LENDWAY, INC. — Director's Dealing 2007

May 25, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INSIGNIA SYSTEMS INC/MN (ISIG)
CIK: 0000875355
Period of Report: 2007-05-23

Reporting Person: Shireman Justin W (VP Finance and CFO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-23	Incentive Stock Option (right to buy)	$3.75	A	35000	Acquired	2017-05-23	Common Stock (35000)	Direct

Footnotes

F1: Exercisable in annual one-third increments on the first, second, and third anniversaries of the date of this option grant.