Document:

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                                                                   EXHIBIT 10.14

                FIRST AMENDED AND RESTATED REVOLVING CREDIT NOTE

$15,000,000                                                    Cincinnati, Ohio
                                                   Dated as of February _, 2002

         FOR VALUE RECEIVED BUILD-A-BEAR WORKSHOP, INC., successor by merger to
BUILD-A-BEAR WORKSHOP, LLC, and SHIRTS ILLUSTRATED, LLC, jointly and severally
(individually and collectively, the "Borrower") promises to pay to the order of
U.S. BANK NATIONAL ASSOCIATION, formerly known as FIRSTAR BANK, NATIONAL
ASSOCIATION ("Lender"), at its offices located at 425 Walnut Street, Cincinnati,
Ohio 45202, or at such other location as Lender may designate from time to time,
the principal sum of FIFTEEN MILLION DOLLARS (the "Total Facility") or such
lesser amount as may be advanced and outstanding hereunder, together with
interest thereon as provided below from the date of disbursement thereof until
paid, all in lawful money of the United States of America and in immediately
available funds.

1.       RATE OF INTEREST. The outstanding principal balance of this Note will
         bear interest at a rate per annum of the Prime Rate minus 0.5% per
         annum, subject to the applicability of the Default Rate. All interest
         calculations under this Note will be made based on a year of 360 days
         for the actual number of days in each interest period. In no event will
         the rate of interest hereunder exceed 25% per annum, or the equivalent
         rate for a shorter or longer period.

2.       SECURITY. This Note amends and restates the Revolving Credit Note of
         Borrower to Lender dated as of June 1, 2001. This Note is issued in
         connection with the Second Amended and Restated Loan Agreement between
         Borrower and Lender of even date herewith (the "Loan Agreement") and is
         secured by the property covered by the Security Documents as that term
         is defined in the Loan Agreement. All references to the Loan Agreement
         and the Security Documents will include all amendments thereto as made
         from time to time. The terms, covenants, conditions, stipulations and
         agreements contained in the Loan Agreement hereby are incorporated
         herein by reference. Capitalized terms used in this Note and not
         otherwise defined herein will have the meanings given such terms in the
         Loan Agreement.

3.       PAYMENTS. This Note will be payable as follows: Accrued interest will
         be due and payable monthly, commencing on March 1, 2002 and on the
         first day of each month thereafter until May 31, 2003, on which date
         the entire outstanding principal balance hereunder and all accrued and
         unpaid interest will be due and payable (the "Maturity Date").

4.       LATE PAYMENTS. If Borrower fails to make any payment of principal,
         interest or other amount coming due pursuant to the provisions of this
         Note within 5 calendar days of the date due and payable, Borrower also
         shall pay to Lender a late charge equal to five percent (5.00%) of the
         amount of such payment (but not less than $50.00) (the "Late Charge").

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5.       REVOLVING NATURE OF NOTE AND RECORDATION OF ADVANCES. Borrower may
         borrow, repay, and reborrow under this Note subject to the terms,
         conditions, and limits set forth herein and in the Loan Agreement,
         including without limitation, the Maximum Amount restriction set forth
         therein. Lender is authorized to record in its books and records the
         date and amount of each advance and payment hereunder, and other
         information related thereto, which books and records will constitute
         prima facie evidence of the accuracy of the information so recorded;
         provided, however, that failure of Lender to record, or any error in
         recording, any such information will not relieve Borrower of any of its
         obligations under this Note or any of the other Security Documents.
         Notwithstanding the foregoing, Lender will not make any Advance under
         this Note which would cause the outstanding principal balance under
         this Note to exceed the Maximum Amount.

6.       ADVANCES.

         6.1      Any request by Borrower for an advance hereunder must be made
                  (i) in writing received by Lender prior to 3:00 p.m., Eastern
                  Standard Time, on the proposed borrowing date or (ii) by
                  telephonic request made prior to 3:00 p.m., Eastern Standard
                  Time, on the proposed borrowing date. Each proposed borrowing
                  date must be a Business Day prior to the Maturity Date. Upon
                  the making of any request for an advance, Borrower will be
                  deemed to have made all of the representations and warranties
                  set forth in the Loan Agreement on and as of the date of such
                  request.

         6.2      Each request for an advance, whether telephonic or written,
                  will be binding upon and irrevocable by Borrower. Lender will
                  have no liability in acting upon any request that Lender
                  believes in good faith to have been given on behalf of
                  Borrower and will have no duty to verify the authenticity of
                  the signature(s) appearing on any written request and no duty
                  to verify the identity of any person making any telephonic
                  request. Any disbursement of funds pursuant to a telephonic or
                  written request for an advance under this Note will be subject
                  to all of the terms and conditions of the Loan Agreement.

         6.3      Lender hereby is authorized at any time and from time to time,
                  in its discretion, to make an advance under this Note for the
                  payment on behalf of Borrower of any interest, principal or
                  other sums due under any of the Obligations, and each such
                  advance will constitute an advance hereunder and part of the
                  Obligations. Notwithstanding the foregoing, Lender is not
                  obligated to take such action.

7.       PREPAYMENT AND APPLICATION OF PAYMENTS. Borrower may prepay all or any
         portion of this Note at any time without premium or penalty. Payments
         received will be applied in the following order: (i) to repayment of
         any amounts owed to Lender for charges, fees and expenses (including
         reasonable Attorneys' Fees), (ii) to accrued interest, and (iii) to
         principal. Additional payments may be made under this Note at any time
         without premium or penalty but each such payment will be applied in the
         foregoing order.

