For the
fiscal year ended December 31, 2019
|
Commission
File Number 1-13471
|
INSIGNIA
SYSTEMS, INC.
|
(Exact
name of registrant as specified in its charter)
|
Minnesota
|
41-1656308
|
(State
or other jurisdiction of incorporation or
organization)
|
(IRS
Employer Identification No.)
|
8799
Brooklyn Blvd., Minneapolis, MN 55445
|
(Address
of principal executive offices; zip code)
|
(763)
392-6200
|
(Registrant’s
telephone number, including area code)
|
Title of each class
|
|
Trading Symbol
|
|
Name of each exchange on which registered
|
Common
Stock, $0.01 par value
|
|
ISIG
|
|
The
Nasdaq Stock Market LLC
|
PART I.
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|
Page
|
|
|
|
PART II.
|
|
|
|
|
|
PART III.
|
|
|
|
|
|
PART IV.
|
|
|
For the Years Ended December 31
|
2019
|
2018
|
Net
sales
|
100.0%
|
100.0%
|
Cost
of sales
|
78.3
|
62.2
|
Gross
profit
|
21.7
|
37.8
|
Operating
expenses:
|
|
|
Selling
|
12.1
|
10.3
|
Marketing
|
10.9
|
8.0
|
General
and administrative
|
15.1
|
14.0
|
Impairment
loss
|
9.2
|
-
|
Total
operating expenses
|
47.3
|
32.3
|
Operating
income (loss)
|
(25.6)
|
5.5
|
Other
income
|
0.6
|
0.2
|
Income
(loss) before taxes
|
(25.0)
|
5.7
|
Income
tax expense (benefit)
|
(2.1)
|
1.5
|
Net
income (loss)
|
(22.9)%
|
4.2%
|
Report
of Independent Registered Public Accounting Firm
|
16
|
|
|
Balance
Sheets as of December 31, 2019 and 2018
|
17
|
|
|
Statements
of Operations for the years ended December 31, 2019 and
2018
|
18
|
|
|
Statements
of Shareholders’ Equity for the years ended December 31, 2019
and 2018
|
19
|
|
|
Statements
of Cash Flows for the years ended December 31, 2019 and
2018
|
20
|
|
|
Notes
to Financial Statements
|
21
|
Insignia Systems, Inc.
|
|||||||||||
STATEMENTS OF SHAREHOLDERS' EQUITY
|
|
Common Stock
|
Additional Paid-In
|
Retained Earnings
|
|
|
|
Shares
|
Amount
|
Capital
|
(Accumulated Deficit)
|
Total
|
Balance at January 1, 2018
|
11,914,000
|
$119,000
|
$15,361,000
|
$(639,000)
|
$14,841,000
|
Issuance of
common stock, net
|
49,000
|
1,000
|
48,000
|
-
|
49,000
|
Repurchase of
common stock, net
|
(164,000)
|
(2,000)
|
(296,000)
|
-
|
(298,000)
|
Repurchase of
common stock upon vesting of restricted stock awards and vesting of
restricted stock units, net
|
(22,000)
|
-
|
(81,000)
|
-
|
(81,000)
|
Value of
stock-based compensation
|
-
|
-
|
410,000
|
-
|
410,000
|
Restricted
stock award issuance
|
63,000
|
-
|
-
|
-
|
-
|
Net
income
|
-
|
-
|
-
|
1,399,000
|
1,399,000
|
|
|
|
|
|
|
Balance at December 31, 2018
|
11,840,000
|
118,000
|
15,442,000
|
760,000
|
16,320,000
|
Issuance of
common stock, net
|
107,000
|
1,000
|
107,000
|
-
|
108,000
|
Repurchase of
common stock upon vesting of restricted stock
units
|
(20,000)
|
2,000
|
(37,000)
|
-
|
(35,000)
|
Value of
stock-based compensation
|
-
|
-
|
422,000
|
-
|
422,000
|
Restricted
stock award issuance
|
147,000
|
-
|
-
|
-
|
|
Net
loss
|
-
|
-
|
-
|
(5,021,000)
|
(5,021,000)
|
Balance at December 31, 2019
|
12,074,000
|
$121,000
|
$15,934,000
|
$(4,261,000)
|
$11,794,000
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
|
|
Insignia Systems, Inc.
