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  <P id=PARA1 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>As filed with the Securities and Exchange Commission on May 5, 2017</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
  <P id=PARA3 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Registration Number 333- </B></FONT></P>
  <P id=PARA4 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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  <P id=PARA5 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></P>
  <P id=PARA6 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES</B></FONT></P>
  <P id=PARA11 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
  <P id=PARA12 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>WASHINGTON, DC 20549</B></FONT></P>
  <P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">___________________________________</FONT></P>
  <P id=PARA14 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FORM S-8</B></FONT></P>
  <P id=PARA16 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA17 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>REGISTRATION STATEMENT</B></FONT></P>
  <P id=PARA18 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNDER</B></FONT></P>
  <P id=PARA19 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>THE SECURITIES ACT OF 1933</B></FONT></P>
  <P id=PARA20 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">___________________________________</FONT></P>
  <P id=PARA21 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA22 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>HMN FINANCIAL, INC.</B></FONT></P>
  <P id=PARA23 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Exact name of registrant as specified in its charter)</FONT></P>
  <P id=PARA24 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">___________________________________</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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  <P id=PARA26 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Delaware</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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  <P id=PARA27 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></P></TD>
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  <P id=PARA28 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>41-1777397</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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  <P id=PARA29 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(State of incorporation)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
  <TD style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
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  <P id=PARA30 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(IRS Employer Identification No.)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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  <P id=PARA32 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>1016 Civic Center Drive Northwest</B></FONT></P>
  <P id=PARA33 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Rochester, Minnesota 55901</B></FONT></P>
  <P id=PARA34 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(507) 535-1200</B></FONT></P>
  <P id=PARA35 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)</FONT></P>
  <P id=PARA36 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA37 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">___________________________________</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA39 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>HMN FINANCIAL, INC. 2017 EQUITY INCENTIVE PLAN</B></FONT></P>
  <P id=PARA40 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA41 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Full title of the plan)</FONT></P>
  <P id=PARA42 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA43 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">___________________________________</FONT></P>
  <P id=PARA44 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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  <P id=PARA45 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></P>
  <P id=PARA46 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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  <P id=PARA47 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></P></TD>
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  <P id=PARA48 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Copy to:</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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  <P id=PARA49 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
  <TD style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
  <TD style="WIDTH: 49.1%; VERTICAL-ALIGN: top">
  <P id=PARA50 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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  <P id=PARA51 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Bradley Krehbiel</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
  <TD style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
  <TD style="WIDTH: 49.1%; VERTICAL-ALIGN: top">
  <P id=PARA52 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Kate Sherburne</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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  <P id=PARA53 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">President and Chief Executive Officer</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
  <TD style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
  <TD style="WIDTH: 49.1%; VERTICAL-ALIGN: top">
  <P id=PARA54 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Faegre Baker Daniels LLP</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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  <P id=PARA55 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">HMN Financial, Inc.</FONT></P></TD>
  <TD style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
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  <P id=PARA56 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2200 Wells Fargo Center</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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  <P id=PARA57 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1016 Civic Center Drive Northwest</FONT></P></TD>
  <TD style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
  <TD style="WIDTH: 49.1%; VERTICAL-ALIGN: top">
  <P id=PARA58 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">90 South Seventh Street</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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  <P id=PARA59 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Rochester, Minnesota 55901</FONT></P></TD>
  <TD style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
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  <P id=PARA60 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Minneapolis, MN 55402-1425</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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  <P id=PARA61 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(507) 535-1200</FONT></P></TD>
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  <P id=PARA62 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></P></TD>
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  <P id=PARA63 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(612) 766-7000</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR></TABLE>
  <P id=PARA65 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Name, address and telephone number, including area code, of agent for service)</FONT></P>
  <P id=PARA66 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA67 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">___________________________________</FONT></P>
  <P id=PARA68 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA69 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,&nbsp;a smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>
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  <P id=PARA70 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Large accelerated filer</FONT></P></TD>
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  <P id=PARA71 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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  <P id=PARA72 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></P></TD>
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  <P id=PARA73 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accelerated filer</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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  <P id=PARA74 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744;</FONT></P></TD></TR>
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  <TD style="WIDTH: 31.7%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 7.9%; VERTICAL-ALIGN: top">&nbsp;</TD>
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  <TD style="WIDTH: 34.9%; VERTICAL-ALIGN: top">&nbsp;</TD>
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  <P id=PARA75 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Non-accelerated filer</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA76 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Do not check if a smaller reporting company)</FONT></P></TD>
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  <P id=PARA77 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
  <TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp; </TD>
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  <P id=PARA78 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Smaller reporting company</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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  <P id=PARA79 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9746;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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  <TD style="WIDTH: 31.7%; VERTICAL-ALIGN: top">Emerging growth company </TD>
  <TD style="WIDTH: 7.9%; VERTICAL-ALIGN: top">&#9744;</TD>
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  <P id=PARA458 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</FONT></P>
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  <P id=PARA81.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
  <P id=PARA82 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CALCULATION OF REGISTRATION FEE</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <TABLE id=TBL108  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>
  
