WINMARK CORP — Director's Dealing 2019

Oct 25, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WINMARK CORP (WINA)
CIK: 0000908315
Period of Report: 2019-10-23

Reporting Person: HEFFES BRETT D (Director, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-10-23	Common Stock	M	3924	$59.77	Acquired	126824	Direct
2019-10-23	Common Stock	S	1800	$183.76	Disposed	125024	Direct
2019-10-23	Common Stock	S	2124	$183.12	Disposed	122900	Direct
2019-10-23	Common Stock	M	1087	$91.93	Acquired	123987	Direct
2019-10-24	Common Stock	M	540	$59.77	Acquired	124527	Direct
2019-10-24	Common Stock	M	742	$66.29	Acquired	125269	Direct
2019-10-24	Common Stock	S	146	$183.21	Disposed	125123	Direct
2019-10-24	Common Stock	S	1136	$182.54	Disposed	123987	Direct
2019-10-24	Common Stock	M	600	$59.77	Acquired	124587	Direct
2019-10-25	Common Stock	M	2233	$66.29	Acquired	126820	Direct
2019-10-25	Common Stock	S	741	$183.35	Disposed	126079	Direct
2019-10-25	Common Stock	S	1492	$182.57	Disposed	124587	Direct
2019-10-25	Common Stock	M	813	$59.77	Acquired	125400	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-10-23	Employee Stock Option (right to buy)	$59.77	M	5877	Disposed	2023-06-01	Common Stock (7577)	Direct
2019-10-24	Employee Stock Option (right to buy)	$66.29	M	2975	Disposed	2024-06-01	Common Stock (6992)	Direct
2019-10-23	Employee Stock Option (right to buy)	$91.93	M	1087	Disposed	2025-06-01	Common Stock (6800)	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)	$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)	$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
Employee Stock Option (right to buy)	$143.20	2028-06-01	Common Stock (5000)	5000	Direct
Employee Stock Option (right to buy)	$156.00	2028-12-11	Common Stock (5000)	5000	Direct
Employee Stock Option (right to buy)	$164.84	2029-06-01	Common Stock (4000)	4000	Direct

Footnotes

F1: 25% per year for four years.

F2: 1,800 shares sold at an average price of $183.76, with a range of $183.57 to $184.55, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F3: 2,124 shares sold at an average price of $183.12, with a range of $182.77 to $183.50, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F4: 146 shares sold at an average price of $183.21, with a range of $183.10 to $183.30, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F5: 1,136 shares sold at an average price of $182.54, with a range of $182.07 to $183.07, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F6: 741 shares sold at an average price of $183.35, with a range of $182.91 to $183.78, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F7: 1,492 shares sold at an average price of $182.57, with a range of $182.50 to $182.75, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F8: 3,924 option shares exercised 10/23/2019, 1,140 option shares exercised 10/24/2019 and 813 option shares exercised 10/25/2019 as indicated in Table I.

F9: 742 option shares exercised 10/24/2019 and 2,233 option shares exercised 10/25/2019 as indicated in Table I.