WINMARK CORP — Director's Dealing 2025

Dec 15, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WINMARK CORP (WINA)
CIK: 0000908315
Period of Report: 2025-12-15

Reporting Person: HEFFES BRETT D (N/A)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-15	Employee Stock Option (right to buy)	$444.54	A	2712	Acquired	2035-12-15	Common Stock (2712)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	114400	Direct
Common Stock	338	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$176.20	2029-12-16	Common Stock (1897)	1897	Direct
Employee Stock Option (right to buy)	$183.87	2030-12-14	Common Stock (4000)	4000	Direct
Employee Stock Option (right to buy)	$195.82	2031-06-01	Common Stock (3490)	3490	Direct
Employee Stock Option (right to buy)	$261.32	2031-12-13	Common Stock (11100)	11100	Direct
Employee Stock Option (right to buy)	$197.80	2032-06-01	Common Stock (9360)	9360	Direct
Employee Stock Option (right to buy)	$238.60	2032-12-12	Common Stock (5740)	5740	Direct
Employee Stock Option (right to buy)	$325.99	2033-06-01	Common Stock (4120)	4120	Direct
Employee Stock Option (right to buy)	$355.90	2034-06-01	Common Stock (3580)	3580	Direct
Employee Stock Option (right to buy)	$400.97	2034-12-09	Common Stock (3260)	3260	Direct
Employee Stock Option (right to buy)	$424.82	2035-06-01	Common Stock (2984)	2984	Direct

Footnotes

F1: 25% per year for four years.