Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Zola Steven C
   2. Issuer Name and Ticker or Trading Symbol
WINMARK CORP [WINA] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President, Winmark Capital
(Last)
(First)
(Middle)
605 HIGHWAY 169 N, SUITE 400		 3. Date of Earliest Transaction (Month/Day/Year)
12/08/2011
(Street)

MINNEAPOLIS, MN 55441		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               2,000 D  
Common Stock               10,641 I By Zola Living Trust
Common Stock               500 I Child 1
Common Stock               500 I Child 2
Common Stock               500 I Child 3

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $ 25.99             01/13/2006(1) 01/13/2015 Common Stock 1,000   1,000 D  
Employee Stock Option (right to buy) $ 20.46             12/13/2006(2) 12/13/2015 Common Stock 20,000   20,000 D  
Employee Stock Option (right to buy) $ 20.32             12/14/2007(2) 12/14/2016 Common Stock 19,500   19,500 D  
Employee Stock Option (right to buy) $ 20.96             12/13/2008(2) 12/13/2017 Common Stock 22,500   22,500 D  
Employee Stock Option (right to buy) $ 16.52             08/13/2009(2) 08/13/2018 Common Stock 11,250   11,250 D  
Employee Stock Option (right to buy) $ 12.75             12/11/2009(2) 12/11/2018 Common Stock 16,000   16,000 D  
Employee Stock Option (right to buy) $ 13.01             06/01/2010(2) 06/01/2019 Common Stock 10,000   10,000 D  
Employee Stock Option (right to buy) $ 22.15             12/10/2010(2) 12/10/2019 Common Stock 10,000   10,000 D  
Employee Stock Option (right to buy) $ 31.19             06/01/2011(2) 06/01/2020 Common Stock 10,000   10,000 D  
Employee Stock Option (right to buy) $ 32.92             12/14/2011(2) 12/14/2020 Common Stock 9,250   9,250 D  
Employee Stock Option (right to buy) $ 37.76             06/01/2012(2) 06/01/2021 Common Stock 9,250   9,250 D  
Employee Stock Option (right to buy) $ 53.34 12/08/2011   A   9,250   12/08/2012(2) 12/08/2021 Common Stock 9,250 $ 53.34 9,250 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Zola Steven C
605 HIGHWAY 169 N
SUITE 400
MINNEAPOLIS, MN 55441		   X     President, Winmark Capital  

Signatures

 /s/ Steven C. Zola   12/08/2011
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) 20% per year for 5 years
(2) 25% per year for 4 years

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