UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
 (Amendment No. 2)*
Winmark Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
974250102
(CUSIP Number)
12/31/2015
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
☒  Rule 13d-1(b)
☐  Rule 13d-1(c)
☐  Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 
         
CUSIP No. 974250102
 
13G
 
Page 2 of 10 Pages
 
 
  
 
  
         
1.
 
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 Nine Ten Partners LP - IRS # 46-5301261
 
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    ☐
(b)    ☒
 
 
3.
 
SEC USE ONLY
  
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 Texas
 
 
         
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
 
5.
 
SOLE VOTING POWER
 
 459,463
 
6.
 
SHARED VOTING POWER
 
 0
 
7.
 
SOLE DISPOSITIVE POWER
 
 459,463
 
8.
 
SHARED DISPOSITIVE POWER
 
 0
         
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 459,463
 
 
10.
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(see instructions)    ☐
 
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 11.1%
 
 
12.
 
TYPE OF REPORTING PERSON (see instructions)

 IV
 
 


         
CUSIP No. 974250102
 
13G
 
Page 3 of 10 Pages
 
 
  
 
  
         
1.
 
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 Nine Ten Capital Management LLC - IRS # 46-5220958
 
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    ☐
(b)    ☒
 
 
3.
 
SEC USE ONLY
  
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 Texas
 
 
         
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
 
5.
 
SOLE VOTING POWER
 
 459,463
 
6.
 
SHARED VOTING POWER
 
 0
 
7.
 
SOLE DISPOSITIVE POWER
 
 459,463
 
8.
 
SHARED DISPOSITIVE POWER
 
 0
         
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 459,463
 
 
10.
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(see instructions)    ☐
 
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 11.1%
 
 
12.
 
TYPE OF REPORTING PERSON (see instructions)

 IA
 
 
 
         
CUSIP No. 974250102
 
13G
 
Page 4 of 10 Pages
 
 
  
 
  
         
1.
 
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 Brian Bares
 
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    ☐
(b)    ☒
 
 
3.
 
SEC USE ONLY
  
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 USA
 
 
         
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
 
5.
 
SOLE VOTING POWER
 
 461,975
 
6.
 
SHARED VOTING POWER
 
 0
 
7.
 
SOLE DISPOSITIVE POWER
 
 461,975
 
8.
 
SHARED DISPOSITIVE POWER
 
 0
         
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 461,975
 
 
10.
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(see instructions)    ☐
 
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 11.20%
 
 
12.
 
TYPE OF REPORTING PERSON (see instructions)

 HC, IN
 
 
 
        


 
         
CUSIP No. 974250102
 
13G
 
Page 5 of 10 Pages
 
 
  
 
  
         
1.
 
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 James Bradshaw
 
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    ☐
(b)    ☒
 
 
3.
 
SEC USE ONLY
  
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 USA
 
 
         
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
 
5.
 
SOLE VOTING POWER
 
 459,671
 
6.
 
SHARED VOTING POWER
 
 0
 
7.
 
SOLE DISPOSITIVE POWER
 
 459,671
 
8.
 
SHARED DISPOSITIVE POWER
 
 0
         
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 459,671
 
 
10.
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(see instructions)    ☐
 
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 11.1%
 
 
12.
 
TYPE OF REPORTING PERSON (see instructions)

 HC, IN
 
 
 
        
 

         
CUSIP No. 974250102
 
13G
 
Page 6 of 10 Pages
 
 
  
 
  
         
1.
 
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 Russell Mollen
 
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    ☐
(b)    ☒
 
 
3.
 
SEC USE ONLY
  
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 USA
 
 
         
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
 
5.
 
SOLE VOTING POWER
 
 459,563
 
6.
 
SHARED VOTING POWER
 
 0
 
7.
 
SOLE DISPOSITIVE POWER
 
 459,563
 
8.
 
SHARED DISPOSITIVE POWER
 
 0
         
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 459,563
 
 
10.
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(see instructions)    ☐
 
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 11.1%
 
 
12.
 
