<SEC-DOCUMENT>0000897101-11-001989.txt : 20111122
<SEC-HEADER>0000897101-11-001989.hdr.sgml : 20111122
<ACCEPTANCE-DATETIME>20111122153440
ACCESSION NUMBER:		0000897101-11-001989
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20111122
DATE AS OF CHANGE:		20111122
EFFECTIVENESS DATE:		20111122

FILER:

	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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-178116
		FILM NUMBER:		111221849

	BUSINESS ADDRESS:	
		STREET 1:		8799 BROOKLYN BLVD.
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55445
		BUSINESS PHONE:		7633926200

	MAIL ADDRESS:	
		STREET 1:		8799 BROOKLYN BLVD.
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55445
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>insignia115547_s8.htm
<DESCRIPTION>FORM S-8
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on November 22, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registration no. 333-_______________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>




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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-8</B></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INSIGNIA SYSTEMS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
    <TH STYLE="text-align: center; vertical-align: bottom">Minnesota</TH>
    <TH STYLE="text-align: center; vertical-align: bottom"><B>41-1656308</TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="width: 50%; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>8799 Brooklyn Blvd., Minneapolis, MN 55445</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Address of
principal executive offices)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">2003 Incentive Stock Option Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Scott F. Drill</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>President and Chief Executive Officer</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Insignia Systems, Inc.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>8799 Brooklyn Blvd., Minneapolis, MN 55445</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(763) 392-6200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 40.5pt; text-align: center">(Telephone number, including area
code, of agent for service)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 40.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule
12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 25%; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;Large accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;Accelerated filer <FONT STYLE="font-family: Wingdings">&thorn;</FONT></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Non-accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Smaller reporting company <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>


<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 45pt 0 40.5pt; text-align: center">CALCULATION OF REGISTRATION
FEE</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border-top: windowtext 2.25pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: windowtext 2.25pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: windowtext 2.25pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: windowtext 2.25pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: windowtext 2.25pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 8pt;  text-align: center">TITLE OF SECURITIES<BR> TO BE REGISTERED</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 8pt; text-align: center">AMOUNT TO BE<BR> REGISTERED (1)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 8pt; text-align: center">PROPOSED MAXIMUM<BR> OFFERING PRICE<BR> PER SHARE (2)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 8pt; text-align: center">PROPOSED MAXIMUM<BR> AGGREGATE OFFERING<BR> PRICE(2)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 8pt; text-align: center">AMOUNT OF<BR> REGISTRATION FEE</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">Common Stock, par value<BR> $.01 per share</TD>
    <TD STYLE="font-size: 10pt; text-align: center">300,000 shares</TD>
    <TD STYLE="font-size: 10pt; text-align: center">$ 2.19</TD>
    <TD STYLE="font-size: 10pt; text-align: center">$ 657,000</TD>
    <TD STYLE="font-size: 10pt; text-align: center">$ 75.29</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 2.25pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 6pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; font-size: 10pt">1.</TD>
    <TD STYLE="width: 98%; font-size: 10pt">Includes 300,000 shares of common stock to be registered under the 2003 Incentive Stock Option Plan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">2.</TD>
    <TD STYLE="font-size: 10pt">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, based on the average of the high and low price per share reported on the Nasdaq Capital Market on November 18, 2011.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 45pt 0 40.5pt; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART I </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECTION 10(a) PROSPECTUS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ITEM 1. PLAN INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not required to be filed in the Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE
PLAN ANNUAL INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not required to be filed in the Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The documents containing the information specified
in Part I of Form S-8 have been or will be sent or given to participating employees as specified in Rule 428(b)(1) of the Securities
Act. Such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or
prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the documents incorporated by reference
into this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus
that meets the requirements of Section 10(a) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE REGISTRATION STATEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following documents previously filed by
the Registrant with the Securities and Exchange Commission are incorporated by reference into this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(a)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed February 15, 2011&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(b)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed February 28, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(c)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed March 2, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                       <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(d)&nbsp;</FONT></TD><TD STYLE="width: 0%; text-align: left; vertical-align: top"></TD><TD STYLE="text-align: left; vertical-align: top; width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed March 7, 2011:&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(e)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed March 10, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(f)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Annual Report on Form 10-K for the fiscal year ended
December 31, 2010, filed March 16, 2011;&nbsp;</FONT></TD></TR>                                                               <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(g)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed March 17, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(h)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed March 23, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(i)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed March 30, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(j)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed April 5, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                       <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(k)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed on April 14, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(l)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed on May 5, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(m)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed on May 9, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -27pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(n)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Quarterly Report on Form 10-Q for the quarter ended
