Gaudette Renae M. 4

What Happened

• Renae M. Gaudette, Chief Operating Officer of Winmark Corp (WINA), exercised derivatives (option exercise, code M) that resulted in an acquisition of 2,500 shares at $98.25 per share for $245,625. The filing also reports a concurrent disposition of 2,500 shares at the same price/value ($245,625). The filing lists both an acquisition and a disposition on 2026-04-28; this pattern often reflects a partial sell-to-cover or cashless exercise.

Key Details

• Transaction date: 2026-04-28
• Acquired: 2,500 shares at $98.25 each (total $245,625)
• Disposed: 2,500 shares at $98.25 each (total $245,625)
• Transaction type: M = exercise or conversion of derivative (options)
• Footnote: F1 — "25% per year for four years" (filing indicates a 25% per year vesting schedule over four years)
• Shares owned after the transaction: not specified in the provided filing excerpt
• Filing timeliness: filed on 2026-04-28 for a 2026-04-28 transaction (appears timely; no late filing flag shown)

Context

• For retail investors: option exercises followed by immediate sales (or disposals) are often procedural — commonly done to cover exercise costs, taxes, or to take some cash off the table — and do not necessarily signal a change in the insider’s view of the company.
• The filing’s footnote suggests remaining interest vests over four years (25% per year), which is relevant if some shares remain subject to vesting.