WINMARK CORP — Director's Dealing 2020

Jul 17, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WINMARK CORP (WINA)
CIK: 0000908315
Period of Report: 2020-07-16

Reporting Person: HEFFES BRETT D (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-07-16	Common Stock	M	1600	$59.77	Acquired	126000	Direct
2020-07-16	Common Stock	M	4017	$66.29	Acquired	130017	Direct
2020-07-16	Common Stock	M	1150	$80.32	Acquired	131167	Direct
2020-07-16	Common Stock	S	2504	$162.15	Disposed	128663	Direct
2020-07-16	Common Stock	S	500	$161.10	Disposed	128163	Direct
2020-07-16	Common Stock	S	2286	$160.25	Disposed	125877	Direct
2020-07-16	Common Stock	S	1477	$159.00	Disposed	124400	Direct
2020-07-16	Common Stock	M	100	$59.77	Acquired	124500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-07-16	Employee Stock Option (right to buy)	$59.77	M	1700	Disposed	2023-06-01	Common Stock (1700)	Direct
2020-07-16	Employee Stock Option (right to buy)	$66.29	M	4017	Disposed	2024-06-01	Common Stock (4017)	Direct
2020-07-16	Employee Stock Option (right to buy)	$80.32	M	1150	Disposed	2024-12-15	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)	$82.72	2023-12-16	Common Stock (9250)	9250	Direct
Employee Stock Option (right to buy)	$91.93	2025-06-01	Common Stock (5713)	5713	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
Employee Stock Option (right to buy)	$176.20	2029-12-16	Common Stock (4000)	4000	Direct
Employee Stock Option (right to buy)	$143.87	2030-06-01	Common Stock (4000)	4000	Direct

Footnotes

F1: 25% per year for four years.

F2: 2,504 shares sold at an average price of $162.15, with a range of $161.62 to $162.60, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F3: 2,286 shares sold at an average price of $160.25, with a range of $160.00 to $160.58, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.