Winmark (WINA) Form 4 WINMARK / BRETT D HEFFES 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^*

HEFFES BRETT D

(Last) (First) (Middle)

605 HWY 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)
CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/23/2019

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	10/23/2019		M		3,924	A	$59.77	126,824	D
Common Stock	10/23/2019		S		1,800(2)	D	$183.76	125,024	D
Common Stock	10/23/2019		S		2,124(3)	D	$183.12	122,900	D
Common Stock	10/23/2019		M		1,087	A	$91.93	123,987	D
Common Stock	10/24/2019		M		540	A	$59.77	124,527	D
Common Stock	10/24/2019		M		742	A	$66.29	125,269	D
Common Stock	10/24/2019		S		146(4)	D	$183.21	125,123	D
Common Stock	10/24/2019		S		1,136(5)	D	$182.54	123,987	D
Common Stock	10/24/2019		M		600	A	$59.77	124,587	D
Common Stock	10/25/2019		M		2,233	A	$66.29	126,820	D
Common Stock	10/25/2019		S		741(6)	D	$183.35	126,079	D
Common Stock	10/25/2019		S		1,492(7)	D	$182.57	124,587	D
Common Stock	10/25/2019		M		813	A	$59.77	125,400	D
Common Stock								1,300	I	By Son

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)	$59.77	10/23/2019(8)		M			5,877	06/01/2014(1)	06/01/2023	Common Stock	7,577	$59.77	1,700	D
Employee Stock Option (right to buy)	$82.72							12/16/2014(1)	12/16/2023	Common Stock	9,250		9,250	D
Employee Stock Option (right to buy)	$66.29	10/24/2019(9)		M			2,975	06/01/2015(1)	06/01/2024	Common Stock	6,992	$66.29	4,017	D
Employee Stock Option (right to buy)	$80.32							12/15/2015(1)	12/15/2024	Common Stock	8,500		8,500	D
Employee Stock Option (right to buy)	$91.93	10/23/2019		M			1,087	06/01/2016(1)	06/01/2025	Common Stock	6,800	$91.93	5,713	D
Employee Stock Option (right to buy)	$90.99							12/14/2016(1)	12/14/2025	Common Stock	6,800		6,800	D
Employee Stock Option (right to buy)	$98.25							06/01/2017(1)	06/01/2026	Common Stock	5,000		5,000	D
Employee Stock Option (right to buy)	$125.5							12/12/2017(1)	12/12/2026	Common Stock	5,000		5,000	D
Employee Stock Option (right to buy)	$122.5							06/01/2018(1)	06/01/2027	Common Stock	5,000		5,000	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	5,000		5,000	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	4,000		4,000	D

Explanation of Responses:

1. 25% per year for four years.

2. 1,800 shares sold at an average price of $183.76, with a range of $183.57 to $184.55, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

3. 2,124 shares sold at an average price of $183.12, with a range of $182.77 to $183.50, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

4. 146 shares sold at an average price of $183.21, with a range of $183.10 to $183.30, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

5. 1,136 shares sold at an average price of $182.54, with a range of $182.07 to $183.07, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

6. 741 shares sold at an average price of $183.35, with a range of $182.91 to $183.78, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

7. 1,492 shares sold at an average price of $182.57, with a range of $182.50 to $182.75, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

8. 3,924 option shares exercised 10/23/2019, 1,140 option shares exercised 10/24/2019 and 813 option shares exercised 10/25/2019 as indicated in Table I.

9. 742 option shares exercised 10/24/2019 and 2,233 option shares exercised 10/25/2019 as indicated in Table I.

	/s/ Anthony D. Ishaug on behalf of Brett D. Heffes	10/25/2019
	** Signature of Reporting Person	Date
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