Document:

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                                                                   EXHIBIT 10.10

                    SEPARATION AGREEMENT AND GENERAL RELEASE

            THIS SEPARATION AGREEMENT AND GENERAL RELEASE ("Agreement") dated
January 31, 2004, is made and entered into by and between Brian C. Vent ("Vent")
and Build-A-Bear Workshop, Inc., a Delaware corporation ("Company").

            WHEREAS, Vent and the Company desire to end Vent's employment with
the Company effective January 31, 2004 ("Separation Date"); and

            WHEREAS, Vent and the Company desire to enter into full and final
settlement of all matters between them, including, but not limited to, any
issues that might arise out of Vent's employment with, or termination of
employment from, the Company;

            NOW, THEREFORE, for and in consideration of the mutual releases,
covenants and undertakings hereinafter set forth, and for other good and
valuable consideration, which each party hereby acknowledges, it is agreed as
follows:

      1.    Separation. Vent's employment with the Company shall cease effective
on the Separation Date. As of that date, neither the Company nor any of its
parent companies, affiliate companies, subsidiary companies, operating
divisions, predecessors or successors, including without limitation Build-A-Bear
Workshop, L.L.C., or their respective directors, shareholders, attorneys,
agents, officers, employees, successors or assigns (together, "Releasees") shall
have any further obligation to Vent for compensation or otherwise other than as
set forth below, and Vent agrees to release and discharge the Releasees from any
and all liability and obligations except as set forth below.

      2.    Severance Payment and Benefits. The Company will provide the
payments set forth in this Section 2 in consideration and exchange for Vent's
promises, agreements and obligations set out in this Agreement, so long as Vent
submits this Agreement, properly executed, to Maxine Clark, Chief Executive
Bear, within the time allowed herein, and adheres to the promises and agreements
set out in this Agreement.

            (a)   The Company shall continue Vent's base salary for a period of
six (6) months following the Separation Date. This amount will be paid in
accordance with the Company's regular payroll periods and practices, and
applicable local, state and federal taxes and other required withholdings will
be deducted.

            (b)   Notwithstanding the provisions of the loan agreement evidenced
in that Secured Promissory Note ("Note") between the parties dated September 19,
2001 and Repayment and Stock Pledge Agreement dated September 19, 2001
(together, "Loan") which require that the Note be due and payable on the
ninetieth day following the date of Vent's termination of employment with the
Company, payment of the Note shall not be accelerated as a result of Vent's
termination of employment. Rather, the term of the Loan shall be determined
under the provisions of the Note, and the principal amount of the Note shall be
due and payable to the Company by Vent in accordance with the provisions of the
Note, as if Vent had not terminated employment with the Company.

<PAGE>

            (c)   Vent may exercise his incentive stock options to the extent
provided and otherwise in accordance with the Company's 2000 Stock Option Plan
("Option Plan")and his stock option agreements dated February 28, 2001 and
September 13, 2001, provided, however, that Vent may exercise any such incentive
stock options by tendering as the exercise price, shares of Company Common Stock
issuable upon the conversion of the Series C Preferred Company Stock owned by
Vent for a period of at least six (6) months as of the date of tender, and
registered in his name. Those incentive stock options which would vest during
the first quarter of 2004 shall be deemed to be vested as of the Separation
Date. Unless otherwise revoked in writing, Vent hereby exercises such incentive
stock options with an exercise price lower than than the valuation of the
underlying Common Stock (as determined in accordance with Section 2(d)) as of
the 89th day following the Separation Date.

            (d)   Vent may exercise his nonqualified stock options to the extent
provided and otherwise in accordance with the Option Plan and his stock option
agreement dated April 3, 2000, as amended on September 13, 2001, provided,
however, that Vent may exercise any such nonqualified stock options through a
cashless exercise by tendering as the exercise price, shares of Company Common
Stock issuable upon the conversion of the Series C Preferred Company Stock owned
by Vent for a period of at least six (6) months as of the date of tender. The
Compensation Committee shall withhold a sufficient number of shares of stock to
cover the Company's withholding tax obligations incurred as a result of the
exercise. The preliminary valuation of the Company's Common Stock is $8.74 per
share, which will result in Vent recognizing income in the amount set forth on
Schedule A hereto. The final determination of the valuation of the Company's
Common Stock will be determined by the Compensation Committee based on a
third-party appraisal and the Company will promptly notify Vent of such
determination. The Company will use such valuation for purposes of determining
the number of shares needed to satisfy the exercise price and withholding
obligations. The Company will report Vent's income on a Form W-2 based on such
valuation. Vent and the Company agree to take consistent reporting positions
with respect to such income. Unless otherwise revoked in writing, Vent hereby
exercises such nonqualified stock options as of the 179th day following the
Separation Date.

            (e)   Assuming Vent exercises all of his options with an exercise
price of less than $8.74 using a cashless exercise, following the exercise
Vent's stock holdings in the Company shall be as set forth on Schedule A hereto.
All such stock holding are subject to the Stockholders Agreement dated September
19, 2001.

            (f)   Vent shall be eligible to participate in the Company's group
health plan(s) in which he currently participates for a period ending six (6)
months after the Separation Date on the same terms and conditions as available
to an active employee with the Company. After such six-month period, Vent shall
be provided with such continuation notices, rights and obligations as may be
required under federal or state law (including COBRA).

            (g)   Vent shall be entitled to all vacation accrued but unused as
of the Separation Date. He shall be entitled to no additional vacation accruals
on and after such date.

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            (h)   Except as otherwise provided herein, on and after the
Separation Date, Vent shall not participate in, or accrue additional rights or
benefits under, any employee benefit plan, program or policy or any bonus plan,
program or policy of the Company.

      3.    Vent's Release and Waiver of Claims. In exchange for the payment
described herein, Vent hereby agrees to, and does, remise, release and forever
discharge the Releasees from any and all matters, claims, demands, damages,
causes of action, debts, liabilities, controversies, judgments and suits of
every kind and nature whatsoever, foreseen or unforeseen, known or unknown,
which have arisen or could arise between Vent and the Releasees from matters,
actions or inactions which occurred on or before the Separation Date other than
those continuing rights relating to Vent's stock ownership in the Company.