March 31, 2011, filed May 10, 2011;&nbsp;</FONT></TD></TR>                                                          <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(o)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed May 13, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(p)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed May 16, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(q)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed May 20, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(r)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed May 24, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(s)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed May 26, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(t)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed May 27, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(u)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed June 7, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(v)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed June 8, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(w)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed June 17, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                       <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(x)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K/A, filed June 20, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(y)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed June 30, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                       <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(z)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed July 5, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(aa)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed July 21, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(bb)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed August 3, 2011&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(cc)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Quarterly Report on Form 10-Q for the quarter ended
June 30, 2011, filed August 9, 2011;&nbsp;</FONT></TD></TR>                                                           <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(dd)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed August 9, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(ee)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed August 15, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(ff)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed August 22, 2011&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(gg)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed August 29, 2011&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(hh)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Annual Report on Form 10-K/A for the year ended December
31, 2010, filed September 9, 2011;&nbsp;</FONT></TD></TR>                                                         <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(ii)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Quarterly Report on Form 10-Q/A for the quarter ended
March 31, 2011, filed September 9, 2011;&nbsp;</FONT></TD></TR>                                                               <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(jj)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed September 14, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                             <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(kk)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed September 21, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                             <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(ll)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed September 28, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                             <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(mm)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed October 5, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(nn)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed October 17, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(oo)&nbsp;</FONT></TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed October 24, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(pp)&nbsp;</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed November 3, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(qq)&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Current Report on Form 10-Q for the quarter ended September
30, 2011, filed November 3, 2011&nbsp;</FONT></TD></TR>                                                       <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(rr)&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed November 4, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(ss)&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed November 8, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(tt)&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Current Report on Form 8-K, filed November 14, 2011;&nbsp;</FONT></TD></TR>                                                                                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(uu)&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;Description of Common
                                                                 Stock contained in a registration statement filed under the Securities
                                                                 Exchange Act, including any amendment or report filed for the
                                                                 purpose of updating such description.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">All documents filed by the Registrant
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, subsequent to the date of this Registration
Statement and prior to the filing of a post-effective amendment which indicates that all securities registered pursuant to this
Registration Statement have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
by reference into this Registration Statement and to be part of it from the date of filing of such documents. Any statement contained
in a document incorporated or deemed to be incorporated by reference to this Registration Statement shall be deemed to be modified
or superseded for purposes of this Registration Statement to the extent that a statement contained herein or incorporated herein
by reference (or in any other subsequently filed documents which also is or is deemed to be incorporated by reference) modifies
or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">ITEM 4. DESCRIPTION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Section 302A.521 of Minnesota
Statutes requires the Registrant to indemnify a person made or threatened to be made a party to a proceeding by reason of the former
or present official capacity of the person with respect to the Registrant, against judgments, penalties, fines, including, without
limitation, excise taxes assessed against the person with respect to an employee benefit plan, settlements and reasonable expenses,
including attorneys&rsquo; fees and disbursements, incurred by the person in connection with the proceeding, if such person (1)
has not been indemnified by another organization or employee benefit plan for the same judgments, penalties, fines, including,
without limitation, excise taxes assessed against the person with respect to an employee benefit plan, settlements, and reasonable
expenses, including attorneys' fees and disbursements, incurred by the person in connection with the proceeding with respect to
the same acts or omissions; (2) acted in good faith; (3) received no improper personal benefit, and statutory procedure has been
followed in the case of any conflict of interest by a director; (4) in the case of a criminal proceeding, had no reasonable cause
to believe the conduct was unlawful; and (5) in the case of acts or omissions occurring in the person's performance in the official
capacity of director or, for a person not a director, in the official capacity of officer, committee member or employee, reasonably
believed that the conduct was in the best interests of the Registrant, or, in the case of performance by a director, officer or
employee of the Registrant as a director, officer, partner, trustee, employee or agent of another organization or employee benefit
plan, reasonably believed that the conduct was not opposed to the best interests of the Registrant. In addition, Section 302A.521,
subd. 3, requires payment by the Registrant, upon written request, of reasonable expenses in advance of final disposition in certain
instances. A decision as to required indemnification is made by a disinterested majority of the Board of Directors present at a
meeting at which a disinterested quorum is present, or by a designated committee of the Board, by special legal counsel, by the
