Bares Brian Timothy Form 4 WINMARK / Russell Chad Mollen ownership change

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

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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).

1. Name and Address of Reporting Person^*

Nine Ten Capital Management LLC

(Last) (First) (Middle)

12600 HILL COUNTRY BLVD

SUITE R-230

(Street)

AUSTIN TX 78738

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

3. Date of Earliest Transaction (Month/Day/Year)
01/20/2017

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

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

	Form filed by One Reporting Person
X	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, no par value	01/20/2017		S		742	D	$115	432,900	I(1)(2)	by Nine Ten Partners LP(1)(2)
Common Stock, no par value	01/23/2017		S		1,100	D	$115	431,800	I(1)(2)	by Nine Ten Partners LP(1)(2)
Common Stock, no par value								2,512(3)	D
Common Stock, no par value								208(4)	D
Common Stock, no par value								100(5)	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

1. Name and Address of Reporting Person^*

Nine Ten Capital Management LLC

(Last) (First) (Middle)

12600 HILL COUNTRY BLVD

SUITE R-230

(Street)

AUSTIN TX 78738

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Nine Ten Partners LP

(Last) (First) (Middle)

12600 HILL COUNTRY BLVD

SUITE R-230

(Street)

AUSTIN TX 78738

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Bares Brian Timothy

(Last) (First) (Middle)

12600 HILL COUNTRY BLVD

SUITE R-230

(Street)

AUSTIN TX 78738

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Bradshaw James Shel

(Last) (First) (Middle)

12600 HILL COUNTRY BLVD

SUITE R-230

(Street)

AUSTIN TX 78738

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Mollen Russell Chad

(Last) (First) (Middle)

12600 HILL COUNTRY BLVD

SUITE R-230

(Street)

AUSTIN TX 78738

(City) (State) (Zip)

Explanation of Responses:

1. This Form 3 is filed jointly by Nine Ten Partners LP ("NT Fund"), Nine Ten Capital Management LLC ("NTCM"), Brian Bares, James Bradshaw and Russell Mollen (collectively, the "Reporting Persons"). Each Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or her pecuniary interest therein.

2. Shares of Common Stock are owned directly by NT Fund. NTCM is the investment manager of NT Fund and may be deemed to have beneficial ownership over the shares of Common Stock owned directly by NT Fund by virtue of the sole and exclusive authority granted to NTCM by NT Fund to vote and dispose of the shares of Common Stock owned directly by NT Fund. As the Managing Members of NTCM, each of Messrs. Bares, Bradshaw and Mollen may be deemed to beneficially own the shares of Common Stock owned directly by NT Fund.

3. These shares of Common Stock are owned directly by Mr. Bares.

4. These shares of Common Stock are owned directly by Mr. Bradshaw.

5. These shares of Common Stock are owned directly by Mr. Mollen.

	Brian T Bares, President, On behalf of Nine Ten Capital Management LLC	01/24/2017
	Nine Ten Partners LP	01/24/2017
	Bares Brian Timothy	01/24/2017
	Bradshaw James Shel	01/24/2017
	Mollen Russell Chad	01/24/2017
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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