Document:

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                                                                   EXHIBIT 10.20

                             SECURED PROMISSORY NOTE

         FOR VALUE RECEIVED, the undersigned, Brian Vent ("Borrower"), promises
to pay to Build-A-Bear Workshop, Inc. , a Delaware corporation ("Company"), or
its order, the principal amount of One Hundred Twenty-Four Thousand Nine Hundred
Ninety-Five and No/100 Dollars ($124,995) with interest from the date hereof on
the unpaid principal balance under this Note at 4.82% per annum. The principal
amount of this Note shall be due and payable on the earlier to occur of the
following dates (the "Maturity Date"): (1) September 19, 2006; (2) the date on
which the indebtedness under this Note is accelerated as provided for under this
Note or the Pledge Agreement (as defined below); (3) the ninetieth day following
the date of Borrower's termination of employment with Company (or one year
following the date of Borrower's termination of employment if disabled); or (4)
the first anniversary following the date of Borrower's death while he is
employed by the Company. All accrued and unpaid interest under this Note shall
be due and payable, concurrently with principal. On the Maturity Date the entire
remaining unpaid principal balance of this Note, together with any and all
accrued and unpaid interest and any and all costs and expenses provided for
under this Note and the Pledge Agreement, shall be due and payable.

         All payments under this Note shall be made to Company or its order, in
lawful money of the United States of America and in immediately available funds
and delivered to Company by wire transfer to Company's account as set forth in
written instructions delivered by Company to Borrower prior to the Maturity Date
or at the offices of Company at its then principal place of business or at such
other place as Company or any holder hereof shall designate in writing for such
purpose from time to time. If a payment under this Note otherwise would become
due and payable on a Saturday, Sunday or legal holiday, the due date thereof
shall be extended to the next day which is not a Saturday, Sunday or legal
holiday, and interest shall be payable thereon during such extension. All
amounts due under this Note and the Pledge Agreement shall be payable without
defense, set off or counterclaim.

         Each payment under this Note shall be applied in the following order:
(i) to the payment of costs and expenses provided for under this Note or the
Pledge Agreement; (ii) to the payment of accrued and unpaid interest; and (iii)
to the payment of outstanding principal. Company and each holder hereof shall
have the continuing and exclusive right to apply or reverse and reapply any and
all payments under this Note.

         This Note shall be not assignable by either of Company or Borrower
without the written consent of the other.

         Upon the occurrence of a default under this Note or the Pledge
Agreement, including, without limitation, failure to make any principal or
interest payment by the stated maturity (whether by acceleration, notice of
prepayment or otherwise) for such payment, interest shall thereafter accrue on
the entire unpaid principal balance under this Note, including, without
limitation, any delinquent interest which has been added to the principal amount
due under this Note pursuant to the terms hereof, at the rate set forth herein
plus 5 percent per annum (on the basis of a 360-day year and the actual number
of days elapsed). In addition, upon the occurrence

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of a default under this Note or the Pledge Agreement, the holder of this Note
may, at its option, without notice to or demand upon Borrower or any other
party, declare immediately due and payable the entire principal balance hereof
together with all accrued and unpaid interest thereon, plus any other amounts
then owing pursuant to this Note or the Pledge Agreement, whereupon the same
shall be immediately due and payable. On each anniversary of the date of any
default under this Note and while such default is continuing, all interest which
has become payable and is then delinquent shall, without curing the default
under this Note by reason of such delinquency, be added to the principal amount
due under this Note, and shall thereafter bear interest at the same rate as is
applicable to principal, with interest on overdue interest to bear interest, in
each case to the fullest extent permitted by applicable law, both before and
after default, maturity, foreclosure, judgment and the filing of any petition in
a bankruptcy proceeding. In no event shall interest be charged under this Note
which would violate any applicable law.

         This Note is secured under that certain Repayment and Stock Pledge
Agreement, dated as of even date herewith, by and between Borrower and Company
(as amended from time to time, the "Pledge Agreement"). Reference is hereby made
to the Pledge Agreement for a description of the nature and extent of the
security for this Note and the rights with respect to such security of the
holder of this Note. This is a non-recourse note and, anything herein to the
contrary notwithstanding, Company agrees for itself, its representatives,
successors, endorsees and assigns that (a) neither Borrower nor his
representatives, successors or assignees shall be personally liable on this Note
and (b) in the event of default under this Note, Company (and any such
representative, successor, endorsee or assign) shall seek payment of amounts due
under this Note solely in accordance with the rights and remedies set forth in
the Pledge Agreement.