shareholders or by a court. The Registrant's Bylaws provide for indemnification of officers, directors, employees, and agents to
the fullest extent provided by Section 302A.521. Insofar as indemnification for liabilities arising under the Securities Act of
1933, as amended may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions referenced
in Item 6 of this Registration Statement or otherwise, the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the Securities Act, and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered hereunder, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Registrant also
maintains directors&rsquo; and officers&rsquo; liability insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 8. EXHIBITS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 8%; text-align: left; vertical-align: top">4.1&nbsp;</TD><TD STYLE="width: 0%"></TD><TD STYLE="width: 87%">2003 Incentive Stock Option Plan, as amended (filed herewith)&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">5.1&nbsp;</TD><TD></TD><TD>Opinion and Consent of Best &amp; Flanagan LLP (filed herewith)&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">23.1&nbsp;</FONT></TD><TD></TD><TD><FONT STYLE="font-size: 10pt">Consent of Baker Tilly Virchow Krause, LLP, independent
registered public accounting firm (filed herewith)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">23.2&nbsp;</FONT></TD><TD></TD><TD><FONT STYLE="font-size: 10pt">Consent of Grant Thornton LLP, independent registered
public accounting firm (filed herewith)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">23.3&nbsp;</TD><TD></TD><TD>Consent of Best &amp; Flanagan LLP (included in Exhibit 5.1)&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">24.1&nbsp;</TD><TD></TD><TD>Powers of Attorney (included on page II-7 of this Registration Statement)&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 9. UNDERTAKINGS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a) The undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 13.5pt">(1) To file, during any period in which offers
or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt">(i) To include any prospectus required by section 10(a)(3)
of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt">(ii) To reflect
in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this
Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the &quot;Calculation of Registration Fee&quot; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt">(iii) To include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">PROVIDED, HOWEVER, that paragraphs (a)(1)(i)
and (a)(1)(ii) do not apply if the registration statement is on Form S-3, Form S-8 or Form F-3, and the information required to
be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant
to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">(2) That, for the purpose
of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered in it, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">(3) To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">(4) That, for the purpose
of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the
securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned registrant undertakes that
in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of
the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer to sell
such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt">(i) Any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (&sect;
230.424 of this chapter);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt">(ii) Any free
writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt">(iii) The portion
of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 13.5pt">(iv) Any other
communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee
benefit plan's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934), that is incorporated
by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered
in it, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c) Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant, the
Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such
issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Minneapolis, Minnesota, on November 22, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">INSIGNIA SYSTEMS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid">/s/ Scott F. Drill</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Scott F. Drill, President<BR> and Chief Executive Officer<BR> (principal executive officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ John C. Gonsior</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>John C. Gonsior, Vice President of<BR> Finance and Chief Financial Officer<BR> (principal financial and accounting officer)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES AND POWERS OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed on November 22, 2011 by the following persons in the
capacities indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each person whose signature appears below also
constitutes and appoints Scott F. Drill his true and lawful attorney-in-fact and agent with full powers of substitution and resubstitution
for and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective
amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority
to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents
and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent
or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: windowtext 1pt solid">Signature</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 73%; border-bottom: windowtext 1pt solid">Title</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Scott F. Drill</TD>
    <TD>&nbsp;</TD>
    <TD>President, Chief Executive Officer, Secretary and Director (principal executive officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Scott F. Drill</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ John C. Gonsior</TD>
    <TD>&nbsp;</TD>
    <TD>Vice President of Finance, Chief Financial Officer and Treasurer (principal financial and accounting officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>John C. Gonsior</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Peter V. Derycz</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Peter V. Derycz</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Donald J. Kramer</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Donald J. Kramer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Reid V. MacDonald</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Reid V. MacDonald</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Gordon F. Stofer</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Gordon F. Stofer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The above persons signing as directors are all of the directors
of the Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify">4.1</TD>
    <TD STYLE="width: 94%; text-align: justify">2003 Incentive Stock Option Plan, as amended (filed herewith)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">5.1</TD>
    <TD STYLE="text-align: justify">Opinion and Consent of Best &amp; Flanagan LLP (filed herewith)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">23.1</TD>
    <TD STYLE="text-align: justify">Consent of Baker Tilly Virchow Krause, LLP, independent registered public accounting firm (filed herewith)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">23.2</TD>
    <TD STYLE="text-align: justify">Consent of Grant Thornton LLP, independent registered public accounting firm (filed herewith)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">23.3</TD>
    <TD STYLE="text-align: justify">Consent of Best &amp; Flanagan LLP (included in Exhibit 5.1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">24.1</TD>
    <TD STYLE="text-align: justify">Powers of Attorney (included on page II-7 of this Registration Statement)</TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>insignia115547_ex4-1.htm
<DESCRIPTION>2003 INCENTIVE STOCK OPTION PLAN, AS AMENDED
<TEXT>
<HTML>
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 4.1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INSIGNIA SYSTEMS, INC.</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">2003 INCENTIVE STOCK OPTION PLAN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Adopted by Board of Directors February 24,
2003)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Approved by Shareholders on May 20, 2003)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Amended through February 22, 2011)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Purpose</U></B>.