  <TR>
  <TD style="WIDTH: 27.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  <TD style="WIDTH: 16.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  <TD style="WIDTH: 19.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  <TD style="WIDTH: 18.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  <TD style="WIDTH: 18.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 3px double">&nbsp;</TD></TR>
  <TR>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 27.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px; BORDER-LEFT: #000000 1px solid">
  <P id=PARA84 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Title of Each </B></FONT></P></TD>
  <TD style="WIDTH: 16.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px">
  <P id=PARA85 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Amount to be</B></FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 19.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px; BORDER-LEFT: #000000 1px solid">
  <P id=PARA86 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Proposed Maximum</B></FONT></P></TD>
  <TD style="WIDTH: 18.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px">
  <P id=PARA87 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Proposed Maximum</B></FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 18.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px; BORDER-LEFT: #000000 1px solid">
  <P id=PARA88 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Amount of</B></FONT></P></TD></TR>
  <TR>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 27.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px; BORDER-LEFT: #000000 1px solid">
  <P id=PARA89 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Class of Securities </B></FONT></P></TD>
  <TD style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
  <P id=PARA90 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Registered</B></FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 19.5%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid">
  <P id=PARA91 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Offering Price</B></FONT></P></TD>
  <TD style="WIDTH: 18.9%; VERTICAL-ALIGN: top">
  <P id=PARA92 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Aggregate</B></FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 18.9%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid">
  <P id=PARA93 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Registration</B></FONT></P></TD></TR>
  <TR>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 27.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid">
  <P id=PARA94 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>to be Registered</B></FONT></P></TD>
  <TD style="WIDTH: 16.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
  <P id=PARA95 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(No. of Shares) (1)</B></FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 19.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid">
  <P id=PARA96 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Per Share (2)</B></FONT></P></TD>
  <TD style="WIDTH: 18.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
  <P id=PARA97 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Offering Price (2)</B></FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 18.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid">
  <P id=PARA98 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Fee (2)</B></FONT></P></TD></TR>
  <TR>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 27.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
  <P id=PARA99 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 9pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Common Stock, par value $0.01 per share</FONT></P></TD>
  <TD style="WIDTH: 16.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
  <P id=PARA100 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA101 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">375,000</FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 19.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid">
  <P id=PARA102 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA103 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$17.58</FONT></P></TD>
  <TD style="WIDTH: 18.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
  <P id=PARA104 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA105 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$6,592,500</FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 18.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid">
  <P id=PARA106 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA107 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$764.07</FONT></P></TD></TR></TABLE>
  <P id=PARA109 style="TEXT-ALIGN: justify; MARGIN: 0pt 12.95pt 0pt 18pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA110 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA111 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), this Registration Statement shall also cover any additional shares of the Registrant&#8217;s Common Stock that become issuable under the HMN Financial, Inc. 2017 Equity Incentive Plan (the &#8220;2017 Plan&#8221;) by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration that increases the number of the Registrant&#8217;s outstanding shares of Common Stock.</FONT></P>
  <P id=PARA112 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA113 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated in accordance with Rule 457(h) and 457(c) of the Securities Act solely for purposes of calculating the registration fee. The maximum offering price per share and the maximum aggregate offering price are based on the average of the high and low sale prices of the Registrant&#8217;s Common Stock as reported on the NASDAQ Global Market on April 28, 2017.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  <P id=PARA114 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0>
  