|
||||
STATEMENTS OF CASH FLOWS
|
||||
|
|
|
|
|
Year Ended December 31
|
2019
|
2018
|
Operating activities:
|
|
|
Net
income (loss)
|
$(5,021,000)
|
$1,399,000
|
Adjustments
to reconcile net income (loss) to
net cash provided by (used in) operating activities:
|
|
|
Depreciation
and amortization
|
1,647,000
|
1,167,000
|
Impairment
loss
|
2,014,000
|
-
|
Changes
in allowance for doubtful accounts
|
43,000
|
(191,000)
|
Deferred
income tax expense (benefit)
|
(504,000)
|
259,000
|
Stock-based
compensation
|
422,000
|
410,000
|
Gain
on sale of property and equipment
|
-
|
(35,000)
|
Changes
in operating assets and liabilities:
|
|
|
Accounts
receivable
|
1,161,000
|
3,292,000
|
Inventories
|
31,000
|
(52,000)
|
Income
tax receivable
|
1,000
|
233,000
|
Prepaid
expenses and other
|
(69,000)
|
109,000
|
Accounts
payable
|
(224,000)
|
95,000
|
Accrued
liabilities
|
(1,680,000)
|
463,000
|
Accrued
income taxes
|
30,000
|
32,000
|
Deferred
revenue
|
(162,000)
|
(70,000)
|
Net
cash provided by (used in) operating activities
|
(2,311,000)
|
7,111,000
|
|
|
|
Investing activities:
|
|
|
Purchases
of property and equipment
|
(398,000)
|
(1,337,000)
|
Proceeds
from sale of property and equipment
|
-
|
35,000
|
Purchase
of held to maturity investments
|
(4,981,000)
|
-
|
Proceeds
from sale of held to maturity investments
|
4,981,000
|
-
|
Net
cash used in investing activities
|
(398,000)
|
(1,302,000)
|
|
|
|
Financing activities:
|
|
|
Cash
dividends paid ($0.70 per share)
|
(14,000)
|
(14,000)
|
Proceeds
from issuance of common stock, net
|
108,000
|
49,000
|
Repurchase
of common stock upon vesting of restricted stock awards and vesting
of restricted stock units
|
(35,000)
|
(81,000)
|
Repurchase
of common stock, net
|
-
|
(298,000)
|
Net
cash provided by (used in) financing activities
|
59,000
|
(344,000)
|
|
|
|
Increase
(decrease) in cash and cash equivalents
|
(2,650,000)
|
5,465,000
|
|
|
|
Cash
and cash equivalents at beginning of year
|
10,160,000
|
4,695,000
|
Cash
and cash equivalents at end of year
|
$7,510,000
|
$10,160,000
|
|
|
|
Supplemental disclosures for cash flow information:
|
|
|
Cash
paid (refunded) during the year for income taxes
|
$8,000
|
$(39,000)
|
|
|
|
Non-cash investing and financing activities:
|
|
|
Cash
dividends declared included in accounts payable
|
$28,000
|
$42,000
|
Purchases
of property and equipment included in accounts payable
|
$-
|
$60,000
|
|
|
|
See accompanying notes to financial statements.
|
|
|
December 31
|
2019
|
2018
|
Beginning
balance
|
$22,000
|
$213,000
|
Bad
debt provision
|
47,000
|
6,000
|
Accounts
written-off
|
(4,000)
|
(197,000)
|
Ending
balance
|
$65,000
|
$22,000
|
December 31
|
2019
|
2018
|
Raw
materials
|
$47,000
|
$80,000
|
Work-in-process
|
16,000
|
12,000
|
Finished
goods
|
259,000
|
261,000
|
|
$322,000
|
$353,000
|
Production
tooling, machinery and equipment
|
1 - 6
years
|
Office
furniture and fixtures
|
1 - 3
years
|
Computer
equipment and software
|
3 - 5
years
|
Property and Equipment, net:
|
|
Balance
prior to impairment
