Winmark (WINA) Form 4 WINMARK / Anthony D Ishaug 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

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).

1. Name and Address of Reporting Person^*

Ishaug Anthony 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/02/2020

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	11/02/2020		M		1,895	A	$32.92	26,989	D
Common Stock	11/02/2020		M		605	A	$37.76	27,594	D
Common Stock	11/02/2020		S		2,000(2)	D	$174.39	25,594	D
Common Stock	11/02/2020		S		500	D	$173.78	25,094	D
Common Stock	11/02/2020		M		1,261	A	$32.92	26,355	D
Common Stock	11/03/2020		M		5,020	A	$37.76	31,375	D
Common Stock	11/03/2020		S		3,347(3)	D	$174.71	28,028	D
Common Stock	11/03/2020		S		200(4)	D	$172.52	27,828	D
Common Stock	11/03/2020		S		1,473(5)	D	$170.93	26,355	D
Common Stock	11/03/2020		M		1,875	A	$37.76	28,230	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)	$32.92	11/02/2020		M			3,156	12/14/2011(1)	12/14/2020	Common Stock	3,156	$32.92	0	D
Employee Stock Option (right to buy)	$37.76	11/02/2020(6)		M			7,500	06/01/2012(1)	06/01/2021	Common Stock	7,500	$37.76	0	D
Employee Stock Option (right to buy)	$53.34							12/08/2012(1)	12/08/2021	Common Stock	7,500		7,500	D
Employee Stock Option (right to buy)	$51.17							06/01/2013(1)	06/01/2022	Common Stock	7,500		7,500	D
Employee Stock Option (right to buy)	$55.72							12/13/2013(1)	12/13/2022	Common Stock	7,500		7,500	D
Employee Stock Option (right to buy)	$59.77							06/01/2014(1)	06/01/2023	Common Stock	7,500		7,500	D
Employee Stock Option (right to buy)	$82.72							12/16/2014(1)	12/16/2023	Common Stock	7,500		7,500	D
Employee Stock Option (right to buy)	$66.29							06/01/2015(1)	06/01/2024	Common Stock	7,500		7,500	D
Employee Stock Option (right to buy)	$80.32							12/15/2015(1)	12/15/2024	Common Stock	7,500		7,500	D
Employee Stock Option (right to buy)	$91.93							06/01/2016(1)	06/01/2025	Common Stock	6,800		6,800	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	6,800		6,800	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	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
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	$143.87							06/01/2021(1)	06/01/2030	Common Stock	4,000		4,000	D

Explanation of Responses:

1. 25% per year for 4 years

2. 2,000 shares sold at an average price of $174.39, with a range of $174.00 to $174.95, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

3. 3,347 shares sold at an average price of $174.71, with a range of $174.50 to $174.99, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

4. 200 shares sold at an average price of $172.52, with a range of $172.50 to $172.55, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

5. 1,473 shares sold at an average price of $170.93, with a range of $170.62 to $171.15, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

6. 605 option shares exercised 11/02/2020 and 6,895 option shares exercised 11/03/2020 as indicated in Table I.

	/s/ Anthony D. Ishaug	11/04/2020
	** 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.