  <TR>
  <TD style="WIDTH: 100%; BORDER-BOTTOM: #000000 3px double">
  <P id=PARA459 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR></TABLE>
  <P id=PARA115 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></P>
  <P id=PARA116 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
  <P id=PARA119.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
  <DIV id=PGBK119  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=PGFTR119  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
  <DIV id=PGNUM119  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
  <HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
  
  <DIV id=PGHDR119  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
  <P id=PARA119.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
  <P id=PARA120 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>PART I </B></FONT></P>
  <P id=PARA122 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA121 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS </B></FONT></P>
  <P id=PARA124 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA123 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information required by Part I of Form S-8 to be contained in the Section&nbsp;10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act and the Note to Part I of Form S-8. </FONT></P>
  <P id=PARA125 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>PART II</B></FONT></P>
  <P id=PARA126 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA127 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>
  <P id=PARA128 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA129 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 3. Incorporation of Documents by Reference</B></FONT></P>
  <P id=PARA130 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA131 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The following documents filed by the HMN Financial, Inc. (the &#8220;Registrant&#8221;) with the Commission are incorporated by reference into this Registration Statement:</FONT></P>
  <P id=PARA132 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <TABLE id=MTAB134  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>
  
  <TR>
  <TD style="WIDTH: 18pt">&nbsp;</TD>
  <TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
  <P id=PARA135 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(a)</FONT></P></TD>
  <TD style="VERTICAL-ALIGN: top">
  <P id=PARA136 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Commission on March 10, 2017 including all material incorporated by reference therein (File No. 000-24100).</FONT></P></TD></TR></TABLE>
  <P id=PARA137 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <TABLE id=MTAB139  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>
  
  <TR>
  <TD style="WIDTH: 18pt">&nbsp;</TD>
  <TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
  <P id=PARA140 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(b)</FONT></P></TD>
  <TD style="VERTICAL-ALIGN: top">
  <P id=PARA141 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">All other reports of the Registrant filed pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) since the end of the fiscal year covered by the Annual Report referred to in subsection (a)&nbsp;above; and</FONT></P></TD></TR></TABLE>
  <P id=PARA142 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <TABLE id=MTAB144  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>
  
  <TR>
  <TD style="WIDTH: 18pt">&nbsp;</TD>
  <TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
  <P id=PARA145 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(c)</FONT></P></TD>
  <TD style="VERTICAL-ALIGN: top">
  <P id=PARA146 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The description of the Registrant&#8217;s Common Stock, par value $.01 per share, contained in any registration statement or report filed under the Exchange Act, including any amendment or report filed for the purpose of updating such description.</FONT></P></TD></TR></TABLE>
  <P id=PARA147 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA148 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">All documents, reports and definitive proxy or information statements filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than Current Reports furnished under Items 2.02 or 7.01 of Form 8-K and exhibits furnished on such form that relate to such items) on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents.</FONT></P>
  <P id=PARA149 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA150 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that also is deemed to be incorporated by reference herein 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>
  <P id=PARA151 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA152 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 4. Description of Securities</B></FONT></P>
  <P id=PARA153 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA154 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Not applicable.</FONT></P>
  <P id=PARA155 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA156 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 5. Interests of Named Experts and Counsel</B></FONT></P>
  <P id=PARA157 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA158 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Not applicable.</FONT></P>
  <P id=PARA159 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA160 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 6. Indemnification of Directors and Officers</B></FONT></P>
  <P id=PARA161 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA162 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Registrant is incorporated under the laws of the State of Delaware. The Registrant&#8217;s amended and restated certificate of incorporation limits the liability of the Registrant&#8217;s directors to the fullest extent permitted by Delaware law.&nbsp; Delaware law provides that directors of a corporation will not be personally liable for monetary damages for breach of their fiduciary duties as directors, except for liability for any:</FONT></P>
  <P id=PARA163 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <TABLE id=MTAB165  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>
  
  <TR>
  <TD style="WIDTH: 36pt">&nbsp;</TD>
  <TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
  <P id=PARA166 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
  <TD style="VERTICAL-ALIGN: top">
  <P id=PARA167 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">breach of their duty of loyalty to the corporation or its stockholders;</FONT></P></TD></TR></TABLE>
  <P id=PARA168 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <TABLE id=MTAB170  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>
  
