Form 4: Winmark Director Barbetta Receives Stock Options
Insider Transaction Report
Winmark Corp. Director Lawrence A. Barbetta was granted 256 non-employee director stock options with an exercise price of $444.54, vesting over four years.
Summary
- Director Lawrence A. Barbetta acquired 256 non-employee director stock options on December 15, 2025.
- The options have an exercise price of $444.54 per share.
- These options will vest at 25% per year over four years, with the first portion exercisable on December 15, 2026.
- The options expire on December 15, 2035.
- Following this transaction, Mr. Barbetta directly beneficially owns 649 shares of Common Stock.
- Mr. Barbetta also beneficially owns a total of 7,827 non-employee director stock options, including the newly granted options.
Sentiment
Score: 7
Explanation: The filing indicates a routine grant of stock options to a director, which is a positive sign of alignment with shareholder interests and standard compensation practice. No negative information is present.
Positives
- Director Barbetta's acquisition of new stock options aligns his interests with shareholders, indicating confidence in the company's future performance.
- The grant of options is a standard component of non-employee director compensation, incentivizing long-term commitment.
Future Outlook
NA
Industry Context
This is a routine insider transaction for director compensation, common across all industries for publicly traded companies. It reflects standard corporate governance practices for incentivizing board members.
Comparison to Industry Standards
- The grant of stock options to non-employee directors is a standard compensation practice, aligning director interests with long-term shareholder value, comparable to practices at companies like McDonald's (MCD) or Microsoft (MSFT) which also use equity-based compensation for their non-executive directors.
- The vesting schedule of 25% per year over four years is a common structure designed to promote retention and long-term commitment, similar to vesting schedules observed in many S&P 500 companies.
Stakeholder Impact
- Shareholders: The grant of options aligns the director's financial interests with the long-term performance of the company, potentially benefiting shareholders if the stock price appreciates.
- Employees: No direct impact on employees is indicated by this filing.
- Customers: No direct impact on customers is indicated by this filing.
- Suppliers: No direct impact on suppliers is indicated by this filing.
- Creditors: No direct impact on creditors is indicated by this filing.
Next Steps
- The newly granted stock options will vest at 25% annually over the next four years, starting December 15, 2026.
- Mr. Barbetta may choose to exercise his vested options at any point before their respective expiration dates.
Key Dates
| Date | Description |
|---|---|
| 12/11/2018 | Grant date for 200 stock options at $134.25 exercise price. |
| 06/01/2019 | Grant date for 200 stock options at $143.20 exercise price. |
| 12/11/2019 | Grant date for 400 stock options at $156.00 exercise price. |
| 06/01/2020 | Grant date for 375 stock options at $164.84 exercise price. |
| 12/16/2020 | Grant date for 563 stock options at $176.20 exercise price. |
| 06/01/2021 | Grant date for 563 stock options at $143.87 exercise price. |
| 12/14/2021 | Grant date for 750 stock options at $183.87 exercise price. |
| 06/01/2022 | Grant date for 750 stock options at $195.82 exercise price. |
| 12/13/2022 | Grant date for 750 stock options at $261.32 exercise price. |
| 06/01/2023 | Grant date for 880 stock options at $197.80 exercise price. |
| 12/12/2023 | Grant date for 620 stock options at $238.60 exercise price. |
| 06/01/2024 | Grant date for 380 stock options at $325.99 exercise price. |
| 12/11/2024 | Grant date for 240 stock options at $446.68 exercise price. |
| 06/01/2025 | Grant date for 300 stock options at $355.90 exercise price. |
| 12/09/2025 | Grant date for 300 stock options at $400.97 exercise price. |
| 12/15/2025 | Grant date for 256 new stock options at $444.54 exercise price. |
| 12/15/2026 | First vesting date for the 256 stock options granted on 12/15/2025. |
| 12/11/2027 | Expiration date for 200 stock options granted on 12/11/2018. |
| 06/01/2028 | Expiration date for 200 stock options granted on 06/01/2019. |
| 12/11/2028 | Expiration date for 400 stock options granted on 12/11/2019. |
| 06/01/2029 | Expiration date for 375 stock options granted on 06/01/2020. |
| 12/16/2029 | Expiration date for 563 stock options granted on 12/16/2020. |
| 06/01/2030 | Expiration date for 563 stock options granted on 06/01/2021. |
| 12/14/2030 | Expiration date for 750 stock options granted on 12/14/2021. |
| 06/01/2031 | Expiration date for 750 stock options granted on 06/01/2022. |
| 12/13/2031 | Expiration date for 750 stock options granted on 12/13/2022. |
| 06/01/2032 | Expiration date for 880 stock options granted on 06/01/2023. |
| 12/12/2032 | Expiration date for 620 stock options granted on 12/12/2023. |
| 06/01/2033 | Expiration date for 380 stock options granted on 06/01/2024. |
| 12/11/2033 | Expiration date for 240 stock options granted on 12/11/2024. |
| 06/01/2034 | Expiration date for 300 stock options granted on 06/01/2025. |
| 12/09/2034 | Expiration date for 300 stock options granted on 12/09/2025. |
| 12/15/2035 | Expiration date for 256 stock options granted on 12/15/2025. |
| 06/01/2035 | Expiration date for 280 stock options granted on 06/01/2026. |
Recommendation
holdThis Form 4 filing reports a routine grant of stock options to a non-employee director as part of their compensation. While it indicates alignment of interests and confidence from the director, it does not present new fundamental information about the company's operations, financial performance, or strategic direction that would warrant a change in investment recommendation. It is a standard compensation event.
Keywords
Winmark Corp, WINA, SEC Form 4, Insider Trading, Stock Options, Director Compensation, Lawrence A. Barbetta, Equity Grant
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