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8.       EVENTS OF DEFAULT. Immediately and automatically upon the filing by or
         against Borrower or any Guarantor of a petition in bankruptcy, for a
         reorganization, arrangement or debt adjustment, or for a receiver,
         trustee, or similar creditors' representative for its, his or her
         property or any part thereof, or of any other proceeding under any
         federal or state insolvency or similar law (and if such petition or
         proceeding is an involuntary petition or proceeding filed against
         Borrower or such Guarantor without his, her or its acquiescence therein
         or thereto at any time, the same is not promptly contested and, within
         60 days of the filing of such involuntary petition or proceeding,
         dismissed or discharged), or the making of any general assignment by
         Borrower or any Guarantor for the benefit of creditors, or Borrower or
         any Guarantor dissolves or is the subject of any dissolution, winding
         up or liquidation or, at the option of Lender, immediately upon the
         occurrence of any other Event of Default, in any case without demand or
         notice of any kind (which are hereby expressly waived): (i) the
         outstanding principal balance hereunder, together with all accrued and
         unpaid interest thereon, and any additional amounts secured by the
         Security Documents, will be accelerated and become immediately due and
         payable, (ii) Borrower will pay to Lender all reasonable costs and
         expenses (including but not limited to reasonable Attorneys' Fees)
         incurred by Lender in connection with Lender's efforts to collect the
         indebtedness evidenced hereby, and (iii) Lender may exercise from time
         to time any of the rights and remedies available to Lender under the
         Security Documents or applicable law. Upon and after the occurrence of
         any Event of Default or the maturity of this Note (by acceleration or
         otherwise), the principal balance under this Note, together with any
         arrearage of interest, will bear interest at the Default Rate until
         paid in full, whether before or after judgment and Lender will have no
         further obligation to make advances under this Note or any of the
         Security Documents. Borrower, all other makers, co-signers and
         indorsers waive presentment, demand, protest, and notice of demand,
         protest, non-payment and dishonor. Borrower also waives all defenses
         based on suretyship or impairment of collateral.

9.       MISCELLANEOUS.

         9.1      Both the Late Charge and the Default Rate are imposed as
                  liquidated damages for the purpose of defraying Lender's
                  expenses incident to the handling of delinquent payments, but
                  are in addition to, and not in lieu of, Lender's exercise of
                  any rights and remedies hereunder, under the other Security
                  Documents or under applicable law, and any fees and expenses
                  of any agents or any reasonable fees and expenses of any
                  attorneys which Lender may employ. In addition, the Default
                  Rate reflects the increased credit risk to Lender of carrying
                  a loan that is in default. Borrower agrees that the Late
                  Charge and Default Rate are reasonable forecasts of just
                  compensation for anticipated and actual harm incurred by
                  Lender, and that the actual harm incurred by Lender cannot be
                  estimated with certainty and without difficulty.

         9.2      Nothing contained in this Note regarding late charges or the
                  Default Rate will be construed in any way to extend the due
                  date of any payment or waive any payment default, and each
                  such right is in addition to, and not in lieu of, the other
                  and any other rights and remedies of Lender hereunder, under
                  any of the Security

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                  Documents or under applicable law (including, without
                  limitation, the right to interest, reasonable Attorneys' Fees
                  and other expenses).

         9.3      If this Note is executed by more than one person or entity as
                  "Borrower", the obligations of such parties hereunder will be
                  joint and several and, unless otherwise specified herein, each
                  reference to "Borrower" will mean each of such parties
                  individually and all of such parties collectively.

         9.4      This Note will bind Borrower and the heirs, executors,
                  administrators, successors and assigns of Borrower, and the
                  benefits hereof will inure to the benefit of Lender and its
                  successors and assigns. All references herein to the
                  "Borrower" and "Lender" will include the respective heirs,
                  administrators, successors and assigns thereof; provided,
                  however, that Borrower may not assign this Note in whole or in
                  part without the prior written consent of Lender and Lender at
                  any time may assign this Note in whole or in part (but no
                  assignment by the Lender of less than all of this Note will
                  operate to relieve Borrower from any duty to Lender with
                  respect to the unassigned portion of this Note).

         9.5      If any provision of this Note is prohibited by or invalid
                  under applicable law, such provision will be ineffective only
                  to the extent of such prohibition or invalidity without
                  invalidating the remainder of such provision and without
                  invalidating any other provision in this Note; provided,
                  however, that if the provision that is the subject of such
                  prohibition or invalidity pertains to repayment of this Note,
                  then, at the option of Lender, all of the obligations
                  hereunder will become immediately due and payable.

         9.6      Without limiting the generality of the foregoing, if from any
                  circumstances whatsoever the fulfillment of any provision of
                  this Note involves transcending the limit of validity
                  prescribed by any applicable usury statute or any other
                  applicable law with regard to obligations of like character
                  and amount, then the obligation to be fulfilled will be
                  reduced to the limit of such validity as provided in such
                  statute or law, so that in no event will any exaction of
                  interest be possible under this Note in excess of the limit of
                  such validity and the right to demand any such excess is
                  hereby expressly waived by Lender. As used in this paragraph,
                  "applicable usury statute" and "applicable law" mean such
                  statute and law in effect on the date hereof, subject to any
                  change therein that result in a higher permissible rate of
                  interest.