The purpose of this Plan is to provide a means whereby Insignia Systems, Inc. (the &ldquo;Company&rdquo;), may be able, by granting
options to purchase stock in the Company, to attract, retain and motivate capable and loyal employees, directors, consultants and
advisors of the Company and its subsidiaries, for the benefit of the Company and its shareholders. Both incentive stock options
which qualify for favorable tax treatment under Section 422 of the Internal Revenue Code (the &ldquo;Code&rdquo;), and nonqualified
stock options which do not qualify for favorable tax treatment, may be granted under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Reservation
of Shares</U></B>. A total of 3,175,000 shares of the authorized but unissued shares of Common Stock of the Company, par value
$.01 per share, is reserved for issue upon the exercise of options granted under the Plan. If any option expires or terminates
for any reason without having been exercised in full, the unpurchased shares covered thereby shall become available for additional
options which may be issued to persons eligible under the Plan so long as it remains in effect. Shares reserved for issue as provided
herein shall cease to be reserved upon termination of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Administration</U></B>.
The Plan shall be administered by the Compensation Committee of the Board of Directors (the &ldquo;Committee&rdquo;). The Committee
shall be appointed by the Board of Directors and shall be comprised solely of two or more &ldquo;non-employee directors&rdquo;
within the meaning of SEC Rule 16b-3. Each member of the Committee shall also be an &ldquo;outside director&rdquo; within the meaning
of Code Section 162(m). The Committee shall have the full power to construe and interpret the Plan and to establish and amend rules
and regulations for its administration. The Committee shall determine which persons shall be granted options hereunder, the number
of shares for which each option shall be granted, the types of options to be granted, and any limitations on the exercise of options
in addition to those imposed by this Plan. The Committee may also waive any restrictions on the exercise of outstanding options
and approve amendments to outstanding options, provided there is no conflict with the terms of the Plan. The Committee shall apply
such criteria as it deems appropriate in determining the persons to whom options are granted and the number of shares to be covered
by each option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 34.95pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Eligibility</U></B>.
