.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Company shall not take any action to avoid or seek to avoid the observance or performance of any of the terms required to be
        observed or performed by the Company under this Agreement, but shall at all times in good faith take all actions that are necessary to carry out and perform all of the provisions of this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">6.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Tender Offer</u>. Notwithstanding the provisions of <u>Section&#160;5</u>, the Shareholder Group may commence an open offer under Minnesota, United States and all other applicable securities, corporate and other laws to
        purchase all outstanding shares of Common Stock of the Company not then beneficially owned by the Shareholder Group, which offer shall be (i)&#160; for cash or stock at a premium to the then-current market price of the Common Stock, (ii)&#160;conducted in
        accordance with the tender offer provisions of the United States securities laws (including, without limitation, Section&#160;14(d) of the Exchange Act) and (iii)&#160;conditioned upon the tender and purchase of not less than a majority of all outstanding
        shares of Common Stock of the Company held by all shareholders who are not Affiliates or Associates of the Shareholder Group as of the date the offer is commenced. Any determination by the Board whether to recommend that shareholders accept or
        reject any such offer shall be made by the Board in its sole discretion.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">7.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Material Non-Public Information</u>. The Members of the Shareholder Group acknowledge that
        they are aware that the United States securities law prohibit any person who has material non-public information about a company from purchasing or selling such securities of such company, or from communicating such information to any other person
        under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">8.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Voting Procedures</u>. The Members of the Shareholder Group
        shall comply with all lawful voting procedures established by the Company to enable the Company to comply with the provisions of the Minnesota Voting Statute.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">9.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Public Disclosures</u>. Promptly following the execution and
        delivery of this Agreement, the Company shall issue a current report on Form 8-K (the &#8220;<u>Report</u>&#8221;). None of the parties hereto will make any public statements
        that are inconsistent with, or otherwise contrary to, the statements in the Report. The Company and the Shareholder Group shall not, and shall cause their respective Affiliates and Associates and representatives not to, (i)&#160;prior to the issuance of
        the Report, issue any press release or public announcement regarding this Agreement without the prior written consent of the other parties hereto, and (ii)&#160;during the Standstill Period, make any public statement, disclosure or announcement with
        respect to this Agreement that is inconsistent with the Report, except as required by applicable law or regulation, pursuant to the rules or listing standards of any stock exchange or with the prior written consent of the other party.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">10.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Non-Disparagement</u>. During the Standstill Period, none of
        the parties hereto (nor any of their respective subsidiaries, Affiliates, Associates, successors, assigns, officers, key employees or directors) shall directly or indirectly make or issue or cause to be made or issued any public disclosure,
        announcement, or statement (including without limitation (i)&#160;the filing of any document or report with the SEC or any other governmental agency unless required by law or (ii)&#160;any disclosure to any journalist, member of the media, or securities
        analyst) concerning any other party or, with respect to the Company, any of its past, present or future directors, officers, employees, other affiliates, agents, attorneys, or representatives, which disparages such other party or any of such other
        party&#8217;s respective past, present, or future directors, officers, employees or other affiliates, or any of their respective practices, procedures, business operations, products or services, in any manner; provided, for the benefit of clarification
        and the avoidance of doubt, that this provision shall not in any way prohibit members of the Shareholder Group from communicating directly with the Company and its management and Board in a non-public manner to communicate their concerns or raise
        issues related to the Company, its performance, the performance of management or any other matters related to the Company; provided further, that the restrictions in this <u>Section&#160;10</u>
        shall not (i)&#160;apply in any compelled testimony or production of information, whether by legal process, subpoena or as part of a response to a request for information from any governmental authority with jurisdiction over the party from whom
        information is sought, in each case, to the extent required, (ii)&#160;prohibit any person from reporting possible violations of federal law or regulation to any governmental authority pursuant to Section&#160;21F of the Exchange Act or Rule 21F promulgated
