Director at Winmark (WINA) acquires 3,900 shares via options

Rhea-AI Filing Summary

Winmark Corp director Jenele C. Grassle reported exercising several non-employee stock options into common stock on February 25, 2026. She acquired a total of 3,900 shares of common stock through option exercises at strike prices ranging from $134.25 to $176.20 per share, bringing her direct common stock holdings to 6,400 shares.

Insider Trade Summary

3,900 shares exercised/converted

Mixed 22 txns

Insider GRASSLE JENELE C

Role Director

Type	Security	Shares	Price	Value
Exercise	Non-Employee Stock Option (right to buy)	800	$134.25	$107K
Exercise	Non-Employee Stock Option (right to buy)	800	$143.20	$115K
Exercise	Non-Employee Stock Option (right to buy)	800	$156.00	$125K
Exercise	Non-Employee Stock Option (right to buy)	750	$164.84	$124K
Exercise	Non-Employee Stock Option (right to buy)	750	$176.20	$132K
Exercise	Common Stock	800	$134.25	$107K
Exercise	Common Stock	800	$143.20	$115K
Exercise	Common Stock	800	$156.00	$125K
Exercise	Common Stock	750	$164.84	$124K
Exercise	Common Stock	750	$176.20	$132K
holding	Non-Employee Stock Option (right to buy)	--	--	--
holding	Non-Employee Stock Option (right to buy)	--	--	--
holding	Non-Employee Stock Option (right to buy)	--	--	--
holding	Non-Employee Stock Option (right to buy)	--	--	--
holding	Non-Employee Stock Option (right to buy)	--	--	--
holding	Non-Employee Stock Option (right to buy)	--	--	--
holding	Non-Employee Stock Option (right to buy)	--	--	--
holding	Non-Employee Stock Option (right to buy)	--	--	--
holding	Non-Employee Stock Option (right to buy)	--	--	--
holding	Non-Employee Stock Option (right to buy)	--	--	--
holding	Non-Employee Stock Option (right to buy)	--	--	--
holding	Non-Employee Stock Option (right to buy)	--	--	--

Holdings After Transaction: Non-Employee Stock Option (right to buy) — 0 shares (Direct); Common Stock — 3,300 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GRASSLE JENELE C

(Last) (First) (Middle)

605 HIGHWAY 169 N

SUITE 400

(Street)

MINNEAPOLIS MN 55441

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WINMARK CORP [ WINA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/25/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/25/2026		M		800	A	$134.25	3,300	D
Common Stock	02/25/2026		M		800	A	$143.2	4,100	D
Common Stock	02/25/2026		M		800	A	$156	4,900	D
Common Stock	02/25/2026		M		750	A	$164.84	5,650	D
Common Stock	02/25/2026		M		750	A	$176.2	6,400	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Employee Stock Option (right to buy)	$134.25	02/25/2026		M			800	12/11/2018(1)	12/11/2027	Common Stock	800	$134.25	0	D
Non-Employee Stock Option (right to buy)	$143.2	02/25/2026		M			800	06/01/2019(1)	06/01/2028	Common Stock	800	$143.2	0	D
Non-Employee Stock Option (right to buy)	$156	02/25/2026		M			800	12/11/2019(1)	12/11/2028	Common Stock	800	$156	0	D
Non-Employee Stock Option (right to buy)	$164.84	02/25/2026		M			750	06/01/2020(1)	06/01/2029	Common Stock	750	$164.84	0	D
Non-Employee Stock Option (right to buy)	$176.2	02/25/2026		M			750	12/16/2020(1)	12/16/2029	Common Stock	750	$176.2	0	D
Non-Employee Stock Option (right to buy)	$143.87							06/01/2021(1)	06/01/2030	Common Stock	750		750	D
Non-Employee Stock Option (right to buy)	$183.87							12/14/2021(1)	12/14/2030	Common Stock	750		750	D
Non-Employee Stock Option (right to buy)	$195.82							06/01/2022(1)	06/01/2031	Common Stock	750		750	D
Non-Employee Stock Option (right to buy)	$261.32							12/13/2022(1)	12/13/2031	Common Stock	750		750	D
Non-Employee Stock Option (right to buy)	$197.8							06/01/2023(1)	06/01/2032	Common Stock	880		880	D
Non-Employee Stock Option (right to buy)	$238.6							12/12/2023(1)	12/12/2032	Common Stock	620		620	D
Non-Employee Stock Option (right to buy)	$325.99							06/01/2024(1)	06/01/2033	Common Stock	380		380	D
Non-Employee Stock Option (right to buy)	$446.68							12/01/2024(1)	12/01/2033	Common Stock	240		240	D
Non-Employee Stock Option (right to buy)	$355.9							06/01/2025(1)	06/01/2034	Common Stock	300		300	D
Non-Employee Stock Option (right to buy)	$400.97							12/09/2025(1)	12/09/2034	Common Stock	300		300	D
Non-Employee Stock Option (right to buy)	$424.82							06/01/2026(1)	06/01/2035	Common Stock	280		280	D
Non-Employee Stock Option (right to buy)	$444.54							12/15/2026(1)	12/15/2035	Common Stock	256		256	D

Explanation of Responses:

1. 25% per year for four years.

	/s/ Jenele C. Grassle	02/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Winmark (WINA) director Jenele C. Grassle report on this Form 4?

Jenele C. Grassle reported exercising non-employee stock options into Winmark common stock. On February 25, 2026, she converted options into 3,900 shares, all held directly. These were option exercises, not open-market purchases or sales.

How many Winmark (WINA) shares did Jenele C. Grassle acquire?

Jenele C. Grassle acquired 3,900 shares of Winmark common stock. The shares came from exercising multiple non-employee stock option grants, each converted into common stock on February 25, 2026, rather than from buying shares in the open market.

What is Jenele C. Grassle’s Winmark (WINA) share ownership after these transactions?

After the reported option exercises, Jenele C. Grassle directly holds 6,400 shares of Winmark common stock. This figure reflects her ownership following the February 25, 2026 conversions of non-employee stock options into common stock.

Were Jenele C. Grassle’s Winmark (WINA) transactions open-market buys or option exercises?

The transactions were option exercises, not open-market purchases. Form 4 shows transaction code M and describes them as exercises or conversions of non-employee stock options into Winmark common stock on February 25, 2026.

What exercise prices applied to Jenele C. Grassle’s Winmark (WINA) options?

The exercised non-employee stock options had strike prices of $134.25, $143.20, $156.00, $164.84, and $176.20 per share. Each grant was converted into Winmark common stock at its respective exercise price on February 25, 2026.

Does Jenele C. Grassle still hold Winmark (WINA) stock options after these exercises?

Yes. Following the reported exercises, the filing lists remaining non-employee stock options with various share amounts, such as 750, 880, 620 and others. These option positions are held directly in addition to her 6,400 Winmark common shares.