CEO Brett Heffes was paid $2,108,124 in fiscal year 2025: executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
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| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Brett Heffes | $700,000 | $695,000 | — | $699,963 | — | — | $13,161 | $2,108,124 |
| Chief Executive Officer and Chair of the Board of Directors | ||||||||
| Anthony Ishaug | 442,500 | 497,500 | — | 442,368 | — | — | 13,161 | 1,395,529 |
| Chief Financial Officer and Treasurer | ||||||||
| Renae Gaudette | 340,000 | 332,500 | — | 339,659 | — | — | 13,161 | 1,025,320 |
| Chief Operating Officer | ||||||||
| Lisa Hake | 78,750 | 125,000 | — | 157,119 | — | — | 65 | 360,934 |
| Chief Marketing Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Brett Heffes | $2,108,124 | $1,832,143 | $1,618,639 | +275,981 |
| Anthony Ishaug | 1,395,529 | 1,146,234 | 1,025,109 | +249,295 |
| Renae Gaudette | 1,025,320 | 892,621 | 788,321 | +132,699 |
| Lisa Hake | 360,934 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Brett Heffes | Option | 2,340 | 197.8 | — |
| Brett Heffes | Option | 1,435 | 238.6 | — |
| Brett Heffes | Option | 2,060 | 325.99 | — |
| Brett Heffes | Option | 2,685 | 355.9 | — |
| Brett Heffes | Option | 2,445 | 400.97 | — |
| Anthony Ishaug | Option | 1,888 | 424.82 | — |
| Brett Heffes | Option | 2,984 | 424.82 | — |
| Brett Heffes | Option | 2,712 | 444.54 | — |
| Anthony Ishaug | Option | 1,480 | 197.8 | — |
| Anthony Ishaug | Option | 945 | 238.6 | — |
| Anthony Ishaug | Option | 1,300 | 325.99 | — |
| Anthony Ishaug | Option | 1,695 | 355.9 | — |
| Anthony Ishaug | Option | 1,545 | 400.97 | — |
| Anthony Ishaug | Option | 1,712 | 444.54 | — |
| Renae Gaudette | Option | 1,448 | 424.82 | — |
| Renae Gaudette | Option | 1,120 | 197.8 | — |
| Renae Gaudette | Option | 1,316 | 444.54 | — |
| Renae Gaudette | Option | 630 | 238.6 | — |
| Renae Gaudette | Option | 1,000 | 325.99 | — |
| Renae Gaudette | Option | 1,305 | 355.9 | — |
| Renae Gaudette | Option | 1,185 | 400.97 | — |
| Lisa Hake | Option | 1,216 | 444.54 | — |
Winmark utilizes a simple compensation plan designed to attract, retain, and incentivize high-quality executive management by encouraging long-term investment in the business and recognizing current-year performance. The plan relies on significant long-term equity ownership built over decades to align interests with shareholders, eschewing common features like employment contracts, severance agreements, and perquisites.
| CEO STI target (% of salary) | NaN% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | — |
| Anti-hedging | The Policy Statement on Confidential Information and Securities Trading prohibits directors and officers from buying or selling puts or calls or otherwise engaging in hedging or similar derivative transactions with respect to Winmark securities. |
| Anti-pledging | — |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-04-22 | 2,929,354 | 100,349 | 3,357 | 96.69% | Passed |
| 2025 | 2025-04-23 | 2,925,625 | 159,750 | 1,188 | 94.82% | Passed |
| 2024 | 2024-04-24 | 2,854,023 | 150,380 | 1,489 | 94.99% | Passed |
| 2023 | 2023-04-26 | 2,363,657 | 584,976 | 7,014 | 80.16% | Passed |
| 2022 | 2022-04-27 | 1,950,186 | 1,008,371 | 4,548 | 65.92% | Passed |
| 2021 | 2021-04-28 | 2,898,372 | 142,706 | 8,938 | 95.31% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-04-22 | 96.69%a |
| 2025 | 2025-04-23 | 94.82%b |
| 2024 | 2024-04-24 | 94.99%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Keith T. CredendinoIndependent · Audit · Newly elected | $21,555 | — | $348,558 | — | — | $370,113 |
| Percy C. Tomlinson JrIndependent · Audit (Chair) | 63,000 | — | 65,877 | — | — | 128,877 |
| Lawrence A. BarbettaIndependent · Audit | 58,000 | — | 65,877 | — | — | 123,877 |
| Philip I. SmithIndependent · Audit | 58,000 | — | 65,877 | — | — | 123,877 |
