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

Rhea-AI Filing Summary

Build-A-Bear Workshop insider sales reported. Chief Financial Officer Vojin Todorovic sold a total of 10,000+ shares on 09/16/2025 via multiple transactions executed under a Rule 10b5-1 plan. The reported sales occurred in four groups: 258 shares at a weighted average of $71.5071, 2,343 shares at $72.6431, 5,096 shares at $73.2054 and 2,303 shares at $74.1701. After these disposals Mr. Todorovic directly holds 57,031 common shares plus 10,960 restricted shares. The Form 4 was signed by an attorney-in-fact on 09/18/2025 and includes an exhibit granting power of attorney.

Positive

• Sales executed under a Rule 10b5-1 trading plan, indicating pre-planned, compliant transactions
• Timely and complete disclosure including weighted-average prices and a power-of-attorney exhibit

Negative

• Insider disposed of shares, reducing direct beneficial ownership to 57,031 common shares
• Aggregate sales exceed 10,000 shares on a single date, which may be perceived negatively by some investors

Insights

Corporate Governance Expert

TL;DR: Insider sales under a pre-established 10b5-1 plan; compliance is evident, not necessarily a signal of firm performance.

The filing shows structured sales executed under a Rule 10b5-1 plan entered June 9, 2025, which typically indicates pre-planned disposals rather than opportunistic trades. The disclosure lists weighted-average prices for four sale tranches on a single date, and the reporting includes an exhibit for power of attorney, reflecting procedural completeness. From a governance viewpoint the Form 4 demonstrates timely SEC reporting and adherence to prescribed trading-plan disclosure requirements. Materiality to investors is limited absent other company developments.

Securities Analyst

TL;DR: The CFO reduced his economic stake modestly; the net holdings remain notable but the sales appear routine under a trading plan.

The transactions reduced reported beneficial holdings from prior levels down to 57,031 directly owned shares plus 10,960 restricted shares. The use of a 10b5-1 plan and the provision of weighted-average sale prices for ranges reflects standard market execution across multiple trades. Without additional context (e.g., size relative to float, timing vs. corporate events, or company fundamentals), these disposals do not alone constitute a material signal for valuation changes.

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).

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)
09/16/2025

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	09/16/2025		S		258(1)	D	$71.5071(2)	77,733	D
Common Stock	09/16/2025		S		2,343(1)	D	$72.6431(3)	75,390	D
Common Stock	09/16/2025		S		5,096(1)	D	$73.2054(4)	70,294	D
Common Stock	09/16/2025		S		2,303(1)	D	$74.1701(5)	67,991(6)	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 $71.275 to $71.905 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 $72.00 to $72.995 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. 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 $73.96 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.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $74.00 to $74.95 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.

6. After giving effect to the transactions reported in this Form 4, Mr. Todorovic directly owns 57,031 shares of common stock and 10,960 shares of restricted stock of Build-A-Bear Workshop, Inc.

Remarks:

EXHIBIT LIST - Exhibit 24 - Power of Attorney for Vojin Todorovic

	/s/ Yevgeny Fundler, attorney-in-fact for Vojin Todorovic	09/18/2025
	** 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 Workshop (BBW) CFO Vojin Todorovic sell on 09/16/2025?

He sold common stock in four tranches totaling 10,000+ shares on 09/16/2025 under a Rule 10b5-1 plan with weighted-average prices reported for each tranche.

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

After the transactions he directly owns 57,031 shares of common stock and 10,960 shares of restricted stock.

Were the sales by the BBW CFO part of a pre-established trading plan?

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

Does the Form 4 provide exact per-share prices for each sale?

The filing provides weighted-average prices and price ranges for the multiple transactions rather than per-trade exact prices.

Is there any additional documentation attached to the filing?

Yes. The filing lists Exhibit 24, a power of attorney for Vojin Todorovic, and the Form 4 is signed by an attorney-in-fact.