      4.    Vent's Agreement Not to File Suit or Claims. In exchange for the
consideration described herein, Vent agrees:

            (a)   That he will not file or otherwise submit any claim,
complaint, or action to any agency, court, organization, or judicial forum (nor
will he permit any person, group of persons, or organizations to take such
action on his behalf) against the Releasees, or anyone acting on their behalf,
arising out of any actions or non-actions by the Releasees which occurred on or
before the Separation Date.

            (b)   That his release of claims, complaints, and actions includes,
but is not limited to: (i) any claim for breach of an actual or implied contract
of employment between Vent and any of the Releasees (including any claim of
fraudulent misrepresentation or negligent misrepresentation in the making of any
actual or implied contract of employment), (ii) any claim of unjust, wrongful,
discriminatory, retaliatory or tortious discharge or other adverse employment
action (including any claim of whistleblowing), (iii) any claim of slander,
libel or other similar action for defamation, (iv) any claim of intentional tort
(including assault, battery, and intentional infliction of emotional distress),
(v) any claim of negligence (including negligent infliction of emotional
distress, negligent hiring, or negligent retention), (vi) any claim of a
violation of a statute or ordinance, including, but not limited to, the Civil
Rights Act of 1866, 42 U.S.C. Section 1981, the Civil Rights Act of 1964, 42
U.S.C. Section 2000e et seq., as amended by the Civil Rights Act of 1991, the
Age Discrimination in Employment Act, 29 U.S.C. Section 621 et. seq. (including
but not limited to the Older Worker Benefit Protection Act("OWBPA")) ("ADEA"),
the Employee Retirement Income Security Act, 29 U.S.C. Section 1001 et seq.
(including, but not limited to, COBRA), Executive Order 11246, the Occupational
Safety and Health Act, 29 U.S.C. Section 651 et. seq., the National Labor
Relations Act, 29 U.S.C. Section 151 et. seq. the Fair Labor Standards Act of
1938, 29 U.S.C. Section 201 et seq., (including, but not limited to, the Equal
Pay Act), the Rehabilitation Act of 1973, 29 U.S.C. Section 701 et seq., the
Americans with Disabilities Act, 42 U.S.C. Section 12101 et seq., the Family and
Medical Leave Act, 29 U.S.C. Section 2601 et seq., the Worker Adjustment and
Retraining Notification Act, 29 U.S.C. Section 2101 et seq., the Missouri
Workers' Compensation Act, Section 287.010 R.S.Mo. et seq., the Missouri
Employment Security Act, Section 288.010 R.S.Mo. et seq., the Missouri Human
Rights Act, Section 213.010 R.S.Mo. et seq., the Missouri Service Letter Act,
Section 290.140, or any other relevant

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federal, state, or local statutes or ordinances governing employment and the
payment of compensation.

            (c)   That he releases and waives any and all claims under or
pursuant to any employment agreement with the Company, including without
limitation the Employment, Confidentiality and Noncompete Agreement dated April
3, 2000.

            (d)   That in the event that he or any person or entity should bring
such a charge, claim, complaint, or action on his behalf, he hereby waives and
forfeits any right to recovery under said claim and will exercise every good
faith effort to have such claim dismissed.

            (e)   That if he violates this Agreement by suing or making a claim
against any of the Releasees, he agrees that he will pay all costs and expenses
of defending against the suit incurred by the respective Releasees, including,
but not limited to, reasonable attorneys' fees and shall hold the Releasees
harmless against any judgment which may be rendered against them.

            (f)   That, with the exception of challenges for compliance with the
ADEA or the OWBPA, Vent agrees not to challenge the enforceability of this
Agreement and the release and waiver of claims herein.

            (g)   For purposes of the ADEA only, this Agreement does not affect
the Equal Employment Opportunity Commission's ("EEOC") rights and
responsibilities to enforce the ADEA, nor does this Agreement prohibit Vent from
filing a charge under the ADEA (including a challenge to the validity of the
waiver of claims in this Agreement) with the EEOC, or participating in any
investigation or proceeding conducted by the EEOC. Nevertheless, Vent agrees
that the Releasees will be shielded against any recovery by Vent, provided this
Agreement is valid under applicable law.

      5.    No knowledge of injury. Vent represents and warrants that he has no
present knowledge of any injury, illness or disease to him that is or might be
compensable as a workers' compensation claim or similar claim for workplace
injuries, illnesses or diseases.

      6.    Confidentiality. Vent agrees that he will not publicize this
Agreement directly, either in specific or as to general content, to either the
public generally, to any employee of any of the Releasees, or to any other
person or entity, except to the extent he might be lawfully compelled to give
testimony by a court of competent jurisdiction or participate in an EEOC
proceeding. Any such publication shall be considered a material breach of the
Agreement and shall subject Vent to liability for damages. Vent's agreement to
keep confidential the terms of this Agreement extends to all persons other than
his immediate family, his attorneys and accountants who have a legitimate need
to know the terms in order to render professional advice or services to Vent;
otherwise, Vent agrees not to identify or reveal any other terms of the
Agreement except as otherwise provided herein. Notwithstanding any provision in
this Agreement, the Company shall be entitled to seek and obtain injunctive
relief to prevent or stop a breach of this paragraph concerning confidentiality,
and should the Company prevail in an action seeking injunctive relief, Vent
agrees to pay the Company's costs and attorneys' fees in connection with filing
and prosecuting such an action.

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      7.    Nondisparagement. The parties agree that they will not in any way
disparage each other, including current or former officers, directors and
employees, nor will they make or solicit any comments, statements or the like to
the media or to others, including any claimants against each other or their
agents or representatives, that may be considered to be derogatory or
detrimental to the good name or business reputation of the other.

