Form 4: Winmark Director Sells Over $430K in Stock

Sentiment:

Insider Transaction Report 18 September 2025 6:04 PM

Winmark Corp. Director Lawrence A. Barbetta sold 852 shares of common stock on September 17, 2025, for a total value exceeding $430,000.

Summary

Lawrence A. Barbetta, a Director of Winmark Corp. (WINA), reported the sale of common stock.
On September 17, 2025, Barbetta sold 216 shares of common stock at an average price of $505.33 per share, with a range of $505.11 to $506.10.
On the same date, he sold an additional 636 shares of common stock at an average price of $504.91 per share, with a range of $504.77 to $505.01.
The total number of shares sold was 852, amounting to approximately $430,274.04.
Following these transactions, Barbetta directly beneficially owns 649 shares of common stock.
He also holds 7,551 non-employee director stock options with various exercise prices and expiration dates, ranging from $134.25 to $446.68, and expiring between December 11, 2027, and June 1, 2035.
These stock options vest 25% per year for four years.

Sentiment

Score: 4

Explanation: The sale of shares by a director can be interpreted as a slightly negative signal, potentially indicating that the insider believes the stock is fully valued or has personal liquidity needs. However, the director still retains a significant number of stock options, suggesting continued alignment with shareholder interests. Without further context, the impact is moderate.

Positives

The reporting person continues to hold a significant number of stock options (7,551 options), indicating a long-term interest and alignment with the company's performance.
Many of the held options have exercise prices considerably lower than the current sale price, suggesting potential for future gains if exercised.

Negatives

Insider selling, particularly by a director, can sometimes be perceived negatively by the market as it might suggest a belief that the stock is fully valued or a lack of confidence.
The sale represents a reduction in the director's direct equity stake in the company.

Risks

No specific risks related to the company's operations or financial health are mentioned in this Form 4 filing, as it primarily reports an insider transaction.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This insider transaction report is specific to the individual director's equity holdings and does not provide broader insights into industry trends or the competitive landscape for Winmark Corp.

Stakeholder Impact

Shareholders may interpret the director's sale of shares as a signal regarding the company's valuation or future prospects, potentially influencing investor sentiment.
The transaction does not directly impact employees, customers, suppliers, or creditors.

Next Steps

This Form 4 filing does not mention any specific future actions, events, or milestones for the company.

Key Dates

Date	Description
12/11/2018	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $134.25
06/01/2019	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $143.20
12/11/2019	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $156.00
06/01/2020	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $164.84
12/16/2020	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $176.20
06/01/2021	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $143.87
12/14/2021	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $183.87
06/01/2022	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $195.82
12/13/2022	Date exercisable for Non-Employee Stock Option (right to buy) with exercise price $261.32
06/01/2023	Date exercisable for Non-Employee Stock Option (right to buy) with exercise price $197.80
12/12/2023	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $238.60
06/01/2024	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $325.99
12/11/2024	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $446.68
06/01/2025	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $355.90
09/17/2025	Transaction date for common stock sales by Director Lawrence A. Barbetta
09/18/2025	Signature date of the reporting person
12/09/2025	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $400.97
06/01/2026	Date exercisable for Non-Employee Director Stock Option (right to buy) with exercise price $424.82
12/11/2027	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $134.25
06/01/2028	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $143.20
12/11/2028	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $156.00
06/01/2029	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $164.84
12/16/2029	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $176.20
06/01/2030	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $143.87
12/14/2030	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $183.87
06/01/2031	Expiration date for Non-Employee Director 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 $197.80
12/12/2032	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $238.60
06/01/2033	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $325.99
12/11/2033	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $446.68
06/01/2034	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $355.90
12/09/2034	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $400.97
06/01/2035	Expiration date for Non-Employee Director Stock Option (right to buy) with exercise price $424.82

Recommendation

hold

While insider selling can sometimes be a negative signal, this transaction represents a relatively small portion of the director's total potential equity (considering options). The sale could be for personal financial planning rather than a reflection of company fundamentals. Without additional information on the company's performance or broader market conditions, a 'hold' recommendation is appropriate, advising investors to monitor future filings and company news for more comprehensive insights.

Keywords

Winmark Corp, WINA, Insider Trading, Form 4, Stock Sale, Director Transaction, Equity Sales, Stock Options

Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.