<HTML>

<HEAD><TITLE>Insignia Systems, Inc. Form S-8 dated August 13, 2009</TITLE></HEAD>
<BODY>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on August 13,
 2009.</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2><B>Registration no. 333-____________</B></FONT></P>
</TD>
</TR>
</TABLE>
<BR>

<DIV style="FONT-SIZE: 1pt; WIDTH: 100%; BORDER-BOTTOM: black 2pt solid"></DIV>
<DIV style="FONT-SIZE: 1pt; WIDTH: 100%; BORDER-BOTTOM: black 1pt solid"></DIV><BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="38%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="24%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="38%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=4><B>UNITED STATES <BR>
 SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=3><B>Washington,
 D.C. 20549</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">
<P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>

</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=3>FORM S-8</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=3>REGISTRATION STATEMENT </FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=3>UNDER</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=3>THE SECURITIES ACT OF
 1933</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">
<P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>

</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=6><B>INSIGNIA SYSTEMS, INC.</B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>(Exact name of registrant as specified in its charter)</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Minnesota<BR>
 (State or other jurisdiction of <BR>
 incorporation or organization)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>41-1656308<BR>
 (IRS Employer <BR>
 Identification No.)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>8799 Brooklyn Blvd., <BR>
 Minneapolis, MN 55445<BR>
 (Address of principal executive offices)</FONT></P>
</TD>
</TR>
</TABLE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="38%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="24%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="38%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=4><B>2003 Incentive Stock Option Plan <BR>
 Employee Stock Purchase Plan<BR>
 </B></FONT><FONT SIZE=2>(Full title of the plan)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>Scott F. Drill<BR>
President and Chief Executive Officer<BR>
Insignia Systems, Inc.<BR>
8799 Brooklyn Blvd., Minneapolis, MN 55445<BR>
(Name and address of agent for service)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>(763) 392-6200<BR>
(Telephone number, including area code, of agent for service)</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; and &#147;smaller
reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="23%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="30%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>Large
 accelerated filer <FONT FACE=WINGDINGS>o</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>Accelerated
 filer <FONT FACE=WINGDINGS>o</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>Non-accelerated
 filer <FONT FACE=WINGDINGS>x</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>Smaller
 reporting company <FONT FACE=WINGDINGS>o</FONT></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="38%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="24%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="38%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="35%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT>&nbsp;</P>

</TD>
<TD WIDTH="2%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT>&nbsp;</P>

</TD>
<TD WIDTH="2%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT>&nbsp;</P>

</TD>
<TD WIDTH="2%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT>&nbsp;</P>

</TD>
<TD WIDTH="1%" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1><B>Title of
 Securities<BR>
 to be Registered</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1><B>Amount <BR>
 To Be<BR>
 Registered </B><SUP><FONT SIZE=1>(1)</FONT></SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1><B>Proposed <BR>
 Maximum<BR>
 Offering Price<BR>
 Per Share</B><FONT SIZE=1> <SUP>(2)</SUP></FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1><B>Proposed <BR>
 Maximum<BR>
 Aggregate Offering<BR>
 Price</B><SUP><FONT SIZE=1>(2)</FONT></SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1><B>Amount of<BR>
 Registration Fee</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Common
 Stock, par value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>500,000
 shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM colspan=2>
<P><FONT SIZE=2>$3.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM colspan=2>
<P><FONT SIZE=2>$1,820,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM colspan=2>
<P><FONT SIZE=2>$101.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2>$.01 per
 share</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
 250,000 shares of common stock to be registered under the 2003 Incentive
 Stock Option Plan and 250,000 shares of common stock to be registered under
 the Employee Stock Purchase Plan.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>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 August 10, 2009.</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<DIV style="FONT-SIZE: 1pt; WIDTH: 100%; BORDER-BOTTOM: black 1pt solid"></DIV>
<DIV style="FONT-SIZE: 1pt; WIDTH: 100%; BORDER-BOTTOM: black 2pt solid"></DIV>

<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>


<P ALIGN=CENTER><FONT SIZE=2><B>PART I</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>INFORMATION REQUIRED IN<BR>
THE SECTION 10(a) PROSPECTUS</B></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>ITEM 1.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE="2"><B>PLAN INFORMATION</B> </FONT> </P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Not required
to be filed in the Registration Statement. </FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>ITEM 2.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE="2"><B>REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION</B> </FONT> </P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Not required
to be filed in the Registration Statement. </FONT></P>