An option may be granted to any employee, director, consultant or advisor of the Company or its subsidiaries, except that no consultant
or advisor shall be granted options in connection with the offer and sale of securities in a capital raising transaction on behalf
of the Company. The maximum number of shares for which any person may be granted options under the Plan in any year is limited
to 100,000 shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 34.95pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Option Grants
To Outside Directors</U></B>. Each outside director of the Company shall automatically be granted an option to purchase 10,000
shares of Common Stock on the date first appointed or elected as a director. Each outside director shall also automatically be
granted an option to purchase 5,000 shares of Common Stock on (a) the date of each subsequent annual meeting of the shareholders,
provided the outside director is either reelected or continues to serve as an outside director, or (b) the anniversary of the prior
year&rsquo;s grant in any year in which there is no meeting of the shareholders. In no event shall a director receive more than
one grant in any fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.05pt; text-indent: -37.05pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 34.95pt">The period within which
an option granted to an outside director must be exercised shall be the earlier of (a) ten years from the date of grant, or (b)
90 days after the director ceases to be a director for any reason. Options granted to outside directors shall be immediately exercisable
in full when granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 34.95pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Exercise
Price</U></B>. The per share exercise price for each option shall be determined by the Committee at the time of grant, provided
that the per share exercise price for any incentive stock option, and any option granted to an outside director, shall be not less
than the fair market value of the Common Stock on the date the option is granted. In making such determination, the Committee shall
rely on market quotations, if available, but if not available, upon independent appraisals of the stock or such other information
deemed appropriate by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 34.95pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Changes in
Present Stock</U></B>. In the event of a recapitalization, merger, consolidation, reorganization, stock dividend, stock split or
other change in capitalization affecting the Company&rsquo;s present capital stock, appropriate adjustment may be made by the Committee
in the number and kind of shares and the option price of shares which are or may become subject to options granted or to be granted
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 34.95pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Exercise
of Option</U></B>. Receipt by the Company of a written notice from an optionee, specifying the number of shares to be purchased,
and accompanied by payment of the purchase price for such shares, shall constitute exercise of the option as to such shares. The
date of receipt by the Company of such written notice shall be the date of exercise of the option. The Company may accept payment
from a broker and, upon receipt of written instructions from the optionee, deliver the purchased shares to the broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 34.95pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Option Agreement
Provisions</U></B>. Each option granted under the Plan shall be evidenced by a Stock Option Agreement executed by the Company and
the optionee, and shall be subject to the following terms and conditions, and such other terms and conditions as may be prescribed
by the Committee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP>(a)&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B><U>Payment</U></B>.&nbsp; The full purchase price of the shares acquired upon
    exercise of an option shall be paid in cash, certified or cashier&rsquo;s check, or in the form of Common Stock of the Company
    with a market value equal to the option exercise price and free and clear of all liens and encumbrances.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 10pt; text-align: justify">The Committee in its sole discretion may also permit the &ldquo;cashless exercise&rdquo; of an option.&nbsp; In the event of a cashless exercise, the optionee shall surrender the option to the Company, and the Company shall issue the optionee the number of shares determined as follows:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-top: 10pt; padding-right: 0.8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; padding-top: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-top: 10pt; text-align: right">X =&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 10pt; text-align: justify">Y (A-B) /A where:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 10pt; text-align: right">X =&nbsp;</TD>
    <TD STYLE="padding-top: 10pt; text-align: justify">the number of shares to be issued to the optionee.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 10pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 10pt; text-align: right; text-indent: 0in">Y =&nbsp;</TD>
    <TD STYLE="padding-top: 10pt; text-align: justify; text-indent: 0in">the number of shares with respect to which the option is being exercised.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-top: 10pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; padding-top: 10pt; text-align: left; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 10%; padding-top: 10pt; text-align: right; text-indent: 0in">A =&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 10pt; text-align: justify; text-indent: 0in">&nbsp;the closing sale price of the Common Stock on the date of exercise, or in the absence thereof, the fair market value on the date of exercise.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 10pt; text-align: right">B =&nbsp;</TD>
    <TD STYLE="padding-top: 10pt; text-align: justify">the option exercise price.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%">(b)&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 94%; text-align: justify"><B><U>Exercise Period</U></B>.&nbsp; The period within which an option must be
    exercised shall be fixed by the Committee, and shall not exceed ten years from the date of grant for an incentive stock option.&nbsp;