|
$2,563,000
|
Impairment
charge
|
(2,014,000)
|
Ending
balance
|
$549,000
|
Year ended December 31
|
2019
|
2018
|
Denominator
for basic net income (loss) per share - weighted average
shares
|
11,941,000
|
11,776,000
|
Effect
of dilutive securities:
|
|
|
Stock
options, restricted stock units and restricted stock
awards
|
-
|
231,000
|
Denominator
for diluted net income (loss) per share - weighted average
shares
|
11,941,000
|
12,007,000
|
|
Year ended December 31, 2019
|
||
|
Services Revenues
|
Products Revenue
|
Total Revenue
|
Timing of revenue recognition:
|
|
|
|
Products
and services transferred over time
|
$15,172,000
|
$-
|
$15,172,000
|
Products
and services transferred at a point in time
|
5,057,000
|
1,725,000
|
6,782,000
|
Total
|
$20,229,000
|
$1,725,000
|
$21,954,000
|
|
Year ended December 31, 2018
|
||
|
Services Revenues
|
Products Revenue
|
Total Revenue
|
Timing of revenue recognition:
|
|
|
|
Products
and services transferred over time
|
$28,598,000
|
$-
|
$28,598,000
|
Products
and services transferred at a point in time
|
3,025,000
|
1,613,000
|
4,638,000
|
Total
|
$31,623,000
|
$1,613,000
|
$33,236,000
|
Balance
at December 31, 2018
|
$302,000
|
Reclassification
of beginning deferred revenue to revenue, as a result of
performance obligations satisfied
|
(302,000)
|
Cash
received in advance and not recognized as revenue
|
140,000
|
Balance
at December 31, 2019
|
$140,000
|
|
2019
|
2018
|
Gross
cost
|
$4,000,000
|
$4,000,000
|
Accumulated
amortization
|
(3,683,000)
|
(3,083,000)
|
Net
carrying amount
|
$317,000
|
$917,000
|
Year ended December 31
|
2019
|
2018
|
Property and Equipment:
|
|
|
Production
tooling, machinery and equipment
|
$3,685,000
|
$3,694,000
|
Office
furniture and fixtures
|
393,000
|
385,000
|
Computer
equipment and software
|
1,426,000
|
2,743,000
|
Leasehold
improvements
|
-
|
577,000
|
Construction
in-progress
|
-
|
1,179,000
|
|
5,504,000
|
8,578,000
|
Accumulated
depreciation and amortization
|
(4,955,000)
|
(5,310,000)
|
Net
Property and Equipment
|
$549,000
|
$3,268,000
|
|
Year ended December 31, 2019
|
||
|
Corporate
|
Additional
|
Operating
|
|
Headquarters
|
Office Space
|
Leases
|
Operating
lease cost
|
$150,000
|
$-
|
$150,000
|
Variable
lease cost
|
106,000
|
-
|
106,000
|
Short-term
lease cost
|
-
|
38,000
|
38,000
|
Total
|
$256,000
|
$38,000
|
$294,000
|
Maturity of Lease Liabilities
|
Operating Leases
|
2020
|
$222,000
|
2021
|
57,000
|
Total
lease payments
|
$279,000
|
Less:
Interest
|
11,000
|
Present
value of lease liabilities
|
$268,000
|
2019
|
$217,000
|
2020
|
222,000
|
2021
|
57,000
|
2020
|
$2,534,000
|
2021
|
1,793,000
|
2022
|
518,000
|
2023
|
275,000
|
Year ended December 31
|
2019
|
2018
|
Cost
of sales
|
$14,000
|
$11,000
|
Selling
|
121,000
|
102,000
|
Marketing
|
12,000
|
71,000
|
General
and administrative
|
275,000
|
226,000
|
|
$422,000
|
$410,000
|
|
|
|
|
|
2018
|
Stock Options:
|
|
|
Expected
life (years)
|
|
6.5
|
Expected
volatility
|
|
51%
|
Dividend
yield
|
|
0%
|
Risk-free
interest rate
|
|
2.8%
|
|