<P><FONT SIZE=2>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. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>I - 1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>


<P ALIGN=CENTER><FONT SIZE=2><B>PART II</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>ITEM 3.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE="2"><B>INCORPORATION OF DOCUMENTS BY REFERENCE</B> </FONT> </P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>The following
documents previously filed by the Registrant with the Securities and Exchange
Commission are incorporated by reference into this Registration Statement: </FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="97%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Current
 Report on Form 8-K, filed January 6, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Current
 Report on Form 8-K, filed February 26, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Annual
 Report on Form 10-K for the fiscal year ended December 31, 2008, filed March
 30, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Current
 Report on Form 8-K, filed April 30, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Quarterly
 Report on Form 10-Q for the quarter ended March 31, 2009, filed May 14, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Current
 Report on Form 8-K, filed July 23, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Quarterly
 Report on Form 10-Q for the quarter ended June 30, 2009, filed August 12,
 2009; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP COLSPAN=2>
<P><FONT SIZE=2>(h)&nbsp;&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></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>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. </FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>ITEM 4.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE="2"><B>DESCRIPTION OF SECURITIES</B> </FONT> </P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Not Applicable. </FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>ITEM 5.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE="2"><B>INTERESTS OF NAMED EXPERTS AND COUNSEL</B> </FONT> </P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Not Applicable. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II - 1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>ITEM 6.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE="2"><B>INDEMNIFICATION OF DIRECTORS AND OFFICERS</B></FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>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&#146; 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&#146; 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&#146;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&#146;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. </FONT></P>

<P><FONT SIZE=2>The Registrant
also maintains directors&#146; and officers&#146; liability insurance.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>ITEM 7.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE="2"><B>EXEMPTION FROM REGISTRATION CLAIMED</B></FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Not Applicable. </FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>ITEM 8.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE="2"><B>EXHIBITS</B> </FONT> </P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>4.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>2003
 Incentive Stock Option Plan, as amended (filed herewith)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>4.2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Employee
 Stock Purchase Plan, as amended (filed herewith)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>5.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Opinion and
 Consent of Best &amp; Flanagan LLP (filed herewith)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>23.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Consent of Grant
 Thornton LLP, independent registered public accounting firm (filed herewith)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>23.2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Consent of
 Best &amp; Flanagan LLP (included in Exhibit 5.1)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>24.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Powers of
 Attorney (included on page II-4 of this Registration Statement)</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>II - 2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>ITEM 9.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE="2"><B>UNDERTAKINGS</B> </FONT> </P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 undersigned Registrant hereby undertakes: </FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement: </FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
 include any prospectus required by section 10(a)(3) of the Securities Act of
 1933; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#147;Calculation of Registration Fee&#148; table in the effective registration
 statement; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font
size=2>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:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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);</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other communication
that is an offer in the offering made by the undersigned registrant to the
purchaser.</FONT></P>
</TD>
</TR>
</TABLE>




<P><FONT SIZE=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant&#146;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&#146;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. </FONT></P>

<P><FONT SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II - 3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>


<P ALIGN=CENTER><FONT SIZE="2"><B><U>SIGNATURES</U></B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 August 13, 2009.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="32%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2><B>INSIGNIA SYSTEMS, INC.</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP nowrap>
<P><FONT SIZE=2>By:&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=2>/s/ Scott F.
 Drill</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Scott F.
 Drill, President</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>and Chief
 Executive Officer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(principal
 executive officer)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>By:</FONT></P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=2>/s/ Justin
 W. Shireman</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Justin W.
 Shireman, Vice President of</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Finance and
 Chief Financial Officer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(principal
 financial and accounting officer)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2><B>SIGNATURES AND POWERS OF ATTORNEY</B></FONT></P>

<P><FONT SIZE=2>Pursuant to
the requirements of the Securities Act of 1933, this registration statement has
been signed on August 13, 2009 by the following persons in the capacities
indicated.</FONT></P>

<P><FONT SIZE=2>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.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="7%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="18%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="43%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">
<P ALIGN=CENTER><FONT SIZE=2><B>Signature</B></FONT></P>

</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">
<P ALIGN=CENTER><FONT SIZE=2><B>Title</B></FONT></P>

