[Form 4] BUILD-A-BEAR WORKSHOP INC Insider Trading Activity

Rhea-AI Filing Summary

Vojin Todorovic, Chief Financial Officer of Build-A-Bear Workshop, Inc. (BBW), reported sales of common stock on 09/22/2025 under a pre-established Rule 10b5-1 plan. He disposed of 929 shares at a weighted-average price of $72.5487 and 1,815 shares at a weighted-average price of $73.0576, with sale price ranges of $72.01–$72.99 and $73.00–$73.455, respectively. After these transactions he directly owns 54,287 shares of common stock and 10,960 shares of restricted stock, for a total of 65,247 shares beneficially owned. The Form 4 was signed by an attorney-in-fact on 09/24/2025.

Positive

• Sales executed under a Rule 10b5-1 plan, indicating pre-arranged trades rather than ad hoc insider transactions
• Detailed pricing disclosure with weighted-average prices and explicit price ranges for the multiple transactions
• Post-transaction beneficial ownership disclosed (54,287 common shares and 10,960 restricted shares)

Negative

• Insider sold 2,744 shares (929 + 1,815), which is a reduction in the reporting person's holdings
• No breakdown provided in the Form 4 for the number of shares sold at each individual price within the disclosed ranges (reporter offers to provide upon request)

Insights

Financial Analyst

TL;DR: Routine insider sales under a 10b5-1 plan; no new compensation or material change disclosed.

The filing documents pre-planned sales executed on 09/22/2025 by the CFO, totaling 2,744 shares sold in multiple transactions at weighted-average prices of $72.5487 and $73.0576. Because the trades were executed pursuant to a Rule 10b5-1 plan established on June 9, 2025, they represent orderly disposition rather than ad hoc sales tied to undisclosed company developments. The remaining direct ownership of 65,247 shares is disclosed, combining unrestricted and restricted holdings.

Corporate Governance Expert

TL;DR: Disclosure meets Section 16 reporting expectations; plan-based sales reduce governance red flags.

The Form 4 clearly states the 10b5-1 plan adoption date and provides weighted-average pricing and price ranges for the multiple transactions, which improves transparency. The filing is signed by an attorney-in-fact and reports post-transaction beneficial ownership including restricted stock. No evidence in the filing suggests late reporting or failure to follow plan terms.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Todorovic Vojin

(Last) (First) (Middle)

C/O BUILD-A-BEAR WORKSHOP, INC.

415 SOUTH 18TH STREET

(Street)

ST. LOUIS MO 63103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BUILD-A-BEAR WORKSHOP INC [ BBW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

4. If Amendment, Date of 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

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	09/22/2025		S		929(1)	D	$72.5487(2)	67,062	D
Common Stock	09/22/2025		S		1,815(1)	D	$73.0576(3)	65,247(4)	D

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 Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. These shares were sold pursuant to a Rule 10b5-1 trading plan entered into by the Reporting Person on June 9, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $72.01 to $72.99 per share. The Reporting Person undertakes to provide to Build-A-Bear Workshop, Inc., any security holder of Build-A-Bear Workshop, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $73.00 to $73.455 per share. The Reporting Person undertakes to provide to Build-A-Bear Workshop, Inc., any security holder of Build-A-Bear Workshop, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.

4. After giving effect to the transactions reported in this Form 4, Mr. Todorovic directly owns 54,287 shares of common stock and 10,960 shares of restricted stock of Build-A-Bear Workshop, Inc.

	/s/ Yevgeny Fundler, attorney-in-fact for Vojin Todorovic	09/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did BUILD-A-BEAR (BBW) CFO Vojin Todorovic report on Form 4?

He reported the sale of 929 shares at a weighted-average price of $72.5487 and 1,815 shares at a weighted-average price of $73.0576 on 09/22/2025.

Were the 09/22/2025 sales by the CFO part of a 10b5-1 trading plan?

Yes. The Form 4 states the shares were sold pursuant to a Rule 10b5-1 trading plan entered into on June 9, 2025.

How many BBW shares does Todorovic own after the reported transactions?

He directly owns 54,287 shares of common stock and 10,960 shares of restricted stock, totaling 65,247 shares.

What price ranges were disclosed for the sales on 09/22/2025?

For 929 shares: $72.01 to $72.99 per share. For 1,815 shares: $73.00 to $73.455 per share.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Yevgeny Fundler, attorney-in-fact for Vojin Todorovic, and dated 09/24/2025.