Winmark (WINA) CEO Brett Heffes discloses 2,712 new stock options

Rhea-AI Filing Summary

Winmark Corp chair and CEO Brett D. Heffes filed an insider ownership report reflecting equity activity on 12/15/2025. The filing shows a grant of employee stock options to purchase 2,712 shares of Winmark common stock at an exercise price of $444.54, exercisable from 12/15/2026 to 12/15/2035 and vesting 25% per year over four years.

After the reported transactions, Heffes beneficially owns 114,400 shares of Winmark common stock directly and 338 shares indirectly through a family office, along with multiple additional employee stock option awards 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

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^*

HEFFES BRETT 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

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								114,400	D
Common Stock								338	I	by family office

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)	$444.54	12/15/2025		A		2,712		12/15/2026(1)	12/15/2035	Common Stock	2,712	$444.54	2,712	D
Employee Stock Option (right to buy)	$176.2							12/16/2020(1)	12/16/2029	Common Stock	1,897		1,897	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)	$195.82							06/01/2022(1)	06/01/2031	Common Stock	3,490		3,490	D
Employee Stock Option (right to buy)	$261.32							12/13/2022(1)	12/13/2031	Common Stock	11,100		11,100	D
Employee Stock Option (right to buy)	$197.8							06/01/2023(1)	06/01/2032	Common Stock	9,360		9,360	D
Employee Stock Option (right to buy)	$238.6							12/12/2023(1)	12/12/2032	Common Stock	5,740		5,740	D
Employee Stock Option (right to buy)	$325.99							06/01/2024(1)	06/01/2033	Common Stock	4,120		4,120	D
Employee Stock Option (right to buy)	$355.9							06/01/2025(1)	06/01/2034	Common Stock	3,580		3,580	D
Employee Stock Option (right to buy)	$400.97							12/09/2025(1)	12/09/2034	Common Stock	3,260		3,260	D
Employee Stock Option (right to buy)	$424.82							06/01/2026(1)	06/01/2035	Common Stock	2,984		2,984	D

Explanation of Responses:

1. 25% per year for four years.

	/s/ Brett D. Heffes	12/15/2025
	** 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 insider activity did Winmark Corp (WINA) report in this filing?

The filing reports that chair and CEO Brett D. Heffes received an employee stock option grant for 2,712 shares of Winmark common stock on 12/15/2025, along with a summary of his existing stock and option holdings.

How many Winmark (WINA) shares does Brett Heffes beneficially own after this transaction?

Following the reported transactions, Brett Heffes beneficially owns 114,400 shares of Winmark common stock directly and 338 shares indirectly through a family office.

What are the key terms of the new Winmark (WINA) stock options granted to Brett Heffes?

The new employee stock options cover 2,712 shares of Winmark common stock at an exercise price of $444.54. They are exercisable from 12/15/2026 until 12/15/2035 and vest at 25% per year for four years.

What other stock option awards does the Winmark (WINA) CEO hold?

In addition to the new grant, Brett Heffes holds multiple employee stock option awards on Winmark common stock with exercise prices including $176.2, $183.87, $195.82, $261.32, $197.8, $238.6, $325.99, $355.9, and $400.97, each with its own vesting schedule and expiration date.

What is Brett Heffes’s role at Winmark Corp (WINA)?

Brett D. Heffes is reported as a Director and an Officer of Winmark Corp, serving as Chair and CEO.

Does this Winmark (WINA) filing indicate indirect ownership by Brett Heffes?

Yes. The filing shows indirect beneficial ownership of 338 shares of Winmark common stock by Brett Heffes through a family office, in addition to his directly held shares.