  <TR>
  <TD style="WIDTH: 36pt">&nbsp;</TD>
  <TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
  <P id=PARA171 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
  <TD style="VERTICAL-ALIGN: top">
  <P id=PARA172 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;</FONT></P></TD></TR></TABLE>
  <P id=PARA173 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <TABLE id=MTAB175  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>
  
  <TR>
  <TD style="WIDTH: 36pt">&nbsp;</TD>
  <TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
  <P id=PARA176 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
  <TD style="VERTICAL-ALIGN: top">
  <P id=PARA177 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">unlawful payment of dividends or redemption of shares as provided in Section&nbsp;174 of the Delaware General Corporation Law;&nbsp;or</FONT></P></TD></TR></TABLE>
  <P id=PARA178 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA460.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
  <DIV id=PGBK460  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=PGFTR460  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
  <DIV id=PGNUM460  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
  <HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
  
  <DIV id=PGHDR460  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
  <P id=PARA460.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
  <TABLE id=MTAB180  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>
  
  <TR>
  <TD style="WIDTH: 36pt">&nbsp;</TD>
  <TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
  <P id=PARA181 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
  <TD style="VERTICAL-ALIGN: top">
  <P id=PARA182 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">transaction from which the directors derived an improper personal benefit.</FONT></P></TD></TR></TABLE>
  <P id=PARA183 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA184 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">These limitations of liability do not apply to liabilities arising under federal securities laws and do not affect the availability of equitable remedies such as injunctive relief or rescission.</FONT></P>
  <P id=PARA185 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA186 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In addition, the Registrant&#8217;s certificate of incorporation and bylaws provide that the Registrant is required to indemnify its officers and directors under certain circumstances, including those circumstances in which indemnification would otherwise be discretionary and the Registrant is required to advance expenses to its officers and directors as incurred in connection with proceedings against them for which they may be indemnified. Under Delaware law, the right to indemnification and advancement of expenses under the Registrant&#8217;s certificate of incorporation and bylaws may not be eliminated or impaired by an amendment to such provisions after the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought.</FONT></P>
  <P id=PARA187 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA188 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Registrant maintains directors and officers liability insurance for the benefit of its directors and officers.</FONT></P>
  <P id=PARA189 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA190 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 7. Exemption From Registration Claimed</B></FONT></P>
  <P id=PARA191 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA192 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Not applicable.</FONT></P>
  <P id=PARA193 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA194 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 8. Exhibits</B></FONT></P>
  <P id=PARA195 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <TABLE id=TBL212  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>
  
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">
  <P id=PARA196 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Exhibit No.</B></U></FONT></P></TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">
  <P id=PARA197 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Description</B></U></FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">
  <P id=PARA198 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.1</FONT></P></TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">
  <P id=PARA199 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certificate of Incorporation (Amended and Restated through July 28, 2015). Incorporated by reference to Exhibit 3.1 to the Registrant&#8217;s Quarterly Report on Form 10-Q for the period ended September 30, 2015 (File No. 000-24100).</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">
  <P id=PARA200 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.2</FONT></P></TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">
  <P id=PARA201 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amended and Restated By-laws. Incorporated by reference to Exhibit 3.1 to the Registrant&#8217;s Current Report on Form 8-K, dated March 5, 2012 (File No. 000-24100).</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">
  <P id=PARA202 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">5.1</FONT></P></TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">
  <P id=PARA203 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Opinion of Faegre Baker Daniels LLP. (Filed herewith)</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">
  <P id=PARA204 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.1</FONT></P></TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">
  <P id=PARA205 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of CliftonLarsonAllen LLP. (Filed herewith)</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">
  <P id=PARA206 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.2</FONT></P></TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">
  <P id=PARA207 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Faegre Baker Daniels LLP. (Included in Exhibit 5.1)</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">
  <P id=PARA208 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">24.1</FONT></P></TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">
  <P id=PARA209 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Power of Attorney. (Filed herewith)</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 11%; VERTICAL-ALIGN: top">
  <P id=PARA210 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">99.1</FONT></P></TD>
  <TD style="WIDTH: 91%; VERTICAL-ALIGN: top">
  <P id=PARA211 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">HMN Financial, Inc. 2017 Equity Incentive Plan. (Incorporated by reference to </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Appendix A to the Proxy Statement for the 2017 Annual Meeting of Stockholders filed March 21, 2017 (File No. 000-24100).</FONT></P></TD></TR></TABLE>
  <P id=PARA213 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA215 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 9. Undertakings</B></FONT></P>
  <P id=PARA216 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA217 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:</FONT></P>
  <P id=PARA218 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA219 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1)&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>
  <P id=PARA220 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA221 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></P>
  <P id=PARA222 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA223 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after the effective date of the 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 the 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 Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and</FONT></P>
  <P id=PARA224 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA461.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
  <DIV id=PGBK461  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=PGFTR461  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
  <DIV id=PGNUM461  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
  <HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
  