      8.    No Admission of Wrongdoing. The parties agree that nothing in this
Agreement is an admission by any party hereto of any wrongdoing, either in
violation of an applicable law or otherwise, and that nothing in this Agreement
is to be construed as such by any person.

      9.    Voluntary Agreement. Vent further acknowledges that he understands
this Agreement, the claims he is releasing, the promises and agreements he is
making, and the effect of his signing this Agreement. Vent further represents,
declares, and agrees that he voluntarily accepts the payment described above for
the purpose of making a full and final compromise, adjustment, and settlement of
all claims or potential claims against the Releasees from any action or inaction
taking place prior on or before the Separation Date.

      10.   Non-Competition, Confidential Information and Return of Property.

            (a)   Vent agrees to keep secret and confidential, and not to use or
disclose any of the Company's proprietary Confidential Information. Vent
acknowledges and confirms that certain data and other information (whether in
human or machine readable form) that has come into his possession or knowledge
and which was obtained from Build-A-Bear Workshop, L.L.C. ("LLC") or the
Company, or was obtained by Vent for or on behalf of the LLC or the Company, and
which is identified herein ("Confidential Information") is the secret,
confidential property of the Company. This Confidential Information includes,
but is not limited to (it being understood and agreed that references below to
the Company shall be deemed to include the LLC, as predecessor to the Company):

                  (1)   lists or other identification of customers or
      prospective customers of the Company (and key individuals employed or
      engaged by such parties);

                  (2)   lists or other identification of sources or prospective
      sources of the Company's products or components thereof (and key
      individuals employed or engaged by such parties);

                  (3)   all compilations of information, correspondence,
      designs, drawings, files, formulae, lists, machines, maps, methods,
      models, notes or other writings, plans, records and reports;

                  (4)   financial, sales and marketing data relating to the
      Company or to the industry or other areas pertaining to Company's
      activities and contemplated activities (including, without limitation,
      manufacturing, transportation, distribution and sales costs and non-public
      pricing information);

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                  (5)   equipment, materials, procedures, processes, and
      techniques used in, or related to, the development, manufacture, assembly,
      fabrication or other production and quality control of the Company's
      products and services;

                  (6)   the Company's relations with its customers, prospective
      customers, suppliers and prospective suppliers and the nature and type of
      products or services rendered to such customers (or proposed to be
      rendered to prospective customers);

                  (7)   the Company's relations with its employees (including,
      without limitation, salaries, job classifications and skill levels); and

                  (8)   any other information designated by the Company to be
      confidential, secret and/or proprietary (including without limitation,
      information provided by customers or suppliers of Company).

            Vent acknowledges that any and all notes, records, sketches,
computer diskettes, training materials and other documents relating to the
Company or the LLC obtained by or provided to Vent, or otherwise made, produced
or compiled during Vent's employment, regardless of the type of medium in which
they are preserved, are the sole and exclusive property of the Company and
shall, together with any and all other Company property, be surrendered to the
Company on the Separation Date. Vent shall immediately deliver to the Company
without reproduction all Confidential Information in his possession or under his
control, regardless of whether it is in document form or electronic media or any
other form.

            Any and all ideas, inventions, discoveries, patents, patent
applications, continuation-in-part patent applications, divisional patent
applications, technology, copyrights, derivative works, trademarks, service
marks, improvements, trade secrets and the like (collectively, "Inventions"),
which were developed, conceived, created, discovered, learned, produced and/or
otherwise generated by Vent, whether individually or otherwise, during the time
that Vent was employed by the LLC or the Company, whether or not during working
hours, that relate to (i) current and anticipated businesses and/or activities
of the Company and/or the LLC, either individually or on a combined and
continuous bases, (ii) the current and anticipated research or development of
the Company and/or the LLC, either individually or on a combined and continuous
basis, or (iii) any work performed by Vent for the Company and/or the LLC,
either individually or on a combined and continuous basis, shall be the sole and
exclusive property of the Company, and the Company shall own any and all right,
title and interest to such Inventions. Vent agrees to assign to the Company
whenever so requested by the Company, any and all right, title and interest in
and to any such Inventions, at the Company's expense, and Vent agrees to execute
any and all applications, assignments or other instruments which the Company
deems desirable or necessary to protect such interests, at the Company's
expense.

            (b)   Vent recognizes that (i) the LLC and the Company have spent
substantial money, time and effort over the years in developing and solidifying
its relationships with its customers and suppliers and in developing its
Confidential Information; (ii) long-term customer relationships often can be
difficult to develop and require a significant investment of

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time, effort and expense; (iii) the LLC has paid, and the Company pays its
employees to, among other things, develop and preserve business information,
customer goodwill, customer loyalty and customer contacts for and on behalf of
the Company; and (iv) the Company is hereby agreeing to provide certain benefits
to Vent based upon Vent's assurances and promises not to put himself in a
position in which the confidentiality of Company's Confidential Information
might somehow be compromised. Accordingly, Vent agrees that for the period of
time set forth below following the Separation Date, Vent will not, directly or
indirectly (whether as owner, partner, consultant, employee or otherwise):

                  (1)   for three (3) years, engage in, assist or have an
interest in, or enter the employment of or act as an agent, advisor or
consultant for, any person or entity which is engaged in, or will be engaged in,
the development, manufacture, supplying or sale of a product, process, service
or development which is competitive with a product, process, service or
development on which Vent worked or with respect to which Vent has or had access
to Confidential Information while at the Company ("Restricted Activity"), and
which is located within 100 miles of any Company retail store;

                  (2)   for three (3) years, solicit, call on or provide any
Restricted Activity to any customer or active prospective customer of the
Company which was a customer or supplier of the Company at any time during the
most recent twelve (12) months of Vent's employment by the Company, or cause or
attempt to cause such a person to divert, terminate, limit, modify or fail to
enter into any existing or potential relationship with the Company; or

                  (3)   for three (3) years, induce or attempt to induce any
employee, consultant or advisor of the Company to accept employment or an
affiliation involving Restricted Activity;

provided, however, that following the Separation Date, Vent shall be entitled to
be an employee of an entity that engages in Restricted Activity so long as: (i)
the sale of stuffed animals is not a principal business of the entity; (ii) Vent
has no direct or personal involvement in the sale of stuffed animals; and (iii)
neither Vent, his relatives, nor any other entities with which he is affiliated
own more than 1% of the entity. As used in this Section 10, "principal business"
shall mean that greater than 10% of revenues received during the twelve (12)
months preceding a dispute under this Section 10 were derived from the sale of
stuffed animals and related products, or otherwise derives revenues from a
retail concept that is similar in any material regard to the Company.

