WINA Form 144 Filed for 4,971-Share Sale After Option Exercise

Rhea-AI Filing Summary

Winmark Corp (WINA) reported a Form 144 notice showing a proposed sale of 4,971 common shares through Piper Sandler & Co. The filing lists an aggregate market value of $2,233,072.62 for those shares and indicates approximately 3,548,458 shares outstanding. The shares were acquired and are being sold on 08/27/2025 following a stock option exercise, with payment made in cash. The filing also discloses a recent sale the prior day of 2,441 shares with gross proceeds of $1,110,810.25 by Brett Heffes. The notice includes the standard signer representation that no undisclosed material adverse information exists.

Positive

• Full procedural detail provided: broker, acquisition date, payment method, and exact share counts are disclosed.
• Sale follows a stock option exercise, indicating the shares were acquired through an internal compensation mechanism.
• Prior related sale disclosed (2,441 shares on 08/26/2025), showing transparency about recent dispositions.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider sale after option exercise; quantity is small relative to outstanding shares and appears non-extraordinary.

The filing documents a common insider liquidity event: 4,971 shares to be sold via Piper Sandler after an option exercise on 08/27/2025. When compared to 3,548,458 shares outstanding, the sale represents roughly 0.14% of the float, which is immaterial to capitalization. The prior-day sale of 2,441 shares is disclosed, indicating recent incremental disposition rather than a single large block sale. No earnings or operational data are provided, so market impact should be limited to perception of insider selling rather than company fundamentals.

Compliance / Risk Analyst

TL;DR: Filing appears compliant and complete for a Rule 144 notice; broker, dates, and consideration are specified.

The Form 144 includes required elements: broker name (Piper Sandler & Co.), exact share counts, acquisition method (stock option exercise), payment method (cash), and recent related sales. The signer attests no undisclosed material adverse information. There is no indication of noncompliance or procedural irregularity within the notice content. Absent other disclosures, the filing reads as a standard compliance document for an insider sale.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	Piper Sandler & Co Inc 350 N 5th St Ste 1000 Minneapolis MN 55401	4971	2233072.62	3548458	08/27/2025	Nasdaq

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	08/27/2025	Stock Option Exercise	Issuer			4971	08/27/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Brett Heffes C/O Winmark Corp 605 HIGHWAY 169 N SUITE 400 Minneapolis MN 55441	Common Stock	08/26/2025	2441	1110810.25

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does Winmark Corp's (WINA) Form 144 disclose about the proposed sale?

The filing shows a proposed sale of 4,971 common shares via Piper Sandler on 08/27/2025 with an aggregate market value of $2,233,072.62.

How were the shares being sold acquired according to the Form 144?

The shares were acquired on 08/27/2025 by stock option exercise, and payment for those shares was made in cash.

Who is the broker handling the sale in the Form 144 for WINA?

The broker listed is Piper Sandler & Co., 350 N 5th St Ste 1000, Minneapolis, MN.

Does the Form 144 report any recent sales by the same person?

Yes. The filing discloses a sale on 08/26/2025 of 2,441 shares by Brett Heffes, yielding gross proceeds of $1,110,810.25.

What portion of Winmark's outstanding shares does the proposed sale represent?

The filing lists 3,548,458 shares outstanding; the proposed sale of 4,971 shares equals roughly 0.14% of outstanding shares.

Does the filer assert any undisclosed material information in the Form 144?

By signing, the person represents they do not know any material adverse information about the issuer that has not been publicly disclosed.