  <DIV id=PGHDR461  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
  <P id=PARA461.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
  <P id=PARA225 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(iii)&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>
  <P id=PARA226 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA227 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Provided, however, that paragraphs (a)(l)(i) and (a)(l)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.</FONT></P>
  <P id=PARA228 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA229 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>
  <P id=PARA230 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA231 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(3)&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 id=PARA232 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA233 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(b)&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&#8217;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&#8217;s annual report pursuant to 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 therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>
  <P id=PARA234 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA235 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(c)&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 pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the 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, 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 id=PARA236 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA462.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
  <DIV id=PGBK462  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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  <P id=PARA237 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SIGNATURES</B></FONT></P>
  <P id=PARA238 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA239 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&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 Rochester, Minnesota, on May 5, 2017.</FONT></P>
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  <P id=PARA463.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>HMN FINANCIAL, INC.</B></FONT></P></TD>
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  <P id=PARA463.12 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
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  <P id=PARA463.13 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By: </FONT></P></TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="35%" noWrap align=left>
  <P id=PARA463.14 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&nbsp;</FONT>Bradley Krehbiel</P></TD>
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  <P id=PARA463.18 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bradley Krehbiel</FONT></P></TD>
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  <P id=PARA463.23 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR></TABLE>
  <P id=PARA241 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 51%"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
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  <P id=PARA249 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.</FONT></P>
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  <P id=PARA251 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA252 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dated: May 5, 2017</FONT></P></TD>
  <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; WIDTH: 73.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
  <P id=PARA253 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA254 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: <U>/s/ Bradley Krehbiel</U></FONT></P>
  <P id=PARA255 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 21.6pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Bradley Krehbiel, Director, President and Chief Executive Officer</FONT></P>
  <P id=PARA256 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 21.6pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Principal Executive Officer)</FONT></P></TD></TR>
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  <P id=PARA257 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA258 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dated: May 5, 2017</FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 73.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
  <P id=PARA259 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA260 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: <U>/s/ Jon Eberle</U></FONT></P>
  <P id=PARA261 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 17.8pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Jon Eberle, Chief Financial Officer and Treasurer </FONT></P>
  <P id=PARA262 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 17.8pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Principal Financial and Accounting Officer)</FONT></P></TD></TR>
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  <P id=PARA263 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA264 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dated: May 5, 2017</FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 73.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
  <P id=PARA265 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA266 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: <U>/s/ Hugh Smith</U><U>*</U></FONT></P>
  <P id=PARA267 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 21.6pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Hugh Smith, Chairman of the Board</FONT></P></TD></TR>
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  <P id=PARA268 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA269 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dated: May 5, 2017</FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 73.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
  <P id=PARA270 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA271 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: <U>/s/ Allen Berning</U><U>*</U></FONT></P>
  <P id=PARA272 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Allen Berning, Director</FONT></P></TD></TR>
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  <P id=PARA273 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA274 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dated: May 5, 2017</FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 73.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
  <P id=PARA275 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA276 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: <U>/s/ Michael Bue</U><U>*</U></FONT></P>
  <P id=PARA277 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Michael Bue, Director</FONT></P></TD></TR>
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  <P id=PARA278 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA279 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dated: May 5, 2017</FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 73.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
  <P id=PARA280 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA281 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: <U>/s/ Bernard Nigon</U><U>*</U></FONT></P>
  <P id=PARA282 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Bernard Nigon, Director</FONT></P></TD></TR>
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  <P id=PARA283 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA284 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dated: May 5, 2017</FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 73.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
  <P id=PARA285 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA286 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: <U>/s/ Wendy Shannon</U><U>*</U></FONT></P>
  <P id=PARA287 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Wendy Shannon, Director</FONT></P></TD></TR>
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  <P id=PARA288 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA289 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dated: May 5, 2017</FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 73.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
  <P id=PARA290 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA291 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: <U>/s/ Patricia Simmons</U><U>*</U></FONT></P>
  <P id=PARA292 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Patricia Simmons, Director</FONT></P></TD></TR>
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  <P id=PARA293 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA294 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dated: May 5, 2017</FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 73.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
  <P id=PARA295 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA296 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: <U>/s/ Mark Utz</U><U>*</U></FONT></P>
  <P id=PARA297 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Mark Utz, Director</FONT></P></TD></TR>
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  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 27.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
  <P id=PARA298 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA299 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dated: May 5, 2017</FONT></P></TD>
  <TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 73.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
  <P id=PARA300 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA301 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: <U>/s/ Hans Zietlow</U><U>*</U></FONT></P>
  <P id=PARA302 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Hans Zietlow, Director</FONT></P></TD></TR></TABLE>
  <P id=PARA305 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA304 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*Jon Eberle, by signing his name hereto, does sign this document on behalf of the above noted individuals, pursuant to powers of attorney duly executed by such individuals which have been filed as an exhibit to this Registration Statement.</FONT></P>
  <P id=PARA306 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 54%"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U>/s/ </U><U>Jon Eberle</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
  <P id=PARA307 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 54%"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: Jon Eberle, Attorney-in-Fact</FONT></P>
  <P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 54%">&nbsp;</P>
  <P id=PARA464.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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  <DIV id=PGFTR464  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
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  <HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
  
