STANDSTILL AGREEMENTStandstill Agreement • December 7th, 2015 • Insignia Systems Inc/Mn • Services-advertising • Minnesota
This Standstill Agreement, dated as of December 5, 2015 (this “Agreement”), is entered into by and among Insignia Systems, Inc., a Minnesota corporation (the “Company”), Nicholas J. Swenson, an individual resident of Minnesota (“Swenson”), Air T, Inc., a Delaware corporation (“Air T”), Groveland Capital LLC, a Delaware limited liability company (“Groveland Capital”), and Groveland Hedged Credit Fund LLC, a Delaware limited liability company (“Groveland Fund” and, collectively with Swenson, Air T and Groveland Capital, the “Air T Group”), and Sardar Biglari, an individual resident of Texas (“Biglari”), Philip L. Cooley, an individual resident of Texas (“Cooley”), The Lion Fund II, L.P., a Delaware limited partnership (“Lion Fund”), and Biglari Capital Corp., a Texas limited liability company (“BCC” and, collectively with Biglari, Cooley and Lion Fund, the “Biglari Group”).