| Amy C. BeckerIndependent | 52,000 | — | 65,877 | — | — | 117,877 |
| Gina D. SprengerIndependent · Compensation | 51,000 | — | 65,877 | — | — | 116,877 |
| Jenele C. GrassleIndependent · Compensation | 52,000 | — | — | — | — | 52,000 |
| Brett D. HeffesEmployee director · Board Chair | — | — | — | — | — | 0 |
| Annual cash retainer | $45,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | $1,000 |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $355,555 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $355,555 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Winmark names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Winmark.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | The RealReal, Inc. | 2025 | Jennifer Co-founder | $750,000 | $8,465,261 | $0 | $3,330,688 | $12,576,367 |
| 2 | Academy Sports and Outdoors, Inc. | 2025 | Steve Lawrence | 1,080,288 | 6,999,998 | 0 | 1,438,155 | 9,560,129 |
| 3 | Urban Outfitters, Inc. | 2026 | Sheila B. Harrington | 1,136,783 | 1,699,467 | 0 | 3,442,736 | 6,290,916 |
| 4 | Sleep Number Corporation | 2025 | Linda Findley | 853,846 | 4,104,519 | 0 | 0 | 6,233,574 |
| 5 | Dine Brands Global, Inc. | 2025 | John Peyton | 1,000,000 | 2,213,577 | 0 | 2,158,500 | 5,417,315 |
| 6 | ThredUp, Inc. | 2025 | James Reinhart | 914,667 | 1,795,600 | 0 | 735,000 | 3,445,267 |
| 7 | Winmark | 2025 | Brett Heffes | 700,000 | — | 699,963 | — | 2,108,124 |
| — | Savers Value Village, Inc. | — | — | — | — | — | — | not in coverage universe |
| — | European Wax Center, Inc. | — | — | — | — | — | — | not in coverage universe |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Winmark | CEO: 99.3%, CFO: 95.5%, COO: 97.8%% | Stock Options 100 | not disclosed | not disclosed |
| Academy Sports and Outdoors, Inc. | 75.7% | PSU 50 · RSU 50 | No | Frederic W. Cook & Co, Inc. (FW Cook) |
| Dine Brands Global, Inc. | not disclosed | not disclosed | not disclosed | Exequity |
| European Wax Center, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Savers Value Village, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Sleep Number Corporation | not disclosed | PSU 50 · RSU 50 | Yes — Relative TSR | Frederic W. Cook & Co., Inc. (FW Cook) |
| The RealReal, Inc. | not disclosed | not disclosed | not disclosed | Compensia, Inc. and Willis Towers Watson |
| ThredUp, Inc. | 150% | RSU 100 | not disclosed | Compensia |
| Urban Outfitters, Inc. | 100% | PSU 50 · RSU 50 | No | Korn Ferry Hay Group |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Brett Heffes | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Executive Compensation”. As printed: 2,108,124. Filing ↗ |
| 2 | Section 01, Anthony Ishaug | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Executive Compensation”. As printed: 1,395,529. Filing ↗ |
| 3 | Section 01, Renae Gaudette | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Executive Compensation”. As printed: 1,025,320. Filing ↗ |
| 4 | Section 01, Lisa Hake | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Executive Compensation”. As printed: 360,934. Filing ↗ |
| 5 | Section 08, Keith T. Credendino | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Director Compensation”. As printed: 370,113. Filing ↗machine: span 629735–629920 |
| 6 | Section 08, Percy C. Tomlinson Jr | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Director Compensation”. As printed: 128,877. Filing ↗machine: span 637267–637409 |
| 7 | Section 08, Lawrence A. Barbetta | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Director Compensation”. As printed: 123,877. Filing ↗machine: span 625793–625978 |
| 8 | Section 08, Philip I. Smith | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Director Compensation”. As printed: 123,877. Filing ↗machine: span 633442–633627 |
| 9 | Section 08, Amy C. Becker | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Director Compensation”. As printed: 117,877. Filing ↗machine: span 627661–627846 |