            (c)   Vent recognizes and agrees that the restraints contained in
Section 10 (both separately and in total) are reasonable and enforceable in view
of the Company's legitimate interests in protecting its Confidential Information
and customer goodwill and the limited scope of the restrictions in Section 10.

      11.   Company's Right to Injunctive Relief. In the event of a breach or
threatened breach of any of Vent's duties and obligations under the terms and
provisions of Sections 10 hereof, the Company shall be entitled, in addition to
any other legal or equitable remedies it may have in connection therewith
(including any right to damages that it may suffer), to temporary, preliminary
and permanent injunctive relief restraining such breach or threatened breach.
Vent

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hereby expressly acknowledges that the harm which might result to the Company's
business as a result of any noncompliance by Vent with any of the provisions of
Section 10 would be largely irreparable. Vent specifically agrees that if there
is a question as to the enforceability of any of the provisions of Section 10
hereof, Vent will not engage in any conduct inconsistent with or contrary to
such Section until after the question has been resolved by a final judgment of a
court of competent jurisdiction.

      12.   Choice of Law and Venue. The parties agree that the Agreement shall
be interpreted and governed by the laws of the state of Missouri, without regard
for any conflict of law principles. The parties agree that any litigation
relating to or arising out of this Agreement, or regarding the interpretation,
validity and/ or enforceability of this Agreement shall be filed and conducted
in the state or federal courts for or covering St. Louis County, Missouri.

      13.   Modification. The parties hereto agree that this Agreement may not
be modified, altered, or changed except by a written agreement signed by the
parties hereto.

      14.   Entire Agreement. The parties acknowledge that this constitutes the
entire agreement between them superseding all prior written and oral agreements,
regarding Vent's separation, and that there are no other understandings or
agreements, written or oral, among them on the subject of Vent's separation.

      15.   Invalidity of Provisions / Severability. In the event that any
provision of this Agreement is adjudicated to be invalid or unenforceable under
applicable law, the validity or enforceability of the remaining provisions shall
be unaffected. To the extent that any provision of this Agreement is adjudicated
to be invalid or unenforceable because it is overbroad, that provision shall not
be void but rather shall be limited only to the extent required by applicable
law and enforced as so limited.

      16.   Effective Date. This Agreement shall become effective and binding on
the date hereof, except that Vent shall have the right to revoke his agreement
to waive claims under the ADEA at any time within eight days after the date
hereof.

      17.   Time for Consideration. By executing this Agreement, Vent
acknowledges that by being presented with this Agreement, he has been advised by
a representative of the Company that he has been given at least twenty-one (21)
days within which to consider this Agreement before his signing the same, and
that he has, in fact, been given at least twenty-one (21) days within which to
consider this Agreement prior to signing the Agreement.

      18.   Time for Revocation. By executing this Agreement, Vent acknowledges
that by being presented with this Agreement, he has been advised by a
representative of the Company that this Agreement shall not become effective
until the eighth (8th) calendar day after the date of Vent's execution of this
Agreement. During the seven (7) day period following Vent's execution of this
Agreement, Vent may freely revoke his execution of this Agreement. Upon
expiration of the seven (7) day period, Vent acknowledges that this Agreement
becomes final and binding. If Vent revokes this Agreement within the seven (7)
day period following his execution of this Agreement, it shall not be effective
or enforceable,

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and Vent will not receive the consideration described in this Agreement. Any
such revocations should be made in writing and delivered to Maxine Clark, Chief
Executive Bear.

      19.   Consultation with an Attorney. By executing this Agreement, Vent
acknowledges that, by being presented with this Agreement for his consideration,
he has been advised by a representative from the Company, in writing, to consult
with an attorney about this Agreement, its meaning and effect, prior to
executing this Agreement.

      20.   No Reliance. The parties have not relied on any representations,
promises, or agreements of any kind made to them in connection with this
Agreement, except for those set forth in this Agreement.

      21.   Forfeiture. Vent agrees that in the event he breaches the terms of
this Agreement, he shall not be entitled to any of the payments or other
benefits described herein, and he shall repay any payments previously made
hereunder.

            IN WITNESS WHEREOF, the undersigned parties have executed this
Separation Agreement and General Release.

2/23/04                                           /s/ BRIAN C. VENT
------------------                                ------------------------------
Date                                              Brian C. Vent

            Subscribed and sworn to before me, a Notary Public, this 23 day
of February, 2004.

                                                  /s/ SHIRLEY HERSHBARGER
                                                  ------------------------------
                                                  NOTARY PUBLIC

My commission expires:                                                   (STAMP)
11-25-07

                                                  Build-A-Bear Workshop, Inc.

2/25/04                                           By /s/ MAXINE CLARK
------------------------                            ----------------------------
Date

            Subscribed and sworn to before me, a Notary Public, this 25 day
of February, 2004.

