[Form 4] WINMARK CORP Insider Trading Activity

Rhea-AI Filing Summary

Winmark (WINA) reported an insider transaction by its Chief Financial Officer, Anthony D. Ishaug. On 11/07/2025, the CFO exercised employee stock options (transaction code M) for a total of 3,000 shares, consisting of 2,490 shares at $98.25 and 510 shares at $195.82.

Following these transactions, the filing shows 66,483 shares of common stock held directly. The derivative table reflects the exercises from grants originally priced at $98.25 and $195.82, alongside remaining option positions with various exercise prices and expiration dates.

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

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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^*

Ishaug Anthony D

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/07/2025

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	11/07/2025		M		2,490	A	$98.25	65,973	D
Common Stock	11/07/2025		M		510	A	$195.82	66,483	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
Employee Stock Option (right to buy)	$195.82	11/07/2025		M			510	06/01/2022(1)	06/01/2031	Common Stock	4,000	$195.82	3,490	D
Employee Stock Option (right to buy)	$98.25	11/07/2025		M			2,490	06/01/2017(1)	06/01/2026	Common Stock	5,783	$98.25	3,293	D
Employee Stock Option (right to buy)	$125.5							12/12/2017(1)	12/12/2026	Common Stock	6,800		6,800	D
Employee Stock Option (right to buy)	$122.5							06/01/2018(1)	06/06/2027	Common Stock	4,184		4,184	D
Employee Stock Option (right to buy)	$134.25							12/11/2018(1)	12/11/2027	Common Stock	5,000		5,000	D
Employee Stock Option (right to buy)	$143.2							06/01/2019(1)	06/01/2028	Common Stock	4,302		4,302	D
Employee Stock Option (right to buy)	$156							12/11/2019(1)	12/11/2028	Common Stock	5,000		5,000	D
Employee Stock Option (right to buy)	$164.84							06/01/2020(1)	06/01/2029	Common Stock	3,394		3,394	D
Employee Stock Option (right to buy)	$176.2							12/16/2020(1)	12/16/2029	Common Stock	4,000		4,000	D
Employee Stock Option (right to buy)	$143.87							06/01/2021(1)	06/01/2030	Common Stock	3,305		3,305	D
Employee Stock Option (right to buy)	$183.87							12/14/2021(1)	12/14/2030	Common Stock	4,000		4,000	D
Employee Stock Option (right to buy)	$261.32							12/13/2022(1)	12/13/2031	Common Stock	5,700		5,700	D
Employee Stock Option (right to buy)	$197.8							06/01/2023(1)	06/01/2032	Common Stock	5,920		5,920	D
Employee Stock Option (right to buy)	$238.6							12/12/2023(1)	12/12/2032	Common Stock	3,780		3,780	D
Employee Stock Option (right to buy)	$325.99							06/01/2024(1)	06/01/2033	Common Stock	2,600		2,600	D
Employee Stock Option (right to buy)	$355.9							06/01/2025(1)	06/01/2034	Common Stock	2,260		2,260	D
Employee Stock Option (right to buy)	$400.97							12/09/2025(1)	12/09/2034	Common Stock	2,060		2,060	D
Employee Stock Option (right to buy)	$424.82							06/01/2026(1)	06/01/2035	Common Stock	1,888		1,888	D

Explanation of Responses:

1. 25% per year for four years.

	/s/ Anthony D. Ishaug	11/07/2025
	** Signature of Reporting Person	Date
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