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

Rhea-AI Filing Summary

Build-A-Bear Workshop, Inc. (BBW) director Craig Leavitt reported sales of a total of 4,000 shares of common stock on 10/06/2025 under a pre-established Rule 10b5-1 trading plan entered on 07/01/2025. The sales were executed in multiple transactions at weighted average prices of $60.4459 and $61.0299, with individual trade prices ranging from $59.86 to $61.39. After these dispositions, Mr. Leavitt directly beneficially owns 61,667 unrestricted shares and 2,475 restricted shares (total reported beneficial ownership 64,142 shares).

The Form 4 is signed by an attorney-in-fact and discloses the sales were made pursuant to the 10b5-1 plan, indicating the transactions were preplanned rather than opportunistic post-knowledge trades. The filer offers to provide detailed per-price breakdowns on request.

Positive

• Sales executed under a Rule 10b5-1 plan, indicating pre-planned transactions and compliance with insider-trading frameworks
• Detailed disclosure of weighted average prices and price ranges with an offer to provide per-trade breakdowns on request
• Significant retained ownership: Mr. Leavitt continues to beneficially own 61,667 unrestricted shares plus 2,475 restricted shares

Negative

• Disposition of 4,000 shares reduced the reporting person’s unrestricted holdings, which some investors may view as a liquidity event
• Multiple sale price ranges mean execution occurred across varying levels, which could reflect staged selling rather than a single block trade

Insights

Corporate Governance Analyst

Insider sales followed a documented 10b5-1 plan, showing procedural compliance.

The reported sales of 4,000 shares were executed under a Rule 10b5-1 trading plan dated 07/01/2025, which provides an affirmative defense against insider trading claims when properly adopted and followed. The Form 4 discloses weighted average prices and offers to supply per-trade details, strengthening transparency around the disposals.

Key dependencies include the plan's start date and absence of contemporaneous material nonpublic information; investors can note the ownership remaining of 64,142 shares as the near-term governance metric to track.

Equity Markets Analyst

Small director sale relative to public float; limited likely market impact.

The director sold 4,000 shares at weighted average prices near $60.45–$61.03, indicating execution across multiple fills between $59.86 and $61.39. The disclosure of both weighted averages and price ranges allows reconstruction of execution quality if requested.

Monitor short-term trading volume around 10/06/2025 and any additional filings; absent larger disposals or changes in restricted stock holdings, this set of trades is unlikely to materially affect market pricing.

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
Estimated average burden
hours per response:			0.5

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

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Leavitt Craig

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025

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	10/06/2025		S		2,908(1)	D	$60.4459(2)	65,234	D
Common Stock	10/06/2025		S		1,092(1)	D	$61.0299(3)	64,142(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 July 1, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $59.86 to $60.80 inclusive. 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 $60.86 to $61.39 inclusive. 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 transaction reported in this Form 4, Mr. Leavitt directly beneficially owns 61,667 shares of common stock and 2,475 shares of restricted stock of Build-A-Bear Workshop, Inc.

	/s/ Yevgeny Fundler, as Attorney-in-Fact for Craig Leavitt	10/07/2025
	** 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 BBW director Craig Leavitt report on Form 4?

He reported sales of 4,000 shares of Build-A-Bear Workshop common stock on 10/06/2025, executed under a 10b5-1 trading plan dated 07/01/2025.

How many BBW shares does Craig Leavitt own after the sales?

After the reported transactions he beneficially owns 61,667 unrestricted shares and 2,475 restricted shares, totaling 64,142 shares.

At what prices were the BBW shares sold?

The filings show weighted average prices of $60.4459 and $61.0299, with individual trade prices ranging from $59.86 to $61.39.

Were the sales discretionary or pre-planned?

The sales were made pursuant to a pre-established Rule 10b5-1 trading plan entered on 07/01/2025, indicating they were pre-planned.

Who signed the Form 4 filing for Craig Leavitt?

The Form 4 was signed by Yevgeny Fundler, as Attorney-in-Fact for Craig Leavitt on 10/07/2025.