|
|
|
2019
|
2018
|
Stock Purchase Plan Options:
|
|
|
Expected
life (years)
|
1.0
|
1.0
|
Expected
volatility
|
57%
|
66%
|
Dividend
yield
|
0%
|
0%
|
Risk-free
interest rate
|
2.6%
|
1.8%
|
December
31, 2019
|
191,254
|
|
December
31, 2018
|
253,412
|
|
|
Options
Outstanding
|
Options
Exercisable
|
|||
Ranges
of Exercise Prices
|
Number
Outstanding
|
Weighted
Average Remaining Contractual Life
|
Weighted
Average Exercise Price Per Share
|
Number
Exercisable
|
Weighted
Average Exercise Price Per Share
|
$1.18 - $2.04
|
148,291
|
6.93 years
|
$1.74
|
42,346
|
$1.22
|
$2.05 - $3.09
|
106,557
|
3.05 years
|
2.61
|
106,557
|
2.61
|
$4.02
|
42,351
|
0.40 years
|
4.02
|
42,351
|
4.02
|
|
297,199
|
4.61 years
|
$2.38
|
191,254
|
$2.61
|
|
Number of Shares
|
Weighted average
grant date fair value
|
Unvested
shares at January 1, 2018
|
322,479
|
$1.69
|
Granted
|
343,667
|
1.86
|
Vested
|
(132,940)
|
1.47
|
Forfeited
or surrendered
|
(39,884)
|
1.22
|
Unvested
shares at December 31, 2018
|
493,322
|
$1.90
|
Granted
|
70,755
|
1.06
|
Vested
|
(210,742)
|
1.59
|
Forfeited
or surrendered
|
(37,973)
|
1.84
|
Unvested
shares at December 31, 2019
|
315,362
|
$1.92
|
Year Ended December 31
|
2019
|
2018
|
Current
taxes - Federal
|
$-
|
$177,000
|
Current
taxes - State
|
38,000
|
48,000
|
Deferred
taxes - Federal
|
(437,000)
|
227,000
|
Deferred
taxes - State
|
(67,000)
|
32,000
|
|
|
|
Income
tax expense (benefit)
|
$(466,000)
|
$484,000
|
Year Ended December 31
|
2019
|
2018
|
Federal
statutory rate
|
21.0%
|
21.0%
|
|
|
|
Stock-based
awards
|
(0.8)
|
0.6
|
State
taxes
|
3.2
|
2.8
|
Other
permanent differences
|
(0.1)
|
0.7
|
Impact
of uncertain tax positions
|
(0.6)
|
1.7
|
Valuation
allowance
|
(14.0)
|
(1.6)
|
Other
|
(0.2)
|
0.5
|
|
|
|
Effective
federal income tax rate
|
8.5%
|
25.7%
|
Balance
at January 1, 2018
|
$581,000
|
Increases
due to interest and state tax
|
32,000
|
Balance
at December 31, 2018
|
613,000
|
Increases
due to interest and state tax
|
30,000
|
Balance
at December 31, 2019
|
$643,000
|
Year Ended December 31, 2019
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter
|
Net
sales
|
$5,140,000
|
$5,842,000
|
$4,654,000
|
$6,318,000
|
Gross
profit
|
774,000
|
1,465,000
|
926,000
|
1,596,000
|
Net
loss
|
(1,096,000)
|
(488,000)
|
(978,000)
|
(2,459,000)
|
Net
loss per share:
|
|
|
|
|
Basic
|
$(0.09)
|
$(0.04)
|
$(0.08)
|
$(0.21)
|
Diluted
|
$(0.09)
|
$(0.04)
|
$(0.08)
|
$(0.21)
|
|
|
|
|
|
Year Ended December 31, 2018
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter
|
Net
sales
|
$7,419,000
|
$8,245,000
|
$9,455,000
|
$8,117,000
|
Gross
profit
|
2,746,000
|
3,005,000
|
3,563,000
|
3,247,000
|
Net
income
|
164,000
|
184,000
|
645,000
|
406,000
|
Net
income per share:
|
|
|
|
|
Basic
|
$0.01
|
$0.02
|
$0.05
|
$0.04
|
Diluted
|
$0.01
|
$0.02
|
$0.05
|
$0.04
|
Name
|
|
Age
|
|
Position
|
Kristine
A. Glancy
|
|
42
|
|
President,
Chief Executive Officer and Secretary
|
Jeffrey
A. Jagerson
|
|
53
|
|
Vice
President of Finance, Chief Financial Officer and
Treasurer
|
Adam D.