                                                  /s/ MARY J. BAUMGARTNER
                                                  ------------------------------
                                                  NOTARY PUBLIC

My commission expires:                                                   (STAMP)
12/3/06

                                       9
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My commission expires:
______________________________

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<PAGE>

                                   SCHEDULE A

<TABLE>
<S>                                              <C>             <C>
I. INCOME                                                         $   1,655,000

II. WITHHOLDING(1/)

Federal Income Tax Withholding (25%)            ($     413,750)
State Income Tax Withholding (6%)               ($      99,300)
FICA - HI (1.45%)                               ($    23,997.5)
Total Withholding Tax                                            ($  537,047.50)
                                                                  -------------

Number of Shares of Nonqualified Option            200,000.000
Total Withholding (shares) at $8.74 per share       61,447.082
Net Shares After Withholding                                        138,552.918
                                                                  -------------

III. OPTION EXERCISE PRICE

Nonqualified Option
($0.465/share x 200,000 shares)                  $      93,000

February Incentive Option
($6.04/share x 37,600 shares)                    $     227,104

September Incentive Option
($6.10/share x 18,000 shares)                    $     109,800

Total Exercise Price for All Vested Options                       $     336,997
                                                                  -------------

Total Share Equivalent ($8.74 per share)(2)/                         38,558.009 shares
                                                                  -------------

IV. NET SHAREHOLDINGS (AFTER EXERCISE)
</TABLE>

<TABLE>
<CAPTION>
Class of Stock(3)/      Number of Shares
------------------      ----------------
<S>                     <C>
Series D preferred            18,409
Series C preferred         25,941.91(4/)
Series A preferred             3,230
Series B preferred             4,881
Common                   215,443.918(5/)
</TABLE>

------------------

(1/)  Assumes that Vent has other prior wages in excess of $87,000.

(2/)  Assumes that common stock tendered resulted from conversion of Series C
preferred stock.

(3/)  The Series D preferred stock and the Series A preferred stock accrue
dividends from the initial issuance date. These amounts include accrued
dividends through [December] 2003.

(4/)  (64,500 - 38,558.09)

(5/)  (20,491 + 200,000 +37,600 + 18,800 - 61,447.082)

                                       11<PAGE>
                                                                   EXHIBIT 10.11

                            INDEMNIFICATION AGREEMENT

                  This Indemnification Agreement (this "Agreement"), dated as of
____________, 2004, is made by and between Build-A-Bear Workshop, Inc., a
Delaware corporation (the "Company") and _________________ (the "Indemnitee"),
an "agent" (as hereinafter defined) of the Company.

                                    RECITALS

                  A. The Company recognizes that competent and experienced
persons are reluctant to serve as directors or officers of corporations unless
they are protected by comprehensive liability insurance or indemnification, or
both, due to increased exposure to litigation costs and risks resulting from
their service to such corporations, and due to the fact that the exposure
frequently bears no reasonable relationship to the compensation of such
directors and officers;

                  B. The statutes and judicial decisions regarding the duties of
directors and officers are often difficult to apply, ambiguous, or conflicting,
and therefore fail to provide such directors and officers with adequate,
reliable knowledge of legal risks to which they are exposed or information
regarding the proper course of action to take;

                  C. The Company and the Indemnitee recognize that plaintiffs
often seek damages in such large amounts and the costs of litigation may be so
enormous (whether or not the case is meritorious), that the defense and/or
settlement of such litigation is often beyond the personal resources of
directors and officers;

                  D. The Company believes that it is unfair for its directors
and officers to assume the risk of huge judgments and other expenses which may
occur in cases in which the

<PAGE>

director or officer received no personal profit and in cases where the director
or officer was not culpable;

                  E. The Company, after reasonable investigation, has determined
that the liability insurance coverage presently available to the Company may be
inadequate to cover all possible exposure for which the Indemnitee should be
protected. The Company believes that the interests of the Company and its
stockholders would best be served by a combination of such insurance and the
indemnification by the Company of the directors and officers of the Company;

                  F. Section 145 of the General Corporation Law of Delaware
("Section 145"), under which the Company is organized, empowers the Company to
indemnify its officers, directors, employees and agents by agreement and to
indemnify persons who serve, at the request of the Company, as the directors,
officers, managers, employees or agents of other corporations or enterprises,
and expressly provides that the indemnification provided by Section 145 is not
exclusive;

                  G. The Board of Directors has determined that contractual
indemnification as set forth herein is not only reasonable and prudent but
necessary to promote the best interests of the Company and its stockholders;

                  H. The Company desires and has requested the Indemnitee to
serve or continue to serve as a director or officer of the Company free from
undue concern for claims for damages arising out of or related to such services
to the Company; and

                  I. The Indemnitee is willing to serve, or to continue to
serve, the Company, only on the condition that he or she is furnished the
indemnity provided for herein.

                                       2
<PAGE>

                                    AGREEMENT

                  NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth below, the parties hereto, intending to be legally bound,
hereby agree as follows:

                  1. Definitions

                           (a) Agent. For purposes of this Agreement, "agent" of
the Company means any person who is or was a director, officer, manager,
employee or other agent of the Company or a subsidiary of the Company; or is or
was serving at the request of the Company or a subsidiary of the Company as a
director, officer, manager, employee or agent of another foreign or domestic
corporation, partnership, limited liability company, joint venture, trust or
other enterprise; or was a director, officer, manager, employee or agent of a
foreign or domestic corporation which was a predecessor corporation of the
Company or a subsidiary of the Company; or was a director, officer, manager,
employee or agent of another foreign or domestic corporation, partnership,
limited liability company, joint venture, trust or other enterprise at the
request of, for the convenience of, or to represent the interests of such
predecessor corporation.

                           (b) Expenses. For purposes of this Agreement,
"expenses" includes all direct and indirect costs of any type or nature
whatsoever (including, without limitation, reasonable attorneys' fees and
related disbursements, other out-of-pocket costs and reasonable compensation for
time spent by the Indemnitee for which he or she is not otherwise compensated by
the Company or any third party, provided that the rate of compensation and
estimated time involved is approved by the Board of Directors, which approval
shall not be unreasonably withheld), actually and reasonably incurred by the
Indemnitee in connection with the investigation, defense, settlement and/or
appeal of a proceeding or establishing or enforcing a

                                       3
<PAGE>

right to indemnification under this Agreement, Section 145 or otherwise,
excluding the amount of any settlement, judgment, fine or penalty.