         No waiver or modification of any of the terms of this Note shall be
valid or binding unless set forth in a writing specifically referring to this
Note and signed by a duly authorized officer of Company or any holder of this
Note, and then only to the extent specifically set forth therein.

         If any default occurs in any payment due under this Note, Borrower and
all guarantors and endorsers hereof, and their successors and assigns, promise
to pay all costs and expenses, including attorney's fees, incurred by each
holder hereof in collecting or attempting to collect the indebtedness under this
Note, whether or not any action or proceeding is commenced. None of the
provisions hereof and none of the holder's rights or remedies under this Note on
account of any past or future defaults shall be deemed to have been waived by
the holder's acceptance of any past due installments or by any indulgence
granted by the holder to Borrower.

         Borrower and all guarantors and endorsers hereof, and their successors
and assigns, hereby waive presentment, demand, diligence, protest and notice of
every kind (except such notices as may be required under the Pledge Agreement).
Borrower and all guarantors and endorsers hereof, and their successors and
assigns, hereby agree that failure of Company to exercise any of its rights
hereunder in any instance shall not constitute a waiver thereof in that or any
other instance. Borrower and all guarantors and endorsers hereof, and their
successors and assigns, hereby waive the right to plead any and all statutes of
limitations as a defense to a demand under this Note to the fullest extent
permitted by law.

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         This Note shall inure to the benefit of Company, its successors and
assigns and shall bind the heirs, executors, administrators, successors and
assigns of Borrower. Each reference herein to powers or rights of Company shall
also be deemed a reference to the same power or right of such assignee, to the
extent of the interest assigned to them.

         In the event any one or more provisions of this Note shall be held to
be illegal, invalid or otherwise unenforceable, the same shall not affect any
other provision of this Note and the remaining provisions of this Note shall
remain in full force and effect.

         This Note shall be governed by and construed in accordance with the
laws of the State of Missouri, without giving affect to the principles thereof
relating to conflicts of law; provided, that Company and each holder hereof
reserves any and all rights it may have under federal law, including without
limitation those relating to the charging of interest.

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         IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed
the day and year first above written.

                                  /s/ Brian Vent
                                  ---------------------------------------------
                                  Brian Vent

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                                                                   EXHIBIT 10.21

                      REPAYMENT AND STOCK PLEDGE AGREEMENT

                  This Repayment and Stock Pledge Agreement (this "Agreement or
"Pledge Agreement") is made as of September 19, 2001 between Build-A-Bear
Workshop, Inc., a Delaware corporation ("Pledgee"), and Brian Vent ("Pledgor").

                                    Recitals

                  A. Pursuant to Pledgor's purchase of shares of Pledgee's
common stock, par value $.01 per share ("Common Stock"), under the Restricted
Stock Purchase Agreement dated September 19, 2001 (the "Purchase Agreement"),
between Pledgor and Pledgee, and Pledgor's payment for such shares with monies
advanced pursuant to that certain Secured Promissory Note executed by Pledgor in
favor of the Pledgee dated September 19, 2001 (the "Note"), Pledgor has
purchased 20,491 shares of Common Stock (the "Shares") at a price of $6.10 per
share, for a total purchase price of $124,995.

                  B. It is a condition precedent to the extension of credit
pursuant to the Note that the Pledgor shall have executed and delivered this
Pledge Agreement in favor of the Pledgee.

                  NOW, THEREFORE, in consideration of the foregoing and for
other valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto do hereby agree as follows:

1. Creation and Description of Security Interest. Pledgor hereby grants a lien
on and pledges all of the Shares (herein sometimes referred to as the
"Collateral") represented by certificate number 9, duly endorsed in blank or
with executable stock powers in form and substance satisfactory to Pledgee, and
herewith delivers said certificate to the Secretary of Pledgee (the "Escrow
Agent"), who shall hold said certificate subject to the terms and conditions of
this Pledge Agreement.

                  The pledged stock shall be held by the Escrow Agent as
security for the repayment of the Note, and any costs and expenses incurred in
the enforcement or attempted enforcement of the Note, and any extensions or
renewals thereof, and the Escrow Agent shall not encumber, sell or otherwise
dispose of such Shares except in accordance with the provisions of this Pledge
Agreement.

2. Pledgor's Representations and Covenants. Pledgor represents and covenants to
Pledgee, its successors and assigns, as follows:

                  (a) Pledgor will pay the principal sum of the Note secured
         hereby, together with interest thereon, at the time and in the manner
         provided in the Note.

