LENDWAY, INC. — Director's Dealing 2006

Sep 25, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INSIGNIA SYSTEMS INC/MN (ISIG)
CIK: 0000875355
Period of Report: 2006-09-11

Reporting Person: VARS GARY (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-11	Common Stock	M	38670	$1.7188	Acquired	96140	Direct
2006-09-11	Common Stock	F	20641	$3.23	Disposed	75499	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-11	Incentive Stock Option (right to buy)	$1.7188	M	38670	Disposed	2006-09-19	Common Stock (38670)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4650	Indirect