Nicholas John Swenson - Mar 31, 2023 Form 4 Insider Report for INSIGNIA SYSTEMS INC/MN (LDWY)

Role: Director, 10%+ Owner
Signature: /s/ Nicholas J. Swenson
Stock symbol: LDWY
Transactions as of: Mar 31, 2023
Transactions value $: $4,247
Form type: 4
Date filed: 4/4/2023, 04:15 PM
Previous filing: Apr 26, 2023
Next filing: Jul 5, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	LDWY	Common Stock						3.3K	Mar 31, 2023	Direct	F1
holding	LDWY	Common Stock						139K	Mar 31, 2023	AO Partners I, L.P.	F1, F2
holding	LDWY	Common Stock						60.3K	Mar 31, 2023	Groveland Capital LLC	F1, F2
holding	LDWY	Common Stock						11.4K	Mar 31, 2023	Glenhurst Co.	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LDWY	Common Stock Equivalent	Award	$4.25K	+581		$7.31	581	Mar 31, 2023	Common Stock	581		Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each of the parties herein may be deemed to be a member of a Section 13(d) group disclosed in a Schedule 13D filed on behalf of the parties and Air T, Inc., the other member of such group. The members of this Section 13(d) group collectively own more than 10% of the Issuer's outstanding shares of Common Stock. Each of the parties disclaims beneficial ownership of the shares of Common Stock held by the other members of this Section 13(d) group except to the extent of his or its pecuniary interest therein. The securities reported herein do not include any securities held by Air T, Inc., as such shares are reported in a separate filing.
F2	Note the following with regard to Groveland Capital LLC ("Groveland Capital"); AO Partners I, L.P. ("AO Partners Fund"); AO Partners, LLC, the General Partner to the AO Partners Fund ("AO Partners"); and Glenhurst Co. ("Glenhurst"): Mr. Swenson is the Managing Member of Groveland Capital and may direct Groveland Capital as to the vote and disposition of the shares of Common Stock it holds; Mr. Swenson is the Managing Member of AO Partners, the General Partner of AO Partners Fund, and has the power to direct the affairs of AO Partners Fund, including the voting and disposition of shares of Common Stock held in the name of AO Partners Fund; and Mr. Swenson is the sole owner of Glenhurst, and he has the power to direct the affairs of Glenhurst, including the voting and disposition of shares of Common Stock held in the name of Glenhurst.ote
F3	Each Common Stock Equivalent is the economic equivalent of one share of Insignia Systems, Inc. common stock. The Common Stock Equivalents were acquired pursuant to the Insignia Systems, Inc. Deferred Compensation Plan for Directors (the "Plan"), whereby Directors may elect to defer receipt of cash fees. The Common Stock Equivalents will be settled (i) in Insignia Systems, Inc. common stock upon a separation from service with the Company or (ii) in cash upon an earlier change in control of the Company.