  <DIV id=PGHDR464  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
  <P id=PARA464.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
  <P id=PARA308 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>EXHIBIT INDEX</B></FONT></P>
  <P id=PARA309 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA310 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <P id=PARA311 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
  <TABLE id=TBL336  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>
  
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
  <P id=PARA312 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B><U>Exhibit No.</U></B></FONT></P></TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">
  <P id=PARA313 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B><U>Description</U></B></FONT></P></TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">
  <P id=PARA314 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B><U>Method of Filing</U></B></FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
  <P id=PARA315 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.1</FONT></P></TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">
  <P id=PARA316 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certificate of Incorporation&nbsp;</FONT></P></TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">
  <P id=PARA317 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by Reference</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
  <P id=PARA318 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.2</FONT></P></TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">
  <P id=PARA319 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amended and Restated By-laws</FONT></P></TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">
  <P id=PARA320 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by Reference</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
  <P id=PARA321 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">5.1</FONT></P></TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">
  <P id=PARA322 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Opinion of Faegre Baker Daniels LLP</FONT></P></TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">
  <P id=PARA323 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Filed&nbsp;Herewith</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
  <P id=PARA324 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.1</FONT></P></TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">
  <P id=PARA325 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of CliftonLarsonAllen LLP </FONT></P></TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">
  <P id=PARA326 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Filed&nbsp;Herewith</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
  <P id=PARA327 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.2</FONT></P></TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">
  <P id=PARA328 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Faegre Baker Daniels LLP </FONT></P></TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">
  <P id=PARA329 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Included in Exhibit 5.1</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
  <P id=PARA330 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">24.1</FONT></P></TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">
  <P id=PARA331 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Power of Attorney </FONT></P></TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">
  <P id=PARA332 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Filed&nbsp;Herewith</FONT></P></TD></TR>
  <TR>
  <TD style="WIDTH: 15%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">&nbsp;</TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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  <P id=PARA333 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">99.1</FONT></P></TD>
  <TD style="WIDTH: 46.3%; VERTICAL-ALIGN: top">
  <P id=PARA334 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">HMN Financial, Inc. 2017 Equity Incentive Plan</FONT></P></TD>
  <TD style="WIDTH: 39.8%; VERTICAL-ALIGN: top">
  <P id=PARA335 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by Reference</FONT></P></TD></TR></TABLE>
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "hmnf20170504_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 93938}]
metadata_filer: {"company-data": {"conformed-name": "HMN FINANCIAL INC", "cik": "0000921183", "assigned-sic": "6035", "irs-number": "411777397", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-217714", "film-number": "17817415"}, "business-address": {"street1": "1016 CIVIC CENTER DRIVE NORTHWEST", "city": "ROCHESTER", "state": "MN", "zip": "55901", "phone": "5075351200"}, "mail-address": {"street1": "1016 CIVIC CENTER DRIVE NW", "city": "ROCHESTER", "state": "MN", "zip": "55901"}}