         9.7      No delay or failure on the part of Lender to exercise any
                  right, remedy or power hereunder, under any of the other
                  Security Documents or under applicable law will impair or
                  waive any such right, remedy or power (or any other right,
                  remedy or power), be considered a waiver of or an acquiescence
                  in any breach, Default or Event of Default or affect any other
                  or subsequent breach, Default or Event of Default of the same
                  or a different nature. No waiver of any breach, Default or
                  Event of Default, nor any modification, waiver, discharge or
                  termination of any provision of this Note, nor consent to any
                  departure by Borrower therefrom, will

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                  be established by conduct, custom or course of dealing; and no
                  modification, waiver, discharge, termination or consent will
                  in any event be effective unless the same is in writing,
                  signed by Lender and specifically refers to this Note, and
                  then such modification, waiver, discharge or termination or
                  consent will be effective only in the specific instance and
                  for the specific purpose for which given. No notice to or
                  demand on Borrower in any case will entitle Borrower to any
                  other or further notice or demand in the same or any similar
                  or other circumstance.

         9.8      No single or partial exercise of any right or remedy by Lender
                  will preclude any other or further exercise thereof or the
                  exercise of any other right or remedy. All remedies hereunder,
                  under any of the other Security Documents or now or hereafter
                  existing at law or in equity are cumulative and none of them
                  will be exclusive of the others or of any other right or
                  remedy. All such rights and remedies may be exercised
                  separately, successively, concurrently, independently or
                  cumulatively from time to time and as often and in such order
                  as Lender may deem appropriate.

         9.9      If at any time all or any part of any payment or transfer of
                  any kind received by Lender with respect to all or any part of
                  this Note is repaid, set aside or invalidated by reason of any
                  judgment, decree or order of any court or administrative body,
                  or by reason of any agreement, settlement or compromise of any
                  claim made at any time with respect to the repayment,
                  recovery, setting aside or invalidation of all or any part of
                  such payment or transfer, Borrower's obligations under this
                  Note will continue (and/or be reinstated) and Borrower will be
                  and remain liable, and will indemnify, defend and hold
                  harmless Lender for, the amount or amounts so repaid,
                  recovered, set aside or invalidated and all other claims,
                  demands, liabilities, judgments, losses, damages, costs and
                  expenses incurred in connection therewith. The provisions of
                  this Section will be and remain effective notwithstanding any
                  contrary action which may have been taken by Borrower in
                  reliance upon such payment or transfer, and any such contrary
                  action so taken will be without prejudice to Lender's rights
                  hereunder and will be deemed to have been conditioned upon
                  such payment or transfer having become final and irrevocable.
                  The provisions of this Section will survive any termination,
                  cancellation or discharge of this Note.

         9.10     Time is of the essence in the performance of this Note.

         9.11     This Note has been delivered and accepted at and will be
                  deemed to have been made at Cincinnati, Ohio and will be
                  interpreted and the rights and liabilities of the parties
                  hereto determined in accordance with the laws of the State of
                  Ohio, without regard to conflicts of law principles.

         9.12     BORROWER HEREBY IRREVOCABLY AGREES AND SUBMITS TO THE
                  EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED
                  WITHIN HAMILTON COUNTY, OHIO, OR, AT THE OPTION OF LENDER IN
                  ITS SOLE DISCRETION, OF ANY STATE OR FEDERAL COURT(S) LOCATED
                  WITHIN ANY OTHER COUNTY, STATE OR JURISDICTION IN WHICH LENDER
                  AT ANY TIME OR

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                  FROM TIME TO TIME CHOOSES IN ITS SOLE DISCRETION TO BRING AN
                  ACTION OR OTHERWISE EXERCISE A RIGHT OR REMEDY, AND BORROWER
                  WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY
                  OBJECTION TO VENUE OF ANY SUCH ACTION OR PROCEEDING. BORROWER
                  HEREBY IRREVOCABLY CONSENTS THAT ALL SERVICE OF PROCESS BE
                  MADE BY CERTIFIED MAIL DIRECTED TO BORROWER AT ITS ADDRESS SET
                  FORTH IN THE LOAN AGREEMENT FOR NOTICES AND SERVICE SO MADE
                  WILL BE DEEMED TO BE COMPLETED THE EARLIER OF BORROWER'S
                  ACTUAL RECEIPT THEREOF OR FIVE (5) BUSINESS DAYS AFTER THE
                  SAME HAS BEEN DEPOSITED IN U.S. MAILS, POSTAGE PREPAID.
                  NOTHING CONTAINED HEREIN WILL PREVENT LENDER FROM SERVING
                  PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

         9.13     BORROWER AND LENDER EACH WAIVE ANY RIGHT TO TRIAL BY JURY IN
                  ANY ACTION OR PROCEEDING RELATING TO THIS NOTE, THE SECURITY
                  DOCUMENTS, THE COLLATERAL DESCRIBED THEREIN, OR ANY ACTUAL OR
                  PROPOSED TRANSACTION OR OTHER MATTER CONTEMPLATED IN OR
                  RELATING TO ANY OF THE FOREGOING.

                                           BUILD-A-BEAR WORKSHOP, INC.

                                           BY: /s/ Maxine Clark
                                               ---------------------------------
                                           PRINT NAME: Maxine Clark
                                           TITLE: President

                                           SHIRTS ILLUSTRATED, LLC

                                           BY: Build-A-Bear Workshop, Inc.
                                               Its Managing Member

                                           BY: /s/ Maxine Clark
                                               ---------------------------------
                                           PRINT NAME: Maxine Clark
                                           TITLE: Manager

STATE OF__________)
                  ) SS.
COUNTY OF_________)

         The foregoing instrument was acknowledged before me this February, 2002
by Maxine Clark, the duly authorized Officer of BUILD-A-BEAR WORKSHOP, INC., a
Delaware corporation, on behalf of the corporation.