                           (c) Proceedings. For the purpose of this Agreement,
"proceeding" shall include, without limitation, the investigation, preparation,
prosecution, defense, settlement, arbitration and appeal of, and the giving of
testimony in, any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative.

                           (d) Subsidiary. For purposes of this Agreement,
"subsidiary" means any foreign or domestic corporation, partnership, limited
liability company, joint venture, trust or other enterprise of which more than
50% of the outstanding voting securities (or comparable interests) are owned
directly or indirectly by the Company, by the Company and one or more other
subsidiaries, or by one or more other subsidiaries.

                           (e) Miscellaneous. For purposes of this Agreement,
"other enterprise" shall include employee benefit plans; references to "fines"
shall include any excise tax assessed with respect to any employee benefit
plans; references to "serving at the request of the Company" shall include any
service as a director, officer, manager, employee or agent of the Company which
imposes duties on, or involves services by, such director, officer, manager,
employee or agent with respect to an employee benefit plan, its participants, or
beneficiaries; any person who acts in good faith and in a manner he or she
reasonably believes to be in the best interest of the participants and
beneficiaries of an employee benefit plan shall be deemed to have acted in a
manner "not opposed to the best interests of the Company" as referred to in this
Agreement.

                           (f) Company. "Company" shall include, in addition to
the resulting corporation, any constituent corporation (including any
constituent of a constituent) absorbed in a consolidation or merger which, if
its separate existence had continued, would have had power

                                       4
<PAGE>

and authority to indemnify its directors, officers, managers, employees or
agents, so that any person who is or was a director, officer, manager, employee
or agent of such constituent corporation, or is or was serving at the request of
such constituent corporation as a director, officer, manager, employee or agent
of another corporation, partnership, limited liability company, joint venture,
trust or other enterprise, shall stand in the same position under the provisions
of this Agreement with respect to the resulting or surviving corporation as he
or she would have with respect to such constituent corporation if its separate
existence had continued.

                  2. Agreement to Serve. The Indemnitee agrees to serve and/or
continue to serve as an agent of the Company, at its will (or under separate
agreement, if such agreement now or hereafter exists), in the capacity
Indemnitee currently serves (or in such other positions which he or she agrees
to assume) as an agent of the Company, so long as he or she is duly appointed or
elected and qualified in accordance with the applicable provisions of the Bylaws
of the Company, any subsidiary of the Company, or any applicable other foreign
or domestic corporation, partnership, limited liability company, joint venture,
trust or other enterprise, or until such time as he or she tenders his or her
resignation in writing, provided, however, that nothing contained in this
Agreement is intended to create any right to continued employment by Indemnitee
in any capacity.

                  3. Indemnity in Third Party Proceedings. The Company shall
indemnify the Indemnitee if the Indemnitee is a party to or threatened to be
made a party to or otherwise involved in any proceeding (other than a proceeding
by or in the name of the Company to procure judgment in its favor) by reason of
the fact that the Indemnitee is or was an agent of the Company, or by reason of
any act or inaction by him or her in any such capacity, against any and all
expenses and liabilities of any type whatsoever (including, but not limited to,
settlements,

                                       5
<PAGE>

judgments, fines and penalties), actually and reasonably incurred by him or her
in connection with the investigation, defense, settlement or appeal of such
proceeding, unless it is determined that the Indemnitee did not act in good
faith and in a manner he or she reasonably believed to be in or not opposed to
the best interests of the Company, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his or her conduct was unlawful.
The termination of any proceeding by judgment, order of court, settlement,
conviction or on plea of nolo contendere, or its equivalent, shall not, of
itself, create a presumption that Indemnitee did not act in good faith in a
manner which he or she reasonably believed to be in the best interests of the
Company, and with respect to any criminal proceedings, that such person had
reasonable cause to believe that his or her conduct was unlawful.

                  4. Indemnity in Derivative Action. The Company shall indemnify
the Indemnitee if the Indemnitee is a party to or threatened to be made a party
to or otherwise involved in any proceeding by or in the name of the Company to
procure a judgment in its favor by reason of the fact that the Indemnitee is or
was an agent of the Company, or by reason of any act or inaction by him or her
in any such capacity, against all expenses actually and reasonably incurred by
the Indemnitee in connection with the investigation, defense, settlement and/or
appeal of such proceeding, unless it is determined that the Indemnitee did not
act in good faith and in a manner he or she reasonably believed to be in or not
opposed to the best interests of the Company, except that no indemnification
under this subsection shall be made in respect of any claim, issue or matter as
to which the Indemnitee shall have been finally adjudged to be liable to the
Company by a court of competent jurisdiction, unless and only to the extent that
any court in which such proceeding was brought or another court of competent
jurisdiction shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of

                                       6
<PAGE>

the case, such person is fairly and reasonably entitled to indemnity for such
expenses as such court shall deem proper.

                  5. Indemnification of Expenses of Successful Party.
Notwithstanding any other provisions of this Agreement, to the extent that the
Indemnitee has been successful on the merits or otherwise in defense of any
proceeding or in defense of any claim, issue or matter therein, including the
dismissal of an action without prejudice, the Company shall indemnify the
Indemnitee against all expenses actually and reasonably incurred in connection
with the investigation, defense or appeal of such proceeding.

                  6. Partial Indemnification. If the Indemnitee is entitled
under any provision of this Agreement to indemnification by the Company for some
or a portion of any expenses or liabilities of any type whatsoever (including,
but not limited to, judgments, fines or penalties), but is not entitled,
however, to indemnification for the total amount thereof, the Company shall
nevertheless indemnify the Indemnitee for the portion thereof to which the
Indemnitee is entitled.

                  7. Advancement of Expenses. Except as otherwise provided
herein, the Company shall advance all expenses incurred by the Indemnitee in
connection with the investigation, defense, settlement and/or appeal of any
proceeding to which the Indemnitee is a party or is threatened to be made a
party by reason of the fact that the Indemnitee is or was an agent of the
Company. Indemnitee hereby undertakes to repay such amounts advanced only if,
and to the extent that, it shall ultimately be finally determined that the
Indemnitee is not entitled to be indemnified by the Company as authorized by
this Agreement or otherwise. The advances to be made hereunder shall be paid by
the Company to or on behalf of the Indemnitee promptly and in any event within
thirty (30) days following delivery of a written request therefor by the
Indemnitee to the Company.

