Tomlinson Percy C Jr 4

What Happened
Percy Tomlinson Jr, a director of Winmark Corp (WINA), exercised stock options on February 26, 2026 and simultaneously disposed of the underlying shares. He exercised 1,600 shares at an exercise price of $242.58 (value $388,128) and 60 shares at $197.80 (value $11,868). The two exercised lots were then disposed the same day for aggregate proceeds of $399,996. These entries are reported with transaction code M (option exercise) and matching disposals, indicating a cashless exercise or immediate sale rather than a buy-and-hold purchase.

Key Details

• Transaction date: 2026-02-26; Filing date: 2026-03-02 (filed within required timeframe).
• Exercises: 1,600 shares @ $242.58 = $388,128; 60 shares @ $197.80 = $11,868.
• Dispositions: same amounts and prices reported as derivative dispositions on the same date — net change in shares beneficially owned appears to be zero from these entries.
• Footnote F1: "25% per year for four years" — likely refers to a vesting schedule (25% vests each year over four years).
• Transaction code: M = exercise/conversion of derivative security.
• Filing accession: 0001518810-26-000002 (Form 4, Period of Report 2026-02-26).

Context: For option exercises reported with immediate disposals, the common interpretation is a cashless exercise (options exercised and shares sold to cover exercise price and taxes), so these transactions typically do not signal an increase in insider ownership. The filing does not show any additional open-market purchases or long-term accumulation in this report.