BUILD-A-BEAR WORKSHOP INC — Director's Dealing 2017

May 15, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BUILD A BEAR WORKSHOP INC (BBW)
CIK: 0001113809
Period of Report: 2017-05-11

Reporting Person: Leonard Braden Michael (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-11	Common Stock	A	7747	—	Acquired	149520	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1458000	Indirect

Footnotes

F1: Grant to reporting person of 7,7477 shares of restricted stock. The shares will vest on May 11, 2018.

F2: Price is not applicable to grants of restricted stock.

F3: After giving effect to the transactions reported in this Form 4, Mr. Leonard directly owns 142,043 shares of common stock and 7,477 shares of restricted stock of Build-A-Bear Workshop, Inc. 5,847 restricted shares vested on May 12, 2017, a day after the above reported transaction. For purposes of this footnote, we have included these 5,847 shares as common stock instead of restricted, making this footnote accurate as of the date of filing

F4: BML Capital Management, LLC ("BML Capital") serves as the general partner of BML Investment Partners, L.P., a Delaware limited partnership (the "Fund"), which is the direct owner of the subject shares. Mr. Leonard is the managing member of BML Capital, and exercises investment and voting control over the subject shares. Accordingly, shares owned directly by the Fund may be regarded as being beneficially owned by Mr. Leonard. Notwithstanding, Mr. Leonard disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.