                                       7
<PAGE>

                  8. Notice and Other Indemnification Procedures.

                           (a) Promptly after receipt by the Indemnitee of
notice of the commencement of or the threat of commencement of any proceeding,
the Indemnitee shall, if the Indemnitee believes that indemnification with
respect thereto may be sought from the Company under this Agreement, notify the
Company of the commencement or threat of commencement thereof, provided that the
failure to provide such notification shall not diminish Indemnitee's
indemnification hereunder, except to the extent that the Company can demonstrate
that it was actually prejudiced as a result thereof.

                           (b) Any indemnification requested by the Indemnitee
under Section 3 and/or 4 hereof shall be made no later than forty-five (45) days
after receipt of the written request of Indemnitee unless a determination is
made within said forty-five (45) day period (i) by the Board of Directors of the
Company by a majority vote of a quorum thereof consisting of directors who are
not parties to such proceedings, or (ii) in the event such quorum is not
obtainable, at the election of the Company, either by independent legal counsel
in a written opinion or by a panel of arbitrators, one of whom is selected by
the Company, another of whom is selected by the Indemnitee and the last of whom
is selected by the first two arbitrators so selected, that the Indemnitee has or
has not met the relevant standard for indemnification set forth in Section 3 and
4 hereof.

                           (c) Notwithstanding a determination under Section
8(b) above that the Indemnitee is not entitled to indemnification with respect
to any specific proceeding, the Indemnitee shall have the right to apply to any
court of competent jurisdiction for the purpose of enforcing the Indemnitee's
right to indemnification pursuant to this Agreement. The burden of proving that
the indemnification or advances are not appropriate shall be on the Company.

                                       8
<PAGE>

Neither the failure of the Company (including its Board of Directors or
independent legal counsel or the panel of arbitrators) to have made a
determination prior to the commencement of such action that indemnification or
advances are proper in the circumstances because the Indemnitee has met the
applicable standard of conduct, nor an actual determination by the Company
(including its Board of Directors or independent legal counsel or the panel or
arbitrators) that the Indemnitee has not met such applicable standard of
conduct, shall be a defense to the action or create any presumption that the
Indemnitee has or has not met the applicable standard of conduct.

                           (d) The Company shall indemnify the Indemnitee
against all expenses incurred in connection with any hearing or proceeding under
this Section 8 so long as such claims and/or defenses of the Indemnitee were
made or asserted in good faith.

                  9. Assumption of Defense. In the event the Company shall be
obligated to pay the expenses of any proceeding against or involving the
Indemnitee, the Company, if appropriate, shall be entitled to assume the defense
of such proceeding, with counsel reasonably acceptable to the Indemnitee, upon
the delivery to the Indemnitee of written notice of its election to do so. After
delivery of such notice, approval of such counsel by the Indemnitee and the
retention of such counsel by the Company, the Company will not be liable to the
Indemnitee under this Agreement for any fees of counsel subsequently incurred by
the Indemnitee with respect to the same proceeding, provided that: (i) the
Indemnitee shall have the right to employ his or her counsel in such proceeding
at the Indemnitee's expense; and (ii) if (a) the employment of counsel by the
Indemnitee is subsequently authorized in writing by the Company, (b) the Company
shall have reasonably concluded that there may be a conflict of interest between
the Company and the Indemnitee in the conduct of such defense, or (c) the
Company shall not, in

                                       9
<PAGE>

fact, have employed counsel to assume the defense of such proceeding, the
reasonable fees and expenses of the Indemnitee's counsel shall be at the expense
of the Company.

                  10. Insurance. The Company may, but is not obligated to,
obtain directors' and officers' liability insurance ("D&O Insurance") with
respect to which the Indemnitee is named as an insured. Notwithstanding any
other provision of the Agreement, the Company shall not be obligated to
indemnify the Indemnitee for expenses, judgments, settlements, fines or
penalties, which have been paid directly to or on behalf of the Indemnitee by
D&O Insurance. If the Company has D&O Insurance in effect at the time the
Company receives from the Indemnitee any notice of the commencement of a
proceeding, the Company shall give notice of the commencement of such proceeding
to the insurer in accordance with the procedures set forth in the policy. The
Company shall thereafter take all necessary or desirable action to cause such
insurers to pay, to or on behalf of the Indemnitee, all amounts payable as a
result of such proceeding in accordance with the terms of such policy.

                  11. Exceptions. Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement:

                           (a) Claims Initiated by Indemnitee. To indemnify or
advance expenses to the Indemnitee with respect to proceedings or claims
initiated or brought voluntarily by the Indemnitee and not by way of defense,
except with respect to proceedings brought to establish or enforce a right to
indemnification under this Agreement or any other statute or law or otherwise as
required under Section 145, but such indemnification or advancement of expenses
may be provided by the Company in specific cases if the Board of Directors finds
it to be appropriate; or

                           (b) Action for Indemnification. To indemnify the
Indemnitee for any expenses incurred by the Indemnitee with respect to any
proceeding instituted by the Indemnitee

                                       10
<PAGE>

to enforce or interpret this Agreement if the material assertions made by the
Indemnitee in such proceeding were not made in good faith or were frivolous; or

                           (c) Unauthorized Settlements. To indemnify the
Indemnitee under this Agreement for any amounts paid in settlement of a
proceeding effected without the Company's written consent, provided such consent
shall not unreasonably withheld; or

                           (d) Non-compete and Non-disclosure. To indemnify the
Indemnitee in connection with proceedings or claims involving the enforcement of
non-compete and/or non-disclosure agreements or the non-compete and/or
non-disclosure provisions of employment, consulting or similar agreements the
Indemnitee may be a party to with the Company, any subsidiary of the Company or
any other applicable foreign or domestic corporation, partnership, limited
liability company, joint venture, trust or other enterprise, if any; or