                                           /s/ Marie A. Powers
                                           -------------------------------------
                                           Notary Public

My commission expires: May 24, 2003

                                                      MARIE A. POWERS
                                                NOTARY PUBLIC - NOTARY SEAL
                                                     STATE OF MISSOURI
                                                     ST. CHARLES COUNTY
                                            MY COMMISSION EXPIRES: MAY 24, 2003

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STATE OF___________)
                   ) SS.
COUNTY OF__________)

         The foregoing instrument was acknowledged before me this February, 2002
by Maxine Clark, the duly authorized Officer of BUILD-A-BEAR WORKSHOP, INC., a
Delaware corporation, the managing member of SHIRTS ILLUSTRATED, LLC, a Missouri
limited liability company, on behalf of the company.

                                           /s/ Marie A. Powers
                                           -------------------------------------
                                           Notary Public

My commission expires: May 24, 2003

                                                      MARIE A. POWERS
                                                NOTARY PUBLIC - NOTARY SEAL
                                                     STATE OF MISSOURI
                                                     ST. CHARLES COUNTY
                                            MY COMMISSION EXPIRES: MAY 24, 2003

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                                                                   EXHIBIT 10.15

                  FIRST AMENDED AND RESTATED SECURITY AGREEMENT

      BUILD-A-BEAR WORKSHOP, INC. AND SHIRTS ILLUSTRATED, LLC (individually and
collectively, the "Debtor"), for valuable consideration, receipt of which hereby
is acknowledged, hereby transfer, assign and pledge to U.S. BANK NATIONAL
ASSOCIATION, formerly known as FIRSTAR BANK, NATIONAL ASSOCIATION ("Secured
Party"), and grant to Secured Party a security interest in, the following
collateral, wherever located, now existing and hereafter arising or coming into
existence (the "Collateral"):

1.    All of Debtor's Accounts, Inventory, Equipment, General Intangibles,
      Chattel Paper, Investment Property, Instruments, Documents, Letter of
      Credit Rights, Supporting Obligations, and Commercial Tort Claims;

2.    All moneys, credits and other property of any nature whatsoever of Debtor
      now or hereafter in the possession of, in transit to or from, under the
      custody or control of, or on deposit with (whether held by Debtor
      individually or jointly with another and including specifically but not by
      way of limitation all demand, time, savings, passbook, or other similar
      accounts) Secured Party or any Secured Party Affiliate, including but not
      limited to cash collateral accounts; and

3.    The proceeds (including insurance proceeds) and products of the foregoing
      in whatever form the same may be,

for the purpose of securing the payment to Secured Party of all of the following
("Obligations"): all loans, advances, debts, liabilities, obligations, covenants
and duties owing to Secured Party from any Debtor of any kind or nature, present
or future, whether or not evidenced by any note, guaranty or other instrument,
including but not limited to those arising under: (i) the Second Amended and
Restated Loan Agreement by and between Debtor and Secured Party dated as of even
date herewith, (ii) any International Swap and Derivatives Association Master
Agreement ("Master Agreement"), and including each Transaction (as such term is
defined in the Master Agreement), as confirmed in the applicable confirmation of
each such Transaction, (iii) any obligation of Debtor to Secured Party or any
Secured Party Affiliate under any other interest rate swap, cap, collar, floor,
option, forward, or other type of interest rate protection, foreign exchange or
derivative transaction agreement, (iv) under any other agreement, instrument or
document, whether or not for the payment of money, whether arising by reason of
an extension of credit, opening of a letter of credit, loan, guaranty,
indemnification or in any other manner, whether direct or indirect (including
those acquired by assignment, participation, purchase, negotiation, discount or
otherwise), absolute or contingent, joint or several, due or to become due, now
existing or hereafter arising and whether or not contemplated by Debtor or
Secured Party or Secured Party Affiliate on the date hereof; and, as to all of
the foregoing, including any amendments, modifications, or superceding
documents to each of the foregoing; and all charges, expenses, fees, including
but not limited to reasonable attorneys' fees, and any other sums chargeable to
Debtor under any of the Obligations. As used herein, "Secured Party Affiliate"
will mean any person, partnership, joint venture, company or business entity
under common control or having similar equity holders owning at least ten
percent (10%) thereof with Secured Party, whether such common control is direct
or indirect. All of Secured Party's direct or

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indirect parent corporations, sister corporations, and subsidiaries will be
deemed to be a Secured Party Affiliate for purposes of this Security Agreement
(the "Agreement"). This Agreement amends and restates the Security Agreement
between Debtor and Secured Party dated as of June 1,2001.

      Debtor further warrants to and agrees with Secured Party as follows:

1.    PRESERVATION OF COLLATERAL. Debtor will keep the Collateral in good order
      and repair at all times, will use same with reasonable care and caution,
      will not part with possession or ownership thereof nor lease or hire out
      the Collateral without the written consent of Secured Party, and will
      exhibit the Collateral to Secured Party upon reasonable request. Debtor
      will promptly notify Secured Party of any loss or damage to any material
      portion of the Collateral, Debtor will not use, or permit the Collateral
      to be used, in violation of any federal, state, county or municipal law or
      regulation or for any unlawful purpose whatsoever

2.    Execution of Appropriate Documentation with Respect to Collateral.

      2.1   With respect to any and all of the Collateral, Debtor agrees to take
            such steps as Secured Party may reasonably request to perfect,
            maintain the priority of and keep in full force and effect the
            security interest granted by Debtor to Secured Party, including, but
            not limited to, the prompt payment upon demand therefor by Secured
            Party of all reasonable fees and expenses (including documentary
            stamp, excise or intangibles taxes) incurred in connection with the
            preparation, delivery, or filing of any document or the taking of
            any action deemed necessary or appropriate by Secured Party to
            perfect, protect, or enforce a security interest in any of the
            Collateral for the benefit of Secured Party, subject only to the
            liens to which Secured Party has specifically consented in writing
            (the "Permitted Liens"). All amounts not so paid within fifteen (15)
            days of becoming due will be added to the Obligations and (in
            addition to other rights and remedies resulting from such
            non-payment) will bear interest from the date of demand until paid
            in full at the Default Rate. Debtor also authorizes Secured Party to
            file one or more financing statements, as deemed necessary or
            desirable by Secured Party, which financing statements lists or
            otherwise describes the Collateral as consisting of all of Debtor's
            assets or words to that effect, regardless of the actual description
            of the Collateral set forth in this Agreement. Debtor hereby
            ratifies any filing by Secured Party that predates the date of this
            Agreement but that was intended to perfect the security interest
            granted hereby.