text: hmnf20170504_s8.htm
  As filed with the Securities and Exchange Commission on May 5, 2017
  Registration Number 333-
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, DC 20549
  ___________________________________
  FORM S-8
  REGISTRATION STATEMENT
  UNDER
  THE SECURITIES ACT OF 1933
  ___________________________________
  HMN FINANCIAL, INC.
  (Exact name of registrant as specified in its charter)
  ___________________________________
  Delaware
  41-1777397
  (State of incorporation)
  (IRS Employer Identification No.)
  1016 Civic Center Drive Northwest
  Rochester, Minnesota 55901
  (507) 535-1200
  (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
  ___________________________________
  HMN FINANCIAL, INC. 2017 EQUITY INCENTIVE PLAN
  (Full title of the plan)
  ___________________________________
  Copy to:
  Bradley Krehbiel
  Kate Sherburne
  President and Chief Executive Officer
  Faegre Baker Daniels LLP
  HMN Financial, Inc.
  2200 Wells Fargo Center
  1016 Civic Center Drive Northwest
  90 South Seventh Street
  Rochester, Minnesota 55901
  Minneapolis, MN 55402-1425
  (507) 535-1200
  (612) 766-7000
  (Name, address and 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, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
  Large accelerated filer
  ☐
  Accelerated filer
  ☐
  Non-accelerated filer
  (Do not check if a smaller reporting company)
  ☐
  Smaller reporting company
  ☒
  Emerging growth company
  ☐
  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
  CALCULATION OF REGISTRATION FEE
  Title of Each
  Amount to be
  Proposed Maximum
  Proposed Maximum
  Amount of
  Class of Securities
  Registered
  Offering Price
  Aggregate
  Registration
  to be Registered
  (No. of Shares) (1)
  Per Share (2)
  Offering Price (2)
  Fee (2)
  Common Stock, par value $0.01 per share
  375,000
  $17.58
  $6,592,500
  $764.07
  (1)     Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of the Registrant's Common Stock that become issuable under the HMN Financial, Inc. 2017 Equity Incentive Plan (the "2017 Plan") by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration that increases the number of the Registrant's outstanding shares of Common Stock.
  (2)     Estimated in accordance with Rule 457(h) and 457(c) of the Securities Act solely for purposes of calculating the registration fee. The maximum offering price per share and the maximum aggregate offering price are based on the average of the high and low sale prices of the Registrant's Common Stock as reported on the NASDAQ Global Market on April 28, 2017.
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  The information required by Part I of Form S-8 to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act and the Note to Part I of Form S-8.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference
  The following documents filed by the HMN Financial, Inc. (the "Registrant") with the Commission are incorporated by reference into this Registration Statement:
  (a)
  The Registrant's Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Commission on March 10, 2017 including all material incorporated by reference therein (File No. 000-24100).
  (b)
  All other reports of the Registrant filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since the end of the fiscal year covered by the Annual Report referred to in subsection (a) above; and
  (c)
  The description of the Registrant's Common Stock, par value $.01 per share, contained in any registration statement or report filed under the Exchange Act, including any amendment or report filed for the purpose of updating such description.
  All documents, reports and definitive proxy or information statements filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than Current Reports furnished under Items 2.02 or 7.01 of Form 8-K and exhibits furnished on such form that relate to such items) on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents.
  Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that also is deemed to be incorporated by reference herein 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.
  Item 6. Indemnification of Directors and Officers
  The Registrant is incorporated under the laws of the State of Delaware. The Registrant's amended and restated certificate of incorporation limits the liability of the Registrant's directors to the fullest extent permitted by Delaware law.  Delaware law provides that directors of a corporation will not be personally liable for monetary damages for breach of their fiduciary duties as directors, except for liability for any:
  ●
  breach of their duty of loyalty to the corporation or its stockholders;
  ●
  act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
  ●