    The Committee may provide that an option will vest and become exercisable upon the completion of specified periods of employment,
    or the attainment of specified performance goals.&nbsp; To the extent exercisable, an option may be exercised in whole or
    in part.&nbsp; Outstanding unvested options shall become immediately exercisable in full in the event the Company is acquired
    by merger, purchase of all or substantially all of the Company&rsquo;s assets, or purchase of a majority of the outstanding
    stock by a single party or a group acting in concert.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 10pt">(c)</TD>
    <TD STYLE="padding-top: 10pt; text-align: justify"><B><U>Rights of Optionee Before Exercise</U></B>.&nbsp; The holder of an
    option shall not have the rights of a shareholder with respect to the shares covered by his or her option until such shares
    have been issued to him or her upon exercise of the option.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 10pt">(d)</TD>
    <TD STYLE="padding-top: 10pt; text-align: justify"><B><U>No Rights to Continued Employment</U></B>.&nbsp; Nothing in the Plan
    or in any Stock Option Agreement entered into pursuant hereto shall be construed to confer upon any optionee any right to
    continue in the employ of his or her employer or interfere in any way with the right of his or her employer to terminate his
    or her employment at any time.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 10pt">(e)</TD>
    <TD STYLE="padding-top: 10pt; text-align: justify"><B><U>Death of Optionee</U></B>.&nbsp; Upon the death of an optionee, the
    option, or any portion thereof, may be exercised to the extent the optionee was entitled to do so at the time of the optionee&rsquo;s
    death, by his or her executor or administrator or other person entitled by law to the optionee&rsquo;s rights under the option,
    at any time within one year subsequent to the date of death.&nbsp; The option shall automatically expire one year after the
    optionee&rsquo;s death to the extent not exercised.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 10pt">(f)</TD>
    <TD STYLE="padding-top: 10pt; text-align: justify"><B><U>Disability of Optionee</U></B>.&nbsp; If an optionee is an employee
    of the Company or its subsidiaries, and if the optionee&rsquo;s employment is terminated due to his or her disability, the
    optionee may, within one year of such termination, exercise any unexercised portion of the option to the extent he or she
    was entitled to do so at the time of such termination.&nbsp; The option shall automatically expire one year after such termination
    to the extent not exercised.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 10pt">(g)</TD>
    <TD STYLE="padding-top: 10pt; text-align: justify"><B><U>Other Termination of Employment</U></B>.&nbsp; If an optionee is
    an employee of the Company or its subsidiaries, and if the optionee&rsquo;s employment is terminated other than by death,
    disability, or conduct which is contrary to the best interests of his or her employer, the optionee may, within 90 days of
    such termination, exercise any unexercised portion of the option to the extent he or she was entitled to do so at the time
    of such termination.&nbsp; The option shall automatically expire 90 days after such termination to the extent not exercised.&nbsp;
    If the optionee&rsquo;s employment is terminated by his or her employer for conduct which is contrary to the best interests
    of his or her employer, or if the optionee violates any written nondisclosure agreement with his or her employer, as determined
    in either case by the optionee&rsquo;s employer in its sole discretion, the unexercised portion of the optionee&rsquo;s option
    shall automatically expire at that time.&nbsp; Inter-company transfers and approved leaves of absence for up to 90 days shall
    not be considered termination of employment.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-top: 10pt; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; padding-top: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 94%; padding-top: 10pt; text-align: justify"><B><U>Non-transferability of Option</U></B>.&nbsp; No option
    shall be transferable by the optionee other than by will or by the laws of descent and distribution, and each option shall
    be exercisable during the optionee&rsquo;s lifetime only by the optionee.&nbsp; No option may be attached or subject to levy
    by an optionee&rsquo;s creditors.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 10pt">(i)</TD>
    <TD STYLE="padding-top: 10pt; text-align: justify"><B><U>Date of Grant</U></B>.&nbsp; The date on which the Committee approves
    the granting of an option shall be considered the date on which such option is granted.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Additional
Provisions for Incentive Stock Options</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%">(a)</TD>
    <TD STYLE="width: 84%; text-align: justify"><B><U>Dollar Limit</U></B>.&nbsp; Each option granted to an employee shall constitute
    an incentive stock option, provided that no more than $100,000 of such options (based upon the fair market value of the underlying
    shares as of the date of grant) can first become exercisable for any employee in any calendar year.&nbsp; To the extent an
    option grant exceeds the $100,000 limitation, it shall constitute a non-qualified stock option.&nbsp; Each Stock Option Agreement
    with an employee shall specify the extent to which it is an incentive and/or non-qualified stock option.&nbsp; For purposes
    of applying the $100,000 limitation, options granted under this Plan and all other incentive stock option plans of the Company
    and any parent or subsidiary corporation shall be included.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: .8in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 10pt">(b)</TD>
    <TD STYLE="padding-top: 10pt; text-align: justify"><B><U>Ten Percent Shareholders</U></B>.&nbsp; No incentive stock option
    shall be granted to any employee who at the time directly or indirectly owns more than 10 percent of the combined voting power
    of all classes of stock of the Company or of a parent or subsidiary corporation, unless the exercise price is not less than
    110 percent of the fair market value of such stock on the date of grant, and unless the option is not exercisable more than
    five years after the date of grant.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Restrictions