      2.2   In addition to the foregoing and not in limitation thereof, Debtor
            agrees to furnish Secured Party with properly executed control
            agreements, registrar's certificates, issuer acknowledgements of
            Secured Party's interest in the Letter of Credit Rights, and
            evidence of the placement of a restrictive legend on tangible
            chattel paper (and the tangible components of electronic Chattel
            Paper), and will take all commercially reasonable action acceptable
            to Secured Party sufficient to establish Secured Party's control of
            electronic Chattel Paper (and the electronic

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            components of hybrid Chattel Paper), as appropriate, with respect to
            Collateral in which either (i) a security interest can be perfected
            only by control or such restrictive legending, or (ii) a security
            interest perfected by control or accompanied by such restrictive
            legending will have priority as against a lien creditor, a purchaser
            of such Collateral from Debtor, or a security interest perfected by
            any person not having control or not accompanied by such restrictive
            legending, in each case in form and substance reasonably acceptable
            to Secured Party and sufficient under applicable law so that Secured
            Party will have a security interest in all such Collateral perfected
            by control.

      2.3   In addition to the foregoing and not in limitation thereof, Debtor
            agrees to deliver to Secured Party, or, if Secured Party has
            specifically consented in each instance, to an agent or bailee of
            Secured Party who has acknowledged such status in a properly
            executed control agreement, possession of all Collateral with
            respect to which either a security interest can be perfected only by
            possession or a security interest perfected by possession will have
            priority as against persons not having possession, and including in
            the case of Instruments, Documents, and Investment Property in the
            form of certificated securities, duly executed endorsements or stock
            powers in blank, as the case may be, all in form and substance
            reasonably acceptable to Secured Party, and subject only to
            Permitted Liens.

3.    INSURANCE. Debtor will keep its insurable real and personal property
      insured with responsible insurance companies against loss or damage by
      fire, windstorm and other hazards which are commonly insured against in an
      extended coverage endorsement in an amount equal to not less than 90% of
      the insurable value thereof on a replacement cost basis and also maintain
      public liability insurance in a reasonable amount. In addition, Debtor
      will maintain extended liability insurance covering its operations of at
      least $1,000,000 and in a form and with companies reasonably satisfactory
      to Secured Party. Notwithstanding the foregoing, such property insurance
      will at all times be in an amount so that Debtor will not be deemed a
      "co-insurer" under any co-insurance provisions of such policies. All such
      insurance policies will name Secured Party as an additional insured and,
      where applicable, as lender's loss payee under a loss payable endorsement
      satisfactory to Secured Party. All such policies will be in form and
      substance satisfactory to Secured Party and will provide that ten (10)
      days' prior written notice must be given to Secured Party before such
      policy is altered or cancelled. Schedules of all insurance of Debtor will
      be submitted to Secured Party upon request. Such schedules will contain a
      description of the risks covered, the amounts of insurance carried on each
      risk, the name of the insurer and the cost of such insurance to Debtor.
      Debtor will provide new schedules to Secured Party promptly to reflect any
      change in insurance coverage. Debtor will deliver to Secured Party
      certificates representing such insurance policies upon the execution
      hereof. All amounts payable in settlement of insurance losses may be
      applied, at Secured Party's option, to the Obligations, or used to repair,
      replace or restore the Collateral.

4.    PAVMENT OF EXPENSES BY SECURED PARTY. At its option and with reasonable
      notice to Borrower, Secured Party may discharge taxes, liens, security
      interests or such other

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      encumbrances as may attach to the Collateral, may pay for required
      insurance on the Collateral and may pay for the maintenance and
      preservation of the Collateral, as determined by Secured Party to be
      necessary, and such expenditures will become a part of the Obligations.
      Debtor will reimburse Secured Party on demand for any payment so made or
      any expense incurred by Secured Party pursuant to the foregoing
      authorization, and the Collateral also will secure any advances or
      payments so made or expenses so incurred by Secured Party.

5.    INFORMATION. Debtor will furnish to Secured Party from time to time if and
      as requested current lists of the Collateral including names and addresses
      of account debtors and agings of Accounts; and, if and when requested by
      Secured Party from time to time, will furnish to it copies of all purchase
      orders, inventory lists, billings, shipping orders, correspondence and
      other instruments or writings in any way evidencing or relating to the
      Collateral or the proceeds thereof. Secured Party and its designated
      representatives and agents will have the right at all reasonable times and
      upon reasonable advance notice to examine, inspect, and audit the
      Collateral wherever located.

6.    SALE OF INVENTORY. Debtor will have the right to process and sell the
      Inventory in the regular course of its business at customary prices (but
      in no event may Debtor transfer any Inventory in satisfaction of any
      debt).