May
|
|
36
|
|
Chief
Growth Officer
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference To
|
|
|
|
|
|
|
Composite
Articles of Incorporation of Registrant, as amended through July
31, 2008
|
|
Exhibit
3.1 of the Registrant’s Annual Report on Form 10-K for the
year ended December 31, 2015
|
|
|
|
|
|
|
|
Composite
stated Bylaws of Registrant, as amended through December 5,
2015
|
|
Exhibit
3.2 of the Registrant’s Annual Report on Form 10-K for the
year ended December 31, 2015
|
|
|
|
|
|
|
+4.1
|
|
Description
of Securities
|
|
Filed
Electronically
|
|
|
|
|
|
*10.1
|
|
2003
Incentive Stock Option Plan, as amended
|
|
Exhibit
10.1 of the Registrant’s Form 8-K filed December 2,
2016
|
|
|
|
|
|
*10.2
|
|
Form of
Incentive Stock Option Agreement under 2003 Incentive Stock Option
Plan
|
|
Exhibit
10.1 of the Registrant’s Form 8-K filed January 16,
2013
|
|
|
|
|
|
*10.3
|
|
2013
Omnibus Stock and Incentive Plan, as amended
|
|
Exhibit
10.2 of the Registrant’s Form 8-K filed December 2,
2016
|
|
|
|
|
|
*10.4
|
|
Form of
Incentive Stock Option Agreement under 2013 Omnibus Stock and
Incentive Plan
|
|
Exhibit
10.1 of the Registrant’s Form 8-K filed August 23,
2013
|
*10.5
|
|
Form of
Restricted Stock Unit Agreement for Employees under 2013 Omnibus
Stock and Incentive Plan
|
|
Exhibit
10.1 of the Registrant’s Form 8-K filed May 28,
2014
|
|
|
|
|
|
*10.6
|
|
Form of
Restricted Stock Award Agreement for Employees under the 2013
Omnibus Stock and Incentive Plan
|
|
Exhibit
10.1 of the Registrant’s Form 10-Q for the quarterly period
ended September 30, 2017
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference To
|
*10.7
|
|
2018
Equity Incentive Plan
|
|
Exhibit
99.1 of the Registrant’s Registration Statement on Form S-8,
Reg. No. 333-226670
|
|
|
|
|
|
*10.8
|
|
Form of
Non-Qualified Stock Option Agreement under 2018 Equity Incentive
Plan
|
|
Exhibit
10.1 of the Registrant’s Form 8-K filed August 14,
2018
|
|
|
|
|
|
*10.9
|
|
Form of
Restricted Stock Unit Agreement under 2018 Equity Incentive
Plan
|
|
Exhibit
10.2 of the Registrant’s Form 8-K filed August 14,
2018
|
|
|
|
|
|
|
Form of
Restricted Stock Unit Agreement for Non-Employee Directors under
the 2018 Equity Incentive Plan
|
|
Exhibit
10.1 of the Registrant’s Form 10-Q for the quarterly period
ended June 30, 2019
|
|
|
|
|
|
|
|
Employee
Stock Purchase Plan, as amended
|
|
Exhibit
99.2 of the Registrant’s Registration Statement on Form S-8,
Reg. No. 333-226670
|
|
|
|
|
|
|
|
Deferred
Compensation Plan for Directors
|
|
Exhibit
10.1 of the Registrant’s Form 10-Q for the quarterly period
ended March 31, 2018
|
|
|
|
|
|
|
|
Employment
Agreement with Kristine Glancy dated April 8, 2016
|
|
Exhibit
10.1 of the Registrant’s Form 8-K filed April 13,
2016
|
|
|
|
|
|
|
|
Change
in Control Severance Agreement with Kristine Glancy dated April 8,
2016
|
|
Exhibit
10.2 of the Registrant’s Form 8-K filed April 13,
2016
|
|
|
|
|
|
|
|
First
Amendment to Change in Control Agreement with Kristine A. Glancy
dated April 28, 2018
|
|
Exhibit
10.1 of the Registrant’s Form 10-Q for the quarterly period
ended March 31, 2019
|
|
|
|
|
|
|
|
Employment
Agreement with Jeffrey Jagerson dated July 17, 2017
|
|
Exhibit
10.1 of the Registrant’s Form 8-K filed June 30,
2017
|
|
|
|
|
|
|
|
Change
in Control Agreement with Jeffrey Jagerson dated July 17,
2017
|
|
Exhibit
10.2 of the Registrant’s Form 8-K filed June 30,
2017
|
|
|
|
|
|
|
+*10.18
|
|
Employment
Agreement with Adam May dated December 20, 2019
|
|
Filed
Electronically
|
|
|
|
|
|
+*10.19
|
|
Change
in Control Agreement with Adam May dated December 20,
2019
|
|
Filed
Electronically
|
|
|
|
|
|
|
Industrial/Warehouse
Lease Agreement between the Company and Opus Northwest L.L.C. dated
March 27, 2008**
|
|
