WINMARK CORP — Director's Dealing 2018

Nov 30, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WINMARK CORP (WINA)
CIK: 0000908315
Period of Report: 2018-11-28

Reporting Person: HEFFES BRETT D (Director, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-11-28	Common Stock	M	1344	$51.17	Acquired	120744	Direct
2018-11-28	Common Stock	S	1344	$150.61	Disposed	119400	Direct
2018-11-28	Common Stock	M	673	$59.77	Acquired	120073	Direct
2018-11-28	Common Stock	M	27	$66.29	Acquired	120100	Direct
2018-11-29	Common Stock	M	656	$51.17	Acquired	120756	Direct
2018-11-29	Common Stock	S	656	$150.55	Disposed	120100	Direct
2018-11-29	Common Stock	M	300	$66.29	Acquired	120400	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-11-28	Employee Stock Option (right to buy)	$51.17	M	2000	Disposed	2022-06-01	Common Stock (5413)	Direct
2018-11-28	Employee Stock Option (right to buy)	$59.77	M	673	Disposed	2023-06-01	Common Stock (8250)	Direct
2018-11-28	Employee Stock Option (right to buy)	$66.29	M	327	Disposed	2024-06-01	Common Stock (8500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1300	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$55.72	2022-12-13	Common Stock (9250)	9250	Direct
Employee Stock Option (right to buy)	$82.72	2023-12-16	Common Stock (9250)	9250	Direct
Employee Stock Option (right to buy)	$80.32	2024-12-15	Common Stock (8500)	8500	Direct
Employee Stock Option (right to buy)	$91.93	2025-06-01	Common Stock (6800)	6800	Direct
Employee Stock Option (right to buy)	$90.99	2025-12-14	CommonStock (6800)	6800	Direct
Employee Stock Option (right to buy)	$98.25	2026-06-01	Common Stock (5000)	5000	Direct
Employee Stock Option (right to buy)	$125.50	2026-12-12	Common Stock (5000)	5000	Direct
Employee Stock Option (right to buy)	$122.50	2027-06-01	Common Stock (5000)	5000	Direct
Employee Stock Option (right to buy)	$134.25	2027-12-11	Common Stock (5000)	5000	Direct
Employee Stock Option (right to buy)	$143.20	2028-06-01	Common Stock (5000)	5000	Direct

Footnotes

F1: 25% per year for four years.

F2: 1,344 shares sold at an average price of $150.61, with a range of $150.50 to $151.00, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F3: 656 shares sold at an average price of $150.55, with a range of $150.50 to $150.82, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F4: 1,344 option shares exercised 11/28/18 and 656 option shares exercised 11/29/18 as indicated in Table 1.

F5: 27 option shares exercised 11/28/18 and 300 option shares exercised 11/29/18 as indicated in Table 1.