7.    RECEIPT OF PAYMENT; SET OFF. Upon and during the occurrence of an Event of
      Default and in the event that Debtor receives payment of or proceeds from
      any of the Collateral, including without limitation Accounts, monies,
      checks, notes, drafts, or any other items of payment, Debtor agrees that
      Debtor will deliver to Secured Party the same in the form received by
      Debtor without commingling with any funds belonging to Debtor, and
      promptly will deposit the same in a special collateral account with
      Secured Party. Upon and during the occurrence of an Event of Default,
      Debtor authorizes Secured Party at any time without notice to appropriate
      and apply any balances, credits, deposits or accounts or money of Debtor
      (held individually or with others) in its possession, custody or control
      or the possession, custody or control of any Secured Party Affiliate to
      the payment of the Obligations, all of which may at all times be held and
      treated as additional Collateral.

8.    NOTIFICATION OF THIRD PARTY DEBTORS. Secured Party at any time during the
      occurrence of an Event of Default, and without notice to Debtor, may
      notify any persons who are indebted to Debtor with respect to any of the
      Collateral of the assignment thereof to Secured Party and may direct such
      account debtors to make payment directly to Secured Party of the amounts
      due. At the request of Secured Party during the occurrence of an Event of
      Default, Debtor will direct any persons who are indebted to Debtor with
      respect to any of the Collateral to make payment directly to Secured
      Party. Secured Party is authorized to give receipts to such account
      debtors for any such payments and the account debtors will be protected in
      making such payments to Secured Party.

9.    REPRESENTATIONS, WARRANTIES AND COVENANTS. Debtor represents, warrants and
      covenants to Secured Party that, except for any Permitted Liens: (a)
      Debtor has not made any prior sale, pledge, encumbrance, assignment or
      other disposition of any of the

                                     - 4 -
<PAGE>

      Collateral and the same is free from all encumbrances and rights of set
      off of any kind, and Debtor has not authorized any other action or
      executed any other record that has given any other person any right to any
      of the Collateral; (b) except as herein provided, Debtor will not
      hereafter without the prior written consent of Secured Party sell, pledge,
      encumber, assign or otherwise dispose of any of the Collateral or permit
      any right of set off, lien or security interest to exist thereon except to
      Secured Party; (c) Debtor will defend the Collateral against all claims
      and demands of all persons at any time claiming the same or any interest
      therein; (d) each General Intangible is genuine and enforceable in
      accordance with its terms and Debtor will defend the same against all
      claims, demands, set offs and counterclaims at any time asserted; (e) at
      the time any Account becomes subject to this Agreement, such Account will
      be what it purports to be and a good and valid account representing a bona
      fide sale of goods or services by Debtor and such goods will have been
      shipped to the respective account debtors or the services will have been
      performed for the respective account debtors, and no Account will be
      subject to any claim for credit, allowance or adjustment by any account
      debtor or any set off, defense or counterclaim; (f) all of the information
      provided by Debtor to Secured Party on the Disclosure Schedule executed by
      Debtor of even date herewith is true and complete in all respects, and (g)
      Debtor is not involved in any consignment arrangement with regard to any
      of the Collateral.

10.   RECEIVERS. Upon or at any time during the occurrence of an Event of
      Default, Secured Party may request the appointment of a receiver of the
      Collateral. Such appointment may be made without notice, and without
      regard to (i) the solvency or insolvency, at the time of application for
      such receiver, of the person or persons, if any, liable for the payment of
      the Obligations; and (ii) the value of the Collateral at such time. Such
      receiver will have the power to take possession, control, and care of the
      Collateral and to collect all accounts resulting therefrom.
      Notwithstanding the appointment of any receiver, trustee, or other
      custodian, Secured Party will be entitled to the possession and control of
      any cash, or other instruments at the time held by, or payable or
      deliverable under the terms of this Security Agreement to Secured Party.

11.   PLACE OF BUSINESS. Except as otherwise disclosed by written notice to
      Lender, Debtor (a) now keeps and will continue to keep the Collateral at
      its principal place of business as shown on the Disclosure Schedule or any
      other place of business set forth on such Disclosure Schedule; and Debtor
      now keeps and will continue to keep its books and records concerning the
      Collateral at its principal place of business.

12.   DEBTOR'S CONSENT. Upon and during the continuance of an Event of Default
      (as defined in the Loan Agreement or any of the documents evidencing the
      Obligations), the Debtor shall be deemed to have consented to, with
      respect to any of the Collateral, to all extensions or postponements of
      time of payment thereof or any other indulgences in connection therewith,
      to the acceptance of partial payments thereon and to the settlement,
      compromise and adjustment thereof, all in such manner and at such time or
      times as Secured Party deems advisable

13.   DEFAULT.

                                     - 5 -
<PAGE>

      13.1  Upon the occurrence of any Event of Default (as defined in the Loan
            Agreement or any of the documents evidencing the Obligations),
            Secured Party may exercise any one or more of the rights and
            remedies granted pursuant to this Agreement or given to a secured
            party under applicable law, as it may be amended from time to time,
            including but not limited to the right to take possession and sell,
            lease or otherwise dispose of the Collateral and, at its option,
            operate, use or exercise any rights of ownership pertaining to the
            Collateral as the Secured Party deems necessary to preserve the
            value and receive the benefits of the Collateral and notifying all
            persons subject to a control agreement who may otherwise have
            possession or control of any of the Collateral and taking possession
            of any such Collateral. Upon the occurrence of an Event of Default,
            Secured Party may, so far as Debtor can give authority therefor,
            enter upon any premises on which the Collateral or any part thereof
            may be situated and take possession of and remove the same
            therefrom. At the request of Secured Party, Debtor agrees to store
            for a reasonable period all or any part of the Collateral in such a
            way as to prevent deterioration of any of the Collateral on property
            owned by Debtor, and Debtor will insure such Collateral for the
            benefit of Secured Party. Debtor gives permission to Secured Party
            to conduct a sale of any or all of the Collateral with prior notice
            to Debtor and conducted during normal business hours, which sale may
            be conducted on any real property owned by Debtor without charge or
            interference by Debtor. Secured Party may require Debtor to make the
            Collateral available to Secured Party at a place to be designated by
            Secured Party that is reasonably convenient to both parties. Debtor
            waives all claims for damages by reason of any seizure,
            repossession, retention, use, or sale of the Collateral under the
            terms of this Security Agreement.