                           (e) Certain Matters. To indemnify the Indemnitee on
account of any proceeding with respect to (i) remuneration paid to Indemnitee if
it is determined by final judgment or other final adjudication that such
remuneration was in violation of law, (ii) which final judgment is rendered
against the Indemnitee for an accounting of profits made by the purchase or sale
by Indemnitee of securities of the Company pursuant to the provisions of Section
16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions
of any federal, state or local statute, (iii) which it is determined by final
judgment or other final adjudication that the Indemnitee's conduct was knowingly
fraudulent or intentionally dishonest, or (iv) which it is determined by final
judgment or other final adjudication by a court having jurisdiction in the
matter that such indemnification is not lawful; or

                           (f) Amounts Otherwise Covered. To indemnify the
Indemnitee under this Agreement for any amounts indemnified by the Company other
than pursuant to this

                                       11
<PAGE>

Agreement or amounts paid to or for the benefit of Indemnitee by D&O Insurance
pursuant to Section 10 hereof.

                  12. Nonexclusivity. The provisions for indemnification and
advancement of expenses set forth in this Agreement shall not be deemed
exclusive of, but shall be in addition to and shall not be deemed to diminish or
otherwise restrict, any other rights which the Indemnitee may have under any
provision of law, the Company's Certificate of Incorporation or Bylaws, in any
court in which a proceeding is brought, the vote of the Company's stockholders
or disinterested directors, other agreements or otherwise, both as to action in
his or her official capacity and to action in another capacity while occupying
his or her position as an agent of the Company. To the extent applicable law or
the Company's Certificate of Incorporation or Bylaws permit greater
indemnification than as provided for in this Agreement, the parties hereto agree
that Indemnitee shall enjoy by this Agreement the greater benefits so afforded
by such law or provision of Certificate of Incorporation or Bylaws, and this
Agreement shall be deemed amended without any further action by the Company or
Indemnitee to grant such greater benefits.

                  13. Settlement. The Company shall not settle any proceeding
without the Indemnitee's written consent. Neither the Company nor Indemnitee
will unreasonably withhold consent to any proposed settlement.

                  14. Subrogation. In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of the Indemnitee, who shall execute all papers required and
shall do everything that may reasonably be necessary to secure such rights,
including the execution of such documents necessary to enable the Company
effectively to bring suit to enforce such rights. The Company shall pay or
reimburse all reasonable expenses incurred by Indemnitee in connection with such
subrogation.

                                       12
<PAGE>

                  15. Interpretation of Agreement. It is understood that the
parties hereto intend this Agreement to be interpreted and enforced so as to
provide indemnification to the Indemnitee to the fullest extent now or hereafter
permitted by law.

                  16. Severability. If any provision or provisions of this
Agreement shall be held to be invalid, illegal or unenforceable for any reason
whatsoever, (i) the validity, legality and enforceability of the remaining
provisions of the Agreement (including without limitation, all portions of any
paragraphs of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that are not themselves invalid, illegal or
unenforceable) shall not in any way be affected or impaired thereby, and (ii) to
the fullest extent possible, the provisions of this Agreement (including,
without limitation, all portions of any paragraph of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that are not
themselves invalid, illegal or unenforceable) shall not in any way be affected
or impaired thereby, and (iii) to the fullest extent possible, the provisions of
this Agreement (including, without limitation, all portions of any paragraph of
this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that are not themselves invalid, illegal or unenforceable) shall
be construed so as to give effect to the intent manifested by the provision held
invalid, illegal or unenforceable and to give effect to Section 12 and Section
15 hereof.

                  17. Modification and Waiver. No supplement, modification or
amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver of any of the provisions to this Agreement
shall be deemed or shall constitute a waiver of any other provision hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

                                       13
<PAGE>

                  18. Continuance of Rights; Successor and Assigns. The
Indemnitee's rights hereunder shall continue after the Indemnitee has ceased
acting as an agent of the Company. The terms of this Agreement shall bind, and
shall inure to the benefit of, the successor and assigns of the parties hereto.

                  19. Notice. All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed duly
given (i) if delivered by hand and receipted for by the party addressee, (ii) if
mailed by certified or registered mail with postage prepaid, on the third
business day after the mailing date, or (iii) if transmitted electronically by a
means by which receipt thereof can be demonstrated. Addresses for notice to
either party are set out on the signature page hereof and may be subsequently
modified by written notice.

                  20. Supersedes Prior Agreement. This Agreement supersedes any
prior indemnification agreement between Indemnitee and the Company or its
predecessors.

                  21. Service of Process and Venue. For purposes of any claims
or proceeding to enforce this agreement, the Company consents to the
jurisdiction and venue of any federal or state court of competent jurisdiction
in the states of Delaware and Missouri, and waives and agrees not to raise any
defense that any such court is an inconvenient forum or any similar claim.

                  22. Governing Law. This Agreement shall be governed
exclusively by and construed according to the laws of the State of Delaware, as
applied to contracts between Delaware residents entered into and to be performed
entirely within Delaware. If a court of competent jurisdiction shall make a
final determination that the provisions of the law of any state other than
Delaware govern indemnification by the Company of its officers and directors,
then the indemnification provided under this Agreement shall in all instances be
enforceable to the

                                       14
<PAGE>

fullest extent permitted under such law, notwithstanding any provision of this
Agreement to the contrary.

                  The parties hereto have entered into this Indemnification
Agreement effective as of the date first above written.

                                   BUILD-A-BEAR WORKSHOP, INC.

                                   By
                                     -------------------------------------
                                   Name:
                                   Title:
                                   Address: 1954 Innerbelt Business Center Drive
                                            St. Louis, Missouri 63114

                                   Indemnitee:

                                   By
                                     -------------------------------------
                                   Name:
                                   Address:

                                       15

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