TYPE OF REPORTING PERSON (see instructions)

 HC, IN
 
 
 
        
 
         
CUSIP No. 974250102
 
13G
 
Page 7 of 10 Pages
 
 
  
 
  
Item 1.
 
(a)
Name of Issuer
 Winmark Corporation
 
    
 
(b)
Address of Issuer’s Principal Executive Offices
605 Highway 169 North, Suite 400
 
  
Minneapolis, MN 55441
Item 2.
 
(a)
Name of Person Filing
 (a) Nine Ten Partners LP
(b) Nine Ten Capital Management LLC
(c) Brian Bares
(d) James Bradshaw
(e) Russell Mollen
 
    
 
(b)
Address of the Principal Office or, if none, residence
 (a)-(e) 12600 Hill Country Blvd, Suite R-230
            Austin, TX 78738
 
    
 
(c)
Citizenship
 (a)-(b) Texas
(c)-(e) USA
 
    
 
(d)
Title of Class of Securities
 Common stock
 
    
 
(e)
CUSIP Number
 974250102
 
    
Item 3.  If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
 
(a)
☐
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
 
      
 
(b)
☐
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
 
      
 
(c)
☐
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
 
      
 
(d)
☐
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
 
      
 
(e)
☒
An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
 
      
 
(f)
☐
An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
 
      
 
(g)
☐
A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);
 
      
 
(h)
☐
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
 
      
 
(i)
☐
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
 
      
 
(j)
☐
Group, in accordance with §240.13d-1(b)(1)(ii)(J).
 
      



Item 4.  Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
With respect to the beneficial ownership of the reporting persons, see Items 5 through 11 of the cover pages to this Schedule 13G, which are incorporated herein by reference.
This Schedule 13G is being jointly filed by Nine Ten Partners LP, Nine Ten Capital Management LLC (“NTCM”), Brian Bares, James Bradshaw, and Russell Mollen with respect to shares of common stock of the above-named issuer owned by Nine Ten Partners LP. NTCM does not directly own any shares of common stock of the issuer. As the investment adviser of Nine Ten Partners LP, NTCM may be deemed to beneficially own the shares reported herein by Nine Ten Partners LP. Accordingly, the shares reported herein by NTCM include those shares separately reported herein by Nine Ten Partners LP.
Brian Bares, James Bradshaw, and Russell Mollen are control persons of Nine Ten GP LP, the General Partner of Nine Ten Partners LP.
Instruction. For computations regarding securities which represent a right to acquire an underlying security see §240.13d-3(d)(1).
Item 5.  Ownership of Five Percent or Less of a Class.
        Not Applicable
Item 6.  Ownership of More than Five Percent on Behalf of Another Person.
 Not Applicable
Item 7.  Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.
 Not Applicable
Item 8.  Identification and Classification of Members of the Group.
 Not Applicable
Item 9.  Notice of Dissolution of Group.
 Not Applicable
 
Item 10.  Certification.
         
 
(a)
 
The following certification shall be included if the statement is filed pursuant to §240.13d-1(b):
 
        
 
 
 
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
  
 
        
 
(b)
 
The following certification shall be included if the statement is filed pursuant to §240.13d-1(c):
 
        
 
 
 
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
  
 
        
 
         
CUSIP No. 974250102
 
13G
 
Page 10 of 10 Pages
 
 
  
 
  
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 
02/16/2016
 
Date
   
 
Nine Ten Partners LP
 
 
/s/ Brian Bares
 
Brian Bares/Authorized Signatory
 
 
Nine Ten Capital Management LLC
 
 
/s/ Brian Bares
 
Brian Bares/Authorized Signatory
 
 
Brian Bares
 
 
/s/ Brian Bares
 
Brian Bares/Member
 
 
James Bradshaw
 
 
/s/ James Bradshaw
 
James Bradshaw/Member
 
 
Russell Mollen
 
 
/s/ Russell Mollen
 
Russell Mollen/Member