                  (b) The Shares are free of all other encumbrances, defenses
         and liens (other than the lien granted hereunder), and Pledgor will not
         encumber or allow to be

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         encumbered the Shares without the prior written consent of Pledgee or
         enter into any agreement that could restrict Pledgee's exercise of its
         rights hereunder or under the Note.

                  (c) Pledgor shall pay, prior to the delinquency date, all
         taxes, liens, assessments and other charges levied against the
         Collateral, and in the event Pledgor fails to do so, Pledgee shall have
         the right, but not the obligation, to pay all or any portion of such
         taxes and charges without contesting the validity or legality thereof.
         Any payment made by Pledgee pursuant to this Section 2(c) shall become
         part of the indebtedness of Pledgor secured hereunder, and until paid
         by Pledgor, shall bear interest at the default rate per annum set forth
         in the Note.

3. Voting Rights. During the term of this pledge, Pledgor shall vote the Shares
pledged hereunder solely in accordance with the provisions of that certain
Amended and Restated Stockholders' Agreement dated as of September 21, 2001
among the Company and certain of its stockholders a party thereto.

4. Stock Adjustments. In the event during the term of this Agreement of any
stock dividend, reclassification, readjustment, or other changes declared or
made in the capital structure of Pledgee, all new, substituted and additional
shares or other securities issued by reason of any such change shall be
delivered to and held by the Pledgee under the terms of this Pledge Agreement in
the same manner as the Shares originally pledged hereunder. In the event of
substitution of such securities, Pledgor, Pledgee and Escrow Agent shall
cooperate and execute such documents as are reasonable so as to provide for the
substitution of such Collateral and, upon such substitution, references to
"Shares" in this Pledge Agreement shall include the substituted shares of
capital stock of Pledgor as a result thereof.

5. Warrants and Rights. In the event that, during the term of this Agreement,
subscription warrants or other rights or options shall be issued in connection
with the Shares, such rights, warrants and options shall be the property of
Pledgor and, if exercised by Pledgor, all new stock or other securities so
acquired by Pledgor as it relates to the Share then held by Pledgee shall be
immediately delivered to Pledgee, to be held under the terms of this Agreement
in the same manner as the Shares pledged hereunder.

6. Repayment. Pledgor hereby agrees that at any time if Borrower shall have
received any cash payment or other distribution in respect of, or upon transfer,
sale or other disposition of, the Shares, then and in each such case, Pledgor
shall immediately deliver to Pledgee such amount as in partial or full payment
of principal and interest on the Note.

7. Default. Pledgor shall be deemed to be in default of the Note and of this
Pledge Agreement upon the occurrence of any of the following events (each such
event, an "Event of Default"):

                  (a) Payment of principal or interest on the Note shall be
         delinquent for a period of 30 days or more beyond the due date thereof;
         or

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                  (b) Pledgor fails to perform any of the covenants or other
         agreements set forth in this Agreement for a period of 10 days; or

                  (c) Any representation or warranty herein shall be untrue in
         any material respect; or

                  (d) Pledgee shall cease to have valid perfected first priority
         lien on all or any part of the Collateral.

8. Pledgee's Rights Upon or Event of Default.

                  (a) In the case of an Event of Default, Pledgee shall have the
         right to accelerate payment of the Note upon notice to Pledgor, and
         Pledgee shall thereafter be entitled to pursue all remedies available
         to a secured party under the Missouri Uniform Commercial Code in effect
         from time to time (whether or not applicable to the Collateral) or
         available at law or equity or otherwise.

                  (b) In the case of an Event of Default, in addition to any
         other rights or remedies otherwise available, Pledgee may, without
         notice and at its option, with respect to any Collateral which shall
         then be in, or shall thereafter come into, the possession or custody of
         Pledgee, Pledgee may sell or cause the same to be sold at any broker's
         board or at any public or private sale, in one or more sales or lots,
         at such price or prices as Pledgee may deem best, for cash or on credit
         or for future delivery, without assumption of any credit risk. The
         purchaser of any or all Collateral so sold shall thereafter hold the
         same absolutely, free from any lien, encumbrance or right of any kind
         whatsoever. Unless any of the Collateral threatens to decline speedily
         in value or is or becomes of a type sold on a recognized market,
         Pledgee will give Pledgor reasonable notice of the time and place of
         any public sale thereof, or of the time after which any private sale or
         other intended disposition is to be made. Any sale of the Collateral
         conducted in conformity with reasonable commercial practices of banks,
         insurance companies, commercial finance companies or other financial
         institutions disposing of property similar to the Collateral shall be
         deemed to be commercially reasonable. Any requirements of reasonable
         notice shall be met if such notice is mailed to the Pledgor at least
         ten (10) days before the time of the sale or disposition. Any other
         requirement of notice, demand or advertisement for sale is, to the
         extent permitted by law, waived. Pledgee may, in its own name or in the
         name of a designee or nominee, buy any of the Collateral at any public
         sale and, if permitted by applicable law, at any private sale. All
         expenses (including court costs and attorney's fees, expenses and
         disbursements) of, or incident to, the enforcement of any of the
         provisions hereof shall be recoverable from the proceeds of the sale of
         any of the Collateral for the period of time necessary to register such
         securities for public sale under the Securities Act of 1933, as amended
         (the "Securities Act"), or under any other applicable securities law.
         In view of the fact that the Securities Act and other applicable
         securities laws may impose certain restrictions on the method by which
         a sale of the Collateral may be effected, Pledgor agrees that upon the
         occurrence of an Event of Default, Pledgee may, from time to time,
         attempt to sell all or any part of the Collateral

