BUILD-A-BEAR WORKSHOP INC — Director's Dealing 2011

May 19, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BUILD A BEAR WORKSHOP INC (BBW)
CIK: 0001113809
Period of Report: 2011-05-17

Reporting Person: HAUGH JOHN N (President Bear)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-17	Common Stock	M	21803	$4.41	Acquired	107282	Direct
2011-05-17	Common Stock	S	21803	$6.66	Disposed	85479	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-17	Employee Stock Option (Right to Buy)	$4.41	M	21803	Acquired	2019-03-16	Common Stock (21803)	Direct

Footnotes

F1: The reporting price is the weighted average sale price per share for 127 transactions in which the sales prices range from $6.50 to $6.82 per share. The Reporting Person undertakes to provide full information regarding the number of shares sold at each separate sale price upon request of the Securities and Exchange Commission staff, the issuer or any security holder of the issuer.

F2: After giving effect to the transactions reported in this Form 4, Mr. Haugh directly owns 12,377 shares of common stock and 73,102 shares of restricted stock of Build-A-Bear Workshop, Inc. In addition, Mr. Haugh holds vested options to purchase 7,468 shares and unvested options to purchase 59,588 shares of Build-A-Bear Workshop, Inc. common stock.

F3: The options vested in equal installments on March 16, 2010 and 2011. The remaining options vest in equal annual installments over four years from the date of the grant.