  unlawful payment of dividends or redemption of shares as provided in Section 174 of the Delaware General Corporation Law; or
  ●
  transaction from which the directors derived an improper personal benefit.
  These limitations of liability do not apply to liabilities arising under federal securities laws and do not affect the availability of equitable remedies such as injunctive relief or rescission.
  In addition, the Registrant's certificate of incorporation and bylaws provide that the Registrant is required to indemnify its officers and directors under certain circumstances, including those circumstances in which indemnification would otherwise be discretionary and the Registrant is required to advance expenses to its officers and directors as incurred in connection with proceedings against them for which they may be indemnified. Under Delaware law, the right to indemnification and advancement of expenses under the Registrant's certificate of incorporation and bylaws may not be eliminated or impaired by an amendment to such provisions after the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought.
  The Registrant maintains directors and officers liability insurance for the benefit of its directors and officers.
  Item 7. Exemption From Registration Claimed
  Not applicable.
  Item 8. Exhibits
  Exhibit No.
  Description
  4.1
  Certificate of Incorporation (Amended and Restated through July 28, 2015). Incorporated by reference to Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q for the period ended September 30, 2015 (File No. 000-24100).
  4.2
  Amended and Restated By-laws. Incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, dated March 5, 2012 (File No. 000-24100).
  5.1
  Opinion of Faegre Baker Daniels LLP. (Filed herewith)
  23.1
  Consent of CliftonLarsonAllen LLP. (Filed herewith)
  23.2
  Consent of Faegre Baker Daniels LLP. (Included in Exhibit 5.1)
  24.1
  Power of Attorney. (Filed herewith)
  99.1
  HMN Financial, Inc. 2017 Equity Incentive Plan. (Incorporated by reference to
  Appendix A to the Proxy Statement for the 2017 Annual Meeting of Stockholders filed March 21, 2017 (File No. 000-24100).
  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 the 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 the 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 Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
  (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)(l)(i) and (a)(l)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
  (2)     That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, 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.
  (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 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 therein, 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 pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the 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, 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.
  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 Rochester, Minnesota, on May 5, 2017.
  HMN FINANCIAL, INC.
  By:
  /s/
  Bradley Krehbiel
  Bradley Krehbiel
  Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.
  Dated: May 5, 2017
  By:
  /s/ Bradley Krehbiel
  Bradley Krehbiel, Director, President and Chief Executive Officer
  (Principal Executive Officer)
  Dated: May 5, 2017
  By:
  /s/ Jon Eberle
  Jon Eberle, Chief Financial Officer and Treasurer
  (Principal Financial and Accounting Officer)
  Dated: May 5, 2017
  By:
  /s/ Hugh Smith
  *
  Hugh Smith, Chairman of the Board
  Dated: May 5, 2017
  By:
  /s/ Allen Berning
  *
  Allen Berning, Director
  Dated: May 5, 2017
  By:
  /s/ Michael Bue
  *
  Michael Bue, Director
  Dated: May 5, 2017
  By:
  /s/ Bernard Nigon
  *
  Bernard Nigon, Director
  Dated: May 5, 2017
  By:
  /s/ Wendy Shannon
  *
  Wendy Shannon, Director
  Dated: May 5, 2017
  By:
  /s/ Patricia Simmons
  *
  Patricia Simmons, Director
  Dated: May 5, 2017
  By:
  /s/ Mark Utz
  *
  Mark Utz, Director
  Dated: May 5, 2017
  By:
  /s/ Hans Zietlow
  *
  Hans Zietlow, Director
  *Jon Eberle, by signing his name hereto, does sign this document on behalf of the above noted individuals, pursuant to powers of attorney duly executed by such individuals which have been filed as an exhibit to this Registration Statement.
  /s/
  Jon Eberle
  By: Jon Eberle, Attorney-in-Fact
  EXHIBIT INDEX
  Exhibit No.
  Description
  Method of Filing
  4.1
  Certificate of Incorporation
  Incorporated by Reference
  4.2
  Amended and Restated By-laws
  Incorporated by Reference
  5.1
  Opinion of Faegre Baker Daniels LLP
  Filed Herewith
  23.1
  Consent of CliftonLarsonAllen LLP
  Filed Herewith
  23.2
  Consent of Faegre Baker Daniels LLP
  Included in Exhibit 5.1
  24.1
  Power of Attorney
  Filed Herewith
  99.1
  HMN Financial, Inc. 2017 Equity Incentive Plan
  Incorporated by Reference