Form 4: Winmark Director Boosts Stake with Stock Options

Sentiment:

Insider Ownership Report 15 December 2025 5:24 PM

Winmark Corp. Director Jenele C. Grassle reported acquiring new stock options and holding common stock, signaling continued insider confidence.

Summary

Jenele C. Grassle, a Director at Winmark Corp. (WINA), reported changes in her beneficial ownership of company securities.
She directly owns 2,500 shares of Winmark Common Stock.
On December 15, 2025, she acquired 256 Non-Employee Stock Options with an exercise price of $444.54 per share.
These new options become exercisable at 25% per year for four years, starting December 15, 2026, and expire on December 15, 2035.
She also holds 16 other Non-Employee Stock Option grants, totaling 10,700 underlying shares, with exercise prices ranging from $134.25 to $446.68, and expiration dates extending to June 1, 2035.

Sentiment

Score: 7

Explanation: The acquisition of new stock options by a director, alongside existing significant holdings, indicates management's continued confidence in the company's future prospects and potential for stock appreciation.

Positives

A director acquiring new stock options can be interpreted as a sign of confidence in the company's future performance.
The director maintains a significant direct ownership of 2,500 common shares.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the company's financial performance or strategic direction.

Industry Context

This Form 4 filing is a routine disclosure of insider trading activity and does not provide broader industry context or trends. It reflects an individual director's equity compensation and ownership changes within Winmark Corp.

Stakeholder Impact

Shareholders: May view the director's increased equity stake as a positive signal of confidence in the company's future.

Next Steps

The newly acquired stock options will vest at 25% per year for four years, starting December 15, 2026.

Key Dates

Date	Description
12/11/2018	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $134.25
06/01/2019	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $143.2
12/11/2019	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $156
06/01/2020	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $164.84
12/16/2020	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $176.2
06/01/2021	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $143.87
12/14/2021	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $183.87
06/01/2022	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $195.82
12/13/2022	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $261.32
06/01/2023	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $197.8
12/12/2023	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $238.6
06/01/2024	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $325.99
12/01/2024	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $446.68
06/01/2025	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $355.9
12/09/2025	Transaction date for Non-Employee Stock Option (right to buy) with exercise price $400.97
12/15/2025	Earliest transaction date reported; acquisition of 256 Non-Employee Stock Options.
12/15/2026	Date when the newly acquired 256 Non-Employee Stock Options begin to be exercisable.
12/11/2027	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $134.25
06/01/2028	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $143.2
12/11/2028	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $156
06/01/2029	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $164.84
12/16/2029	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $176.2
06/01/2030	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $143.87
12/14/2030	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $183.87
06/01/2031	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $195.82
12/13/2031	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $261.32
06/01/2032	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $197.8
12/12/2032	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $238.6
06/01/2033	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $325.99
12/01/2033	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $446.68
06/01/2034	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $355.9
12/09/2034	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $400.97
06/01/2035	Expiration date for Non-Employee Stock Option (right to buy) with exercise price $424.82
12/15/2035	Expiration date for the newly acquired 256 Non-Employee Stock Options.

Recommendation

hold

The director's acquisition of additional stock options suggests continued confidence in Winmark Corp.'s future. This insider activity, while positive, is a routine compensation event for a director and does not provide sufficient new fundamental information to warrant a 'buy' or 'sell' recommendation on its own. It reinforces a 'hold' position for investors who believe in the company's long-term strategy.

Keywords

Winmark Corp, WINA, SEC Form 4, Insider Trading, Stock Options, Director Ownership, Beneficial Ownership, Equity Compensation

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