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         by means of a private sale, restricting the prospective purchasers to
         those who will represent and agree that they are purchasing for
         investment only and not for distribution. Pledgor acknowledges that any
         such private sales may be at prices and on terms less favorable to
         Pledgor than those obtainable through a public sale without such
         restrictions (including, without limitation, a public offering made
         pursuant to a registration statement under the Securities Act) and,
         notwithstanding such circumstances, Pledgor agrees that any such
         private sale shall be deemed to have been made in a commercially
         reasonable manner and that Pledgee shall have no obligation to engage
         in public sales and no obligation to delay the sale of any Collateral
         for the period of time necessary to permit the registration thereof for
         a form of public sale requiring registration under the Securities Act
         or under any other applicable securities laws. Pledgor waives any
         claims against Pledgee arising by reason of the fact that the price at
         any private sale was less than the price that might have been obtained
         at a public sale, even if Pledgee shall accept the first offer received
         and does not offer the Collateral to more than one prospective
         purchaser.

9. Withdrawal or Substitution of Collateral. Pledgor shall not sell, withdraw,
pledge, substitute, grant any options in or otherwise dispose of all or any part
of the Collateral without the prior written consent of Pledgee.

10. Term. The pledge of Shares set forth herein shall continue until the
indefeasible payment in full in cash of all indebtedness secured hereby, at
which time the Shares shall be promptly delivered to Pledgor, without any
representation, warranty or covenant thereto or any recourse in respect thereof.

11. Insolvency. Pledgor agrees that if a bankruptcy or insolvency proceeding is
instituted by or against him or if a receiver is appointed for the property of
Pledgor, or if Pledgor makes an assignment for the benefit of creditors, or the
Pledgor shall take any action in furtherance of any of the foregoing, or the
Pledgor shall generally not, or shall be unable to, or shall admit in writing
his inability to, pay his debts as they become due, the entire amount unpaid on
the Note shall become immediately due and payable, and Pledgee may proceed as
provided in the case of an Event of Default.

12. Invalidity of Particular Provisions. Pledgor and Pledgee agree that the
enforceability of invalidity of any provision or provisions of this Agreement
shall not render any other provision or provisions herein contained
unenforceable or invalid.

13. Successors or Assigns. Pledgor and Pledgee agree that all of the terms of
this Agreement shall be binding on their respective permitted successors and
assigns, and that the term "Pledgor" and the term "Pledgee" as used herein shall
be deemed to include, for all purposes, the respective designees, successors,
assigns, heirs, executors and administrators. Pledgor shall not assign or
otherwise transfer all or any of her rights and obligations hereunder without
the prior written consent of Pledgee, in its sole discretion. This Agreement
shall be freely assignable by Pledgee.

14. Defined Terms. Capitalized terms used herein without definition shall have
the meanings ascribed to such terms under the Purchase Agreement.

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15. Governing Law. This Pledge Agreement shall be interpreted and governed by
the internal laws of the State of Missouri.

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         IN WITNESS WHEREOF, the parties hereto have executed this Repayment and
Stock Pledge Agreement as of the day and year first above written.

         "PLEDGOR"                     Brian Vent

                                            /s/ Brian Vent
                                      -----------------------------------
                                                  Address
                                          35 Picardy Ln St. Louis, MO
                                      -----------------------------------

         "PLEDGEE"                     BUILD-A-BEAR WORKSHOP, INC.

                                              /s/ Maxine Clark
                                       ----------------------------------
                                       By:    Maxine Clark
                                            -----------------------------
                                       Its:   President
                                            -----------------------------

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