on Transfer</U></B>. During any period in which the offering of the shares under the Plan is not registered under federal and state
securities laws, an optionee shall agree in his or her option agreement that he or she is acquiring shares under the Plan for investment
purposes, and not for resale, and that the shares cannot be resold or otherwise transferred except pursuant to registration or
unless, in the opinion of counsel for the Company, registration is not required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any restrictions upon shares
acquired upon exercise of an option pursuant to the Plan and the Stock Option Agreement shall be binding upon the optionee, and
his or her heirs, executors, and administrators. Any stock certificate issued under the Plan which is subject to restrictions shall
be endorsed so as to refer to the restrictions on transfer imposed by the Plan, and by applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Withholding
of Taxes</U></B>. The Company shall make such provisions and take such steps as it may deem necessary or appropriate for the withholding
of any taxes that the Company is required by any law or regulation to withhold in connection with any option including, but not
limited to, withholding a portion of the shares issuable on exercise of an option, or requiring the optionee to pay to the Company,
in cash, an amount sufficient to cover the Company&rsquo;s withholding obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Duration of
Plan</U></B>. The Plan shall terminate ten years after the date of its adoption by the Board of Directors, unless sooner terminated
by issuance of all shares reserved for issuance hereunder, or by the Board of Directors pursuant to Section 13. No option shall
be granted under the Plan after such termination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Termination
or Amendment of the Plan</U></B>. The Board of Directors may at any time terminate the Plan, or make such modifications to the
Plan as it shall deem advisable. No termination or amendment of the Plan may, without the consent of the optionee to whom any option
shall previously have been granted, adversely affect the rights of such optionee under such option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Shareholder
Approval</U></B>. The Board of Directors shall submit the Plan to the shareholders for their approval within 12 months of the date
of its adoption by the Board. Options granted prior to such approval are contingent on receipt of such approval, and shall automatically
lapse if such approval is not granted. The Board shall also submit any amendments to the shareholders for approval if required
by applicable law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Interpretation</U>.</B>
The Plan shall be interpreted in accordance with Minnesota law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>insignia115547_ex5-1.htm
<DESCRIPTION>OPINION AND CONSENT OF BEST & FLANAGAN LLP
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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 5.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 22, 2011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Insignia Systems, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">8799 Brooklyn Blvd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Minneapolis, Minnesota 55445</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">RE: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGISTRATION STATEMENT ON FORM
S-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the Registration Statement
on Form S-8 filed by Insignia Systems, Inc. with the Securities and Exchange Commission, relating to the offering of an additional
300,000 shares of common stock, $.01 par value, under the 2003 Incentive Stock Option Plan, please be advised that as counsel to
the Company, upon examination of such corporate documents and records as we have deemed necessary or advisable for the purposes
of this opinion, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: justify">1.</TD>
    <TD STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company is a validly existing corporation in good standing under the laws of the State of Minnesota.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 10pt; text-align: justify">2.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 10pt; text-align: justify">Upon issuance by the Company after the Company&rsquo;s receipt of the purchase price for the shares, the shares shall be duly authorized, legally and validly issued, fully paid and nonassessable.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Best &amp; Flanagan LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Best &amp; Flanagan LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>insignia115547_ex23-1.htm
<DESCRIPTION>CONSENT OF BAKER TILLY VIRCHOW KRAUSE, LLP
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 23.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We have issued our reports, dated September 9, 2011, with respect
to the financial statements and internal control over financial reporting included in the Annual Report of Insignia Systems, Inc.
on Form 10-K/A for the year ended December 31, 2010, which are incorporated by reference in this Registration Statement on Form
S-8. We consent to the incorporation by reference in the Registration Statement of the aforementioned reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Baker Tilly Virchow Krause, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Minneapolis, Minnesota</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 22, 2011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>insignia115547_ex23-2.htm
<DESCRIPTION>CONSENT OF GRANT THORNTON LLP
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 23.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have issued our report dated March 31, 2010
with respect to the financial statements included in the Annual Report of Insignia Systems, Inc. on Form 10-K for the year ended
December 31, 2009 which is incorporated by reference in this Registration Statement on Form S-8. We consent to the incorporation
by reference in the Registration Statement of the aforementioned report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 65%">/s/ Grant Thornton LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Minneapolis, Minnesota</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 22, 2011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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