Exhibit 10.22 of
the Registrant's Annual Report on Form 10-K for the year ended
December 31, 2007
|
|
|
|
|
|
|
|
First
Amendment to Industrial/Warehouse Lease Agreement with James
Campbell Company LLC (as successor in interest to Opus Northwest
L.L.C.) dated September 14, 2015
|
|
Exhibit
10.1 of the Registrant’s Form 10-Q for the quarterly period
ended September 30, 2015
|
|
Exclusive
Agreement for Sale and Implementation of Specified Signs with Price
approved June 6, 2011
|
|
Exhibit
10.2 of the Registrant’s Form 10-Q for the quarterly period
ended June 30, 2011
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference To
|
|
Settlement
Agreement and Release with News America Marketing In-Store, LLC,
dated February 9, 2011, including exhibits
|
|
Exhibit
10.1 of the Registrant’s Form 10-Q/A for the quarterly period
ended March 31, 2011
|
|
|
|
|
|
|
|
Cooperation
Agreement with Nick Swenson, Air T, Inc. and Groveland Capital LLC,
dated May 17, 2018
|
|
Exhibit
10.1 of the Registrant’s Form 8-K filed May 18,
2018
|
|
|
|
|
|
|
+23.1
|
|
Consent
of Independent Registered Public Accounting Firm
|
|
|
|
|
|
|
|
+24.1
|
|
Powers
of Attorney
|
|
|
|
|
|
|
|
+31.1
|
|
Certification
of Principal Executive Officer pursuant to Section 302 of the
Sarbanes Oxley Act of 2002
|
|
|
|
|
|
|
|
+31.2
|
|
Certification
of Principal Financial Officer pursuant to Section 302 of the
Sarbanes Oxley Act of 2002
|
|
|
|
|
|
|
|
++32
|
|
Section
1350 Certifications
|
|
|
|
|
|
|
|
+101.1
|
|
The
following materials from Insignia Systems, Inc.’s Annual
Report on Form 10-K for the year ended December 31, 2019 are filed
herewith, formatted in XBRL (Extensible Business Reporting
Language): (i) Balance Sheets, (ii) Statements of Operations, (iii)
Statements of Shareholders’ Equity (iv) Statements of Cash
Flows, and (v) Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
Insignia Systems,
Inc.
|
|
|
|
|
|
|
Dated: March 10,
2020
|
By:
|
/s/ Kristine
A. Glancy
|
|
|
|
Kristine A.
Glancy
|
|
|
|
President and Chief
Executive Officer
|
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Kristine A.
Glancy
|
|
President, Chief
Executive Officer, Secretary and Director
|
|
March 10,
2020
|
Kristine A.
Glancy
|
|
(principal
executive officer)
|
|
|
|
|
|
|
|
/s/ Jeffrey A.
Jagerson
|
|
Vice President of
Finance, Chief Financial Officer and Treasurer
|
|
March 10,
2020
|
Jeffrey A.
Jagerson
|
|
(principal
financial and accounting officer)
|
|
|
|
|
|
|
|
*
|
|
Chairman of the
Board, Director
|
|
March 10,
2020
|
Jacob J.
Berning
|
|
|
|
|
|
|
|
|
|
*
|
|
Director
|
|
March 10,
2020
|
Chad B. Johnson
|
|
|
|
|
|
|
|
|
|
*
|
|
Director
|
|
March 10,
2020
|
Loren A.
Unterseher
|
|
|
|
|
|
|
|
|
|
*
|
|
Director
|
|
March 10,
2020
|
Rachael B.
Vegas
|
|
|
|
|
|
|
||
|
|
|
|
|
By:
|
/s/ Kristine A.
Glancy
|
|
|
|
Kristine A.
Glancy
Attorney-in-fact
|
|
|
|
|
/s/ Jacob J.
Berning
|
|
Jacob J.
Berning
|
|
/s/
Chad
B. Johnson
|
|
Chad
B. Johnson
|
|
|
|
/s/ Loren A.
Unterseher
|
|
Loren A.
Unterseher
|
|
|
|
|
|
/s/ Rachael B.
Vegas
|
|
Rachael B.
Vegas
|
Dated:
March 10, 2020
|
/s/
Kristine A. Glancy
|
|
|
Kristine
A. Glancy
|
|
|
President
and Chief Executive Officer
|
|
|
(principal
executive officer)
|
|
|
|
|
Dated:
March 10, 2020
|
/s/
Jeffrey A. Jagerson
|
|
|
Jeffrey
A. Jagerson
|
|
|
Vice
President of Finance and Chief Financial Officer
|
|
|
(principal
accounting and financial officer)
|
|
|
|
|
Dated:
March 10, 2020
|
/s/
Kristine A. Glancy
|
|
|
Kristine
A. Glancy
|
|
|
President
and Chief Executive Officer
|
|
|
(principal
executive officer)
|
|
|
|
|
|
|
|
Dated:
March 10, 2020
|
/s/
Jeffrey A. Jagerson
|
|
|
Jeffrey
A. Jagerson
|
|
|
Vice
President of Finance and Chief Financial Officer
|
|
|
(principal
accounting and financial officer)
|
|