# EDGAR Filing Document

**Accession Number:** 0001237904
**File Stem:** 0001415889-25-023218
**Filing Date:** 2025-8
**Character Count:** 10367
**Document Hash:** 48477699a604efe11c699ac54164cb9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001415889-25-023218.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001415889-25-023218

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250826

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** HEFFES BRETT D
- **CENTRAL INDEX KEY:** 0001237904

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22012
- **FILM NUMBER:** 251273921

**MAIL ADDRESS:**
- **STREET 1:** 605 HWY 169 N
- **STREET 2:** SUITE 400
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55441
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WINMARK CORP
- **CENTRAL INDEX KEY:** 0000908315
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 411622691
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1227

**BUSINESS ADDRESS:**
- **STREET 1:** 605 HIGHWAY 169 N SUITE 400
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55441
- **BUSINESS PHONE:** 763-520-8500

**MAIL ADDRESS:**
- **STREET 1:** 605 HIGHWAY 169 N SUITE 400
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55441

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GROW BIZ INTERNATIONAL INC
- **DATE OF NAME CHANGE:** 19930629

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>HEFFES BRETT D<br><sub>(Last) (First) (Middle)</sub><br>605 HIGHWAY 169 N<br>SUITE 400<br><sub>(Street)</sub><br>MINNEAPOLIS, MN 55441<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-08-26 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_CHAIR AND CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>WINMARK CORP [ WINA ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-08-26 |  | M |  | 1915 | A | $143.87 | 114415 | D |  |
| Common Stock | 2025-08-26 |  | M |  | 526 | A | $164.84 | 114941 | D |  |
| Common Stock | 2025-08-26 |  | M |  | 510 | A | $195.82 | 115451 | D |  |
| Common Stock | 2025-08-26 |  | S |  | 600<sup>(1)</sup> | D | $458.65 | 114851 | D |  |
| Common Stock | 2025-08-26 |  | S |  | 400<sup>(2)</sup> | D | $456.97 | 114451 | D |  |
| Common Stock | 2025-08-26 |  | S |  | 800<sup>(3)</sup> | D | $453.82 | 113651 | D |  |
| Common Stock | 2025-08-26 |  | S |  | 641<sup>(4)</sup> | D | $452.07 | 113010 | D |  |
| Common Stock | 2025-08-27 |  | M |  | 2103 | A | $176.20 | 115113 | D |  |
| Common Stock | 2025-08-27 |  | M |  | 2868 | A | $164.84 | 117981 | D |  |
| Common Stock | 2025-08-27 |  | M |  | 1390 | A | $143.87 | 119371 | D |  |
| Common Stock | 2025-08-27 |  | S |  | 1985<sup>(5)</sup> | D | $454.95 | 117386 | D |  |
| Common Stock | 2025-08-27 |  | S |  | 1186<sup>(6)</sup> | D | $454.03 | 116200 | D |  |
| Common Stock | 2025-08-27 |  | S |  | 1630<sup>(7)</sup> | D | $452.72 | 114570 | D |  |
| Common Stock | 2025-08-27 |  | S |  | 170<sup>(8)</sup> | D | $451.76 | 114400 | D |  |
| Common Stock |  |  |  |  |  |  |  | 338 | I | by family office |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Employee Stock Option (right to buy) | $164.84 | 2025-08-26<sup>(9)</sup> |  | M |  |  | 3394 | 2020-06-01<sup>(10)</sup> | 2029-06-01 | Common Stock | 3394 | $164.84 | 0 | D |  |
| Employee Stock Option (right to buy) | $176.20 | 2025-08-27 |  | M |  |  | 2103 | 2020-12-16<sup>(10)</sup> | 2029-12-16 | Common Stock | 4000 | $176.20 | 1897 | D |  |
| Employee Stock Option (right to buy) | $143.87 | 2025-08-26<sup>(11)</sup> |  | M |  |  | 3305 | 2021-06-01<sup>(10)</sup> | 2030-06-01 | Common Stock | 3305 | $143.87 | 0 | D |  |
| Employee Stock Option (right to buy) | $195.82 | 2025-08-26 |  | M |  |  | 510 | 2022-06-01<sup>(10)</sup> | 2031-06-01 | Common Stock | 4000 | $195.82 | 3490 | D |  |
| Employee Stock Option (right to buy) | $183.87 |  |  |  |  |  |  | 2021-12-14<sup>(10)</sup> | 2030-12-14 | Common Stock | 4000 |  | 4000 | D |  |
| Employee Stock Option (right to buy) | $261.32 |  |  |  |  |  |  | 2022-12-13<sup>(10)</sup> | 2031-12-13 | Common Stock | 11100 |  | 11100 | D |  |
| Employee Stock Option (right to buy) | $197.80 |  |  |  |  |  |  | 2023-06-01<sup>(10)</sup> | 2032-06-01 | Common Stock | 9360 |  | 9360 | D |  |
| Employee Stock Option (right to buy) | $238.60 |  |  |  |  |  |  | 2023-12-12<sup>(10)</sup> | 2032-12-12 | Common Stock | 5740 |  | 5740 | D |  |
| Employee Stock Option (right to buy) | $325.99 |  |  |  |  |  |  | 2024-06-01<sup>(10)</sup> | 2033-06-01 | Common Stock | 4120 |  | 4120 | D |  |
| Employee Stock Option (right to buy) | $355.90 |  |  |  |  |  |  | 2025-06-01<sup>(10)</sup> | 2034-06-01 | Common Stock | 3580 |  | 3580 | D |  |
| Employee Stock Option (right to buy) | $400.97 |  |  |  |  |  |  | 2025-12-09<sup>(10)</sup> | 2034-12-09 | Common Stock | 3260 |  | 3260 | D |  |
| Employee Stock Option (right to buy) | $424.82 |  |  |  |  |  |  | 2026-06-01<sup>(10)</sup> | 2035-06-01 | Common Stock | 2984 |  | 2984 | D |  |

---

### Footnotes:

(1) 600 shares sold at an average price of $458.65, with a range of $458.34 to $459.23, to cover payment of exercise price of and taxes due on option exercises included on this Form 4

(2) 400 shares sold at an average price of $456.97, with a range of $456.94 to $457.00, to cover payment of exercise price of and taxes due on option exercises included on this Form 4

(3) 800 shares sold at an average price of $453.82, with a range of $453.78 to $454.09, to cover payment of exercise price of and taxes due on option exercises included on this Form 4

(4) 641 shares sold at an average price of $452.07, with a range of $451.75 to $452.46, to cover payment of exercise price of and taxes due on option exercises included on this Form 4

(5) 1,985 shares sold at an average price of $454.95, with a range of $454.71 and $455.58, to cover payment of exercise price of and taxes due on option exercises included on this Form 4

(6) 1,186 shares sold at an average price of $454.03, with a range of $453.91 to $454.22, to cover payment of exercise price of and taxes due on option exercises included on this Form 4

(7) 1,630 shares sold at an average price of $452.72, with a range of $451.85 to $452.81, to cover payment of exercise price of and taxes due on option exercises included on this Form 4

(8) 170 shares sold at an average price of $451.76, with a range of $451.75 to $451.78, to cover payment of exercise price of and taxes due on option exercises included on this Form 4

(9) 526 option shares exercised 8/26/2025 and 2,868 option shares exercised 8/27/2025 as indicated in Table 1

(10) 25% per year for four years.

(11) 1,915 option shares exercised 8/26/2025 and 1,390 option shares exercised 8/27/2025 as indicated in Table 1

**Signature:** /s/ Brett D. Heffes  
**Date:** 2025-08-28

### Remarks:

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.**