WINMARK CORP — Director's Dealing 2019

May 2, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WINMARK CORP (WINA)
CIK: 0000908315
Period of Report: 2019-04-30

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-04-30	Common Stock	M	705	$13.01	Acquired	2708	Direct
2019-04-30	Common Stock	S	705	$185.15	Disposed	2003	Direct
2019-05-01	Common Stock	M	1576	$13.01	Acquired	3579	Direct
2019-05-01	Common Stock	S	100	$186.00	Disposed	3479	Direct
2019-05-01	Common Stock	S	1476	$182.40	Disposed	2003	Direct
2019-05-02	Common Stock	M	171	$13.01	Acquired	2174	Direct
2019-05-02	Common Stock	S	171	$181.00	Disposed	2003	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-04-30	Employee Stock Option (right to buy)	$13.01	M	2452	Disposed	2019-06-01	Common Stock (3500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	58974	Indirect
Common Stock	800	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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 (6937)	6937	Direct
Employee Stock Option (right to buy)	$53.34	2021-12-08	Common Stock (9013)	9013	Direct
Employee Stock Option (right to buy)	$51.17	2022-06-01	Common Stock (7296)	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 (7577)	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
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

Footnotes

F1: 25% per year for 4 years

F2: 705 shares sold at an average price of $185.15, with a range of $185.00 to $186.00, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F3: 100 shares sold at a price of $186.00 to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F4: 1,476 shares sold at an average price of $182.40, with a range of $182.30 to $183.15, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F5: 171 shares sold at a price of $181.00 to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F6: 705 option shares exercised 4/30/2019, 1,576 option shares exercised 5/1/2019 and 171 option shares exercised 5/2/2019 as indicated in Table 1.