</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=2>/s/ Scott F.
 Drill</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" ROWSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>President,
 Chief Executive Officer, Secretary and Director (principal
 executive officer)</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Scott F.
 Drill</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=2>/s/ Justin
 W. Shireman</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" ROWSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>Vice President of Finance, Chief Financial Officer and Treasurer (principal financial and accounting officer)</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Justin W.
 Shireman</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=2>/s/ Peter V.
 Derycz</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Director</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Peter V.
 Derycz</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=2>/s/ Donald
 J. Kramer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Director</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Donald J.
 Kramer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=2>/s/ Reid V.
 MacDonald</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Director</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Reid V.
 MacDonald</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=2>/s/ Gordon
 F. Stofer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Director</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Gordon F.
 Stofer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>The above persons signing as directors are all of the directors of the Registrant.</font></p>

<P ALIGN=CENTER><FONT SIZE=2>II - 4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>


<P ALIGN=CENTER><FONT SIZE=2><B>EXHIBIT INDEX</B></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>2003
 Incentive Stock Option Plan, as amended (filed herewith)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4.2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Employee
 Stock Purchase Plan, as amended (filed herewith)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>5.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Opinion and
 Consent of Best &amp; Flanagan LLP (filed herewith)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>23.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Consent of
 Grant Thornton LLP, independent registered public accounting firm (filed
 herewith)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>23.2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Consent of
 Best &amp; Flanagan LLP (included in Exhibit 5.1)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>24.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Powers of
 Attorney (included on page II-4 of this Registration Statement)</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3>