| 10 | Section 08, Gina D. Sprenger | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Director Compensation”. As printed: 116,877. Filing ↗machine: span 635299–635441 |
| 11 | Section 08, Jenele C. Grassle | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Director Compensation”. As printed: 52,000. Filing ↗ |
| 12 | Section 08, Brett D. Heffes | DEF 14A | 2026-03-04 | 0000908315-26-000010 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 13 | Section 06, 2026 vote | Form 8-K | 2026-04-22 | 0000908315-26-000019 | Item 5.07 · say-on-pay result. As reported: 96.69% (votes for as printed: 2,929,354). Filing ↗ |
| 14 | Section 06, 2025 vote | Form 8-K | 2025-04-23 | 0000908315-25-000024 | Item 5.07 · say-on-pay result. As reported: 94.82% (votes for as printed: 2,925,625). Filing ↗ |
| 15 | Section 06, 2024 vote | Form 8-K | 2024-04-24 | 0000908315-24-000025 | Item 5.07 · say-on-pay result. As reported: 94.99% (votes for as printed: 2,854,023). Filing ↗ |
| 16 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 17 | Section 09b board cost (computed) | Computed | — | — | Cash 355,555 + equity 0 + all other 0 = 355,555, summed across the director compensation table rows.machine: formula: Σ = 355,555 |
| 18 | The RealReal, Inc., Section 10b CEO total | DEF 14A | 2026-06-01 | 0001140361-26-023446 | CEO total compensation as printed in The RealReal, Inc.'s own proxy. As printed: 12,576,367. Filing ↗machine: r2 · c22 · span 679627–679637 |
| 19 | Academy Sports and Outdoors, Inc., Section 10b CEO total | DEF 14A | 2026-04-21 | 0001817358-26-000063 | CEO total compensation as printed in Academy Sports and Outdoors, Inc.'s own proxy. As printed: 9,560,129. Filing ↗machine: r4 · c21 · span 1076572–1076581 |
| 20 | Urban Outfitters, Inc., Section 10b CEO total | DEF 14A | 2026-04-01 | 0001193125-26-137990 | CEO total compensation as printed in Urban Outfitters, Inc.'s own proxy. As printed: 6,290,916. Filing ↗machine: span 307336–307345 |
| 21 | Sleep Number Corporation, Section 10b CEO total | DEF 14A | 2026-04-08 | 0000827187-26-000031 | CEO total compensation as printed in Sleep Number Corporation's own proxy. As printed: 6,233,574. Filing ↗machine: t91 · r2 · c2 · span 1404923–1404930 |
| 22 | Dine Brands Global, Inc., Section 10b CEO total | DEF 14A | 2026-03-27 | 0001193125-26-127555 | CEO total compensation as printed in Dine Brands Global, Inc.'s own proxy. As printed: 5,417,315. Filing ↗machine: r4 · c31 · span 603550–603559 |
| 23 | ThredUp, Inc., Section 10b CEO total | DEF 14A | 2026-04-07 | 0001628280-26-024074 | CEO total compensation as printed in ThredUp, Inc.'s own proxy. As printed: 3,445,267. Filing ↗machine: r2 · c18 · span 282262–282271 |
| 24 | Winmark (subject), Section 10b CEO total | DEF 14A | 2026-03-04 | 0000908315-26-000010 | CEO total compensation as printed in Winmark's own proxy. As printed: 2,108,124. Filing ↗ |
| 25 | Section 10a, Urban Outfitters, Inc. reciprocity | DEF 14A | — | 0001193125-25-070459 | Urban Outfitters, Inc.'s most recent proxy was read; its disclosed peer group does not include Winmark. Filing ↗ |
| 26 | Section 10a, Sleep Number Corporation reciprocity | DEF 14A | — | 0000827187-25-000044 | Sleep Number Corporation's most recent proxy was read; its disclosed peer group does not include Winmark. Filing ↗ |
| 27 | Section 10a, Academy Sports and Outdoors, Inc. reciprocity | DEF 14A | — | 0001817358-26-000063 | Academy Sports and Outdoors, Inc.'s most recent proxy was read; its disclosed peer group does not include Winmark. Filing ↗ |
| 28 | Section 10a, Dine Brands Global, Inc. reciprocity | DEF 14A | — | 0001193125-26-127555 | Dine Brands Global, Inc.'s most recent proxy was read; its disclosed peer group does not include Winmark. Filing ↗ |
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