Form 4: Winmark CEO Heffes Granted New Stock Options

Sentiment:

Insider Transaction Report 15 December 2025 5:03 PM

Winmark Corp's Chairman and CEO, Brett D. Heffes, was granted 2,712 employee stock options with an exercise price of $444.54, vesting over four years.

Summary

Brett D. Heffes, Chairman and CEO of Winmark Corp, was granted 2,712 employee stock options.
The newly granted options have an exercise price of $444.54 per share.
These options will vest at a rate of 25% per year over four years, with the first vesting occurring on December 15, 2026.
The expiration date for these newly granted options is December 15, 2035.
Heffes directly owns 114,400 shares of common stock and indirectly owns 338 shares through a family office.
He also holds various other employee stock options from previous grants, totaling 49,531 underlying shares.

Sentiment

Score: 7

Explanation: The grant of stock options to the CEO is a positive signal for aligning management incentives with shareholder interests, reflecting standard compensation practices. It's not a major market-moving event but indicates ongoing executive commitment.

Positives

The grant of new stock options to the CEO aligns management's interests with long-term shareholder value creation.
The options have a long expiration date (December 15, 2035), providing a sustained long-term incentive for the CEO.

Future Outlook

Industry Context

Stakeholder Impact

Shareholders: The grant of options aims to align the CEO's interests with long-term shareholder value creation.
Employees: This filing specifically relates to the CEO's compensation and does not detail broader employee impact.

Next Steps

The newly granted options will begin vesting on December 15, 2026, at 25% per year for four years.

Key Dates

Date	Description
12/16/2020	Date of grant for employee stock option with exercise price $176.2
12/14/2021	Date of grant for employee stock option with exercise price $183.87
06/01/2022	Date of grant for employee stock option with exercise price $195.82
12/13/2022	Date of grant for employee stock option with exercise price $261.32
06/01/2023	Date of grant for employee stock option with exercise price $197.8
12/12/2023	Date of grant for employee stock option with exercise price $238.6
06/01/2024	Date of grant for employee stock option with exercise price $325.99
06/01/2025	Date of grant for employee stock option with exercise price $355.9
12/09/2025	Date of grant for employee stock option with exercise price $400.97
12/15/2025	Transaction date for new employee stock option grant to Brett D. Heffes
06/01/2026	Date of grant for employee stock option with exercise price $424.82
12/15/2026	Date new employee stock options begin vesting (25% per year for four years)
12/15/2035	Expiration date for newly granted employee stock options

Recommendation

hold

This Form 4 filing details a routine grant of employee stock options to the CEO as part of their compensation package. While it aligns management incentives with long-term shareholder value, it does not present new information that would fundamentally alter the investment thesis for Winmark Corp. It's a standard corporate governance practice and does not warrant a change in investment recommendation based solely on this disclosure.

Keywords

Winmark Corp, WINA, Brett D. Heffes, SEC Form 4, Stock Options, CEO Compensation, Insider Ownership, Equity Grant, Corporate Governance

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