</BODY>

</HTML>
[{"type": "S-8", "sequence": "1", "filename": "insignia093529_s8.htm", "description": "FORM S-8 DATED AUGUST 13, 2009", "secsgml_size_bytes": 49269}]
{"company-data": {"conformed-name": "INSIGNIA SYSTEMS INC/MN", "cik": "0000875355", "assigned-sic": "3990", "irs-number": "411656308", "state-of-incorporation": "MN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-161311", "film-number": "091008569"}, "business-address": {"street1": "8799 BROOKLYN BLVD.", "city": "MINNEAPOLIS", "state": "MN", "zip": "55445", "phone": "7633926200"}, "mail-address": {"street1": "8799 BROOKLYN BLVD.", "city": "MINNEAPOLIS", "state": "MN", "zip": "55445"}}
Insignia Systems, Inc. Form S-8 dated August 13, 2009
As filed with the Securities and Exchange Commission on August 13,
 2009.
Registration no. 333-____________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
 D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF
 1933
INSIGNIA SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Minnesota
(State or other jurisdiction of
incorporation or organization)
41-1656308
(IRS Employer
Identification No.)
8799 Brooklyn Blvd.,
Minneapolis, MN 55445
(Address of principal executive offices)
2003 Incentive Stock Option Plan
Employee Stock Purchase Plan
(Full title of the plan)
Scott F. Drill
President and Chief Executive Officer
Insignia Systems, Inc.
8799 Brooklyn Blvd., Minneapolis, MN 55445
(Name and address of agent for service)
(763) 392-6200
(Telephone number, including area code, of agent for service)
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 "large accelerated filer," "accelerated filer," and "smaller
reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large
 accelerated filer
o
Accelerated
 filer
o
Non-accelerated
 filer
x
Smaller
 reporting company
o
CALCULATION OF REGISTRATION FEE
Title of
 Securities
to be Registered
Amount
To Be
Registered
(1)
Proposed
Maximum
Offering Price
Per Share
(2)
Proposed
Maximum
Aggregate Offering
Price
(2)
Amount of
Registration Fee
Common
 Stock, par value
500,000
 shares
$3.64
$1,820,000
$101.56
$.01 per
 share
(1)
Includes
 250,000 shares of common stock to be registered under the 2003 Incentive
 Stock Option Plan and 250,000 shares of common stock to be registered under
 the Employee Stock Purchase Plan.
(2)
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 August 10, 2009.
PART I
INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS
ITEM 1.
PLAN INFORMATION
Not required
to be filed in the Registration Statement.
ITEM 2.
REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION
Not required
to be filed in the Registration Statement.
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.
I - 1
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3.
INCORPORATION OF DOCUMENTS BY REFERENCE
The following
documents previously filed by the Registrant with the Securities and Exchange
Commission are incorporated by reference into this Registration Statement:
(a)
Current
 Report on Form 8-K, filed January 6, 2009;
(b)
Current
 Report on Form 8-K, filed February 26, 2009;
(c)
Annual
 Report on Form 10-K for the fiscal year ended December 31, 2008, filed March
 30, 2009;
(d)
Current
 Report on Form 8-K, filed April 30, 2009;
(e)
Quarterly
 Report on Form 10-Q for the quarter ended March 31, 2009, filed May 14, 2009;
(f)
Current
 Report on Form 8-K, filed July 23, 2009;
(g)
Quarterly
 Report on Form 10-Q for the quarter ended June 30, 2009, filed August 12,
 2009;
(h)  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.
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.
ITEM 4.
DESCRIPTION OF SECURITIES
Not Applicable.
ITEM 5.
INTERESTS OF NAMED EXPERTS AND COUNSEL
Not Applicable.
II - 1
ITEM 6.
INDEMNIFICATION OF DIRECTORS AND OFFICERS
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' 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.
The Registrant
also maintains directors' and officers' liability insurance.
ITEM 7.
EXEMPTION FROM REGISTRATION CLAIMED
Not Applicable.
ITEM 8.
EXHIBITS
4.1
2003
 Incentive Stock Option Plan, as amended (filed herewith)
4.2
Employee
 Stock Purchase Plan, as amended (filed herewith)
5.1
Opinion and
 Consent of Best & Flanagan LLP (filed herewith)
23.1
Consent of Grant
 Thornton LLP, independent registered public accounting firm (filed herewith)
23.2
Consent of
 Best & Flanagan LLP (included in Exhibit 5.1)
24.1
Powers of
 Attorney (included on page II-4 of this Registration Statement)
II - 2
ITEM 9.
UNDERTAKINGS
(a)          The
 undersigned Registrant hereby undertakes:
(1)          To
file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i)       To
 include any prospectus required by section 10(a)(3) of the Securities Act of
 1933;
(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 "Calculation of Registration Fee" table in the effective registration
 statement;
(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.
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.
(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.
(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.
(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:
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:
(i)       Any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering
required to be filed pursuant to Rule 424 (§ 230.424 of this
chapter);
(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;
(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
(iv)       Any other communication
that is an offer in the offering made by the undersigned registrant to the
purchaser.
(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.
(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.
II - 3
SIGNATURES
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 August 13, 2009.
INSIGNIA SYSTEMS, INC.
By:
/s/ Scott F.
 Drill
Scott F.
 Drill, President
and Chief
 Executive Officer
(principal
 executive officer)
By:
/s/ Justin
 W. Shireman
Justin W.
 Shireman, Vice President of
Finance and
 Chief Financial Officer
(principal
 financial and accounting officer)
SIGNATURES AND POWERS OF ATTORNEY
Pursuant to
the requirements of the Securities Act of 1933, this registration statement has
been signed on August 13, 2009 by the following persons in the capacities
indicated.
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.
Signature
Title
/s/ Scott F.
 Drill
President,
 Chief Executive Officer, Secretary and Director (principal
 executive officer)
Scott F.
 Drill
/s/ Justin
 W. Shireman
Vice President of Finance, Chief Financial Officer and Treasurer (principal financial and accounting officer)
Justin W.
 Shireman
/s/ Peter V.
 Derycz
Director
Peter V.
 Derycz
/s/ Donald
 J. Kramer
Director
Donald J.
 Kramer
/s/ Reid V.
 MacDonald
Director
Reid V.
 MacDonald
/s/ Gordon
 F. Stofer
Director
Gordon F.
 Stofer
The above persons signing as directors are all of the directors of the Registrant.
II - 4
EXHIBIT INDEX
4.1
2003
 Incentive Stock Option Plan, as amended (filed herewith)
4.2
Employee
 Stock Purchase Plan, as amended (filed herewith)
5.1
Opinion and
 Consent of Best & Flanagan LLP (filed herewith)
23.1
Consent of
 Grant Thornton LLP, independent registered public accounting firm (filed
 herewith)
23.2
Consent of
 Best & Flanagan LLP (included in Exhibit 5.1)
24.1
Powers of
 Attorney (included on page II-4 of this Registration Statement)