      13.2  The net proceeds arising from the disposition of the Collateral
            after deducting expenses incurred by Secured Party will be applied
            to the Obligations in the order determined by Secured Party. If any
            excess remains after the discharge of all of the Obligations, the
            same will be paid to Debtor. If after exhausting all of the
            Collateral, there should be a deficiency, Debtor will be liable
            therefor to Secured Party, provided, however, that nothing contained
            herein will obligate Secured Party to proceed against the Collateral
            prior to making a claim against Debtor or any other party obligated
            under the Obligations or prior to proceeding against any other
            collateral for the Obligations.

      13.3  Whenever notice is required by law to be sent by Secured Party to
            Debtor of any sale, lease or other disposition of the Collateral,
            five days written notice sent to Debtor's address set forth below
            will be reasonable.

14.   RIGHTS OF SECURED PARTY; POWER OF ATTORNEY. Debtor hereby irrevocably
      constitutes and appoints Secured Party and any officer thereof, with full
      power of substitution, as its true and lawful attorney-in-fact with full
      irrevocable power and authority in the place and stead of Debtor or in its
      name, from time to time in Secured Party's discretion, for the purpose of
      carrying out the terms of this Agreement, to take any and all commercially
      reasonable and appropriate action and to execute any and all documents and
      instruments

                                     - 6 -
<PAGE>

      which may be necessary or desirable to accomplish the purposes of this
      Agreement and, without limiting the generality of the foregoing, Debtor
      hereby gives Secured Party the power and right, on behalf of Debtor,
      during an Event of Default, and without notice to or assent by Debtor, to
      do the following:

      14.1  to receive payment of, endorse, and receipt for, any and all monies,
            claims and other amounts due and to become due at any time in
            respect of or arising out of the Collateral;

      14.2  to commence and prosecute any suits, actions or proceeding at law or
            in equity in any court of competent jurisdiction to collect any of
            the Collateral and to enforce any other right in respect of the
            Collateral;

      14.3  to settle, compromise or adjust any suit, action or proceeding
            described above, and, in connection therewith, to give such
            discharges or releases as Secured Party may deem appropriate; and

      14.4  generally to sell, transfer, pledge, make any agreement with respect
            to or otherwise deal with any of the Collateral as fully and
            completely as though Secured Party were the absolute owner thereof
            for all purposes, and to do, at Secured Party's option, at any time,
            or from time to time, all acts and things which Secured Party deems
            necessary to protect or preserve the Collateral and Secured Party's
            security interest and rights therein in order to effect the intent
            of this Agreement, all as fully and effectively as Debtor might do.

      Debtor hereby ratifies all that such attorneys will lawfully do or cause
      to be done by virtue hereof. This power of attorney is a power coupled
      with an interest, will be irrevocable and will terminate only upon payment
      in full of the Obligations and the termination of this Agreement. The
      powers conferred upon Secured Party hereunder are solely to protect
      Secured Party's interests in the Collateral and will not impose any duty
      upon it to exercise any such powers. Secured Party will have no obligation
      to preserve any rights of any third parties in the Collateral. Secured
      Party will be accountable only for amounts that it actually receives as a
      result of the exercise of such powers, and neither it nor any of its
      officers, directors, employees or agents will be responsible to Debtor for
      any action taken or omitted to be taken in good faith or in reliance on
      the advice of counsel except for its own gross negligence or willful
      misconduct.

15.   GENERAL.

      15.1  WAIVER. No delay or omission on the part of Secured Party to
            exercise any right or power arising from any Event of Default will
            impair any such right or power or be considered a waiver of any such
            right or power or a waiver of any such Event of Default or an
            acquiescence therein nor will the action or non-action of Secured
            Party in case of such Event of Default impair any right or power
            arising as a result thereof or affect any subsequent default or any
            other default of the same or a different nature.

                                     - 7 -
<PAGE>

      15.2  NOTICES. All notices, demands, requests, consents or approvals
            required hereunder will be given in the manner specified in the Loan
            Agreement to Debtor as Borrower and Secured Party as Lender therein.

      15.3  SUCCESSORS AND ASSIGNS. This Agreement will be binding upon and
            inure to the benefit of Debtor and Secured Party and their
            respective successors and assigns, provided, however, that Debtor
            may not assign this Agreement in whole or in part without the prior
            written consent of Secured Party and Secured Party at any time
            during an Event of Default may assign this Agreement in whole or in
            part. All references herein to the "Debtor" and "Secured Party" will
            be deemed to apply to Debtor and Secured Party and their respective
            heirs, administrators, successors and assigns.

      15.4  MODIFICATIONS. No modification or waiver of any provision of this
            Agreement nor consent to any departure by Debtor therefrom, will be
            established by conduct, custom or course of dealing; and no
            modification, waiver or consent will in any event be effective
            unless the same is in writing and specifically refers to this
            Agreement, and then such waiver or consent will be effective only in
            the specific instance and for the purpose for which given. No notice
            to or demand on Debtor in any case will entitle Debtor to any other
            or further notice or demand in the same, similar or other
            circumstance.

