WINMARK CORP — Director's Dealing 2018

May 9, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WINMARK CORP (WINA)
CIK: 0000908315
Period of Report: 2018-05-09

Reporting Person: Zola Steven C (Director, President, Winmark Capital)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-09	Common Stock	M	8437	$16.52	Acquired	10440	Direct
2018-05-09	Common Stock	S	2077	$134.02	Disposed	8363	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-09	Employee Stock Option (right to buy)	$16.52	M	8437	Disposed	2018-08-13	Common Stock (8437)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	51876	Indirect
Common Stock	600	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$12.75	2018-12-11	Common Stock (5786)	5786	Direct
Employee Stock Option (right to buy)	$13.01	2019-06-01	Common Stock (7306)	7306	Direct
Employee Stock Option (right to buy)	$22.15	2019-12-10	Common Stock (7500)	7500	Direct
Employee Stock Option (right to buy)	$31.19	2020-06-01	Common Stock (7113)	7113	Direct
Employee Stock Option (right to buy)	$32.92	2020-12-14	Common Stock (8581)	8581	Direct
Employee Stock Option (right to buy)	$37.76	2021-06-01	Common Stock (9250)	6937	Direct
Employee Stock Option (right to buy)	$53.34	2021-12-08	Common Stock (9250)	9013	Direct
Employee Stock Option (right to buy)	$51.17	2022-06-01	Common Stock (9250)	7296	Direct
Employee Stock Option (right to buy)	$55.72	2022-12-13	Common Stock (9250)	9250	Direct
Employee Stock Option (right to buy)	$59.77	2023-06-01	Common Stock (9250)	7577	Direct
Employee Stock Option (right to buy)	$82.72	2023-12-16	Common Stock (9250)	9250	Direct
Employee Stock Option (right to buy)	$66.29	2024-06-01	Common Stock (8500)	8500	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	Common Stock (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

Footnotes

F1: 25% per year for 4 years

F2: 2,077 shares sold at an average price of $134.02, with a range of $134.00 to $134.10, to cover payment of a portion of the taxes due on option exercise included on this Form 4.