        thereunder, or (iii) impose any liability on any person for non-public statements that express factual matters or such person&#8217;s opinion in good faith.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">11.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Specific Performance</u>. Each party hereto acknowledges and
        agrees, on behalf of itself and its Affiliates, that irreparable harm would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed
        that the parties will be entitled to specific relief hereunder, including, without limitation, an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to enforce specifically the terms and provisions
        hereof in any state or federal court in the State of Minnesota, in addition to any other remedy to which they may be entitled at law or in equity. Any requirements for the securing or posting of any bond with such remedy are hereby waived.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">12.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Jurisdiction</u>. Each party hereto agrees, on behalf of itself
        and its Affiliates, that any actions, suits or proceedings arising out of or relating to this Agreement or the transactions contemplated hereby will be brought solely and exclusively in any state or federal court in the State of Minnesota (and the
        parties agree not to commence any action, suit or proceeding relating thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered mail to the respective </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
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    <div style="margin: 0px 0px 12pt; text-align: justify;">addresses set forth in <u>Section&#160;16</u>
        of this Agreement will be effective service of process for any such action, suit or proceeding brought against any party in any such court. Each party, on behalf of itself and its Affiliates, irrevocably and unconditionally waives any objection to
        the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby, in the state or federal courts in the State of Minnesota, and hereby further irrevocably and unconditionally waives and
        agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an improper or inconvenient forum.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">13.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Applicable Law</u>. This agreement shall be governed in all
        respects, including validity, interpretation and effect, by the laws of the State of Minnesota applicable to contracts executed and to be performed wholly within such state, without giving effect to the choice of law principles of such state.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">14.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Counterparts</u>. This Agreement may be executed in two or more
        counterparts which together shall constitute a single agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">15.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Entire Agreement; Amendment and Waiver; Successors and Assigns</u>.
        This Agreement contains the entire understanding of the parties hereto with respect to, and supersedes all prior agreements relating to, its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or
        undertakings between the parties other than those expressly set forth herein. This Agreement may be amended only by a written instrument duly executed by the parties hereto or their respective successors or assigns. No failure on the part of any
        party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise
        thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and conditions of this Agreement shall be binding upon, inure to the benefit
        of, and be enforceable by the parties hereto and their respective successors, heirs, executors, legal representatives, and assigns.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">16.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Notices</u>. All notices, requests, instructions or other
        documents to be given hereunder by any party to the other parties shall be in writing and shall be deemed duly given (i)&#160;upon delivery, when delivered personally, (ii)&#160;one (1)&#160;business day after being sent by overnight courier or when sent by
        electronic mail or facsimile transmission (with a confirming copy sent by overnight courier), and (iii)&#160;three (3)&#160;business days after being sent by registered or certified mail, postage prepaid at the address specified in this Section, or at such
        other address as is provided by a party to this Agreement to the other party pursuant to notice given in accordance with the provisions of this Section:</div>
    <div style="margin-left: 72pt; margin-bottom: 12pt;">if to the Company:</div>
    <div style="margin-left: 72pt; margin-bottom: 12pt;">Insignia Systems, Inc.<br>
      7308 Aspen Lane N, Suite 153<br>
      Minneapolis, Minnesota 55428<br>
      Attention: Chief Executive Officer<br>
      Email: kristine.glancy@insigniasystems.com</div>
    <div style="margin-left: 72pt; margin-bottom: 12pt;">with a copy to:</div>
    <div style="margin-left: 72pt; margin-bottom: 12pt;">Faegre Drinker Biddle &amp; Reath LLP<br>
      90 South Seventh Street, Suite 2200<br>
      Minneapolis, Minnesota 55402<br>
      Attention: Joshua L. Colburn<br>
      Email: joshua.colburn@faegredrinker.com</div>
    <div style="margin-left: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="margin-left: 72pt; margin-bottom: 12pt;">if to the Shareholder Group or any Member thereof:</div>
    <div style="margin-left: 72pt;">Air T, Inc.<br>
      5000 West 36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, Suite 200<br>