      15.5  JOINT AND SEVERAL OBLIGATIONS. If this Security Agreement is
            executed by more than one person or entity as the "Debtor," the
            obligations of such persons or entities hereunder will be joint and
            several. Unless otherwise specified herein, any reference to
            "Debtor" will mean each such person or entity executing this
            Security Agreement individually and all of such persons or entities
            collectively.

      15.6  ILLEGALITY. If fulfillment of any provision hereof or any
            transaction related hereto or of any provision of this Agreement, at
            the time performance of such provision is due, involves transcending
            the limit of validity prescribed by law, then ipso facto, the
            obligation to be fulfilled will be reduced to the limit of such
            validity; and if any clause or provisions herein contained other
            than the provisions hereof pertaining to repayment of the
            Obligations operates or would prospectively operate to invalidate
            this Agreement in whole or in part, then such clause or provision
            only will be void, as though not herein contained, and the remainder
            of this Agreement will remain operative and in full force and
            effect.

      15.7  CONTINUING AGREEMENT. This is a continuing Security Agreement and
            will continue in effect even though all or any part of the
            Obligations have been paid in full and even though for a period of
            time Debtor may not be indebted to Secured Party.

      15.8  GENDER, ETC. Whenever used herein, the singular number will include
            the plural, the plural the singular and the use of the masculine,
            feminine or neuter gender will include all genders.

                                     - 8 -
<PAGE>

      15.9  HEADINGS. The headings in this Agreement are for convenience only
            and will not limit or otherwise affect any of the terms hereof.

      15.10 LIABILITY OF SECURED PARTY. Debtor hereby agrees that Secured Party
            will not be chargeable for any negligence, mistake, act or omission
            of any employee, accountant, examiner, agent or attorney employed by
            Secured Party (except for their willful misconduct) in making
            examinations, investigations or collections, or otherwise in
            perfecting, maintaining, protecting or realizing upon any lien or
            security interest or any other interest in the Collateral or other
            security for the Obligations.

      15.11 COUNTERPARTS. This Agreement may be executed in any number of
            counterparts and by different parties hereto in separate
            counterparts, each of which when so executed will be deemed to be an
            original and all of which taken together will constitute one and the
            same agreement. Any party so executing this Agreement by facsimile
            transmission shall promptly deliver a manually executed counterpart,
            provided that any failure to do so shall not affect the validity of
            the counterpart executed by facsimile transmission.

      15.12 DEFINITIONS. Capitalized terms used herein and not otherwise defined
            will be given the definitions set forth in the Uniform Commercial
            Code in force and effect in the State indicated in the Governing Law
            section of this Agreement.

      15.13 GOVERNING LAW. This Agreement has been delivered and accepted at and
            will be deemed to have been made at Cincinnati, Ohio and will be
            interpreted and the rights and liabilities of the parties hereto
            determined in accordance with the laws of the State of Ohio, without
            regard to conflicts of law principles.

      15.14 JURISDICTION. DEBTOR HEREBY IRREVOCABLY AGREES AND SUBMITS TO THE
            EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN
            HAMILTON COUNTY, OHIO, OR, AT THE OPTION OF SECURED PARTY IN ITS
            SOLE DISCRETION, OF ANY STATE OR FEDERAL COURT(S) LOCATED WITHIN ANY
            OTHER COUNTY, STATE OR JURISDICTION IN WHICH SECURED PARTY AT ANY
            TIME OR FROM TIME TO TIME CHOOSES IN ITS SOLE DISCRETION TO BRING AN
            ACTION OR OTHERWISE EXERCISE A RIGHT OR REMEDY, AND DEBTOR WAIVES
            ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO
            VENUE OF ANY SUCH ACTION OR PROCEEDING. DEBTOR HEREBY IRREVOCABLY
            CONSENTS THAT ALL SERVICE OF PROCESS BE MADE BY CERTIFIED MAIL
            DIRECTED TO DEBTOR AT ITS ADDRESS SET FORTH HEREIN OR ANY OTHER
            NOTICE ADDRESS WHICH DEBTOR HAS PROVIDED SECURED PARTY FOR NOTICES
            AND SERVICE SO MADE WILL BE DEEMED TO BE COMPLETED THE EARLIER OF
            DEBTOR'S ACTUAL RECEIPT THEREOF OR FIVE (5) BUSINESS DAYS AFTER THE
            SAME HAS BEEN DEPOSITED IN U.S. MAILS, POSTAGE PREPAID. NOTHING
            CONTAINED HEREIN WILL PREVENT SECURED PARTY FROM SERVING PROCESS IN
            ANY OTHER MANNER PERMITTED BY LAW.

      15.15 WAIVER OF JURY TRIAL. THE PARTIES HERETO EACH WAIVE ANY RIGHT TO
            TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS
            AGREEMENT, THE OBLIGATIONS, THE

                                     - 9 -
<PAGE>

      COLLATERAL, OR ANY ACTUAL OR PROPOSED TRANSACTION OR OTHER MATTER
      CONTEMPLATED IN OR RELATING TO ANY OF THE FOREGOING.

Dated as of February _, 2002.

                                           DEBTOR:

                                           BUILD-A-BEAR WORKSHOP, INC.

                                           By: /s/ Maxine Clark
                                               ---------------------------------
                                           Print Name: Maxine Clark
                                           Title: President

                                           DEBTOR:

                                           SHIRTS ILLUSTRATED, LLC

                                           By: /s/ Maxine Clark
                                               ---------------------------------
                                           Print Name: Maxine Clark
                                           Title: Manager

                                           SECURED PARTY:

                                           U.S. BANK NATIONAL
                                           ASSOCIATION

                                           By: /s/ Charles L. Thomas
                                               ---------------------------------
                                           Print Name: Charles L. Thomas
                                           Title: Vice President

                                     - 10 -

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