WINMARK CORP — Director's Dealing 2017

Feb 8, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WINMARK CORP (WINA)
CIK: 0000908315
Period of Report: 2017-02-07

Reporting Person: Nine Ten Capital Management LLC (10% Owner)
Reporting Person: Nine Ten Partners LP (10% Owner)
Reporting Person: Bares Brian Timothy (10% Owner)
Reporting Person: Bradshaw James Shel (10% Owner)
Reporting Person: Mollen Russell Chad (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-07	Common Stock, no par value	S	2705	$115.02	Disposed	421865	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, no par value	2512	Direct
Common Stock, no par value	208	Direct
Common Stock, no par value	100	Direct

Footnotes

F1: This Form 4 is filed jointly by Nine Ten Partners LP ("NT Fund"), Nine Ten Capital Management LLC ("NTCM"), Brian Bares, James Bradshaw and Russell Mollen (collectively, the "Reporting Persons"). Each Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or her pecuniary interest therein.

F2: Shares of Common Stock are owned directly by NT Fund. NTCM is the investment manager of NT Fund and may be deemed to have beneficial ownership over the shares of Common Stock owned directly by NT Fund by virtue of the sole and exclusive authority granted to NTCM by NT Fund to vote and dispose of the shares of Common Stock owned directly by NT Fund. As the Managing Members of NTCM, each of Messrs. Bares, Bradshaw and Mollen may be deemed to beneficially own the shares of Common Stock owned directly by NT Fund.

F3: These shares of Common Stock are owned directly by Mr. Bares.

F4: These shares of Common Stock are owned directly by Mr. Bradshaw.

F5: These shares of Common Stock are owned directly by Mr. Mollen.