      Minneapolis, Minnesota 55416</div>
    <div style="margin-left: 72pt; margin-bottom: 12pt;">Attention: Nicholas J. Swenson<br>
      Email: nswenson@airt.net</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">17.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>No Third-Party Beneficiaries</u>. Nothing in this Agreement is
        intended to confer on any person other than the parties hereto or their respective successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">18.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Interpretation and Construction</u>. When a reference is made
        in this Agreement to a Section, such reference shall be to a Section of this Agreement, unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
        interpretation of this Agreement. Whenever the words &#8220;include,&#8221; &#8220;includes&#8221; and &#8220;including&#8221; are used in this Agreement, they shall be deemed to be followed by the words &#8220;without limitation.&#8221; The words &#8220;hereof, &#8220;herein&#8221; and &#8220;hereunder&#8221; and words of
        similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, unless the context clearly otherwise requires. The word &#8220;will&#8221; shall be construed to have the same meaning as
        the word &#8220;shall.&#8221; The words &#8220;dates hereof&#8221; will refer to the date of this Agreement. The word &#8220;or&#8221; is not exclusive. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. Any
        agreement, instrument, law, rule, regulation or statute defined or referred to herein means, unless otherwise indicated, such agreement, instrument, law, rule, regulation or statute as from time to time amended, modified or supplemented. Each of
        the parties hereto acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution and delivery of this Agreement, and that it has executed and delivered the same with the advice of
        such counsel. Each party cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all
        of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that
        drafted or prepared it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Agreement shall be decided without regard to events of drafting or preparation.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">19.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Termination and Effect of Termination</u>. This Agreement shall
        remain in full force and effect for the Standstill Period. No termination shall relieve any party hereto from liability for any breach of this Agreement prior to such termination.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">20.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Expenses</u>. Each of the Company and the Shareholder Group shall be responsible for its own fees and expenses incurred in connection with the negotiation and execution of this Agreement.</div>
    <div style="text-align: center; margin-bottom: 12pt;">[signature page follows]</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized signatories of the
      parties as of the date first written above.</div>
    <div style="margin-right: 36pt; margin-left: 180pt; font-weight: bold;">INSIGNIA SYSTEMS, INC.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/
          Kristine A. Glancy</u></div>
    <div style="margin-right: 36pt; margin-left: 216pt;">Kristine A. Glancy</div>
    <div style="margin-right: 36pt; margin-left: 216pt;">President and Chief Executive Officer</div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt; font-weight: bold;">AIR T, INC.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/
          Nicholas J. Swenson</u></div>
    <div style="margin-right: 36pt; margin-left: 216pt;">Nicholas J. Swenson</div>
    <div style="margin-right: 36pt; margin-left: 216pt;">Chief Executive Officer</div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt; font-weight: bold;">GROVELAND CAPITAL LLC</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/
          Nicholas J. Swenson</u></div>
    <div style="margin-right: 36pt; margin-left: 220.5pt;">Nicholas J. Swenson, Managing Member</div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt; font-weight: bold;">AO PARTNERS I, LLP</div>
    <div style="margin-right: 36pt; margin-left: 180pt;">By: AO PARTNERS, LLC<br>
      Its: General Partner</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/
          Nicholas J. Swenson</u></div>
    <div style="margin-right: 36pt; margin-left: 220.5pt;">Nicholas J. Swenson, Managing Member</div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt; font-weight: bold;">AO PARTNERS, LLC</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ Nicholas J. Swenson</u></div>
    <div style="margin-right: 36pt; margin-left: 220.5pt;">Nicholas J. Swenson, Managing Member</div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt; font-weight: bold;">GLENHURST CO.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/
          Nicholas J. Swenson</u></div>
    <div style="margin-right: 36pt; margin-left: 220.5pt;">Nicholas J. Swenson, Sole Owner</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt;"><u>/s/ Nicholas J. Swenson</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font><br>
      &#160;Nicholas J. Swenson</div>
    <div style="margin-right: 36pt; margin-left: 180pt;"> <br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt;"> <br>
    </div>
    <div style="margin-right: 36pt; margin-left: 180pt;"> <br>
    </div>
    <div style="text-align: center;"> <font style="font-style: italic;">Signature Page to Cooperation Agreement</font><br>
    </div>
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